Author: Julius Alagbe

Tincan Island Command of Nigeria Custom Service Generates N1.04trn The Tincan Island Command of the Nigeria Customs Service (NCS) says it has generated N1.046 trillion in revenue between January and October. It also intercepted 16 containers of illicit drugs. The command controller, Comptroller Dera Nnadi, made the disclosure in Lagos on Thursday. Nnadi said that it was the first time the command had crossed the trillion-naira mark since its establishment over 40 years ago. “The command, as of November 7, 2024, generated one trillion, forty-six billion, and four ninety-six million  between January 1 and November 7, 2024, into the Federated…

Money Market Rates Mixed as Banking System Deficit Reduces Money market rates diverged as deficit liquidity balance in the financial system improved on Thursday. The short-term benchmark interest rates remained at double-digit level as analysts predict banks would start to borrow to meet funding requirements. Though, banking system liquidity stayed negative on the day, there was slight improvement when compared with the balance reported midweek. Deficit in the financial system reduced to N938 billion on Thursday due to inflows from matured borrowing instruments from about N2.306 trillion on Wednesday. The settlement for the Central Bank of Nigeria (CBN) OMO auction…

FG Opposes Proposed Nigeria Mines Ranger Service The Federal Government has rejected the establishment of the Nigeria Mines Ranger Service (NMRS) to combat illegal mining and artisanal mining. The Ministries of Solid Minerals Development, Justice, and Interior, as well as the Nigeria Security and Civil Defense Corps (NSCDC) and the Nigeria Immigration Service (NIS), argue that the proposed service duplicates the NSCDC’s mandate. Attorney-General Lateef Fagbemi and Minister of Solid Minerals Dele Alake, at a public hearing on Thursday in Abuja, expressed concerns, suggesting instead strengthening the existing Special Mines Surveillance Task Force (SMSTF). Fagbemi was represented by Director Legal…

NDIC Reassures Nigerians on Bank Stability The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed the stability, safety, and health of Nigerian deposit money banks, urging citizens to continue patronising them without fear. Mr Bello Hassan, the Managing Director of NDIC, gave the reassurance during the corporation’s Special Day at the ongoing 36th Lagos International Trade Fair. Taking questions from journalists, he said that all banks that had their licenses not withdrawn by the Central Bank of Nigeria (CBN) were safe and healthy. Hassan, represented by Mr Nuhu Bashir, Director of Communications and Public Affairs, said that the NDIC was working…

NNPC Disclaims Video of Adulterated Fuel Sold in Bottles, Jerrycans The Nigerian National Petroleum Company Limited (NNPC Ltd.), has disclaimed a viral video alleging that it sold adulterated Premium Motor Spirit (PMS), known as fuel in bottles and jerrycans. Mr Olufemi Soneye, the Chief Corporate Communications Officer, NNPC Ltd. in a statement on Thursday said that it had carried out spot checks at all its outlets and found the claim to be false. “The attention of the NNPC Ltd.x has been drawn to the video clip of someone pouring a dark liquid which he claims to be PMS purportedly bought…

Naira Reclaims Value Against US Dollar as FX Crunch Eases The naira bucked downward trend in the foreign exchange market against the US dollar as demand, supply dislocation pressures eased. Spot FX data from the FMDQ platform revealed that the naira appreciated by 2.51%, closing at ₦1,639.50 per US dollar at the official market. The huge daily gain was supported by strong investors’ confidence, and latest FX inflows covering total market demand in the official window. The Central Bank of Nigeria (CBN) has slowdown pace of FX intervention to support the local currency, analysts said while discussing the market expectation…

Nigerian Exchange Gains N217bn as OANDO, ARADEL, CONOIL Rally Equities investors gained about N217 billion as trading activities on the Nigerian Exchange (NGX) platform gained tractions. Key performance indicators climbed on the day as investors increased bets on oil stocks in particular. Stock trading data from the local bourse revealed that NGX index recorded 37 basis points uptick, while year to date return advanced again. The market index or All-Share Index rose by 357.62 basis points in today’s trading session, reflecting a 0.37% increase to close at 96,924.86. Stock market investors renewed buying interest in CONOIL, ARADEL, NEIMETH, OANDO, and…

NCC to Simplify Mode of Tracking Data Usage for Customers The Nigerian Communications Commission (NCC), in a bid to improve transparency in the telecom industry says it will simplify the process of tracking data usage for customers The Executive Vice-Chairman of the NCC, Dr Aminu Maida, said this at the 93rd edition of Telecom Consumer Parliament (TCP), on Thursday in Abuja. The theme of the programme was: “Optimising Data Experience, Empowering Consumers Through Awareness and Transparency in a Consumer-Centric Telecom Industry”. Maida said that earlier this year, NCC analysed consumer complaints, revealing data depletion and billing issues as top concerns.…

ARADEL, Banks Stocks Drive Intraday Gain on NGX ARADEL Holdings, banking stocks are currently driving Intraday gains on the Nigerian Exchange trading platform. The market is trending positive after huge loss that dragged the local bourse all share index downward on Wednesday. Market sentiment was weak and key performance indicators nosedive amidst strong trading activities in the fixed income market yesterday. At mid-day, the NGX All Share Index witnessed a positive trajectory, reflecting a gain of 0.29%, Alpha Morgan Capital Limited said in note today.  Stockbrokers said this upward movement is a result of buying sentiment of investors in some…

Oyo State Approves N15bn for Ibadan Township Road Projects The Oyo State Government has approved over N15 billion for the rehabilitation and asphaltic improvement of some inner roads in Ibadan. The Commissioner for Public Works and Transport, Prof. Daud Sangodoyin, disclosed this on Wednesday in Ibadan while briefing newsmen on the outcome of the 12th State Executive Council meeting. According to Sangodoyin, the Council approved the award of the asphaltic improvement of 7.12 kilometres of Old and New Bodija Estate roads at the cost of N5.6 billion. He said the approval for the road projects was in fulfillment of Gov.…