• Thursday, June 13, 2024
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Five things to know to start your Monday


IPPIS: AGF meets service providers, calls for a permanent solution to challenges

Oluwatoyin Madein, the Accountant-General of the Federation (AGF), has called on the Integrated Personnel and Payroll Information System (IPPIS) service to permanently resolve challenges in the payroll platform.

According to a statement issued by Bawa Mokwa, the Director of Press, OAGF, on Sunday in Abuja, Madein made the call at a meeting with IPPIS service providers in Abuja.

She said that the Office of the OAGF had initiated engagement with the service providers and other stakeholders as part of strategies to find permanent solutions to challenges in the operations of IPPIS.

According to Madein, glitches in IPPIS are worrisome to the government, and it is imperative to entrench efficiency in the operations of the payroll system to justify the government’s huge investment in the project.

Read also: Tinubu charges African leaders on unity, kicks against imperialism, exploitation

Warri pilotage district berths vessels despite need for breakwater reconstruction – NPA

Mohammed Bello-Koko, Managing Director of the Nigerian Ports Authority (NPA), said in a statement issued in Lagos on Sunday that despite the urgent need for reconstruction of the breakwaters at the Warri Pilotage District, the district still berths vessels.

According to Bello-Koko, although the Escravos breakwaters, constructed to prevent the siltation of the Warri channels, collapsed decades ago, the NPA has concluded the survey and mapping of the channel.

“NPA is at the conclusive stages of securing relevant approvals for the best financing option to fund its reconstruction.

“The NPA has put mitigants in place to ensure safe berthing of legally operating vessels in the spirit of trade facilitation,” he said.

Poor regulation responsible for Lagos building collapses, says World Bank

The World Bank said that the numerous building collapses witnessed in Lagos State were a result of gaps and loopholes in the permitting process. It also linked the collapses to the frequent use of unqualified professionals in the design and construction of buildings.

In its latest report on housing regulatory framework standards in sub-Saharan Africa, the bank also listed the absence of a legally adopted building design code, the lack of proper systems to determine and ensure that only construction materials of the highest quality are used, the limited land available for development, and many other reasons that were responsible for the numerous building collapses in Lagos State.

The bank said from its observation that only about 10 percent of construction sites get building permits, and even when they do, most of them deviate from the original permit to build something different.

FCMB FastCash shells out N105bn in digital loans

First City Monument Bank’s instant loan solution, FastCash, said it has given N105 billion to three million Nigerians.

In a statement, the bank said the instant loan solution, which is powered by Artificial Intelligence and Machine Learning technology, had very flexible repayment terms, with repayment options ranging from 30 days to three months.

The loan app solution, which was launched in 2018, is only available to FCMB customers.

Excited about its achievement and impact on the Nigerian economy, the banking group said that the amount disbursed shows how popular and the level of trust Nigerians have reposed in FCMB.

The bank said that it has filled Nigeria’s credit gap in urban and rural areas, providing convenient and accessible access to funds.

Twitter takes a hit, loses nearly half its Ad revenue since Elon Musk’s takeover

Microblogging company Twitter has revealed that it has lost almost half of its advertising revenue since Elon Musk’s $44 billion takeover in October last year.

According to the BBC, the owner said the company had not seen the increase in receipts that had been expected in June but added that July was a “bit more promising.”

Musk sacked about half of Twitter’s 7,500 staff when he took over in 2022 in an effort to cut costs.

However, with the real threat coming from Meta, Thread by Instagram, Twitter has the potential to rave up revenue, especially as Threads continue to gather numbers, with some estimates claiming that it now has 150 million users.