Paradise News

Category: Business

  • Minister Keyamo Grants Approval for Air Peace to Operate Abuja-London Route

    By Ken Ibenne

    In an exclusive interview on Channels Television’s ‘Politics Today’ program, Minister Keyamo emphasized the government’s commitment to backing healthy local airlines like Air Peace and revitalizing those facing challenges.

    “I approved Air Peace for the Abuja-London route,” Keyamo revealed, underscoring the move’s reciprocity, as British Airways also operates flights on this route alongside Lagos-London services.

    Anticipating a potential price war, Minister Keyamo believes this decision will lead to reduced fares, benefiting Nigerian travelers. He highlighted ongoing fare competition on the Lagos-London route and assured vigilant monitoring by aviation authorities.

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    In response to the competitive landscape, the government remains open to offering waivers to support local carriers, aiming to lower airfares for Nigerians on international routes.

    “We have a duty to support our own,” Keyamo affirmed, emphasizing the government’s commitment to prioritizing the interests of Nigerian travelers and ensuring access to affordable air travel.

    As Air Peace gears up to launch its Abuja-London service, Minister Keyamo’s approval signals a significant step in advancing the competitiveness of Nigeria’s aviation sector while enhancing accessibility for travelers. With the potential for reduced fares and increased connectivity, this decision holds promise for the aviation industry and passengers alike.

  • Experts Sound Alarm: Electricity Tariff Increase Could Drive Inflation

    By Ken Ibenne

    In March 2024, Nigeria witnessed a notable surge in inflation, reaching 33.2%, representing a 1.5%-point increase from the previous month. This uptick was largely attributed to elevated costs in food, beverages, and energy, alongside housing expenses.

    Following this trend, the Federal Government, acting through the Nigerian Electricity Regulatory Commission (NERC), sanctioned a substantial increase in electricity rates for Band A consumers. This adjustment, announced by NERC’s Vice Chairman, Musliu Oseni, entails customers paying N225 per kilowatt hour, a significant escalation from the previous rate of N68.

    Analysts, including myself, foresee potential inflationary pressures stemming from this tariff hike. In an exclusive interview with Nairametrics, we underscored the interconnectedness of inflation with broader economic dynamics, cautioning against the possibility of a spiral inflation scenario if left unchecked.

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    Moreover, the Organised Private Sector in Nigeria has voiced apprehensions regarding the substantial tariff hike, warning of its potential to exacerbate inflation and precipitate the closure of over 65% of businesses in the country.

    Given these concerns, proactive measures to stabilize prices and promote sustainable economic growth are imperative. Addressing the ripple effects of price increases on businesses and households is paramount, as heightened operating costs and product prices may erode consumer purchasing power and strain companies’ financial health.

    As highlighted by The Paradise News, the latest data from the National Bureau of Statistics (NBS) underscores the gravity of the situation, with food inflation reaching 40.01% year-on-year in March 2024, reflecting a substantial increase from the previous year.

    In navigating these challenges, policymakers and stakeholders must collaborate to mitigate the adverse impact of the electricity tariff hike on inflation and foster an environment conducive to economic stability and prosperity.

  • ByteDance firmly rejects TikTok sale amidst US regulatory pressure

    By Ken Ibenne

    In response to recent legislation compelling the sale of TikTok’s US operations or facing potential bans, ByteDance affirmed its stance through its official account on Toutiao, a social media platform under its umbrella.

    “TikTok’s parent company ByteDance has firmly decided against selling TikTok,” the statement read, signalling the company’s determination to resist the regulatory pressures imposed by the US government.

    This declaration follows reports from The Information, a leading tech news source, suggesting ByteDance’s exploration of options, including the sale of TikTok’s US operations and associated algorithms.

    Dismissing these speculations as “false rumours,” ByteDance emphasized its commitment to retaining ownership and operational control over TikTok, as highlighted by a screenshot featured in its official statement.

    The recent legislative action signed into law by US President Joe Biden underscores the ongoing concerns surrounding data security and the Chinese government’s influence on private enterprises like ByteDance.

    Despite these challenges, TikTok’s CEO, Shou Zi Chew, expressed confidence in the company’s legal defence against what they perceive as unconstitutional regulatory measures. In a video shared on the platform, Chew reassured users, stating, “The facts, and the Constitution, are on our side… rest assured, we aren’t going anywhere.”

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    ByteDance’s ownership structure reveals a diversified investor base, with Chinese creators holding a significant stake alongside institutional investors, including notable US firms like Susquehanna International Group, General Atlantic, and Carlyle Group.

    As ByteDance stands firm against external pressures, the future trajectory of TikTok’s operations and its global user base remains a focal point amid ongoing regulatory scrutiny and geopolitical tensions.

  • Understanding Forex Trading Mechanisms and Strategies for Nigerian Investors

    By Ben Nsemo

    Forex trading, the act of exchanging currencies on the global market, is a dynamic and potentially lucrative investment opportunity for Nigerian investors. The question of what is forex trading and how does it work lies at the heart of understanding this financial venture. At its core, forex trading involves predicting the movement of currency prices and exchanging one currency for another with the aim of making a profit. The forex market is the largest financial market globally, characterized by high liquidity and 24-hour trading during weekdays.

    The Forex Market Explained

    • Global Participation: The forex market encompasses a global network of banks, corporations, and individual traders, allowing for continuous trading across time zones, from the Tokyo opening to the New York closing market.
    • Currency Pairs: Trading is conducted in pairs, such as the EUR/USD (Euro/US Dollar), with investors buying one currency while simultaneously selling another.

    Mechanisms of Forex Trading

    1. Leverage: Leverage allows traders to control a large position with a relatively small amount of capital. While it can amplify profits, it also increases the risk of losses.
    2. Spread: The difference between the bid (sell) and ask (buy) price of a currency pair. A lower spread indicates a more liquid market or less trading cost.
    3. Pips: The smallest price move that a given exchange rate can make based on market convention. Most currency pairs are quoted to the fourth decimal place.

    Forex Trading Strategies for Nigerian Investors

    • Technical Analysis: This involves analyzing past market data, including price charts and volume, to forecast future price movements. Many advanced traders in Nigeria use technical indicators such as moving averages and the Relative Strength Index (RSI) to identify potential entry and exit points.
    • Fundamental Analysis: This strategy focuses on economic indicators and news events that can affect currency values. Nigerian traders might consider factors such as inflation rates, economic growth, and geopolitical events.
    • Risk Management: Essential for success in forex trading, it involves setting stop-loss orders and taking profits at predetermined levels to protect investments.

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    Challenges and Opportunities in the Nigerian Forex Market

    The forex market offers Nigerian investors both opportunities and challenges. On one hand, the market’s vast liquidity and the availability of leverage can result in significant profits. On the other hand, the forex market is highly volatile, and the leverage can lead to substantial losses if not used judiciously.

    • Regulatory Environment: Understanding the regulatory framework in Nigeria is crucial for forex traders. The Central Bank of Nigeria (CBN) and other financial regulatory bodies oversee forex trading to ensure a stable and transparent market environment.

    Advanced Strategies and Tips for Success in Forex Trading

    While the basics of forex trading are essential, advancing your trading strategies and incorporating sophisticated techniques can significantly enhance your trading outcomes. Here are some advanced strategies and tips tailored for seasoned Nigerian investors:

    • Scalping: This strategy involves making a large number of small profits on minor price changes throughout the day. It requires a significant time commitment and quick decision-making.
    • Swing Trading: This approach targets gains in a stock within an overnight hold to several weeks. Swing traders utilize a set of rules based on technical or fundamental analysis; this strategy suits traders who cannot monitor their charts throughout the day but can dedicate a few hours analyzing the market every night.
    • Carry Trade: In a carry trade, traders borrow a currency with a low interest rate to purchase another currency with a higher interest rate, profiting from the interest differential. Given Nigeria’s unique financial landscape, understanding global interest rates and economic policies is crucial for this strategy.

    Tips for Success

    1. Continuous Learning: The forex market is constantly evolving. Staying informed about global economic news, understanding advanced technical analysis techniques, and learning from successful forex traders are key to staying ahead.
    2. Utilize Demo Accounts: Before applying new strategies with real money, practicing with demo accounts can help Nigerian traders understand market dynamics without financial risk.
    3. Risk Management: Advanced traders know not to risk more than a small percentage of their trading capital on a single trade. Employing a sound risk management strategy is crucial for long-term success.
    4. Emotional Discipline: Successful trading requires discipline and emotional control. Avoid making decisions based on fear or greed.

    The Future of Forex Trading in Nigeria

    The future of forex trading in Nigeria looks promising. With increasing access to global markets and advancements in trading technology, Nigerian traders are well-positioned to take advantage of forex trading opportunities. Moreover, the regulatory environment is evolving to provide a safer trading experience for investors.

    • Digital Transformation: The adoption of fintech and blockchain technologies could streamline transactions and enhance the transparency of the forex market in Nigeria.
    • Education and Resources: The availability of online resources, trading courses, and communities will continue to support the growth of knowledgeable and skilled forex traders in Nigeria.
    • Regulatory Improvements: Efforts by regulatory bodies to enhance the legal framework and protect traders from fraud will likely boost confidence in the forex market.

    Conclusion

    For Nigerian investors, forex trading offers a world of opportunities balanced with risks. By understanding the mechanisms of the market, applying advanced strategies judiciously, and staying informed about changes in the global economic landscape, traders can navigate the forex market successfully. The future of forex trading in Nigeria is bright, with technological advancements and regulatory improvements paving the way for a more accessible and secure trading environment.

    As the Nigerian forex market continues to evolve, investors who are well-prepared, informed, and strategic in their approach will be best positioned to capitalize on the opportunities that forex trading presents.

  • Fidelity Bank’s assets climb to N6.2 trillion, highest in 13 years

    By Ken Ibenne

    Fidelity Bank Plc, a Nigerian financial institution, had an increase in total assets that marked the greatest level in at least 13 years, according to data collated by The Paradise News.

    The bank’s assets increased to N6.23 trillion last year from N3.98 trillion in 2022, per the most recent financial statement.

    The lender’s growth in loans and advances to customers over the period, which increased by 46% to N3.09 trillion from N2.11 trillion, can be linked to the growth of its assets.

    The items possessed by a bank that add value are known as bank assets; these items are typically more closely associated with financial assets and interest. The assets may include loans, investments, and tangible possessions.

    A statement states that the discounted amount of projected future cash flows that are anticipated to be received is what the estimated fair value of loans and advances represents.

    The depreciation that occurred in the second quarter of last year, according to Olumide Sole, research analyst at Vetiva Capital Management Limited, contributed to the rise in banks’ asset values.

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    “The banks’ foreign currency liabilities and balance sheets were impacted by the devaluation, which benefited from the devaluation of the naira and resulted in an overall increase in their asset value when reported in naira,” he stated.

    The bank’s loans to corporations and other groups climbed to N3.61 trillion from N2.12 trillion, according to a closer examination of its financial statement.

    It increased its loans to private citizens from N66 billion to N76 billion. From N863 billion to N1.17 trillion, the banks’ restricted balances with the Central Bank of Nigeria increased.

    The restricted balance consists of special cash reserves, which increased to N945 billion from N614 billion and N229 billion to N248 billion, respectively, and statutory reserve deposits with the CBN.

    “The Bank cannot use mandatory reserve deposits for regular business activities. It is non-interest bearing and reflects a portion of the deposits made by the customers. While the special cash reserve represents special intervention funds held with the apex bank as a regulatory requirement,” the statement stated.

    In a same line, the bank’s total liabilities rose from N3.67 trillion in 2022 to N5.79 trillion in 2023, a 57% increase.

    The bank’s liabilities have increased as a result of deposits that its clients made in 2023.

    Customer deposits increased from N2.5 trillion to N4 trillion. This sum includes the time, demand, and domiciliary savings of the clients as well as other expenses for the duration.

    The bank’s book value of shareholders’ equity, which includes its retained earnings, share premium, and capital, increased from N161 billion in 2022 to N194 billion in 2023, a 20.5 percent increase.

    Over the investigated periods, its comprehensive income rose from N42 billion to N129 billion.

    The basic and diluted earnings per share of Fidelity Bank that are attributable to equity investors went up from N161.32 to N310.79.

  • AfDB pledges $5 million to combat financing of terrorism in West Africa

    By Ken Ibenne

    The African Development Bank Group will provide a $5 million grant to support the initiative, which is titled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition.”

    The project will be funded in part by a grant of 3.5 million UA (roughly $5 million) from the African Development Bank’s Transition Support Facility. This will allow the project to strengthen anti-money laundering and counterterrorism financing regimes in West Africa and build the capacity of GIABA member states, with a focus on transitioning nations.

    The AfDB said in a statement that the award will support its operational and strategic initiatives at the national and regional levels. It also fits with its goal for economic governance in Africa as well as its policy and action plan on stopping illicit financial flows.

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    Senegalese African Development Bank Country Manager Mohamed Cherif praised the long-standing partnership between GIABA and AfDB, which includes technical support and training sessions for member nations.

    The director of GIABA, Edwin Harris Jr., stated, “It comes at a pertinent time, to support the implementation of GIABA’s ongoing Strategic plan for 2023 – 2027 and to contribute to effective interventions on anti-money laundering and terrorism financing regimes in its member countries.”

  • Naira experiences first weekly fall at unofficial market in 6 weeks

    By Ken Ibenne

    The unofficial market saw the naira hold above the N1200/$ band, which caused the Nigerian currency to halt its weekly winning streak vs the US dollar.

    The naira’s runaway rise since late March, which had made it the world’s best-performing currency, ended on Sunday when it had its first weekly fall on the parallel market in several weeks.

    The US dollar went for N1,207 on the black market on Sunday, down 15% from N1,050/$ at its peak last Monday.

    Although the naira has recovered some of its losses after falling as low as N1236/$, recent market fundamentals show an increase in demand for the dollar. However, more momentum is needed to breach below N1200/$ once more.

    In addition, the naira dropped 1.38 percent against the dollar on Friday in the official market, from N1,154.08 on April 18 to N1,169.99 on Friday.

    Vice President Kashim Shettima is confident that the value of the naira would continue to rise in relation to the safe haven currency.

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    Shettima stated his opinion that the naira’s comparatively bullish run will not end anytime soon. “When Naira went crazy, some people celebrated, but we were secretly laughing at them because we knew we had the power to turn the tide,” he remarked.

    The dollar held its strong position relative to other major currencies, despite concerns about higher-for-longer interest rates.

    By giving regional currencies some respite, foreign exchange dealers assuage concerns about rising tensions in the Middle East as risk appetite improves.

    Nonetheless, as traders progressively took into account the chance that the Federal Reserve will cut interest rates as early as June, the majority of the major currencies were able to retain the majority of their losses from the previous week.

    We anticipate more rate indications this week, and the currency is still stable.

    The dollar index and dollar index futures were both slightly lower in Monday’s Asian trading, but they were still close to their higher five-month highs from earlier in April.

    Particularly after strong U.S. inflation data and hawkish comments from senior Fed members, the dollar strengthened as expectations of a June rate drop faded.

    This week’s discussion will center on more clues about US monetary policy, specifically from the PCE price index, which is the Fed’s preferred measure of inflation. Anticipated for release on Friday, the report is expected to corroborate the notion that U.S. inflation remained elevated in March.

    More indicators of the state of the American economy will also be released in the next few days. The purchasing managers index data for April is anticipated to reveal more details regarding business activity.

    The Japanese yen exhibited some steadiness and kept trading well over the 154 level even with the dollar’s limited support.

    Investors were wary of any potential government as a result. This made investors cautious about potential government involvement, particularly when the USDJPY pair touched 34-year highs around 155.

  • Milan Industries claims N850bn damages against AMCON

    …over wrongful sale of Intercontinental Hotels

    Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over the wrongful sale of Intercontinental Hotels Lagos.

    The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milan’s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milan’s alleged indebtedness from Polaris and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels – the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

    The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

    The firm in its statement of claim, said “Despite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milan’s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.”

    According to Milan Industries, “To date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.”

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    As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

    “The bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay for”, the firm stated in its statement.

  • GTCO reports ₦609.3bn PBT in 2023 full-year audited result

    The Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

    The Group reported profit before tax (PBT) of ₦609.3billion, representing an increase of 184.5% over ₦214.2billion recorded in the corresponding year ended December 2023. The Group’s loan book (net) Increased by 31.5% from ₦1.89trillion recorded as of December 2022 to ₦2.48trillion in December 2023, while deposit liabilities grew by 63.7% from ₦4.61trillion in December 2022 to ₦7.55trillion in December 2023.

    The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦9.7trillion and ₦1.5 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2% in December 2023 from 5.2% in December 2022. However, Cost of Risk (COR) closed at 4.5% from 0.6% in December 2022 owing to worsening macros which caused a significant increase in ECL variables.

    Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals. Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.”

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    Mr. Agbaje added: “In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve. As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders.”

    Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 50.6%, Pre-Tax Return on Assets (ROAA) of 7.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 29.1%.

    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

    Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

    GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

  • 2024 GTCO Food and Drink Festival commences in April

    The countdown has begun to the 7th edition of the most anticipated culinary festival in Africa and Guaranty Trust Holding Company Plc (GTCO) is excited to announce dates for the 2024 GTCO Food and Drink Festival, set to take place from Friday, April 26th to Sunday, April 28th, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.

    The GTCO Food and Drink Festival is widely recognised as the continent’s biggest food and drink festival, bringing together millions of food lovers and entrepreneurs to celebrate the rich and diverse culinary heritage of Africa with a vibrant display of flavours, aromas, and cultures. Over the three days, attendees can look forward to an array of culinary delights, from traditional African dishes to innovative fusion cuisines from other parts of the world. The festival will also feature live cooking demonstrations, tasting sessions, along with hundreds of food retailers showcasing a diverse range of mouth-watering offerings.

    Commenting on the 2024 GTCO Food and Drink Festival, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “We are delighted to bring to our customers, exhibitors, and food lovers from across Africa and beyond, another edition of an event that is a celebration of not just food, but of the rich tapestry of cultures and traditions that make African cuisine so unique. Our vision for curating this consumer-focused event is unchanging, particularly in light of the pressures that individuals and businesses are facing at this time. We hope to consistently create memorable moments for everyone, whilst providing a free, vibrant, and commercially viable platform for small food businesses in Nigeria to grow and thrive.”

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    In addition to its culinary offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere. This year, organisers have curated an extensive lineup of activities for children, ensuring that the festival is an unforgettable experience for the whole family. A specially designed play area will keep the little ones entertained with games, interactive exhibits, and more. As a new and exciting feature, the fair will introduce a children’s baking class, providing young aspiring chefs with a wonderful opportunity to discover the joys of baking, while also fostering creativity and confidence in the kitchen. From decorating cupcakes to crafting their own signature treats, children will unleash their culinary genius and develop valuable cooking skills in a fun and supportive environment.

    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in Payment, Funds Management, and Pension Fund Administration. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement, which has endeared the brand to millions of people across Africa and beyond. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. In 2023, GTCO’s Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. Guaranty Trust Bank also featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

    Mark your calendars and prepare your taste buds as we come together in celebration of authentic flavours at the 2024 Food and Drink Festival. Attendance is FREE.

    For more information on the event, please visit https://foodanddrink.gtcoplc.com.