Author: Julius Alagbe

Hardship: Muslim Group Sets up Market of Convenience in Lagos Some Muslim scholars, under the umbrella of the League of Islamic Leaders in Mushin, Lagos, have established a market called Market of Convenience (MFC) where foodstuffs, in particular, would be sold at reduced prices. The scholars held a one-day sensitisation program on Sunday in Lagos on the need for Muslims to embrace MFC. The convener of the program and chairman of MFC, Alhaji Musoddiq Sanni, urged religious leaders to embrace the market. Sanni said that the Muslim community established the market as a strategy to contribute its quota to tackling…

FG, Brazilian Company Sign MoU to Boost Agribusiness The Ministry of Agriculture and Food Security and Fundação Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MoU) to boost fertiliser production, hybrid seed technology and agricultural finance. The MoU was signed on behalf of the Federal Government by Mr Temitope Fashedemi, Permanent Secretary at the ministry, and Prof. Carlos Leal, the President of FGV, on the sidelines of the G20 Leaders’ Summit in Brazil. Fashedemi explained that with the MOU, private-sector projects on fertiliser production, hybrid seed technology and agricultural financing were projected to attract 4.3 billion dollars…

Dangote Refinery Reduces Petrol Price to N970 Per Litre The Dangote Petroleum Refinery says it has reduced the price of its Premium Motor Spirit from N990 per litre to N970/litr3 for marketers. In a statement released on Sunday, the Group Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, said the reduction was to appreciate Nigerians as the year ends. “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government…

NCC, CBN to Resolve Banks, Telcos USSD Debt Dispute The Nigerian Communications Commission (NCC) is working with the Central Bank of Nigeria (CBN) to resolve the ongoing dispute between telecommunications operators and commercial banks over unpaid Unstructured Supplementary Service Data (USSD) fees. USSD, also known as quick or feature codes, enables users to send text messages and perform financial transactions, such as cash transfers and balance inquiries. The debt, which has risen to N250 billion, according to the Association of Licensed Telecommunication Operators of Nigeria (ALTON), has been a point of contention between telcos and banks. In 2019, telcos proposed…

Prices of crude oil rose successively in the last two days due to rising uncertainties in the global commodities market with the U.S sanctions on Russia’s Gazprombank.

Naira Plunges on Suboptimal FX Intervention The naira exchange rate suffered from a lack of FX liquidity at the Nigerian autonomous foreign exchange market this week.  The exchange rate closed negative over subpar FX intervention in the official window despite weak US dollar volume to meet growing demand. According to spot data tracked on the FMDQ platform, the naira depreciated to N1,652.62 per US dollar at the Nigerian Autonomous Foreign Exchange Market. The decline in the value of the local currency at the forex markets happened despite FX sales to banks by the Central Bank of Nigeria (CBN), suggesting an…

Investment in Livestock will Turn Tragedy to Economic Opportunity—Tinubu President Bola Tinubu says his administration’s renewed focus on driving international and local investments into the livestock sector will end farmer-herder clashes. Tinubu said this on Thursday in Rio de Janeiro, Brazil, at the signing of a Letter of Intent between the Nigerian Government and the JBS S.A, one of the top three largest meat processing companies globally. “What we are doing right now is that we are solving a problem that afflicts humanity in that part of Africa. “Clashes between farmers and migrating cows that have caused some lives and…

Borrowing: LCCI Advises FG on Options to Fund Budget The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over the Federal Government’s plan to borrow $2.2 billion, warning of potential debt sustainability issues and impacts on infrastructure. The chamber, in a statement on Friday in Lagos, said that there was need for diversifying funding sources beyond debt financing. Its Director-General, Dr Chinyere Almona, said that the Federal Government could intensify efforts to expand the non-oil revenue base through tax reforms and promote export-driven sectors like agriculture and manufacturing. Almona also suggested other options such as boosting exports, tourism,…

Tax Evasion can now Lead to Imprisonment, Assets’ Seizure, Oyo Warns The Oyo State Government may soon be using legal action against residents and business owners domiciled in the state who evade the payment of taxes, an official said on Friday. Mr Olufemi Awakan, the Executive Chairman of Oyo State Board of Internal Revenue, disclosed in a statement in Ibadan it was time to clear all backlog of tax payments. “It is also time we ensure residents of the state fulfil their civic responsibilities and obligations to the state. “The payment of taxes and levies are not optional, as stated…

FX Reforms Improve Valuation Transparency, Foreign Investment—Issuing Houses The Association of Issuing Houses of Nigeria (AIHN) says reforms in the foreign exchange (FX) market have significantly improved valuation transparency in companies and increased foreign investment in the economy. AIHN’s President, Ms. Kemi Awodein, said this at the association’s Annual General Meeting (AGM) in Lagos. Awodein explained that the several successful transactions facilitated within the year were boosted by the forex reforms. These, she mentioned, included Heineken’s 24 billion dollar acquisition of a controlling stake in Nigerian Breweries and Sahara Group’s one billion dollar purchase of Egbin Power. “These deals were…