BUSINESS ROUNDUP: CBN rules out introduction of N5,000 note; SEC fights against Ponzi schemes; other stories

Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

· CBN rules out introduction of N5000 note

· SEC to fight against ponzi scheme in Nigeria

· Nigeria records N272trn e-transaction in 9 months

· CBN rules out extension of deadline for phase-out of old Naira notes

· Access Holdings completes sigma pension acquisition

Summary:

Access Holdings Plc, trading as Access Corporation, has announced the completion of its acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, First Guarantee Pension Limited (FGPL) with Sigma.

Following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity, according to Access Holdings.

Commenting on the transaction, Dr. Herbert Wigwe, Group Chief Executive of the Corporation, said:

“Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.”

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The Central Bank of Nigeria (CBN) has ruled out the extension of the deadline for the withdrawal of old Naira notes from circulation.

The Central Bank of Nigeria (CBN) had said in October that the old Naira notes would be withdrawn from circulation on January 31, 2023.

President Muhammadu Buhari unveiled the new N200, N500, and N1,000 notes last week in Abuja.

The Nigeria Inter-Bank Settlement System has revealed that Nigerians’ total value of electronic transactions in nine months (January to September) of 2022 stood at N272 trillion.

This is a 42 per cent increase compared to the N216 trillion value of transactions recorded in the same period of 2021.

NIBSS disclosed this in its latest data published on its website and obtained by Ripples Nigeria on Friday.

The Securities and Exchange Commission (SEC) has informed the investing public that it would continue to use its enforcement procedures, including coordination with other relevant government agencies and stakeholders, to combat Ponzi scheme activity.

This promise was provided by Mr. Dayo Obisan, Executive Commissioner Operations, Securities and Exchange Commission, on Wednesday at an Investor Education Programme for Federal Road Safety Corps workers in Abuja.

Represented by Director Market Development Department, Nestor Ikeagu, Obisan said the promoters of these unscrupulous schemes pose as operators in the capital market to defraud investors of their money with mouth-watering promises of return on investments.

The Central Bank of Nigeria (CBN) on Tuesday ruled out the introduction of the N5000 note in the country.

The CBN’s Director of Currency Operations, Ahmed Umar, made the clarification at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors in Abuja.

President Muhammadu Buhari unveiled the new N200, N500, and N1000 notes last week in Abuja.

On the tech scene, LinkedIn, Owoafara, Uncover, Tesla, Parler, Badili, Mocopi, DeHaat, WhatsApp, Orda were some of the names that made the headlines in the tech ecosystem this week.

A Nigerian gender lens fintech startup, Owoafara, has received undisclosed funding from ShEquity.

Also, a right-leaning social media platform, Parler, has called off a deal to sell the company to American rapper, Kenye West after comments from the rapper indicating his “likeness” for Adolf Hitler, an Austrian-born German politician and dictator.

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