Author: Ogochukwu Ndubuisi

FG, SRADeV, Partners to Upgrade Lead-Acid Battery Recycling in Africa The Federal Government of Nigeria, in partnership with Sustainable Research and Action for Environmental Development (SRADeV), is making strides to upgrade the lead-acid battery recycling sector across Africa. This was highlighted during the opening of a two-day International Conference on Upgrading the Lead-Acid Battery Recycling Sector on Tuesday in Abuja, Nigeria. The event was organised by the National Environmental Standards and Regulations Enforcement Agency (NESREA), in collaboration with SRADeV, and supported by international partners. At the conference, Malam Balarabe Lawal, the Minister of Environment, emphasised the significance of improving the…

Tax Policy Development Crucial for Domestic Revenue Mobilisation in West Africa – FIRS chairman Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has restated the commitment of the agency to supporting initiatives that promote tax policy development and build the capacity of tax administrators in the West African sub-region. Adedeji spoke in Abuja on Tuesday at the opening of the West African Tax Administration Forum (WATAF) Country Correspondents’ conference held at Transcorp Hilton hotel. He stressed that a well-articulated tax policy would promote economic development through effective revenue mobilisation domestically. A statement by Dare Adekanmbi, Special Adviser on…

US Dollar Rises Against Sterling, Euro Rallies The US dollar rose against its major trading partners on Tuesday in the forex market except for a decline versus the euro, ahead of another busy day of economic data releases. Earlier trading data showed that sterling crossed the $1.30 mark on Tuesday, the highest in over four months, driven by expectations that UK interest rates will stay higher for longer. The Bank of England is set to hold rates at 4.5% this week, with traders pricing in a slower pace of rate cuts compared to the Federal Reserve. The euro, however, strengthened…

Riskoff Sentiment Pushes Yield on Nigeria Eurobonds to 19.54% The average yield on Nigeria US dollar bonds rose by 12 basis points to close at 19.54% at the international market following a slowdown in headline inflation. Key macroeconomic figures are improving while the naira has enjoyed some levels of stabilised due to support given by the monetary authority. Demand for local bonds has continue to rise amidst elevated yield. Analysts expect a shift in market dynamics to cause yield repricing as the debt office plans March auction. On Monday, bearish sentiment persisted at the Eurobond market. Risk-off sentiment dominated trading…

Nigerian Treasury Bills Yield Clears at 19% ahead of Auction The average yield on Nigerian Treasury bills cleared around 19% in the secondary market due to selloffs amidst a declining inflation rate.  The market opened the week on a calm note with mixed sentiments. A slew of fixed income market analysts expect yields to moderate, suggesting heated demand for naira assets will have commensurate impacts on returns. “While demand emerged for selected papers across the yield curve, it was offset by selling pressure from investors seeking to raise liquidity amid a system liquidity deficit of over 700 billion,” TrustBanc Financial…

Inflation Rate Declines to 23.18% in February Nigeria’s headline inflation declined further to 23.18% year on year, the statistics office said on Monday. The new headline consumer inflation aligned with analysts’ estimates. Based on the rebased consumer price index (CPI) data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation slowed by 130bps to 23.18% in February from 24.48% at the beginning of the year. On a month-on-month basis, consumer prices fell to 2.04% from 10.68% in January.  Most of the stemmed from relative currency stability, slight moderation in petrol prices, and the base effect, analysts said. The report…

Otudeko: Court Adjourns for Report of Settlement as AG intervenes A Federal High Court in Lagos on Monday adjourned a case against the Chairman of Honeywell Group, Oba Otudeko, and others until May 8 for a report on settlement. Justice Chukwujekwu Aneke granted the adjournment after the first defence counsel, Chief Wole Olanipekun, (SAN), informed the court that the parties were exploring a settlement. He stated that a meeting involving all counsel had been convened at the Attorney General’s instance to facilitate a peaceful resolution. The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko, former…

NCRIB Urges Tinubu to Sign Insurance Bill The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged President Bola Tinubu to promptly assent to the Insurance Reform Bill recently passed by the House of Representatives. The Council’s Executive Secretary, Mr Tope Adaramola, told the News Men on Saturday in Lagos that the bill’s passage was commendable. Adaramola said the entire industry was eagerly awaiting presidential assent, adding that the law would be a significant milestone for Nigeria’s insurance sector. “We have been working on this, and it should have been signed by the previous administration, but unfortunately, it did not…

Discoveries in Drug Markets Can Ruin a Nation – NAFDAC The National Agency for Food and Drug Administration and Control (NAFDAC) says its discoveries at the three open drug markets could destroy the lives of millions of Nigerians.  Its Director-General, Prof. Mojisola Adeyeye, disclosed this during a news conference in Lagos on Friday. NAFDAC on Feb.10, started enforcement operations at the Idumota Open Drug Market, Ariaria Drug Market in Aba and Bridge Market in Onitsha.  Adeyeye said that 100 40-feet truckloads of fake, banned, unregistered drugs and narcotics were evacuated from the markets.  According to her, the enforcement operations at…

Debt Recovery Arduous, Erring Obligors Killing Economy – AMCON The Asset Management Corporation of Nigeria (AMCON) says its debt recovery task has been arduous and challenging as some debtors are unwilling to pay. The AMCON Head of Corporate Communications Department, Mr Jude Nwauzor, made this known while briefing newsmen in Ikeja on Friday. He said that some debtors did not use the loans for the purpose they were intended. He said that although thousands of Nigerians and Nigerian companies had honoured their obligations, AMCON had continued to face resistance from a number of debtors unwilling to pay without a fight.…