BUSINESS ROUNDUP: Nigerian govt’s debts to workers hit N8.7tr; CBN targets $200bn from non-oil exports; 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:
• Nigerian govt’s debts to workers hit N8.7tr
• Nigeria’s Stellas Digital Bank launches, activates Ghost Mode
• MTN Nigeria workers to commence strike over inhumane treatment, others
• CBN targets $200bn from non-oil exports

Summary:
The Federal Government’s debts to Nigerian workers has increased to N8.7 trillion after borrowing N642.9 billion last year.

A data by Pension Commission (PenCom) obtained by Ripples Nigeria on Saturday revealed that the figure is 7.9 percent higher than the N8.1 trillion total figure for 2020.

The money was given to the federal government by Pension Funds Administrators (PFAs) who bought into government securities offers amid higher returns in interest rates and relatively low-risk factors.

Disruptions within Nigeria’s tech space have been further stirred as Stellas Digital Bank on Thursday launched into the fintech community.

The online bank arrives the market with a new App featuring the Ghost Mode, a unique banking offering.

The Ghost Mode allows users to transfer funds to beneficiaries or make payments incognito. This service meets the yearnings of many users who want to make payments confidentially or donate to a cause, occasion, event and exercise a humanitarian gesture anonymously.

Read also: BUSINESS ROUNDUP: $14.19bn bitcoin traded in 24 hours; Nigeria’s external reserves now below $40bn; Other stories

Workers of MTN Nigeria are preparing for a strike over alleged inhumane treatment from the telecommunications company, with their union issuing a 14-day ultimatum starting February 10, 2022.

Workers under the union, Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) said MTN Nigeria has failed to agree to workers terms.

It was gathered that the network provider’s workers are demanding discriminatory remuneration, mutually negotiated exit benefits, and retirement benefits.

In its bid to improve dollar supply in the country, the Central Bank of Nigeria (CBN) has announced a new scheme to improve dollar supply amid the depletion of foreign reserves.

Godwin Emefiele, governor of the CBN, made the announcement today at a virtual press conference after the bankers’ committee meeting on Thursday.

The scheme is called the “RT200 FX Programme”, which stands for the “Race to $200 billion in FX Repatriation.”

On NSE ROUNDUP: International Breweries, Champion among top losers as investors drop N45.2bn

Investors lost N45.2 billion on Friday after the Nigerian capital market slipped back to the bearish territory.

This followed the dip in equity capitalization by 0.17 percent at the close of the day’s trading.

The equity capitalization dropped from N25.48 trillion to N25.43 trillion on Friday.

The All-Share Index was down by 84.04 basis points to close at 47,202.3 compared to 47,286.34 recorded the previous day.

On the tech scene this week, ProXalys, Tyme, Chari, Reliance Health, BasiGo, Mecho and Thndr were some of the names that made the headlines this week.

These are some of the names that made the headlines this week.

Reliance Health, a Lagos/Texas-based digital healthcare provider, during the week, announced closing a $40 million Series B round.

Also, Mecho Autotech, a Nigerian vehicle repair and maintenance firm, closed a US$2.15 million seed funding round

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now