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Monetary Policy Committee Holds Meeting

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The Monetary Policy Committee (MPC) met on 10th and 11th May, 2010 to review domestic economic conditions during the first four months of 2010 and the challenges facing the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to reassess the course for monetary policy for the remainder of the year.
According to a communiqué from the CBN, the Committee noted that the recovery in global economic activity, which started in the second half of 2009, has evolved better than expected although large fiscal deficits continue to pose a threat.
The recovery, which was driven largely by the unprecedented fiscal and monetary policy stimuli undertaken in both the developed and emerging market economies in response to the global economic slowdown, was progressing at varying degrees across the different regions.
“Across the globe, real and financial activities have been mutually supportive in their recovery. Although the money markets have stabilized, and corporate bond and equity markets have rebounded, access to credit remained difficult for some sectors, especially small firms and households that lack access to the capital markets. Although, the tightening of bank lending standards and the credit crisis appear to be bottoming out, the
resumption of credit growth in many emerging and developing countries has been weak.”
The MPC observed that the domestic financial markets have recovered remarkably faster than expected, though still fragile, and urged greater efforts in accelerating the reforms in the different segment of the financial system to promote financial sector stability which is critical to economic growth. In particular, deep and liquid capital markets and strong and effective insurance companies, pension funds and other institutional investors are critical for establishing the balance required for the attainment of financial system stability.
While noting that financial market inefficiencies and supervisory and regulatory failures were at the root of the current crisis, it welcomed the relative stability that has been achieved in most segments of the market in response to the various measures taken by the regulatory authorities and emphasized the need for its sustenance.
The MPC also noted the continuing rebound in commodity prices, particularly crude oil prices, which is helping to support growth in commodity producing regions, including Nigeria. However, the inflation risk of the rebound in energy prices appears to be mitigated by the subsisting low levels of capacity utilization, weak private demand and well-anchored inflation expectations.
The MPC noted with satisfaction that, overall, the bank has achieved its mandate of price and financial stability, as reflected in relatively stable exchange rates, interest rates and moderating inflation. By the time the AMCON Bill is harmonized and finally passed by the National Assembly and implemented, the repair of banks’ balance sheets would unlock the flow of credits to the real economy.
In this regard, the MPC enjoins other stakeholders to undertake complementary measures to enable economic agents translate the stable macroeconomic environment into economic growth and development.
The Committee observed that the robust output growth recorded in 2009 continued in 2010. Provisional data from the National Bureau of Statistics (NBS) indicates that real Gross Domestic Product (GDP) grew by 6.68 per cent in the first quarter of 2010, down from 7.44 per cent in the fourth quarter of 2009, but up from the 4.50 per cent recorded in the first quarter of 2009. NBS also projected that the GDP is expected to grow by 7.24, 7.36 and 8.51 per cent in the second, third and fourth quarters of 2010, respectively.
Overall GDP growth for 2010 was projected at 7.53 per cent which is higher than the revised estimate of 6.66 per cent recorded in 2009. The non-oil sector is expected to remain the main driver of overall growth, with agriculture, wholesale and retail trade, and services contributing 2.61, 2.09 and 2.14 per cent, respectively. The Committee noted that the impressive growth forecasts reflect prospects for moderate rainfall in 2010, which is expected to support the production of major crops across the country, and the sustained peace in the Niger-Delta, which would boost crude oil and natural gas production. The MPC, however, noted that at a mere 4 percent share of GDP, the manufacturing sector needed revamping to enhance its role in boosting growth and employment generation. In this context, it called for appropriate sector-specific policies to drive growth.
The Committee also realized that there is a need to maintain and extend the focus on stability and avoid decision that may cause disruption. In view of the inflation outlook in the short-term it was felt that the reversal of accommodative monetary stance at this time is premature. The Committee however, noted that in the next quarter monetary expansion may be driven by increased government spending, the purchase of toxic assets by the AMCON and recapitalization of distressed banks. These expansions may translate into the risk of higher inflation, asset price bubbles or pressure on exchange rate and foreign reserves.
The Committee identified key concerns for policy in this era of global recovery as ensuring that the growing risk of fiscal deficit accumulated in the wake of the abating global financial and economic crises does not endanger the stability of financial markets; monitoring imbalances in capital flows across industrial and emerging markets resulting in different rates of recovery. This is to ensure that inflows of capital into the country are sustainable and avoid formation of asset price bubbles and continuing global credit crunch despite unprecedented measures taken by central banks to inject liquidity in troubled financial institutions/markets. This underscores the need for focus on both supply side (monetary) and demand side (fiscal factor) in unlocking the credit markets.
At the end of the day, the MPC decided to leave the MPR unchanged at 6.0 per cent, retain the asymmetric corridor of interest rates at 200 basis points above the MPR and 500 basis points below the MPR for the Standing Lending Facility and Standing Deposit Facility, respectively.
The committee also decided to extend the CBN guarantee for all interbank transactions and foreign credit lines as well as pension funds’ placements with banks up till June 30, 2011, to provide ample time for the conclusion of the banking sector resolution and the publication of audited accounts for the period up to December 2010. It is expected that by June 2011 all creditors and investors will have sufficient information to take an independent view of the risk of individual counterparties.

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Haleon Introduces New Corporate Identity in Nigeria

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Haleon, a global consumer health company with a purpose to deliver better everyday health, is introducing its corporate identity across Nigeria in a phased transition. Trusted brands such as Panadol, Sensodyne, Macleans, Otrivin, Voltaren, Cac 1000 and Andrews Liver Salts remain unchanged in formulation, quality, and effectiveness.

Following the formal demerger from GSK, Haleon was launched on July 18, 2022, as an independent company 100% focused on consumer health. Haleon is the new home for brands like Sensodyne, Panadol, Centrum and others, trusted by millions worldwide for their proven effectiveness in improving everyday health.

From relieving tooth sensitivity or pain to providing essential vitamins and nutrients, our products are designed to fulfil Haleon’s purpose: to deliver better everyday health with humanity.

This revised corporate identity is a branding change only and does not affect the safety, quality, or efficacy of the products. Haleon is sharing this update as part of its commitment to transparency and consumer confidence, helping consumers continue to choose the brands they know and trust.

Haleon’s collaboration with Fidson Healthcare forms part of this approach, reinforcing the value of local production in supporting trusted everyday health brands in Nigeria.

Panadol Extra 100s and Panadol Pain & Fever 100s are currently being produced and supplied to the market under the Haleon identity. Sensodyne Rapid Action will bear the Haleon corporate identity from mid-June, followed by Andrews Liver Salts later this year.

In due course, additional brands—including Otrivin, Voltaren, Cac 1000, Macleans, and the wider Sensodyne portfolio—will also transition to the Haleon identity.

Haleon remains committed to ensuring consumers can continue to access the same high-quality brands at pharmacies, supermarkets and other retail outlets across Nigeria.

“As Haleon introduces its identity in Nigeria, we want consumers to feel informed and reassured. The trusted products they rely on remain the same in quality, formulation and effectiveness.

“At the same time, our local production approach in partnership with Fidson Healthcare supports reliable access to high-quality everyday health products in Nigeria,” said Himanshu Raj, Haleon General Manager for Sub-Saharan Africa.

 


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Elon Musk Makes History as the World’s First Trillionaire

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Tech entrepreneur and SpaceX founder, Elon Musk, has become the world’s first trillionaire after the successful public listing of SpaceX pushed his net worth beyond the $1 trillion mark.

Elon Musk Makes History as the World’s First Trillionaire

Elon Musk

According to multiple financial reports, Musk’s fortune surged to approximately $1.1 trillion following SpaceX’s historic stock market debut on June 12, making him the first individual in history to achieve the milestone.

The sharp increase in wealth was driven primarily by SpaceX’s initial public offering (IPO), which valued the company at more than $1.7 trillion at listing before rising above $2 trillion during its first day of trading. Musk’s holdings in SpaceX, combined with his stakes in Tesla and other ventures, significantly boosted his net worth.

Musk, 54, is also the founder or co-founder of companies including Tesla, SpaceX, Neuralink and The Boring Company. He acquired social media platform X, formerly Twitter, in a $44 billion deal and has remained one of the most influential figures in technology and business.

Financial analysts noted that Musk’s wealth now far exceeds that of any other billionaire.

Matt Durot, deputy editor at Forbes Wealth, said the gap between Musk and the world’s second-richest individual had widened significantly, with no other person currently close to the trillion-dollar threshold.

Despite the historic achievement, Musk’s vast wealth has reignited debates over global inequality and the responsibilities of ultra-wealthy individuals in addressing humanitarian challenges.

Advocacy groups have frequently pointed to issues such as hunger, disease eradication and access to education as areas where large-scale private philanthropy could make a significant impact.

In 2021, Musk publicly challenged the United Nations to provide a detailed plan showing how billions of dollars could help combat world hunger. Although a proposal was later presented, no donation followed.

Analysts note that much of Musk’s wealth remains tied to company shares rather than liquid cash, meaning his net worth can fluctuate significantly with market movements.

Nevertheless, the SpaceX IPO marks a historic moment in global finance, placing Musk in a wealth category previously considered unimaginable.

Commenting on Musk’s business achievements, Jamie Dimon, chief executive officer of JPMorgan Chase, described him as “the Edison of our time.”

Musk’s rise from co-founding internet startup Zip2 in the 1990s to becoming the world’s first trillionaire is regarded by many analysts as one of the most remarkable wealth creation stories in modern history.


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Kaspersky Warns of “Grey” Scam Websites Exploiting User Trust

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Recent research by Kaspersky has shown that the so-called “grey” websites repeatedly target all world regions, and this may be driving both financial loss and large-scale data harvesting.

Grey websites are deceptive online platforms that fall outside traditional phishing definitions but still manipulate users into voluntarily handing over money and personal data. Kaspersky’s new report provides detailed insights into the threats posed by the grey websites on global and regional levels.

Unlike classic phishing attacks, which aim to steal credentials outright, grey websites rely on persuasion, misleading interfaces, and hidden terms to exploit users. They often impersonate legitimate services such as e-commerce platforms, financial tools, AI services, or subscription-based content, making them significantly harder to detect.

Kaspersky analysis shows that the majority of suspicious resources globally fall into several recurring categories:

  • Fake browser extensions and “security tools” that actually harvest browsing data and track user activity.
  • Fraudulent financial platforms including crypto exchanges, trading tools, and investment schemes promising unrealistic returns.
  • Intermediary services (e.g., legal or real estate), charging for low-value or nonexistent services while harvesting sensitive personal data.
  • Subscription traps offering low-cost trials that convert into costly recurring payments hidden in fine print.
  • Fake online shops that either deliver counterfeit goods or nothing at all.

Example of a grey website.

A notable trend is the emergence of tools disguised as AI services or image-processing platforms, reflecting attackers’ ability to adapt to current digital trends and target younger audiences.

There are proven security solutions that help users to detect grey websites across different types of devices – those running on Windows, Linux, Android and iOS. The detection model is based on many factors, including domain name and age, IP reputation, stability of the infrastructure used, DNS configurations, HTTP security headers, digital identity and popularity of the web resource and other criteria.

Regional specifics

Regional variations in grey websites demonstrate how threat actors localise scams based on user behaviour and trending technologies.

In Europe, the threat landscape is dominated by links to suspicious browser extensions and fake “privacy-enhancing” tools.

These resources often present themselves as security solutions, promising safer browsing or anonymous search capabilities. In reality, they function as browser hijackers – intercepting traffic, collecting cookies, tracking user behaviour, and injecting advertisements.

The popularity of these threats reflects a high level of user concern around privacy and security, which attackers actively exploit. Additionally, these regions show a steady presence of phishing intermediaries and crypto-related scams, indicating a blend of technical and financially motivated attacks.

Across African markets, financial scams are the most prominent category of suspicious resources. Fraudulent trading platforms, fake brokers, and investment schemes frequently mimic legitimate financial services, often accompanied by fabricated licenses or endorsements.

These platforms typically prevent users from withdrawing funds, instead introducing additional “fees” or taxes to prolong the scam. The concentration of these threats highlights how attackers leverage growing interest in online investing while exploiting gaps in regulatory enforcement and financial literacy.

In the Middle East and North Africa region, suspicious resources frequently mimic communication (Internet telephony) tools, financial platforms, or betting services. Additionally, Ponzi-style investment schemes and crypto scams are widespread, often presented through polished interfaces that mimic legitimate platforms.

Web browser-based threats also play a significant role, with malicious extensions targeting user data and browsing activity. The regional threat profile reflects a convergence of financial fraud and technical compromise, where users risk both data exposure and monetary loss.

“Suspicious websites don’t look harmful at first glance. But they exploit trust, urgency, and familiarity, and a single click on what looks like a harmless AI image tool, a “secure” browser extension, or a heavily discounted online shop could be all it takes to lose money or expose sensitive data.

Instead of direct credential theft, attackers turn to behavioural manipulation – whether that’s subscribing, investing, or installing software,” comments Anna Larkina, Web Content and Privacy Analysis Expert at Kaspersky.

 


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