Rewane Tasks FG to Achieve 13% Inflation, N550/$1, Others in Eight Years

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Modupe Gbadeyanka Trading activities on the floor of the NASD OTC Market ended this week on a brighter note with appreciation recorded by the major market indicators. Specifically, the NASD Unquoted Stock Index (USI) advanced by 0.23 percent, while the market capitalisation also improved by the same margin, 0.23 percent. Business Post reports that the NASD closed at 662.80 points this week against 661.30 points last Friday, while the market capitalisation finished at N448.53 billion compared with N447.52 billion last Friday. This occurred after both the NASD USI and market capitalisation had suffered successive week-on-week (w-o-w) losses. Central Securities

Ambrose Omordion is one of the ubiquitous experts providing deep analyses of market trends in the Nigerian capital market. He is the Chief Research Officer (CRO) of Investdata Consulting Limited, leading a team of other experts in the firm. In this interview with a select media, the capital market guru takes a wide look around the market environment to spot lurking opportunities and risk factors for investors and the economy while hinting the government and market regulators on few tips that can help the market deliver its mandate as an enabler of economic growth. Excerpt: What is your appraisal of

By Dipo Olowookere A research carried out by PwC has revealed that 91 percent of CEOs in Africa are confident about their own companies’ growth prospects in the medium term. CEO for PwC Africa, Mr Hein Boegman, described this as the “highest level of confidence since we started our research on CEOs in Africa in 2012.” This revelation comes despite the current economic and socio-political uncertainty in the continent. Speaking at the World Economic Forum on Africa 2017 in Durban on the challenges and opportunities facing Africa’s CEOs, Mr Boegman said one of the reasons why Africa CEOs are positive

By Adedapo Adesanya Ghana’s capital city of Accra has been selected as the venue of next year’s Annual Meetings of the African Development Bank (AfDB). The announcement was made at the conclusion of this year’s event which was held virtually from Abidjan in Côte d’Ivoire, where the AfDB is headquartered, due to restrictions arising from the COVID-19 pandemic. It was the first time in the AfDB’s 56-year history that the event was held virtually. Only statutory issues, such as the election of the bank’s president and a governors’ dialogue, were dealt with over the course of three days. Speaking on

By Ahmed Rahma Leading smartphone company, Infinix, will be giving out a brand new car to a lucky winner in its ongoing Mega Jackpot Promo. The initiative is part of ways to appreciate its customers for their unwavering support and constant patronage every year. The promo started on November 27, 2020, and is expected to end on January 15, 2021. It was disclosed that since the beginning of the campaign, many Nigerians have walked away with several amazing gift prizes after participating in the jackpot. The most recent winners walked away with twin tub washing machines and refrigerator. As of

By Modupe Gbadeyanka One of the 17 banks implicated in the recent scandal surrounding the South African currency, the Rand; Citibank, has agreed to pay a penalty fee of R69.5 million (about $5.3m with Citibank). On Monday, South Africa’s the Competition Commission reached a settlement agreement with Citibank, arm of US firm, Citigroup. In 2016, the South African economy encountered uncertainties due to corruption scandals involving the President, Mr Jacob Zuma. In a statement by the Competition Commission, it was revealed that Citibank agreed to pay an administrative fine of R69.5 million for its role in the manipulation of the

Ghana Rugby has indicated that it will leave no stone unturned in its quest to qualify for the 2020 Japan Olympics after Rugby Africa announced that the Ghana Rugby National Women’s Sevens Team has been included in the continental competition for 2019. In an announcement by Rugby Africa, they said, “The Ghanaians picked up the 12th place upon a decision by the Rugby Africa’s Competitions Committee.” The Ghana Rugby National Men’s Sevens Team has already been included in the Olympic qualifier tournament that will be played in South Africa at the Bosman Stadium in Johannesburg, South Africa between 8 and

By Ashemiriogwa Emmanuel The Managing Director of the Edo State Geographic Information Service (EdoGIS), Mr Frank Evbuomwan, has said the state was now becoming a destination for prospective investors because of the land reforms of Governor Godwin Obaseki. He said these reforms have eased the process of land registration and management and have as well boosted the revenue of the state. Speaking at a joint security meeting with heads of various security agencies at the Government House, Benin City, he said over N3 billion has been generated in less than three years through EdoGIS. Mr Evbuomwan revealed that the amount