T-Bills Market Bearish on Absence of OMO Sale by CBN

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Dipo Olowookere The Nigerian Exchange (NGX) Limited returned to the danger zone on Wednesday after it closed lower by 0.09 per cent as a result of a mild sell-off in some large-cap stocks like MTN Nigeria, FBN Holdings, Lafarge Africa, UBA and others. The selling pressure weakened the All-Share Index (ASI) of the exchange by 62.57 points to 71,003.98 points from 71,066.55 points and pushed down the market capitalisation by N34 billion to N39.048 trillion from N39.082 trillion. The heaviest price loser for the day was C&I Leasing, which shed 7.56 per cent to close at N5.26, Prestige Assurance

**Probes 200 Whistleblowing Tips By Dipo Olowookere Two senior tax officials in Benue and Delta States have been suspended by Federal Government after they were found guilty of tax fraud based on verified tips from whistle-blowers. Minister of Finance, Mrs Kemi Adeosun, made the disclosure on Sunday in Abuja after a meeting of her ministry’s Whistleblower Unit and the Presidential Initiative on Continuous Audit (PICA), which she presided over. The meeting was to review the nation’s tax administration and revenue collection efforts so far. During the gathering, participants also discuss how government can reform and improve existing processes and systems.

By Jerome-Mario Utomi The conflicting reactions that recently trailed the appointment of Abdulrasheed Bawa, a Nigerian detective and certified anti-money laundering specialist by President Muhammadu Buhari as the new Chairman of the Economic and Financial Crimes Commission (EFCC) reveals one thing. It shows that the road to restoration of trust among Nigerians by the federal government is a long one. Bawa, an indigene of Kebbi State, going by media reports, is a young man born on April 30, 1980, and holds a Bachelor’s Degree in Economics. Essentially, such an appointment ordinarily was supposed to elicit a unison excitement among Nigerians

**Says GTBank, Zenith Bank Strong to Withstand Shocks By Modupe Gbadeyanka Moody’s Investors Service has announced the downward review of the outlook of Sterling Bank Plc to negative from stable following the negative outlook on Nigeria’s government issuer rating. In a statement issued this month, the rating agency said the lowering of Nigeria’s rating affects the bank’s credit profile as well as resulting in a lower ability to support the b3 BCA, which it said reflects Sterling Bank’s vulnerabilities in asset quality because of high single-name and sector concentration risks. According to Moody’s, the lender has a large exposure to

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange went down by 0.62 per cent on Tuesday, October 5 on the back of profit-taking in three companies on the platform. Niger Delta Exploration and Production (NDEP) Plc led the losers yesterday after its value went down by N20 or 8.0 per cent to close at N250 per share in contrast to N270 per share it closed on Monday. Central Securities Clearing Systems (CSCS) Plc, on its part, fell by 30 kobo or 1.2 per cent to close the session at N16.20 per share in contrast to N16.50 per share it

By Dipo Olowookere Head of the Nigerian Communications Commission (NCC), Mr Umar Garba Danbatta, has disclosed that the agency has approved dedicated spectrum for trial deployment of Fifth Generation (5G) services in the country. The NCC chief made this disclosure at the maiden Digital African Week organised by the International Telecommunications Union (ITU) being hosted by the Commission at the Transcorp Hilton Hotel, Abuja. The four-day conference, which began on Tuesday in conjunction with the Management of ITU-T Study Group 20 (SG20) and Study Group 5 (SG5) Regional Group for Africa Meeting, will allow all stakeholders in the emerging digital

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has described reports in the media that the eNaira was becoming a threat to financial stability in the country. In October 2021, the apex bank, under the leadership of its controversial former Governor, Mr Godwin Emefiele, introduced the electronic currency, which some observers that said failed to make a significant positive impact. The digital currency was created by the CBN under the Central Bank Digital Currency (CBDC), but Nigerians have refused to adopt the initiative because of the confusion around it. In a statement issued by its spokesman, Mr Isa AbdulMumin,