Business

Nigerian Man Takes $500,000 Cash to Deposit in a Bank, Causes Stirs

Published

2 years ago

November 15, 2022

Nigerian man counting dollar bills in a bank

A Nigerian man caused a stir in one of the new-generation banks when he went to deposit $500,000, approximately N200 million. The picture of the unidentified man circulated on social media has left many asking ‘God when.

A breach of Money Laundering Act?

The picture was taken in an unknown bank in Nigeria and has left many bewildered about why such an amount of dollars would be hoarded or kept by an individual.

It is not clear if the person had violated the money laundering act as Nigeria grapples with dollar scarcity which previously led to the crash of the naira. Last week, the Central Bank of Nigeria reportedly pulled $1.8 billion from the external reserves to shore up forex liquidity, leading to a decline of the reserves.

One person responded: “Don’t envy him. Do you know if he might be a kidnapper, terrorist or bandit? They are the ones rolling in ransom dollars now”

Another said: “Continue to pretend. The money you asked someone to deposit into your Dorm account and instructed him to send pictorial evidence of payment.”

The recent glut of dollars in the market has been identified as the reason for the sudden appreciation of the naira. Analysts believe that many who hoarded the dollar in or converted their naira into dollars are flooding the markets with the US greenback.

READ ALSO:

Abbas Yishau, a journalist with Radio Now in Kano, told Legit.ng that many hoarders are scared that some denominations of dollar bills beyond certain dates will be rejected.

According to Yishau, the rumour that the US cautioned that some of its denominations printed on certain years, especially those below 2021, won’t be accepted has spurred many into flooding the markets with the dollar. A currency trader in Lagos, Ishaya Abdul, said that currently, there are so many dollars in the market. He said many forex traders are disposing of the dollars as the purported threats by the US swirl around. He said:

“What is happening now is that most FX traders are releasing the dollars they have hoarded in the past. Right now, the dollar is crashing very fast.”

If there will be any time the naira will fall, Abdul said the current move by the Central Bank of Nigeria (CBN) to redesign banknotes is also partly why many are dumping the dollar and the naira in the market.

READ ALSO:

Abdul said:

“After the CBN is done with the naira redesign, we will likely see the naira stabilise again. Already, the naira is devalued by CBN, so the sudden strength is probably artificial,” Abdul said.

The CBN has set December 15, 2022, as the date for introducing new naira notes and January 31, 2023, as the date for the cessation of old naira notes.

Claims the US would reject dollar bills below 2021 in 2023 is untrue

Legit.ng reported that the news comes amid fears that the Central Bank of Nigeria (CBN) plans to redesign certain banknotes denominations and render old ones useless and unacceptable by the end of January 2023. Due to the plans by the apex banks, there is a frantic rush for the US dollar as more Nigerians, especially those who have hoarded the local currency, seek to exchange them for the US dollar. According to the news, the US government has warned Nigerians and other nationals that it would not accept older dollar bills below certain years, especially the ones printed in 2021.

Business

After Multichoice lost 243k subscribers, More customers threaten to leave

Published

12 hours ago

November 13, 2024

Trends Admin

After Multichoice lost 243k subscribers, More customers threaten to leave

Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.

The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.

MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.

In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.

The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.

“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.

READ ALSO:

“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.

“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.

Meanwhile more customers in Nigeria have threatened to switch allegiance.

While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”

On X, @AGUNviews wrote: “They will lose more subscribers”

@Jaheim007: “The numbers are about to triple.”

@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”

@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”

@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”

@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”

@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”

@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”

@rilwan_ola01: “They will suffer even greater losses.”

After Multichoice lost 243k subscribers, More customers threaten to leave

Business

XGT Smart Consults unveils renewable energy, others power solutions

Published

19 hours ago

November 13, 2024

Trends Admin

XGT Smart Consults unveils renewable energy, others power solutions

XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.

The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.

This is contained in a statement by the XGT, revealing a holistic approach to energy provision.

It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”

It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.

This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.

Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.

“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.

“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”

According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.

“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.

“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.

The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.

“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.

“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.

Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.

“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.

“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.

“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”

As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.

Business

Naira: Confidence in Nigeria’s economy drops, says CBN report

Published

20 hours ago

November 13, 2024

Trends Admin

Naira: Confidence in Nigeria’s economy drops, says CBN report

Following continued depreciation in the value of naira, many businesses and their operators have lost confidence in the Nigeria’s economy.
Indeed, a survey by the Central Bank of Nigeria (CBN) showed the Overall Confidence Index falling by 3.2 index points to 14.5 from 17.7 index points.

This was the highlight of the Business Expectation Survey, BES of the Central Bank of Nigeria, CBN, for October which also showed decline in the Overall Confidence Index, OCI, for the current month, next month and the next six months.

According to the CBN the OCI for the current month, next month and the next six months fell to 1.4, 4.8, and 21.8 index points in the October BES from 3.2, 6.2 and 29 index points in the September BES.

The survey also indicates that the decline in confidence in the economy is being driven by firms’ expectation of further depreciation of the naira before the end of the year.

READ ALSO:

The CBN said: “The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024.

“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect appreciation in the next 6 months.

“Top six business constraints high interest rate, insecurity, high/multiple taxes, inadequate power supply, unfavorable economic climate, financial problems.

“The optimism on business outlook in the current month is driven by the opinion of respondents from all the Sectors except the Industry Sector.

“Most Sectors expressed optimism on their own operation in the review month. The outlook of respondents on the Volume of Business Activities, the Volume of Total Order, Financial Conditions, and Access to Credit were all positive in the review month.