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NOVA Merchant Bank Receives Shareholders Nod for Full Commercial Banking License

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NOVA Merchant Bank has received approval from its shareholders to transition into a commercial banking license. The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy.

At the meeting, the company’s Board of Directors took time to unveil their comprehensive restructuring plans on how the bank will transition from a merchant bank to a commercial banking license.

The Chairman, of NOVA Merchant Bank, Mr Phillips Oduoza, who addressed shareholders at the meeting, explained that the decision to transition will help the bank to further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.

He said: “I am excited about the prospects of NOVA as we embark on this new growth phase. This strategic move is in line with our vision of expanding operations and diversifying services while providing exceptional services to our valued customers.

“The Management of the Bank has firmly established a remarkable legacy of growth since its inception and has consistently demonstrated its ability to achieve substantial progress across various parameters and the commercial banking license will strengthen the Bank’s revenue base, entrench value creation, impact earnings growth and sustain higher returns for the shareholders while affording more banking customers across the nation the opportunity to enjoy the products and services of NOVA Bank.”

Expounding on this, Mr Nath Ude, NOVA’s Managing Director,  said, that with the new license, the bank is poised to extend its comprehensive range of financial services throughout Nigeria and cement its position as a leading player in the Nigerian banking industry.

“The resounding approval from the shareholders for the transition to a commercial bank reflects their confidence in NOVA’s ability to thrive in the evolving financial landscape.

“The Bank remains resolute in its pursuit of sustainable growth while continuing to provide its customers with innovative financial solutions. As we transition into a commercial bank, NOVA aims to expand its services and further enhance its position as a trusted provider of cutting-edge financial solutions in Nigeria,” the MD stated.

Ude restated the bank’s commitment to continue to invest in new technologies, including our robust digital platform, to create exceptional service experiences for its customers.

Shareholders also ratified the bank’s result for the full year ended December 31, 2022, where the bank recorded outstanding performance and significant growth across all its indicators on the back of innovative offerings and exceptional customer service.

Specifically, total assets grew by 14.6% to close 2022 at N279.9bn up from N244.2bn recorded the previous year; while profit before tax rose significantly by 107.9 per cent to close the year 2022 at N3.50bn.

Profit after tax also recorded a similar feat, as it jumped from N1.58bn in 2021 to N3.21bn in the year under consideration, representing an impressive growth of 102.9%.

NOVA Merchant Bank Limited is an investment-grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking. The bank will announce a new name to reflect this strategic change in its banking licence.


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NITDA, API Release Whitepaper on the Framework for an Online Harms Protection Bill

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The National Information Technology Development Agency (NITDA) is pleased to announce the release of a Whitepaper on the Framework for an Online Harms Protection Bill in Nigeria. This pivotal document was developed in collaboration with Advocacy for Policy and Innovation (API), an Africa-focused non-profit dedicated to advancing digital innovation and inclusive policy development.

The whitepaper was developed as part of a collaborative initiative to tackle the escalating challenge of online harm in Nigeria. It builds on the discussions and key insights from Nigeria’s inaugural Content Moderation and Online Safety Summit, hosted by API in July 2022.

The whitepaper provides context on the prevalence of online harms and the need for action, highlighting the government’s effort through various agencies to propose solutions to protect citizens and children online.

It also provides rich resources on relevant conceptual ideas critical to the debate on approaches for regulatory action to combat online harms. The paper further analyses efforts from other jurisdictions and proffers a range of ideas that can be considered for developing a framework in Nigeria.

The whitepaper will serve as a foundation for stakeholder engagement and developing a comprehensive, collaborative framework for a bill to protect Nigerians as we navigate online and interactive content. The whitepaper is not intended to be a final document to define the contours of online harm in Nigeria.

Instead, it will be the basis for engagement with other relevant regulators, the security sector, civil society organisations, local and international internet platforms, businesses and the wider public. Therefore, the whitepaper does not present the sole opinions of NITDA but rather aggregated ideas based on research to guide regulatory options for meaningful engagement around online harms.

By releasing this whitepaper, NITDA and API aim to spark a national conversation on online harms and contribute to the development of a comprehensive legal framework that protects Nigerian citizens while fostering a vibrant digital ecosystem.

We urge stakeholders to read this paper thoughtfully and respond with comments, questions and suggestions to [email protected] with all tips and recommendations. The secretariat will collate these responses and present them to the stakeholder groups for subsequent engagement before developing a relevant Bill.

The Agency thanks the steering team members, drawn mainly from Nigeria’s civil society, who participated in developing the whitepaper, and the Nigerian Human Rights Commission  (NHRC) representatives for their efforts as steering team members.

We also thank the project’s secretariat for their dedication and hard work in compiling the research to produce the whitepaper. We look forward to future engagements and conversations as we improve Nigeria’s digital economy and create a safe space for all to use the Internet as a shared resource.


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NAFDAC Recalls Deekins Amoxycillin Batch Over Serious Adverse Reactions

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National Agency for Food and Drugs Administration and Control (NAFDAC) has alerted Nigerians of the recall of one batch of Deekins Amoxycillin 500mg Capsule, manufactured by Ecomed Pharma Ltd and marketed by Devine Kings Pharmaceutical Ltd, with lot number 4C639001.

In a statement released, the agency says the drug batch is being recalled following reports of serious adverse drug reactions.

“According to Ecomed Pharma Ltd, reports of serious adverse drug reactions were received from a hospital that reported three cases of serious adverse drug reactions from patients administered with the batch of Deekins Amoxycillin 500mg capsule,” the statement read.

Amoxicillin is a penicillin antibiotic indicated for treating bacterial infections such as tonsillitis, bronchitis, sinusitis, pneumonia, and bacterial infections of the ear, nose, throat, skin, or urinary tract.

NAFDAC explained that adverse reactions to drugs may be life-threatening, and may require hospitalisation or prolongation of existing hospitalization, result in persistent or significant disability or incapacity, or is a birth defect or death in fatal cases.

The product details of the affected product are as follows: Name: MAH manufactured by Ecomed Pharmaceutical Ltd. Date of manufacturing: 03/2024, Expiry date: 02/2027, and batch number: 4C639001.

The Agency further implored distributors, healthcare providers, and patients to exercise caution and vigilance within the supply chain to avoid distribution, administration, and use of the affected lots of the product.

“All medical products must be obtained from authorized/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

Anyone in possession of the affected lot is advised to immediately discontinue the sale or use and submit stock to the nearest NAFDAC office.

If you have used this product, or someone you know, has used it, or suffered any adverse reaction/event after use, are advised to seek immediate medical advice from a qualified healthcare professional.

Healthcare professionals and consumers are advised to report any suspicion of substandard and falsified medicines to the nearest NAFDAC office, or call NAFDAC on 0800-162-3322 or via email: [email protected],” the statement read in part.

NAFDAC further encouraged healthcare professionals and patients to report adverse events or side effects related to the use of the medicinal product to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website.


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FG Dismisses COVID-19 Variant XEC Claims, Reassures Nigerians

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Federal Ministry of Health and Social Welfare has dismissed reports regarding the presence of the COVID-19 variant XEC in Nigeria, urging citizens to ignore misinformation circulating on social media.

FG Dismisses COVID-19 Variant XEC Claims, Reassures Nigerians

In a press statement signed by Mr. Alaba Balogun, deputy director of information and public relations at the FMOH, the ministry reassured the public that there is no evidence supporting the detection of the XEC variant in the country.

The statement, titled “Letter of Conveyance in Respect of the Newly Detected COVID Variant XEC,” was issued over the weekend to address growing concerns over false claims.

The XEC variant, first identified in Australia, has reportedly spread to 29 countries and is noted for its increased virulence. However, the ministry clarified that Nigeria remains unaffected.

“We urge the public to stay calm and maintain universal health precautions, including regular handwashing,” the statement read.

To strengthen preparedness, the ministry outlined several measures being implemented to safeguard public health:

– Enhanced Surveillance: Monitoring efforts have been intensified, especially at entry points into the country.

– Improved Healthcare Facilities: Federal tertiary hospitals are equipped with molecular laboratories, isolation centres, and ventilators to manage any potential outbreaks.

– Public Reassurance: Nigerians are encouraged to carry on with their daily activities without fear, as there is no credible threat from the XEC variant.

The ministry also addressed a letter with reference number DHS/INSPDIV/017/VOL.1/46, dated December 5, 2024, which has been widely shared online. They described the letter as fake and urged the public to disregard its content.

“As part of our responsibility to coordinate, monitor, and evaluate response activities, the Federal Ministry of Health remains committed to ensuring uninterrupted healthcare services in the event of any outbreak,” the statement added.

The ministry emphasised its proactive approach to monitoring emerging infectious diseases and reaffirmed its dedication to protecting public health. Regular updates will be provided to keep Nigerians informed of any developments.

The XEC variant of COVID-19 is a recombinant strain, meaning it results from the combination of genetic material from two or more existing variants of the SARS-CoV-2 virus.

Recombinant variants can emerge when different strains infect the same individual and exchange genetic material during replication.

This process may lead to new variants with unique properties, such as increased transmissibility, virulence, or resistance to immunity.

Although the XEC variant has spread to 29 countries, there is no evidence of its presence in Nigeria, as confirmed by the Federal Ministry of Health.

Authorities globally are monitoring the variant closely to assess its impact and ensure that public health measures remain effective.

 

 

 


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