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Emefiele Stops Dollar Sales To Nigerian Banks, See Why

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2 years ago

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Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says it will stop the sale of dollars to banks.

Emefiele said this on Thursday at a press conference in Abuja after consultation with the Bankers’ Committee.

He also announced the introduction of the bank’s RT200 FX program to boost the country’s foreign exchange inflow through non-oil exports.

The RT200 FX policy stands for the ‘Race To $200billion in FX Repatriation into Nigeria’.

According to reports that when asked about the roles banks will play in the new policy, Emefiele said the banks would support the programme, adding that CBN will end the era of dollar sales by this year.

He said banks should generate export proceeds from exporters to give their customers (importers).

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he said.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate their export proceeds.

“When those export proceeds come, we will fund them at 5 percent for you, and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it.

He said the new policy will be driven by five key anchors, including value-added export facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminals, and a bi-annual non-oil export summit.

The policy announced by the CBN governor is coming days after he was heavily criticized by Reform Nigeria Now (RNN) for allegedly dishing out policies that are not for the interest of the State.

The RNN group alleged that Emefiele is plotting to increase his political capital in the ruling party, the All Progressives Congress (APC), with policies driven by partisan considerations and designed to grant exclusive favours to the governors under the ruling party.

“We frown at this reduction of our CBN into another APC office, in which case states like Benue with the brightest agriculture prospect are consistently overlooked in purported agric-support schemes, while Mr. Emefiele fixes his gaze permanently on APC states with no real prospect, all for partisan benefits”, the group said in its press statement. READ MORE HERE

 

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It’s A Done Deal! Wale Tinubu Shines like a new Penny as he Acquires NAOC

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1 day ago

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July 25, 2024

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As an entrepreneur par excellence, Jubril Adewale Tinubu, CON, the Group Chief Executive, Oando Group, has an uncanny ability to spot new business opportunities and create fruitful partnerships.

His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with leading international companies.

This, not only speaks to his own success, but also showcases the immense potential and possibilities that lie within Nigeria’s business landscape.

The world-class businessman is once again making waves in Africa’s economic landscape with his visionary leadership and strategic acquisitions, shining once again like a new penny.

Tinubu’s latest move – the historic acquisition of 100 percent stake in Nigerian Agip Oil Company Limited (NAOC Ltd) – is set to reshape Nigeria’s oil and gas industry.

The deal, that has been in incubation since last year September, has finally hatched.

This final acquisition was announced on Wednesday by the Italian oil and gas giant. It was disclosed that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Confirming this in the statement, the Italian oil company said it had obtained all other relevant local and regulatory authorities’ authorisations.

“Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5 per cent, NNPC 55 per cent) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated in a statement.

The company also said it was developing plans for economic diversification in the country.

Eni said this includes assessing the potential production of agri-feedstock for Enilive bio-refineries and various nature- and technology-based projects, such as clean cooking initiatives to offset emissions.

Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation.

Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution. Eni also holds a 10.4 per cent interest in Nigeria LNG.

NAOC focuses on onshore oil & gas exploration and production as well as power generation, Eni said in the statement.

With this landmark acquisition Oando will leapfrog from its current oil equivalent output from 25,000 barrels per day to 50,000 barrels per day.

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Jambo Expands to Solana with Tether to Bring Blockchain Mobile Technology to Emerging Markets

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1 week ago

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July 17, 2024

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Jambo, the largest web3 mobile infrastructure bringing emerging markets
on-chain, announced that it’s expanding to the Solana blockchain along with Tether to offer
blockchain-enabled financial and educational technologies that cater to emerging markets.
Central to this is the JamboPhone, a $99 web3 smartphone that has been powerful in onboarding all
types of users on-chain in a mobile-first way. Combined with the Solana blockchain’s high throughput
capabilities and Tether’s dominant stablecoin, USDT, access to web3 financial and educational products
will be democratized to those who need them most in Southeast Asia, Africa, and Latin America.
Priced at $99 and already sold in over 120 countries, the JamboPhone is targeted towards Gen Z
consumers in emerging markets as their portal to the best digital products and opportunities globally.
Users can engage with the global economy by utilizing the preloaded Jambo Ecosystem applications
featuring DeFi, gaming, and web3 infrastructure applications. The JamboPhone aims to address some of
the most challenging issues faced by emerging markets, such as a large unbanked population and limited
access to smartphones. Users can purchase the JamboPhone with Solana Pay on JamboPhone.xyz.
The Jambo App: Empowering Users
The smartphone is equipped with the JamboApp, a comprehensive web3 platform that offers users a
range of services including decentralized finance, gaming, and educational content, all designed with the
emerging market user in mind. The JamboApp includes the JamboWallet, a non-custodial multichain
wallet which includes support for Solana tokens and USDT. Jambo will be giving out rewards primarily in
USDT, leveraging its broad acceptance and stability in emerging markets. Users will be able to complete
quests sponsored by Jambo and Jambo ecosystem partners, ranging from educational initiatives to
promotional tasks, with rewards now distributed primarily using SPL USDT. This initiative underscores
Jambo, Solana, and Tether’s role as pioneers in bridging the digital divide, aiming to democratize access
to digital financial tools and providing users with earning opportunities in emerging markets.
Leveraging Local Solana Communities
Additionally, Jambo will engage local Superteams to accelerate web3 adoption. Superteam is a global
community of web3 builders who are passionate about Solana. Their mission is to help web3 talent learn,
earn and connect with the Solana ecosystem. These teams, composed of local experts and enthusiasts,
will play a pivotal role in educating communities, fostering local development, and driving grassroots
initiatives that ensure sustainable growth within the web3 ecosystem.
“Back when I was building earn.com in 2017, our vision was to build a product ‘where there’s a phone,
there’s a job.’ Alice, James, and the Jambo team have realized that vision by developing web3 mobile
infrastructure bringing financial access to emerging markets,” said Lily Liu, President of the Solana
Foundation. “Jambo offers a gateway to web3 that is accessible to nearly anyone in the world, while
Solana enables financial access for nearly anyone with an internet connection. Together, we are
committed to making self-custody, financial opportunity, and educational resources accessible to millions.”
Why Emerging Markets
Emerging markets face their own unique set of economic challenges that Solana and Tether can address
with their blockchain and stablecoin solutions. In emerging markets, the use of USDT (Tether) significantly
surpasses that of other stablecoins, with over 34.2 million unique wallets utilizing USDT as of April 2024.
This broad user base highlights the widespread trust and adoption of Tether in these regions. With
Jambo’s game-changing smartphone, Solana’s fast transaction processing, low transaction fees, and
Tether’s robust and widely-used stablecoin, users now have access to stablecoin and crypto payment
rails, alternative banking access, and global earnings opportunities.
“We want to bring emerging markets on-chain,” said James Zhang, Co-founder of Jambo. “Bringing
Jambo to Solana and Tether allows us to provide a comprehensive solution that addresses the unique
needs of these regions.”
“Emerging markets stand out as promising grounds for financial inclusion. Their demand for tools like
USDT fuels our dedication to shaping a brighter financial future for users in these regions.” said Paolo
Arodino, CEO, Tether. “By providing affordable access to web3 technologies through the JamboPhone
and leveraging the power of the Solana blockchain, Jambo is empowering users in these regions with the
tools they need to participate in the global digital economy. The integration of SPL USDT as a reward
mechanism further strengthens this initiative, offering users a stable and secure digital asset.”

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Galaxy Backbone Limited Strengthens Partnership with Enugu State Government

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3 weeks ago

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July 4, 2024

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In a significant move to enhance digital infrastructure in Enugu State, Nigeria, executives from Galaxy Backbone Limited, led by Hon. Olusegun Olulade, Executive Director of Customer Centricity and Marketing, paid a partnership visit to the state government.

The delegation was warmly received by His Excellency, Governor Peter Mbah, at the Governor’s Office in Lion Building, Enugu.

Galaxy Backbone Limited, a premier ICT services provider in Nigeria, aims to foster connectivity and digital transformation across various sectors within the state.

The collaboration encompasses several critical areas, including the provision of connectivity in all 265 Smart Schools across 260 wards, 160 primary health centers, the Enugu State Secretariat, and the Lion Building.

Additionally, Galaxy Backbone will offer data center and cloud services, alongside other ICT-related services as required by the state government.

Governor Peter Mbah expressed his gratitude and optimism regarding the partnership, stating, “It was indeed my pleasure to meet you and your team this evening at my office. Thank you most sincerely for your kind words and expression of support. I look forward to collaborating with Galaxy Backbone in areas that are necessary to achieve our common goals.”

The meeting was attended by key officials from both the Enugu State Government and Galaxy Backbone Limited. Present from the state government were Secretary to the State Government (SSG) Prof. Chidiebere Onyia, Special Adviser on Governor’s Delivery Unit Mr. Ozurumba Afigbo, and Special Adviser on ICT Mr. Nnaemeka Ani.

Representing Galaxy Backbone were Mr. Henry Akubue, Acting Regional Coordinator for South East and South South, Engr Udochi Ododo, Head of Solution Design, and Mr. Obinna Ifenze, Admin for South East and South South.

Hon. Segun Olulade commended Governor Peter Mbah for his hospitality and the productive discussions that promise to drive significant advancements in the state’s ICT landscape.

According to Hon. Olulade, “This partnership is poised to play a crucial role in the digital transformation of Enugu State, ensuring enhanced connectivity and improved services across various sectors.

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