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Nigeria: Lagos to begin payment of N750 million to traders

Published

10 months ago

February 11, 2024

Lagos State, Nigeria’s commercial capital, is set to launch ‘Lagos Market Trader Money,’ a N750 million financial intervention aimed at supporting 15,000 beneficiaries.

At a hygiene sensitization session on Saturday at the Lagos Fresh Food Hub in Idi-Oro, Mushin, which was attended by 500 market traders, the state’s commissioner for agriculture, Abisola Olusanya, made this declaration.

Olusanya claims that the commencement ceremony provided the governor with a Valentine’s Day opportunity to show his concern for the market community.

“By Wednesday, Valentine’s Day, Mr. Governor is going to be showing love to market traders, men and women, in Lagos.

“He promised them N50,000 per beneficiary for 15, 000 people for the Lagos Market Trader Monei; he is going to be launching it on that day.

“It is part of his show of love to say we hear you, we hear your cry, we are all in this together, and we will come out of this better and stronger,” she said.

“Lagos Trader Money,” a N750 million financial intervention programme for Lagos traders, was announced two months ago by Governor Babajide Sanwo-Olu.

As part of the scheme, N50,000 was given to each of the 15,000 traders—200 from each local government area (LGA) in the state—to help them grow their businesses.

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Mozambique drops interest rate for 6th time in 2024

Published

6 days ago

November 29, 2024

Ifeoluwa Dada

As inflation remains low in southern African Mozambique, its central bank has lowered its main interest rate by 75 basis points, the sixth straight drop.

Mozambique’s MIMO interest rate dropped from 13.50% to 12.75%. Since July, Mozambique’s inflation rate has stayed below 3%; in October, it was 2.68% annually.

In a statement, the Bank of Mozambique stated that, despite concerns about post-election demonstrations and their effect on the cost of goods and services, its most recent monetary policy decision was consistent with maintaining inflation in the single digits over the medium run.

With a moderate inflation forecast, the policy rate was lowered for the sixth straight time.

Despite concerns about post-election demonstrations and their effect on the cost of goods and services, policymakers said the decision was compatible with keeping inflation in the single digits in the medium run.

Although headline inflation increased slightly to 2.68% in October from 2.45% in July, it has stayed below 3% since then. Banco de Moçambique is the source.

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Hackers stole $17 million from Uganda National Bank— Report

Published

7 days ago

November 28, 2024

Ifeoluwa Dada

The state-owned New Vision newspaper has reported that offshore hackers had stolen 62 billion Ugandan shillings ($16.8 million) from Uganda’s central bank.

Earlier this month, the hackers, who went by the name “Waste,” allegedly gained access to the Bank of Uganda’s IT systems and moved the money illegally.

According to New Vision, which cited anonymous bank sources, the Southeast Asian hacker collective moved a portion of the pilfered funds to Japan.

A request for comment on the issue from Reuters was not immediately answered by Bank of Uganda. A request for a response from the Ugandan police was likewise not answered.

More than half of the funds had been successfully retrieved by the central bank from the hackers, according to New Vision. It stated that President Yoweri Museveni had ordered a probe into the cyberattack.

Separately, the Daily Monitor, Uganda’s largest independent daily, stated that insider collaboration could have played a role in the crime.

In Uganda, there have been several instances of cyber thefts from banks and other financial service providers, including telecom companies. However, according to police authorities, several banks are reluctant to openly admit such events for fear of upsetting their clientele.