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CAC attending to over 15,000 applications daily for its fintech regularisation program

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CAC attending to over 15,000 applications daily for its fintech regularisation program

The Corporate Affairs Commission (CAC) has stated that it is treating no less than 15,000 applications daily, including on weekends, for its fintech regularisation program.

 

The commission stated in a public notice on ease of doing business while disregarding misleading claims made in the media about its services with respect to name search availability. It noted that the reports were false and aimed at discrediting the image of the organisation.

 

On its effort to regularise the fintech and agent banking industry, the commission stated that its approving officers are treating each application based on its merit.

 

It stated, “The General Public may recall that in line with the provisions of Section 863(1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013, the Commission commenced the regularisation of all Fintechs in the country.”

 

“In view of the set deadline for the regularisation of the Fintechs, the Commission is unprecedentedly treating no less than 15,000 applications per day (weekends inclusive), and its hardworking approving officers are working assiduously to treat applications based on their merits.”

 

Furthermore, the commission noted that it has granted APIs and created a special registration portal to fintechs for them to register their agents, merchants, and other individuals using their platforms.

 

Backstory

In May, the Registrar-General of the CAC, Hussaini Magaji, stated that Point of Sales (PoS) agents of major fintech companies in Nigeria, including OPay, Palmpay, and Moniepoint, must register their businesses by July 7, 2024.

 

He emphasized that this registration aligns with legal requirements and the directives of the Central Bank of Nigeria (CBN). Magaji clarified that the timeline is not targeted at any specific groups or individuals but is intended to protect businesses.

He also highlighted that this action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking.

The group argued that many PoS agents are individuals, and registration is not legally mandatory for them. AMMBAN cites Section 18(1) of CAMA, stating that “a person may apply to the Commission for the registration of a company,” and Section 22(1), which emphasizes that “a company shall be deemed a separate legal entity from its members.”

Although, the CAC stated that the registration timeline was agreed upon with representatives of the PoS agents. However, reports indicate that some PoS operators, particularly in the Federal Capital Territory (FCT), are dissatisfied with the CAC’s registration directive.

 

 

Meta says Nigerian, Ghanaian content creators can now earn money on Facebook

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Meta says Nigerian, Ghanaian content creators can now earn money on Facebook

Social media company, Meta, has announced that content creators from Nigeria and Ghana can now earn money on Facebook starting from Monday, July 1, 2024, as it rolled out two monetization features.

 

According to a statement from the company, the two features; In-Stream Ads on Facebook and Facebook Ads on Reels, will enable creators to earn money for crafting original videos and cultivating community.

 

“Available from today, eligible Creators in Nigeria and Ghana will be able to earn money for their video and reels content, with support in over 30 languages globally,” the company said in a statement released on Monday.

 

Eligibility criteria

Meta noted that to use either product, creators must pass and remain compliant with Facebook’s Partner Monetisation Policies and Content Monetisation Policies, and they must be at least 18 years old.

 

Additionally, for in-stream ads, Meta said creators must meet certain eligibility requirements such as having a minimum of 5,000 followers.

 

According to Meta, In-stream Ads can play before, during, or after on-demand videos, whether it’s pre-recorded content or when publishing a recording of a previous live stream.

 

“Types of In-stream Ads include Pre-roll Ads (which play before a video starts,), Mid-roll Ads (which play during videos), Image Ads (static image ads that display beneath the content) and Post-roll Ads (ads which appear at the end of videos),” the company explained.

 

It added that Ads on Facebook Reels integrate seamlessly into original Reels, enabling creators to get paid based on the performance of their original reels while entertaining fans.

 

What Meta is saying

Commenting on the rollout, Global Partnerships Lead, Africa, Middle East and Turkey (AMET) at Meta, Moon Baz, said:

 

“Everyday, we’re inspired by the incredible African creators who use Facebook to tell their stories, connect with others and bring people together.

 

“This expansion will empower eligible creators in the vibrant creative industry across Nigeria and Ghana to earn money, whilst setting the bar high for creativity across the world and making Meta’s family of apps the one-stop-shop for all creators.”

 

The backstory

Earlier in March, Meta’s President of Global Affairs, Sir Nick Clegg, led a delegation of Meta Platforms Incorporated to visit President Bola Tinubu at the State House in Abuja.

 

A statement issued thereafter by the spokesman to the President, Ajuri Ngelale, said Clegg promised that Meta would introduce in June 2024 a feature on its Facebook and Instagram apps that would allow Nigerian creators to monetize their content to enable them to earn a living using the app.

Quoting Clegg, Ajuri said the Meta chief thanked Tinubu for an executive order he issued which enabled the landing of the Meta-backed deep-sea cable in Nigeria.

At the meeting, President Tinubu was said to have urged Meta to invest more in Nigeria, especially young people.

NigComSat signs new deal to boost rural connectivity in Nigeria

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NigComSat signs new deal to boost rural connectivity in Nigeria

The Nigeria Communication Satellite Limited (NigComSat) has signed a new partnership deal with Hotspot Network Limited to connect several rural communities across Nigeria.

 

The Chief Executive Officer of the Satellite company, Mrs Jane Egerton-Idehen, disclosed this over the weekend while highlighting her activities for the past week.

 

According to her, under the partnership, NIGCOMSAT and Hotspot Network would leverage their strengths to deploy connectivity solutions to areas lacking internet access.

 

She said NigComSat would provide satellite coverage for transmission for Hotspot Network sites where required as the company commences its expansion.

 

While noting that internet access has remained a challenge for many Nigerians, particularly in rural areas, she said the partnership would deliver reliable and affordable internet services in underserved communities nationwide.

 

 

Bridging access gap

Citing a 2023 report by the Nigerian Communications Commission (NCC), Idehen said only about 40% of the population has access to broadband internet.

 

“The current administration has set ambitious targets to boost Nigeria’s broadband penetration rate to 70% by the end of 2025 as part of the National Broadband Plan. They aim to provide coverage for at least 80% of the population, especially the underserved and unserved areas, by the end of 2027.

 

“Our collaboration with Hotspot Network Limited supports this goal by providing satellite coverage for their rural network expansion, reducing the gap of unconnected Nigerians in rural areas from 61% to less than 20% by 2027,” she said.

 

Hotspot’s CEO, Morenikeji Aniye, expressed enthusiasm for the partnership, stating,

 

“We are thrilled to work alongside NIGCOMSAT in this endeavour. At Hotspot, connecting the millions of unconnected persons remains a cardinal objective of our mission. By combining our expertise and resources, we will be able to deploy innovative solutions that bring reliable and affordable internet access to rural communities, empowering them to participate fully in the digital economy and access essential services.”

 

Project 774

Idehen said the government is also implementing several other initiatives aimed at boosting connectivity across the country. According to her, one such is Project 774, an initiative by the Federal Ministry of Communications, Innovation, and Digital Economy, in coordination with agencies like Galaxy BackBone, Universal Service Provision Fund (USPF), the National Information Technology Development Agency (NITDA).

 

She added that since the commencement of Project 774, NigComSat has also been engaging with ICT commissioners in the various states of the federation and working with them to address the connectivity needs of their state.

 

What you should know

NIGCOMSAT Ltd is a government-owned communication satellite service provider with coverage over African countries and parts of Europe and Asia,

 

The rural connectivity project being implemented by NigComSat is also in partnership with the Universal Service Provision Fund (USPF), targeting numerous rural communities across Nigeria with services delivered via the NigComSat-1R Ka-Band platform.

 

The joint initiative between NigComSat and Hotspot is expected to commence immediately, with plans to roll out the first phase of the project in select rural areas within the next six months.

 

 

Obi makes case for IPOB leader, urges Tinubu to release Nnamdi Kanu

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Obi makes case for IPOB leader, urges Tinubu to release Nnamdi Kanu

Peter Obi, the Labour Party’s presidential candidate in the 2023 general elections, has called on President Bola Tinubu to comply with a court order and release Nnamdi Kanu, the leader of the Indigenous People of Biafra, IPOB, so he can enjoy his bail.

 

Speaking in Onitsha, Anambra State, on Saturday, the former Anambra State governor addressed journalists regarding Kanu’s detention by the Nigerian government despite being granted bail by the courts.

 

“I see no reason for Mr. Kanu’s continued detention, especially since the courts have granted him bail. The government must adhere to the court’s ruling. We are in a democracy, and we should not engage in arbitrary actions outside the law. The rule of law is a crucial asset that we must uphold and respect. I urge the Federal Government to ensure that all individuals in similar situations are released and given fair treatment,” Obi stated.

 

He also voiced concerns about the country’s security situation. “The primary duty of any government is to ensure the security of its citizens. The current state of affairs in Nigeria, with frequent reports of killings, abductions, and other crimes, is alarming and threatens national stability. It is troubling that Nigeria has become one of the most insecure places on earth, and this situation is leading towards a failed state,” he added.

 

Obi’s appeal for the IPOB leader’s release aligns with similar calls from Atiku Abubakar, the opposition Peoples Democratic Party’s presidential candidate and former vice president.

 

Following the recent killing of Nigerian soldiers by suspected gunmen, Abubakar urged the federal government to seek political solutions to Kanu’s detention to mitigate violence in the South-East.

 

Nnamdi Kanu was abducted and repatriated to Nigeria from Kenya on July 1, 2021, after fleeing the country following a military raid on his home during President Muhammadu Buhari’s administration.

YouTube has rescued the industry from “some ravaging wolves who were doubling as marketers – Kanayo O Kanayo

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YouTube has rescued the industry from “some ravaging wolves who were doubling as marketers – Kanayo O Kanayo

Kanayo O. Kanayo says YouTube has rescued the industry from “some ravaging wolves who were doubling as marketers.”

 

Nollywood actor, Kanayo O. Kanayo, has highlighted YouTube’s benefits and its limitations for Nollywood filmmakers.

 

While appearing as a guest on The Honest Bunch Podcast, the veteran said the streaming platform has helped the industry in several ways.

 

For example, he noted in the June 24, 2024 interview that filmmakers can post on the platform without their work being censored by the National Film and Video Sensors Board (NFVCB).

 

Kanayo praised YouTube for its accessibility and the opportunities it offers content creators and filmmakers and how it has saved the industry.

 

“It has come to help the industry. From the comfort of your home, you can make your money. Create content and put it on YouTube. In fact, YouTube rescued the industry from some ravaging wolves who were doubling as marketers,” he said.

 

He further highlighted a difficult period in the film industry when marketers wielded significant power, even suspending prominent actors such as Richard Mofe Damijo.

 

These marketers often prevented actors from marketing their films and imposed fines to scare them and maintain their control.

 

“The marketers you had then who also doubled as ex-producers never wanted an actor to become a marketer, so they placed a ban on anything that will make you come up to market your film. In fact, it was so bad that they imposed a fine of ₦500,000 or a levy that you have to pay ₦500,000 to be a marketer,” the actor said.

 

According to Kanayo, YouTube broke this barrier and gave room for filmmakers to express themselves.

 

However, his major concern about the platform is its quality and the authenticity of the films. He also emphasised that even with the platform’s freedom, it has its limitations in fully showcasing creative elements in filmmaking

 

“I’m one of those who feel that YouTube is not a realistic channel because it restricts you from showing what you can do in the technical area. Most of the films you watch, American films and so on, you will see how a bullet hit somebody and how it pierced, that’s creativity, that’s somebody sitting down and saying, ‘We’re going to crash this car.’ A lot of work will come into it.”

 

Despite this limitation, Kanayo acknowledged the financial opportunity the platform offers.

 

“On the good news, it is giving opportunities to people to earn in dollars every month,” he said.

Meet Davido’s biological mother, Dr. Veronica Hailey Imade

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Meet Davido’s biological mother, Dr. Veronica Hailey Imade

Meet Davido’s biological mother, Dr. Veronica Hailey Imade who died at age 39.

 

Find out why he named his two daughters after her – Aurora Imade Adeleke (9 yrs old, born by Sophia Momodu) and Hailey Veronica Adeleke (7yeara old, born by Amanda Brown)

 

Dr. Veronica Hailey Imade Adeleke was a Nigerian Singer, Doctor and lecturer at Babcock University.

mother of a Nigerian Afro singer.

 

She gave birth to him on November 21st, 1992 in Atlanta, Georgia, USA. The family of Adeleke family would later move back to their native country.

 

The late mother of the popular Nigerian superstar was a music lover, just like her son. In the 90s, she had a brilliant music career and owned a record label. She was also part of a band named “David’s Band.”

 

Aside from that, she also had a security company named after her son, which was called “David’s security”.

 

Veronica Imade met the father of Davido, the influential billionaire Adedeji Adeleke in the 80s. They fell in love and got married. Together, Veronica and Adedeji had two children: David and Sharon.

 

Her husband, Mr. Adeleke was a donor at Babcock University, where she was a lecturer. At the university, people loved and respected her for who she was – a very bright and loving woman.

 

On the 6th of March, 2003, an unfortunate incident occurred which left everyone in shock. Davido’s beautiful mother passed away and was coincidentally the 40th birthday of her husband Adedeji Adeleke. She was only 39 years old.

 

According to Urbanlife, she went to the church in the morning for service and when she came back, she locked herself in a room. A few hours later, she was found dead in her apartment.

 

The funeral of Veronica Adeleke was held soon after her tragic passing, and her band, “David’s Band”, played there.

 

It is not surprising that her son decided to pursue a career in music and became successful at it

 

Minimum Wage: Let’s Pay According To Our Ability – Southern Governors 

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Minimum Wage: Let’s Pay According To Our Ability – Southern Governors 

Minimum Wage: Let’s Pay According To Our Ability – Southern Governors

 

Governors from the southern part of Nigeria under the aegis of the Southern Governors’ Forum, have called for the consideration of the cost of living and ability of each state to pay the new minimum wage just as they advocated that each State be allowed to negotiate the new wage with the labour unions.

 

This was contained in a Communique issued at the end of their meeting held on Monday, June 25, 2024, in Abeokuta, the Ogun State capital.

 

In their 16 points Communique, the Forum called for strengthening of fiscal federalism and devolution of powers and expressed concern over current practices where mineral licenses are issued and explorations undertaken without recourse to State governments.

 

It noted that issuing mineral licenses without carrying the states along have resulted in criminal activities, attendant negative environmental impact, ecological degradation, and with no remediation commitment or revenue accruing to the States or the Federal Government.

 

The governors maintained that being the economic and industrial region of the country, there was need to address the inadequate power supply in the region by taking advantage of the recent constitutional amendment that now allows States to regulate, generate, transmit and distribute electricity whilst also considering optional sources like renewables.

 

The southern governors said they have resolved to aggressively embark on energy transition plan from fossil fuels (petrol and diesel) to cleaner energy and specifically CNG (Compressed Natural Gas) and ultimately EV’s (Electric Vehicles) to help reduce the cost of transportation, which would lower the cost of food, goods and services of the citizens and residents.

 

The meeting also called on the Federal Government to rehabilitate, repair and reconstruct Trunk A roads and transfer some roads to States that have expressed interest in taking them over, applauding President Tinubu for conceptualizing and commencing the construction of the Lagos-Calabar Coastal Road, which cuts across eight states of the region.

 

The Communique hinted that the governors have resolved to commission a regional multimodal transport master plan that would prioritise connectivity of rail, road, air and water transportation, to facilitate interstate, intra-regional movement of persons, goods and services and thereby enhancing the ease of doing business.

 

It further stated that Southern States Development Agenda (SSDA), would comprise of a team whose primary responsibility is to outline a holistic plan to foster trade and investment, sustainable growth and development, economic prosperity, social harmony and food security for the region would be set up.

 

The Development Agenda, the governors added would work hand in glove with individual State Investment Promotion and Facilitation Agencies, the Nigeria Investment Promotion Commission (NIPC) and other relevant MDA’s and multilateral agencies as necessary.

 

On issue of state police, the Governors resolved to continue to advocate for the creation of State police against the backdrop of the success of the regional community based security outfits, which have been effective in intelligence gathering.

 

The governors, the communique further stated, resolved to remain united and committed to oneness of purpose, noting that the physical boundaries that divide the people of the south could not be compare to the strong bonds of enterprise, resilience and culture that they share just as they have resolved to be deliberate and intentional about intra region trade, partnerships and investment facilitation and promotion which was agreed would require a structured and coordinated collaborative approach.

 

The members of the Forum commended Mr President Tinubu for the food palliative support to States and the laudable economic recovery reforms and policies through the implementation of the Renewed Hope Agenda pledging to support him in his unwavering resolve to reposition the country and build a greater future for all.

 

It would be recalled that at the end of the meeting, Prince Dapo Abiodun was chosen to provide the needed leadership as Chairman of the Forum, while Professor Charles Chukwuma Soludo, the governor of Anambra State waa appointed as the Vice Chairman.

 

The communique concluded that quarterly meetings of the Forum would be held and rotated among member states.

 

The Communique reads:

 

At the conclusion of the Southern Governors Forum meeting held on Monday, June 24, 2024, and having paid respects to our immediate past Chairman, HE, the late Governor Oluwarotimi Akeredolu; with condolences extended to his family, and appreciating the past Chairman for the solid foundation he laid by putting the forum in good stead; we the Governors resolved as follows:

 

1. Thanked and appreciated all member Governors for their support and commitment to the “Asaba declaration” of 2021, which was a resolve to ensure that Southern Nigeria produced the 2023 Presidential Candidate; we also thanked the Northern Governors’ Forum for their unwavering support for the resolution.

 

 

2. The Forum commended the laudable economic recovery reforms and policies of HE President Bola Ahmed Tinubu GCFR and the implementation of the Renewed Hope Agenda; and unanimously committed to supporting him in his unwavering resolve to reposition the country and build a greater future for us all.

 

3. The Southern Governors applauded the President for conceptualizing and commencing the construction of the Lagos-Calabar Coastal Road, which cuts across eight (8) states. We noted that this will create employment in the construction industry, boost productivity by drastically reducing travel time, promote tourism, and open up and integrate all the Southern States to increased trade and investment opportunities whilst enhancing the ease of doing business.

 

4. The Southern Governors advocated that the Federal Government should rehabilitate, repair and reconstruct Trunk A roads and transfer roads to States that have expressed interest in taking them over.

 

5. The Forum will commission a regional multimodal transport master plan that will prioritise connectivity of rail, road, air and water transportation, to facilitate interstate, intra-regional movement of persons, goods and services and thereby enhancing the ease of doing business .

 

6. Being the economic and industrial region of the country, the Forum highlighted the need to address the inadequate power supply in the region. Member states were encouraged to take advantage of the recent constitutional amendment that now allows States to regulate, generate, transmit and distribute electricity whilst also considering optional sources like renewables.

 

7. The Forum resolved further to aggressively embark on energy transition plan from fossil fuels (petrol and diesel) to cleaner energy and specifically CNG (Compressed Natural Gas) and ultimately EV’s (Electric Vehicles) to help reduce the cost of transportation, which will lower the cost of food, goods and services for our citizens and residents.

 

8. The members of the Forum commended Mr President on the food palliative support to States, and the Governors were also commended for complementing Mr President in their various States through numerous initiatives ranging from food palliatives to transport allowances. We resolved to be more aggressive and intentional about food security and member States were enjoined to intensify their agricultural resurgence/revolution initiatives utilising cash and food crops best suited for each region to ensure food sufficiency, self-reliance and employment generation. States should also consider setting up special agro processing zones to obtain the most value from the agro value chain.

 

9. The Forum discussed the minimum wage issues demanded by labour and unanimously agreed that the minimum wage should be reflective of the cost of living and ability to pay, and each State be allowed to negotiate their minimum wage. This led to the forum’s call for strengthening fiscal federalism and devolution of powers.

 

10. The Governors resolved to continue to advocate for the creation of State police against the backdrop of the success of our regional community based security outfits, which have been effective in intelligence gathering. This will truly enable Governors to be the Chief Security Officers of their respective States in deed.

 

11. Still on fiscal federalism, the Forum discussed the issue of solid mineral exploration and exploitation which remains on the Exclusive List in the constitution. Members expressed concern over current practices where mineral licenses are issued and exploitations undertaken without recourse to State governments. These have resulted in criminal activities, attendant negative environmental impact, ecological degradation and with no remediation commitment or revenue accruing to the States or Federal Government.

 

12. The Forum expressed concern over the controversy of the Local Governments Chairmen tenure in Rivers State and committed to take a common stand in support of position of the law and constitution.

 

13. The Forum members resolved to remain united and committed to oneness of purpose, noting that the physical boundaries that divide us do not compare to the strong bonds of enterprise, resilience and culture that we share and unite us. Member States resolved to be deliberate and intentional about intra region trade, partnerships and investment facilitation and promotion which was agreed will require a structured and coordinated collaborative approach.

 

14. The Southern States Development Agenda (SSDA) will be set up and will comprise of a team whose primary responsibility is to outline a holistic plan to foster trade and investment, sustainable growth and development, economic prosperity, social harmony and food security for our region. They will work hand in glove with individual State Investment Promotion and Facilitation Agencies, the Nigeria Investment Promotion Commission (NIPC) and other relevant MDA’s and multilateral agencies as necessary.

 

15. The Forum unanimously chose HE, Prince Dapo Abiodun CON, to provide the needed leadership as Chairman of the Forum and appointed HE Professor Charles Chukwuma Soludo CFR as Vice Chairman and expressed their support for the newly appointed Chairman and Vice Chairman.

 

16. The Forum concluded that quarterly meetings will be held and rotated among member states.

Former Konga CEO, Nick Imudia takes his own life.

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Former Konga CEO, Nick Imudia takes his own life.

This is the sad tale of how Nick Imudia, a former Chief Executive Officer (CEO), of Konga, one of Nigeria’s e-commerce giants, committed suicide in his home. Nick, who was until his death, the CEO of D.light, a leading innovator in the distribution and financing of residential solar energy solutions and transformational household products, killed himself on the night of Tuesday, June 25, by jumping from the balcony of his Lekki, Lagos apartment.

Before making the jump, he had called his US-based brother to give him instructions on how to distribute his wealth should anything happen to him.

 

He also called his young daughter from a previous relationship and told her he would always be there for her and that all she needed to do was to look in the sky and he would see her.

 

His friends, family and associates are in shock as to why he would commit suicide.

 

No one is sure why he took his own life.

 

From the Ika South local government area of Delta State, Nick was previously married to the mother of his young daughter who was also from the same local government with him.

 

The marriage ended due to irreconcilable differences.

 

He gave love a second chance when he got married to a Caucasian.

 

Everyone assumed he had reached his zen only to wake up to news of his suicide.

 

Before Konga, Nick had stints with TCL/Alcatel as a regional director and Microsoft Device and Services as the GM/MD for West and Central Africa.

 

Credit: The Will.

Banks face tough conditions in recapitalisation drive

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Banks face tough conditions in recapitalisation drive

CBN targets strong banks capable of supporting govt’s $1tr GDP by 2030

Ongoing bank recapitalisation will not be business as usual, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said yesterday.

 

He hinted that the conditions will be tough to ensure that all banks that scale the hurdles will be strong enough to withstand the headwinds.

 

The banks should be able to drive the economic target of the government, which is to achieve a $ 1 trillion dollar Gross Domestic Product (GDP) mark by 2030.

 

The plan is to strictly scrutinise the financial institutions as they move towards recapitalisation.

 

CBN governor spoke in London at an event by the United Kingdom-Nigeria Chamber of Commerce.

 

His position was presented by Deputy Governor (Financial Systems Stability) Mr. Phillip Ikeazor.

 

Cardoso said: “The CBN will rigorously enforce our fit and proper criteria for prospective new shareholders, senior management and board members of banks.”

 

He added the CBN will ensure banks have sufficient capital to meet their operational needs and manage risks effectively.

 

Cardoso said the apex bank will scrutinise the financial health of the merged entities to ensure a realistic assessment of their financial position.

 

He reiterated that the core objective of the recapitalisation programme is “to trigger the emergence of stronger, healthier and more resilient banks.”

 

This, he said, aims to create a more robust banking sector capable of withstanding economic shocks and supporting the government’s ambitious goal of achieving a $1 trillion Gross Domestic Product (GDP) by 2030.

 

The CBN governor listed the anticipated gains of recapitalisation to include: strong banks that are expected to lend more money to businesses and individuals, stimulating economic growth; a more stable and secure banking system capable of attracting greater foreign investment; and improved financial health which will lead to a more stable foreign exchange market.

 

Others are stronger capital buffers that will allow banks to manage risks more effectively; improved financial health, leading to better credit ratings for Nigerian banks, making it cheaper to borrow money; diversified ownership base as the programme is expected to encourage broader participation in bank ownership; stronger oversight and stricter criteria that could lead to improved decision-making within banks and increased market volume and value that will give rise to a healthier banking sector and ultimately lead to a more vibrant stock market.

 

The CBN clarified that the exclusion of retained earnings from the minimum capital requirement is intended to simplify calculations and enhance transparency.

 

“This aligns with international standards like Basel III, which emphasise core capital elements to promote financial stability,” Cardoso said.

 

He pointed to the successful 2004/5 Banking Sector Reforms as a model for the initiative.

 

Those reforms, Cardoso noted, consolidated the industry, increased capital bases and enhanced resilience during the global financial crisis.

 

He also expressed confidence that the ongoing efforts will build upon the achievements and create a more robust and competitive banking sector in Nigeria.

 

The CBN on March 28 announced a two-year bank recapitalisation exercise which commenced on April 1 and is expected to end on March 31, 2026.

 

Read Also: Tinubu means well for north, says Shettima

The recapitalisation plan requires a minimum capital of N500 billion, N200 billion, and N50 billion for commercial banks with international, national, and regional licenses.

 

The CBN also raised the capitalisation baseline for merchant banks (N50 billion) and non-interest banks (national: N20 billion and regional: N10 billion).

 

The apex bank further set an April 30 deadline for the recapitalising banks to submit recapitalisation plans.

 

Many lenders were able to beat the deadline and a few others are finalising their recapitalisation plans for submission to the regulator.

 

Many banks have already approached the domestic capital markets to raise new funds.

 

The options for the banks include private placement which allows lenders to seek new funds from pre-selected private investors, and rights issue which authorises them to invite existing shareholders to purchase additional new shares at a discounted price relative to the current market price.

 

Some banks are also raising new funds through the Holding Company (HoldCo) option, which allows them to raise debt through their HoldCo which can then be injected as equity capital in the bank.

 

The CBN asked banks to explore other options such as mergers/acquisitions or downgrade their licence.

South Africans cutting DStv cord

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South Africans cutting DStv cord

MultiChoice is struggling to maintain its DStv subscriber base, with years of price hikes making the pay-TV service expensive and unaffordable for many South African residents.

 

The company’s annual results for the 2023/24 financial year revealed that it lost roughly 1.6 million DStv subscribers across all regions in which it operates.

 

While MultiChoice said subscriber losses in the Rest of Africa were primarily to blame for the overall losses, DStv continues to bleed subscribers in South Africa.

 

DStv splits active subscribers into three segments, with each representing a different set of DStv subscriptions as follows:

 

Mass Market — DStv Family, Access, and EasyView subscribers

Mid-Market — DStv Compact and Commercial subscribers

Premium — DStv Premium and Compact Plus subscribers

Combined, the three segments lost roughly 700,000 subscribers in South Africa, with the mid-market segment seeing the most significant decline.

 

DStv Compact and Commercial subscribers in South Africa declined by approximately 400,000 between 1 April 2023 and 31 March 2024.

 

The segment had grown from 2.8 million subscribers in 2018 to 3.1 million in 2021, after which it has only seen declines.

 

The Mass Market segment showed strong growth from 2018 to 2023 before recording its first subscriber decline during the 2023/24 financial year.

 

Combined, DStv Family, Access, and EasyView subscribers sat at 2.5 million in 2018. Between 2018 and 2020, it overtook the mid-market segment, growing to 3.1 million subscribers.

 

The strong growth continued until the Mass Market segment reached 5.3 million subscribers in 2023. The figure dropped to 5.1 million for the 2023/24 financial year.

 

DStv’s Premium segment has only seen subscriber declines since 2018, with some periods when subscriber numbers remained stable.

 

DStv had 1.6 million Compact Plus and Premium subscribers in 2018 but has lost roughly 400,000 over the past six years.

 

The segment lost roughly 100,000 subscribers in South Africa between 2018 and 2019.

 

It lost a further 100,000 subscribers between 2021 and 2022 after remaining at 1.5 million South African users in 2020.

 

DStv’s premium segment lost approximately 100,000 South African subscribers between 2022 and 2023 and again between 2023 and 2024.

 

The chart below tracks DStv’s active subscriber losses across its mass-market, mid-market, and premium segments from 2018 to 2024.

 

 

 

Over the same period between 2018 and 2024, MultiChoice has hiked DStv prices by an average of 21% across all of its packages.

 

Interestingly, DStv’s most expensive package — Premium — has seen the lowest proportional price increase over the period at roughly 15%.

 

DStv Access customers have been the hardest hit, with prices increasing a whopping 40.4% from R99 in 2018 to R139 in 2024.

 

The only package that hasn’t been hit with any price hikes over the period is DStv EasyView, which has remained at R29 per month.

 

Many South Africans, frustrated with the constant price hikes and repeats on MultiChoice’s satellite TV packages, have said they only keep their DStv Premium subscription for the unmatched sports offering.

 

MultiChoice owns SuperSport, which has the rights to broadcast a wide range of sports events, including rugby, soccer, cricket, and motorsport, leaving limited other options for South African sports fans.

 

However, Canal+ Group Chair and CEO Maxime Saada said DStv will not start offering a sports-only package once under his company’s ownership.

 

For context, Canal+ has made a bid to buy the company outright for R125 per share after triggering the mandatory offer clause in the Companies Act when it exceeded 35% shareholding at the start of the year.

 

Canal+ had been gradually buying up MultiChoice shares, increasing its ownership in the local broadcaster after its creeping takeover of MultiChoice began in 2020.

 

It continued to buy MultiChoice shares after tabling its mandatory offer. In its latest public notice, Canal+ said it had acquired a further 7,374,918 shares in the DStv owner, bringing its total ownership of the local broadcaster to 45.20%.

 

Asked about the potential for sports-only and choose-your-own-channel packages once Canal+ takes over, Saada said everyone who has tried has failed.

 

He said there are only two aspects that drive subscriptions, namely, sports and discounted pricing.

 

Saada said Canal+ sees significant subscriber surges when there is a major upcoming sports event that people want to watch. However, he noted that the addition of one big movie won’t drive subscriptions.

 

Therefore, Canal+ won’t launch sports-only packages as it needs the draw of sports to drive subscriber growth for DStv’s existing packages.

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