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.
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.
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.
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.
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,
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.
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