Creator
  • Type:
  • Genre:
  • Duration:
  • Average Rating:
Log In
 
  • Marketplace
Log In
 
  • Type:
  • Genre:
  • Duration:
  • Average Rating:
  • Marketplace

OpenAI Expands ChatGPT Go Plan to 16 New Asian Countries

  • dollaers
  • October 10, 2025
  • Business
  • 0 comments

OpenAI has announced the expansion of its affordable ChatGPT Go plan to 16 new countries across Asia, marking another major step in its mission to make artificial intelligence tools accessible to a broader global audience.

The rollout extends availability to Afghanistan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, Laos, Malaysia, Maldives, Myanmar, Nepal, Pakistan, the Philippines, Sri Lanka, Thailand, East Timor, and Vietnam.

According to OpenAI, users in countries like Malaysia, Thailand, Vietnam, the Philippines, and Pakistan can now pay for their subscriptions using local currencies, while others will pay roughly $5 USD per month, subject to local tax adjustments.

Expanding Access to AI in Emerging Markets

The ChatGPT Go plan is designed to bring powerful AI capabilities to users who may not be able to afford premium tiers. The plan includes upgrades such as:

  • Higher daily message limits

  • Enhanced image generation and file upload features

  • Twice the memory of the free version for more personalized interactions

By offering an affordable entry point, OpenAI aims to bridge the accessibility gap and foster AI adoption across emerging economies in Asia.

How ChatGPT Go Began

OpenAI first introduced ChatGPT Go in August 2025, debuting in India at a subscription price of ₹399 per month—its most affordable plan to date. The choice of India as the launch market reflected the country’s rapid embrace of AI technologies and its mature mobile payment ecosystem.

The plan’s success was immediate, with a surge in subscriptions driven by users in education, small businesses, and content creation. Encouraged by this momentum, OpenAI expanded the plan to Indonesia in September 2025, citing the nation’s fast-growing digital economy and increasing reliance on AI tools.

In both India and Indonesia, ChatGPT Go provided users with extended message limits, image generation tools, and greater memory capacity, previously reserved for higher-tier subscribers.

Southeast Asia’s User Base Quadruples

OpenAI revealed that its user base in Southeast Asia has grown fourfold over the past few months. The company attributes this surge to higher smartphone penetration, improved internet access, and growing digital literacy across developing Asian nations.

According to OpenAI, weekly active users in the region now make up one of the platform’s fastest-growing demographics globally. The company also hinted at future expansions to other emerging markets as it scales infrastructure and payment support.

Competing in the Global AI Subscription Market

OpenAI’s expansion comes amid intensifying competition in the global AI landscape. Tech rival Google recently launched its Google AI Plus subscription in Indonesia, expanding it to over 40 countries since September.

Google’s plan grants subscribers access to Gemini 2.5 Pro, the company’s most advanced AI model, along with creative tools for image and video generation, including Flow (for design), Whisk (for image remixing), and Veo 3 Fast (for video creation). It also offers 200GB of cloud storage, appealing to creators and professionals who seek integrated AI productivity tools.

OpenAI’s Growing Ecosystem and Developer Base

Despite competition, OpenAI continues to expand its influence. CEO Sam Altman recently disclosed that ChatGPT now serves over 800 million weekly active users, up from 700 million in August.

The company also boasts a community of over 4 million developers building on its API, with more than 6 billion tokens processed per minute through the platform. This growth underscores ChatGPT’s increasing importance across industries, from education and design to enterprise productivity and software development.

Challenges Behind the Growth

While OpenAI’s global footprint continues to grow, the company faces the financial strain of scaling its AI infrastructure. Reports indicate that OpenAI recorded a $7.8 billion operating loss in the first half of 2025 as it ramped up investment in computing capacity and AI model training.

Nonetheless, the company remains focused on its long-term goal of profitability through subscription plans, API usage, and enterprise partnerships.

What This Means for AI Access in Asia

The rollout of ChatGPT Go across 16 new Asian countries is more than just a pricing strategy — it’s a signal of OpenAI’s intent to democratize access to advanced AI tools.

By localizing payment options and offering affordable entry tiers, OpenAI is positioning itself as a key driver of AI inclusion in regions that have historically been underserved by global tech innovations.

For millions of students, entrepreneurs, and professionals across Asia, ChatGPT Go could become their first step into the world of generative AI — enabling creativity, productivity, and innovation at a fraction of traditional costs.

As OpenAI continues to expand its presence, the AI adoption curve across emerging markets is set to accelerate — reshaping how technology, education, and business evolve across the continent.

Where Should Nigerians Invest N1 Million in Q4 2025?

  • dollaers
  • October 10, 2025
  • Finance
  • 0 comments

Deciding where to invest N1 million in the final quarter of 2025 demands strategy, timing, and a deep understanding of Nigeria’s shifting economic landscape.

With inflation easing to 20.12% as of August 2025, investors now have a rare window to reposition their portfolios toward real, inflation-beating growth. The key is not just earning returns but achieving real returns that outperform inflation.

Understanding the Investment Landscape

Before choosing assets, it’s crucial to revisit the fundamentals that shape every sound investment:

  • Time value of money: N1 today is worth more than N1 tomorrow.

  • Risk premium: Every investment should compensate for the risk taken above a risk-free return.

  • Inflation protection: Your returns must consistently outpace inflation to preserve purchasing power.

The right mix of assets must therefore reward time, compensate for risk, and stay ahead of inflation. Your selection should also depend on your age, financial goals, and risk tolerance.

Economic Conditions Shaping Q4 2025

Nigeria is currently in a disinflationary phase, with relative foreign exchange stability and signals that global central banks are moving toward rate cuts. Locally, ongoing banking and insurance recapitalization efforts and the CBN’s takeover of the fixed-income settlement platform from FMDQ are reshaping liquidity flows in the market.

These developments are expected to drive asset performance through the rest of 2025.

Equities: The Likely Winner in a Rate-Cut Era

The Central Bank of Nigeria (CBN) recently reduced the Monetary Policy Rate (MPR) from 27.5% to 27%, a move that traditionally favors the stock market.

When policy rates drop, yields on fixed-income instruments fall, prompting investors to chase higher returns in equities.

For instance, recent Treasury Bill stop rates ranged from 15% to 16.78%, still below inflation — meaning fixed-income investors are earning negative real returns.

In contrast, the Nigerian Exchange (NGX) has been vibrant, with over 99 listed stocks posting year-to-date gains above inflation. The consumer goods, industrial, ICT, and conglomerate sectors are leading the charge, benefiting from lower borrowing costs and improving corporate earnings.

Best Equity Picks for Q4

Investors should look toward sectors showing resilience and room for growth:

  • Consumer Goods: After struggling in 2024, the sector has bounced back in 2025. Out of its 20 listed companies, only one remains a laggard. Stocks like Honeywell Flour (up 258% YTD but still below its 52-week high) and Northern Nigeria Flour Mills (over 30% below its peak) still present attractive entry points.

  • Dividend Champions: Stable dividend payers provide both income and stability. Seplat, Okomu Oil, Presco, Skye Shelter Fund, Dangote Cement, and Airtel Africa remain top choices for their consistent payouts. For instance, Okomu Oil recently declared an interim dividend of N30 per share, translating to N300,000 for investors holding 10,000 units.

  • Liquidity Leaders: Banking stocks stand out for their high trading volumes and free float. This makes entry and exit easier while providing exposure to strong dividend history.

Fixed Income: Safety and Predictability

For conservative investors, Treasury Bills, Federal Government Bonds, and Savings Bonds still provide safety and predictable income, even though real returns remain slightly negative.

However, the minimum investment amounts for these instruments often exceed what small investors can access directly. The workaround is to invest through fixed-income mutual funds or money market funds, which allow smaller contributions while providing professional management.

Corporate Commercial Papers (CPs) currently yield around 22% upfront, giving room for reinvestment and compounding potential. These are best accessed through mutual funds or secondary markets due to their higher entry thresholds.

Alternative Assets: Diversifying for Inflation Protection

Alternative investments are gaining traction among Nigerian investors seeking inflation hedges and diversification. Options include commodities (especially gold), foreign currencies, cryptocurrencies, ETFs, derivatives, and Real Estate Investment Trusts (REITs).

Gold, notably, has surged over 50% year-to-date in 2025, reaffirming its role as a hedge against currency weakness and inflation. Meanwhile, REITs provide exposure to real estate income streams without the burden of direct property ownership.

Recommended Q4 Portfolio Allocation

For investors looking to deploy N1 million wisely in Q4 2025, a balanced mix offers both stability and opportunity:

  • 60% Equities: Focus on growth and dividend stocks.

  • 25% Fixed-Income Funds: Provide stability and steady income.

  • 15% Alternative Assets: Hedge against inflation and diversify risk.

This allocation ensures that your investment not only grows but also adapts to Nigeria’s evolving economic dynamics.

Final Thoughts

Q4 2025 presents an exciting window for Nigerian investors. With inflation easing, interest rates declining, and corporate earnings improving, the stock market remains the strongest path to achieving real, inflation-adjusted returns.

A diversified approach — balancing equities, fixed income, and alternatives — will help investors maximize growth, preserve capital, and maintain liquidity as Nigeria’s economy transitions into 2026.

Dangote Cement Leads Market Turnover as ASI Surges Past 146,000, Up 42% YTD

  • dollaers
  • October 10, 2025
  • Business
  • 0 comments

The Nigerian Exchange continued its bullish momentum on October 9, 2025, as the All-Share Index (ASI) climbed 485.2 points to close at 146,204.3. This marks a 0.33% gain from the previous session’s 145,719.1 and solidifies an impressive year-to-date return of 42.05%. Despite a slowdown in overall market activity, investor sentiment remained positive, driven largely by heavyweight stocks, particularly Dangote Cement.

Market capitalization mirrored the index’s rise, closing at approximately ₦92.79 trillion across 24,691 deals. The achievement reaffirms the market’s resilience and continued investor confidence, especially in large-cap equities that have underpinned the rally through most of the year.

However, trading momentum moderated compared to the previous session. Total volume traded stood at 346.9 million shares, declining from 525.6 million. While lower turnover may signal cautious repositioning by investors, value-driven trades remained substantial, with institutional interest heavily concentrated in a few blue-chip stocks.

Dangote Cement Dominates in Value

Dangote Cement emerged as the most influential stock of the session, not only contributing to market stability but also leading the value chart with transactions worth ₦11 billion. The company’s stock appreciated by 1.89%, reinforcing its status as a bellwether equity. Dangote Cement’s strong participation was instrumental in lifting the broader market, particularly the industrial goods sector, which has been pivotal to recent index gains.

Other high-value tickers, including Nestlé Nigeria and MTN Nigeria, followed with ₦5.09 billion and ₦4.93 billion respectively in trade value. Aradel Holdings recorded ₦1 billion, while Fidelity Bank closed the top value list with ₦861.5 million.

Top Gainers and Losers

The session produced notable price movements, with significant advances among mid-cap stocks. EUNISELL and Caverton topped the gainers’ chart, each hitting the maximum allowable daily increase of 10%. EUNISELL closed at ₦44.00, while Caverton ended at ₦6.93. Other strong performers included SUNU Assurance (+9.90% to ₦5.77), International Medical Group (IMG) (+9.10% to ₦35.95), and Mecure Industries (+8.81% to ₦28.40).

On the losing end, FTN Cocoa Processors declined by 6.67% to ₦5.60, emerging as the day’s highest laggard. Tantalizer fell 3.35% to ₦2.31, followed by Fidelity Bank (-2.38% to ₦20.50), PZ Cussons (-2.18% to ₦38.15), and Veritas Kapital (-1.90% to ₦2.06). The downward pressure on these stocks underscored pockets of profit-taking, even as the broader market advanced.

Most Active Stocks by Volume

Fidelity Bank led activity by volume, exchanging 42 million shares. It was followed closely by Dangote Cement with 20.9 million shares, reflecting strong institutional interest. Sterling Financial Holdings moved 19.8 million shares, while Jaiz Bank and Chams Holdings completed the top five with 19.4 million and 17.6 million shares respectively.

The presence of both banking and industrial giants on the activity charts illustrated the mixed-sector participation driving current market performance.

Performance of SWOOTs and Tier-One Banks

Stocks Worth Over One Trillion Naira (SWOOTs)—major blue-chip companies with substantial market capitalization—had a mixed outing. International Breweries gained 2.19%, continuing its recent turnaround. Dangote Cement added 1.89%, Nigerian Breweries rose 1.10%, Stanbic IBTC advanced 0.93%, Lafarge Africa climbed 0.70%, and MTN Nigeria managed a marginal increase of 0.02%. In contrast, BUA Cement slipped 0.63%, lagging behind its sector peers.

In the banking sector, tier-one lenders, commonly referred to as FUGAZ (Fidelity, UBA, GTCO, AccessCorp, Zenith), showed mostly positive sentiment. Guaranty Trust Holding Company (GTCO) advanced 1.06%, First Bank Holding Company (FirstHoldCo) gained 0.32%, and Zenith Bank added 0.29%. Access Holdings (AccessCorp) declined 0.76%, while United Bank for Africa (UBA) dipped 0.35%. The mixed performance reflects selective buying within the sector, influenced by dividend positioning and expectations for upcoming earnings releases.

Market Outlook

The Nigerian All-Share Index has firmly re-established its bullish trajectory, surpassing the 145,000 and 146,000 thresholds in quick succession. Sentiment remains buoyed by strong performances in high-cap stocks, ongoing corporate earnings releases, and sustained macroeconomic optimism.

Analysts suggest that the resilience of industrials and consumer goods, alongside renewed interest in the banking sector, could further support the rally. However, the decline in trading volume signals that investors may be adopting a more strategic approach, anticipating periods of consolidation after consecutive gains.

In the near term, attention will be focused on upcoming third-quarter financial reports, central bank policy cues, and global commodity price trends—all key variables with potential influence on market direction.

Institutional investors are expected to remain active, particularly in fundamentally strong equities. Retail participation may continue to fluctuate, influenced by short-term price swings and profit-taking opportunities.

Conclusion

October 9, 2025’s trading session reinforced the Nigerian market’s upward momentum, with gains led by major industrials such as Dangote Cement. The index’s 42.05% year-to-date growth highlights growing investor confidence and renewed capital market vibrancy. While moderate trading volumes indicate caution, strong value trades suggest that long-term investors remain engaged.

The balance between profit-taking and accumulation will likely define upcoming sessions. If current sentiment endures, the ASI may soon test new historic levels, supported by blue-chip stability, sector rotation, and macroeconomic improvements.

As earnings season approaches, market participants are poised for further equity revaluation, particularly in companies demonstrating solid financial performance and sustainable dividend potential.

LemFi Introduces AI-Powered ‘Send Now, Pay Later’ to Transform Remittances for UK Immigrants

  • dollaers
  • October 10, 2025
  • Fintech
  • 0 comments

LemFi, the international payments platform serving over 2 million immigrants, has launched Send Now, Pay Later (SNPL) — an AI-driven remittance service that allows UK-based users to send money home instantly and pay later using a flexible credit line.

The new feature combines credit and remittance services, addressing one of the biggest challenges for immigrants — sending money home despite cash flow timing issues. Each year, immigrants in the UK remit nearly £10 billion, but many face delays when unexpected expenses arise or rely on high-cost credit providers.

Bridging Credit and Remittance

Powered by LemFi’s Ensemble AI model, SNPL evaluates a wide range of data — from credit bureaus and open banking records to users’ remittance histories — to determine credit eligibility and repayment terms.

“The concept of Buy Now, Pay Later has transformed retail,” said Ridwan Olalere, Co-founder and CEO of LemFi. “With Send Now, Pay Later, we’re bringing that same flexibility to remittances, ensuring that financial support for loved ones is never delayed by timing or cash flow issues.”

Through LemFi Credit, users can access credit lines between £300 and £1,000, even without a traditional UK credit history. The AI engine also recognizes international credit footprints and alternative financial data, allowing new immigrants to qualify for credit and gradually build their UK credit profile.

How It Works

Once approved, users can use their available credit to send funds to any of LemFi’s 30+ supported countries. Transfers are processed immediately, while repayment is deferred based on the user’s credit terms — offering both speed and flexibility.

By integrating AI-driven credit assessment, LemFi predicts affordability more accurately and minimizes bias in credit decisions, helping to close the “credit invisibility” gap that affects millions of immigrants.

Tackling Financial Exclusion

In the UK, about five million people are considered “credit invisible,” with immigrants disproportionately excluded from mainstream banking. According to research, nine in ten immigrants say credit access has become more difficult, while 13% remain entirely unbanked.

LemFi’s SNPL aims to bridge that divide by providing affordable access to credit-backed remittances — a lifeline for many families that depend on timely cross-border support.

Expansion Plans

After its UK debut, LemFi plans to roll out the SNPL feature in the United States, Canada, and Europe. The company already supports transactions to over 30 countries across Africa, Asia, Europe, and Latin America.

Earlier this year, LemFi raised $53 million in Series B funding, bringing total funding to $86 million from investors including Highland Europe, LeftLane Capital, Endeavor Capital, and Y Combinator.

For more information, visit www.lemfi.com.

ChatGPT said: Bank Lending to Agriculture Rises to 5.33% in May 2025 — NIRSAL

  • dollaers
  • October 10, 2025
  • Bank
  • 0 comments

Bank lending to Nigeria’s agricultural sector increased to 5.33% of total credit as of May 2025, marking a rebound after years of decline, according to the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

The sector’s share of total lending had dropped from 6.18% in 2022 to 4.82% in 2024, amid slower growth and growing caution from banks. NIRSAL attributes the recent rise to renewed confidence and stronger risk management measures in agricultural financing.

The institution revealed that it facilitated over N70 billion in commercial financing for agribusinesses in Q3 2025, its best performance since inception in 2013. This brings its total mobilized financing to about N270 billion, highlighting an uptick in activity among commercial banks.

Renewed Interest from Banks

The renewed interest is largely driven by NIRSAL’s risk-sharing frameworks and technical support, which reduce default risk and improve loan quality. Two newly licensed banks have joined the agricultural finance space this year, leveraging NIRSAL’s tools to structure and manage credit portfolios.

“N70 billion may appear modest compared to the overall financing gap, but it proves that agriculture can be commercially and sustainably financed,” said Sa’ad Hamidu, Managing Director of NIRSAL.

Despite the progress, challenges persist. The sector’s contribution to GDP growth remains sluggish, and lending volumes are still below what’s required for large-scale transformation.

Building Capacity in Agricultural Finance

NIRSAL said that over 1,100 bank employees have been trained in agricultural finance in 2025, alongside additional sessions for value chain participants in areas like feedlot management, commodity exports, and climate finance.

The agency is also developing the NIRSAL LandBank Portal, a digital platform designed to connect stakeholders and provide data-driven insights for investors. In partnership with the Rural Electrification Agency, NIRSAL aims to boost off-grid energy access for rural production clusters — a move expected to enhance productivity and resilience.

With a target of N150 billion in total financing by year-end, NIRSAL hopes to further integrate agribusiness into Nigeria’s mainstream financial system.

What You Should Know

Last year, the House of Representatives urged the Central Bank of Nigeria (CBN) to allocate an additional $3 billion to NIRSAL to close the agricultural funding gap.

Hon. Uchenna Okonkwo emphasized that insufficient agricultural investment has worsened food insecurity, poverty, and economic stagnation. The recent increase in lending, he said, is a step forward — but sustained growth will depend on whether banks continue to view agriculture as a profitable commercial opportunity rather than a developmental obligation.

Veritas Kapital Seeks Shareholder Approval for N15 Billion Capital Injection

  • dollaers
  • October 10, 2025
  • Finance
  • 0 comments

Veritas Kapital Assurance Plc has announced plans to raise up to N15 billion in new capital to strengthen its balance sheet and sustain future growth. The move will be tabled for shareholder approval during the company’s 48th Annual General Meeting (AGM) scheduled for October 31, 2025, in Abuja.

According to a corporate notice filed ahead of the meeting, the board will seek approval to raise funds through private placement or other suitable financing methods, subject to necessary regulatory clearances. Once approved, the new shares will rank equally with existing ordinary shares and will be registered with the Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), and The Nigerian Exchange Limited (NGX).

The company also plans to amend its Memorandum and Articles of Association to reflect the increased share capital, in line with the Companies and Allied Matters Act (CAMA) 2020. The board has requested authority to appoint advisers, execute all required documents, and finalize every step needed to actualize the capital raise.

Boosting Growth and Operational Resilience

Veritas Kapital said the fresh capital will enhance its financial capacity, expand underwriting operations, and strengthen its solvency position amid evolving market conditions. The initiative comes as the insurer continues to recover from foreign exchange headwinds that affected profitability despite a strong revenue performance in 2025.

Strong H1 2025 Performance

In the first half of 2025, the company posted solid results, with total revenue climbing to N12.5 billion, compared to N9.9 billion in the same period of 2024. Aviation insurance led the growth with N5.8 billion in contributions, followed by the Oil and Gas segment at N2.9 billion, while other business lines made up the remainder.

The firm’s insurance service result surged by 141.99% year-on-year to N4.7 billion. However, foreign exchange losses of N26.3 million, compared to a N4.1 billion gain in the prior year, negatively impacted net investment income, which fell to N1.8 billion from N5.7 billion.

As a result, net insurance and investment income dipped to N6.6 billion, down from N7.6 billion in 2024, while operating expenses rose to N3.3 billion from N2.26 billion. This led to a 36.02% decline in profit before tax, which settled at N3.7 billion.

Resilient Balance Sheet and Stock Performance

Despite the decline in profit, Veritas Kapital maintained a strong financial position. Total assets increased to N41.7 billion, up from N37.5 billion in 2024, while retained earnings rebounded to N1.7 billion, reversing a N1.18 billion loss a year earlier.

The insurer also reported N13 billion in gross premiums, representing a 9.83% year-on-year growth, as its underwriting business continued to expand.

On the stock market, Veritas Kapital’s share price has surged 51.47% year-to-date, driven largely by bullish sentiment in the third quarter of 2025. The stock climbed from N1.30 in early August to above N2.00, reflecting renewed investor confidence in the company’s outlook and its capital restructuring plans.

Would you like me to make this version a little longer (around 600 words) with more analysis on why the capital raise matters for shareholders and the insurance industry?

Leatherback Wins 2025 ‘Banking-as-a-Service Innovator of the Year’ Award

  • dollaers
  • October 10, 2025
  • Fintech
  • 0 comments

Global fintech firm Leatherback has been named “Banking-as-a-Service Innovator of the Year 2025” at the Brit Fintech Awards, a recognition that highlights the company’s growing influence in redefining how individuals and businesses move money across borders.

The award celebrates Leatherback’s commitment to making borderless banking simple, accessible, and inclusive for users around the world — from entrepreneurs and freelancers to large enterprises seeking faster, more flexible international transactions.

Driving Borderless Finance

Since its inception, Leatherback has focused on tackling one of the most persistent challenges in global finance — the complexity of moving money seamlessly between countries. The company’s platform provides integrated solutions that enable users to send, receive, and manage funds in multiple currencies without the friction typically associated with cross-border banking.

According to the company, this approach has not only empowered businesses to scale internationally but also supported individuals who earn or remit income across different markets.

CEO: “The Future of Finance Is Global”

Speaking on the award, Ochevhoya Ekpete, Chief Executive Officer of Leatherback, described the recognition as both a validation of the company’s mission and an inspiration to continue building solutions that promote financial freedom.

“We started Leatherback to solve a simple but universal challenge — moving money globally shouldn’t be difficult,” Ekpete said. “Winning this award reaffirms that vision and reminds us that the future of finance is truly global. We’re just getting started.”

He added that the company’s success is built on a deep understanding of customer needs, innovative technology, and a belief that financial inclusion must transcend borders.

Recognition for Innovation and Impact

Leatherback’s win at the Brit Fintech Awards underscores its leadership in Banking-as-a-Service (BaaS) — a model that allows businesses to integrate financial services directly into their own platforms through APIs and other digital tools.

The fintech’s infrastructure supports businesses of all sizes, helping them receive payments, manage liquidity, and expand into new markets without the heavy cost and complexity of traditional banking systems.

Industry experts say the award reflects the increasing importance of BaaS in today’s financial ecosystem, as more companies look to embed banking services into their digital operations.

Empowering a Global Community

In a statement following the award, Leatherback said the milestone belongs to its team, customers, and partners who share its vision for a borderless financial world.

“As we celebrate this achievement, we remain committed to creating products that help freelancers get paid faster, businesses grow globally, and individuals send money home easily and securely,” the company said.

About Leatherback

Leatherback is a global fintech company that provides cross-border financial solutions for individuals and organizations. Through its digital platform, users can access multi-currency accounts, manage international transactions, and make global payments with speed and transparency.

By combining advanced technology with robust financial infrastructure, Leatherback continues to drive innovation in borderless banking — making it easier for people and businesses to connect financially, wherever they are.

Coca-Cola System Leads Circular Economy Dialogue at the 31st Nigerian Economic Summit in Abuja

  • dollaers
  • October 9, 2025
  • Business
  • 0 comments

At the ongoing 31st Nigerian Economic Summit (NES) in Abuja, the Coca-Cola System showcased its commitment to sustainable industrial practices by sponsoring an impactful session on circular economy solutions. The event, titled “Driving Industrialisation through Circular PET Packaging: Unlocking Nigeria’s Green Economy,” gathered leading policymakers, government officials, and industry experts to discuss the transformative potential of circular packaging in advancing Nigeria’s environmental and industrial goals.

The session, sponsored by Nigerian Bottling Company (NBC), part of the Coca-Cola Hellenic Beverage Company (CCHBC), highlighted the critical role of circular economy principles in driving Nigeria’s green economy. Key speakers at the event included senior figures from government and industry, such as Senator John Owan Enoh, the Minister of State for Industry, Trade, and Investment; Hon. Shehu Wada Sagagi, the Commissioner for Commerce and Investment in Kano State; and a panel of distinguished thought leaders.

Senator Enoh Applauds Coca-Cola’s Leadership in Recycling Initiatives

During the keynote address, Senator John Owan Enoh praised the Coca-Cola System’s ongoing commitment to sustainable practices, particularly in the area of packaging recovery and recycling. He emphasized that initiatives like Coca-Cola’s nationwide recycling efforts were pivotal to advancing a circular economy in Nigeria. Enoh also commended the company’s role in creating new industrial opportunities while protecting the environment.

“In January of this year, I visited the Nigerian Bottling Company’s packaging waste collection hub in Apapa,” Senator Enoh remarked. “The efforts undertaken there, along with the National Automotive Design and Development Council’s End-of-Life Vehicle Regulation, are concrete examples of how the private sector can align with government policies to foster both sustainability and industrial growth. Coca-Cola’s work is a shining example of what can be achieved when innovation meets responsibility.”

The Minister also noted that the government was working diligently to create an enabling environment for the recycling and green manufacturing sectors. He pointed out that the traditional “produce, consume, discard” industrial model was outdated and that circular economy solutions could turn what was once considered waste into valuable economic opportunities. This, he argued, would drive the creation of new industries and significantly contribute to Nigeria’s green economic transition.

Panel Discussion Explores Circular PET Packaging and Industrial Growth

Following the keynote address, the session moved into a fireside chat, where the Minister was joined by other experts in a panel discussion. Notable participants included Hon. Shehu Wada Sagagi, Commissioner at the Ministry for Commerce & Investment, Kano State; Engr. (Dr.) Bahijjahtu Abubakar, Director of the Department of Pollution Control and Environmental Health at the Federal Ministry of Environment; and several other senior officials.

The discussion focused on the growing role of sustainable packaging solutions in Nigeria’s industrialization process, with a special focus on polyethylene terephthalate (PET) packaging. PET, often used in beverage containers, is recyclable and can be part of a circular economy model, where used materials are returned to the production cycle rather than being discarded. The panel also explored how circularity could create jobs, reduce environmental impact, and boost the local economy.

The Coca-Cola System’s role in the circular economy was particularly emphasized, with the company showcasing its network of collection hubs across Nigeria. Through these hubs, Coca-Cola is working to collect and recycle the equivalent of every bottle and can it sells, thus fostering a more sustainable production cycle.

Collaboration for Sustainable Growth

The Coca-Cola System’s commitment to advancing circularity in Nigeria is part of its broader global sustainability goals. The company continues to build partnerships with local communities, governmental bodies, and other industry stakeholders to promote recycling and circular economy initiatives across the country.

In her remarks, Amaka Onyemelukwe, Senior Director of Public Affairs, Communications, and Sustainability at Coca-Cola Nigeria, emphasized the company’s strategy to engage with communities at the grassroots level. Through various recycling programs, educational campaigns, and collaborations with environmental organizations, Coca-Cola is ensuring that sustainability is woven into the fabric of Nigerian society.

“The circular economy is about more than just environmental impact; it’s about creating a new, sustainable industrial ecosystem that benefits everyone. We believe that by working together with governments, industry, and communities, we can build a future where waste is minimized, and valuable resources are reused and recycled,” Onyemelukwe said.

Shaping the Future of Nigeria’s Green Economy

The session at the 31st Nigerian Economic Summit exemplifies the growing interest in circular economy solutions as key drivers of sustainable industrial growth. With increasing emphasis on green manufacturing practices, Nigeria has the potential to become a regional leader in sustainable economic development. By adopting circularity in packaging, the country can create new jobs, reduce waste, and foster a cleaner, more sustainable environment.

In closing, NBC’s Soromidayo George, Corporate Affairs and Sustainability Director, highlighted the importance of continued collaboration between the public and private sectors. “Sustainability and industrial growth must go hand in hand. By integrating circular economy principles into our production and consumption systems, we can unlock the full potential of Nigeria’s green economy.”

The 31st Nigerian Economic Summit continues to serve as a critical platform for dialogue between key stakeholders working to transform Nigeria’s industrial and economic landscape for a greener, more sustainable future.

DisCos Generate ₦564.7 Billion in Q2 2025 as Revenue Efficiency Improves – NERC

  • dollaers
  • October 8, 2025
  • Finance
  • 0 comments

Nigeria’s electricity distribution companies (DisCos) recorded a stronger financial performance in the second quarter of 2025, collecting a total of ₦564.71 billion in revenue — a modest but meaningful improvement from the previous quarter.

The data was released in the Q2 2025 Report of the Nigerian Electricity Regulatory Commission (NERC), which monitors performance trends across the nation’s power sector.


Modest Growth in Collection Efficiency

According to NERC, DisCos billed customers ₦742.34 billion in Q2 2025 and successfully collected 76.07% of that amount. This reflects a 1.68 percentage point rise in collection efficiency compared to the 74.39% recorded in the first quarter, when DisCos realized ₦553.63 billion from ₦744.26 billion billed.

NERC said the increase, though slight, demonstrates steady progress in revenue management, despite persistent operational and infrastructure challenges across the sector.


Eko, Ikeja, and Port Harcourt DisCos Lead the Pack

Three electricity distribution companies stood out for their strong revenue collection performance during the quarter — Eko, Ikeja, and Port Harcourt DisCos.

  • Eko DisCo maintained its top position with an impressive 87.80% collection efficiency, the highest in the country.

  • Port Harcourt DisCo showed notable improvement, climbing by 9.79 percentage points from the previous quarter.

  • Ikeja DisCo also advanced by 4.89 percentage points, consolidating its status as one of the sector’s most efficient operators.

Other performers that recorded gains include:

  • Benin DisCo, up by 5.04 percentage points,

  • Ibadan DisCo, up by 4.20 percentage points, and

  • Yola DisCo, up by 0.88 percentage points.

“These improvements indicate a gradual strengthening of operational and financial discipline among top-performing DisCos,” NERC stated in its report.


Jos and Abuja DisCos Struggle with Declining Performance

Despite the general progress, some distribution companies recorded setbacks in their collection efforts. Jos DisCo had the lowest performance, posting just 43.82% collection efficiency, while Abuja DisCo saw a 3.93 percentage point decline compared to Q1 2025.

NERC attributed these shortfalls to energy theft, poor metering coverage, billing disputes, and inefficiencies in customer management systems, which continue to hinder revenue recovery in some regions.


Why Collection Efficiency Matters

The regulator stressed that improving collection efficiency is essential for the sustainability of the Nigerian Electricity Supply Industry (NESI).

Stronger revenue performance allows DisCos to meet their financial obligations to the Transmission Company of Nigeria (TCN), the Nigerian Bulk Electricity Trading (NBET) company, and generation companies (GenCos) — all of which depend on timely remittances to sustain power supply stability.

“The liquidity of the power market depends heavily on how effectively DisCos collect payments from customers,” the report noted.


Background: Annual Revenue Trends

In its 2024 Annual Report, NERC revealed that DisCos collectively remitted ₦1.18 trillion, though the industry still faced an outstanding deficit of ₦185 billion, translating to an 86.47% remittance rate.

In Q4 2024, DisCos billed ₦658.40 billion but collected ₦509.84 billion, representing a 77.44% efficiency rate. While improvements were seen in early 2025, the sector continues to grapple with fluctuating revenues — as collection rates have historically dropped from highs of over 79% to as low as 74% in some quarters.


Outlook

NERC said it would continue implementing performance-based regulations and monitoring frameworks to push for higher accountability, improved customer billing accuracy, and the expansion of prepaid metering coverage across the country.

Experts believe sustained progress in revenue collection will be key to ensuring financial stability and reducing the funding gaps that have long constrained Nigeria’s power distribution network.

Customs Intercepts Contraband Worth Over ₦1.2 Billion in Six Weeks, Arrests Four Suspects

  • dollaers
  • October 8, 2025
  • Finance
  • 0 comments

The Nigeria Customs Service (NCS) has recorded a major breakthrough in its anti-smuggling campaign, with officers of the Federal Operations Unit (FOU), Zone A, seizing contraband goods valued at more than ₦1.2 billion in just six weeks.

The unit’s Comptroller, Mohammed Shu’aibu, disclosed this during a press briefing in Lagos on Tuesday, emphasizing that the operation reflected the service’s renewed vigilance and tighter enforcement measures across the South-West region.


₦1.188 Billion in Seized Goods

According to Shu’aibu, the confiscated items carried a Duty Paid Value (DPV) of ₦1.188 billion. The seizures, he said, resulted from the strategic deployment of intelligence, coordinated patrols, and inter-agency collaboration aimed at dismantling smuggling networks.

Among the seized goods were 5,015 bags of imported rice, equivalent to eight trailer loads, 15 used vehicles, 143 bales of second-hand clothing, two jumbo sacks of used shoes, and a sack of assorted worn apparel.

“These results demonstrate the Service’s unwavering commitment to protecting Nigeria’s economy from the damaging effects of smuggling,” Shu’aibu stated, as reported by the News Agency of Nigeria (NAN).


Drugs, Codeine, and Cannabis Among Intercepted Items

The Comptroller also revealed that officers intercepted 390 bottles of codeine, 310 packs of foreign-branded drugs, 19 cards of tramadol, and 210 used tyres during the operation.

In addition, a 20-foot container with registration number ONEU 2419369 FTC, declared as a different item, was discovered to contain 752 cartons of calcium lactate — a case of false declaration now under investigation.

Other contraband included 640 parcels of cannabis sativa weighing 431.8 kilogrammes and 460 jerrycans of petrol, totalling 11,500 litres, intended for illegal export.


Arrests and Recoveries

Shu’aibu confirmed that four suspects had been arrested in connection with the seizures and handed over to relevant agencies for further investigation and prosecution.

The command also recovered ₦39.2 million through demand notices issued against importers who attempted to under-declare their goods’ value between September 1 and October 7, 2025.

“These recoveries underscore our dedication to ensuring that legitimate traders comply with customs laws and pay accurate duties,” Shu’aibu said.


Collaboration with NAFDAC and NDLEA

The seized drugs and narcotics were handed over to the National Agency for Food and Drug Administration and Control (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA) for proper investigation and disposal.

NAFDAC Chief Regulatory Officer, Mr. Taiwo Kareem, commended Customs for its vigilance, revealing that the intercepted pharmaceuticals had expired between 2001 and 2023. He cautioned Nigerians against purchasing medicines from roadside vendors, warning of the dangers posed by expired or counterfeit drugs.

Similarly, NDLEA Deputy Commander of Narcotics, Mr. Nasir Bungudu, praised the synergy among the agencies, pledging continued collaboration in tackling drug trafficking and smuggling-related offences.


Customs Reaffirms Commitment to Border Protection

Reiterating the service’s stance, Shu’aibu emphasized that the NCS would continue to enforce the 2016 federal government ban on the importation of foreign parboiled rice and other prohibited goods through land borders.

He warned smugglers to desist from illicit trade, noting that the service would not relent in its efforts to protect the nation’s borders and economy.

“I commend the Comptroller-General, Bashir Adeniyi, for his visionary leadership and commitment to strengthening customs operations nationwide,” Shu’aibu concluded.

  • ‹ Previous
  • 1
  • …
  • 56
  • 57
  • 58
  • 59
  • 60
  • …
  • 63
  • Next ›
Forgot Password
Please enter your email address or username below.
*
 
Login
*
*
Lost Your Password
Dont have account? Signup
 
 
0