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South Africa triumphed over a wasteful Cape Verde in a penalty shootout and is set to confront the Super Eagles in the semifinals

Tosin Ranks
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South Africa triumphed over a wasteful Cape Verde in a penalty shootout and is set to confront the Super Eagles in the semifinals

The thrilling encounter between South Africa’s Bafana Bafana and Cape Verde’s Blue Sharks in the TotalEnergies Africa Cup of Nations quarter-finals on Saturday extended into extra time and penalties before South Africa secured a 2-1 victory.

Facing a setback, Cape Verde lost their first three penalties, with former Manchester United player Bebe missing the opening shot.

South Africa’s goalkeeper Ronwen Williams emerged as the hero, making four crucial saves in the penalty shootout at the Charles Konan Banny Stadium in Yamoussoukro.

The intense clash witnessed both teams starting brightly in an open first half, with stellar defensive performances from Williams and Cape Verde’s Vozinha ensuring a deadlock at halftime.

Despite intensified efforts during the added 30 minutes of extra time, the scoreboard remained untouched, leading to a high-stakes penalty shootout.

South Africa’s advancement to the AFCON semi-finals sets the stage for further excitement in the prestigious tournament.

Williams, with his match-winning contributions, earned accolades, marking the Bafana Bafana’s semi-finals appearance for the first time since 2000.

They will face Nigeria on Wednesday, February 7, 2024, at the Stade de Bouaké, Ivory Coast.

CBN implements a revised cash reserve approach

Tosin Ranks
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0
CBN implements a revised cash reserve approach

The Central Bank of Nigeria has announced the discontinuation of daily Cash Reserve Ratio debits, opting for an updated Cash Reserve Requirement mechanism.

This strategic shift aims to enhance banks’ ability to plan, monitor, and align their records with the apex bank.

The decision was communicated through a circular titled ‘Cash Reserve Requirement Framework Implementation Guidelines,’ signed by Dr Adetona Adedeji, the Acting Director of the Banking Supervision Department.

The Cash Reserve Ratio, representing the percentage of cash held in reserves against total deposits, will be subject to a structured implementation process outlined by the CBN.

This includes a phased approach, utilizing the Incremental Approach in Phase 1 and enforcing a 50% CRR levy in Phase 2 for banks falling short of the minimum Loan to Deposit Ratio.

The CBN has committed to providing banks with comprehensive details of applied charges and their underlying computation rationale.

ICAN announces the appointment of a new Registrar/CEO

Tosin Ranks
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ICAN announces the appointment of a new Registrar/CEO

The Institute of Chartered Accountants of Nigeria has designated Dr. Musibau Olasunkanmi as its new Registrar/Chief Executive.

The announcement came on Friday following approval by the Governing Council during its December 15, 2023 meeting.

According to a statement from the accounting body, Olasunkanmi’s appointment reflects ICAN’s commitment to fostering an exceptional leadership team for sustained growth and influence.

He officially assumed the role on Thursday, succeeding Mr. Mukaila Lawal, the Acting Registrar/Chief Executive, who is set to retire on March 1. Dr. Olasunkanmi brings over 16 years of professional experience in various sectors and holds a PhD in Forensic Accounting & Audit, among other qualifications.

ICAN expressed anticipation for his innovative leadership, extending congratulations and best wishes for a successful tenure.

 

According to the ICAN Act (Cap. 185.), the registrar is responsible for maintaining a register of qualified individuals entitled to be enrolled as fellows or associates, or registered as accountants, in accordance with the rules.

NNPCL has granted concessions for 36 oil blocks to IOCs and other entities

Tosin Ranks
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NNPCL has granted concessions for 36 oil blocks to IOCs and other entities

The most recent data from the Nigerian National Petroleum Company Limited reveals that no fewer than 36 oil blocks are currently under concession to both international and indigenous oil companies in Nigeria.

These blocks span various terrains, including deepwater, continental shelf, land, swamp, and partially swamp.

The blocks are further categorized into Oil Prospecting Licence (OPL) and Oil Mining Licence (OML).

The financial statements outline specific OPLs and OMLs, with information on their status, ownership, and operating parties involved in the concessions.

 

The report emphasizes the legal mandate, responsibilities, and commercial arrangements of the national oil company in managing these concessions.

 

Economist Dr. Sam Nzekwe raises concerns about ensuring that the proceeds from these deals benefit the wider population rather than a select few.

CBN predicts that the growth of the service sector will be driven by digital lending

Tosin Ranks
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CBN predicts that the growth of the service sector will be driven by digital lending

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has revealed that in 2024, mobile money and digital lending are expected to spearhead growth in the service sector.

At the launch of the Nigerian Economic Summit Group 2024 Macroeconomic Outlook Report, Cardoso projected a 3.76% economic growth, attributing it to increased reliance on fintech.

He emphasized the services sector’s dominance, fueled by mobile money adoption, government partnerships, and expanded digital lending offerings.

The CBN governor expressed confidence in various sectors, including industry, agriculture, and mining, anticipating positive impacts from market-based reforms and SMEs-led growth.

 

While optimistic about fintech’s role in Nigeria’s goal to become a $1 trillion economy, Cardoso emphasized the need for stricter regulatory compliance, highlighting the CBN’s intent to develop a new regulatory framework for the technology-driven payment services sector.

Mobile money has witnessed significant growth, with 22% ownership in 2022 and $832 billion transactions in Nigeria and Sub-Saharan African countries.

 

Digital lending is also gaining popularity, with 211 licensed lenders operating in Nigeria, addressing economic challenges.

Fidelity Bank anticipates facing a litigation-related loss exceeding N1 billion

Tosin Ranks
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0
Fidelity Bank anticipates facing a litigation-related loss exceeding N1 billion

Fidelity Bank’s management anticipates a potential loss of approximately N1.19 billion due to claims and legal proceedings for the fiscal year ending December 2023, as outlined in its condensed unaudited financial statements filed with the Nigerian Exchange Limited.

The bank, involved in 65 ongoing cases as a defendant and seven as a plaintiff, estimates the total claimed amount against it at N11.74 billion.

Despite the directors’ confidence that the outcomes won’t significantly impact the bank’s financial position, a potential loss of N1.19 billion is projected upon the conclusion of these cases.

Despite the potential legal challenges, Fidelity Bank reported impressive financial performance, with a post-tax profit of N142.83 billion, marking a remarkable 205% growth from 2022.

The bank also experienced substantial growth in earnings, reaching N553.90 billion, a 64.34% increase from the previous year.

Notably, the bank extended significant loans and advances, amounting to N1.11 trillion to customers in the oil and gas sector, with the manufacturing and transportation sectors following at NN357.55 billion and N328.06 billion, respectively.

Closing Thursday’s trading with a market cap of N374.54 billion, Fidelity Bank’s stocks appreciated by 9.86%, closing at N11.7 each.

 

In the upcoming weeks, other financial institutions are expected to follow regulatory requirements and estimate potential losses to litigation and claims as they release their full-year audited results.

INEC has decided to halt the re-run elections in 20 polling units

Tosin Ranks
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0
INEC has decided to halt the re-run elections in 20 polling units

The Independent National Electoral Commission (INEC) has halted re-run elections in 20 polling units across Kano, Enugu, and Akwa-Ibom states.

This decision follows disruptions, irregularities, and the abduction of election officials.

 

The National Commissioner, Sam Olumekun, revealed the suspension, citing specific incidents in constituencies such as Ikono/Ini Federal Constituency in Akwa Ibom, Enugu South 1 State Constituency in Enugu, and Kunchi/Tsanyawa State Constituency in Kano.

INEC emphasized that this action aligns with the provisions of Section 24(3) of the Electoral Act, 2022, and has urged security agencies to investigate the incidents.

Further measures for the affected areas will be disclosed after the Commission’s meeting on Monday.

Why the government sealed the Oyo church – Commissioner explains

Tosin Ranks
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0
Why the government sealed the Oyo church – Commissioner explains

On Friday, the Oyo State Government took the decision to close down a branch of Christ Life Church situated in Golden Estate, Oluyole, Ibadan South-West Local Government Area.

The Commissioner for Environment and Natural Resources, Abdulmojeed Mogbonjubola, revealed that despite the ministry’s attempts to mediate and resolve complaints from residents regarding noise issues, the church’s management remained uncooperative.

Consequently, the government sealed the church premises to prevent potential tensions from escalating on Sunday, citing a violation of environmental regulations related to noise levels in residential areas.

The ministry had conducted sound level measurements on November 9, 2023, indicating an average reading of 74 decibels during the church activities, surpassing the permissible limit of 65 decibels.

Despite a resolution meeting on November 29, 2023, where the church declined to sign an undertaking letter, citing the need for approval from its headquarters, the state government opted to seal the church due to continued non-compliance with regulations.

Wumi Toriola and Uche Ogbodo delighted by their collaboration with the baby fair

Tosin Ranks
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0
Wumi Toriola and Uche Ogbodo delighted by their collaboration with the baby fair

The co-founders of the 9jababy Tradefair, Abimbola Anifowose and Omolabake Sulaimon, expressed that the upcoming event in March at Lagos Television grounds holds significant benefits for mothers and attendees.

During a recent media parley in Lagos, Abimbola explained that the fair aims to address a gap in the baby industry.

Actresses Wumi Toriola and Uche Ogbodo were announced as ambassadors and influencers for the event.

Abimbola highlighted the uniqueness of the fair, emphasizing its appeal to both retailers and wholesalers, as well as importers and manufacturers.

Excited about the venture, Toriola, emphasizing her passion for children and humanity, encouraged others to seize the opportunity, expressing confidence in the event’s growth.

Ogbodo echoed her sentiments, expressing gratitude for the chance to collaborate with such a brand.

The 2024 cohort of the MultiChoice Talent Factory has been revealed

Tosin Ranks
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0
The 2024 cohort of the MultiChoice Talent Factory has been revealed

The MultiChoice Talent Factory West Africa Academy has introduced its 2024 cohorts, consisting of 20 students selected for a fully-funded, one-year training program in film and television in Lagos.

The statement to Saturday Beats highlighted a meticulous six-week selection process, involving interviews and assessments by industry experts and regional academy directors.

The CEO of MultiChoice West Africa, John Ugbe, urged the chosen students from Nigeria and Ghana to embrace the opportunities provided, emphasizing the value of the MTF structure.

At the welcome event, MTF’s West Africa Academy Director, Atinuke Babatunde, expressed anticipation for the graduates to infuse the local creative sector with fresh ideas, energy, and enthusiasm, citing past successes and collaborations with Africa Magic.

 

MultiChoice views the MTF Academy as an investment in the industry’s future, welcoming the new cohort to the MultiChoice family and aiming to equip them for creating compelling African narratives for global audiences.

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