Act 1, Scene 1: clean up the refuse and make Aba and Umuahia clean again. The fact is this: you do not even need to break a bank to do that. Governor Alex Otti of Abia State has commenced cleaning the mess of decades. And you know what? He is tapping into the energy of Abians to do this.

“I wish to thank all those working pro-bono to ensure that our towns are clean, and all who braved the rain to give effect to the directive we gave two days ago, declaring an emergency on the cleanup of Aba and Umuahia,” Otti added.

Kpom kpom kpom kom kom kom – that sound happens every Sunday across many villages in the Igbo Nation. Boys would assemble early in the morning at the village square to clean the square. It has been like that for generations and villages look clean, reducing health hazards. Then every quarter, they will go and clean the village stream, making sure it continues to flow. As a boy who grew up in the village, rising to the President of Uke Udo (peace age grade), it was a duty to my community, to wake up 5am on Sundays to keep the village clean.

Sure, we’re in big cities and cannot execute the village playbooks. But that does not mean that refuse must become neighbours. I thank our fellow citizens who are helping. Thank you so much. I may not be cleaning refuse in Abia right now, but I am also doing something for the state here. Let’s work for the state because Abia belongs to all of us. I have TO DO which I have to deliver to Mr. Governor and that is part of rebuilding the state. What can you do for Abia?

Details of the Central Bank of Nigeria (CBN) Circular on Operations of Domiciliary Accounts in Nigeria

The Central Bank of Nigeria (CBN) on the 30th of November 2020, released a circular seeking to provide clarifications on the operations of domiciliary accounts in Nigeria with a view to ensuring the stability of the Foreign Exchange market.

This circular went forward to provide defined categorizations of domiciliary accounts in Nigeria and their operations as follows:-  

Export Proceeds Domiciliary Accounts

These accounts will continue to be operated based on existing regulations which allow account holders use of their funds for business operations only, with any extra funds sold in the Investors & Exporters (I & E) window.

Ordinary Domiciliary Accounts

Where accounts are funded by electronic means/wire transfers, account holders will be allowed unfettered and unrestricted use of these funds for eligible transactions.

This regulation will remain where accounts are funded by cash lodgments.

The circular goes further to state that these clarifications are necessary given the vastly improved capacity of the CBN to monitor transactions in order to forestall money-laundering and prevent adverse effects of dollarizing the Nigerian economy. 

Finally, the circular states that Bank Verification Numbers (BVNs) are to be used to ensure compliance with the circular and all other relevant CBN regulations.

The CBN Circular on Compliance Requirements with the SWIFT Universal Payment Confirmations.

The Central Bank of Nigeria (CBN) released on the 23rd of September,2020 a circular addressed to all banks in Nigeria on compliance requirements with the SWIFT Universal Payment Confirmations.

By virtue of this circular, all banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT Universal Payment Confirmation requirements.

What this means is that :-

– All SWIFT customers are required to provide confirmation on the outcome of all their incoming single customer payment (MT 103) messages to SWIFT via a tracker, also known as Universal confirmations.

– The confirmation should get to SWIFT within 2 business days on whether the beneficiary’s account has been credited, payment is rejected or pending.

– All Financial Institutions in the Nigerian Banking & Finance ecosystem will be assessed on whether they confirm at least 80% of their weekly payments.

– SWIFT offers different ways to provide status upgrades through automated or manual methods. These channels are :-

a). The basic tracker manual

b). API calls

c). Automated MT 199 Confirmations

d). Batch confirmation

e). Full GPi

f). ISO 20222(Available from 2022)

– All banks are strongly advised to review and select the appropriate channel that suits their operations with a view to meeting the deadline set for compliance which has actually lapsed since the 22nd of November,2020.

 Details of The CBN Circular on The Treatment of Composed Banknotes in Nigeria

The Central Bank of Nigeria CBN on the 31st of March,2022 released a circular on the use and treatment of composed banknotes. This circular and its contents will be forming the focus of this article which will highlight each detail of the circular as follows :-

– The CBN released this circular based on its rather worrisome observation of an increase in the number of composed banknotes deposited by Deposit Money Banks as well as requests for the replacement of such banknotes by the members of the public.

– The existence of composed banknotes in the economy according to the CBN falsifies the true value of currency in circulation and has also been identified as a possible opportunity for fraudulent activities.

– The CBN specifically defines a composed banknote as a banknote that is composed or made up of several parts of different banknotes of the same denomination put together with the intention of receiving value. 

– The CBN, as a result stated that by virtue of its circular which is to take effect from the 1st of April 2022, any banknote discovered to be in the deposit of DMBs shall attract a penalty of 400% of the value.

The CBN Circular on The Regulatory and Supervisory Framework For The Operations of a Mortgage Refinance Company – Approval To Refinance Non-Member Banks.

The Central Bank of Nigeria on the 21st of October 2020, issued a circular pursuant to S. 7.3.1.5 of the extant regulatory and supervisory framework for the operations of a mortgage refinance company.

This section states that a Mortgage Refinance Company (MRC) shall not, without CBN prior approval, extend total outstanding credit to any single borrower which is equal to one or more than 20 times the value of the borrower’s shares with the MRC or 25% of its shareholders funds unimpaired by losses.

This provision was discovered to have a negative impact on the Mortgages sub sector as it constrains MRCs from refinancing the mortgages of non-shareholder banks.

As a result, the CBN Circular states that the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.

MRCs are also now permitted to refinance the qualifying mortgages of lenders that do not hold its equity, subject to all relevant provisions specified in the framework.

This means that according to the circular,an MRC shall not without prior approval from the CBN, extend total outstanding credit to any single borrower which is equal to or more than 25% of its shareholders fund unimpaired by losses.

This provision of the circular is to have immediate effect.

Twitter’s value keeps going down despite Elon Musk’s efforts to make the social media platform profitable. Following its recent evaluation resulting in a markdown of the value of its equity stake in Twitter, Fidelity Investment Fund said the company is now worth just one-third of the $44 billion Musk paid for its acquisition.

Fidelity, which helped Musk to finance his Twitter acquisition, slashed its stakes on Twitter by 56% in December 2022. The investor had valued the stake as being worth $8.63 million in November but has since pared that back twice, most recently valuing it at $6.55 million, per Investopedia. Only 0.16% of Fidelity Blue Chip Growth Fund’s assets in April were in X Holdings.
In March, Musk said in an email to employees – addressing issues of Twitter stock compensation program and the attribution to employees of stock in X Holdings, that Twitter’s value was down to $20 billion.

It’s not clear how Fidelity arrived at its new valuation, which is quite lower than where Musk has placed the social media company last two months. The valuation puts Twitter’s worth at about $8.8 billion, thereby taking about $850 million from Musk’s $187 billion net worth, according to Bloomberg estimates.

Musk put in more than $25 billion to acquire an estimated 79% stake in Twitter last year.
Musk has struggled in his efforts to revamp and diversify Twitter revenue with moves such as monetizing the verification mark. The social media platform has been confronted with many challenges, including a mass exodus of advertisers, following Musk’s takeover late last year.

Twitter has an enormous $13 billion debt to service with meager revenue. The exodus of advertisers, who left due to disagreement with Musk on content moderation, resulted in a 50% revenue decline.

Musk said in March that the company is gradually recovering as advertisers return.

But the advertisers’ return has not been as expected as controversy continues to trail how the platform is being run. Some of the platform’s top users have quit while others are threatening to do so if Musk does not address some of their concerns ranging from hate to cyberbullying.

Musk’s attempt to revive Twitter’s revenue through Twitter Blue subscriptions has also failed to take off great. Many Twitter users whose legacy verifications were removed have refused to pay for subscriptions. At the end of March, less than 1% of Twitter’s monthly users had signed up to Twitter Blue.

Musk recently announced the appointment of Linda Yaccarino as Twitter’s new CEO, but said she will focus primarily on business operations, while he focuses on product design and new technology.

There was not much excitement about the appointment of Yaccarino, a former NBCUniversal advertising executive. Apart from Tesla shareholders, who believe the appointment of Yaccarino will shift Musk’s focus on the electric vehicle company, many others believe that the new CEO will change little or nothing from the way Musk is currently running Twitter.

We will have to wait to see if Yaccarino has what it takes to win the confidence of users and pull the advertisers back. Twitter relies on advertisements for more than 90% of its revenue.