Retail Supermarkets Nig Limited operators of Shoprite Mall announced that it will cease operations at its Wuse, Abuja branch on June 30, 2024. The company disclosed this in a circular signed by Chief Executive Officer Dr. Folakemi Fadahunsi on behalf of the retail supermarket, which was obtained. It attributed the reason for the decision to the current business climate in the country and the process was a thorough evaluation of the store’s financial performance. Additionally, vendors were informed that their services would no longer be required at the location and it will review its financial records in the next 60…
Author: Temitope N.
The Chinese government has promised to increase agricultural product imports from Nigeria going forward. This was disclosed in a joint statement The two sides seized the moment to review the positive achievements in the development of China-Nigeria relations over the past 50 years since the establishment of diplomatic relations. Strengthening Cooperation According to the joint statement published on China’s foreign affairs website on Saturday, the two countries agreed to strengthen cooperation in infrastructure, electricity, telecommunications, finance, agriculture, industry, mining, free trade zones and other fields. The Chinese side assured of improving agriculture imports from Nigeria among other things. “China is willing…
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the necessity of maintaining higher interest rates to address the persistent inflation issues plaguing the Nigerian economy. The governor made this comment in his statement in the recently released ‘Personal Statement’ of the Monetary Policy Committee (MPC) members at the MPC meeting held between May 20 and 21, 2024. The personal statements help show the decision-making of committee members responsible for monetary policy in the country. It also highlights their voting patterns. Cardoso stated that tighter monetary policy accompanied by higher interest rates was at their disposal to…
Moody’s Ratings has projected a significant increase in Nigeria’s interest spending, estimating a rise of 1% of the Gross Domestic Product (GDP) in 2024. This forecast comes as tighter monetary conditions elevate government interest rates for local currency borrowing, which remains the primary funding source due to a constrained external funding environment. According to Moody’s latest outlook for Nigeria, this surge in interest rates, from an average of 12.8% in 2023 to 19.7% in the first five months of 2024, will drive interest spending to consume 36% of government revenue. It stated: “Tighter monetary conditions are pushing government interest rates for local…
Global ratings agency, Moody’s has stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024. The firm stated this in its review of the Nigerian economy, where it maintained the country’s credit outlook as positive, citing the sustenance of reforms instituted in 2023. According to the firm, the hawkish monetary policy stance of the CBN has pushed interest rates for local borrowing by the federal government from an average of 12.8% in 2023 to around 19% in the first five months of 2024. It explained that the interest payment would increase by…
Nollywood biopic “Funmilayo Ransom Kuti” has concluded its five-week exclusive run in Nigerian cinemas, grossing a total of N156.6 million. It is confirmed that the movie is no longer available in theatres. Now, the film has premiered on Prime Video as of Saturday, June 21, 2024, and it has continued to receive laudable comments and reviews, especially for Kehinde Bankole’s performance as the lead actress. Bankole’s portrayal of Funmilayo Ransome-Kuti has been widely acclaimed, she also won the Best Actress award at the recently concluded Africa Magic Viewers’ Choice Awards for her role in “Adire.” Her performance in “Funmilayo Ransom…
Nollywood’s latest, Muri and Ko has made N50 million across cinemas in 7 days of its opening week. This performance highlights the movie’s widespread popularity and robust reception. The film, directed by award-winning filmmaker, Biodun Stephen, premiered on June 12, 2024. Adding to the film is its soundtrack, particularly the three-minute debut single “Muri Picka” by Nollywood actor, Kunle Remi – released on Spotify on June 21, 2024. Kunle Remi is one of Nigeria’s highest-grossing male actors of 2023 thanks to his roles in Netflix projects such as Anikulapo, Praise Party, The Kujus Again, Love and Lust and Other Things, Malaika and Something Like…
The Supreme Court of the United States has ruled that U.S. citizens lack the right to challenge visa denials in court of their non-citizen spouses. The ruling emphasizes that extending such rights to individuals outside the United States would be illogical according to the Supreme Court. In a 6-3 decision issued on Friday, the Court reaffirmed the extensive authority granted to Congress to establish immigration restrictions and the executive branch’s responsibility to implement those directives in determining admissibility. The justices previously determined that migrants do not have a constitutional right to contest these decisions. Justice Amy Coney Barrett, writing for the majority, said…
Leading Nigerian law firm Templars has announced its role in advising Tolaram, a Singaporean conglomerate, on acquiring a 58.02% stake in Guinness Nigeria PLC from Diageo. The deal, signed on June 11, 2024, includes long-term licensing and royalty agreements for the Guinness brand and Diageo’s ready-to-drink and mainstream spirits in Nigeria. The transaction highlights Templars’ prominence in handling significant corporate deals. Templars has previously advised Tolaram, especially on the financing of the Lekki Deep Sea Port. Tolaram, which operates 30 manufacturing facilities in Africa, primarily in Nigeria, aims to enhance Guinness’ growth in the Nigerian market. The acquisition could exceed…
The Nigeria Labour Congress (NLC) has opposed the call by some politicians for decentralizing minimum wage negotiations allowing states to have different minimum wages. In an interview with the News Agency of Nigeria (NAN) on Sunday in Ibadan, the Secretary of NLC in Oyo State, Mr. Adebayo Aribatise, stated that decentralizing minimum wage negotiations would disadvantage workers in some states. Explaining the broader implications of a centralized minimum wage, Fayemi noted that only a small percentage of the population benefits directly from minimum wage negotiations. However, Aribatise strongly opposed decentralizing minimum wage negotiations, stating that it is not ideal for…
Bitcoin the primary crypto asset dropped by 3.5% on Friday morning to $64,700 as volatility shook the asset following a humungous sell-off of Bitcoin assets by the German government. Bitcoin in the last hour has dropped by nearly 1.2% continuing an underwhelming trend that has witnessed the asset drop by over 9% in the last two weeks. Industry experts believe the drop in Bitcoin prices was triggered by the massive sell-off of seized Bitcoin assets by the German authorities. German authorities resumed selling off massive portions of Bitcoin assets from a large cache of Bitcoin seized from Movie2k.to a large movie piracy…
Ghana has reached an agreement in principle with its bondholders to restructure its $13 billion Eurobonds. According to sources who spoke with Reuters, bondholders will face up to a 37% haircut on principal, alongside an extension of the bonds’ maturity. This agreement follows the country’s recent finalized deal with the official creditor committee, formalizing a debt restructuring deal initially agreed upon in January 2024. The debt restructuring agreements are paving the way for the country to receive a new funding tranche from the International Monetary Fund. The details of the agreement set the stage for the IMF executive board’s approval of…
The latest data released by the United Kingdom Home Office has revealed a 38% decline in study visas issued to Nigerians between March 2023 and March 2024. The report particularly focuses on the decline in the number of study visas issued to applicants from India and Nigeria, which are the UK’s two major markets for study visas. Visas issued to applicants from India fell by 16% for the same time period. It was learned that this decline appears to be closely tied to the rule change in January 2024, which now restricts international students from bringing dependents unless they are enrolled in…
The Institute of Chartered Accountants of Nigeria (ICAN) has issued a stern warning to its Members-In-Practice (MsIP) regarding the use of invalidated or untenured practice licenses. In an official notification dated June 10, 2024, ICAN expressed dismay over the continued use of outdated licenses despite numerous public notices and sensitization efforts dating back to October 2019. This development has prompted ICAN to take decisive action to maintain professional standards within the accounting profession in Nigeria. Background and Discovery The Governing Council of ICAN recently discovered that a significant number of its Members-In-Practice are still operating with their old, invalidated, or…
The Managing Director and CEO of Fidelity Bank Plc, Nneka Onyeali-Ikpe, has said that the bank’s N127.10 billion capital raising initiative is set to enhance its market position and expand its international footprint. Onyeali-Ikpe stated this at the “N127.10 billion Public Offer and Rights Issue Facts Behind the Combined Offer” event at the Nigerian Exchange Limited Headquarters in Lagos. She noted that Fidelity Bank is the first Nigerian bank to launch a public offer following the Central Bank of Nigeria’s (CBN) directive on banking sector capitalization issued in March 2024. On June 20, 2024, Fidelity Bank commenced its public offer…
The Securities and Exchange Commission (SEC) has published its comprehensive framework for the 2024 banking sector capitalisation programme. Released on the Commission’s website on Friday, the framework provides detailed guidance for banks, holding companies, and market participants to successfully navigate the recapitalisation process. This initiative responds to a recent mandate from the Central Bank of Nigeria (CBN), which requires banks to increase their capital in support of the nation’s $1 trillion economy. Under the new CBN capital requirements, international banks are required to raise their capital base to N500 billion, national banks to N200 billion, and regional banks to N50…
Nigeria’s total trade with the United Kingdom has plummeted by 25% in the first quarter of 2024 despite the higher value realised from the naira devaluation. This is according to the recent foreign trade statistics report by the National Bureau of Statistics (NBS). The total trade between Nigeria and the UK dropped from N602.36 billion in Q1 2023 to N451.45 billion in Q1 2024. This represents a significant year-on-year (Y-o-Y) decline of 25%. When compared to the previous quarter (Q4 2023), where the total trade was N522.79 billion, there is a quarter-on-quarter (Q-o-Q) decrease of 14%. The steep decline in…
The United Nations World Food Program (WFP) has partnered with the government of Nigeria and other countries in West and Central Africa to begin this year’s food assistance program for the lean season beginning in June to August. The organisation disclosed this in a statement stating that it targets to reach 7.5 million people in the region despite the near-record number of people in need of food assistance. The target number of people to be reached by the program falls short of the number of people projected to face severe food security problems in the region. According to the WFP,…
President of the Republic of South Africa, Cyril Ramaphosa says he will sustain a strategic partnership with Nigeria. This is after his country emerged as Nigeria’s top trading partner in Africa in Q1, 2024, hitting over N1 trillion, according to data from the Nigerian Bureau of Statistics (NBS). The South African side assured of strategic partnership resulting in “economic integration” in Africa. The South African government tweeted this on Tuesday night following Tinubu’s arrival at Waterkloof Air Force Base for the inauguration of Ramaphosa as reelected president of South Africa. Strategic Partnership The South African parliament had re-elected Ramaphosa on Friday. The…
FMCG’s and Telcos in Nigeria are sharpening their investor relations game ahead of massive capital raise as they strive towards repairing their battered balance sheets. This is as commercial banks in Nigeria also embark on a capital raise that is estimated at about N4.2 trillion based on the minimum capital requirements set for banks by the central bank. For FMCGs and Telcos, Nairametrics estimates a capital raise of between N1.6 trillion and N2 trillion. Combined, the economy seems set to finance a staggering N6 trillion or $5 billion in equity for some of Nigeria’s largest companies FMCG on the hook…