Items filtered by date: Friday, 01 March 2019
The Naira on Thursday appreciated against the dollar at the import and export (I&E) window in Lagos, exchanging at N360.99 to the dollar from the N361.18 it traded on Wednesday.
 
The News reports that the market turnover at the window stood at 377.93 million dollars.
 
The naira, however, traded flat at the parallel market in Lagos, exchanging at N358 to the dollar, while the Pound Sterling and the Euro closed at N470 and N408, respectively.
 
At the Bureau De Change (BDC) segment, the naira traded at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N408, respectively.
 
The naira had remained stable at the foreign exchange market, due largely to the interventions of the CBN.
 
Published in Bank & Finance
Pension fund administrators in the country have invested a total of N636.99bn out of the total pension funds in their custody in banks as of the end of November 2018.
 
This figure represents 7.49 per cent of the funds managed by the pension operators.
 
According to figures from the National Pension Commission (PenCom) total pension funds under the review period stand at N8.49 trillion.
 
N15.7bn or 0.19 per cent of the pension assets was invested in mutual funds, while N17.51bn or 0.21 per cent of the funds was invested in cash and other assets.
 
Speaking on the development, the President, Pension Fund Operators Association of Nigeria, Mrs Aderonke Adedeji, explained that the issue of the role of pension funds in economic development had moved into the focus of public attention, particularly with regard to Nigeria’s growing need for long term capital.
 
According to her, the successful mobilisation of pension fund assets and its contributions to the economic growth of any nation were essential policy objectives.
 
“For the first time, our country can now boast of a long term funding base and the impact to date has included the funding of the government and government projects, development of the capital market as well as increased foreign development inflows,” she said.
 
She however said there was need for caution in view of the recent agitations to access the funds for infrastructure.
 
Published in Bank & Finance
The government of Rwanda has caught the attention of the world after it announced earlier this week, through the Ministry of ICT and Innovation, that the country will launch a satellite that will provide broadband internet to schools in remote areas.
 
Dubbed ‘Icyerekezo’ by students of Groupe Secondaire St Pierre Nkombo in Nkombo Island Rwanda, the satellite will be launched into orbit from a spaceport on the Atlantic coast of French Guiana today, Wednesday, 27 February 2019 at around 23:30 pm. The satellite was designed by UK-based company, OneWeb. 
 
Groupe Secondaire St Pierre Nkombo will be the first school to benefit from the broadband satellite.
 
According to reports, the location of the school (on Nkombo Island in Lake Kivu) had made it extremely costly and inefficient to be connected to standard fiber connections readily available in the country, and a satellite is a perfect solution to provide them with internet connectivity.
 
On its part, OneWeb will enable other schools across different regions to connect to the satellite and provide internet access across remote areas
 
OneWeb claims that the Rwandan satellite is part of the first six initial satellites the company will be launching. The company is backed by some of the major players in the space industry and finance, including Virgin, Qualcomm, Airbus and Soft Bank of Japan. It plans to roll out 650 satellites across the world to connect schools, hospitals, and other basic facilities.
 
Speaking on the proposed launch of ‘Icyerekezo’, the Minister of ICT and Innovation, Paula Ingabire said that the government has made remarkable efforts to invest in broadband connectivity and believed the satellite is proof of government’s commitment to continue connecting underserved communities.
 
“Rwanda’s choice to invest in space technologies is part of our broader mission to bridge the digital divide by providing equal digital opportunities to rural and remote communities.
“We are delighted to partner with OneWeb in this transformative initiative which presents us a huge opportunity to leverage satellite connectivity, using OneWeb’s constellation, providing low-latency and high-speed internet to schools in remote communities of Rwanda,” she said.
Greg Wyler, OneWeb’s Founder and Chairman on his part said;
 
 “We are delighted to partner with the Rwandan Government and particularly the students of Nkombo. The connectivity we can provide them will allow them to realize their dreams and allow Rwanda to become a hub for technological innovation.”
Indeed, Rwanda has led a path for others to follow.
 
Published in Telecoms
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