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Agusto & Co. Foresees Robust Growth in Managed Assets, to Surpass N10tn by 2025

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Credit rating agency, Agusto & Co., has projected that managed assets in the country will witness an average annual growth rate of 32.4 per cent over the next two years.

The firm noted that while this represents a deceleration compared to the previous two years’ average growth rate of 45.8 per cent, the industry is still expected to see significant expansion, with managed assets surpassing the N10 trillion mark by 2025.

In its 2024 Asset Management Industry Report, it said the anticipated growth will be fuelled by several key factors, such as higher yields which are expected to attract more investments, while increased contributions from pension fund administrators and institutional clients will also play a crucial role.

Additionally, it stated that the strategic allocation of funds in international money markets is being leveraged to counteract the effects of the depreciating local currency.

It stated, “In 2023, the Nigerian asset management industry demonstrated resilience through innovative financial products and effective asset diversification. Total assets under management (AUM) increased by 44 per cent to N5.9 trillion, driven by the growth of dollar-denominated portfolios and increased participation from retail and institutional investors.

“The industry’s offerings are divided into three segments: Collective Investment Schemes (CISs), Segregated Portfolios, and Alternatives. CISs, or mutual funds, pool clients’ funds for management.

“Segregated portfolios include privately managed discretionary and non-discretionary funds, along with other private collective investment schemes not listed on the SEC’s website. Alternatives encompass non-traditional assets such as REITs, private equity, and infrastructure funds.

“In 2023, segregated portfolios surpassed collective investment schemes, contributing 57 per cent of the industry’s AUM as investors shifted away from the more restrictive and conservative CISs, which accounted for 35 per cent. Alternative assets, including publicly-listed private equity, REITs, and infrastructure funds, made up 8% of managed assets.”

Agusto & Co. forecasts robust growth in the industry’s managed assets, projecting an average annual growth rate of 32.4 per cent over the next two years, albeit at a slower pace compared to the 45.8 per cent average for the previous two years.


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NCDC Activates Emergency Response as Lassa Fever Kills 190

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Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).

NCDC Activates Emergency Response as Lassa Fever Kills 190

The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.

Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.

“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.

The centre will ensure seamless coordination of the control and management of the outbreak.

Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.

The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.

 

 


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2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others

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Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.

2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others

The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.

In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.

Such amenities are lacking in Nigeria.

But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.

Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).

In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.

In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.

 


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Egueke, Former Bank Manager Jailed for $46,900 Fraud

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Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.

Egueke, Former Bank Manager Jailed for $46,900 Fraud

Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.

Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.

One of the land titles, however, was not his, and the other was fake.

After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.

The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.

Despite denying the offence, Egueke failed to present evidence of repayment during the trial.

Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.

Egueke was convicted and sentenced to six months imprisonment.

However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.

The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.

The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.

Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.

He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.

 

 


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