The Confederation of African Football (CAF) has officially announced the prize money for the 2023 Africa Cup of Nations (AFCON), setting the stage for an intense battle as teams vie for the prestigious trophy. As the tournament progresses into the quarter-finals, it’s clear that there’s more than just glory at stake.

The winning team of the 2023 AFCON will earn a substantial $7 million, marking a significant achievement in their football journey. The runner-up is also set for a generous reward, receiving $4 million, while the semi-finalists who do not advance to the final will each be awarded $2.5 million.

Teams making it to the quarter-finals will be granted $1.3 million, demonstrating the tournament’s high regard and competitive spirit. Additionally, participants who exit at the round of 16 stage are not left behind, with each team receiving $800,000.

Even the teams that finish third in their respective groups will see financial compensation, securing $700,000, and those ending their campaign at the bottom of their groups will get $500,000. These incentives highlight CAF’s commitment to supporting and rewarding the efforts of all participating teams.

Amidst the anticipation for financial rewards, the Nigerian team, the Super Eagles, are focused on clinching their fourth AFCON title as they prepare to face Angola in a crucial quarter-final match in Abidjan. A victory against Angola would not only advance Nigeria in the competition but also edge them closer to the substantial $7 million prize.

While the monetary incentives add an extra layer of excitement, the primary goal for the teams remains to secure the esteemed AFCON trophy. Winning the tournament is a testament to continental supremacy and an indelible mark in the annals of African football history.

With the quarter-finals underway, the competition is heating up, and fans across Africa are eagerly watching as the remaining eight teams contend for the trophy and their share of the lucrative prize pool.

Commercial banks in the country are heaving a sigh of relief as the Central Bank of Nigeira (CBN) reversed to its old ways of calculating and deducting cash reserve requirement (CRR), a move that analysts say will see an increase in the loan books of banks.

While the move has been commended and described as one of the best news for banks in recent time, there are still questions that remain unanswered. The CBN had issued a circular titled “Cash Reserve Requirement Framework Implementation Guideline” yesterday to all banks and signed by the acting Director Banking Supervision department, Dr Adetona Adedeji.

According to the circular, the CBN is ceasing daily CRR debits and will be adopting an updated Cash Reserve Requirement (CRR) mechanism that is intended to facilitate banks’ capacity for planning, monitoring, and aligning their records with the CBN.

CRR is a percentage of a bank’s total deposits that it is required to maintain in the form of cash reserves with the central bank. Central bank across the world use it as a monetary policy tool to control the money supply in an economy and influence inflation and liquidity levels.

In Nigeria, the CRR has been set as 32.5 per cent of deposits and the CBN has in the past computed CRR daily and regularly debited trillions of naira from banks’ account but the new circular states that the determination of the segment of deposits subject to sterilization with the CBN as CRR will follow the old process.

Accordingly, it stated that in phase one of the process, the determination will utilize an incremental approach as “the extant ratio (32.5%) will be applied to increases in the banks’ weekly average adjusted deposits.”

This means that after the CRR has been debited, only the increase in the deposits will be sterilized onward. Typically what happened before the rule was changed by the previous CBN leadership was that every two weeks, if the deposit of the bank increased, the CBN will take 32.5 per cent of the increase of as additional CRR. This is the process that the CBN is reverting to.

Also, the circular noted that “CRR levy of 50 per cent of the lending shortfall will be enforced for banks that do not meet the minimum Loan to Deposit Ratio (LDR) as per our correspondence to all banks referenced BSD/DIR/GEN/LAB/12/049 dated September 30, 2019.”

LDR the proportion of a bank’s total loans to its total deposits, and is calculated by dividing the total loans by the total deposits and then multiplying the result by 100 to express it as a percentage. The CBN had set LDR at 65 per cent, thus with the new guideline, the CBN in addition to the CRR, the penalty for not meeting the LDR is 50 per cent of the shortfall of what should have been given out.

Commenting on the latest guideline, President, Nigerian Economic Society, Professor Adeola Adenikinju, a member of the Monetary Policy Committee which had set the previous rule noted that under the previous CBN governor, the dynamic CRR (DCRR) was introduced to compel the banks to lend instead of just buying government fixed income assets or playing in the forex account with surplus cash.

He explained that the DCRR was “designed to compel banks to do more lending and reduce their surplus cash that they could put into the forex market or into fixed income assets. Emefiele introduced the LDR, loan to deposits ratio, which is the minimum rate of deposits that banks must lend. Any bank that failed to meet the LDR, the shortfall is taken away from the bank balances and added to the CRR. Hence, the actual CRR was much higher than the 32.5 per cent.”

To Head of Financial Institutions ratings at Agusto & Co, Ayokunle Olubunmi, “this is one of the best news that the banks can have. The current rate for CRR is 32.5 but what we have seen in the era of the former CBN governor is that they don’t adhere to the rule. The CBN can just wake up and debit you anyhow. There were some banks that had over 50 per cent of their naira deposit sterilized with the CBN.”

Nine months financials of 10 banks for the period ended September 2023 showed that their CRR stood at N13.81 trillion up from N9.56 trillion a year ago, representing a 45.51 percent increase.

Speaking on the LDR, Adenikinju said “the new circular has reduced how much banks could lose to failure to meet the LDR to 50 per cent instead of the entire amount, as was the practice in the past. The new circular would also allow the banks to estimate their CRR and be able to plan more effectively.

“This would also be done weekly instead of daily. It will also now be universal among the banks instead of selective applications in the past. The 50 per cent additional CRR would be equally applied to all the banks that fall below their LDR”

On implications for banks, Olubunmi said it will enable banks to be able to plan adequately “they will be able to know how much the CBN will sterilize and they can plan thier portfolios and their activities. That is what the banks have been complaining of. They don’t even know how the CRR has been deducted. They what to know what we are working with so that we can plan adequately.

“Secondly, we will see a significant increase in the industry loan book because a lot of banks will be working towards avoiding the penalty that comes with not meeting the LDR.” However the circular remains unclear as to whether the CBN will refund excess CRR that has been deducted as well as what it will do in the case where the deposit reduces rather than increase.

Leadership findings reveal that the CBN is yet to refund CRR of some merchant banks after it revised downwards their CRR from 32.5 per cent to 10 per cent.

Following the growing spake of insecurity in the country, a chieftain of the People’s Democratic Party (PDP) and former campaign spokesperson of Atiku Abubakar, Daniel Bwala, has said President Bola Tinubu regrets the anger and frustration expressed by Nigerians.

Bwala made the remark while speaking in a statement issued via his official X handle on Wednesday, January 31.

He assured Nigerians that President Tinubu would do everything possible to address the security and economic challenges confronting the country.

Bwala said the hydra-headed security challenge is a test to Nigerians, but the president would ensure it’s resolved in due time.

He, therefore, charged the citizens to remain resilient and keep faith in the country, stressing that Nigeria is a unique country of resilient people.

He wrote: “Fellow countrymen, keep faith with your country; Nigeria is a unique country of resilient people.

“@officialABAT will do whatever he can to address the myriad of challenges confronting the Nigerian people.

“Your frustration and anger are deeply regretted. But I assure you that the labour of our heroes’ past shall never be in vain.
The hydra-headed security challenge is testing our resolve, but If we stay hopeful and resilient amidst these trying times, we will rise undaunted as a nation.”

President Bola Tinubu has uplifted the morale of the Super Eagles of Nigeria after calling them on video call.

The call was made ahead of Super Eagles match against Angola in the ongoing African Cup of Nations tournament.

Speaking via video call from France, the President urged the players to reach for goals in the crucial Africa Cup of Nations quarter-final clash against Angola this evening.

The video call was posted on his son, Seyi Tinubu’s Instagram story on Friday, February 2.

Nigeria vs Angola is the first quarter-final game of the ongoing TotalEnergies CAF Africa Cup of Nations by 6 pm today.

All eyes are on the Super Eagles of Nigeria as they slug it out against Angola in the AFCON Cote d’Ivoire 2023.

The target for Nigeria is to qualify for the semi-final.

The winner between Nigeria and Angola on Wednesday, February 7, 2024, at the 40,000-capacity Peace Stadium in Bouake, will face the winner of Cape Verde vs. South Africa to be played also on Friday.

The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This is coming weeks after the rate was increased from N783/$ to N952/$.

In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$ in December.

However, it was observed on Friday that the new rate has been reflected on the portal of the Nigeria Customs Service.

According to Punch, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with the newspaper on Friday, said, “How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.

“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation. The sector have been neglected and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”

Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar,”

Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.

“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.

The Department of State Services, DSS, has cautioned all contending parties in the February 3, 2024 by-elections to shun all acts capable of causing a breakdown of law and order.

The agency enjoined public commentators, social critics and key players in the public space to consider the peace of the country over and above their personal or group interests.

This is even as the Service assured that it will work with the Independent National Electoral Commission, INEC, other sister security and law enforcement agencies and all stakeholders to ensure a hitch-free election.

This was made known in a statement on Friday by Peter Afunanya, the Director, PR & Strategic Communications, DSS National Headquarters, Abuja.

Afunanya assured that the DSS will continue to implement proactive measures to achieve the desired stability in the country.

He further advised those engaging in subversive endeavours or desirous of doing so to desist from such as the Service will not hesitate to ensure that defaulters, no matter how highly placed, face the full weight of the law.

The Central Bank of Nigeria (CBN) has prohibited banks and fintech companies from engaging in international money transfer services.

This directive, outlined in the revised guidelines for International Money Transfer Operators (IMTOs), was officially communicated on January 31, 2024.

The exclusion mentioned in the document pertains to individuals associated with the management, shareholders, and officers of banks.

The document reads: “All banks are prohibited from operating International Money Transfer services but can act as agents.

“Also, Financial Technology Companies are not allowed to obtain approval for IMTO.

“The provisions of BOFIA 2020 on the prohibition of employment of certain persons in banks shall also apply to IMTOS.”

In the previous guidelines issued in 2014, only deposit money banks were prohibited. However, the CBN has extended the ban to fintechs.

N10 Million Application Fee

The apex bank also increased the application fee for IMTO licence from N500,000 in 2014 to N10 million in the revised guidelines. This is an increase of about 1,900% in about 10 years.

The document noted that any IMTO intending to operate in Nigeria shall submit its application to the Director, Trade and Exchange Department with the following documents, among others:

“A non-refundable application fee of N10,000,000.00 (Ten Million Naira only) or such other amount that the Bank may specify from time to time; payable to the CBN through electronic transfer or bank draft.

“Approval to operate in other jurisdictions or agency agreement (for all IMTOs).

“Evidence of tax clearance and incorporation documents in Nigeria (for indigenous IMTOS) to include Memorandum and Articles of Association (Certified True Copy), of which the primary object clause shall indicate provision of money transfer services.”

There is also an annual renewal at a fee of N10 million naira, or any amount that the apex bank may specify from time to time; payable to the CBN through electronic transfer or bank draft on or before 31st January of the year.

It was also noted that the renewal of IMTO approval shall be done within the first quarter of every year, adding that where an IMTO fails to avail its agent bank of a copy of CBN renewal of its IMTO approval for that year within the first quarter of the year, the bank should cease any further transaction with the IMTO.

Super Eagles defender, William Troost-Ekong has revealed that head coach Jose Peseiro almost made him stop playing for Nigeria because of a disagreement he had with the Portuguese.

Speaking in an interview with ESPN, the former Udinese and Watford star said he was not sure of playing at the ongoing 2023 Africa Cup of Nations, AFCON, in Ivory Coast.

“I was not sure if I was going to play this AFCON or not and to be honest, I was not sure if I was going to continue with the national team either because I was weighing all my options,” Troost-Ekong said.

“I felt that maybe the only thing that was going to stop me this time was that there was some disagreement with the coach [Peseiro] before the tournament so I was not sure if I was going to be part of the squad or not.”

He added, “I stayed in communication with the team, I was wishing them well. I also reminded the coach that I am available and I think everyone was impressed with how I was playing in the league and also the European Conference League.”

Troost-Ekong has been solid for Nigeria at the AFCON.

The 30-year-old scored a goal for Nigeria against the host nation Ivory Coast.

Ondo State governor, Hon. Lucky Orimisan Aiyedatiwa, has transmitted the names of six Commissioner-nominees to the State House of Assembly for screening and confirmation.

The development is contained in a statement issued on Friday by his chief press secretary, Ebenezer Adeniyan.

According to the statement, the six nominated for appointment are Mrs. Omowumi Isaac, ACCA, Mr. Olukayode A. Ajulo, SAN, Engr. Razaq Obe, Pastor Emmanuel Igbasan, Barrister Akinwumi Sowore, and Mr. Oseni Oyeniyi.

The governor also appointed three Special Advisers. The nominees are Hon. Olugbenga Omole (Special Adviser on Information & Strategy), Mrs. Olamide Falana (Special Adviser on Gender Affairs), and Mr. Alabi Johnson, (Special Adviser on Energy).