- Nigeria Among Top Nations in Foreign Remittances
Western Union, an international money transfer services company, says Nigeria is one of the most connected countries in the world when it comes to receiving and sending money.
The company said it moved money from over 195 countries and territories into Nigeria in 2015
Western Union has operated in Nigeria for 20 years.
In a statement, the company said, “More than 195 countries and territories sent money into Nigeria, and 160 received money from Nigeria in 2015, reflecting the extraordinary global connections brought about by the rise in migration of Nigerians to many parts of the world.”
The Regional Vice-President, Africa, Western Union, Aida Diarra, was quoted as saying, “It is an honour to have served Nigerians for the past 20 years and connect them to and from nearly every corner of the world, moving the money that funds education, healthcare, everyday living and the dreams and aspirations of their families”.
Nigeria is the fifth largest remittance receiver globally, according to the World Bank.
Migration destinations have remained steady since a decade ago, according to Western Union’s own trend analysis.
The United States, the United Kingdom, Italy, Canada, Germany, Australia, France and Netherlands continued to be the favourite destinations while United Arab Emirates and Malaysia moved to the top 10, replacing Switzerland and Spain.
Diarra said, “The Nigerian spirit of hard work and resilience can be found around the world across all economic spheres.
“Western Union recognises that, at the start and end of every transaction are two people, and they rely on each other, just as much they rely on us to move their money reliably.”
She added, “It is this dual belonging that remains at the heart of our innovation to make it easy for Nigerians to send or receive money,”
Western Union bridges geographical gaps by diversifying the options to send and receive money with reliability, convenience, and speed.
From a single location in Lagos in 1996 with the First Bank of Nigeria Limited, Western Union has expanded its walk-in retail agent location count to more than 5,200, with presence in all the 36 states of the federation.
The company’s channel diversification focus also allows Nigerians to receive money into 2.2 million mobile wallets and more than 50 million bank accounts.
Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year
Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.
The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.
In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.
Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.
However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.
Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.
He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.
Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.
The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.
South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus
South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.
In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”
Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.
Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.
However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.
Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.
While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.
He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.
Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director
Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.
In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.
Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.
He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.
Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.
In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.
Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).
The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.
Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.
In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.
The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.
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