Author: Marketforces Africa

Bank of Industry Disburses N1bn to Business Owners in Ogun The Bank of Industry (BoI) says it has disbursed the sum of one billion naira to 20,000 small business owners in Ogun. Mr Michael Agidani, Manager BoI in Ogun, said this during a nationwide town hall/sensitisation programme on Presidential Grant and Loan Scheme on Tuesday. According to him, the Presidential Conditional Grant Scheme, is an intervention funded with N50 billion, to support petty business owners with N50,000 each. He said the one billion naira grant was disbursed to 20,000 small business owners from the 20 Local Government Areas in the…

Protest: Kyari not Responsible for Fuel Price Hike –NNPCL The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its Group Chief Executive Officer, Malam Mele Kyari, is not responsible for the hike in prices of Premium Motor Spirit (PMS) also known as fuel. Mr Olufemi Soneye, the Chief Corporate Communications Officer, of the company, said this on Tuesday while reacting to the protesters demand for the removal of Kyari. Recall that some protesters, led by Civil Society Organisations had stormed the NNPC Ltd. Headquarters, in Abuja demanding Kyari’s resignation over issues surrounding fuel distribution and skyrocketing prices. Reacting to the…

Judiciary’s Role Crucial in Nigeria’s Digital Transformation -NCC The Nigerian Communications Commission (NCC) has called on the judiciary to play a pivotal role in supporting Nigeria’s digital transformation, stressing the need for a collaborative effort to drive the country’s digital economy.  The Executive Vice Chairman of NCC, Aminu Maida, said this during the two-day annual workshop for judges on Legal Issues in telecommunications on Tuesday in Lagos. He noted that the judiciary, today, depends on digital tools and technologies to carry out its functions. According to him, most of the work judges do have been transformed over time by the…

BOI Urges MSMEs to Embrace Presidential Loans Scheme The Bank of Industry (BOI) has urged Micro Small and Medium Enterprises (MSMEs) owners in Akwa Ibom, to take advantage of the presidential grants and loans scheme to improve their businesses. Mr Tolu Toluwase, the Manager, BOI, Akwa Ibom, made the call at a sensitisation programme on the Federal Government grant a d loans scheme in Uyo on Tuesday. Toluwase said that the Federal Government had budgeted about N75 billion to be accessed through loans by MSMEs owners across the country. The manager said that the sum of N1 million would be…

FCCPC Task DisCos on Consumer Involvement in Electricity Bands Classification The Federal Competition and Consumer Protection Commission (FCCPC), has called on electricity distribution companies (DISCOs) to carry energy consumers along before classifying them into bands for transparency. Mr Tunji Bello, the Executive Vice Chairman of FCCPC, said the call was part of the resolution reached at the Commission’s meeting with electricity stakeholders in Abuja on Tuesday. Bello said the resolution was due to complaints by consumers who were classified into different electricity bands without their consent. He said the Commission also directed Ikeja Electricity Distribution Company (IKEDC) and Eko Electricity…

The Transmission Company of Nigeria (TCN), says the national grid experienced a partial disturbance at about 1.52 p.m. following series of lines and generators tripping.

FG to Address $1bn Losses on Spare Parts Importation The National Automotive Design and Development Council (NADDC) has taken further steps to address the over one billion dollars that the country lost due to the importation of component parts of vehicles. The NADDC Director-General, Joseph Osanipin said this at the training of some Engineers on Midas NFX Software Automotive Design Skills Boot Camp organised by the council on Monday on Abuja. “The country spends over one billion dollars each year on imported spare parts. “This massive expenditure underscores the urgent need for local production capabilities and advanced design training to…

The benchmark yield on Nigerian government bonds retraced as asset managers, and local deposit money banks with surging liquidity parked their free cash into debt papers.

Fixed interest income investors increased their respective bets on Nigerian Treasury bills in the secondary market ahead of the midweek auction.

Money Market Rates Mixed on Excess Liquidity in Banking System Money market rates diverge amidst excess liquidity balance in the financial system. The surplus liquidity has kept rates movement in check in the last few weeks, and analysts are projecting similar experience until after the midweek Treasury bills auction. Analysts said midweek auction will be paid for few hours after, suggesting that liquidity level could switched to deficit in the absence of additional inflows to compensate for the debits. According to Cowry Asset Limited, the Nigerian interbank offered rate (NIBOR) experienced a decline across all maturities, signaling enhanced liquidity within…