On Wednesday, November 8, 2023, the Nigerian Treasury Bills (NT-bills) took center stage, capturing the attention of investors as they experienced an extraordinary oversubscription of 182.4%. This surge in interest resulted in the Central Bank of Nigeria (CBN) witnessing subscriptions amounting to a staggering N875.8 billion, significantly surpassing the initially offered N310 billion. The breakdown of the subscription figures for the three NT-bill categories reveals the extent of investor enthusiasm. The 91-day NT-bills, originally offered at N4.552 billion, witnessed a subscription totaling N16.047 billion. Similarly, the 182-day NT-bills, with an initial offering of N5.429 billion, saw subscriptions soar to N32.960…
Author: Temitope N.
Infostride News reported a bustling trading day on the Nigerian Exchange Group (NGX), marked by a substantial volume of trades. Despite the high activity, the market maintained its bullish trajectory, witnessing a 0.07% increase in the All-Share Index, reaching 70,819.49 points. The equities market experienced a notable gain of 27.2 billion Naira, propelling the market capitalization to N38.912 billion. Notably, 25 stocks saw price appreciation, while 24 recorded declines in today’s trading session. The number of deals executed witnessed a decrease, totaling 6,169 deals compared to the previous day’s 6,401. However, there was a significant surge in trading volume, reaching…
The Nigerian currency, the naira, experienced a significant downturn on Thursday, closing at N996.75 per dollar in the official market and further plummeting to N1090 per dollar in the parallel market. This unexpected decline has left many analysts puzzled, especially in light of the recent efforts by the Central Bank of Nigeria (CBN) to clear some of its foreign exchange (FX) backlog, a move intended to instill confidence in the currency. Data from the NAFEM, where forex is officially traded, revealed that the naira depreciated by 12.24% to reach N996.75 against the dollar at the close of business on Thursday.…
Infostride News reports that Bharti Overseas Private Limited has boosted its voting rights in Airtel Africa to 12.58%, following a substantial investment by its subsidiary, Indian Continent Investment Limited. The acquisition involved 53.5 million Airtel Africa shares, totaling £57.2 million, and was executed on the London Stock Exchange, as disclosed in a corporate filing on the NGX website. The driving force behind Indian Continent Investment Limited is closely associated with Shravin Bharti Mittal, the son of Sunil Bharti Mittal, founder of Bharti Enterprises, the ultimate controlling entity of Airtel Africa. Bharti Overseas Private Limited, which commands a 100% voting right…
Infostride News projects a weakening of Nigeria’s official exchange rate to N1,068.3/$ by 2025, according to a comprehensive report by the Economist Intelligence Unit (EIU). The report unveils concerns about the Central Bank of Nigeria’s (CBN) ability to handle a $6 billion forex backlog, pointing to a lack of firepower and experience in conducting a foreign currency float, ultimately leading to a pessimistic outlook for the naira. In the freshly released country report for Nigeria, the EIU highlights the persistent currency losses driven by the sizable parallel market and the country’s low foreign exchange reserves. The report anticipates a more…
Infostride News reported that the retail participation in equity markets within Nigeria has experienced a notable increase, rising from 28% in 2022 to an impressive 35% as of September 2023. This information was revealed by Jude Chiemeka, the Executive Director of Capital Markets at the Nigerian Exchange Limited (NGX), during the NGX RegCo Retail Investor Workshop. The event, held virtually, centered around the theme “Expanding Reach for More Impact: Deepening financial inclusion in the retail investor.” Chiemeka attributed this surge in retail participation to enhanced access and the widespread adoption of technology in the financial landscape. He specifically highlighted the…
The headway in the transformation of the Abidjan-Lagos highway corridor has drawn significant attention, with investment interest reaching an impressive $15.5 billion, as revealed by Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB). This momentous announcement unfolded during the 2023 Africa Investment Forum (AIF) Market Days held in Marrakech, Morocco, centered around the theme “Unlocking Africa’s Value Chains,” according to reports by Infostride News. Dr. Adesina underscored the corridor’s potential to catalyze positive change throughout the West African region. The ambitious project holds the promise of fostering accelerated regional integration, sustainable economic development, and expanded trade opportunities.…
Infostride News, a civic-tech non-profit organization, has brought to light the disconcerting revelation of an N8.6 billion payment allocated for 19 projects left in various states across Nigeria. This disclosure, stemming from a survey conducted by Tracka, a service delivery promotion platform of Infostride News, underscores the lack of execution or completion of these projects despite the funds allocated in the 2022 budget. In a press release issued on Wednesday, the organization detailed the findings, shedding light on the states where these abandoned projects are situated. Noteworthy among them is the payment of N542 million to Abu-Halawa International Limited for…
The presidential hopeful from the Labour Party, Peter Obi, expressed deep concern over the allocation of N60 billion for SUVs to federal lawmakers, emphasizing that these funds could have been more wisely directed towards the ailing healthcare system. In a statement posted on his X handle on Thursday, Obi decried the mismanagement of funds that has become a prevalent issue on a national scale. The former governor of Anambra State went on to suggest that the lawmakers should have opted for Nigerian-made vehicles, such as those produced by Innoson or Nord, to bolster domestic production. In his view, this would…
Africa is poised to face significant economic challenges due to the effects of climate change, with international financial experts at the Association of African Development Finance Institutions (AADFI) projecting a staggering loss of approximately $30 billion in Gross Domestic Product (GDP) by 2030 on the continent. Thabo Thamane, the head of AADFI, delivered this sobering outlook during an address at a three-day forum held in Abuja. He emphasized the urgent need for action to mitigate the impact of climate change, warning that if left unaddressed, these effects could result in losses amounting to about 15% of Africa’s GDP by 2050.…
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced a substantial contribution of $1.5 billion at the 2023 Africa Investment Forum (AIF) Market Place in Marrakesh. This financial support is directed towards advancing the export of value-added agricultural products through the Special Agro-Industrial Processing Zones (SAPZs) initiative. Addressing the audience at the forum themed “Unlocking Africa’s Value Chains,” Adesina stressed the importance of steering away from the export of raw agricultural commodities. He emphasized that the pathway to wealth lies in exporting value-added products rather than raw commodities, which often leads to a fast track to poverty. The…
The President of the Senate, Sen. Godswill Akpabio, has expressed deep concern about the ongoing trajectory of Nigeria’s borrowing practices, emphasizing the need for a critical examination and control of the situation. This assertion was made during the commencement of a five-day interactive session focused on the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), involving all revenue-generating agencies of the government. In his address, the Senate President underscored the imperative of enhancing revenue generation as a pivotal strategy to address the current fiscal challenges. Recognizing the potential consequences of removing the Petroleum Subsidy on the Nigerian…
In a recent legal development, a Federal Capital Territory (FCT) High Court has issued a temporary order preventing Novare and its subsidiaries, a South African company, from selling their assets, including prominent retail malls such as Lekki and Abuja malls, in Nigeria. This judicial intervention comes as a response to an ex-parte motion presented by the applicants’ counsel, Darlington Ozurumba, with Justice Peter Kekemeke presiding over the case. The applicants in question are Grand Towers Reality Ltd, Grand Towers Plc, and Nze Chidi Duru, identified as the Nigerian partners of Novare Investment (PTY) Ltd, the entity that owns Shoprite. The…
Infostride News has obtained documents from the Zamfara State government that shed light on the alleged misappropriation of over N1 billion by the immediate past governor of the state, Bello Matawalle, on an abandoned hotel service center in Gusau, the state’s capital. This revelation comes from a statement issued in Gusau on Wednesday by Sulaiman Bala, the Special Assistant on Media and Publicity to the current Zamfara governor. According to the statement, the former governor, who is now the State Minister for Defence, made a payment of N1,011,801,545.79 to 180 Circle Construction & Engineering Ltd. for the construction of Gusau…
MTN Nigeria has provided comprehensive insights into its ongoing legal dispute with the Federal Inland Revenue Service (FIRS) and the rationale behind challenging the recent Tax Appeal Tribunal decision, which mandates the payment of $47.8 million to the revenue agency. The company, in a release titled ‘MTN’s Tax Matter: Unveiling the Issues,’ disclosed its appeal filed at the Tax Appeal Tribunal to contest the judgment rendered on October 20, 2023. Five pivotal issues have been presented by MTN Nigeria for the Tribunal’s consideration. Firstly, the company aims to establish whether, based on the pre-amendment provisions of the VAT Act, the…
The Nigerian Federal Government, in collaboration with the Bank of Industry (BoI), is set to roll out an innovative on-lending financing scheme aimed at bolstering the adoption of clean energy solutions. Dr. Olasupo Olusi, the Managing Director and CEO of BoI, unveiled this plan during the ongoing AADFI-ADFIAP Joint CEO Forum in Abuja on Thursday. The forum, which brings together development finance institutions from Africa, Asia, and the Pacific, serves as a platform for discussing strategies to address global economic challenges and foster sustainable development. Emphasizing the importance of resilient institutions to attract affordable long-term finance for green projects, Olusi…
Osun State Governor, Ademola Adeleke, took a significant step on Thursday as he unveiled an ambitious N273.9 billion budget proposal for the year 2024 before the State House of Assembly. Aptly named the “Budget of Reconstruction and Recovery,” the financial plan is strategically divided into two main components: a Recurrent Expenditure of N165.65 billion and a Capital Expenditure of N108.25 billion. In his address to the assembly, Governor Adeleke highlighted that the primary focus of this budget is the revitalization and reconstruction of the state’s economy, which had faced severe challenges prior to the assumption of his administration. Emphasizing his…
Infostride News has reported a pivotal development in the ongoing acquisition saga involving PZ Cussons Nigeria Plc (PZCN), a prominent consumer goods company. In a move reflecting the company’s commitment to fortify its operations in Nigeria, PZCN has increased its offer for shares from the original N21 to N23 per share, aiming to acquire the shares held by minority shareholders. The initial announcement in September outlined PZCN’s intention to acquire shares from other stakeholders, emphasizing the importance of streamlining and strengthening operations in Nigeria. The company, present in Nigeria since 1899, envisions the Nigerian market as a vital component of…
Infostride News has reported that the Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed a substantial revenue of ₦14.38 trillion generated by federal government agencies from the extractive sector. This information was shared by Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, during the presentation of the most recent Fiscal Allocation and Statutory Disbursement (FASD) report, spanning from January 2020 to December 2021, in Abuja. Presenting the report was Mr. Shaakaa Chira, the Auditor General of the Federation, with Mr. Sundung James, the Director of Audits, representing him. The revenue-generating agencies encompassed in this report include the Nigerian National Petroleum…
GuarantCo, a member of the Private Infrastructure Development Group (PIDG), has recently stepped forward with a significant move in the realm of infrastructure development in Nigeria. In a press release shared with Infostride News, GuarantCo announced the provision of a substantial N20.23 billion (USD 25 million) counter-guarantee to the Lagos Free Zone Company (LFZC), showcasing a commitment to advancing crucial economic initiatives in the country. This strategic counter-guarantee, which spans a twenty-year tenor, is integral to supporting LFZC’s ambitious three-phase infrastructure bond issuances, collectively valued at N53 billion (USD 65.5 million). The broader guarantee facility, underpinned by Infrastructure Credit Guarantee…