T-Bills Market to Stay Bearish as Investors Anticipate N277b Inflows

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Nigerian Investment Promotion Commission (NIPC) has disclosed that companies in the healthcare and pharmaceutical sectors qualify for a three to five-year tax holiday. According to a notice dated April 14 on the commission’s website, this step was made available to encourage investments in the healthcare and pharmaceutical sectors. The agency noted that several activities in these sectors qualify for the stipulated three to five-year company income tax holiday. The commission further disclosed that the tax holiday will be administered under the Pioneer Status Incentive (PSI) Scheme. The PSI was established by the Industrial Development (Income Tax

Pan-African entrepreneurial training program, seed fund and incubator, MEST Africa, has officially announced its fourth annual MEST Africa Summit, in collaboration with Microsoft. The 3-day event will take place in Nairobi, Kenya from June 10 – 12, 2019, at the Radisson Blu Hotel as well as the home of MEST Africa’s Nairobi incubator – the Nairobi Garage. The Pan-African tech conference, the MEST Africa Summit brings together leading entrepreneurs, investors, ecosystem players and executives from across Africa and globally to explore the latest innovations and rising stars in the African tech ecosystem. In addition to panel discussions driven by the

By Sodeinde Temidayo David President Muhammadu Buhari has been advised by the United States to look beyond military options in resolving conflicts within the country. The American government, through the United States Institute of Peace (USIP) in Washington DC, gave this advice in a discussion convened by the agency titled Peace in Nigeria, how to build it, and America’s role. The conference featured different US officials and Nigerian leaders, including other diplomats from both countries. At the symposium, the need to strengthen the responsiveness of state institutions, address grievances and perceptions, were discussed and this lead to the suggestion for

By Investors Hub The major U.S. index futures are currently pointing to a slightly higher opening on Monday following the strong upward move seen last week. New on the merger-and-acquisition front may generate some early buying interest, although trading activity is likely to be subdued ahead of key events later this week. The Federal Reserve?s monetary policy announcement is likely to be in the spotlight, with the central bank widely expected to cut interest rates by at least 25 basis points on Wednesday. Assuming the Fed cuts rates as expected, traders are likely to pay close attention to accompanying statement

By Onyebuchi Ememanka *Positive And Warm Body Language Are Key Desiderata Of Successful Leaders Vice, sorry, Acting President Yemi Osinbajo is an interesting man. I think he is a deep thinker. He has to be. He is not just a professor of law, he is a Senior Advocate of Nigeria. He was for several years, a university teacher and naturally will understand that the warmest teachers teach better. When students feel relaxed with a particular teacher, the tendency that they will understand him better is very high. We all went to school and we know this is true. Being warm

By Aduragbemi Omiyale The efforts being made by the board and management of Transcorp Hotels Plc to boost investor confidence in the company have been applauded. On Wednesday, the Managing Director of Transcorp Hotels, Mrs Dupe Olusola, led the company to the Nigerian Exchange (NGX) Limited to speak to the market on the activities of the organisation and how it has been able to navigate the recent harsh times caused by the global health pandemic, COVID-19. The Divisional Head of Listings Business at the NGX, Mr Olumide Bolumole, while speaking at the event, praised the team for choosing the exchange

By FBNQuest Research The net FX flows through the CBN were negative by $760 million in May but positive over the 12-month period to the tune of $5.12 billion. Inflows through the CBN, which consist of monies from the oil economy and the non-oil public sector, declined from $2.87 billion to $2.26 billion in May. Outflows, in contrast, rose from $2.16 billion to $3.02 billion in the same month, which the commentary attributed to inter-bank utilization, external debt service, drawings under letters of credit and an unspecified “FX special payment”. The surge in inflows to $5.06 billion in February coincides

By Modupe Gbadeyanka A total of N3.399 trillion worth of treasury bills were sold to investors in the fourth quarter of 2017 by the Central Bank of Nigeria (CBN) through the Open Market Operations (OMO). This information was revealed by the apex bank in its Economic Report for fourth quarter 2017 obtained by Business Post on Thursday night. According to the central bank’s report, this amount of OMO bills sold to market players in the period under review was from the N4.997 trillion offered to investors and N3.533 trillion worth of subscriptions received during the period. The CBN disclosed that