The Federal Government through the Central Bank of Nigeria has raised a total sum of N284.26bn in the latest Nigerian Treasury Bills auction. This was as its T-Bills debts soared to N10.4tn between December 2023 and March 2024, marking a 60 per cent rise in just three months. According to the auction result by the Debt Management Office and cross-checked with data posted on the CBN website on Thursday, the auction attracted significant investor interest, with the total subscription amounting to N773.98bn, far surpassing the total offer of N228.72bn. The most recent outcome indicates ongoing strong demand from yield-hungry investors…
Author: Temitope Nlewemchi
The total transactions on the local bourse have hit N2.35tn at the end of May, indicating a 115.40 per cent increase compared to the first five months of 2023. This was disclosed in the domestic and foreign portfolio participation in equity trading report released by the Nigerian Exchange Limited on Thursday. According to the report, domestic investors maintained their dominance in the market as they transacted about N1.79tn (79.63 per cent) in the five months compared to N458.29bn (20.37 per cent) for foreign investors. A further breakdown showed that domestic institutional investors had the upper hand at N906bn compared to…
Insurance company, Axa Mansard and Slot Systems Limited have partnered on a product that provides insurance coverage of up to N50,000 for customers if their smartphones’ screens get damaged. The product was launched at the head office of Axa Mansard on Tuesday. At the launch, the Country Manager, Axa Mansard, Rashidat Adebisi, said that the partnership with Slot had become imperative given the economic situation in the country and the firm’s desire to make life easier for their customers. “We decided to launch this product to ensure that Nigerians are connected. The downside of an unexpected and unforeseen situation; when…
Kano Electricity Distribution Company has dragged the Manufacturers Association of Nigeria before the High Court of Federal Capital Territory, Abuja, over unlawful interference resulting in revenue losses up to the tune of N5.3bn. The lawsuit was a counter-action taken by the DisCo following the rejection of the new tariff hike by MAN, Kano Branch and its over 41 member affiliate to boycott payment of the new tariff to the DisCo through a court injunction the association obtained on behalf of maximum demand consumers on Band A in the three states of Kano, Katsina and Jigawa. KEDCO through a statement issued…
Mercury Maritime Concession Company, the lead promoter of the $27.29bn Escravos Deep Seaport Industrial Complex Project in Warri, Delta State, said it has received approval and revalidation from the Delta State Government. The developer added that in addition to the state government revalidation, it had received assurance from the Federal Government that the revalidation on the earlier provisional approval would soon be granted. The Chairman of MMCC, Rear Admiral Okoja, disclosed this while addressing journalists in Apapa, Lagos on Wednesday. Earlier, this month, It was reported that MMCC said the country may lose $27.29bn investment in the project by the…
The Federal Government has announced its readiness to establish Nigeria as the third-largest terrestrial fibre-optic infrastructure nation in Africa, with the proposed installation spanning 90,000 km. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave this assurance at the Fibre Forward Strategic Development Workshop. The event was organised by the Federal Ministry of Communications, Digital Economy and Information Technology. A statement signed by the Director, of Information and Public Relations, Mohammed Manga on Wednesday, said the Workshop marked a significant milestone in Nigeria’s journey towards revolutionizing connectivity through a $2bn Special Purpose Vehicle initiative. “The…
The Chairman of Eterna Plc, Gabriel Ogbechie, has disclosed that the company lost N9.4bn due to the foreign exchange crisis in 2023. In a statement made available, he disclosed that at the company’s 31st Annual General Meeting held in Lagos State. Eterna offers a range of energy products, including petrol, aviation fuel, diesel, and lubricants. “Eterna reported an operating profit of N7.8bn, a remarkable 143 per cent increase from N3.2bn in 2022. Although the company ended the year with an N9.4bn loss, this was primarily due to FX losses,” he said. Ogbechie attributed some challenges that affected the company’s financial…
The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1. It also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods into Nigeria. The apex bank disclosed this information in a circular posted on its website on Wednesday adding that it took the decision given recent developments in the Nigerian Foreign Exchange Market. The notice signed by the Acting Director of r, the Trade and Exchange…
The Federal Government said on Wednesday it had made significant progress in discussions with Development Finance Institutions to establish a Special Purpose Vehicle aimed at expanding the nation’s fibre optic network by 90,000 kilometers. The Minister of Communications and Digital Economy Bosun Tijani highlighted a productive meeting with stakeholders that outlined the necessary steps for the SPV. “We had an extremely productive conversation with Development Finance Institutions and other stakeholders to identify and outline steps towards setting up the SPV to build out 90,000 km of fibre optic connectivity across Nigeria,” Tijani said on X (formerly Twitter). The move follows…
The Federal Government plans to conduct a drug use survey as part of its efforts to combat drug abuse and develop preventive measures. It said the survey to be conducted soon would help the government break the vicious cycle of drug abuse, safeguard teeming youth from falling prey to the illicit act and ensure proper resource allocation to address the issue effectively. President Bola Tinubu President Bola Tinubu said this at an event held on Tuesday in Abuja to commemorate the 2024 United Nations International Day Against Drug Abuse and Illicit Drug Trafficking themed, “The Evidence is Clear: Invest…
The Federal Government has launched an investigation into the alleged unauthorised sale of National Identification Number (NIN), following revelations that the personal data of Nigerians were available for purchase online at a fee. The revelation has sparked widespread concern regarding the protection of individual privacy rights and potential economic repercussions. The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, while addressing the issue confirmed he had begun discussions with the Minister of Interior, Olubunmi Tunji-Ojo, on the matter. The Ministry of Interior currently oversees the National Identity Management Commission, the body responsible for managing Nigeria’s identity database. “While…
In the past week, the Nigerian National Petroleum Company Limited said it uncovered another 165 illegal refineries in various locations across the Niger Delta. According to a NNPC documentary between June 15 and 21, about 400 incidents of oil theft and vandalism were reported by both the government and private security agencies. It was said that 69 illegal connections were discovered and disconnected in Bayelsa and Rivers States. It noted that no fewer than eight cases of oil spills owing to vandalism or illegal connections were reported across the region. In Warri, Delta State, an illegal loading point was said…
The exchange rate between the naira and the dollar fell to a six-week low on Monday, closing at N1,490.2/$1, just N10 shy of hitting N1,500/$1. This is according to official data from the FMDQ, where currencies are traded officially. The exchange rate has remained stable throughout June, oscillating between N1,470 and N1,480/$1. The latest slide closer to N1,500 will send jitters to currency watchers, as it represents a psychological ceiling that, when breached, might be perceived as a new wave of depreciation. What the data is saying According to close-of-day data from the FMDQ, the exchange rate closed at N1,490.2/$1…
The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that the country recorded a total foreign exchange inflow of about $24 billion in the first quarter of 2024. Cardoso made this disclosure in a statement during an interview with Bloomberg TV on Tuesday in London. The CBN governor mentioned that the monetary policy tools employed by the apex bank are showing positive impacts on the FX market. Cardoso noted that the rise in FX liquidity in the first quarter of 2024 is the highest in any quarter since 2021. “In terms of liquidity, especially on the…
The Economic and Financial Crimes Commission (EFCC) has secure a final forfeiture order of the Federal High Court Lagos against a $1.4 million allegedly linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. This is coming days after another court sitting in Lagos ordered final forfeiture of N11,140,000,000.00 worth of properties and N1.04 billion traced to Emefiele by the EFCC. The anti-graft agency stressed that the monies, which allegedly amount to proceeds of crime, are domiciled in Titan Bank to the knowledge of the embattled CBN governor. The proceeding on Tuesday is amid several lawsuits…
Lagos State has a housing gap of about 2.3 million houses, according to Honourable Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, who spoke at the Stanbic IBTC Home Ownership Summit on June 25, 2024. Moruf Akinderu-Fatai, was represented at the summit by the permanent secretary of the Lagos State Ministry of Housing, Engineer Abdulhafiz Gbolahan Toriola. Engineer Toriola, who took the keynote address highlighted the increasing demand for housing in Lagos State, as well as the business opportunities available in the housing sector. He said, “In Lagos, the demand for housing is ever-increasing, and the importance of facilitating home ownership cannot…
The Oyo State Government has announced the opening of an online portal for the recruitment of 7,000 primary school teachers and 100 caregivers for special schools across the state. The Executive Chairman of the State Universal Basic Education Board (SUBEB), Dr. Nureni Adeniran, unveiled the portal during a news conference held in Ibadan on Tuesday. The job portal, accessible at subeb.jobportal.oyostate.gov.ng, will be operational from 6 p.m. on June 25 until July 9. The recruitment Dr. Adeniran emphasized the importance of utilizing the official portal to avoid potential scams. “Subeb.jobportal.oyostate.gov.ng is the only authorized SUBEB job portal for applying to the…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied the claim made by the leadership of Dangote Refinery that there is imported dirty fuel in the country. The Authority stated that It would never encourage the importation of dirty fuel into the country and ensures that only quality petroleum products are consumed by Nigerians. Mr. Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, made this known while speaking with newsmen after a meeting with oil marketers and local refiners on Tuesday in Abuja. Dangote Oil Refinery and Petrochemicals had accused the Authority of granting…
The Nigerian National Petroleum Company (NNPC) Ltd has recorded a total of 400 incidents of crude oil theft in the past week. This is according to the company’s weekly program tagged “Energy and You” which states that these incidents include; illegal refineries, illegal connections, vandalism, oil spills, illegal storage locations and others. According to the company, there were 165 cases of illegal refineries in the week between the 15th and 21st of June 2024. Also, cases of illegal connection amounted to 69, there were 15 cases of vandalism, 8 incidences of oil spill, 19 cases of illegal storage location, 74…
The Abia State Government has announced a ban on the operation of tricycles and motorcycles in the cities of Aba and Umuahia from 7 PM to 6 AM, effective July 1. This decision was disclosed by the Commissioner for Local Government and Chieftaincy Affairs, Mr. Uzor Nwachukwu, in Umuahia. According to the Commissioner, the decision to ban the operations of motorcycles and tricycles in these two cities is targeted at improving security by curbing criminal activities often carried out using these vehicles during late hours. “The information available to security agencies reveals that most of these robbery attacks happen in…