T-Bills Market Bullish on Absence of OMO Sale

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

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By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Modupe Gbadeyanka All seems not to be too well with Polaris Bank, the bridge bank set up to take over the assets and liabilities of now defunct Skye Bank Plc. A new report by National Daily said the lender is fighting a serious battle for survival following customers panic over the sudden demise of Skye Bank. Business Post reports that despite efforts being made by the management of Polaris Bank to assure its customers that nothing will happen to their money in its care, nobody wants to take the risk of leaving his hard-earned money with the financial institution.

**Advocates Equal Opportunities for Male, Female Artists By Dipo Olowookere Popular female musician, Yemi Alade, has called for equal opportunities for male and female artists in Africa, noting that “there is no gender” in the universe of music. The Nigeria music star made this submission while commenting on her inclusion into the Spotify EQUAL Africa programme, a platform designed to celebrate female acts. She is the first artist to be profiled on the platform in 2023. The 2009 winner of the Peak Talent Show was chosen for the Spotify EQUAL Africa initiative because of her success in the showbiz industry.

By Dipo Olowookere The management of National Identity Management Commission (NIMC) has reacted to a media report which claimed nearly 29 million Nigerians were unhappy with the suspension of the national identity card to them by the agency. In a statement signed last Thursday by the Head of Corporate Communications Unit at NIMC, Mr Loveday Chika Ogbonna, stated that there was no iota of truth in the article titled ‘28.5m Nigerians Agonize Over Suspension Of Nat’l ID Card Issuance’ and published by Leadership newspaper on Sunday, April 1, 2018. According to the spokesman of NIMC, the issuance of cards to

By Adedapo Adesanya The Lagos State government has announced the closure of all Chrisland Schools in the state following an alleged séxual violence involving students of the institution. In a viral video on social media, two students of the school, a male and a female, were seen engaging in a séxual act and this has sparked reactions on the blogosphere. Reacting to the incident, the state government said “all Chrisland Schools within Lagos State are hereby closed, pending further investigations.” It also warned the general public against “producing, distributing, receiving, or possessing an image of child pórnógraphy” as those engaged

By Modupe Gbadeyanka For the third straight year, Zedcap Partners Limited (ZPL) has won the Best Brokerage Service Firm of The Year at the FMDQ Gold Awards 2021. The firm again clinched the coveted prize in recognition of its exemplary brokerage service in the Nigerian fixed income, currencies and derivatives markets. At the event held on Friday, November 5, Zedcap, which is adjudged as the leading and largest inter-dealer brokerage (IDB) company in Nigeria, claimed the award for being the brokerage firm with the most satisfied clients, voted by members of the FMDQ Securities Exchange as providing the most exemplary

By Dipo Olowookere The disbursement of $94.2 million has been approved for Ghana by the Executive Board of the International Monetary Fund (IMF). This followed the completion of the fourth review of the arrangement under the Extended Credit Facility (ECF), bringing total disbursements under the arrangement to $565.2 million, with the remainder being tied to the remaining reviews. The Board also approved Ghana’s request for waivers of non-observance of performance criteria, and modification of one performance criterion; and the extension of the arrangement by one year. Ghana’s three-year arrangement for $918 million or 180 percent of quota at the time

By Kester Kenn Klomegah As it was, indeed, looking for profitable business, investment and trade rather than development aid, Angola, a south-central African republic, announced corporate plans to diversify its state business away from purchasing to fully-fledged manufacturing of Russian military equipment for the southern African market, and most possible other regions in Africa. While heading a delegation for a four-day visit from April 2-5 on an invitation from the Kremlin, President João Lourenço, said in an exclusive interview with the local Russian media, Itar-TASS, that Angola is one of the principal buyers of Russian arms and his country wants,

By Adedapo Adesanya The bullish run at the NASD Over the Counter (OTC) Securities Exchange was extended to the second day on Wednesday by the 0.65 per cent growth buoyed by VFD Group Plc and Central Securities Clearing Systems (CSCS) Plc. During the session, VFD Group stocks gained N12.50 or 9.8 per cent to close at N139.50 per unit compared to the previous closing price of N127 per unit, while CSCS shares appreciated by 45 kobo or 3.0 per cent to close at N15.28 per share in contrast to N14.83 per share of the preceding day. The gains recorded by