Author: Olu Anisere

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…

Euro Hits 3-Week High on Fresh Optimism The Euro gained against US dollar, settling at $1.05, its strongest level since late January due to fresh optimism amidst global tariff combats. With the trade war, demand for US dollar has increased, causing the greenback to record gains against its pairs. The global markets have continued to assess the impact of President Trump’s trade policies and ongoing geopolitical developments. Trump announced plans for country-specific reciprocal tariffs, set to take effect as early as April, though markets remain cautiously optimistic that negotiations could avert their full implementation. Additionally, diplomatic efforts to end the…

Aradel Sees Fractional Loss in Stock Value after Earnings Release Aradel Holdings saw fractional loss of about 7% in its stock value on the Nigerian Exchange, NGX, despite strong earnings performance. The company share price plunged to N530 on Friday as more than 1.2 million units valued at N637 million were traded on the Nigerian Exchange, from N569.30. Analysts said ARADEL is trading at significant discount to its 52-week in the equities market. Data from the Nigerian Exchange revealed that the oil stock is trading at 37.65% below its record high of N850.1. In 2024 earnings release, Aradel Holdings Plc…

MTN, Banking Names Drive Intraday Gain in Equities Market MTN Nigeria, and some heavy banking names drove intraday gain in the equities market on Friday. Investors interest in Dangote Cement Plc has also boosted stock market performance during the midday session along with its immediate rival Lafarge Africa. Hence, the Nigerian Exchange (NGX) All-share index or market index has increased further on the day after breaching psychological levels in the recent time. Investors’ sentiment has remained strong amidst earnings release and expectation of rebased consumer price index which could further boost equities market performance. Stockbrokers said demand has been strong…

Benchmark Yield on FGN Bonds Steadies at 20.34% Nigerian bonds benchmark yield steadies at 20.34% in the secondary market as investors shifted attention to OMO bills auction. Also, investors have started trading cautiously ahead of inflation data release this weekend as market anticipate the rebased consumer price index would alter market dynamics. Investors have been a bit bullish in the bond market this week, anticipating potential spot rates repricing at the Debt Management Office primary market auction for February. “If inflation comes down, there is likelihood that the monetary policy committee will switch from hawkish to dovish – which could…

LAMATA Increases BRI Scheme by 18% The Lagos Metropolitan Area Transport Authority (LAMATA) has increased its entire Bus Reform Initiative (BRI) scheme fare by 18 per cent. The agency disclosed this on its official social media platform on Thursday. The statement read thus, “Please be informed that there will be an 18 per cent increase in the bus fare on all Bus Reform Initiative scheme. “The fare rise is because of the increase in the cost of operations and the need to ensure that buses keep running and guarantee your movement around Lagos. “The new fare will take effect from…

Ex-Google Chief Warns of Extreme Risk of Terrorists Using AI A former Chief Executive of Google, Eric Schmidt has warned about the extreme risk from terrorists or rogue states using artificial intelligence (AI). Schmidt called on governments to have oversight of private tech companies. “The real fears that I have are not the ones that most people talk about AI, I talk about extreme risk,” Schmidt told the BBC. He named North Korea, Iran or Russia as countries which could have an evil goal. Schmidt, who held senior positions at Google from 2001 to 2017, said the technology could be…

Haldane McCall Grows Profit by 164% in 2024 Haldane McCall Plc has reported 164% year on year increase in profitability as the company revenue surged. In an official statement on the Nigerian Exchange, the company’s reported about N680 million as profit while revenue printed at N3.42 billion. Details obtained from its audited financial statement for 2024 revealed that revenue surged by 110% year on year from N1.738 billion. Also, its costs of sales increased strongly in 2024 amidst inflation pressures and other macro uncertainties. Haldane’s costs of sales increased to N1.583 billion, 10% higher than N816.752 million used up in…

Yield on Nigerian Government Bonds Slide to 20.33% The average yield on Nigerian government bonds declined slightly in the secondary market to 20.33%, traders said in separate notes. The yield contracted as local investors, including pension fund administrators and banks ramped up assets amidst uncertainties. Inflation outlook is mixed given the statistics office plan to rebase the consumer price index, and gross domestic products. The secondary market for FGN bonds maintained positive momentum, with the average yield edging down by 0.01% to close at 20.33%. The market witnessed particular interest in the Feb 2031, May 2033, and Jan 2035 maturities. …