Author: Ogochukwu Ndubuisi

Lagos Generates 13,000 Tonnes of Waste Daily Lagos State generates an average of 13,000 tonnes of waste daily, the state waste management agency has said. Dr Muyiwa Gbadegesin, Managing Director of Lagos State Waste Management Authority (LAWMA), gave the figure in an interview with the News Agency of Nigeria (NAN) in Lagos. Gbadegesin said that the authority had been effectively evacuating the large volume of waste in partnership with Private Sector Participation (PSP) operators. According to him, LAWMA and the PSP operators daily deploy 102 compactor trucks for waste evacuation. He said that LAWMA’s marine waste evacuation team had also…

Oil Prices Decline Ahead of Trump ‘Liberation Day’ The oil prices declined in the global commodities market on Tuesday ahead of April 2 reciprocal tariffs implementation. The uncertainties about U.S protectionist stance has triggered reduce global economic growth forecast and analysts expect inflows to worsen due to trade war. With negative impacts on demand and supply, the US President Donald Trump has threaten to implement 25% tariffs on countries importing oil and gas from Venezuela. Trump prepares to announce reciprocal tariffs on April 2, which he calls ‘Liberation Day’. Brent crude, decreased by around 0.40% trading at $74.47 per barrel,…

NLNG Dividend, Derivation Fund, TBills Inflow Drag Rates Below 27% Inflows from matured investment securities, Nigeria LNG dividend refund and derivation payment to states kept interbank rates movement in check last week. Banks borrowing reduced in the absence of funding pressures due to an improvement in banking system despite sequence of outflows.  Market revealed that the short term benchmark interest rates were at their lowest when put side by side with past week record. The conditions in the money market was primary driven by NLNG dividend refunds, and 13% derivation funds including inflows from FGN bonds, matured Treasury bills. Data…

Delta State to Launch N1 Billion MSMEs Loan Scheme The Delta Government has assured that the one billion Naira soft loan it approved for Micro, Small and Medium Enterprises (MSMEs) in the state would be ready soon. Mr Olisa Ifeajika, Executive Assistant to Gov. Sheriff Oborevwori on Public Enlightenment (Projects and Policies), disclosed this while clarifying certain issues to newsmen on Monday in Asaba. Ifeajika recalled that the Commissioner for Economic Planning, Mr Sonny Ekedayen, had on Feb. 14 announced the state government’s approval to set aside the sum of N1 billion soft loan at a single digit interest to…

UAC Nigeria Records N26bn Profit in 2024 The UAC of Nigeria has reported a profit before tax of N26 billion for 2024, marking a 107 per cent increase from the N12 billion recorded in 2023. The company disclosed this in a corporate filing with the Nigerian Exchange Ltd. on Saturday. In 2024, UAC recorded earnings per share of N4.97 kobo, up from N314 kobo in 2023. The company generated N197 billion in revenue, a 63 per cent increase from 2023. “This growth was driven by strong sales in key segments, including Edibles and Feed 54 per cent, Packaged Food and…

Equities Investors Gain N438bn as Banks Earnings Boost Sentiment The Nigerian Exchange (NGX) expanded by about N438bn as Tier-1 banks earnings release boosted investors’ sentiment in the stock market. The local bourse made a remarkable recovery in the just concluded week, reversing its previous downward trend. The benchmark All-Share Index (ASI) climbed by 0.66% on a week-on-week basis to settle at 105,660.64 points. Stockbrokers said the uptrend was fuelled by a series of corporate actions within the banking sector, as major financial institutions released their audited 2024 full-year earnings, showcasing strong performances and attractive dividend declarations. Additionally, quarter-end portfolio rebalancing…

Heritage Bank: NDIC Begins to Pay Depositors with N5m Minimum Balance The Nigeria Deposit Insurance Corporation (NDIC), says it will declare the first tranche of liquidation dividends from Heritage Bank’s asset realisation in April. According to NDIC, it will thereafter begin payment to uninsured depositors of the bank. A statement issued by Hawwau Gambo, the Acting Head, Communication and Public Affairs of the Corporation in Abuja on Sunday, said the depositors would be paid on a pro-rata basis. Gambo said the payment would be in line with Section 72 of the NDIC Act 2023 on the priority of claims. She…

NESG Advises FG on 2.2m bpd Oil Output for Budget Success The Nigeria Economic Summit Group (NESG) has advised the Federal Government to sustain the crude oil production level of 2.2 million barrels per day (bpd) to ensure the feasibility of the 2025 budget. Dr Tayo Aduloju, the Chief Executive Officer of NESG, gave the advice at the group’s media interaction on presentation of the group’s strategic vision for 2025 and the private sector macroeconomic outlook on Friday in Abuja. Aduloju said that Nigeria had seen fluctuating crude oil production levels over the years, with three key production benchmarks: 1.1…

Tinubu Signs Investments, Securities Act 2025 into Law President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2025, which repeals the Investments and Securities Act No. 29 of 2007. This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection and introduces critical reforms to promote market integrity, transparency and sustainable growth. This is according to a statement issued by the Securities and Exchange Commission (SEC) on Saturday. The enactment of the ISA 2024 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market. The new Act…

Nigeria, Germany Sign MoU on Depeening Defence Partnership The Governments of Nigeria and Germany have reaffirmed their commitment to strengthening bilateral defence cooperation with the signing of a renewed Memorandum of Understanding (MoU) with the German Technical Advisory Group (GTAG). This is contained in a statement issued by Mr Sunday Iyogu, a Principal Information Officer in the minister’s office on Friday in Abuja. Speaking at the siging ceremony, the Permanent Secretary, Ministry of Defence, Amb. Gabriel Aduda, described the MoU as a strategic counterpart funding arrangement that underscored the strong defence ties between both nations. Aduda emphasised that the renewed…