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FG Releases N200Bn for Capital Projects

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Federal government has released N200 billion for the second quarter capital projects, meaning that there will be more money in circulation now.

Dr. Ngozi Okonjo-Iweala, minister of Finance, said that the N200 billion brings the total capital release for both the first and second quarters to N600 billion.

The 2013 budget made provision for an aggregate expenditure of N4.987 trillion, representing an increase of 6.2 per cent over the N4.697 trillon appropriated for 2012.

This is made up of N387.97 billion for statutory transfers; N591.76 billion for debt servicing; and N2.38 trillion for recurrent (non-debt) expenditure, of which N1.717 trillion is the provision for personnel cost, while overhead cost is to gulp N208.9 billion.

Similarly, a total of N1.62 trillion was provided for capital expenditure in addition to the N273.5 billion budgeted for the Subsidy Reinvestment and Empowerment Programme.

The gross federally collectible revenue is projected at N11.34 trillion, of which the total revenue available for the Federal Governmentā€™s budget is N4.1 trillion.

According to the statement, the prompt release of funds will ensure progress in the execution of capital projects captured in the budget.

Of the N400 billion released for the first quarter, Okonjo-Iweala said N335 billion had been cash-backed, while 65 per cent of the cash-backed portion had been utilised by ministries, departments and agencies of government.

The statement also said that a total of N72.7 billion had so far been paid to the Federal Ministry of Power to cover various items necessary for the implementation of the Power Roadmap.

The amount, she said, included the sum of N45 billion paid to workers of the Power Holding Company of Nigeria as part of the power privatisation programme and the sum of N5 billon paid for the Multi Year Tariff Order.

ā€œOther beneficiaries include the Power Ministry headquarters, Power Holding Company of Nigeria, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE and Bulk Trader,ā€ the minister said.

A breakdown of the N72.7 billon shows that N59.089 billon was paid in the first quarter, while N13.733 billon has so far been paid for the second quarter.

President Goodluck Jonathan, who signed the 2013 budget amidst reservation, had sent an amendment supplementary version to the National Assembly to address grey areas in the one earlier passed by lawmakers.

The grey areas include reduction in personnel cost; reallocation of capital expenditure by lawmakers and reallocation of the budget for the SURE-P.

The Finance minister had in a presentation on the 2013 budget said the government remained focused on critical economic and social sectors driven largely by private sector activities.

To achieve this, she had said N497 billon was allocated to key infrastructure, including power, works, transport, aviation, gas pipelines; the Federal Capital Territory; human capital development i.e. education and health, N705 billon; and agriculture/water resources, N175 billon.

Okonjo-Iweala had said, ā€œWe recognise that Nigeriaā€™s infrastructure deficit remains one of the binding constraints to growth in the economy. Therefore, our strategy is to prioritise infrastructure investments in the budget, and also to leverage additional external financing for infrastructure investments in the country.

ā€œFor example, the budget 2013 has some important infrastructure projects in the transportation sector, such as the second Niger Bridge.ā€


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E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

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The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

Ā L ā€“ R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

ā€œIn the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

ā€œIf I take it into specific figures, we have rewarded 26,696 customers and weā€™ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

ā€œThis is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customersā€.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

ā€œSo, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this yearā€, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, ā€œI have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. ā€œI will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peersā€.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.Ā  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

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Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the companyā€™s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

ā€œAs an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.ā€

Todayā€™s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.ā€

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State governmentā€™s plan towards science, technology and innovation development.


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Hydrogen, CCHub Partner to Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (ā€˜Hydrogenā€™), has teamed up with Co-creation Hub (ā€˜CcHubā€™) to host an insightful event themed, ā€˜Adapting Fintech Business Models to Economic Climesā€™.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: ā€œOur alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

ā€œBy leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.ā€

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


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