CBN Raises T-Bills Stop Rate to 10% to Attract More Investors

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Modupe Gbadeyanka Prices of FGN bond are expected to increase this week at the OTC market with corresponding decrease in yields. This is according to analysts at Cowry Asset, who said the rise in the bond prices would occur amid expected ease in financial system liquidity. Last week, FGN bonds traded at the over-the-counter (OTC) segment depreciated in value for most maturities tracked on renewed sell pressure as investors sold their investments in the secondary market for higher stop rates in the primary market: the 20-year, 10 percent FGN JULY 2030 debt; the 7-year, 16.00 percent FGN JUN 2019

By Modupe Gbadeyanka The Kirikiri Lighter Terminal Area Command of the Nigeria Customs Service (NCS) has foiled the illegal export of charcoal. The item, according to the Customs Area Controller, Comptroller Hammi Swomen, was packed in a 24×40ft container of charcoal with a duty paid value running into millions of Naira. Addressing journalists in Lagos, the Customs KLT Command said other items were also seized by his men between January 2021 and November 2021. “During the period under review, the Command has also made seizures of 3×40ft container of vegetable oil, 1×40ft container of used tyres, 1×40ft container of expired

By Dipo Olowookere Additional shares of C&I Leasing Plc have been listed on the trading platform of the Nigerian Stock Exchange (NSE). The stocks were admitted to the NSE last Thursday and they arose from the rights issue of the company, which had a subscription level of 70.02 per cent. C&I Leasing held a rights issue of 539,003,333 ordinary shares of 50 kobo each at N6.00 per unit on the basis of 4 new ordinary shares for every 3 ordinary shares held as at September 4, 2019. However, of the total 539,003,333 ordinary shares offered for sale to existing investors

By Dipo Olowookere Music act-cum-entrepreneur, Mr Eazi, has recorded the biggest movement upward on the Spotify Top Artists Chart this week, taking 115 steps higher to number 70, according to data released by the entertainment outfit. The 30-year-old artist, who was born in Port Harcourt as Oluwatosin Ajibade, is the pioneer of Banku Music, a fusion of sound he describes as a mixture of Ghanaian highlife and Nigerian chord progressions and patterns, according to his Wikipedia page. Since he gained the limelight a few years ago, he has remained relevant, churning out tunes that have endeared him to his teeming

By Adedapo Adesanya The Director General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has said pension assets under the Contributory Pension Scheme (CPS) surged by N5.94 trillion or 52.3 per cent over the last three years from N11.35 trillion in August 2020 to N17.29 trillion in August 2023. The CPS is an arrangement where both the employer and the employee contribute a portion of an employee’s monthly emoluments towards the payment of the latter’s pension at retirement. Speaking recently on the development of the Nigerian pension industry, the PenCom boss also said the commission had recorded remarkable strides

By Dipo Olowookere President Muhammadu Buhari has expressed his desire to put in place an efficient tax administration so as to improve tax revenue in the country and make payments attractive to taxpayers. Mr Buhari, while declaring open the second National Tax Dialogue Week in Abuja on Tuesday, tasked participants to come up with initiatives that will improve tax administration in Nigeria. He expressed worry over the multiplicity of taxes in the country, stressing that this was causing confusion among taxpayers, noting that this was why the government authorised the Federal Inland Revenue Service (FIRS) to be the sola agency

By Adedapo Adesanya Nigeria’s Securities and Exchange Commission has banned the operations of the world’s largest crypto exchange, Binance, in the country, declaring it an illegal entity. In a statement signed on June 9, the commission said its attention had been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms. “Binance Nigeria Limited is neither registered nor regulated by the commission, and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own

By Aduragbemi Omiyale The Securities and Exchange Commission (SEC) has assured that it would do everything within its powers to put in place the necessary tools to protect the interests of investors in the Nigerian capital market. The Director-General of SEC, Mr Lamido Yuguda, said investor protection was paramount in the agenda of the agency under his leadership. Speaking at the digital closing gong ceremony on Monday, November 22, 2021, at the Nigerian Exchange (NGX) Limited in commemoration of World Investor Week (WIW), Mr Yuguda said this move is to boost the confidence of investors in the market. He thanked