Author: Ogochukwu Ndubuisi

BisonFly Takes Off: FG’s Initiative for Cost-Effective Air Travel The Federal Government has launched the BisonFly Project, a groundbreaking initiative designed to optimize air travel costs for the Federal Civil Service. By harnessing the power of technology and collective bargaining, BisonFly aims to reduce expenditure and improve service delivery across Ministries, Departments, and Agencies (MDAs). With a centralized, technology-enabled system, BisonFly will integrate digital booking tools and platforms to ensure transparency and efficiency in official travel arrangements. According to Minister of Finance, Wale Edun, “Project BisonFly directly supports our commitment to prudent financial management.” This innovative project is a model…

Pharmaceutical Giant, Roche to Invest $50bn in U.S. Swiss pharmaceutical giant, Roche, on Tuesday said it would invest 50 billion dollars in the United States (U.S.) in the next five years. The Chief Executive of the pharmaceutical giant, Thomas Schinecker, made this known on Tuesday. Schinecker said that the commitment include new state-of-the art research and development sites as well as new and expanded manufacturing facilities in Indiana, Pennsylvania, Massachusetts and California. He also said that the investments were expected to create more than 12,000 new jobs, including nearly 6,500 construction jobs, as well as 1,000 jobs at new and…

MAN Reviews H2′ 2024 Manufacturing Performance The Manufacturers Association of Nigeria (MAN) has reviewed the country’s manufacturing performance for the second half of 2024. Mr Segun Ajayi-Kadir, Director-General, MAN, made this known on Monday in Lagos in a report titled ” MAN Economic Review- Second Half 2024″. He said the focus manufacturing indicators included capacity utilisation, production value, inventory, local raw materials utilisation levels, investment, expenditure on alternative energy sources among others. Ajayi-Kadir noted that capacity utilisation of the manufacturing sector improved marginally to 57.0 per cent in 2024, up from 55.1 per cent in 2023. A half-on-half analysis showed…

Short-term Benchmark Interest Rates Soar as Liquidity Fluctuates The short-term benchmark interest rates rose as liquidity levels in the financial system fluctuated. Funding condition was robust at the beginning of the week, underpinned by sustained system liquidity and significant fiscal injections. The banking system opened with a net positive liquidity balance exceeding N130 billion, which was further buoyed by a N1.58 trillion disbursement from the Federation Account Allocation Committee (FAAC). This substantial inflow helped maintain an overall liquid posture in the system but could not hold the line till the week’s close. Despite these inflows, funding rates displayed a mixed…

Banking Index Slips as UBA, Zenith GTCO Trade Ex-Dividend The banking index declined sharply due to the market regulator’s decision to mark down top banking names—GTCO, Zenith Bank, and UBA Plc – share prices for dividend payments, though stockbrokers also noticed selloffs on some tickers. Top banking names were marked down for their 2024 dividend payment, causing share prices to decline, while stockbrokers also noticed some sell pressure on their respective market value. Trading records obtained from the Nigerian Exchange showed banking and insurance indices were the worst performers in the local bourse last week.  Reflecting dividend market down and…

CBN Reduces Nigerian Treasury Bills Offer after Under Allotment The Central Bank of Nigeria (CBN) will open Treasury bills worth N400 billion for subscriptions at the midweek primary market auction. This amount is half of the previous auction sales that resulted in under allotment. The first auction sales in April conducted by the Central Bank of Nigeria (CBN) issued a total of N800 billion, which was also higher than the N700 billion in the previous auction. Investor demand was softer compared to the previous auction, with total subscriptions declining by 21.23% to N1.13 trillion from N1.43 trillion at the prior…

Market Wrap: NGX Index Declines as Stockholders Lose N207bn The Nigerian Exchange (NGX) All-Share Index slid, and equities investors or stockholders lost more than N207 billion week on week as inflation concerns stoked selling rallies in the trading platform. The stock market saw notable volatility, with widespread sell-offs across the financial services sector driving the benchmark All-Share Index (ASI) lower. The index declined by 0.32% on a week-on-week basis, settling at 104,233.81 points, according to data from the Nigerian Exchange cited by stockbrokers. Stock analysts at Cowry Asset Management Limited said the retreat was largely driven by a wave of…

FAAN Closes Enugu Airport for Runway Rehabilitation  The federal government, through the Federal Airports Authority of Nigeria (FAAN),  has  closed the Akanu Ibiam International Airport in Enugu for emergency runway repairs for two weeks. The Director of Public Affairs and Consumer Protection, Mrs Obiageli Orah disclosed this  in a statement on Saturday in Lagos. According to Orah, there is a sudden and significant rupture in the asphalt surface at a critical section of the runway. She said that as a result, the emergency repairs would be conducted on the portion of the runway from April 22 to May 6. “In…

Ojulari Pledges to Attract $60bn Investments, Raise 3mbpd Crude Production by 2030 Mr Bashir Ojulari, new Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.) has pledged to attract sectoral investments worth 30 billion dollars and 60 billion dollars by 2027 and 2030 respectively. Ojulari said the company, under his stewardship, would raise crude oil production to over two million barrels per day, sustained through 2027 and attain three million by 2030. The new GCEO disclosed this at a town hall meeting with the NNPC Ltd. staff in Abuja, a few days after assuming duties as the new…

Equities Investors Gain N240bn as Ecobank, Oando Rally Ecobank Transnational Inc. and Oando are among the stocks that pushed the Nigerian Exchange (NGX) market capitalisation higher on Thursday, according to data from the local bourse. The stock market closed the week on a positive note, as key performance indicators, including the NGX-ASI and market capitalisation, advanced by 0.37%. This upward movement was largely driven by bargain hunting in recently beaten-down medium- and large-cap stocks, such as NB, ETI, OANDO, UCAP, and others. Stockbrokers said this rebound effectively reversed the loss recorded in the previous trading session. Specifically, the All-Share Index…