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CBN Sets To Roll Out E-naira October 1

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3 years ago

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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.

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Ooni of Ife Extends Business Frontier with Audacious Takeover of Tingo

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7 days ago

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April 19, 2024

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Ooni of Ife His Imperial Majesty, Enitan Adeyeye Ogunwusi

 

Coca Cola, Pepsi, American Cola & all other popular brands in the soft drink sector & energy drink sector should get set for an immense battle royale, which would be to the great advantage of the consumers, as the newest brand to come into that sector arrived with a massive bang yesterday! And to the admiration of all.
Tingo set of drinks launched on Tuesday, April 16, 2024, at their expansive HQ, to the admiration of all to loads of unprecedented razzmatazz/fanfare with consumers greatly giving kudos for a good job well done.
Only 2 out of 9 variants were launched yesterday. The Tingo Cola & Tingo Electric Energy drink. And already people are anticipating the other variants with bated breaths! As they were quite impressed with what they have experienced already!
To state a fact without mincing words, the taste was amazing, as was the international style packaging, too, in reusable cans, with health considerations playing a major part in the production. Sugar content was exact without affecting the taste!
Even the name of the brand Tingo is also titillating, to say the least.
All of the 9 varieties of impressive drinks are set to be unleashed powerfully into the market pretty soon like a takeover by the company now captained by none other than his imperial majesty, Alaiyeluwa Oba Adeyeye Babatunde Enitan Ogunwusi, the Ojaja II, Ooni-Orisa Olofin Adimula of Ile-Ife.
The astute businessman cum royal father is said to have bought off the company from the former owner and has deliberately kept the fascinating name of the brand.
The amiable monarch, who is a youth advocate/encourager in all ramifications, who believes fervently that the sky is the beginning, and not a limit as it concerns any endeavour one finds in his/her hand to do, spoke at the launch, thus:
‘Nigeria can lead the entire continent of Africa to compete favourably in the global market with standard goods and services, particularly when it comes to carbonated drinks, beverages, and the likes’.
Ooni went further to say that Tingo Cola and Tingo Electric; a Flavoured Carbonated and Energy drinks, respectively, produced by Tingo B.V PLC is a spin-off company from Ojaja Pan Africa Limited, explaining that Nigeria has a lot to offer the world.
“It has been my dream from childhood to have a homegrown brand that will satisfactorily produce international quality drinks that will serve Nigerians, and present the country as a leader in the African market and on the global stage.
“Currently, we have the license under which we are producing Tingo Cola, Tingo Electra, Tingo Twist (Cucumber and Cranberry) and Tingo Booze Fruit mix. All of which are produced and packaged in Nigeria with recourse to our values and standards. All to be properly integrated with Ojaja bitters, Orange, Lemon/Ginger/Orange drinks. Also, most importantly, we should all work towards elevating our homegrown brands instead of demarketing them.”
Speaking further on his involvement in the commercial activities through these products, Ooni Ogunwusi said, “I have taken it upon myself to step into the market not as businessman but as a pathfinder who will show our people how to add value for international standard in production to distribution and consumption. It is a new model that will be a win- win for everyone.
“With this, I am targeting a total of five million direct and indirect jobs for the youths, particularly through retailing, recycling, and other forms of distributorship fully driven by technology. The youths are drivers of this initiative, and we are determined to achieve this purpose through a unique, proven technology and innovation. Under our Unified ecosystem of “the more we are together, the happier we shall be”

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Oando Boss Wale Tinubu Showers Encomium on Dangote @67

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2 weeks ago

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April 11, 2024

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Aliko Dangote with Wale Tinubu

‘Celebrate true friends. They are a part of you that always sparkle’ – Amy Leigh Mercree

The English-born actress may have had the boss of Oando Group, Jubril Adewale Tinubu in mind when she made this quote.

Truly, the trained lawyer never forgets to celebrate and appreciate his good friends whenever it is necessary. In fact, he is one gentleman who values and understands the definition of true friendship.

This played out yesterday, Wednesday, April 10, 2024, when he showered praises on his friend of many years, Africa’s richest man and Chairman of Aliko Group, Alhaji Aliko Dangote, when he clocked 67.

In celebration of Dangote, the oil and gas top player wrote:

“Happy Birthday to a visionary and accomplished entrepreneur whose impact continues to reverberate across Africa and beyond.

I hope your day has been filled with joy, laughter, and limitless blessings. May the world continue to recognise and applaud your remarkable achievements.

As you enter a new year, my prayer is that your commitment to building Africa never waivers but now and again you stop to appreciate the phenomenal difference you have made to the capacity of indigenous entrepreneurship on the global stage.

Wish you many more years in good health.

Dangote, a name that means so many things to many people. But what no one can deny is the fact that the name is essentially synonymous with success.

Since he made his mark in the nation’s business sector, many years ago, he has risen to become a glittering star in the business firmament.

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Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed

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4 weeks ago

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March 29, 2024

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A flagship brand under Dufil Prima Foods Limited, Indomie Instant Noodles, has announced a significant reduction in prices to ensure affordability for consumers amidst Nigeria’s escalating inflationary pressures.
The decision came as a response to mounting economic challenges faced by Nigerians, with the aim of maintaining accessibility to this popular staple food item.
And this has been confirmed by a recent survey conducted across various stores in Lagos, which revealed a notable decrease in the prices of Indomie products. The cost of the 70g pack of Indomie Regular Chicken noodles plummeted from N300 to N250 compared to the previous month.
Additionally, the price of a 40-pack carton of Indomie dropped from N12,000 to N10,000 within the same timeframe. Prior to this adjustment, Indomie’s prices had surpassed those of competing brands such as Mimee (N200) and Honeywell noodles (N250).
Temitope Ashiwaju, the group corporate communications & event manager at Dufil Prima Foods Limited, attributed the price reduction to favourable changes in operational costs.
He emphasised the company’s commitment to passing on benefits to consumers, stressing their dedication to fairness and affordability.
“We are never going to be taking advantage of the populace. We want to make profit, but in a fair way,” the spokesman added. “That is why we are determined to keep our products affordable to Nigerians.”
Contrary to speculations suggesting low patronage as the driving factor behind the price adjustment, Ashiwaju reaffirmed that the decision was rooted in the company’s ethos of customer-centricity and fairness.
Industry experts have hailed Dufil Prima’s move as influential, predicting a ripple effect that could prompt other brands to follow suit because Indomie’s dominant position in the market has positioned it as a price setter, prompting expectations for broader shifts in pricing strategies across the industry.
The price reduction by Indomie comes amidst a backdrop of economic challenges in Nigeria, characterised by soaring inflation rates.
Over the past nine months, Nigeria has witnessed a steady rise in headline inflation, driven primarily by government reforms such as the removal of petrol subsidy and naira devaluation.
As a result, food inflation has surged, exacerbating the financial strain on households and leading to an increase in poverty levels.
Despite these economic headwinds, a recent report by Euromonitor International indicates robust growth in the sales value of noodles within Nigeria’s formal market.

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