Business

LCCI: It Is Wrong To Call Bureau De Change Parrallel or unofficial Market

Published

3 years ago

August 28, 2023

382 Views

The Lagos Chamber of Commerce and Industry (LCCI) has advised the money and capital markets operators including media profeesionals to stop calling Bureau De Change (BDCs) the parallel or unofficial markets.

” BDCs should not be referred to as parallel or unofficial markets, because they are officially licensed to trade,” said Dr. Michael Olawale-Cole, LCCI President.

Dr. Olawale-Cole, gave this enlightenment during the 2023 Mid-Year Economic Review and Outlook jointly organized by the LCCI and Cordros Capital to point out opportunities for business growth and sustainability in Nigeria and the global market.

At the event, Dr. Olawale-Cole, noted
that the LCCI, over the last 135 years, has consistently engaged the government and advanced the growth of the private sector and the overall Nigerian economy through regular reviews of the business and economic climate and policy advocacy.

The consensus reached at the end of the Mid-Year Economic and Outlook are detailed below.
The consensus of Stakeholders at the 2023 Mid-Year Economic Review and Outlook

1.Government should consider the urgent need for an all-encompassing economic and fiscal plan, full/ partial divestment of state-owned real estate, improved transport sector, and energy assets as post-election priorities.
2.The government must focus more on asset-based and equity offerings to improve revenue.
3.Institutional reorganization is urgently needed in the CBN and the NNPC to improve transparency and accountability.
4.The operating environment of NNPCL is somewhat opaque, which is anti-competition.

The oil sector will attract the desired investment if the government liberalizes fuel import licenses and other vital activities in the midstream and downstream.
5.Government should unlock revenue from assets by complementing tax with rent, fees, dividends, and capital gains. Economies that optimize revenue through equities have recently offset the loss from declining commodity prices.
6.The new administration is advised to borrow better to reduce debt costs by issuing a more asset-linked debt than IOUs.

The non-interest-bearing debt opportunities should be explored as emerging markets tilt towards project equity financing.

Related Topics:Bureau De Change LCCI Unofficial Market

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

3 days ago

August 21, 2026

OCHEFA

31 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

3 days ago

August 21, 2026

OCHEFA

39 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.