Nigerians have requested free subscription from DStv after the cable-TV company donated N1.2 billion towards the fight against the spread of the Coronavirus disease.
DStv had announced that from the N1.2 billion, FG would be given N500 million while Lagos State would receive N50 million. The company also stated that it would provide N400 million to cover the remuneration of engaged producers, actors and other technical professionals in the creative industry, whose production was disrupted by the Coronavirus pandemic.
Nairametrics had reported that Nigeria recorded its first case of COVID-19 late February 2020, but the figure has since risen to 174, with two people dead, while 9 people have been discharged after treatment.
— DStv Nigeria (@DStvNg) April 1, 2020
Chairman, DStv Nigeria, Adewunmi Ogunsanya, said, “We recognise the impact that the COVID-19 pandemic has on Nigerians and the economy.”
However, Nigerians protested this decision, asking for free subscription and better service.
Nigerians are not impressed: Despite being a worthy course, some Nigerians believe the donation would be of no use as the people would not feel the impact.
While the fear of a possible price hike after the pandemic clouded the announcement, many suggested that the donation should be used to offer free subscription for one or more months.
One of them, simply known as Nnaemeka @thisisemeka on Twitter, expected DSTV to reduce its tariff and not make such donations. He said,
“All these audio money we no go see or feel”. @okiezeokieze supported Emeka’s opinion, stating that, “Better use money to extend subscribers subscriptions for one month instead of giving to government that will not release it.”
Better use money to extend subscribers subscriptions for one month instead of giving to government that will not release it
— Okezie Azuma (Obed) (@OkezieOkezie) April 1, 2020
@sonic30465927 said, “Give all your subscribers 2 months free view” while @Maybyshantel1 responded, “Don’t mind them, ordinary 3days free view they won’t give…rubbish”.
Don't mind them, ordinary 3days free view they won't give…rubbish
— Shantel (@Mabyshantel1) April 1, 2020
Another user @Vicente tweeted, “Hope our subscription fees is not hiked after the pandemic is over” Reacting to her statement, @OmnIkhine said, “Don’t mind them instead of them to auto renew all subscriptions then dey dash govt money help me ask them if na govt dey pay our subscriptions.”
Don’t mind them instead of them to auto renew all subscriptions then dey dash govt money help me ask them if na govt dey pay our subscriptions
— magnus omon ikhine (@omonIkhine) April 1, 2020
You have not fulfilled any of your obligations to your customers and then you are making this announcement. Definitely audio money
— Ayatutu Retail (@AyatutuRetail) April 1, 2020
I wonder where all this money is going to…. reduce tariff or give us free subscription..donation one rubbish audio money mshwww
— 🧠Dãńiellå🦄 (@Mo_Daniella) April 1, 2020
Giving us one month free subscription would have made more sense, they will loot this money, you just made one or two politicians richer….
— Onyeka John CFC (Nwa wa wa) (@onyeka18) April 1, 2020
You guys should support Nigerian directly, all these governments are not really representing us. Give us full subscription for one month to enjoy staying at home
— Dont Dull 🌍😷 (@Alembio_A) April 1, 2020
Who send una work??🙄 Nigeria government tell @DStvNg say Dem need money?
We no even need free subscription all we want na make our subscription end one month of usage not one month after subscribing… Sometimes we pay for what we don't use
— Nuelontop (@ENuelontop) April 1, 2020
That one na government go chop am,do what will affect you customers directly.
— olalekins (@lekan_ogunleye) April 1, 2020
Just reduce price for subscriptions this period and forget committing any amount to assist FGN they're have all it takes but embezzlement will never allow them.
— ClementAEse (@ClementAEse2) April 1, 2020
CBN launches framework for advancing women’s financial inclusion in Nigeria
The CBN in collaboration with EFInA has launched a framework to advance women’s financial inclusion.
The Central Bank of Nigeria on September 29, 2020, virtually launched the framework of advancing women’s financial inclusion. This was disclosed in an online event tagged “Access to Finance Framework for Women” and anchored by Dr Paul Olukpe.
The framework was conceptualized by the Financial Inclusion Special Intervention Working group and developed by the CBN in collaboration with EFInA and Women’s World Banking with input from over 50 stakeholder institutions.
The overarching vision of the framework is for Nigeria to be globally recognized, with an inclusive financial sector that has closed the gender gap by 2024. The framework further itemizes 8 strategic imperatives for driving improved access to finance for women in Nigeria.
In the online event monitored by Nairametrics, the Deputy Governor, Financial System Stability of the Central Bank of Nigeria, Mrs. Aisha Ahmad justified the new initiative by citing EFInA’s last report on financial inclusion in 2018 as a yardstick.
Recall that EFInA 2018 Financial Inclusion report indicated gender imbalance and a clear need to attend to the issue of growing female financial exclusion. For example, the report stated that 40.9% of females were financially excluded as against 32.5% of males. Mrs. Ahmad remarked that perhaps, the figures might even be wider if unattended to especially in this period of crisis.
Mrs. Ahmad urged financial institutions to address structural issues limiting women’s access to finance by understanding and developing products that are specifically tailored to address such issues.
Why this matters
Empirical studies have shown that supporting a stronger role or empowering women is a key enabler in reducing poverty, stimulating economic growth and ensuring sustainable development. Citing ‘’The Power Parity Report by McKinsey’’, the Director of development finance department of CBN, Mr Yusuf Philip Yila, stated that the economic consequences of pursuing gender equality include a potential addition of $28trillion to global annual GDP by 2025.
This framework is a big boost to achieving SDG’s goal of gender equality and Nigeria’s financial inclusion targets simultaneously.
HealthPlus crisis: Alta Semper directors reported to Police for trespassing
HealthPlus has made a formal complaint to the Police following its ensuing battle with Alta Semper.
Nigerian Pharmacy Chain, HealthPlus Ltd which is in a battle for control with private equity firm Alta Semper Capital took a new twist as Health plus reported Alta Semper directors to the police last week, as observed in a document seen by Nairametrics.
In a letter sent to the Assistant Inspector General of Police on the 25th of September, HealthPlus stated, “We had the presence of unknown persons around our head office locations.”
The locations stated were 4 HealthPlus branches in Lekki, Lagos.
HealthPlus stated further, “We are aware that there are unauthorized and illegal plans by certain persons to take over our company premises to steal sensitive company property and assets, and ultimately take over operations of the company”
The 4 persons mentioned by HealthPlus are; Zachary Fond and Ivan Genadiev (both Alta Semper Directors), Ernest Eguasa, CFO of company and an unidentified middle-aged white man.
Explore the Nairametrics Research Website for Economic and Financial Data
Niarametrics reported last week that HealthPlus Limited appointed Chidi Okoro as Chief Transformation Officer.
However, the announcement set off a chain of allegations and counter-accusations, including online media mudslinging with both sides trying to court public sympathy for who is in control of the company.
P&ID dispute: UK Court orders $200 million guarantee to FG
Nigeria’s Foreign Exchange Reserves was boosted after a London Court ordered the release of $200Million placed as security in the case against P&ID.
A London Commercial Court has ordered the release of a $200 million guarantee as security to be paid to the Nigerian government in the P&ID $10 billion Arbitral Claim.
This was disclosed in a social media statement by the Central Bank of Nigeria on Tuesday.
Nigeria's Foreign Exchange Reserves was this morning boosted by over $200Million when the London Commercial Court ordered the release of the $200Million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim.
— Central Bank of Nigeria (@cenbank) September 29, 2020
Nairametrics reported earlier this month that The Federal Government secured a landmark victory in its bid to overturn a $10 billion arbitration judgment award against it in a case against Process and Industrial Developments (P&ID).
The Court said that Nigeria has established a strong prima case that the contract was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria. He said that there is also a strong prima face case that the P&ID’s main witness in the arbitration, Mr Quinn, gave perjured evidence to the tribunal, and that contrary to that evidence, P&ID was not in the position to perform the contract.
In today’s statement, the CBN said, “Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200Million when the London Commercial Court ordered the release of the $200Million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim.”
“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”
On January 31, 2017, an arbitration tribunal had ruled that Nigeria should pay P&ID, the sum of $6.6 billion as damages and breach of contract after a 2010 deal for a gas project in the Niger Delta part of Nigeria collapsed. The pre and post judgement accrued interest of 7% has seen the amount standing against Nigeria, rise to almost $10 billion, an amount that will be a serious dent on the country’s external reserve.