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Zenith Bank, AFCFTA Join Forces to Revolutionize African Trade

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Zenith Bank
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By Tony Obiechina, Abuja
Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.
The agreement which was signed by the Chairman of Zenpay Limited, Dr.

Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.

During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. 
Dr. Onyeagwu noted, in Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.
He further stated, “this initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. 
As we advance this agenda, we expect to see significant growth and improvement in intra-Africa trade.”
Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade.
This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”
Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal, H.E. Mene described PAPSS as Africa’s payment highway.
He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments.
He emphasised that these platforms complement each other; they are not in competition.
“We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS.
“We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms. SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors.
The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

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Dangote Refinery Effects Another Reduction on Petrol from N835 to N825

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By David Torough, Abuja

The Dangote Petrol-chemicals Refinery has effected another reduction in the ex-gantry price of its Premium Motor Spirit also known as petrol below the publicly announced N835 per litre.Sources confirmed on Monday that the refinery has reduced its price to N825 per litre for its customers, through a rebate of N10 after successful loading of products at the refinery.

The sources said marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.
The covert price adjustment has allowed its customers and marketers to retail the product at a lower band of N830 to N835, outpricing importing marketers and private depot owners.
The official said, “The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.”Last month, the Dangote refinery effected a price reduction twice within the space of a week, crashing its gantry price by N45 from N880 to N835 per litre.This followed the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.Efforts to get an official reaction from Dangote Spokesperson, Anthony Chiejina, on the price reduction were futile.

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Blood – letting Continues in Benue Communities as Renewed Attacks Claim 30

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From Attah Ede, Makurdi

No fewer than seven persons have been reportedly killed in two local government areas of Benue State by suspected armed herders.These incidents came on the heels of the killing of 23 persons at the weekend in Guma, Kwande and Ukum LGAs.Chairman of Buruku LGA Raymond Zege Aondoakura, confirmed these latest killings to newsmen on phone yesterday in Makurdi.

Aondoakura intimated that four young men and one little girl were murdered in an attack which occurred in the early hours of Monday with their bodies already deposited in the mortuary.
Also, the chairman of Gwer West local government area, Victor Ormin Torsar said two persons were killed on Sunday.Already, he has directed that movement of people into and out of the geographical territory of Gwer West LGA should not exceed 6:30PM daily.
This was contained in a statement by the Special Assistant Media and Publicity to the Chairman, Timothy Ajieje yesterday.According to the Statement, the directive takes immediate effect, averring that with the Executive directive, people coming into Gwer West LGA and those going out to other places are to do so within the stipulated time of 6:30PM.The Chairman said the restriction will be reviewed as the security situation improves.In the case of Buruku local government area, the attack occurred in Mbakundu Community in Mbaya Council Ward of Buruku of the Local Government area.The chairman said, “Yes they killed four young men and one little girl, so far five bodies have been discovered and deposited in the mortuary.An eyewitness, Gbakaan Kumzzy, who spoke to DAILY ASSET via a telephone call, recounted the harrowing ordeal, saying that the attackers stormed the community at exactly 12:00AM, shooting indiscriminately.Gbakaan confirmed that five lifeless bodies, including that of a minor, have already been discovered, while the search for more missing persons was still ongoing.He said, “As we speak, five bodies, including a little child, have been found. We are still searching for others who went missing during the attack.He also lamented the continued silence and negligence of government authorities in the face of unprovoked killings of defenseless Buruku people by armed herdsmen.”We are calling on the Benue State Governor, Rev. Fr. Hyacinth Alia, and the Buruku Council Chairman, Hon. Raymond Zege Aondoakura , to urgently intervene and avert further bloodshed”, Gbakaan pleaded passionately.All efforts to confirm the incident by the Police Public Relations’ Officer CSP Catherine Anene proved abortive as she refused to pick her calls or reply to text messages.Gunmen Abduct Immigration Personnel in Benue, Demand N20m RansomArmed men suspected to be kidnappers, have abducted an officer of the Nigeria Immigration Service(NIS) Benue State Command, identified as Simon Agbo at his residence in Makurdi, the state capital.A close relation of the victim, who disclosed this to DAILY ASSET on phone yesterday in Makurdi, said the officer was busy discussing with two of his direct neighbours on Sunday night at about 7:15PM before they came to kidnap him.He said the incident happened at the opposite NKST church Kuan, behind the modern market in Makurdi, after the kidnappers stormed the compound and took him away at gunpoint to an unknown destination.DAILY ASSET gathered that the kidnappers, who were well armed, first fired gunshots sporadically in the air to scare family members and neighbours of the victim before abducting him from his residence.It was further gathered that the victim was serving in Kwara State before he was redeployed to Benue command in February this year.Upon hearing of his abduction, youths in the whole community in collaboration with local vigilantes immediately launched a search throughout the night but the gunmen could not be caught.Younger brother of the victim, who simply identified himself as Agbo told DAILY ASSET that one of the victim’s neighbours have been apprehended in connection with kidnapping of the immigration officer, hence his role before the incident took place.According to him, the neighbour whom he refused to mention his name was consistently calling on the victim to come home or he should direct him to his location as at that time that they needed to see that fateful Sunday night by all means.”After persistent calls, that my brother should come home or if possible, describe his whereabouts, then, my brother came home and went straight to his neighbour’s compound.”While they were at the compound discussing, another of their neighbours came to join them and all of a sudden, the gunmen arrived at the compound and immediately went straight to the immigration officer, picking only him at gunpoint, leaving the remaining two people behind.”The neighbour’s action looks very suspicious and that is why we called for his arrest. He has been arrested and currently in police custody until our brother is released.”As I speak with you, the kidnappers have opened discussion with the family. They are demanding N20 million ransom for his release as at today”, he said.The Public Relations Officer of the Nigerian Immigration Service NIS could not be reached for comment as at the time of filing this report.Efforts to get confirmation from police were unsuccessful as the Benue State Command Police Public Relations Officer, Sewuese Anene, was yet to receive calls or respond to text messages sent to her cell phone.

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Nasarawa Gov, Others, Woo Dangote at Trade Fair

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Nasarawa state Governor Abdullahi Sule
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Nasarawa State Governor, Abdullahi Sule has urged Dangote Industries Limited to consider investing in more sectors of the State economy.The Governor, who spoke at the ongoing Nasarawa Trade Fair Exhibition said Nasarawa is home to solid mineral resources, adding that the strategic partnership between the duo will speed up Nigeria’s industrialization project.

Sule, who was represented by the Commissioner for Trade, Industry, and Investment, Hon.
Muhammed Sani Otto, commended the Dangote Group for its outstanding performance at the Nasarawa Sugar Company Limited (NSCL).He expressed confidence that, given this success, the company would be a valuable partner in exploring additional investment opportunities within the state.
In his remarks at the Dangote Special Day, Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State Chapter, Nidan Sambo Manasseh, said the Trade Fair which was sponsored by the Dangote Group has been very impactful.The Chairman advised Dangote Group to scale up its investments in the State by considering other sectors.He added: “The Nasarawa Trade Fair Exhibition (NASTFE) is a vital catalyst for the State’s economic transformation. This strategic initiative by NASSI directly aligns with Governor Abdullahi Alhaji Sule’s vision to stimulate investment and unlock significant growth.”The Permanent Secretary, Ministry of Trade, Industry and Investment Hajiya Khadija Oshafu Nuhu said the state is strategically open for business, and that Dangote Group can be part of the compelling opportunities abound in the state.A statement from the Dangote Group’s Chief Branding and Communication Officer, Anthony Chiejina, said: “Nasarawa State is central to our overall investment in Nigeria. It is home to Dangote’s Nasarawa Sugar Company Limited (NSCL). The sugar project, when completed, will be one of the biggest sugar investments on the African continent.”The statement quoted the Senior Special Adviser to the Dangote Group’s President, Fatima Wali Abdurrahman, as saying that: “We are not taking this partnership for granted. Our Strategic Business Units (SBUs) are participating.According to her, some of the Strategic Business Units that are participating from the Dangote Group are: Dangote Fertilizer Limited (DFL), Dangote Peugeot Automobiles Nigeria Limited (DPAN), Dangote SinoTruck, Dangote Sugar Refinery, Dangote Salt (NASCON) and Dangote Cement Plc.

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