Newsflash: – First Ideas Limited


Nigeria can’t keep nurses it needs

Despite huge taxpayers’ money spent yearly on 285 schools of nursing and midwifery across Nigeria, the country has failed to keep the nurses it needs amid growing competition in the international nursing labour market.

‘Great Resignation’ to hit Buhari’s cabinet

Following President Muhammadu Buhari’s directive to his ministers who have political ambitions, what looks like the ‘Great Resignation’ started on Wednesday, with Chukwuemeka Nwajiuba, minister of state for education, quitting the cabinet.

FX risk, others stall venture capital funding in Africa

Foreign exchange risk, difficulty in repatriating funds and other challenges are limiting venture capital financing in Africa, experts have said. In 2021, $5.2 billion was raised in Africa, the highest in the past seven years but the lowest compared to other to other continents like North America and Asia.

The largest region for venture capital funding remain North America, with $330 billion invested, Asia with $165 billion, Europe with $116 billion, Latin America with close to $19.6 billion, Crunchbase data shows.

Ukraine invasion worsens shipping safety

The shipping industry has been affected on multiple fronts by Russia’s invasion of Ukraine, with the loss of life and vessels in the Black Sea, disruption of trade, and the growing burden of sanctions, according to Allianz shipping review 2022.

Six regulatory priorities to transform Nigeria’s payment industry – Ahmad

Innovation around the payment space globally is evolving and dynamic. To improve Nigeria’s payment system, six regulatory priorities have been highlighted by Aishah Ahmad, Deputy Governor, Financial System Stability, CBN and Chairman, NIBSS Plc,

Interswitch investors to get $110m from I5% sell down

Helios, Visa, and other investors in Interswitch will get $110 million after selling down 15 percent of their total holdings in the company to Leapfrog Investments and Tana Africa Capital. The investment which was announced on Wednesday by the new investors takes the number of Interswitch investors to five, including  Helios which own 2 two-third of the company, Visa which bought a 20 percent stake in the company, Leapfrog Investments, Tana Africa Capital and other investors stocks.

According to the company, the selldown is to expand the investor base and not a loss of confidence by the private equity firm Helios.

How FG spent $670m for consumables from Ukraine, Russia – Osinbajo

The Vice President, Yemi Osinbajo said, before the Russian-Ukraine war, Nigeria’s Government was importing $670 million worth of consumable goods from the warring countries to Nigeria. Osinbajo made this known at the 2-day Nasarawa Investment Summit, 2022, held Wednesday at the Aliyu Akwe Doma Banque

FASB to Review Accounting Rules for Digital Assets Held on Balance Sheets

The Financial Accounting Standards Board (FASB) on Wednesday reportedly unanimously voted to begin a project to review the accounting for exchange-traded digital assets and commodities. 

The news was tweeted out by MicroStrategy (MSTR) CEO Michael Saylor, whose company holds more than 129,000 bitcoin (BTC) on its balance sheet. The FASB site shows “Accounting for Exchange-Traded Digital Assets and Commodities” on the board meeting agenda for today, but has not yet been updated with the results of any vote. 

As Saylor has previously noted, current rules may discourage companies from holding bitcoin on their balance sheets as the accounting forces charges when prices head lower, but does not allow for anything to be recouped when prices rise. 

PENCOM Notifies of the Continuation of Contributor Data Recapture Exercise by PFAs

1. The National Pension Commission (PenCom) is pleased to invite all Retirement Savings Account (RSA) holders to visit any branch of their Pension Fund Administrators (PFAs) to participate in the ongoing Data Recapture Exercise (DRE). The exercise is for both active contributors and retirees whose data have not been recaptured. The DRE is in compliance with the directive of the Federal Government that all data generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need to have a credible database of all RSA holders in Nigeria. 

2. Consequently, all active contributors are hereby advised to visit their PFAs and provide the following documents to complete the data recapture:

i. Staff Identity Card or any one of the following:

  • National Driver’s License; or
  • Permanent Voter’s Card; or
  • International Passport (mandatory for non-Nigerians).

ii. Enrollment Slip issued by NIMC

ii. Birth Certificate or Sworn Affidavit of Age Declaration. 

FG Targets Bigger Regional Integration Through Gas

 The Federal Government is targeting a stronger and bigger economic integration through gas exploration, the Federal Government has said. Source Punch Read More

Oil Giant Saudi Aramco is Now the World’s Most Valuable Company, Bumping Apple from the Top Spot

Apple’s market cap fell to $2.37 trillion after its share price tanked 5.2% on Wednesday amid a rout in technology stocks. Meanwhile, state-controlled Aramco’s market capitalization stood at 9.1 trillion Saudi Arabian Riyals ($2.43 trillion.) Source Business Insider Read More

NASS Seeks China’s Assistance on Railway Security, Others

 Fourty-seven days after terrorists attacked the Abuja-Kaduna train, the joint National Assembly Committee on Land Transport has begged the Chinese government to help the Nigerian government rescue victims who are still held hostage. Source Punch Read More

Senate Passes Bill Seeking to Enable Electronic Payments In Customs

 The senate, on Wednesday, passed a bill to repeal and re-enact the Customs and Excise Management Act (CEMA) 2004. The CEMA is the principal legislation guiding the administration of customs and excise in Nigeria. Source TheCable Read More

19 Days After Sim Ban, NIN Registration Hits 80.7 million

 The Nigeria Identity Management Commission has issued 80.7 million National Identification Numbers, exactly 19 days after the agency deactivated about 72 million telecommunication subscribers for failing to comply with the Federal Government’s NIN-Subscriber Identity Module policy. Source Punch Read More

Nigeria, EMEA Telecoms Markets Get $479b of Global $1.56tr Revenue in 2021

Worldwide spending on telecoms services and Pay TV services reached $1.56 trillion in 2021, an increase of 1.6 per cent year-on-year, according to the International Data Corporation (IDC). Source The Guardian Nigeria Read More

FCMB, Mastercard Foundation to uplift 100,000 MSMEs

 First City Monument Bank (FCMB) has partnered with the Mastercard Foundation to provide subsidized loans to 100,000 Micro, Small, and Medium Enterprises (MSMEs), to scale their operations to create work opportunities for young Nigerian women and men. Source The Guardian Nigeria Read More

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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