Connect with us


New naira notes: Hardship, currency rackeetering soar in Akwa Ibom



New Naira Notes

Even after the Supreme Court issued a ruling prohibiting the Central Bank of Nigeria, CBN, from enforcing the February 10 deadline for the phase-out of the N200, N500, and N1000 old naira notes, currency fraud in Akwa Ibom State persisted within the week.

It was noted that as long as there was a shortage of cash, traders, gas station managers, supermarket owners, POS operators, and bank employees continued to take advantage of the general public.

Unwilling to provide his identity, an Akwa Ibom resident described how he leaves his residence as early as 4 am to go to any bank’s ATM without having any money in his account.

He said he would stand in line, and when it came time for him to collect money, he would look for someone in a hurry who would not want to wait in the long line, sell their spot to them for N1,000, and then return to the line. He added that he makes between 5,000 and 10,000 naira daily from the business.

Akwa-Ibom 2023: I Am The Confirmed and Authentic PDP Guber Candidate- Umo Eno

It was learned that traders in important markets throughout the State, including Itam, Akpan Andem, Nyong Essien/Etuk, and others, would sell cash to POS operators for 10% instead of depositing it in the bank, and those POS operators would then charge their potential customers 15% to 20%, depending on the situation.

Ibiono Ibom Local Government Area native Kingsley bemoaned the fact that a POS employee persisted on taking a commission of N22,000 from the N200,000 he withdrew to buy a few things in the market for his father’s funeral on Friday.

He added that despite his efforts to avoid paying the POS attendants’ hefty charge by patiently waiting in the enormous lines at the banks, he was ultimately only able to obtain N5000.

The visibly distraught man said, “God will punish whoever or those that subjected me to this difficulty. That N22, 000 I used in paying for commission, I would have used it to buy up to four cartons of drinks. Only God will judge all these people.”

Another native, Inyene, described how the financial crisis affected her preparations for a wedding, saying that both her family and her fiance’s family had decided to postpone the traditional wedding to a later date in order to see if things would return to normal.

Akwa Ibom CAN seeks peaceful, active participation in 2023 polls

Since most petty traders and fruit vendors do not have bank accounts and those that have do not want to accept transfers due to the difficulty in receiving cash, the negative effects of the cash shortage have also filtered down to them.

Additionally, the lack of money is having a negative impact on overall work productivity, according to ICT expert and entrepreneur Maxwell Akpan, who also revealed that the uncertainty, worries, and concerns caused by the development are having a negative impact on the mental health and general wellbeing of his staff.




Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


BoI Expands Presence in Akwa Ibom State to Foster Economic Growth, Entrepreneurship




The Bank of Industry Limited (BoI) has taken significant steps to enhance its reach across Nigeria, with a particular focus on promoting economic growth, financial inclusion, and entrepreneurship development.

This commitment was underscored during the opening of its 32nd state office in Akwa Ibom State.

Olasupo Olusi, the Managing Director of BoI, expressed optimism about the bank’s expanded presence in Akwa Ibom, emphasizing the opportunity to amplify its impact on the state’s business landscape. He highlighted BoI’s ongoing support for businesses in Akwa Ibom, citing loans totaling over N1.92 billion provided to Micro, Small, and Medium Enterprises (MSMEs) projects in the state.

Olusi also lauded the alignment of BoI’s objectives with Governor Umo Eno’s economic blueprint, aimed at driving sustainable growth, job creation, and developmental impact in Akwa Ibom. He revealed plans for further collaboration with the state government to establish a dedicated matching fund partnership, aimed at supporting indigenous enterprises and empowering youth entrepreneurship.

Furthermore, Olusi urged the state government to address challenges related to collateral issuance and registration, emphasizing the importance of improving the ease of doing business for enterprises within the state.

Inaugurating the BoI branch office, Governor Umo Eno reiterated his administration’s commitment to supporting Small and Medium Scale Enterprises (SMEs) as a catalyst for economic development. He commended BoI’s role in transforming Nigeria’s industrial sector and providing essential financial support to SMEs and large enterprises.

Governor Eno emphasized the significance of SMEs as drivers of economic growth and praised BoI’s provision of low-interest, long-term loans to facilitate entrepreneurship and sustainable development. He highlighted the importance of partnership and access to funding in fostering enterprise growth and expressed confidence in BoI’s ability to support the state’s economic aspirations.

The establishment of the BoI branch in Akwa Ibom reflects a strategic collaboration between the public and private sectors to advance economic prosperity, job creation, and entrepreneurship development in the state.

Continue Reading


UBA Hits N1tn Market Cap on Strong Financials and Recognition.





…Market Cap Hits N1.022tn

United Bank for Africa (UBA) Plc achieved a significant milestone on Monday as it joined the exclusive league of companies with a market capitalization exceeding N1 trillion. This accomplishment coincided with the surge in its share price to N29.90 per share.

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue,

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.




Continue Reading


Akwa Ibom Assembly Committee Pledges Swift Passage of 2024 Budget, Emphasizes Focus on Agriculture




Dr. Itorobong Etim, Chairman of the House Committee on Appropriation and Finance in the Akwa Ibom House of Assembly, has assured that the 2024 Appropriation bill will be passed before December 31.

Etim conveyed this commitment during a press briefing addressing the 2024 appropriation bill presented to the Assembly by Gov. Umo Eno.

Encouraging collaboration, Etim urged Ministries, Departments, and Agencies (MDAs) to engage actively with the Committee during the budget defense process, emphasizing the need for a swift passage of the 2024 budget.

Representing the Uruan state constituency, Etim acknowledged the government’s continuity, emphasizing that the governor would build upon programs initiated by the previous administration. She assured the public of the Committee’s willingness to engage with MDAs to expedite the bill’s passage.

“I want to assure members of the public that the Committee will be willing to interface with Ministries, Departments, and Agencies (MDAs) to ensure the passage of the bill within record time,” Etim affirmed.

Noting the imperative of efficiency, Etim called on heads of MDAs to collaborate closely with the committee, warning against any unnecessary delays during the budget defense process.

The chairman highlighted the governor’s emphasis on the 2024 budget’s focus on enhancing the agriculture sector to achieve food sufficiency for the residents of Akwa Ibom. The commitment to expeditious budget passage and a focus on agricultural development reflects the Assembly’s dedication to advancing the state’s economic and agricultural goals.

Continue Reading


Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.