T-Bills Yields Drop 0.40% as CBN Mops up N321bn

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Adedapo Adesanya The index of the NASD Over-the-Counter (OTC) Securities Exchange closed below 700 basis points on Tuesday after it depreciated by 1.04 per cent or 7.34 points at the close of transactions to 698.23 points from 705.57 points. This was due to the fall in the share price of FrieslandCampina Wamco Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc yesterday, weakening the market capitalisation of the NASD OTC by N9.65 billion to N917.48 billion from N927.13 billion. FrieslandCampina lost N3.92 during the session to settle at N63.08 per unit compared with the preceding day’s N67.00 per unit,

By Modupe Gbadeyanka A contemporary Turkish-Mediterranean fusion brasserie and lounge, The GALLIARD, has commenced operations in Dubai, United Arab Emirates (UAE). Building on the success of The GALLIARD in Istanbul, founding partner of the firm, Ahmet Uras and his team hosted the official opening party at their Dubai offering at The Address Downtown Hotel. The reveal of the eagerly awaited venue was attended by top media, Dubai’s leading influencers, Hollywood A-listers and VIPs during a glamorous cocktail party featuring a spectacular performance by the multi-platinum American recording artist: Kelis and the musical stylings of the talented violinist Hanine El Alam.

By Sodeinde Temidayo David Nigerian Financial technology startup, Prospa, has secured a total of $3.8 million in pre-seed funding round to offer small businesses banking and software services. This was made after the decision to combine both worlds of banking and business management tools for micro and small businesses. The round was led by investors which include venture capitals like global Founders Capital and Liquid 2 Ventures. Founders of global fintech like Mercury’s Immad Akhund, Karim Atiyeh of Ramp, and executives from Teachable, Square, Facebook and Nubank also participated in the round. Founded by Mr Frederik Obasi, Ms Chioma Ugo

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has announced the suspension of charges on bank deposits by customers. In a briefing on Wednesday in Abuja, the Governor of the CBN, Mr Godwin Emefiele, disclosed that this affects cash and electronic deposits of the Naira to the tune of N150,000. Before now, customers are charged a stamp duty of N50 for bank deposits, a 7.5 per cent VAT and a commission for the transaction. This has made customers groan, especially in the face of the harsh economic environment in the country. The apex bank had reintroduced bank charges on

Foremost Public Relations agency in Nigeria, Mediacraft Associates, has emerged winner of the Public Relations Consultancy of the Year Award at the just-concluded Lagos PR Industry Gala & Awards (LaPRIGA) held at the Civic Centre, Victoria Island, Lagos. The agency clinched the prestigious award for its ‘creativity, and how it deploys global best practices and processes in rendering qualitative services to its numerous clients,’ the organisers said. Also, the Chief Executive Officer of the company, Mr John Ehiguese, was named the PR Practitioner of the Year Award at the glamourous ceremony attended by bigwigs in the image making industry in

By Investors Hub European stocks have moved modestly lower on Tuesday as weak PMI surveys from the eurozone raised fresh worries about the outlook for global growth. The euro area manufacturing sector contracted at the fastest pace in nearly seven years as output, new orders and purchasing fell sharply in September, final data from IHS Markit showed. The final manufacturing Purchasing Managers’ Index dropped to 45.7 in September from 47.0 in August. Germany’s manufacturing sector contracted the most since the global financial crisis in 2009, while French manufacturing activity remained broadly stable. The U.K. manufacturing purchasing managers index rose to

By Modupe Gbadeyanka All seems not to be well between Leadway Assurance and one of its customers based in Abuja, Mr Jolayemi Woleola as both parties are arguing over an insurance claim. The aggrieved customer accused the company of fraud, stating that he has been frustrated from getting what is due to him, describing the attitude and disposition of the insurer as not only appalling but annoying, disappointing and frustrating. “I entered into a vehicle insurance contract with Leadway covering my Mercedes Benz E 300 2017 model. The insured car was involved in an accident with a trailer on Kubwa

By Dipo Olowookere In furtherance of his mandate to develop infrastructure in the state to drive development, Edo State Governor, Mr Godwin Obaseki, phas awarded the contract for the construction of Textile Mill Road; Iyoba, Iyobanosa and Omozogie streets as well as an underground drainage system in the area valued at N2.8 billion. The contract was awarded during a recent Executive Council (EXCO) meeting held before the governor proceeded on his annual leave. On completion, the project will “solve the perennial flooding problem of the area and enhance human and vehicular movement especially to the two major motor spare parts