BUSINESS ROUNDUP: Court orders Binance to submit data to EFCC; Nigeria’s 2023 imports rise to N35.9tn; Other stories

Hello, and welcome to 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

• Nigeria’s 2023 imports rise to N35.9tn
• Adaora Umeoji appointed Zenith Bank’s first female GMD
• CBN clears valid FX transactions backlog
• Nigerian govt approves suspension of Custom’s 25% penalty on improperly imported vehicles
• Court orders Binance to submit data to EFCC

Summary

The total value of Nigeria’s imports rose to N35.9tn in 2023, up from N25.5tn in 2022 representing an increase of N10.4tr. This increase was brought about by the devaluation in the Nigerian currency.

The breakdown of the data indicates that imports totaled N6.4tn in the first and second quarters of 2023, increasing to N9tn in the third quarter and further to N14tn in the fourth quarter.

In terms of volume, manufactured imports were the highest at N18.3tn, followed by agric imports at N2.2tn and raw materials at N3tn.

Dr Adaora Umeoji has been appointed as the first female Group Managing Director of Zenith Bank Plc, effective June 1, 2024.

This was disclosed in a statement signed by the Company Secretary, Michael Otu, which was filed with the Nigerian Exchange Limited on Tuesday.

Umeoji will take over from the current GMD, Dr. Ebenezer Onyeagwu, whose time in office expires May 31.

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of $7 billion have now been settled, in a fulfillment of a key pledge made by the apex bank’s Governor, Mr. Olayemi Cardoso.

In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in Abuja confirmed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured.

She said that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

Following the alleged illicit transaction totalling about $21bn by Binance Holdings Limited, Justice Emeka Nwite of the Federal High Court, Abuja has ordered the cryptocurrency exchange platform to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform.

Justice Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

The interim order was granted to enable the anti-graft agency to unravel the money laundering and terrorism financing allegations leveled against Binance.

The federal government has approved the suspension of the 25 percent penalty previously imposed in addition to import duty on improperly imported vehicles by the Nigeria Customs Services.

In a statement signed by the NCS National Spokesman, Abdullahi Maiwada on Friday, March 22, 2024, the Service revealed that the Honourable Minister and Coordinating Minister of the Economy Mr Wale Edun has approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.

According to the NCS statement, “The Nigeria Customs Service (NCS), under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, has initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles.

ON NGX ROUND UP: Investors close week with N146b

Investors in the Nigerian equities market closed the week on a high with a profit of N146.95 billion as stocks like NSLTECH, JULI, DAARCOMM, NEM thrived on the floor of the Nigerian Xchange.

This is even as the NGX-ASI increased to 104,647.37 from 104,387.47 recorded at the close of the previous trading day on the bourse.

Similarly, the market capitalization increased today by N146.95 billion to N59.169 trillion from N59.022 trillion recorded at the close of the previous trading day.

ON TECH SCENE: Moove, NCC, X, Solaris, tappi, P1 Ventures, Barakah, Microsoft, Google, are some of the names that made the headlines this week.

Nigerian-founded mobility fintech startup Moove, has secured $100 million in Series B funding, bringing its total raised capital to over $460 million and valuing the company at $750 million.

Also, The National Economic Council (NEC) has endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme in the 36 states of the federation and the FCT.

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