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Business News

Report ranks Nigeria lowest on wealthy-poor bridging gap

Oxfam has ranked Nigeria, Singapore, and India among countries widening the gap between the wealth and poor.

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non-outperforming economies

A new report by Aid agency, Oxfam has ranked Nigeria, Singapore, and India among countries widening the gap between the wealthy and the poor.

In its index report highlighting those countries doing least to bridge the divide ranked South Korea, Georgia, and Indonesia among countries trying to reduce inequality through its policies on special spending, tax and labour rights.

According to the report, Nigeria has an unenviable distinction of being at the bottom of the index for the second year in a row. Describing Nigeria’s social spending on Health, education and social protection as “shamefully low”, the report noted that this is reflected in poor social outcomes for its citizens.

“One in 10 children in Nigeria does not reach their fifth birthday, and more than 10 million children do not go to school while sixty per cent of these are girls. The minimum wage has not increased since 2011 and social spending has stagnated.”

This report is coming few weeks after McKinsey Global Institute, a research arm of McKinsey and Company, ranked Nigeria and 10 other emerging countries among the non-outperforming economies. The report by the renowned institute examined the long-term economic track record of 71 developing economies and identified China and India as the leading outperformers.

Recall that last month, HSBC released a report on the country’s economic outlook, in the report titled Nigeria, Papering Over The Cracks, the bank stated that while higher oil prices had boosted Nigeria’s external position and provided a veneer of macro stability, the economy’s oil dependency and structural shortcomings are evident in a tepid pace of growth and fiscal fault.

The report by Oxfam further put to question the sincerity of the Buhari-led administration in tackling issues of unemployment and infrastructural development in the country. The Social Intervention Program of his administration has yielded no positive result.

Oxfam, however, warned that world leaders risk failing on their pledge to reduce inequality by 2030 and urged them to develop plans to close the gap which should be founded on progressive taxation and clamping down on tax dodging.

Oxfam was founded in 1942 and it is a group of 20 independent charity organisations focusing on alleviating global poverty.

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

British airways

Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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