FG Begins Sale of N10.69b Debut Green Bond

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Modupe Gbadeyanka German firm, Allianz, has disclosed that it would acquire 98 percent stake in Nigerian insurer, Ensure Insurance Plc. The control of the Nigerian company would be acquired through the UK-based firm, Greenoaks Global Holdings, Allianz said in a statement on Wednesday. Allianz said it was using the Nigerian organisation to penetrate the African market, where most people are still uninsured. According to Allianz’s regional CEO Africa, Coenraad Vrolijk, “The acquisition of Ensure Insurance Plc gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the

By Dipo Olowookere On Thursday, April 12, 2018, the Central Bank of Nigeria (CBN) auctioned some treasury bills via the Open Market Operations (OMO). The apex bank offered bills worth N500 billion to investors during the exercise and sold the same amount of the instrument despite receiving subscriptions worth N965.26 billion from them. It was observed that investors were more attracted to the longer tenor bill than the shorter tenor instrument offered yesterday. From the N100 billion worth of 112-day bill offered to traders, the CBN raised a meagre N1.29 billion at 12.20 percent. However, the apex bank received N963.97

By Modupe Gbadeyanka Some of the most renowned indigenous and international polo teams are set to convene in Lagos, Nigeria to compete for highly coveted trophies in the 2019 Lagos International Polo Tournament, sponsored by leading African financial institution, Guaranty Trust Bank (GTBank) Plc. This year’s competition will begin on March 13, 2019, and will see both Nigerian and foreign teams compete in five main cups, namely; the Silver Cup, Open Cup, Oba of Lagos Cup, Low Cup and Majekodunmi Cup. Over the years, GTBank has been at the forefront of supporting Polo; widely revered as the Sport of Kings,

By Aduragbemi Omiyale A 20-man committee has been inaugurated by the Oyo State government to review its public health law to meet current realities and solve health challenges in the state. In a chat with newsmen last Friday, the Permanent Secretary in the Ministry of Health, Dr Olusoji Adeyanju, explained that the move was based on the need to preserve and promote community health continually. The health practitioner, while speaking shortly after the inauguration of the group at the Conference Hall of the Ministry, noted that members were drawn from relevant ministries, agencies, law enforcement agencies, health institutions, and civil

By Nathaniel Ekpo The 2017 Annual General Meeting (AGM) of Wema Bank Plc is presently ongoing in Lagos on Wednesday, May 09, 2018. The event is taking place at the Civic Centre, Lagos and it commenced by 11am. Shareholders of the mid-tier financial institution arrived venue of the AGM on time and the general atmosphere shows they are upbeat and happy with the board and management of Wema Bank. Here are first pictures from the AGM, which is also being covered by Business Post.  Please stay with us for more updates from the event.

By Dipo Olowookere As part of its strategies to focus on Nigeria’s significant opportunities, Diamond Bank Plc has changed its banking licence from international to national. This information was confirmed on Friday evening by the financial institution via a statement issued by its PR agency, Prize Communications Ltd. In the statement obtained by Business Post, the troubled Diamond Bank said it will seize to operate as an international bank as soon as it concludes the sale of its subsidiary in the United Kingdom. Before now, the lender had divested its branches in West Africa. It was gathered that the financial

By FSDH Research Have you ever considered how much money you could create from that your little N5,000? And most times, a lot of people blow it off, by spending it on frivolities. An adage says ‘a little drop of water makes a mighty ocean’. The Federal Government of Nigeria Savings Bond (FGNSB), just like a mutual fund, is an instrument the FGN uses to mobilize savings from low income earners for developmental purposes. In return for investing money in the FGNSB, the FGN, through the Debt Management Office (DMO), pays interest (coupon) to the investor every 3 months. In

By Adedapo Adesanya President Bola Tinubu has signed the Student Loan Bill into law. ⁣⁣ An aide to the president, Mr Dele Alake, disclosed this to State House Correspondents on Monday evening.⁣⁣⁣ The bill will enable Nigerian students to access loans at interest-free rates, easing the financial pressures on parents as well as helping to reduce the high rate of dropouts. The Student Loan (Access to Higher Education) Bill, 2019, a.k.a a Bill for an Act, provides for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act was sponsored by