Author: Olu Anisere

Yield on Nigerian Treasury Bills Declines to 17.5% The average yield on Nigerian treasury bills declined to about 17.5% in the secondary market on Wednesday due to increased demand for naira assets. The bullish sentiment led to yield contractions across the board, notably in the 05-NOV (-20bps) and 22-APR (-25bps) papers. Accordingly, the average yield compressed by 2bps to 17.47%. Trading activity remains subdued across most maturities, as investors have adopted a cautious approach, leading to selective buying interest. The only notable movement was recorded at the mid-end of the curve, where the 05-Nov-26 bill declined by 16bps to 16.14%,…

GCR ratings have affirmed Providus Bank Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively; outlook maintained…

The Federal Government (FG) says Nigeria loses about 24 million tonnes of topsoil annually due to erosion and land degradation, warning that the trend poses a serious threat to food security and climate resilience.

The Senate has approved a $516,333,700 syndicated financing facility for the construction of the Sokoto–Badagry Super Highway. This followed the consideration and adoption of the report of the Senate Committee on Local and Foreign Debts during plenary on Wednesday

The naira dropped sharply against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday as FX payments surged above liquidity.

UK-Nigeria Tech Hub Launches Creative Fund, Opens Application The UK-Nigeria Technology Hub has launched its Creative Fund, a first phase grants initiative designed to address critical technical capacity gaps across Nigeria’s film, fashion and music industries. The fund will support the development of local digital production capacity; encourage adoption of modern creative technologies; and promote responsible use of Artificial Intelligence (AI) to strengthen Nigeria’s creative value chain. The British Deputy High Commission, in a statement on Tuesday, said the initiative would directly support the priorities of the UK-Nigeria Economic Transformation and Investment Partnership (ETIP) Creatives Working Group, launched in March…

Transcorp Power Plc, one of the power subsidiaries of Africa’s leading listed conglomerate, Transnational Corporation Plc, has announced a  ₦41,250,000 total dividend to its shareholders at the 13th Annual General Meeting held at the Congress Hall, Transcorp Hilton Abuja.

Nigerian Overnight Financing Rate Steady on Liquidity Surplus The liquidity surplus in the financial system has kept the Nigerian Overnight Financing Rate (NOFR) stable, as banks continue to make strong placements at the Central Bank. At the beginning of the week, money market benchmarks showed little change due to the absence of significant funding pressures. In its market update, AIICO Capital Limited reported that liquidity in the financial system opened the week with a surplus of ₦4.52 trillion. The significant amount reflects an increase of ₦553.15 billion from the previous week’s balance, before the Debt Management Office bond auction, during…

First Holdco’s share price dipped by 10% as investors trimmed holdings in the group amidst a missed regulatory filing on the Nigerian Exchange. 

PTAD Clears N32,000 Pension Arrears for DBS Retirees The Pension Transitional Arrangement Directorate (PTAD) says it has paid the final one-month arrears of the N32,000 pension increase to eligible Defined Benefit Scheme (DBS) pensioners. This is contained in a statement on Monday by PTAD Head of Corporate Communications, Mr Olugbenga Ajayi. “A total of N1,734,592,000 was disbursed to 54,206 eligible DBS pensioners,” Ajayi said. He said the payment completed all arrears from the N32,000 increment approved by the National Salaries, Incomes and Wages Commission, effective July 29, 2024. Under the Parastatals Pension Department, 25,804 pensioners received N825,728,000, completing payment of…