Author: Ogochukwu Ndubuisi

Naira Ends the Week in Red over Late FX Intervention The naira ended the week in red as surging demand for forex forced the apex bank to rethink its willing buyer, willing seller, FX model with stance not to defend the local currency. Critics had said the approach will not work due to Nigeria’s economic structure peculiarities. A country that depends on import to survive, feed about 230 million people should not consider floating her local currency, MarketForces Africa reported. Nigeria’s rely on hydrocarbon sales to generate about 90% of her foreign currency receipts. At the moment, most of the…

Interest Rate Sensitive Nigerian T-Bills Yield Spikes to 25% Ahead of auction, rate hike expectation, the average yield rose near 25% as the market saw investors exiting their positions in the Nigerian Treasury bills ahead of auction. With inflation conditions, the market has been earnings negative yield on naira assets on the back of sizeable liquidity in the economy, and financial markets. After an unimpressive OMO auction that resulted to no sale, the Central Bank of Nigeria (CBN) will be conducting primary market auction to refinance maturing bills this week. The Debt Management Office, on behalf of the CBN, is…

Market Wrap: Oil Dips over US Election Fear, Chinese Weak Growth Oil prices declined close to 0.2% lower week-on-week due to strong US dollar and weak Chinese economic data. Election uncertainties in the United States impacted the global commodity market. There is also downside from geopolitical tensions. The International benchmark Brent crude traded at $84.89 per barrel at the weekend, down by around 0.16% relative to the closing price of $85.03 a barrel on Friday last week. West Texas Intermediate (WTI), the American benchmark, traded at $80.88 a barrel at the same time on Friday, a decline of about 0.17%…

Our Diesel Meets International Standard – Dangote Alhaji Aliko Dangote, President of Dangote Group, has asserted that products refined at Dangote Petroleum Refinery and Petrochemicals are of superior quality compared to imported equivalents and meet international standards. Mr Anthony Chiejina, Chief Corporate Communications Officer, Dangote Group, quoted Dangote in a statement on Sunday in Lagos. He said Dangote disclosed this during a tour of Dangote Petroleum Refinery and Dangote Fertiliser Ltd. complex by members of the House of Representatives. He said the tour included the Speaker of the House of Representatives, Mr Tajudeen Abbas, and other members who observed the…

Dangote Asks Reps to Probe Petrol, Diesel Quality at Filing Stations The President of the Dangote Group has called on the House of Representatives to investigate the quality of diesel and petrol at filling stations. Dangote made the call on Saturday when he received the leadership of the House led by Speaker Tajudeen Abbas and his deputy, Benjamin Kalu. To carry out the investigation, he urged the House to set up a committee to test products at various filling stations across the country. Decrying the damage being done to vehicles and engines by substandard products, also called on the House…

PalmPay Named Among Top 250 Fintech Companies in the World PalmPay has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion. The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut.…

9Mobile Ordered to Pay N55.8bn Debt Owed Keystone Bank The Federal High Court in Lagos presided over by Justice Yelim Bogoro has ordered Teleology Nigeria Limited, owners of 9Mobile Network to pay the sum of N55,776.507.509.60 owed to Keystone Bank. Justice Bogoro gave the order while delivering judgment in a suit filed on behalf of Keystone Bank by its lawyer, Bode Olanipekun (SAN). Teleology Nigeria Limited allegedly failed to service the loan facility deployed towards financing its acquisition of strategic assets in Emerging Markets Telecommunication Services Ltd., doing business as 9Mobile Network. Olanipekun had claimed that despite the bank’s offer…

Tinubu Mandates 2.1m Crude Oil Production – CDS President Bola Tinubu has directed security agencies to improve the security architecture to ensure the production of 2.1 million barrels of crude oil per day. Gen. Christopher Musa, Chief of Defence Staff (CDS), said this while briefing State House correspondents, after a meeting with President Tinubu on Friday. “It is a mandate for us to restore full production, we are targeting 2.1 million barrels per day, which is achievable. So, we are taking steps to ensure that all that is required to be done is done,” he said. He said the President…

N10,000 Per Bag of Cement: Reps Probes Dangote, Lafarge The Joint Committee of the House of Representatives investigating arbitrary rise of cement prices in the country has asked major producers in the industry to tender documents on cost production to justify the price of cement in the market. The committee resolved to visit production plants of the companies after going through their books to ascertain the cost of production with a view to determine a fair price of cement for all Nigerians. The Chairman of the Joint Committee, Rep. Jonathan Gaza (APC-Nasarawa), made the demand on Friday at a public…

CBN Begins Withdrawal of Dormant, Unclaimed Funds from Banks The Central Bank of Nigeria (CBN) has started the process of withdrawing funds from dormant accounts and unclaimed balances from deposit money banks (DMBs) and other financial institutions in the country, according to its latest circular. These new guidelines, effective immediately, supersede previous policies issued in 2015. This was made known in a circular signed by John Onojah, Acting Director, Financial Policy and Regulations Department, CBN, on Friday night. The guidelines, which align with Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, followed engagement and consultations with…