DMO Allots 30-Year Bond for 15.75% at March FGN Bond Sales

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Ahmed Rahma In order to strengthen trade with the African continent and discuss partnership opportunities to build demand for United States soy, the US Soybean Export Council (USSEC), the American Soybean Association’s World Initiative for Soy in Human Health (ASA/WISHH) and the US Grains Council (USGC) co-hosted the African Trade Exchange. The two-day virtual conference took place on November 9 and 10, showcasing globally renowned and highly regarded speakers on the international grain trade, the future of the African feed industry and long-term commercial trade development. In general, nearly 300 US Soy customers and soy industry representatives from more

By Modupe Gbadeyanka Chairman of the Presidential Task Force (PTF) on COVID-19 in Nigeria, Mr Boss Mustapha, has praised Governor of Kano State, Mr Abdullahi Ganduje, for the way he has handled the pandemic in the state. Addressing newsmen in Abuja on Thursday, Mr Mustapha, who is also the Secretary to the Government of the Federation (SGF), said he was impressed with the way the Governor has managed the situation. “The proactive leadership of the Kano State Governor in the management of emerging challenges is highly commendable,” Mr Mustapha said yesterday. “I wish to use this opportunity to reassure all

By Adedapo Adesanya The National Insurance Commission (NAICOM) has said foreigners who want to occupy key positions in Nigeria but do not have a bank account should produce the result of due diligence conducted by the individual’s home country’s insurance regulator. This means if an American wants to occupy a leadership position in any insurance firm in the country and does not have a bank account, due diligence must be conducted by the National Association of Insurance Commissioners (NAIC), which serves as the standard-setting and regulatory support organisation in the United States. This new policy was disclosed in a circular

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to fresh selling pressure on Monday as investors promptly offloaded some stocks that have gained weight in the past trading sessions. Investor sentiment was weak yesterday as the market breadth closed bearish with 12 price advancers and 16 price decliners led by ABC Transport which fell by 9.68 per cent to 28 Kobo. Japaul went down by 9.09 per cent to 30 Kobo, NGX Group fell by 4.55 per cent to N21.00, Lafarge Africa declined by 4.20 per cent to N23.95, while Cutix contracted by 3.77 per cent to quote at

By Reuben Abati One other outcome of our democratic experience since 1999 is how demanding and insatiable the Nigerian voter has become, and because political office holders and the professional political class are yet to fully decipher and understand the implications of this, they continue to make similar mistakes and draw the same responses from the same public that voted them into power. I have no better illustration of this than the manner in which the critics of the incumbent administration at the centre are beginning to sound exactly the same way they sounded about two years ago under the

By Adedapo Adesanya The federal government has put in place new security measure that will help tackle the increasing rate of mobile phone theft in Nigeria. Tagged Device Management System (DMS), which will be managed by the Nigerian Communications Commission (NCC), the strategy will serve as a repository for all registered mobile phones’ International Mobile Equipment Identity (IMEI) and owners of such devices in the country. The IMEI is a 15-digit unique number for mobile devices that identifies each mobile device and its model specification. It can be used in the tracking of stolen phones. This new development is contained

By Modupe Gbadeyanka Massive sell pressure in the equities listed on the Nigerian Stock Exchange (NSE) continued on Monday, resulting in the market losing N235 billion at the close of trading activities. The weakness in investors’ confidence started last Friday when the stock market slumped for the first time in 11 days, depreciating by N80 billion. Investors had hoped this would be reversed today when market activities resume, but that was never the case. Business Post reports that a total of 40 equities declined on the floor of the NSE today, in contrast to 10 equities that moved up. Nestle

By Dipo Olowookere Shareholders of a construction giant, Julius Berger Plc, will not have something close to the N2 dividend they received last year for the 2019 financial year. This is because the board of the company has significantly slashed the dividend payout for the 2020 fiscal year by 80 per cent and this means they will only receive 40 kobo. One of the reasons for this huge cut in the dividend payout is that the organisation did not perform well like it did when it paid the N2 to shareholders. In its 2020 results, Julius Berger recorded an 86.4