Author: Ogochukwu Ndubuisi

NERC Approves N28bn for Procurement of Meters for Band A Customers The Nigerian Electricity Regulation Commission (NERC) says it has approved N28 billion for the procurement of meters for all outstanding unmetered Band A customers at no cost. This announcement was contained in the Order on the Operationalisation of “Tranche B” of the Meter Acquisition Fund (MAF) issued by NERC and signed by its Vice Chairman Musiliu Oseni and Commissioner Legal, Licensing and Compliance, Dafe Akpeneye, According to the order, the funds approved under Tranche B of MAF scheme apart from intended to meter all outstanding unmetered Band A customers…

Nigerian Exchange Index Climbs by 0.02%, Bargain Hunting Slows Up by 2 basis points, the Nigerian Exchange (NGX) platform closed on a positive note on Wednesday, though buying momentum eased sharply despite the third-quarter earnings release. The All-Share Index inched up 0.02% to 147,742.22 points, maintaining year-to-date returns at 43.54%, reflecting the fact that the gainers list was dominated by lightweight companies. Hence, market capitalisation increased by ₦19.84 billion to ₦93.78 trillion, reflecting optimistic investor confidence in market fundamentals remained intact.  Market sentiment was upbeat, with 33 advancing stocks surpassing 27 decliners, producing a positive 1.2x breadth ratio. Trading activity…

Nigeria’s Inflation Drops to 18.02% in September Nigeria’s inflation rate dropped below 20% for the first time in three years, settling at 18.02%, according to consumer price index (CPI) data released by the statistics office on Wednesday. Annual inflation slowed to 18.02% in September from 20.1% the month before, the National Bureau of Statistics said in a statement on Wednesday. The data marked the sixth consecutive monthly decline in inflation and may convince the Central Bank of Nigeria’s monetary policy committee to cut interest rates at its last meeting of the year on Nov. 25. On a month-on-month basis, consumer…

Apple to Invest More in China, Says Chinese Ministry Tech giant Apple is set to increase investment in China, the country’s Technology Ministry said on Wednesday. Apple boss Tim Cook informed Chinese Technology Minister Li Lecheng that he planned to continue expanding in the Chinese market and drive forward innovative development along with Chinese companies. The ministry’s announcement did not include details on the amount to be invested, and there was no immediate comment from Apple. Apple is heavily invested in China, in both production and sales, and Cook has often visited the country. The company contributes significantly to employment…

Nigeria Secures Fresh $2 billion Shell Gas Investment Nigeria has secured fresh $2 billion investment from Shell, following a Final Investment Decision (FID) on new offshore gas project in the HI Field (OML 144). Presidential Spokesperson, Mr Bayo Onanuga, announced the development in a statement on Tuesday in Abuja. He stated that President Bola Tinubu commended the investment as a major boost to Nigeria’s revitalised oil and gas sector. ‎The Non-Associated Gas (NAG) project will deliver about 350 million standard cubic feet of gas per day, starting in 2028. The volume equals nearly one-third of the gas needed for Nigeria…

PIA: Reps Urge Oil Companies to Comply With Extant Laws The House of Representatives on Wednesday unanimously adopted a motion urging the oil companies operating in Imo to comply with the Petroleum Industry Act (PIA), 2021. Section 3 of Petroleum Industry Act 2021 provides that oil companies comply with the host communities’ Development Trust provisions. This resolution followed the motion of urgent national importance moved by Rep. Chike Okafor representing Ehime Mbano/Obowo/Ihitte-Uboma federal constituency. The motion is entitled “Flagrant Abuse of Due Process and Infringement of Local Content Disobedience to Petroleum Industry Act (PIA) and Non-compliance with Tax Laws by…

Nigeria’s Eurobonds Yield Rises to 8.3% Ahead of $1.1bn Repayment The Nigerian Eurobond market weakened as yields rose by 10 basis points to 8.27% at the international market, reflecting diminished investor confidence amid ongoing market uncertainties. The average yield on US dollar-priced sovereign bonds has been uptrend in the last few weeks as market anticipates Nigeria’s repayment of $1.1 billion Eurobonds that will expire in Nov. Fixed-income market analysts anticipate Nigeria’s borrowing costs at the international capital market to reduce due to a better macroeconomic indicator outlook and ratings upgrades. While Nigeria’s $1.1 billion eurobond is expected to expire next…

Nigeria Creates Buffers Against Potential Shocks – Cardoso The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the country has been able to create resilience and buffers against potential shocks that may arise in the economy. Cardoso said this on Tuesday in Washington, during a media briefing by the G24 on the sidelines of the ongoing Annual Meetings of the International Monetary Fund (IMF)/World Bank Group. According to him, Nigeria was fortunate because a lot of the things that needed to have been done have been done much earlier. “As a result, we were able to create…

Reps Move to Secure Single-Digit Loans for Car Buyers The House of Representatives Committee on Industry has resolved to pursue legislation for single-digit interest rates to enable more Nigerians to purchase new cars, tricycles, and motorcycles through affordable credit schemes. The resolution followed an oversight visit on Tuesday to automobile, tricycle, and motorcycle assembly plants in Lagos in collaboration with the National Automotive Design and Development Council (NADDC). The committee, led by its Chairman, Dr Enitan Dolapo-Badru, visited the facilities of Dag Industries Nigeria Ltd., Simba TVC, and CIG Motors on Tuesday in Lagos, as part of its nationwide inspection…

Federal Govt. Rolls Out N4trn Bond To Settle Gencos’ Arrears The Federal Government has finalised implementation frameworks for a ₦4 trillion government-backed bond to settle verified arrears owed to power generation companies (GenCos) and gas suppliers. The Special Adviser to the President on Energy, Mrs. Olu Verheijen disclosed this in a statement made available to newsmen in Abuja. In the statement signed by Senan Murray, the agreement was reached at a meeting between the federal government officials and the senior executives of GenCos, to review settlement modalities for the outstanding debt. Murray, Head of the Media and Communications Unit in…