Author: Julius Alagbe

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…

Bago Strikes $5bn Sugar Deal to Transform Niger Economy Gov. Muhammed Bago of Niger says the five billion dollars Memorandum of Understanding (MoU) signed by the Niger Foods and Uttam Sucrotech International Ltd. will transform the economy of the state. Bago said this during the signing of the MoU by the Niger Foods and Uttam Sucrotech International Ltd., a consortium of Brazilian and Indian sugar value chain experts, on Nov. 20 in Rio de Janeiro, Brazil. He said the deal was targeted at developing 250,000 hectares of sugarcane field and six sugar/ethanol plants in Niger over the next three years.…

Oil prices climbed again in the global commodities market as Russian President Vladimir Putin warned of global conflict after US and UK made missiles were fired by Ukraine.

The spot rate on one-year Treasury Bills (NTBs) issued by the Central Bank of Nigeria (CBN) increased by 50 basis points to 23.50% during the recently concluded primary market auction.