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Hackathon Finalists Win N53m As Zenith Tech Fair 2.0 Ends On A High

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Zenith Tech Fair 2.0

A total sum of N53 million in prize money was won at the end of a keenly contested hackathon session at the Second Edition of the Zenith Tech Fair, themed “Future Forward 2.0”, which was held on Wednesday, November 23, 2022, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.

The prize money was shared among eleven finalists who emerged from the over 500 contestants that took part in the hackathon, with Ecotutu, a cleantech company making cooling affordable and accessible for businesses, especially in the agricultural sector, emerging as the overall winner and taking home the grand prize of N20 million. This is in addition to a mentorship programme with Seedstars, a company dedicated to implementing high-quality capacity-building programmes for entrepreneurs in emerging markets.

The first runner-up, Foris Labs, an app-based platform that allows students to conduct science experiments individually and in groups interactively via their mobile phones, won N15 million and a mentorship programme with Seedstars, while the second runner-up, Finva, a start-up which helps creditors offer credits at low risk, won N10 million as well as a mentorship programme with Seedstars. Other finalists who took home N1million each include Sanwo, Itinu -Ev, Eduvacity, Green Bii, Zion Robotics, Sono Care, Base, and I grow Africa.

Speaking during the presentation of the prize monies, the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, congratulated all the finalists for coming this far in the competition. He reiterated the bank’s readiness to provide all that is necessary to make the budding entrepreneurs succeed. According to him, “all finalists would be enlisted into our incubation lab for grooming and mentorship. Our expectation is that we are going to scale and grow them just like the zenith brand. So, looking at what we have gone through, I can tell you that so much iron has been loaded on fire. The only thing left is to activate the digital talents, tech skills and entrepreneurship that would culminate in a new digital economy for Nigeria”.

Described as a huge success by participants, the two-day Tech Fair featured presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Computing, Machine Learning, Blockchain, Robotics, Big Data, FinTech, Augmented Reality, Data Analytics, 5G and Communication Technologies, with the keynote address, “The Future of Banking: Digital Transformation Journey”, delivered by Brett King, the renowned futurist, bestselling author, award-winning speaker, Founder of Moven and Author of Bank 4.0.

The event also featured a goodwill message by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and opening remarks by Ebenezer Onyeagwu, Group Managing Director of Zenith Bank Plc and Chairman of Body of Banks’ CEOs, Nigeria. Other eminent IT practitioners from top global brands who also made presentations include; Tarik Alatovic, Senior Partner, McKinsey; Juliet Ehimuan, West Africa Director, Google; Ola Williams, Country Manager, Microsoft Inc.; Andrew Uaboi, Vice President/Head, Visa West Africa; Mrs Rakiya Mohammed, Director of Information Technology, CBN; Chris Lu, Managing Director, Huawei Technologies Nigeria, and Dame (Dr.) Adaora Umeoji, OON, Deputy Managing Director of Zenith Bank Plc, amongst others.

GWG.NG reports that the Zenith Tech Fair 2.0 fair featured three panel sessions. The first panel, which examined “The future of payments: what next and how can we get there”, had Prof. Yinka David West of Lagos Business School as the host, with four discussants, including Agada Apochi, Managing Director, UPSL; Olu Akanmu, Managing Director, Opay; Premier Oiwoh, Managing Director, NIBBS; and Kari Tukur, V/P & Head of Products East/West Africa, MasterCard.

The second panel explored the theme “What are the main challenges of digital transformation in the financial industry? How do we solve them?”. It was hosted by Brett King and had four discussants, including Tosin Eniolorunda, Managing Director, TeamApt; Obi Emetarom, Managing Director, Appzone; Dr. Babatunde Obrimah, COO, FintechNGR; and Olugbenga Agboola, Founder/CEO, Flutterwave.

The third panel discussion, titled “Driving the global trade revolution with technology: current transformation trends”, was hosted by Samuel Eze, Founder/CEO, Ourpass, and had five discussants, including Mike Ogbalu III, Managing Director, PAPSS; Akeem Lawal, Divisional CEO, Interswitch; Massimiliano Spalazzi, Country Manager, Jumia; and Dr. Ozoemena Nnaji, Director of Trade & Exchange, CBN.

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Naira Appreciates To N1,350/$ In Parallel Market

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The Nigerian currency, the naira, experienced a notable appreciation in value, reaching N1,350 per dollar in the parallel market, a sharp rise from N1,430 per dollar on Monday.

This trend was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the naira strengthened to N1,382.95 per dollar, up from N1,408.04, as reported by FMDQ data.

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This development has resulted in an increased gap between the parallel market rate and the NAFEM rate, which has expanded to N32.95 from the previous N21.96.

The naira’s value has been on an upward trajectory, with an 18.28 percent increase recorded since February 23, 2024, when it hit a low of N1,665.50.

Analysts attribute the naira’s recent gains to a series of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, aimed at streamlining the foreign exchange system, include consolidating exchange rate windows, liberalizing the FX market, and clearing foreign exchange backlogs for banks and airlines.

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The CBN’s introduction of a Price Verification System (PVS), revised limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF), and the restructuring of the Bureau De Change (BDC) sector, are steps towards fostering a more transparent and efficient market.

Further measures to enhance market dynamics include adjusting margin limits for International Money Transfer Operator (IMTO) remittances, implementing a two-way quote system, and thorough reforms in the BDC segment.

These initiatives are designed to improve market stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.

In a recent move, the CBN has set the sale rate of dollars to BDC Operators at N1,251, directing them to offer foreign currency to eligible customers at a margin not exceeding 1.5 percent above this rate.

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See The Lastest Price Of Petrol (Per Litre) In Nigeria For Today

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One of the most essential commodities in the country and all over the world is petrol, also known as Premium Motor Spirit (PMS), as it powers various aspects of the economy and daily life.

However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.

Current Price of Petrol in Nigeria

According to the regulator of petrol price in the country, the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is N617 per litre.

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This was after the federal government removed a subsidy on the commodity, which led to a significant increase in the price from N195 per litre.

However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country.

Naija News understands that petrol presently goes for prices ranging from N600 to N700 per litre across the country, while the over-the-country average price of petrol is presently N630 per litre.

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The table below shows the petrol prices in all 36 states and FCT in Nigeria as of March 27, 2024, as released by NNPCL.

StatePrice (N)
Abia687.50 Per Litre
Abuja632.12 Per Litre
Adamawa671.40 Per Litre
Akwa Ibom677.00 Per Litre
Anambra680.00 Per Litre
Bauchi650.00 Per Litre
Bayelsa673.00 Per Litre
Benue632.84 Per Litre
Borno657.27 Per Litre
Cross River663.33 Per Litre
Delta665.63 Per Litre
Ebonyi638.71 Per Litre
Edo662.00 Per Litre
Ekiti651.33 Per Litre
Enugu673.87 Per Litre
Gombe703.00 Per Litre
Imo687.00 Per Litre
Jigawa679.67 Per Litre
Kaduna670.00 Per Litre
Kano678.27 Per Litre
Katsina680.40 Per Litre
Kebbi796.67 Per Litre
Kogi626.79 Per Litre
Kwara614.90 Per Litre
Lagos663.05 Per Litre
Nassarawa629.32 Per Litre
Niger624.04 Per Litre
Ogun653.11 Per Litre
Ondo653.02 Per Litre
Osun658.77 Per Litre
Oyo662.53 Per Litre
Plateau670.00 Per Litre
Rivers674.55 Per Litre
Sokoto664.80 Per Litre
Taraba704.11 Per Litre
Yobe675.55 Per Litre
Zamfara771.43 Per Litre

Please note that these prices are subject to changes in different stations across the country.

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Eno Neutralises Sharks In Akwa Ibom With N1.5bn Interest-Free Loans

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Akwa Ibom interest-free loans

Governor Umo Eno of Akwa Ibom on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.

The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.

Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.

“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.

“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.

Besides the interest-free loans, the Akwa Ibom governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.

The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.

The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.

The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)

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Former DSS Chief, Dennis Amachree: Nigeria Shouldn’t Expel Binance Traders

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Dennis Amachree Binance

Dennis Amachree, a former Assistant Director of Nigeria’s Department of State Services (DSS), has stepped into the fray regarding the pursuit of individuals trading on the Binance cryptocurrency platform. His stance is coming against the backdrop of controversies surrounding the escape of Binance executive Nadeem Anjarwalla from custody, an event that has stirred widespread discussion and concern within the country.

Amachree’s argument revolves around the idea that targeting individual traders on the Binance platform lacks a justifiable basis. Instead, he contends that regulatory and investigative efforts should be directed towards scrutinizing the platform itself and its executives. To illustrate his point, Amachree draws an analogy with the banking sector, explaining that if a bank like UBA were implicated in a crime, authorities would focus on the management responsible for the bank’s operations rather than targeting its customers. He asserts that similar logic should apply to Binance and its users.

The escape of Anjarwalla from a guest house in Abuja, where he was being held alongside colleague Tigran Gambaryan, has raised serious questions about the efficacy of security measures and decision-making processes within the involved authorities. Amachree criticizes the apparent lax security that facilitated the escape, suggesting that Anjarwalla should have been detained by more secure and appropriate agencies such as the Economic and Financial Crimes Commission (EFCC) or the DSS.

This incident has ignited demands for accountability from the security personnel responsible for overseeing the custody of the Binance executives. Amachree’s remarks underscore the need for a thorough investigation into the circumstances surrounding the escape, as well as the enforcement of more stringent security protocols to prevent similar occurrences in the future. The escape has cast a spotlight on the competence and integrity of Nigeria’s security apparatus, prompting calls for swift and transparent action to address any shortcomings and restore public confidence.

In the wake of these developments, the Nigerian public awaits further updates on the investigation and hopes for decisive measures to ensure the accountability of those involved.

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CBN Ups Fight Against Inflation, Raises MPR

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CBN MPR

In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.

The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.

GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent

Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retained a liquidity ratio of 13 per cent.

GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.

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Pressure Mounts On Hoarders To Sell Off Dollars As Naira Rebounds

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CBN on dollars

Individuals and businesses holding on to dollars are facing renewed pressure to offload the excess foreign currency in thier possession as the Central Bank of Nigeria (CBN) continues to implement policies that are shoring up the value of the currency.

GWG.ng reports that the Nigerian naira, which recently experienced a significant slide selling up to N1,9000 against the dollar due to heightened demand and outstanding forwards, rebounded and sold below N1,3000 last Monday.

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According to Mallam Yakubu Salisu, a BDC operator, there’s a heightened willingness among people to exchange their dollars amidst fears of further depreciation.

The decision of CBN to sell 20,000 dollars worth of foreign exchange to eligible BDC operators across the nation marks a significant shift, especially after the suspension of such sales three years prior.

Out of the 5,690 registered BDC operators nationwide, approximately 1,373 have been screened for allocation, with specific allocations delineated for various regions including Abuja, Awka, Kano, and Lagos.

The recent circular issued by the CBN reinstating the sale of forex to BDC operators aims to rectify distortions in the retail forex market and bridge the exchange rate gap. The allocated rate of N1,301/$ reflects the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market.

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Why FIRS Filed Charges Against Binance

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Binance charges

The Federal Government has initiated criminal charges against Binance, a cryptocurrency exchange platform for failing to pay statutory taxes to the government of Nigeria.

The charges were filed at the Federal High Court in Abuja, the Special Adviser (Media) to the Chairman of Federal Inland Revenue Service (FIRS), Mr Dare Adekanbi, revealed Monday.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count tax evasion accusation.

Joining the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission (EFCC).

The charges levied against Binance include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

In the suit, the Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.

One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

The charges further detailed specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers.

“Any company that transacts business in excess of N25 million annually is deemed by the Finance Act to be present in Nigeria.

“According to this rule, Binance falls into that category. So, it has to pay taxes like Company Income Tax (CIT) and also collect and pay Value Added Tax (VAT).

“But Binance did not do this properly. So, the company broke Nigerian laws and could be investigated and taken to court for this infraction,” Adekanmbi said.

He added that the Federal Government remained resolute in its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector.

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See The Price Of Blocks In Nigeria Today

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The construction industry in Nigeria is facing a sharp increase in the prices of building blocks, which can be attributed to the recent hike in the cost of cement and sharp sand.

Blocks, a staple in the Nigerian construction sector, come in various sizes, including 6 inches, 5 inches, and 9 inches, each available in hollow and solid forms.

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Blocks, which are preferred over traditional bricks for their cost-effectiveness and speed of construction, are crucial in wall construction.

They are part of the precast concrete category, meaning they are produced and cured before being transported to construction sites.

The cost of these blocks varies across Nigeria and is heavily influenced by the regional prices of sand and cement.

Currently, the going rate for a 6-inch block is around 350 naira, while a 9-inch block costs approximately 550 naira.

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Production ratios indicate that a bag of cement can yield 45 6-inch blocks, and a 20-ton truckload of sand can produce about 315 blocks.

Moreover, 5-inch Concrete Blocks are inexpensive and simple to install. The average price of 5-inch blocks in Nigeria is N250.

The cost of a 5-inch block can vary based on the source and the area, but it often falls between 200 and 300 naira.

Thus, 100 blocks would be required to build a conventional wall that is 10 feet long and 10 feet high, costing between 20,000 and 30,000 naira.

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NCC Files Criminal Charges Against MTN Nigeria Over Copyright Infringement

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NCC over

The Nigerian Copyright Commission (NCC) has initiated criminal proceedings against MTN Nigeria and four others over alleged unauthorized use of musician Maleke Idowu Moye’s works.

In a case filed with charge number FHC/ABJ/CR/111/2024 at the Federal High Court, Abuja Division, defendants including Karl Toriola, CEO of MTN Nigeria, Nkeakam Abhulimen, Fun Mobile Ltd., and Yahaya Maibe stand accused.

NCC alleges that between 2010 and 2017, the defendants engaged in the sale and distribution of Maleke’s musical works without his consent, offering them as Caller Ring Back Tunes and distributing them to subscribers without authorization.

The copyrighted works in question include tracks like “911,” “Minimini-wanawana,” and “Stop racism,” among others. These actions are said to have infringed upon Maleke’s copyright, as per the Commission’s claims.

The charges assert that the defendants violated section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004, by using, selling, and distributing Maleke’s musical works without proper authorization.

As of now, the case has not been assigned to a judge, and no date has been set for mention, according to NAN reports. The legal proceedings underscore the significance of protecting artists’ intellectual property rights in Nigeria’s creative industry.

Source: (NAN).

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