Author: Olu Anisere

No Hiding Place for Violators in Capital Market – SEC Warns The Securities and Exchange Commission (SEC) says there is no hiding place for violators in the country’s capital market. The Director-General of SEC, Dr Emomotimi Agama, gave the warning in a notice to operators on Sunday in Abuja. Agama said in the notice that market operators engaging in unscrupulous activities would not be allowed to go unpunished. He described investors’ protection as a fundamental principle for the commission. He noted that the Investments and Securities Act (ISA) 2007 clearly outlined the objectives of securities regulation in the country. According…

S&P Affirms Cameroon Ratings with Stable Outlook S&P Global Ratings has affirmed its ‘B-/B’ long- and short-term local and foreign currency sovereign credit ratings on Cameroon with outlook accorded as stable. The stable outlook balances risks from Cameroon’s dependency on oil and gas exports, global geopolitical uncertainty, and still-weak–albeit improving–public finance management against signs of economic resilience in key sectors including mining, forestry, and agriculture, and continued donor support, S&P Global said in its rating note. “We could lower the ratings on Cameroon in the next 12 months if government liquidity pressure were to build up–for example, from a large…

NAFDAC Destroys Fake Drugs worth N1 Trillion The National Agency for Food and Drug Administration and Control (NAFDAC) has destroyed fake, substandard, and falsified drugs seized during a recent operation in Onitsha and Aba. The unwholesome pharmaceutical products were destroyed at the Anambra State Waste Management Agency’s dump site in Awka on Friday, following standard disposal procedures. Prof. Christina Adeyeye, NAFDAC Director-General, who supervised the destruction, stated that 100 containers of such products valued at ₦1 trillion were seized. Represented by Dr Martin Iluyomade, Director of Southeast Zonal Operations, she said the quantity of banned psychoactive drugs found could destabilise…

Nigerian Bonds Yield Climbs to 18.63% Ahead of Auction In the secondary market, the Federal Government of Nigeria (FGN) bonds traded soft, albeit with a bearish tilt, as evidenced by a three basis point increase in the average yield, which settled at 18.63%. Sell-offs were concentrated at the mid (+5bps) and long (+4bps) ends of the curve, specifically the JUL-31 (+16bps) and JAN (+24bps) papers, according to investment analysts notes. The selloffs persisted in the market as high rates fever intensified following the outcome of yesterday’s NTB auction result. The upward adjustment to spot rates guided trading activities significantly as…

Naira Tumbles as FX Demand Pressures Heat Up, Spread Reduces The naira dropped against the US dollar in the foreign exchange market as demand for greenback continues to outpace the amount of hard currency in the supply side. FX spot data showed that the Naira depreciated by 0.16% in the official window, closing at ₦1,530.52 per dollar. Similarly, the Naira ended the day at ₦1,580 per dollar in the parallel market. This left the gap between the two markets at N50 amidst sustained FX intervention by the Central Bank of Nigeria (CBN). The monetary authority has continued to boost FX…

FCTA Approves N1.94bn for Procurement of Earth-Moving Machines The Federal Capital Territory Administration (FCTA) has approved N1.94 billion for the procurement of earth-moving machinery for its Department of Development Control. Chief Felix Obuah, Coordinator, Abuja Metropolitan Management Council (AMMC) disclosed this in Abuja on Wednesday, after the FCT Executive Committee meeting chaired by FCT Minister, Mr Nyesom Wike. According to him, the procurement of the earth-moving equipment will ease the work of the department of development control under AMMC. “Today, we sought the approval for the procurement of some critical earth-moving machines and equipment for the Department of Development Control…

No Explosion at Port Harcourt Refinery, NNPC Clarifies The Nigerian National Petroleum Company Limited (NNPC Ltd.) has refuted reports of an explosion at the Port Harcourt Refining Company (PHRC) in Rivers. The company, in a statement issued in Abuja on Wednesday by its Chief Corporate Communications Officer, Olufemi Soneye, clarified that what occurred was a flare incident, which has since been fully contained. Soneye said there was no danger or health hazard to staff, the surrounding communities, or the environment. “NNPC Ltd. urges the media and the public to disregard any reports suggesting an explosion at the refinery, as they…

Treasury Bills Yield Prints at 19% Before N800bn Auction The average yield on Nigerian Treasury bills printed at 19% ahead of N800 billion auction that will be offered to investors on Wednesday. In the secondary market, traders’ mood turned green on the naira assets. Some investors offered to sell their positions, expecting higher yields, but there was little to no demand to meet these offers across the curve, according to AIICO Capital Limited. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-1bp) segments, according to Cordros Capital Limited. Fixed income securities analysts said…

Rates Soar as Banks Borrow N1.8trn from CBN to Fund Operations The interbank rates soared in the money market as local deposit money banks, DMBs, borrowed funds totalling N1.83 trillion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) to reduce funding pressures. Rates surged as the financial system stayed in a deficit position ahead of N800 billion Treasury bill auction scheduled for midweek by the monetary authority. Despite inflows from inflows from FGN bond coupons, the financial system faced a liquidity crunch, which forced banks to seek credit from the Apex Bank window. On Wednesday, the Nigerian…

Nigerian Exchange Sheds N266bn as BUA Cement, Wema Bank Fall The Nigerian Exchange, NGX, market capitalisation fell by about N266 billion as sell pressures hit BUA Cement, Wema Bank and others. The market index slipped, and year to date return moderated on Tuesday after the consumer price index showed inflation rate declined to 23.18% in February. Due to profit taking activities in the equities market, NGX key performance indicators declined sharply, losing 40 basis points or 0.40% on the day. The down trend was as a results of profit-taking activities in some medium and large-scale stocks such as BUACEMENT, UBA, FIRSTHOLDCO,…