Nigerian Currency Loses 1.1% Against USD at Parallel Market

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

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By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

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 Modupe Gbadeyanka Subscription for the Exchange Traded Funds (ETFs) of Meristem Securities Limited has been extended by the management. Deadline for the exercise was shifted forward obtaining approval from the Securities and Exchange Commission (SEC), Business Post learned. The reason for the extension, we further gathered, was because of the disruption caused by the Coronavirus disease (COVID-19) pandemic in the country and the globe. Meristem is offering for sale two EFTs; the Meristem Value Exchange Traded Fund and the Meristem Growth Exchange Traded Fund. From a notice obtained by Business Post, the management said it has secured SEC’s authorisation

By Dipo Olowookere The Securities and Exchange Commission (SEC) has warned Nigerians to be careful of activities of MMM Federal Republic of Nigeria (nigeria.mmm.net) so as not to lose their investments to fraud. SEC said it has every reason to believe that the organisation is involved in fraudulent activities, which some Nigerians might not be aware of. The Commission posted on its website that the organisation has “no tangible business model”, describing the platform as a “Ponzi Scheme where returns are paid from other people’s invested sum.” SEC said, “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has

By Modupe Gbadeyanka An additional N1.24 billion has been released by the Lagos State government for payment of pension entitlements of 183 public service retirees under the Contributory Pension Scheme Dispensation for the month of March 2018. Commissioner for Establishments, Training and Pensions, Dr Akintola Benson Oke, reiterated the commitment of the current administration to ensure payment of terminal benefits of retired employees of the state government. Mr Oke, at the 49th Retirement Benefit Bond Certificate presentation ceremony held on Wednesday in Ikeja, stated that 8,731 retirees had accrued pension rights of over N35 billion paid into their Retirement Savings

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of business on Wednesday, December 7, with the performance indicators closing flat. Business Post reports that there was neither a price gainer nor a price loser at the midweek trading session, and this left the market capitalisation of the alternative bourse unchanged at N935.79 billion, as the NASD Unlisted Securities Index (NSI) also closed flat at 712.16 points. However, the activity chart witnessed a downward movement during the session as the volume of transactions declined by 94.5 per cent due to the 56,370 units of securities

As part of a comprehensive corporate social policy, Geodrill Ghana Limited, West Africa’s leading exploration drilling company, has donated a combined amount of GH¢450,000 to three Senior High Schools (SHS) across the country to boost educational infrastructure. The schools, which include Achimota SHS in Accra, Tamale SHS in the Savannah Region and Mfantsipim SHS in the Central Region, and Tamale SHS in the Northern Region each received an amount of GH¢150,000 to improve educational infrastructure in their institutions. On February 26 Mfantsipim SHS inaugurated the FIFO certified artificial turf, part of Phase Two of the Kwabotwe Sports for Excellence project

By Modupe Gbadeyanka Bauchi State government has held a meeting with holders of its N15 billion 7-year bond with a view to renegotiating the terms. In 2014, the state government, under the previous administration, launched its N15 billion 15.5 percent series 1 fixed rate bonds due 2021 under the N30 Billion medium term note program. The bond was launched to raise funds to complete a specialist hospital and ATB international airport in the state. But the administration of Mr Mohammed Abdullahi Abubakar explained that it was renegotiating the terms as a result of the dwindling state allocations. Mr Abubakar noted

By Modupe Gbadeyanka A popular Yoruba actor, Mr Kamal Adebayo, otherwise known as Sir K Kamoru by his numerous fans and colleagues, has been reported dead. The veteran entertainer, who acted in roles in many films and ditched out several hilarious slangs, was said to have died some hours ago, though the cause of his death is yet to be made public. He gave birth to the popular skit maker, Mr Abidemi Adebayo, who is well known as Isbae U. The deceased, who also acted as a tout in movies, is one of the allies of a popular transport union

By Dipo Olowookere The weekly sale of treasury bills via the Open Market Operations (OMO) by the Central Bank of Nigeria (CBN) suffered a huge setback on Thursday as most investors stayed back from the exercise. Of the N300 billion worth of the OMO bills offered for sale by the apex bank yesterday, only a paltry of N41 billion was eventually sold. Business Post gathered that this was mainly due to liquidity strain in the system. Out of the N50 billion offered for the 112-day bill, the CBN could only manage to rake 60 million at 11.05 percent, while it