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FINANCE

How to Open Domiciliary Account with First Bank

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First Bank of Nigeria Ltd has two classes of domiciliary accounts: the FirstDom Plus and the Primary Domiciliary Account.

The FirstDom Plus is a domiciliary account designed for maximum benefits. It offers highly reduced transfer charges and attractive interest rates.

FirstDom Plus is a foreign currency deposit account targeted at potential domiciliary customers and existing customers with a minimum balances of $5,000 and above. This foreign currency deposit account offers attractive interest rates and highly reduced transfer charges.

 

Features of FirstDom Plus Domiciliary Account

  • FirstDom Plus domiciliary account is operated with a specialized non-clearing Cheque book
  • On the FirstDom Plus domiciliary account, Foreign draft issuance is allowed.
  • No charges on over-the-counter cash withdrawals from FirstDom domiciliary Account.
  • Transfer charges on FirstDom Plus domiciliary account as low as 0.25% flat

 

Who Can Apply to Open FirstDom Plus Domiciliary Account

Individuals and corporates entities can apply for the FirstDom Plus domiciliary account. All you need are:

  • Individual Account Opening Form. This form contains about fourteen sections (APPLICATION TO OPEN AN INDIVIDUAL ACCOUNT, PERSONAL DETAILS, CONTACT DETAILS, VALID MEANS OF IDENTIFICATION, EMPLOYMENT DETAILS, DETAILS OF NEXT OF KIN, etc) that should be duly completed before the account can be opened.
  • Completed Specimen Signature card
  • Two recent passport photographs with a clear background.
  • Valid means of identification e.g. Passport, Driver’s License, or National I.D (NIMC). Card (Original to be sighted)
  • Utility Bill, e.g. PHCN, etc that is not more than three months old from your current place of residence. The original will have to be presented to the account manager.
  • Complete the form and submit it to the nearest First Bank branch

 

Other things you need to know about FirstDom Domiciliary Account

1) First Dom Plus is different from your Domiciliary Account. They are two different accounts with different benefits and features.

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2) Minimum Opening/Operating Balance

The minimum operating/opening balance for FirstDom Plus are in 3 major currencies are: $5,000.00; €5, 000.00; £3, 000.00

 

3) Interest rates.

Interest rates are based on deposits within the range bellows:

$5,000 – $9,999 at 0.50% per annum

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$10,000 – $49,999 at 0.75% per annum

$50,000 – $99,999 at 1.00% per annum

$100,000 – Above at 2.00% per annum

 

4) Migrating existing domiciliary account to FirstDom Plus Account

You can migrate your existing domiciliary account to FirstDom Plus Account, as long as you can increase your existing balance to the minimum opening balance.

 

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5) Retaining account number after migrating to FirstDom Plus Account

Unfortunately, your account number will be changed after migrating from a domiciliary account to FirstDom Plus account, because the two products are different

 

6) How to open a FirstDom domiciliary account

Visit any FirstBank branch closest to you to get started.

 

7) Other benefits available to holders of FirstDom Plus domiciliary account apart from the higher interest paid on this account

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  • Any cash withdrawal on the FirstDom Plus domiciliary account is free of charge.
  • Also, withdrawals from any FirstBank branch are allowed.
  • Furthermore, Account holders with balances of $30,000 and above pay ≤ 0.25% transfer charges.

 

Primary Domiciliary Account

This domiciliary allows you to save in US Dollars, Pounds Sterling, or Euro. Your money will be valued at the prevailing exchange rate. It facilitates your international business transactions and gives you the ease of doing international transactions.

 

The Features

The primary domiciliary account in FirstBank has the following feature:

  • It has a minimum opening balance of $500, €500, or £300
  • Minimum operating balance of $100, €100, or £50
  • There is no limit to the number of withdrawals in a month
  • Cash withdrawal from this account is at 0.5% flat per transaction
  • Inter-sol transactions are allowed for account owners only.
  • Guaranteed FCY deposit
  • Attractive pool for interest on bank fund
  • There are no restrictions on the number of withdrawals
  • Inter sol withdrawal allowed for account holders only.

 

Who Can Apply to Open and Operate this Account?

Individuals, SMEs, and corporate organizations can open and operate this account. All you need are the following documents:

  • Duly completed the Account Opening Form. The account opening form has the following sections: APPLICATION TO OPEN AN INDIVIDUAL ACCOUNT, PERSONAL DETAILS, CONTACT DETAILS, VALID MEANS OF IDENTIFICATION, EMPLOYMENT DETAILS, DETAILS OF NEXT OF KIN, etc.
  • Two (2) recent passport photographs
  • Duly completed the specimen signature card
  • Valid means of identification e.g. Passport, Driver’s license, or National ID (NIMC) card.
  • Address verification document: Utility Bill

 

Other things you might want to know about FirstBank Primary Domiciliary Account

1) Available currencies for this account

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This account support for now only Pounds Sterling, US Dollars, and Euro.

Visit any FirstBank branch closest to you to get started.

For more please visit the FirstBank website

https://www.firstbanknigeria.com/personal-banking/domiciliary-accounts/

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AFRICA

Nigeria: Federal Govt Sets Up 14-Man Committee to Manage Petroleum Products Supply, Distribution

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In a move to find lasting solution to the disruptions in the supply and distribution of petroleum products in the country, President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management, which he will personally chair, the ministry of petroleum resources announced yesterday.

The Steering Committee, which has minister of state for Petroleum Resource, Chief Timipre Sylva as alternate chairman is expected to among other things to ensure transparent and efficient supply and distribution of petroleum products across the country.

Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especial PMS to ascertain daily national consumption and eliminate smuggling.

To further ensure sanity in the supply and distribution across the value chain, Sylva has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government approved ex-depot and retail prices for PMS.

The minister has further directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.

He further directed that the interests of the ordinary Nigerian is protected from price exploitation on other deregulated products such as AGO and DPK and LPG.

The federal government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy.

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Other members of the committee are minister of Finance, permanent secretary, Ministry of Petroleum Resources, National Economic Adviser to the President, director-general, Department of State Services (DSS), comptroller-general, Nigerian Customs Service (NCS), chairman, Economic and Financial Crimes Commission Member (EFCC), and commandant-general, Nigerian Security and Civil Defence Corps (NSCDC)

Others who made up the Steering Committee are Authority chief executive, Nigerian Midstream and Member Downstream Petroleum Regulatory Authority (NMDPRA), governor, Central Bank of Nigeria (CBN), group chief executive officer, NNPC Limited, Special Advisor (Special Duties) to the HMSPR while the Technical Advisor (Midstream) to the HMSPR will serve as Secretary.

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AFRICA

Nigeria’s fuel subsidies surpassed $1 billion in August as it supplied more petrol

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The cost of Nigeria’s fuel subsidies rose to 525.714 billion naira ($1.22 billion) in August, bringing the total spent this year to 2.568 trillion naira, according to figures submitted to the government by state oil company NNPC.

The ballooning costs of keeping petrol prices low in Africa’s most populous nation are straining the budget and draining revenue from the Nigerian National Petroleum Corp (NNPC).

In April, Nigeria’s parliament approved a 4-trillion-naira petrol subsidy for this year after the government in January reversed a pledge to end its subsidies to avert protests in the run-up to presidential elections in February 2023.

NNPC has not submitted any money to the federal government this year due largely to subsidy costs. August’s bill compared with 448.782 billion naira in July, according to a document NNPC submitted on Friday to the Federation Account Allocation Committee.

Part of the increased cost was down to a bigger daily supply of petrol, which rose to 71.8 million litres, up nearly 10% from July, according to information submitted at the same meeting by regulator Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Oil production in August averaged 1.18 million barrels per day, well below the nation’s OPEC quota of 1.8 million bpd, due in large part to theft from pipelines that has curtailed production.

($1 = 430.0500 naira)

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AFRICA

Payments platform Fuse integrates ChromePay to bring DID services to Africa

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The African continent has emerged as a hotbed for crypto and blockchain activity, with countries like Nigeria and Ethiopia leading the way.

Web3 payments platform Fuse has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa — a move designed to boost financial inclusion on the continent.

The partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution. As part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its decentralized finance (DeFi) and DID services directly on the blockchain.

By integrating with the Fuse blockchain, ChromePay will reportedly enable users to access both traditional and blockchain-based payments directly from their mobile devices.

Founded in 2019, ChromePay launched its payment solutions app in Nigeria in 2021 following a successful pilot. The company’s next milestone is the launch of its Fuse-powered DID in Ethiopia, a country that has made notable strides in its crypto adoption.

As Cointelegraph explains, decentralized identity is an emerging concept within Web3 that enables trusted data exchange. In practice, DIDs allow users to manage and administer their digital identity without reliance on a centralized third party.

Africa has become a hotbed for crypto and blockchain activity, with significant populations in Kenya, Nigeria and South Africa turning to digital assets for access to financial services. This trend was identified by the United Nations in a June 2022 policy brief, which described the “unprecedented pace” of crypto adoption during the pandemic.

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BUSINESS

20 Things You Can Export From Nigeria and Make Dollars

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Finding the right type of business to start up is one of the most difficult things many people have to face. As a result, 9 out of 10 businesses fail in 10 years, and most of the last ones standing do not survive the next 10 years that follow.

The same applies to finding the right type of commodity to export.

The export business in its own right is a highly lucrative business to venture into, but determining the right type of commodity to export depending on the profit margins you’re targeting can sometimes be a problem.

While some exporters are okay with netting profit margins of between 10-30% per non-oil transactions, many others are uncomfortable with that, especially as an export cycle in a country like Nigeria is about 45 days, and so, would want to make the most of the time and possibly make up to or more than 100% profit on the commodity exported.

If you’re looking for high-margin commodities that can take your export business from 0 to 100 in 45 days, here are 2 hot-selling commodities that you can export to make up to or more than 100% profits on every sale:

1. Ginger

Ginger is one of the most traded spices in the world which Nigeria happens to be among the largest producers. Why we are not exporting ginger in large quantity is beyond me. You can start a Trans-Sahara or Trans-Atlantic trade with this goods and be making dollars on regular basis. Garlic is also on top of the list of items you can export from Nigeria.

2. Palm Kernel Oil

Palm Kernel oil is the oil extracted from the pulp of palm fruit which is different from palm oil. Palm Kernel Oil is used for the manufacturing of various cosmetics, pharmaceutical products and confectioneries. The uses of this oil is broad and the mineral contents are said to be rich in protein for various uses. Nigeria has it quantum and makes dollars exporting it to other countries of the world.

3. Textiles and Garments

This industry alone generates close to $32bn as revenue from export from Nigeria. It is also a fact that unlike other products that battles with high strict rules of tests, Nigeria’s textiles enjoy duty free passage into United States where it has the largest market in the world because of its unique designs, ethnic African designs and quality.

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4. Cocoa Butter

This is the real sources of chocolates of all types. The fruits of Cocoa is used for the production of various skin care products, health products, and pharmaceutical products. The demand for Cocoa is very high in both America and UK and that is why cocoa farming is very essential in Nigeria.

5. Gallstone

This is a clay-like solid substance gotten from the gallbladder of matured cow and oxen. The size could be as big as chicken egg. Gallstone is a hotcake for foreign pharmaceuticals because they use it for medical purposes. If you could lay your hand a good quantity of well dried gallstone about 100g that is well packaged, ready buyers are waiting for it in either Asia or America.

6. Rubber

Nigeria has put in place proper Central Testing Laboratories to ensure that only certified products leave the country to Europe and America. Nigeria happens to be a significant producer of Rubber in Africa. A cubit meter of fine quality rubber goes for between $400 and $600 presently because of the instability of dollar rate in the market.

7. Sesame Seed

This may sound a bit strange if you are not from the area where it is produced in the country. Sesame seed can be found in quantity in places like Benue and Jigawa states in Nigeria. This product ranks second to cocoa in terms of export volume and foreign exchange earnings. Nigeria is the 5th largest producer of this commodity and shipping it into foreign countries brings dollars exchange.

8. Honey

Pure honey is another export commodity from Nigeria to other countries. Presently, a kilogram of honey costs above $150 in the international markets. Pure natural honey contains trace enzymes as sugar, mineral, vitamins and amino acids. A litre of honey can fetch good dollars in the foreign market.

9. Shrimps

The Niger Delta region in Nigeria is blessed with rich organic deposits of Shrimps. The demands for Shrimps is high in countries like Portugal, France, Belgium, Spain, and USA.

10. Garlic

Garlic is a cash crop which is grown under irrigation by farmers in the Savanna areas in Nigeria. With internationally certified good quantities of garlic, you are sure of foreign hard currencies.

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11. Yam Tubers

Nigeria is presently the highest producers of yam. In 2009 alone, yam export accounted for about US$450 million exchange. But due to low quality, it is saddening to know that the country is not maximizing its export potentials of this products. So there is need for prospective exporters of yam to foreign countries to adhere to quality regulations that is guarding the process. Yam farmers must take this into consideration and tap from this opportunity.

12. Charcoal

This is at the fore front in the international market. This product which is produced in good quantity in Nigeria with now perfected technology, has about 50% ROI.Even an individual can own a charcoal production outfit and have exporters shipping it for him. A large market for charcoal exists in ASIA, EU, and USA. A tonne of this product goes for about $1000.

13. Cotton

This sector recently received a boost from the National Cotton Association of Nigeria (NACOTAN) of N33 million to rehabilitate it. Cotton is the most natural sources of fiber and it is in demand internationally.

14. Cassava Flour

We already know that Cassava is food for all in Nigeria because of various methods of preparing it. There is need for this in the foreign markets as well. The demand for well processed cassava flour is increasing both in Europe, Middle East and in America.

15. Cashew Nuts

Almost every part of the country has the potential to produce this international commodity. Great quantity of unprocessed raw cashew nuts are exported to India, Brazil and Vietnam where they are processed into kernels and moved to the Northern America and Europe where they are sold for about $2 per pound. The demand is on the increase from these consuming countries.

16. Snail

If you can produce snails in good quantity, there is a ready market for you. Snails are hotcake in European and America. The good thing about this is that it is very easy to rear as it produces rapidly with close to nothing in expenditure for feeding.

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17. Chili Pepper

Nigeria is blessed with good weather which supports the proper growths and production of the internationally accepted pepper. If you can grow and source for the export opportunity, you are sure to get it.

18. Fruit Juice

It may sound somewhat strange to many that Nigeria provide export opportunity for fruit juice concentrates. Yes, we have it because Nigeria can boast of so many naturally grown fruits all over the country which provides the best of fruit juice products of great quality. The opportunity for Nigerian fruits concentrate export is huge in USA.

19. Poultry

Forget about the facts that some greedy Nigerians go about smuggling chicken into the country. When we talk about poultry, it involves all domestic birds, egg or meat.

Nigeria poultry farm products are still highly needed both within Africa and Western countries because Nigerian weather conditions for poultry farming still remains the best. Poultry products export from Nigeria is an avenue that is still highly untapped.

20. Cosmetics and Soap

Nigeria has grown in this very important area but the only challenge that is holding us back is procurement of good technology to produce cosmetics in great quantity to compete favorably with other developed countries.

Soap making, which extends to other toiletries, laundries and so on are already export opportunity waiting to be invested in. Nigerian cosmetics products can be exported to other African countries where they are badly needed.

Nigeria has big market in soap industry already which other neighboring countries travels thousands of kilometers to get in big quantities to sell in their countries for good profits. If that area is properly looked into, the investment opportunity there are still virgin. If well harnessed, could mean a huge opportunity for foreign exchange. This exchange will further improve the underused avenues of cosmetics and soap industry in the country.

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If the exporters from Nigeria could strictly follow the rules guiding export, more avenues can be opened up for others who are aspiring to join in making export from Nigeria available to other countries around the world.

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