Author: Julius Alagbe

U.S. Denies Seeking New Cold War with China Jake Sullivan, U.S. President Joe Biden’s National Security Advisor, on Thursday said the U.S. was not seeking a new Cold War with China or changing China’s system. Sullivan made this known during a meeting with President Xi Jinping of China in Beijing. He explained that the revitalisation of U.S. alliances, especially in Asia, was not against China. The presidential aide also conveyed the regards of President Biden to President Xi. He recalled that since the San Francisco Summit between the two world leaders, the duo had earnestly implemented their common understandings and…

$1m Fraud: EFCC Nabs Suspected Syndicate Impersonating Olukoyede The Economic and Financial Crimes Commission (EFCC) has apprehended a four-man syndicate for allegedly impersonating and blackmailing its Chairman, Mr Ola Olukoyede, in a one million dollars fraud. The EFCC Spokesperson, Dele Oyewale, said this in a statement on Thursday in Abuja. He said the suspects were arrested on Wednesday at Gimbiya Street, Garki, and Apo Legislative Quarters, Abuja. Oyewale stated that the alleged fraudsters impersonated the EFCC Chairman and contacted a former Managing Director of the Nigeria Port Authority (NPA), Mr Mohammed Bello-Koko, for a deal. According to Oyewale, they claimed…

Nigeria’s Non-oil Export Grows by 6.26% to $2.7bn – NEPC The Nigerian Export Promotion Council (NEPC) says Nigeria’s non-oil export sector recorded impressive growth in the first half of 2024, generating 2.7 billion dollars in revenue. The Executive Director of NEPC, Nonye Ayeni, said this while presenting a progress report on Nigeria’s non-oil export performance on Wednesday in Abuja. Ayeni said that the figure showed a 6.26 per cent increase when compared to the 2.539 billion dollars earned in the same period in 2023. According to her, the significant uptick in export revenue highlights the country’s ongoing efforts to diversify…

Interbank Rates Crash despite Outflow for OMO Auction The interbank rates crash by about 300 basis points, or 3% apiece, as liquidity levels in the financial system remain robust despite outflows for open market operations (OMO bills) sold to investors yesterday. The OMO bills were offered in three tenors for a total of ₦500 billion, but the Central Bank of Nigeria (CBN) sold ₦758 billion of the long-dated paper market participants at the primary market auction on Tuesday. Short-term benchmark rates reacted positively to the funding level in the absence of significant pressures in the market. Data from the FMDQ…

NCC Sets Final Deadline for NIN-SIM Linkage Compliance The Nigerian Communications Commission (NCC) has announced a final deadline for mobile users to comply with Subscriber Identification Modules (SIMs) linkage to their respective National Identity Numbers (NINs). In an official statement, NCC said that to date, over 153 million SIMs have been successfully linked to a NIN, reflecting an impressive compliance rate of 96 per cent, a substantial increase from 69.7 per cent in January 2024. “As we approach the final phase of this critical process, the NCC seeks the continued cooperation of all Nigerians to achieve 100 per cent compliance,”…

MTN, ACCESS, WEMA Bank Losses Drive NGX Down by N176bn Equities investors’ wealth plunged by about N176 billion as MTN Nigeria Plc share depreciation wiped off gains from the buy side of the stock market. Other supporting losers in the stock market include Access Bank, Wema Bank, and Jaiz Bank Plc. The numbers of gainers exceeded stocks that lost value, but the market closed negative due to MTN Nigeria’s weight in the market. According to transaction details, the Nigerian Exchange (NGX) All-Share index fell by 32 bps to close at 96,204.01 points, according to trading details for the day. Stockbrokers…

GCR Places Sterling Bank Ratings on Review Extension Emerging market Africa rating agency, GCR, has placed Sterling Bank Limited’s national scale long and short-term issuer ratings of BBB (NG)/A3 (NG) on review extension, it said in a statement. The emerging market rating said it also placed Sterling Investment Management SPV Plc’s Series 2 N32.89 billion fixed rate senior unsecured bond rating of BBB-(NG), on review extension. The rating process is ongoing, and GCR expects to publicly release the updated rating results before September 30, 2024. However, GCR said ratings assigned at the last review are still in effect and remain…

NGML- NIPCO Gas JV Inaugurates Gas Project at Lekki Free Zone NIPCO Gas Ltd. and its Joint Venture Partner, NNPC Gas Marketing Ltd. (NGML), on Wednesday inaugurated a gas supply project for the Lekki Free Zone Development Company (LFZDC) in Lagos. The project is delivering over 100 Million standard cubic feet (MMscf) of gas daily. During the inauguration, the Managing Director of NIPCO Gas, Mr Nagendara Verma, explained that this milestone represented a significant advancement in utilising Nigeria’s natural gas resources to fuel economic development. Verma emphasised that the project would stimulate industrial growth and job creation in the Lekki…

IMF Conditions Nigeria’s Growth Projection on Stronger Reforms The International Monetary Fund (IMF), says achieving Nigeria’s projected 3.1 per cent economic growth outlook for 2024 is dependent on implementation of stronger reforms. Dr Christian Ebeke, IMF Resident Representative, said this at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024 with the theme: “Invest Nigeria”, on Tuesday in Lagos. Ebeke said that for the country to grow slightly from the 2.9 per cent rate of 2023, further reforms on governance and business regulations were needed. He said that such reforms would transform its growth momentum…

FG Inaugurates Board for Effective, Affordable Housing Operations The Minister of Housing and Urban Development, Ahmed Dangiwa, on Tuesday inaugurated the Estate Surveyors and Valuers’ Registration Board of Nigeria (ESVARBON) for effective operations and affordable housing. Dangiwa, while inaugurating the 22-member professional body in Abuja, said that it was necessary due to the expiration of terms of several of the board members, which has led to a shortage of active members. He said that the board had been unable to meet the quorum of 11 members required by the Estate Surveyors and Valuers Registration Act. According to him, although a…