Author: Ogochukwu Ndubuisi

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.…

Equities Investors Lose N166bn as Jaiz, Dangote Sugar Decline The Nigerian Exchange, NGX, all-share index slumped on Friday as investors dumped shares in Jaiz Bank, Dangote Sugar, and others. The local bourse closed the week in red as key market performance indicators declined by 0.25% on the final trading day. Stockbrokers reported that investors lost N166.4 billion due to the sell pressures, expanding the total loss sustained due to the bearish outing. The downturn was primarily driven by profit-taking in some medium- and large-scale stocks.  Specifically, the market index, or All-Share Index, decreased by 583.47 basis points today, representing a…

Kaduna Unveils Electronic Vehicles Loan Scheme for Workers Kaduna State Government has launched an electric vehicle (EV) initiative aimed at providing civil servants in the state with affordable and eco-friendly transportation. The scheme was unveiled at the Murtala Square, Kaduna on Friday by Gov. Uba Sani,  represented by his  Deputy, Dr Hadiza  Balarabe. Sani said that  the scheme offered tricycles and electric motorcycles through subsidised loans, with repayments deducted instalmentally  from the workers’ salaries. He emphasised the state government’s commitment to easing the recurring transportation challenges for the civil servants while promoting eco-friendly mobility. He said that the scheme was…

NSIA, Partners Inaugurate $500m Fund to Boost Renewable Energy in Nigeria Nigeria Sovereign Investment Authority (NSIA) has partnered with Sustainable Energy for All (SEforALL), International Solar Alliance (ISA), and Africa50 to inaugurate a 500 million dollar Distributed Renewable Energy (DRE) Nigeria Fund. The Africa50 made this known in a statement on Friday. It said that the agreement was signed at the SEforALL Global Forum in Barbados to improve energy access and stability in Nigeria. The fund will provide financial solutions to attract private investment while addressing challenges like currency volatility, tariff structures, and limited local financing. SEforALL Chief Executive Officer…

Brent Hovers at $70 as U.S Sanctions Iran Oil Export Brent hovered at $70 per barrel on Friday amidst fresh round of sanctions on Iranian oil exports by the United States. Following a bearish market, Brent climbs by 0.7% trading at $70.26 per barrel, up from $69.77 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) rose by 0.8%, settling at $67.02 per barrel, compared to its prior session close of $66.51. Further exacerbating market concerns, the US administration has imposed new sanctions on Iran’s oil exports. In a statement on Thursday, the US Treasury Department announced…