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Ecobank Group Signs A Remittance Partnership With Small World Financial Services



Ecobank Nigeria Announces Appointment of Independent Non-Executive Directors

Leading international money transfer provider Small World Financial Services (“Small World”), has signed a partnership with Ecobank -the leading Pan-African banking group, based in Lomé, Togo.

The agreement brings the strengths and assets of both organisations to offer money transfer services to Africans in the diaspora. This is an exciting development for both Small World and the Ecobank Group as Small World can continue to grow its global customer base as well as its 250,000 pick-up locations, while Ecobank, with its footprint across 33 African countries can further expand its remittance reach within African communities across Europe and other parts of the world. Small World customers will be able to access the unparalleled Ecobank Africa -wide network in three ways: Direct transfer to Bank accounts, mobile wallet; and cash pick up at any Ecobank location.

READ ALSO: Ecobank Named “Best Retail Bank In Nigeria 2020” – Asian Banker

This partnership will further financial inclusion in Africa as Ecobank will make available the Ecobank Xpress Account (a mobile based bank account developed for the unbanked and under-banked) for the recipients of remittances sent by Small World Financial Services’ customers.

Nick Day, Chief Executive and Founder of Small World, said: “We are delighted to be forging a partnership with Ecobank. It is a leading bank in Africa with over 50,000locations in the region which means our global customers get access to even more ways to send money home to African countries. Importantly, Ecobank shares our commitment in delivering great customer service alongside providing fast, affordable and reliable transfers.

”Nana Araba Abban, Ecobank Group Consumer Banking Head, added: “We’re proud to offer seamless payments across our vast borderless network in Africa. At Ecobank, we value partnerships, such as this, that enable Africans in the diaspora to remit money affordably and conveniently. This provides a win-win partnership as Ecobank can offer banking services to Africans wherever they are on the globe.”Ecobank shares Small World’s commitment of making financial services seamless, convenient, and interoperable across Africa.”


Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator



Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

Months after a plethora of court cases with counter judgments the investment community was greeted on the evening of Monday July 19, with the news of an amicable settlement to the long-standing dispute between the Securities & Exchange Commission (SEC) and the management of Oando PLC.


Unsurprisingly, Oando has since joined the Nigerian Stock Exchange (NSE) top gainers with a 9.87% increase in its share price from N3.97 on Friday, July 23, 2021, to N4.36 on Monday, July 26, 2021. The share price appreciation can be attributed to the recent settlement which saw Adewale Tinubu and his Deputy, Omamofe Boyo remain at the helm of affairs in the organization. Following the settlement news, investors poured into the stock helping it top the gainer’s chart.


Speaking on the jump in share price, an Oando shareholder in Lagos said, “We are glad that the dispute is finally over, and we thank the regulator and the management of Oando PLC for resolving the issue in the best interests of the shareholders. For four years, we the shareholders have been the ones on the receiving end. In just one week of settling, our share price has seen a significant increase. I am confident in the management of the company led by Wale Tinubu, other CEOs in his shoes might have caved in but he did not. He held strong to his belief and forged on till the end of the issue. I am hopeful that now that they are able to be fully focused on the business, we the shareholders will soon start to see a return on our investment.”

READ ALSO: Oando Foundation to Promote Environmental Education and Sustainable Action In Schools

A statement by the regulator reads that Oando neither denied nor accepted liability and the settlement will lead to the withdrawal of all pending court cases. Recall that Wale Tinubu and some of the company’s affected Directors had sued the regulator for infringement of their fundamental human rights in 2019. However, with the settlement, Wale Tinubu and all affected Directors will be required to withdraw said court cases while remaining in their respective executive leadership roles managing the company.


In addition, there will also be “payment of a monetary sum; and an undertaking by the company to implement corporate governance improvements.”


Speaking on the settlement, another shareholder said: “The regulator has done what it ought to have done months ago. I commend them for making this landmark settlement. This is not a time to erode homegrown businesses but to nurture them so they can continue to create value for the capital market and country at large seeing as we are currently in a recession. I especially commend the resilience and perseverance of Wale Tinubu for seeing this dispute through to resolution.”


Market players will be watching the impact of the signaling effect of the SEC settlement on Oando’s share price in subsequent days.

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Trending Video Of How Lady Set Ebeano Supermarket Ablaze



Trending Video Of How Lady Set Ebeano Supermarket Ablaze

A video in which a lady was captured on closed-circuit television (CCTV), setting Ebeano Supermarket on fire, has surfaced on the internet.

In the video which had since gone viral, the lady dressed in a black T-shirt and jeans can be seen walking down the books, lighters, and gas cylinders section of the supermarket located in the Lokogoma area of Abuja, and light up a fire that subsequently engulf the entire building. She, thereafter, vanished out of sight.

Aside from the building, goods valued at millions of naira were also lost to the inferno.

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MSMEs Vital For Nigeria Industrialization And Economy Growth – NAFDAC



MSMEs Vital For Nigeria Industrialization And Economy Growth - NAFDAC
Prof. Mojisola Adeyeye, Director-General of NAFDAC

Prof. Mojisola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has said that Micro, Small, and Medium Enterprises (MSMEs) were too critical a sector to be ignored.

A statement signed by the Agency’s resident media consultant, Mr. Olusayo Akintola, and issued to newsmen on Sunday, in Abuja, quoted Adeyeye as reiterating the important role MSMEs played in the nation‘s economy, pledging that the agency would continue to render its support to enable them to continue to act as catalysts to economic rejuvenation.

The Director-General (DG) said that globally MSMEs had contributed up to 45 percent of total employment and 33 percent of Gross Domestic Product (GDP) in emerging economies.

READ ALSO: The Impact Of Rural Industrialisation On Development In Nigeria

In a recent review of a 2017 survey on MSMEs, it is revealed that in Nigeria, there were 41.4 million MSMEs and about 99 percent belong to the micro sub-sector, which is the bedrock of Nigeria’s industrialization.

“This is the most important component of industrialization as set out in the Economic Recovery and Growth Plan of the federal government, the significance of MSMEs in the nation’s economy is critical.

Adeyeye urged entrepreneurs to be patient in obtaining NAFDAC’s certification before exporting goods, especially in the light of the revamped relationship between them and the agency in recent times.

“NAFDAC’s timeline for the processing of products for registration is 90 days and there are consistent efforts to ensure timelines are met, amongst which are the deployment of a robust e-registration platform.

“The e-registration platform is called NAFDAC Product Administration and Monitoring System (NAPAMS), which has the capacity for monitoring and assessment of timelines,” Adeyeye said.

She explained that If anybody went online to start the E-registration process and encountered any challenge, “there is an online assistant that is always ready to help in case of any challenge during the registration”.

Some people who have products that they think they can export, take shortcuts and they don’t also go to NAFDAC to test their products before they are exported.

“Thereafter, the government of the receiving country stops the product, and they reject it and destroy it, we all need to learn not to take shortcuts.

“This agency will not compromise global best practices and standards under the guise of placating its clients, who have refused to follow due process to get the required identification certification”, the NAFDAC DG said.

Adeyeye encouraged entrepreneurs to always wait for a duration of four and a half months to get their products registered.

She added that some of the compliance issues that were frequently observed ranged from labeling lapses, inadequate documentation, increased product analysis failure rate, and product rejects, especially with highly sensitive products.

However, the NAFDAC DG observed that the ongoing training and re-training of prospective NAFDAC applicants/MSMEs entrepreneurs on principles of good agricultural practices and others were yielding the desired reduction of such failures.

On the granting of approval for MSME production sites, the NAFDAC boss said that if a site designated for manufacturing and packaging was found to be filthy for the prospective product, NAFDAC would not approve such a site.

She, therefore, admonished MSMEs owners to always ensure that they complied with all relevant government policies and regulations; collaborate more amongst themselves, to jointly engage government constructively.

Adeyeye noted that if there was a sector that had got the most needed support from NAFDAC, “it is the MSMEs, with the reduction in the registration fee by 80 percent within six months in the year 2020.”

The first 200 applicants received zero registration fee, she said, adding that the agency also waived late renewal fees for those whose NAFDAC registration licenses expired during the same period.

According to her, the palliative given to the MSME sector in 2020 was not given to any other sector, because of its importance to the nation’s economy.

“The COVID pandemic might have slowed down some people who might have wanted to register. But, six months out of the nine months of the pandemic in 2020 was devoted to rendering help to the MSMEs”, Adeyeye said.

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