Author: Ogochukwu Ndubuisi

Private Sector Input Costs Rise at Slowest Pace in 5 Years Nigeria’s private sector activities continue to improve, supported by economic reforms and a sustained decline in headline inflation, which settled at 16.05% in October. S&P Global said in the purchasing manager index (PMI) released on behalf of Stanbic IBTC that the introduction of new products helped to boost customer demand in November, leading to further expansions of new orders and business activity in the Nigerian private sector. The report hinted that the recent trend of easing inflationary pressures continued, noting that input costs increased at the slowest pace in…

NGX Shrinks as Equities Investors Lose N6.54trn in November It was a dirty November for investors in the Nigerian stock market, as the equities portfolio value sank by more than N6.54 trillion across trading sessions. Bears maintained a grip over the market as sentiment nosedived amidst new capital gains tax distortions that caused foreign investors to rotate out from the Nigerian bourse ahead of implementation. The red rain touched all market movers except few with abysmally low trading volume and majority of companies whose shareholdings concentrate with the owners. The market trend was practically put on hold while financial stocks…

CBN Sells N7.85tn in OMO Bills to Banks, Foreign Investors in Nov With banks and foreign portfolio investors as the core investors, the Central Bank of Nigeria (CBN) raised about N7.9 trillion across primary market auctions in November due to a significant level of excess liquidity. The financial system was bloated with excess funds that continued to find its way through the Standing Deposit Facility (SDF) of the CBN at a steep interest rate, which was above the average return on Treasury bills.  Deposit money banks (DMBs) practically pitched tents at the CBN window to earn a 24.50% rate on…

Central Bank to Auction N700bn in Nigerian Treasury Bills The Central Bank of Nigeria (CBN) will auction Nigerian Treasury bills worth N700 billion at the primary market auction scheduled for Wednesday. The auction will be held midweek as the authority seeks to replace N805.89 billion worth of Nigerian Treasury bills that will expire during the week. The Apex Bank will offer the short-term borrowing instrument across standard tenors for subscriptions to investors including local deposit money banks, pension funds administrators and asset managers on Wednesday. The authority will float N100 billion worth of 91 days bills for subscription. Also, 182…

Jonathan Calls Guinea-Bissau Incident a ‘Ceremonial Coup’ Former President Goodluck Jonathan has described the recent political upheaval in Guinea-Bissau as a “ceremonial coup,” rather than a military takeover. Jonathan stated this while addressing newsmen on Friday in Abuja, after returning from Guinea-Bissau where he had been temporarily trapped by the incident. He described the bizarre circumstances surrounding the coup announcement by the sitting President, Umaro Mbalo, as strange. “What happened in Guinea-Bissau, I wouldn’t call it a coup. “It was not a coup. Maybe some people would describe it as such for want of a better word—I would say maybe…

Abia to Begin Gradual Payment of Over 20 Years Gratuity Gov. Alex Otti of Abia has said that his administration will begin the gradual payment of verified gratuity and pension arrears owed since 2001. Otti disclosed this during his monthly media chat with newsmen at the Government House, Umuahia, on Friday night. He said that the State Government had carefully reviewed all pending pension claims and worked closely with the pension union to verify outstanding gratuities before taking any payment decisions. He said: “The committee that we set up between the national body of the Nigerian Union of Pensioners and…

Guinea-Bissau Coup: Jonathan Clarifies his Return to Nigeria With Ivorian Aircraft Former President Goodluck Jonathan has thanked Nigerians and regional leaders for their show of love and concern during the Guinea-Bissau political upheaval while he was there observing the election. Jonathan spoke to newsmen on Friday in Abuja after returning from Guinea-Bissau where he was temporarily trapped in the country by orchestrated military coup announced by the sitting President, Umaro Mbalo. “You know, since I left office, I have always been scared talking to the media. But in this particular case, I decided to speak to the media. “First and…

Economic Reforms Have Driven Nigeria Into New Stability Phase – Cardoso Mr Olayemi Cardosso, Governor, Central Bank of Nigeria (CBN), says Nigeria has entered “a new phase of macroeconomic stability” after two years of difficult reforms. Cardoso stated this in Lagos on Friday while delivering the keynote at the Chartered Institute of Bankers of Nigeria’s 60th Annual Bankers’ Dinner. He said the reforms had restored investor confidence, strengthened the Naira, and placed the economy on a firmer path to sustainable growth. According to him, Nigeria’s turnaround reflects “disciplined choices and a commitment to transparency, data-driven policies and institutional rebuilding”. He…

First Holdco Completes Sale of FBNQuest Merchant Bank Financial services company First Holdco Plc has completed the divestment of merchant bank business FBNQuest Limited, according to an official statement. The financial services group said in a disclosure on the Nigerian Exchange that, in line with Rulebook, it has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. The group added that this transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria. In all its corporate disclosure as regards the transaction, First Holdco did not…

Nigeria Moves to T+2 Settlement Cycle Nigeria has formally shifted from a T+3 to a T+2 settlement cycle, marking a significant advance in the ongoing modernisation of its capital market. The T+2 settlement means securities and funds from trades will now be settled two business days after they are executed. Mr Temi Popoola, Chairman, Central Securities Clearing System (CSCS) said during a media briefing on Friday that the change represented a strategic and timely step toward global best practice. He described the transition as a historic milestone that would deepen liquidity, reduce settlement risk and strengthen confidence among domestic and…