| Dear Readers,
Nigeria has had a foreign exchange problem for years, fuelled mainly by low local manufacturing and import dependency. The problem got worse when President Bola Tinubu in June decided to unify the exchange rates between the official and unofficial markets. This has led to more dollar scarcity and the highest-ever exchange rate of the naira to the dollar.
One fintech company has now decided to get involved in the foreign exchange segment. Flutterwave says its Swap aims to provide Nigerians with secure access to foreign currency at competitive exchange rates. Also in the fintech space, Leyou Exchanges says it has made selling gift cards easier.
Flutterwave and Leyou are some of the firms that advertised on PREMIUM TIMES last week. Others in sectors like Telecommunications and Education also showcased their products.
Read some of the activities announced by our business partners below.
| |  | Zenith Bank has reported impressive financial results for the first half of 2023, with a remarkable triple-digit growth of 139 per cent in gross earnings, reaching N967.3 billion. The bank also recorded significant increases in profit before tax (169 per cent) and profit after tax (162 per cent). This performance demonstrates the bank's resilience and market share amid a challenging economic environment. The growth in earnings is attributed to both interest and non-interest income, with the cost-to-income ratio improving and prudential ratios remaining healthy. United Bank for Africa (UBA) has also reported impressive financial results for the first half of 2023, with a profit before tax (PBT) of N404 billion, representing a 371 per cent increase compared to the same period in 2022. The bank also saw a profit after tax (PAT) of N378.24 billion, a leap of 437.8 per cent over H1 2022. UBA's total assets reached N15.38 trillion, customer deposits rose by 42.4 per cent and shareholders' funds increased to N1.712 trillion. The bank's strong performance reflects its commitment to delivering value to shareholders and its strategic positioning in Africa and globally. | |  | Sabreworks Investment has launched the Grosvenors Shopping Mall in Lagos, aiming to transform Ikeja's commercial landscape. This project emphasises environmental, social, and corporate governance (ESG) and climate-friendly strategies. The mall is expected to provide businesses with a conducive environment and shoppers with convenience, adding to Lagos's dynamic spirit as a tech hub. The project is set to be completed by the end of 2024 and is developed in partnership with Sovereign Finance Company Limited. | |  | Flutterwave, in partnership with Wema Bank and Kadavra BDC, has launched Swap, a Central Bank of Nigeria-backed digital platform. Swap aims to provide Nigerians with secure access to foreign currency at competitive exchange rates, addressing challenges individuals and businesses face in accessing foreign currencies. The platform will also introduce a convenient card issuance system to distribute over 10 million cards to Nigerians, facilitating access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for various purposes, such as education and business endeavours.
Selling gift cards in Nigeria and Ghana is made easier with Leyou Exchange, a reliable Chinese company offering competitive rates, instant payouts, exceptional customer support, and secure transactions. They accept a variety of gift cards, including Amazon, iTunes, Steam, Google Play, and more. To get started, visit their website, choose a transaction officer on WhatsApp, and discover the current exchange rates. Leyou Exchange also facilitates the sale of PayPal, Cash App, and Zelle funds, making it a trusted platform for digital asset trading in Nigeria and Ghana. | |  | The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Training Institute (PTI) are collaborating to enhance human capacity development in Nigeria's oil and gas industry. The organisations aim to close skill gaps through initiatives like upgrading technical workshops, virtual learning facilities, staff development programs, and industrial placements. They also plan to support the International Conference on Hydrocarbon Science and Technology (ICHS). The NCDMB emphasised the need for PTI to keep pace with technological advancements in the industry and encouraged greater awareness of its programmes and achievements.
The NCDMB has also graduated 20 young Nigerians as Class-I and Class-II divers in partnership with the Nigerian Navy and Mieka Dive Training Institute (MDTI). This five-month commercial air dive training program aims to address the dominance of foreigners in Nigeria's professional diving industry and support offshore oilfield development in the deep offshore basin. The NCDMB seeks to develop a skilled pool of qualified divers to meet industry demands. The graduates demonstrated their skills with a live commercial air diving simulation during the close-out ceremony.
| |  |
In July 2023, 28,000 companies filed their Value Added Tax (VAT) returns with the Federal Inland Revenue Service (FIRS) in Nigeria. This increase is attributed to technological advancements and automation, particularly the TaxPro Max platform, which simplifies tax registration, filing, and payment processes. | |  | | Final-year Mass Communication students often struggle to select suitable research topics. A list of suggested topics has been compiled to help them choose project themes, covering areas like advertising, broadcasting, and more. The sample topics are intended to provide students with research ideas for their final year theses only while the students are expected to study hard on their own to complete their projects successfully. | |  |
Online roulette has surged in popularity, offering players the thrill of casino roulette from home. Reputable sites provide a range of game variants and secure payment options. Tips and strategies can enhance gameplay, but chance remains a key factor. With mobile accessibility and immersive live dealer options, online roulette offers excitement and real-money potential to both newcomers and seasoned players.
The European Football 2023-2024 season is set to be a thrilling battle among football giants in the EPL, La Liga, Serie A, Bundesliga, and Ligue 1. Manchester City aims to maintain dominance, while Real Madrid and Barcelona prepare for an epic duel. Napoli defends their Serie A title against strong competition. Borussia Dortmund eyes success in the Bundesliga, and PSG undergoes changes in Ligue 1. MSport, Nigeria's premier online betting platform, offers fans exciting betting opportunities and chances to win prizes. Football enthusiasts worldwide eagerly await the upcoming season. | | | Are you interested in partnering with us?
You can reach out to:
Abiodun Ojo (+234 803 583 4554 | abiodun@premiumtimesng.com)
Oyindamola Abidoye (+234 818 841 5434 | oyindamola@premiumtimesng.com).
You can also email us at businessservices@premiumtimesng.com. | | | | We wish you a great week.
Olayinka Lawal
Senior manager, Business & Patnerships
olayinka@premiumtimesng.com
| | | | |
