Average T-Bills Yields Drop as CBN Suspends OMO Auction

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

About one million free meals were taken to communities struggling with the economic impact of COVID-19 in Nigeria by employees of Tropical General Investments (TGI) Group. The gesture was done by the workers through their TGI Cares Fund, an employee-led charity initiative of the organisation aimed to provide support to vulnerable Nigerians. The food items were handed over to FoodClique Support Initiative, an organisation that identifies and reaches out to the most vulnerable in communities. At the presentation, the Group Human Resources Director and Coordinator of TGI Cares Fund, Mr Tominiyi Oni, reiterated the commitment of TGI employees to assisting

By Jerome-Mario Chijioke Utomi I read with much relief two expositions on the electricity crisis in Nigeria and I must confess that any interested observers of the critical appraisal of the issue will agree that those submissions were factual and patriotically expressed. While the first came from a reader who reacted to my initial intervention Still on Nigeria’s Electricity Crisis, the other and very revealing submission came from the government quarters, the Delta State Commissioner for Energy, Engr. Jonathan Ukodhiko. Beginning with the first, it reads; the manifest failure of the poorly executed power sector privatization by the discredited Jonathan

By Modupe Gbadeyanka A report released by a firm reputed for providing analytics and marketplace insights for global hospitality sectors, STR, has said Addis Ababa, Ethiopia, posted Africa’s highest average daily rate (ADR). The 12-month data from STR stated that from July 2018 through June 2019, Addis Ababa registered an absolute ADR of $163.79 when measured in constant currency, which removes the effects of inflation, adding that the figure was a 1.1 percent increase year over year. According to the report, the next closest STR-defined markets in Africa were Accra Area, Ghana with $160.34 and Lagos Area, Nigeria with $132.51.

By Dipo Olowookere Renowned economist, Mr Bismarck Rewane, has retired from the board of First City Monument Bank (FCMB) Plc. The Nigerian financial institution announced the retirement of Mr Rewane in a statement to the Nigerian Stock Exchange (NSE) on Tuesday. In the statement signed by the Company Secretary, Mrs Olufunmilayo Adedibu, it was disclosed that the board has accepted his retirement. The board and management also expressed their gratitude to the foremost financial expert, wishing him well in his retirement. “FCMB Group Plc hereby announces the retirement of Mr Bismarck Rewane from the board of directors of the company.

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has sanctioned an online lending platform, Soko Lending Company Limited (Soko Loan), for data privacy invasion. The agency through its Head, Corporate Affairs and External Relations, Mrs Hadiza Umar, in a statement on Tuesday, said the action was taken following series of complaints against the company for unauthorised disclosures, failure to protect customers’ personal data, defamation of character and violation of the provisions of the Nigeria Data Protection Regulation (NDPR). According to her, one of such complaints filed by Bloomgate Solicitors on behalf of its client, the data subject, was

**Says Christians Without PVCs Sin Against God By Modupe Gbadeyanka The National Assembly has been urged to pass the 2018 appropriation bill presently before it waiting to passage. This appeal was made by respected cleric, Mr Enoch Adejare Adeboye, who is the General Overseer of Redeemed Christian Church of God (RCCG). Speaking at an event held in Lagos, the man of God pointed out that the lawmakers were elected into office to do the interest of the populace. According to him, passing the nation’s budget was part of the duties expected of the parliament and challenged the lawmakers to do

By Dipo Olowookere The supremacy battle between Governor Nasir El-Rufai of Kaduna State and the Senator Shehu Sani has finally been won by the former. Mr Sani is an activist and the lawmaker representing Kaduna Central Senatorial District at the National Assembly. The Senator on Saturday evening confirmed that he has resigned his membership from the ruling All Progressives Congress (APC). Mr Sani, who was reportedly assured of an automatic ticket of the APC to contest in the 2019, was disappointed when his name was not submitted to the Independent National Electoral Commission (INEC). Instead, candidate of the Governor, Mr

By ThisDay Nigerian banks are currently finding it extremely difficult to mobilise deposits from institutional investors such as Pension Fund Administrators (PFAs) and insurance companies as well as individuals due to the attractive treasury bills yields. The increasing awareness of the opportunities in the treasury bills market is seeing a lot of banks lose deposits to fixed income investments. This is because most investors and bank customers now benchmark interest rates on term deposit against treasury bill rates. THISDAY findings showed that those affected most are the Tier 2 banks as they are finding it difficult to meet the demand