Author: Olu Anisere

SEC Slashes Timeline for Offers Approval The Securities and Exchange Commission (SEC) says it has reduced the time it takes for companies to obtain approval for offers to two weeks. The commission said this in a statement on Monday in Abuja. It said approvals would be granted to companies within two weeks once the necessary documents were complete. SEC said the move was to ensure that the capital market was more efficient and better positioned to aid the development of the country’s economy. The commission said that issuers were not also experiencing delays in their applications anymore due to various…

Ikeja Hotel Falls by 21% over Sell Pressures One of the major hospitality players, Ikeja Hotel Plc, market value fell by more than 21% on the Nigerian Exchange due to investors’ negative sentiment post fourth quarter of 2024 earnings release. Its share price fell to N11 in the equities market from N14 at the beginning of the sessions following huge volume traded on the Nigerian Exchange trading platform. Investors’ weak sentiment in the hospitality stock dragged its market value downward by 21.4% to N23.786 billion. Stockbrokers said the new price has created entry points for investors seeking strong upside potential.…

Food Security: FG Pledges Single-Digit Loans to Farmers The Federal Government on Friday pledged to provide single digit-loans to farmers as part of its intervention programmes to protect local producers and reduce production costs. Vice-President Kashim Shettima made the pledge at a steering committee meeting of the Presidential Food Systems Coordinating Unit (PFSCU), held at the Presidential, Villa Abuja. Shettima reaffirmed the Government’s commitment to supporting local farmers through targeted interventions. According to him, the economic realities facing local farmers demand strategic government intervention to reduce production costs and support local farmers. He said the President Bola Tinubu’s administration is…

FG to Create Diaspora City to Boost Tourism The Minister of Art, Culture, Tourism and Creative Economy (FMACTCE) Hannatu Musawa, says plans are underway to establish a Diaspora City in Nigeria to boost inbound tourism. The minister stated this when she inaugurated a committee to drive the Motherland 2025 Initiative on Friday in Abuja. Musawa said the Motherland 2025 Initiative was aimed at positioning Nigeria as a premier global destination, where tourism would drive economic empowerment, cultural preservation and national pride. The committee members were drawn from the FMACTCE, Motherland Africa team and the National Tourism Development Authority (NTDA). The…

Interest Rate Pause Turning Point for Businesses – Cedrus Group The Monetary Policy Committee (MPC) of the Central Bank of Nigeria’s (CBN) decision to keep the benchmark interest rate unchanged and maintain all key parameters is a potential turning point for businesses, Cedrus Limited, a group of veteran African financial experts, said in a commentary note. Nigeria’s high interest rate environment has put pressures on borrowers, and taking new loans from banks have become a tough adventure in a growth starved Nigerian economy. Inflation fight forced the monetary authority to hike policy rate successively in 2024 but inflation remained at…

NASS Effects Corrections on N54.9trn Appropriation Bill The National Assembly on Tuesday made corrections on some sectorial allocation items in the N54.9 trillion 2025 Appropriation Bill earlier passed on Thursday. This decision, followed a motion presented by Sen. Solomon Adeola and Rep. Abubakar Kabir, chairpersons of the respective appropriations committees, citing the need for accuracy and alignment with national priorities. The Senate made corrections to some sectorial allocations for various Ministries, Departments and Agencies (MDAs), as some recorded increased allocations while others had their allocations reduced. The capital expenditure was reduced by more than N500 billion, while recurrent spending recorded…

Economic Uncertainties Temper Corporate Real Credit Growth With a struggling private sector, Nigeria’s macroeconomic dislocation has tempered real credit growth on the back of the hawkish pose of the Central Bank. Instead, Nigeria’s consumer credit outstanding surged by 26.29 per cent to N4.42 trillion in November 2024, up from N3.5 trillion in October, according to the latest Monthly Economic Report from the Central Bank of Nigeria (CBN). Top big companies have shown preference for commercial paper raises as borrowing from banks becomes expensive. The monetary policy inflation fighting triggered a significant hike in the benchmark interest rate with little impact…

Nigerian Stats. Office Delays January Inflation Report The National Bureau of Statistics (NBS) is in no hurry to release the inflation figure for January 2025, according to Broadstreet talks with some investment experts. The market stood agog awaiting the release of the inflation figure computed using a rebased consumer price index as planned by the Nigerian authority. Historically, the Bureau of Statistics has always released its monthly inflation report for the preceding month between 15 and 16th days, a culture it has maintained for several years. The market had anticipated the release of the inflation report, but it appears the…

Sokoto Launches N1bn Food Subsidy for Low-Income Earners The Sokoto State Government has launched a N1 billion subsidised foodstuff initiative aimed at providing affordable commodities to civil servants and low-income earners in six local government areas across the state. Speaking at a training session for shop facilitators on Monday, the Commissioner for Local Governments and Chieftaincy Affairs, Alhaji Ibrahim Dadi-Adare, emphasised that the programme was designed to improve the welfare of workers. Dadi-Adare urged facilitators to maintain transparency and follow established guidelines to support the success and sustainability of the programme. He also highlighted that the administration under Gov. Ahmad…

FG Begins Construction of Emerging Tech. Institute in Kano The Federal Government (FG) has commenced the construction of a sustainable and Emerging Technologies Institute (SETI) in Kano. The project is under the aegis of the National Agency for Science and Engineering Infrastructure (NASENI). Mr Olusegun Ayeoyenikan, the agency’s Director of Information, said in a statement on Saturday in Abuja that the institute’s ground-breaking ceremony was held at the Bayero University Kano (BUK) New Campus on Friday. He quoted Mr Khalil Halilu, Executive Vice Chairman, NASENI, as saying the new institute would sit on 30 hectares of land and would feature…