Fitch Assigns ‘B+(EXP)’ to Nigeria’s Dollar Diaspora Bonds

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The House of Representatives has said it would probe further claims of the N2.6 trillion capital allowances granted to MTN by the federal government through the Ministry of Trade and Industry. This was disclosed by the Chairman of the House Committee on Public Accounts, Mr Oluwole Oke, at the resumed investigative hearing into the audit queries on tax evasion issued by the office of the Auditor-General for the Federation (oAuGF) on Tuesday. He disclosed that the oAuGF report indicated that the documents relating to the N2.6 trillion capital allowances were allegedly forged. While stressing that the committee

By Adedapo Adesanya The first trading session after the Independence Day break on Tuesday at the NASD Over the Counter (OTC) Securities Exchange ended flattish on Wednesday with the market’s key parameters – NASD Security Index and Market Capitalization remaining unchanged. Business Post had reported that transactions on Monday closed positive, but at the resumption of activities yesterday, things remained as they were at the last session except for the volume of shares traded, value of the securities. Data from the NASD showed that the market capitalization closed unchanged at N502.64 billion, while the NASD Security Index (NSI) also remained flat

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) are expected to stick to their plan and ratify another modest production increase next week as they try to satisfy rebounding oil demand when they meet on Wednesday, February 2. The 23-nation coalition led by Saudi Arabia and Russia will probably authorise a hike of 400,000 barrels a day for March. The coalition has stuck to its schedule for gradual monthly supply increases since forging the agreement in July 2020. Whether the cartel will actually be able to add this volume to the market is unclear.

By Dipo Olowookere The presidential candidate of the Labour Party (LP), Mr Peter Obi, has assured Nigerians, especially the youths, that he would prove in court that he won the presidential election held last Saturday. Speaking on Thursday at a press briefing in Abuja, the former Governor of Anambra State said he would adhere to the advice of the Independent National Electoral Commission (INEC) that all aggrieved contestants should seek redress in court. According to him, he would challenge the process for the future of the country, stressing that the electoral body did not follow the guidelines it set for

By Adedapo Adesanya The Senate has eventually passed the Petroleum Industry Bill known as PIB. The upper chamber of the National Assembly passed the bill during the plenary on Thursday after careful consideration of each of the clauses. The Senate, before passing the bill, met behind closed doors with the Minister of State for Petroleum, Mr Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari. The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008. On September 28 2020, President Muhammadu Buhari

By Adedapo Adesanya The Governor of Ondo State, Mr Rotimi Akeredolu, has enjoined the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to support the state seaport project. Mr Akeredolu said this at a one-day stakeholders’ forum on the review of the existing revenue allocation formula for the 36 states and the Federal Capital Territory (FCT) by RMAFC in collaboration with the Ondo state government on Tuesday in Akure. Represented by his Deputy, Mr Lucky Aiyedatiwa, the Governor said with adequate support, the Ondo seaport would become a major revenue spinner for the state. He pointed out that the current revenue

The Indian Forex market has gained traction in recent years, and more traders are looking for reliable brokers to cater to their needs. With the increasing number of options available, choosing the right broker becomes critical for novice and experienced traders. In this context, TU experts revealed a list of the best Indian Forex brokers to guide traders in making an informed choice, ensuring they have access to top-notch services and platforms for a seamless trading experience. Forex regulations in India TU experts highlight that Forex trading in India is subject to regulations and restrictions. While Indian traders can trade

By Dipo Olowookere A banking analyst with Lagos-based Chapel Hill Denham, Aderonke Akinsola, has disclosed that the present coronavirus pandemic could make banks in Nigeria struggle with poor asset quality in the 2020 financial year. Akinsola made this disclosure to Bloomberg during a phone chat on the impact of the fast-spreading disease on the nation’s economy. On Thursday, Nigeria confirmed fresh four cases of the COVID-19, a day after five new case were announced, bringing the total number of people infected with the virus to 12. Speaking with Bloomberg, Akinsola said the present conditions “pose downside risks to the profitability