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Morgan Stanley Downgrades, Reclassifies Nigeria’s Index to Stand … – The Boss Newspaper

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Morgan Stanley Downgrades, Reclassifies Nigeria’s Index to Stand Alone
UBA to Launch ‘Fighting Fraud Together’ Campaign to Protect Customers
Moniepoint Makes the CB Insights’ Fintech 100 List
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Morgan Stanley Capital International, a provider of benchmark indexes and multi-portfolio analysis tools, has announced the reclassification of MSCI Nigeria indexes from Frontier Markets to Standalone Market Status.
This means MSCI will delete each Nigerian security from the MSCI Frontier Markets Indexes at a price that is effectively zero.
This comes after FTSE Russell reclassified Nigeria’s equity country classification to unclassified from frontier markets on September 8, 2023.
The implication for Nigeria is that whoever brings in his money is on his own due to persistent fx liquidity issues and difficulty in repatriating investments. This is in spite of the CBN’s assurances that foreign investors will be able to repatriate their funds after investing in Nigeria.
The MSCI Nigeria Index is designed to measure the performance of the large and mid cap segments of the Nigerian market.

UBA to Launch ‘Fighting Fraud Together’ Campaign to Protect Customers
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Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to commence a Fraud Awareness Week – an initiative aimed at empowering customers with knowledge and tools to protect them against fraud and financial malpractices in the banking and financial sector.
As a bank renowned for its commitment to integrity and customer security, UBA will be organising this week-long event to galvanise collaborative efforts to safeguard the assets and accounts of its valued customers.
The Fraud Awareness week with the theme “Fighting Fraud Together,” will run from Monday October 16th to Friday October 20th, 2023, and the bank has lined up several activities including in-house sessions; Train the Trainers Webinars; Engagement with External Stakeholders; Seminars; and an Anti-Fraud Clinic bank-wide to inform and educate both staff and customers on the need to protect their accounts from illegal access.
The engagement with external stakeholders is scheduled for Thursday, October 19th, 2023. The guest speakers will include the Head, Cybercrime Investigation, Advance Free Fraud Economic & Financial Crime Commission {EFCC} Lagos State Command, Mr Abbah Sambo Usman; Managing Partner; Akin Adesomoju & Co, Barrister Akin Adesomoju.
Others are Chief Risk & Compliance Officer, AG, Head, Corporate Services Directorate, Nigerian Inter-Bank Settlement System, Mr. Temidayo Adekanye; Legal and Prosecution Lawyer; Barr. E.A. Jackson and A Professor of Practice in Forensic Accounting, Finance and Public Policy, Dr Rabiu Olowo. These professionals will share their thoughts on better collaboration for effective prevention/loss minimisation and conviction of fraud criminals.
UBA’s Chief Audit & Assurance Officer, Sanusi Mudasiru, who spoke ahead of the week-long event, explained that in the light of scamming activities inherent in today’s digital age, and since the banks’ priority is the safety and security of its customers’ accounts; it has become increasingly essential for the bank to educate its customers on how to be cautious about sharing sensitive information to guide against fraudulent and suspicious transactions.
“Our commitment to integrity remains unwavering. Lately, we have seen the need to work together with our customers to protect their assets. We need to continue to let them know for instance that UBA will never ask for your PIN, password, or OTP, and through the activities lined up for the week, we will share vital information to our customers on how to stay secure, stay alert, and help us fight and stop fraud together,” Mudasiru said.
He pointed out that the UBA Fraud Awareness Week is coming up during the “ember months” which are renowned for increasing fraud related activities. During the week, the bank will give out ‘tips’ and ‘red-flags’ that customers should be on the look-out for so that they do not fall prey to these fraudulent individuals.
“With UBA, you are in safe hands, and we encourage you to be wise and help us protect your money. We know that your phone is a major gateway to your account, and securing it is paramount, so we will teach you how to lock your phones and all social media apps with two-step verification, and highlight why you should not share your phone unlock code with anyone, and never trust anyone with your phone when you are not looking. All these and others will be shared during this event,” Mudasiru added.
He emphasised the bank’s commitment to safeguarding the financial interests of its stakeholders, while maintaining the highest level of integrity and security.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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For the second year in a row, Africa’s leading digital financial services provider, Moniepoint Inc, has announced its listing in the sixth annual CB Insights’ Fintech 100 ranking (previously the Fintech 250), showcasing the 100 most promising private fintech companies of 2023. CB Insights is regarded by top industry analysts as the most trusted source for technology market insights. The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
Utilizing the CB Insights platform which fuses machine learning, algorithms, data and visualizations, the research team selected these Fintech 100 winners from a pool of more than 19,000 private companies, including applicants and nominees. These companies were chosen based on factors, including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, and proprietary Mosaic scores, as well as criteria such as tech novelty and market potential.
“We are honored to be recognized by CB Insights as one of the top 100 fintech companies of 2023. This listing validates our unwavering commitment towards powering dreams and driving financial happiness for everyone. It is also a strong reflection on our momentum in terms of growth, innovation and making a real difference in the marketplace,” said Tosin Eniolorunda, Group CEO of Moniepoint Inc.
He continues, “our team has worked tirelessly to deliver innovative solutions that empower individuals and businesses across Africa with accessible, efficient, and secure digital financial services. This recognition is testament to our efforts in enhancing financial inclusion and transforming the lives of millions across the continent.”
It will be recalled that Moniepoint Inc which has been named as Africa’s second fastest-growing company by the reputable Financial Times servicing over 1.7 million businesses, and helping them process over $100 billion in 2022.
Representing 24 different countries across the globe, this year’s Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more,” said Chris Bendtsen, Lead Fintech Analyst, CB Insights. “Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. I cannot wait to see what this cohort accomplishes next.”

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Billionaire businessman, Abdulsamad Bua, has crashed the price of cement, announcing a reduction of cement price from 6000 to N3,500 per bag.
This is coming barely two weeks after a meeting with President Bola Ahmed Tinubu.
In a statement on Sunday, titled ‘Reduce in Prices of BUA Cement’, BUA Group disclosed the new price of its product will take effect from Monday, October 2, 2023.
The company added that the decision aims to spur development in the building and infrastructure sector.
“We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17 million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.
“NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”

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