Business
NGX Group acquires stake in Ethiopian Securities Exchange
Nigerian Exchange (NGX) Group plc has announced a significant investment in the Ethiopian Securities Exchange (ESX).
This was disclosed in a statement by NGX Group on Sunday.
According to the statement, this pivotal move not only marks NGX Group’s entry into East Africa but also underscores its commitment to driving growth and innovation in the African capital markets.
“The investment in the Ethiopian Stock Exchange reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market,” NGX Group said.
“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.
“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.
“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX.
“ESX significantly surpassed its initial target by raising close to 1.3 billion Ethiopian Birr (ETB) from the private sector, reflecting investors’ robust confidence in Ethiopia’s capital market and economic prospects.
“The Government of Ethiopia will retain 25% of the exchange whilst private sector players hold 75%.”
Speaking on the investment, Umaru Kwairanga, chairman of NGX Group, said the partnership shows an unwavering dedication to promoting economic development.
“We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition,” Kwairanga said.
“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.”
Temi Popoola, group managing director and chief executive officer (CEO) of NGX Group, highlighted that the partnership will leverage the group’s expertise and experiences.
“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy.,” Popoola said.
”Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.
“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”
Tilahun Esmael Kassahun, CEO of the ESX, said the partnership reflects the unwavering confidence of investors in the potential and prospects of Ethiopia’s economic landscape.
Business
Governor Obaseki increases minimum wage to N70k, names Labour House after Oshiomhole
Godwin Obaseki, governor of Edo, has announced a new minimum wage of N70,000 for civil servants in the state.
The governor made the declaration on Monday while inaugurating the Labour House.
Obaseki named the Labour House after Adams Oshiomhole, senator representing Edo north and former governor of the state.
The new minimum wage regime in Edo will take effect from May 1, 2024, the governor said.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have been agitating for a new minimum wage for workers across states, on the back of economic reforms by the President Bola Tinubu administration.
The removal of subsidy on petrol and unification of the forex windows in 2023, immediately led to food inflation and a spike in the prices of other goods and services.
The national minimum wage has been pegged at N30,000 since April 18, 2019. However, this sum has been described as “grossly inadequate” and “poverty wage” in the face of prevailing economic hardship.
There are insinuations that a new national minimum wage will be announced by the president on May Day.
Business
FG, Bill Gates propose digital identity platform to ease tax collection
Bill Gates, former chief executive officer (CEO) of Microsoft, says he is working with the federal government (FG) on an identity technology platform for easy tax collection.
Gates spoke during a meeting with President Bola Tinubu on the sidelines of the World Economic Forum (WEF) in Saudi Arabia on Sunday.
According to a statement by Ajuri Ngelale, the presidential aide, Gates said the technology would help with payment efficiency and also make tax collection easier.
“We are working with Mr. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, on digitisation,” Gates said.
“Before you came into office, there were a few things attempted in identity management. But they have been very scattered. There have been multiple identification systems.
“Now, there is a plan to take that technology called MOSIP and use it for this identification platform so that people can get digital benefits. We are providing support for that, and we can provide more support.
“With MOSIP ID, there is potential application in all government payment programmes.
“It helps with payment efficiency and bank accounts, and eventually, when everyone is using that, it makes tax collection easier.
“That benefit will take a few years. However, there will be more bank accounts, more financial inclusion, and effective government payment programmes.”
Also the co-chair of the Bill and Melinda Gates Foundation, the businessman said Nigeria has the capacity to manage “this system and related-technological systems as the nation brims with talented youths”.
In his remarks, Tinubu said his administration will look into the technology proposed and work on it further.
‘TECHNOLOGY, A POTENTIAL WEAPON AGAINST CORRUPTION’
He said technology is a potent weapon against corruption and financial impropriety in public service.
The president reiterated his unwavering commitment to providing reliable technology that will support a national consumer credit system and many other critical interventions for all Nigerians.
He said resistance is often expected when efforts are made to strengthen systems and forestall malfeasance.
“Technology is the enemy of fraud, corruption, and irregularity. We have been working hard on improving technology,” Tinubu said.
“There is always the initial resistance.
“Corruption, self-interest, and fraudulent activity will always be an enemy, but when you bend that curve, you will receive the benefit. The nation will receive the benefit.”
Recounting how he deployed technology to enhance the revenue base of Lagos state during his time as governor, Tinubu said his administration must invest in technology, especially as the state aims to achieve a trillion naira revenue target.
Business
Naira is depreciating because I was out of the country, says Odumeje
Chukwuemeka Ohanaemere, the self-styled Onitsha-based pastor better known as Odumeje, says he will stop the naira from further depreciating against the dollar.
Odumeje spoke at the airport when he returned from London.
The cleric travelled to the UK earlier this month to host a comedy show. He often boasts that he possesses a plethora of spiritual powers, which he releases periodically to fix issues plaguing society.
He had boasted of being behind the naira’s appreciation with one of his powers, when the currency gained 12 percent against the dollar in early April, building on a 14 percent surge in March.
On Friday, the naira depreciated to N1,320 to the dollar at the parallel market.
At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.
However, Odumeje said he is back to stop the naira’s slide like he has always done.
“This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you ‘I will bring down the dollar’ and gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped,” Odumeje said.
On April 8, the local currency strengthened to N1,120 to the dollar at the black market and N1,230 at the official window.
Odumeje had taken credit for the naira’s appreciation at the time.
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