UPDATED: FMDQ to Launch Single Settlement Bank

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By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya Apple-owned music discovery app, Shazam, has launched national Top 200 charts in Nigeria as part of its expansion to 17 new countries across Africa and Asia, including new city charts for each country. Shazam’s Top 200 charts, which are updated daily, rank the most Shazamed tracks in a country for the past seven days. Nigeria was ranked as one of these new countries which also include Algeria, Azerbaijan, Cameroon, Ghana, Ivory Coast, Kenya, Mozambique, Philippines, Senegal, Tanzania, Tunisia, United Arab Emirates, Uganda, Uzbekistan, Vietnam, and Zambia. The service’s chart offering now comprises one global chart, 70 national

By Adedapo Adesanya Shareholders of Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, have unanimously authorised the board of directors to raise N10 billion through a rights issue for a fortified balance sheet. The company announced that the approval was given at the Extraordinary General Meeting of the company, which took place on Monday, June 29 in Lagos. This means the hospitality coy will issue 2,659,574,468 ordinary shares of 50 kobo each by way of a rights issue to the shareholders based on 7 new ordinary shares for every 20 ordinary shares of 50

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has stressed that it has no plan to increase the single value of the Naira notes to N2,000, N5,000 or N10,000, as being speculated in some quarters. The Director of Currency Operations at the CBN, Mr Ahmed Bello-Umar, speaking in an interview with the Voice of America (VOA) Hausa Service on Monday, said, for now, the highest single value of banknotes remains N1,000. There had been rumours that the central bank was planning to introduce higher notes into circulation. These speculations became rife after the bank said it would introduce the

By Adedapo Adesanya The Transmission Company of Nigeria (TCN) has absolved itself from the current load shedding and epileptic power supply experienced in various parts of the country, saying it only distributes what is generated through the national grid per hour or on the day-ahead nomination. The TCN said that a combination of issues ranging from gas constraints, fault, and technical problems within generating plants caused persistent low generation and consequently low load allocation to Discos nationwide. According to the statement by its General Manager Public Affairs, Mrs Ndidi Mba, TCN notified electricity consumers that the current load shedding being experienced

By Dipo Olowookere For supporting the insurance industry, especially the Professional Insurance Ladies Association (PILA), the Lagos State government has been applauded by the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Sunday Oludare Thomas. Mr Thomas, while speaking at the commissioning of the multimillion naira PILA House in Lagos, said the support of the state government has made it possible for the sector to improve. He also praised the leadership of PILA for the giant strides and ground-breaking achievements in the industry, noting that the fact that women are taking up important space in leadership and doing a great

By Dipo Olowookere Governor Ibrahim Gaidam of Yobe State has sacked the state’s Commissioner for Information and Culture, Mr Aji Yerima Bularafa. Though the reason for this action was not disclosed by the Governor, but there are speculations that he sacked the Commissioner because he was not getting 100 percent support allegedly from Mr Bularafa. Announcing the sack of the Commissioner through a press statement, Governor Gaidam emphasised that the disengagement takes immediate effect. The statement, issued by Shaibu Abdullahi, spokesperson to Secretary to the State Government, directed Mr Bularafa to handover the affairs of his office to the Permanent

By Dipo Olowookere A carrier-neutral Internet Exchange Point (IXP) for West Africa has been launched by the region’s largest data centre provider, MDXI and global IXP platform provider, Asteroid. The West African Internet Exchange (WAF-IX) is based on Asteroid’s lightweight design and will be located in MDXI’s Tier III Data Centre, in Lagos, Nigeria, West Africa’s biggest economic hub. Outlining the three major objectives for WAF-IX as accessibility, lower costs and reduced latency for Internet users in West Africa, Product Manager, MDXI/Peering Coordinator, WAF-IX, Mr Vremudia Oghene-Ruemu stressed that the new Internet Exchange would complement national IXPs, improve regional traffic

By Investors Hub European stocks are mostly higher after the European Central Bank left its key interest rates, asset purchases and forward guidance unchanged. ?The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases,? the ECB said. While the U.K.?s FTSE 100 Index has inched up by 0.1 percent, the German DAX Index is up by 0.4 percent and the French CAC 40 Index is up by 0.6 percent. Steinhoff International Holdings has rallied after the company announced the