Nigerian Firms Face N8.67 Trillion Debt Crisis
Eight listed Nigerian companies are burdened by a combined N8.67 trillion in debt, raising concerns about financial stability. Oando Plc leads in liabilities, highlighting a growing debt trend across corporate Nigeria.
Cashless Policy, Banks Fuel POS Exploitation in Nigeria
Experts say Nigeria’s cashless policy and poor bank service are driving POS agent exploitation. Cash shortages boost reliance on POS, but agents often use unethical practices and high fees. Nigerians prefer POS for convenience. Experts urge a more balanced approach.
ABCON Calls for Lower BDC Capital Requirements
ABCON is urging the CBN to reduce BDC capital requirements, saying they’re too high. The association also wants self-regulatory status and IT platform integration. ABCON credits the naira’s recent strength to the new FX Code and believes easing BDC burdens will further boost the currency.
Naira Surges, Reserves Dip
Naira strengthens on CBN policy, reaching a seven-month high. However, FX reserves decline by $1.11 billion due to interventions. Reforms boost confidence, but pressure on reserves remains.
Ecobank Gives Away N42 Million in Savings Promo
Ecobank Nigeria has rewarded over 500 customers with N42 million in its “Super Reward ‘Millionaire Geng Promo,'” designed to encourage savings. The promo ran from July to December 2024, with winners across Nigeria receiving N50,000 monthly, N500,000 quarterly, and N2 million in the grand prize draw. Ecobank executives emphasized the importance of saving and the bank’s commitment to financial inclusion.
PTAD Pays N1.18 Billion in Pension Arrears, Challenges Persist
The Pension Transitional Arrangement Directorate (PTAD)has paid N1.18 billion in pension arrears over five years, benefiting thousands of retirees. However, delays, incomplete payments, and concerns about minimum wage adjustments and accrued rights backlogs remain. Despite some progress, pension arrears are still a major problem.
Pelican Valley CEO Forgives Customs Shooter
Pelican Valley CEO Babatunde Adeyemo has forgiven the Customs officer who shot at his car. He dropped legal action and compensation demands after meeting with officials, asking for a second chance for the officer. Customs pledged support for his foundation.
Wema Bank Sees N14.53 Billion FX Gain, Plans Capital Raise
Wema Bank’s foreign exchange revaluation gains increased to N14.53 billion in 2024. The bank’s revenue nearly doubled, and profits surged by 147%. Wema Bank plans to raise an additional N200 billion for recapitalization. The funds will be sourced through rights issues and private placement.
Coca-Cola Opens Lagos Recycling Hub
Coca-Cola has launched a packaging collection hub in Apapa, Lagos, to boost plastic recycling. The facility can process up to 13,000 metric tonnes of plastic bottles annually. It’s part of Coca-Cola’s sustainability plan to reduce plastic waste. The company aims for increased recycled plastic use and higher collection rates by 2035.
Informal Sector Saves N967 Million in Pensions
12,241 informal workers have saved N967 million in retirement accounts since 2020. PenCom plans to revamp the Micro Pension Plan to boost participation and reach millions for more informal sector workers.
