Author: Marketforces Africa

NAICOM, Malaysia Partner to Drive Takaful Insurance in Nigeria The National Insurance Commission (NAICOM) and the government of Malaysia have agreed to collaborate to facilitate knowledge sharing and capacity building to drive Takaful insurance in the country. Mr Olusegun Omosehin, the Commissioner for Insurance (CFI), said this when Aiyub Omar, the High Commissioner of Malaysia to Nigeria, visited him in Abuja on Friday. Omosehin said that the country could accelerate its economic growth and development by tapping into Malaysia’s experiences and best practices in Takaful insurance. He said that the country could ultimately achieve the ambitious goal of a one…

US Dollar Rises Ahead of December Employment Data The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of the release of December employment data. Nonfarm payrolls are expected to rise by 165,000, with the unemployment rate seen remaining at 4.2%. Annual revisions to the household survey could alter the previous estimates of the unemployment rate. Hourly earnings are expected to rise by 0.3% after a 0.4% gain in the previous month. The preliminary University of Michigan consumer sentiment index for January is set to be released, and the St. Louis…

Yusuf Approves Payment of N5bn Backlogs of Gratuity to Kano Retirees Gov. Abba Yusuf of Kano State has approved the payment of the third phase of N5 billion to clear the backlog of gratuities owed to 2,000 retirees in the state. The governor announced this during the commencement of payment to categories of retirees at the Government House, Kano, on Thursday. Yusuf said that the initiative was aimed toward addressing long-standing backlogs. He added that the gesture was expected to provide relief to retirees who had faced delayed payments. The governor emphasised the importance of fulfilling the state’s obligations to…

Enugu Reveals Plan to Achieve N509bn IGR for 2025 The Enugu State Internal Revenue Service (ESIRS) says it is committed to achieving the state’s proposed N509 billion in internally generated revenue (IGR) for 2025. The Executive Chairman, ESiRS, Mr Emmanuel Nnamani, made the vow during a Holy Mass to start the new work year, held at the ESIRS headquarters on Thursday. While lauding the people of the state for their exemplary tax compliance in 2024, Nnamani revealed that ESIRS had set an ambitious revenue target of ₦509 billion for 2025. He acknowledged the magnitude of the goal, expressing confidence in…

Yield on Nigerian Treasury Bills Rises to 25.4% The average yield on Nigerian Treasury bills rose by 4 basis points to 25.4% in the secondary market due to mild selling pressures that occurred at the belly of the curve, according to Cordros Capital Limited. The sell-down move came after the midweek primary market auction by the Debt Management Office, where N515 billion worth of Treasury papers was sold to investors at a reduced discount rate on one-year bills. Traders said in their report that the money market witnessed improved activities as unmet bids from the main auction conducted on behalf…

FBN Debt: Court Freezes Nduka Obaigbena Assets in Banks The Federal High Court sitting in Lagos has restrained commercial banks in Nigeria from releasing or dealing with all monies and assets up to $225.8 million due to Nduka Obaigbena from any account maintained by him. Obaigbena is the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel. This decision follows a lawsuit filed by First Bank of Nigeria Limited and FBNQuest Trustees Limited seeking to recover an amount worth about N1.2 trillion in local currency. The duo accused General Hydrocarbons Limited of owing them a staggering $225,802,379.69 ($225.8…

Tinubu Seeks Increased Currency Swap between China, Nigeria President Bola Tinubu on Thursday urged the Chinese government to increase the two billion dollar currency swap between Nigeria and China to enhance trade between the two countries. He also called for an upward review of the 50 billion dollar aid package for Africa, which China’s President Xi Jinping announced last year. China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately 2 billion dollars), to enhance trade and investment. Receiving Wang Yi, the Minister of Foreign Affairs of China, at the State House, the President said…

Naira Skids Across FX Markets as CBN Intervention Slows The naira plunged across foreign exchange markets as Central Bank of Nigeria (CBN) FX intervention slowed down. The spot FX rate has been declining this week in the absence of FX sales to banks. The volume of US dollars available on the supply side eased as the CBN began FX auction holidays.  Analysts observed that the fast and furious FX sales to authorised dealer banks have been put on hold by the Apex Bank despite rising gross balance in the nation’s external reserves, which has surged near $41 billion this week,…

MTN Nigeria Crosses N5trn on Tariff Hike Expectations MTN Nigeria Plc.’s market value has continued to increase as tariff hike expectations draw investors’ attention to the telecom stock. In the equities market on Thursday, MTN Nigeria share price climbed by 10% to N242. The telecom company’s market value increased to N5.08 trillion on the back of gaining streaks that started midweek. The telecom regulator and the Nigerian government are in the process of agreeing to a rate hike for telecom operators amidst rising inflation and weak local currency. Negative macroeconomic indicators have impacted the balance sheet quality of telecom operators.…

ATCON Lauds FG’s Decision to Hike Tariffs, Invest in Infrastructure The Association of Telecommunication Companies of Nigeria (ATCON) on Thursday lauded the Federal Government’s decision to hike call and data tariffs, as well as invest in the sector’s infrastructure. The President, ATCON, Mr Tony Emoekpere, told the News Agency in Lagos that though the increase was long overdue, it was, however, welcome and a work in progress. Emoekpere said that, just as earlier advised, the tariff hike should be in the first quarter of the year, so that the Mobile Network Operators (MNOs) could start planning. The Association of Telecommunications…