Author: Olu Anisere

FG, Financial Experts Differ on Windfall Tax Financial experts have raised concerns about the Federal Government’s proposed windfall tax on banks’ 2023 foreign exchange gains and its potential impact on the economy. They expressed their divergent views during the hybrid fourth edition of the Mid-Year Review of the 2024 Economic Outlook, organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in Lagos. Dr ‘Biodun Adedipe, Chief Consultant at B. Adedipe Associates Ltd., while responding to a participant’s question about the policy’s implications, said that the 70 per cent windfall tax imposed by the National Assembly…

Dangote Cement Profit Grows by 6% to N190bn Dangote Cement Plc grew net profit by less than 6.3% in the first half of 2024, the company’s unaudited financial statement reviewed by MarketForces Africa showed. The cement giant’s revenue rose by 85% to N1.76 trillion following price hike in the market, from N950.832 billion in the comparable period in 2023, its unaudited financials revealed. However, a spike in production costs affected the company’s strong line performance in the period, justifying an increase in the cement price with Nigeria’s damaging inflation condition. Details from the cement company’s financials revealed that production costs…

Nigerian US Dollar Bond Yield Hits 10.2% – Trader In the sovereign Eurobonds market, waning sentiment was observed across various maturities, leading to a 21-basis point uptrend in the average yield to 10.20%, Cowry Asset Limited told investors in an emailed note. The Nigerian US dollar bonds have seen selling pressures amidst uncertainties in the local economy. The market gauges the latest policy decision by the government as part of effort to drive economic growth and stabilised price level. The naira has lost significant value in the last one year due to the monetary policy actions seeking to revamp the…

Money Market Rates Dip as Liquidity Pressures Ease Money market rates decline as liquidity level in the financial system improved following flood of inflows from maturing debt instruments and FAAC credits. Total funding has been under pressure in the absence of inflows while debit for primary market auctions have consistently put a strain on funding. Interbank bank rates had crossed 35%, while local lenders raise fund from the apex bank standing lending facility on constant basis to augment their liquidity requirements. With interest rate hike, analysts said the new market dynamic would add additional layer to rate pricing in the…

2024 Olympic Games to Kick off in Paris Under Tight Security France aims to wow the world on Friday with an extravagant Olympic Games opening ceremony through the heart of Paris. It is officially kicking off a Games fraught with security risks at a time of heightened geo-political tensions. Some 45,000 police personnel, 10,000 soldiers and 2,000 private security staff have been mobilised. This will ensure the safety of the parade along the river Seine, its banks and surrounding monuments, in an unprecedented display of security. A procession of barges will take nearly 7,000 athletes along the river past Paris’s…

Canada Football Coach Sent Home From Paris Olympics Over Spy Drone Claims Canada has sent home their women’s Olympic football coach, Bev Priestman, following allegations of drones being used to spy on their opponents. Canada are the women’s Olympic champions from Tokyo 2020 and had already sent home two members of staff on Wednesday. That was after drones were used to spy on a New Zealand practice in France. The Canadian Olympic Committee (COC) said in a statement on Friday it had now removed Priestman from the team due to her suspension by Canada Soccer. “Over the past 24 hours,…

Olympics 2024: Canada Edge New Zealand 2-1 Amid Spying Scandal Defending champions Canada defeated New Zealand 2-1 in their Paris Olympics opening game on Thursday in a match overshadowed by a spying scandal that has engulfed the women’s tournament. Cloe Lacasse and Evelyne Viens scored on a night which might have been a routine group win for Canada, before being pushed into the global spotlight due to a spying scandal. The situation saw manager Bev Priestman sitting out Thursday’s game and two staff members sent home amid allegations of drone use at two New Zealand practice sessions. Assistant Andy Spence…

Super Falcons Lose to Brazil in Paris Olympic Opener Nigeria’s Super Falcons lost their 2024 Paris Olympics Games opener by a lone goal to the Canarinhas of Brazil. The game played on Thursday saw the Women African Cup of Nations (WAFCON) nine-time champions displayed spirited performance but failed to convert their chances. Rasheedat Ajibade led the Falcons to the turf of the Stade Matmut Atlantique, as Nigeria’s flag was flown at the tournament for the first time in 16 years, and truly led from the front with some excellent runs down the left of the South Americans. Her brave run…

Olympics: Bonmati Leads Spain to Comeback Win Over Japan Spain playmaker Aitana Bonmati scored one goal and created another as the world champions came from behind to beat Japan 2-1 in their opening Group C match in the Olympics women’s soccer in Nantes on Thursday. Olympic debutants Spain recovered from going behind to an early goal to avenge a 4-0 group stage loss to the Asians in last year’s World Cup, which they eventually won. Japan opened the scoring in the 13th minute when Aoba Fujino’s superb free kick sailed into the top right corner, with goalkeeper Cata Coll only…

FG Unveils Metering Project Teams to Combat Oil Theft The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has inaugurated Metering Audit and Advance Cargo Declaration project teams, to promote transparency and accountability in the upstream oil and gas. The Commission Chief Executive, Mr Gbenga Komolafe, who spoke at the inauguration of the project teams, on Wednesday in Abuja, said the projects were designed to combat crude oil theft and boost revenue. It will be recalled that the Federal Executive Council (FEC) had approved a 21 million dollars contract to audit metering and measurement equipment in the 187 oil flow stations in…