Author: Julius Alagbe

Dangote: Domestic Refining will Address Fuel Scarcity, Queue –NBA The Nigerian Bar Association (NBA) has called for the full implementation of the directive of President Bola Ahmed Tinubu on the supply of crude to Dangote refinery and modular refineries in the country. Describing the establishment of the refinery as both nationalistic and patriotic endeavour, the umbrella professional association of lawyers, urged the Federal Government and Nigerians to support the Dangote Petroleum Refinery to end the reign of fuel scarcity and perennial queues at filling stations in the country. It expressed disappointment that the major project is encountering strong resistance from…

NESG Inaugurates Advisory Council to Champion Economic Reforms The Nigerian Economic Summit Group (NESG) has inaugurated its National Economic Advisory Council to strengthen its mission of fostering an open, inclusive, sustainable, and globally competitive Nigerian economy. In a statement, the group said the Council was launched on Friday, August 16, 2024, at the NESG office in Abuja, and consists of distinguished economic experts with significant research experience in African and Nigerian economic issues. The Advisory Council will convene quarterly to receive briefings on the Nigerian economy, deliberate on key findings and challenges, and provide strategic advice to the NESG on…

UK Fined PwC £15m over London Capital & Finance Audit The UK Financial Conduct Authority (FCA) imposed a 15 million-pound-sterling fine on PricewaterhouseCoopers for not reporting suspected fraudulent activities at London Capital & Finance plc. The regulator said despite facing “significant issues” during its audit of the mini-bonds issuer in 2016, with a senior individual acting aggressively towards auditors and providing them with inaccurate and misleading information, PwC did not report it to FCA and ultimately convinced itself that their accounts were correct. London Capital & Finance collapsed in 2019 over unfair marketing of its mini-bonds. “The FCA has fined…

Tariff Removal: FG Sets Duty Rate Guidelines for Staple Food The Federal Government (FG) has unveiled guidelines for the implementation of the “Zero Percent Duty Rate and Value Added Tax” exemption on certain basic food items. The announcement is contained in a statement issued by the Spokesperson of the Nigeria Customs Service (NCS), Abdullahi Maiwada, on Wednesday in Abuja. Maiwada said that President Bola Tinubu approved the guidelines through Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. On July 8, the Minister of Agriculture and Food Security, Abubakar Kyari, announced the suspension of duties, tariffs, and…

United Capital Leads Issuance of Sierra Leone’s $1.4m Corporate Bond United Capital Group has successfully led the issuance of Sierra Leone’s first local currency corporate bond, valued at SLE32 million, or approximately 1.4 million dollars. The group, in a statement by the Group on Tuesday in Lagos, said that the historic milestone signified a transformative moment for Sierra Leone’s capital market. It stated that acting as the Financial Adviser, United Capital through its investment banking business, provided bespoke structuring, financial advisory, and fundraising services to the Issuer, LAPO SL. It said the Issuer, a microfinance institution serving micro, small, and…

Inflation Rate to Ease by 77 Basis Points in July—Forecast Nigeria’s inflation rate has been projected to decline by 77 basis points in July, as market consensus expected base effects to pull down the consumer price index trajectory. In the domestic economy, the headline inflation rate continued its upward trajectory, rising to 34.19% year on year in June 2024, up from 33.95% in May. This persistent increase was primarily driven by higher food prices, particularly for cereals and wheat, according to analysts. Several factors, including the ongoing insecurity in food producing regions, the continued depreciation of the Naira, and idiosyncratic…

Pan-African lender, United Bank for Africa (UBA) Plc saw a rapt of buying interest in the last seven trading sessions, which shifted its market value higher

Emomotimi Agama, Director General, Securities and Exchange Commission (SEC), says the commission is set to outline its vision for the Nigerian capital market at the second Capital Market Committee (CMC) meeting.

Money Market Rates Mixed as Liquidity Declines The short-term benchmark interest rates ended on a mixed note in the money market due to a decline in liquidity levels in the financial system. In the past week, funding rates have been in decline due to the influx of funds from maturing instruments, coupon payments, and the huge Federal Accounts Allocation Committee’s credits. Opening system liquidity decreased by about 21.37% yesterday, compared to the previous day’s balance.  The balance declined despite more than N45 billion inflows from matured OMO bills. However, the open repo rate (OPR) declined by 5 bps to 25.35%,…

Money Market Rates Fall as Banks See Excess Liquidity Money market rates fell further, tracking at a distance behind 30%, due to the absence of pressure on the financial system on the back of a strong liquidity experience in the just concluded week. Rates had climbed higher above 35% last month due to borrowing activities of commercial banks at the Apex Bank’s standing lending facility -SLF. In a drastic change of an event, and pattern, deposit money banks (DMBs) sterilized excess funds in the system. Banks parked N1.92 trillion into the Central Bank of Nigeria’s (CBN) standing deposit facility last…