T-Bills Market Bearish Amidst Significant Buoyant Liquidity

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the new week still in the bearish territory following a negative price movement in shares of Central Securities Clearing Systems (CSCS) Plc. The market depreciated by 0.42 per cent yesterday after the equity price of the Nigerian depository company went down by 91 kobo or 5.3 per cent to sell at N17.09 per share compared to N18 per share it closed the previous session. As a result, the market capitalisation of the exchange reduced by N2.72 billion to close at N651.60 billion in contrast to N654.32 billion it quoted last

By Dipo Olowookere A “Bb” rating has been assigned to SunTrust Bank Nigeria Limited by Nigeria’s first credit rating agency, Agusto & Co. A statement issued by the agency disclosed that the lender secured the grade as a result of its acceptable liquidity and strong shareholders’ support. However, it noted that this is constrained by weak profitability, high impaired credits, concentration in the loan book, high funding costs and low market share. In the statement, Agusto said the financial institution has prospects due to the various initiatives introduced by the new management team to reposition the bank as an emerging

By Modupe Gbadeyanka Governor Seyi Makinde has appealed to residents of Oyo State to support the efforts of the government to make the state cleaner and healthier for all. In a newsletter dated July 28, 2022, Mr Makinde said unregistered Private Sector Participants (PSPs) should not be allowed to evacuate solid waste in any part of the state, warning that the state government would prosecute both the operators and their customers. He stated that the new solid waste management structure was designed for the benefit of all, saying, action would “be taken against any PSPs and anyone who continues to

COVID-19 has been a disaster for many people globally, one reason being the effect of the pandemic on the cost of living. As the cost of living is rising while wages remain stagnant, it’s becoming apparent that many people are struggling to pay off their existing commitments. As a result of such obligations, more and more people seek refinancing options to lower their mortgage rates and reduce monthly expenses. This post will cover how COVID-19 has affected home loan rates and the part it plays in the rising cost of living. How Has COVID-19 Stressed Out The World Economies? While

By Dipo Olowookere Thursday, March 28, 2019, has been fixed for the meeting of board of directors of Oando Plc, a statement from the energy company has said. During the meeting, the board would take a good look at the 2018 audited financial statements of Oando Plc. However, it was not stated if the board would likely consider recommending the payment of dividend to shareholders as a form of reward them for their unwavering support. “This is to inform the public and our stakeholders that the board of directors of Oando Plc will be meeting to consider the 2018 audited

By Modupe Gbadeyanka For the 17th consecutive month, the Manufacturing Purchasing Managers’ Index (PMI) grew in the month of August 2018 to 57.1 index points, the Central Bank of Nigeria (CBN) has disclosed. In its latest report, the apex bank stated that the index expanded at a faster rate when compared with the index in the previous month. Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; non-metallic mineral products; cement; furniture & related products; plastics & rubber products; textile, apparel, leather & footwear; petroleum & coal products; chemical & pharmaceutical

By Dipo Olowookere A member on the board of Fidelity Bank Plc, Mr Charles Umolu, has mopped up some equities of the company at the stock market. Mr Umolu is a non-executive director of the financial institution and was in the past the Managing Director/Chief Executive Officer of Comet Merchant Bank Ltd. A disclosure from Fidelity Bank said the director acquired just over half a million units of the company’s stocks at the exchange on Wednesday, May 6, 2020. In the notice filed to the Nigerian Stock Exchange (NSE) on Thursday, May 7, 2020, the product of the Obafemi Awolowo

By Otori Emmanuel An organisation in its early phase of existence is referred to as a start-up. Entrepreneurs that desire to create a product or service think there is a market for launching start-ups. Because start-ups often have high startup costs and low revenue, founders frequently look for money from a variety of internal and external sources, including personal savings, loans from family and friends, business venture capitalists, and crowdsourcing. There are start-ups in different industries like Information Technology, agriculture, communication, health and other sectors. Start-ups and Innovation Establishing a start-up takes careful planning, including consideration of factors like business