Connect with us

Business

Visionscape Boss, Niyi Makanjuola’s Myriad of Troubles

Published

on

Visionscape Boss, Niyi Makanjuola’s Myriad of Troubles

By OLA KING

Without a doubt, young serial entrepreneur, Adeniyi Makanjuola, did not bargain for what life has thrust on his laps in recent time.

Indeed, he could not have wished the myriad of problems plaguing his life, particularly when you consider his status that many covet.

While it may be wrong to input any hint of anti-climax in the compelling story of the former chairman of Caverton Helicopters,  the current developments are, to put it mildly, giving him a headache.

The seemingly tragic plot in his narrative set in when he ventured into the business of environmental utilities via Landscape Vision.

In reminiscence, the 39-year-old, who was celebrated by Forbes last year as one of the five young African entrepreneurs, all aged 45 and under, to watch, started well with the support of the former Lagos State governor, Akinwunmi Ambode.

In fact, the son of aviation guru, Chief Remi Makanjuola, had dreamt of turning Visionscape into Nigeria’s largest environmental utility company.

But the Lagos lawmakers invalidated whatever arrangement the boss of Raven Resources Groip had put in place to achieve the proposed plans.

As if that was not enough, it was gathered some assets of the company might have been taken over by the Lagos State government.

Typical of the saying that misfortune comes not singly but in myriad, the recent statement credited to the Federal Inland Revenue Service, FIRS , may amount to running a knife through a wound that is yet to heal over in the heart of the young businessman.

The Agency has listed Visionscape as one of thousands of Nigerian businesses that have not regularize their taxes with the country’s revenue agency.

Amidst all this, Makanjuola appears to have been left alone to paddle his own canoe, as his erstwhile Lagos helmsman buddy, who has temporarily relocated to the United Kingdom, is allegedly unwilling to spare him much thought because he himself is  said to be struggling for his political survival.

Continue Reading

Business

CBN Sets To Roll Out E-naira October 1

Published

on

CBN Denies Non Remittance Of 80% Surpluses-Crystal News

The director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, on Wednesday said the apex bank has concluded plans to launch the Central Bank Digital Currency (CBDC) on October 1.

Mohammed disclosed this in a webinar, themed “Digital currency and the prospects of CBDC in Nigeria”, organized by the committee of e-Business in industry Heads Nigeria (CeBIH).

Mohammed said that the use of digital payment was rising while cash payment was declining both in Nigeria and globally.

She said that over 85 per cent of Central Banks worldwide were considering digital currency and so CBN was also innovative to cope with global trends.

“CBDC would contribute to macro-economic growth in the country, if people adopt more of the usage of the e-naira, it would enhance more data to formulate macro economic policies.

“Also, when more countries have their own digital currencies, it would increase exchange of currency and be able to build cross border trade at lower cost.

“Even though Nigeria has a good payment system, this would also improve Nigeria’s payments efficiency,“ she said.

She said the CBN has partnered with a lot of experts in digital currency technology providers such as MasterCard, came up with the design and would soon publish the design.

“CBN would focus on low amount payments at the introductory stage, instant settlement with low cost.

“CBDC would be legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and crypto currencies,” she said.

Also speaking, Dr Adesola Adedutan, Managing Director, First Bank Nigeria, said that the Central Bank of Nigeria CBDC was a game changer that would provide an alternative payment system and would radically transform the payment landscape.

Adedutan, who was represented by the Banks deputy chief executive, Mr Francis Soba, said CBDC provides a platform for the government to leverage blockchain technology to maintain a centralised and institutional role over of the currency.

‘’It should be noted that there are significant differences between CBDCs and cryptocurrencies,” he said.


65
/ 100


Continue Reading

Business

Dollar To Naira Exchange Rate Today 22 September 2021

Published

on

Dollar to Naira exchange rate today 22 September 2021, the black market rate has emerged.

The official dollar to naira exchange rate in Nigeria today includes the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N412.89 per dollar on Wednesday, 22 September 2021, after it closed at N413.28 per $1 on Tuesday, 21 September. This represents a change of 0.08%.

Exchange Rate of Dollar To Naira in Black Market Today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (Ogba and Ikeja market).

Lagos Parallel Market Rates September 22, 2021 (Black Market)

Ogba in Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N560.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 22 September 2021, in Ogba Lagos Nigeria after it closed N557.00 per $1 on Tuesday, 22 September 2021. This represents a change of $3 from the previous day.

Crystal News reports that in the black market, the players buy a dollar for N550 and sell for N560 on Wednesday morning, September 22, 2021. after they bought N550 for and sold N557 the previous day.

Ikeja in Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N573.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 22 September 2021, in Lagos Nigeria, after it closed N573.00 per $1 on Tuesday, 22 September 202. This represents a change of $0 from the previous day.

The black market, the players buy a dollar for N570 and sell for N573 on Wednesday morning, September 22, 2021. after they bought N570 for and sold N573 the previous day.

How much is a dollar to naira today black market in Abuja, PH and Akwa Ibom?

The black market dollar to naira exchange rate today as seen the markets experience different rates as dealers in Abuja,PH and Uyo in Akwa Ibom State, southern Nigeria, on Wednesday, September 22, 2021, said the currency opened at N571.00 and N565.00 per $1 at the black market respectively.


66
/ 100


Continue Reading

Business

Six Things You Should Know About E-Naira

Published

on

Six Things You Should Know About E-Naira

In June 2021, the Central Bank of Nigeria (CBN) ascribed stability to the banking system as an advantage of adopting its soon to be launched digital currency, e-Naira.

The CBN’s decision followed two years of contemplation on digital currency technology. Additionally, the CBN’s intention to achieve 80% financial inclusion by the end of 2021 is another motivation to launch digital money.

While there is much information about this digital currency which is soon to be launched, below are six things you should know about the nature of this innovation:

 E-Naira is purely digital

The e-Naira would be a Central Bank Digital Currency (CBDC) which means that while it is regulated by the CBN, it is a token that would only exist in digital and electronic form.

 E-Naira is universally transferable

The CBDC would be eligible for local and international transfers with little to no time lag and cheaper transaction fees than physical currencies. Also, it would allow you to transfer existing funds in your bank to your digital currency account.

 E-Naira has a myriad of economic advantages

With the e-Naira, Nigerians can engage in easier cross-border trade, as well as enjoy a cheaper and faster inflow of remittances. Also, a digital currency would provide more financial opportunities for Nigerians as they would be able to create new business opportunities and financial products and services.

According to the CBN, another perk of the e-Naira is a reduction in the cost of operations and cash management. It would also leave a clearer footprint of digital transactions, making it easier for financial institutions to track transactions.

Financial Institutions would still be relevant

The digital currency would be implemented through a two-tiered model which would enable a structure that leaves room for public-private partnership. Just like the physical currency, the CBN will design the e-Naira but disseminate it through regulated financial institutions, which would then provide digital cash to individuals and businesses.

 E-Naira not a Cryptocurrency

While all cryptocurrencies are digital currencies, it is important to note that not all digital currencies are cryptocurrencies. The e-Naira would be regulated by the Central Bank of Nigeria, but cryptocurrencies are not regulated by any government.

Implementation is on track

A recent development in the process of implementing digital currency is the selection of a technical fintech partner, Bitts Inc. After a thorough selection process, as prescribed by the Nigeria Public Procurement Act, Bitts Inc. emerged as a partner to the CBN for this innovative project.

Bitts Inc. prioritises the creation of payment systems that ensures an increase in social inclusion, financial inclusion and overall sustainable economic growth; the excellence in their operation methods has earned them acknowledgment from the Bretton Woods Institutions – IMF/World Bank. This is one of the reasons the CBN enlisted them for this crucial exercise.

Also, the company was the first fintech to digitize a national currency on a blockchain by creating a synthetic CBDC with the support of the Governor, Central Bank of Barbados and the country’s Minister of Finance.

As Nigeria counts down to her 61st Independence Day celebration, citizens can look forward to the start of a digital era where the CBN prioritises making financial operations more citizen-centric.


76
/ 100


Continue Reading

Trending News