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“In 2020, Nigeria Owes China $3billion” – World Bank

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Africa’s largest economy, Nigeria, has so far borrowed $3.121 billion, approximately (N1,236 trillion), from China as at March 2020, the World Bank has revealed.

The amount represents only 3.94 percent of Nigeria’s total public debt of $79.21 billion as of September 2021.

Similarly, in terms of external sources of funds, loans from China accounted for 11.28 per cent of the External Debt Stock of USD27.67 billion as of the same date.

According to the World Bank, the total borrowing from China of USD 3.121 billion as of March 31, 2020, are concessional loans with interest rates of 2.50 per cent per annum with a tenor of 20 years and a grace period (moratorium) of seven years.

”These terms are compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007. In addition, the low-interest rate reduces the interest cost to the government while the long tenor enables the repayment of the principal sum of the loans over many years.

These two benefits, make the provisions for debt service in the annual budget lower than they would otherwise have been if the loans were on commercial terms,” a newly released world bank document said.

”The $3.121 billion loans, the document, explained, are project-tied loans. The projects, (eleven – 11 in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), Abuja Light Rail Project, Nigerian Four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and Rehabilitation and Upgrading of Abuja – Keffi- Makurdi Road Project.

”The impact of these loans is not only evident but visible. For instance, the Idu – Kaduna Rail Line has become a major source of transportation between Abuja and Kaduna. Also, the new International Airport in Abuja has improved air transportation for the populace, while the Lagos – Ibadan Rail line when completed, will ease traffic on the busy Lagos-Ibadan Expressway.

”The projects also have the added benefits of job creation, not only by themselves but through direct and indirect service providers, a number of which are Small and Medium Enterprises,” the document, further explained.

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All You Need To Know About Dr. Adaora Umeoji, The New GMD/CEO of Zenith Bank Plc

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On June 1, 2024, Adaora Umeoji will become the new Group Managing Director/Chief Executive Officer of Zenith Bank Plc, replacing Ebenezer Onyeagwu, whose five-year term ends on May 31, 2024. Zenith Bank announced this on its website on March March 19th 2024.

The appointment is a historic moment as Adaora Umeoji becomes the first female GMD/CEO since the bank’s inception in May 1990.

According to the bank’s statement, “Her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.”

Adaora Umeoji has almost thirty years of experience in banking. She previously served as the deputy managing director of the bank, a role she assumed in October 2016. She has been with the bank for nearly twenty-six years.

Early Life and Education

•Dr. Adaora’s journey began in Jos Nigeria

• She holds a bachelor’s degree in sociology from the University of Jos, a bachelor’s degree in accounting, and a first-class honours degree in law from Baze University, Abuja.

•She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

• She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.

•Umeoji is an alumnus of Harvard Business School, where she attended the Advanced Management Programme, and an alumnus of Columbia Business School with a Certificate in the Global Banking Program.

Dr. Adaora’s Professional Ascension

•Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to 30 years of banking experience of which 26 years has been with Zenith Bank.
Adaora Umeoji, founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.

Chart Success In Leadership

• Umeoji being the first female to be appointed as GMD of the bank effective June 1, 2024
• Dame Adaora Umeoji stands as a shining example of empowerment and leadership and as a role model for aspiring individuals worldwide.

•Despite her accomplishments, Adaora Umeoji emphasizing the importance of humility and focus on one’s mission.

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Binance To Discontinue All Nigerian Naira Related Services

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Cryptocurrency exchange, Binance, has announced plans to discontinue all services related to the Nigerian naira.

Binance, a cryptocurrency exchange platform, was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value.

The company is, in addition, facing allegations of terrorism financing, money laundering and tax invasion, among others.Nigeria is one of the largest peer-to-peer crypto markets in the world.

Between July 2022 and June 2023, crypto transactions in the country reached $56.7bn, according to Chainalysis.But the company, in a statement on Tuesday, advised users to withdraw NGN, trade their NGN assets or convert NGN into crypto.

The statement read, “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.

“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).

“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.

“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

“If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.”

Recently, the government through the Nigerian Communications Commission blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Binance customers are asking if Binance is leaving Nigeria completely.

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“I And My Team Are Not Responsible For The Woes That We Have Today ” – Current CBN Governor

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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said that he’s not responsible for the economic challenges facing the country.

Cardoso said this at the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27. He also said that the CBN is taking necessary steps to get the country’s fiscal and monetary health back to normal.

He said;

”I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor; I and my team, are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

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