Author: Ogochukwu Ndubuisi

How Tax reforms Bill will Make Housing Affordable – Presidency The Presidency says the Tax Reforms Bill, when passed, will make housing more affordable and available to Nigerians by reducing tax burden on the construction and real estate sectors The Chairman of the Presidential Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, made this known in Abuja on Thursday at a Building and Construction Industry Forum. The forum was organised by the Council of Registered Builders of Nigeria (CORBON) and Housing Development Advocacy Network (HDAN). Speaking on the theme “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and…

Oil Prices Increase, OPEC+ Faces Compliance Risks In the global commodity market, prices of crude oil increased over renewed optimism surrounding trade talks between the US and China, of which Beijing has denied in totality. The oil gains were capped by expectation of increase output by the members of the Organisation of Petroleum Exporting Countries and allies. The group is set to meet May 5, to agree on members’ quota, though risk on compliance has increased –with members prioritising national interest over quota. The market is also expecting Russia-Ukraine ceasefire plan to scale through, helping to stem potential increase in…

Intel Unveils Cost-Cutting Measures Amidst Flat Q1 Revenue Intel, a multinational technology company has reported flat first quarter (Q1) revenue, prompting the company to unveil a series of cost-cutting measures aimed at enhancing operational efficiency and driving sustainable growth. Intel said this in its 2025 first quarter (Q1) report released on Thursday night. In the report, Intel announced first quarter revenue of $12.7 billion (N20.44 trn), unchanged from the same period last year. The company reported a net loss per share of $(0.19), while non-GAAP (generally accepted accounting principles) earnings per share stood at 0.13. In the report, Intel’s Chief…

NEC Approves Establishment of Cotton, Textile, Garment Devt. Board The National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board. Gov. Hope Uzodinma of Imo said this while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President Kashim Shettima, on Thursday at Presidential Villa, Abuja. He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership. Uzodinma stated that the Chairman of the board would be selected from the private sector, adding that the Board would be funded from import…

China Denies Tariff Talks with U.S. China on Thursday denied any suggestion on negotiations with the administration of U.S. President Donald Trump over tariffs. According to Trump, any notion of progress in the matter was as groundless as trying to catch the wind. China’s comments come after Trump had earlier on Tuesday said that things were going on fine with China and that the final tariff rate on Chinese exports would come down substantially from the current 145 per cent. Guo Jiakun, a spokesman for China’s Foreign Ministry, said during a briefing that, “for all I know, China and the…

MTN, Dangote Drive Intraday Rally in Equities Market MTN Nigeria Plc, Dangote Sugar Refinery, and some banking stocks are currently driving momentum in the equities market, trading data released by stockbrokers revealed. Top banking names, including Zenith, Access Holdings Plc, and GTCO, are trading in green during the midday session on the Nigerian Exchange trading platform. This has pushed the market index, or the All-Share Index, higher, suggesting the local bourse would likely close green in the absence of sell pressure. This positive trend in the domestic bourse is getting support from cement and oil stocks, including rallies in other…

Nigeria Safe for Investment- Edun Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has assured investors that Nigeria is safe for investment. Edun said this at the Nigeria Investment Forum, at the ongoing World Bank/International Monetary Fund (IMF) Meetings in Washington D.C. on Wednesday. According to the Minister, efforts are geared towards maintaining fiscal congruence. ” That’s one of the reasons for the new team at the Nigerian National Petroleum Company Limited (NNPCL), and their mandate is increase production and save costs,” he said. Edun said that the administration was intensifying efforts to diversify and stabilise…

Naira Appreciates as CBN Sells Additional Dollars in FX Market The Nigerian local currency, the naira, appreciated against the US dollar in the official foreign exchange market as the Central Bank (CBN) sold additional dollars to boost liquidity. Data from the CBN highlighted that the naira appreciated by 0.02% in the official window, closing at N1,602.30 per dollar. Spot FX rate continue to fluctuate even with persistent support by the Apex Bank. The Central Bank was in the forex market again today, selling $50.00 million at rates between N1,599.05 and N1,604 per dollar. Meanwhile, the local currency weakened to N1,620…

GTCO, First Holdco, UBA Drive Intraday Rally on NGX The Nigerian Exchange (NGX) All-Share Index climbs during the intraday trading session as equities investors are showing huge interest in banking stocks. The market also sees heightened demand for International Breweries and Nigerian Breweries in addition to a moderate buying interest in Dangote Sugar Refinery shares. According to trading details, GTCO, First Holdco, UBA, and United Capital (UCAP) Plc are top financial services company stocks driving intraday rally in the equities market on Wednesday. Equities investors have started taking positions on banking names after the holiday ahead of the first quarter…

Stanbic Bank Opens N50bn Commercial Paper for Subscription at 20.76% Stanbic IBTC Bank Limited has opened up to N50 billion in commercial paper for subscription at a discount rate of 20.76%, according to a document released by Cordros Capital Limited. The financial services company is in the market to raise up to N50 billion in Series 2 commercial paper via an offer for subscription that opened on April 22 and is set to close on April 24. The offer document showed that investors are allowed to make a minimum subscription of N5 million and subsequent additions of N1000 at a…