Following its signing of a memorandum of understanding with Babcock University, the Association of Certified Chartered Accountants (ACCA) has announced that the institution has emerged as the first ACCA accredited private university in Nigeria.
It said another major milestone was achieved when ACCA Nigeria certified Babcock University as an ACCA Accredited Institution.
Prior to the official presentation the ACCA delegation led by Country Manager ACCA Nigeria; Toyin Ademola met with the Head of the Accounting Department, Professor Ishola Rufus Akinkoye to discuss possible areas of support by ACCA to the growth of the department. During the discussions, Akinkoye said the university had obtained the buy-in of the university’s Parents Consultative Forum and added that parents were excited at the incorporation of ACCA into the accounting curriculum.
On its part, the ACCA committed to upgrading the accounting departmental library as part of its effort to support the students.
The Head of Education and Development, ACCA, Jonathan Mbewe, who was present at the meeting, spoke about ACCA’s willingness to support the university towards achieving Gold ALP status. He expressed his gladness that the department was eager to begin providing ACCA tuition and stated that the university currently meets the criteria to start the journey to becoming an ALP.
He added that ACCA aims to build capacity for the university internally and proposed engaging the lecturers of the university who were interested in becoming ACCA certified to offer them differentiated support to enable their success via the Tutor Excellence Program; which may not require academics to sit and pass ACCA exams in order to begin teaching the qualification.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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