T-Bills Market Bullish Amid Absence of CBN OMO Sales

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Olaoluwa Oloyede With so many available styles, feature, quality and technology options, selecting the best appliances for your new home can be overwhelming, even if you’re working with a design or a preferred brand. While there are so many fine brands with premium home appliances, Jumia Nigeria, your trusted online store recommends three solid brands that will ensure a house is filled with functional appliances while remaining on a budget. Tested & Trusted If there is any home appliance that has gained the trust of millions of people, it is Binatone. It is reliable, durable and fits into the

By Adedapo Adesanya The Ministry of Agriculture and Rural Development has partnered with the Lagos State government to improve meat distribution across the country. This was disclosed by the Chief Veterinary Officer of Nigeria and Director Federal Department of Veterinary and Pest Control Services, Dr Maimuna Abdullahi Habbib, during the study tour and stakeholders’ engagement to understudy the air-cool Meatvans from the abattoirs and slaughterhouses to the various meat markets in Lagos State recently. She revealed that the ministry would facilitate the process to ensure that a policy was drafted to ensure smooth operations, enforcement, and implementation of the process

By Adedapo Adesanya Nigeria-born New Zealand professional mixed martial artist, Israel Adesanya, suffered his first career defeat when he lost to Jan Blachowicz in the early hours of Sunday. The defeat of Adesanya by the Polish fighter sees him retaining the light heavyweight title. The Last Stylebender, as Adesanya is popularly called, suffered his first career loss in Ultimate Fight Club (UFC) at the UFC APEX in Las Vegas, USA. The Polish fighter defeated Adesanya via a unanimous decision of 49-46, 49-45, 49-45. After a tight opening three rounds, Blachowicz took over in the fourth and fifth as big takedowns

By Dipo Olowookere Customers of Ibadan Electricity Distribution Company Plc (IBEDC) have been assured an excellent service delivery by the management of the energy firm. The Chief Operating Officer (COO) of IBEDC, Engr. John Ayodele, in his message, to mark the 2020 Customer Service Week, stressed that “our goal is geared towards taking service delivery to higher heights through customer-centric initiatives that will enable us to attend and resolve our customer enquiries, complaints, fault clearing etc. speedily and efficiently across the franchise.” He announced that as part of activities lined up for this year’s Customer Service Week scheduled to run

By Adedapo Adesanya  The oil market fell about 4 per cent on Thursday as a bigger-than-expected Bank of England rate hike prompted worries about the global economy and fuel demand. This suppressed the Brent futures by $2.98 or 3.9 per cent to $74.14 a barrel, while the US West Texas Intermediate (WTI) crude futures were down by $3.02 or 4.2 per cent, at $69.51 per barrel. The benchmarks erased gains from the previous session, during which US corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls could lower biofuel blending and increase oil demand. This raised

By Adedapo Adesanya The Joint Venture (JV) consisting of the Nigerian National Petroleum Company (NNPC) Limited, Shell, TotalEnergies and ENI has signed a multi-million dollars deal to supply 70 million standard cubic feet (scf) of gas to Dangote Fertilizer Company. The signing which took place at the ongoing Nigeria International Energy Summit (NIES) was attended by the President of Dangote Group, Mr Aliko Dangote; Group Managing Director of NNPC, Mallam Mele Kyari; Country Chair of Osagie Okunbor; and ENI representatives. The deals involving the JV of NNPC, Shell, ENI, and TotalEnergies will deliver 70million scf of gas daily to Dangote

By Dipo Olowookere Treasury bills yields increased on Thursday by one percent as market players repriced quotes in reaction to developments at the previous day’s auction. According to analysts at Zedcrest Research, trading activities were however relatively muted as investors cautiously anticipated results from the Central Bank of Nigeria (CBN) OMO auction, which were not released until close of trading. With most players placing bids at about 13 percent at the day’s auction, the CBN issued a No-Sale OMO result. This is expected to slightly moderate bearish market sentiments, with trading activities expected to remain relatively constrained to the short

By Modupe Gbadeyanka It is the first trading day of a new week, month and a quarter and investors are hopeful that the local stock market will take an upward swing. Investors are still in the euphoria of earnings season, though the deadline for submission for FY2018 results ended on March 31, 2019, this month is for the release of the first quarter of this year. If companies release encouraging figures, investors might consider adding more stocks to their portfolios, which would push prices up and possibly lead to profit taking later when target prices are reached. As you go