MTN Nigeria Begins Sale of N100bn Commercial Papers

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Modupe Gbadeyanka Residents of Kano have received free pre-paid metres installed into their homes by the Kano Electricity Distribution Plc (KEDCO). This, KEDCO explained, is in line with its determination to deliver free meters to all customers in its franchise area of Kano, Katsina and Jigawa States. In a statement issued by the company’s spokesperson, Mr Mohammed Kandi, KEDCO said it plans to move to Nassarawa district soon, having metered about 6, 947 in the ongoing meter deployment exercise. It also recalled that the exercise precedes the launch of pole/wall mounted meter deployment plan in Kabuga by the minister

By Modupe Gbadeyanka Five capital market operators (CMOs) in the country are presently under investigations, the Securities and Exchange Commission (SEC) has disclosed. SEC, in a notice published on its website on Wednesday, disclosed that the affected operators are being quizzed over complaints from investors. According to the commission, the five operators are Bytofel Securities and Trust Limited, Jenkens Investment Limited, Securities Solutions Limited, Wizetrade Capital & Asset Management Limited and Elyon Assets Management Limited. Consequently, directors and sponsored individuals of the affected operators have been invited to a meeting with SEC at its office at Plot 272, Samuel Ademulegun

The All Progressives Congress Mandate Defenders (APCMD) has reacted to a statement attributed to the immediate past Governor of Kogi State, Captain Idris Wada, where he lambasted his successor, Mr Yahaya Bello. A statement issued by the group and signed by its Deputy National Publicity Secretary, Mr Ali Mohammed, said it wondered how a man who has “no single record of achievement throughout his wasteful years in office could be accusing Governor Bello of non-performance when there are documented evidence that in all his years as ‘Jiggery-pokery-Governor’, no Nigerian President or Vice President ever entered the state to commission one

By Adedapo Adesanya Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, has rated the performance of the Nigerian Stock Exchange (NSE) low, saying it is not optimistically feasible and under-performing. Mrs Ahmed said this during the 2020 National Budget defence on Thursday, October 24, before the Senate Committee on Finance at the National Assembly at the nation’s capital, Abuja. According to her, both the nation’s money and capital markets have not been in their best, with the latter not been able to provide a vibrant mainstay for the weak Nigerian economy. “The [Nigerian] stock market, to my mind,

**Tasks Nigerians on Unity By Dipo Olowookere Nigeria’s leading inspection, training and rope access services company, JC International, has stressed the importance of a united country, charging citizens to remain as one despite the numerous challenges facing the nation. Managing Director of the firm, Engr. Austin Joseph, gave this charge in a statement issued in Lagos on Friday. In the statement, Mr Joseph congratulated federal government and Nigerians both home and abroad on the 58th Independence Day anniversary of the nation to be celebrated on Monday, October 1, 2018. According to the JC International boss, Nigeria has a lot to

By Dipo Olowookere Shareholders of leading indigenous oil firm, Seplat Petroleum Development Company, will receive cash reward from the company for the financial year ended December 31, 2019. This is because the board of the company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE) has proposed to pay a final dividend of $0.05 (approximately N18) for each unit of the company’s shares. On Thursday, March 19, 2020, the board held a meeting, where issues concerning the dividend payment and the financial statements were discussed. Informing the investing community on outcome of yesterday’s gathering, Seplat

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss on Tuesday and it was the fourth consecutive time this was happening. During the trading session, the unlisted securities market ended in negative territory as a result of the 0.49 per cent slide it closed with. This battered the NASD Unlisted Security Index (NSI) by 3.48 points to 707.24 points from the 710.72 points recorded at Monday’s trading session. It equally depleted the market capitalisation of the bourse by N2.50 billion to N507.45 billion from N509.95 billion achieved the preceding day. The bearish environment was activated by a

The demolition of structures under high voltage power lines in Lagos State has commenced. On Tuesday, Commissioner for Physical Planning and Urban Development in the state, Tpl. Anifowoshe Abiola, supervised the destruction of such properties at Isheri in Egbe-Idimu local council development area. The Commissioner said the exercise was embarked on after the expiration of ultimatum issued in the statutory notices served upon owners/occupiers of the affected structures. The demolition was carried out by a joint operation of officers of the Ministry of Physical Planning and Urban Development, Lagos State Building Control Agency, and the State Environmental and Special Offences Unit,