T-Bills Yields Further Lose 0.35% as CBN Raises N171b from OMO Sale

Cryptocurrencies, including Bitcoin and various alternatives, are no longer just investments for speculation. They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems. According to a report by CoinJournal, which analysed owners of cryptocurrencies between 2020 and 2023, 47 per cent of Nigeria’s population are actively engaged with crypto, with Turkey experiencing a notable 31 per cent jump in cryptocurrency ownership from 2020 and currently shares the top spot with Nigeria, while 31 per cent of the people in the United Arab Emirates (UAE) own digital currencies in 2023. Nigeria

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 The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Adedapo Adesanya The performance of the Naira at the foreign exchange market was mixed on Tuesday. For example, the local currency traded flat at the interbank segment of the market, closing at N306.95/$1 yesterday. It was a similar situation at the parallel market during the trading session to exchange at N360 to a Dollar, the same rate it has been transacted in the past days. The Naira also did not record any movement against the Euro on Tuesday as the local currency remained fixed at N398/€1 as it closed on Monday. However, the local currency depreciated against the British

By Modupe Gbadeyanka For allegedly pirating a book written by a journalist, a former Head Credit Analysis at Diamond Bank, Mr Paul Uduk, has been nabbed by police in Lagos. The former Diamond Bank chief was accused of pirating a book titled Dangote’s Ten Commandments on Money. The piece, published by Prime Sage International, Lagos, was written by Mr Peter Anosike, who works with The Sun Newspapers. Dangote’s Ten Commandments on Money has been rated as one of the best books to have come out of Nigeria in the past one decade. According to a report by News Express, Mr

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

By Dipo Olowookere Largest generic pharmaceutical manufacturer in Middle East and North Africa (MENA), Julphar, announced sales revenue of AED 639 million in the first semester of the year 2017. The company posted a net profit of AED 64 million. Julphar’s Chairman, His Highness Sheikh Faisal Bin Saqr Al Qasimi, said: “Julphar is now moving forward towards achieving its objectives for 2020 to stay at the top of the regional market. “We are very proud of the success we have achieved since the beginning of the year. Dandasha has been launched during Q1. 17 in the UAE to treat erectile

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has warned telecommunications consumers, whose Subscriber Identity Module (SIM) cards were barred from making calls, not to fall victim to a viral weblink claiming to unlock their numbers. In a notice on Monday, the telecommunications regulator firmed that affected SIMs will not be unbarred by the service providers until they are linked with the National Identification Numbers (NINs) of the SIM holders. It warned that this became necessary in view of the viral calls unblocking website, https://bit.ly/NCC-Sim-Unbar-Gov-Ng, being circulated on social media and on some websites. It stressed that the link and

By Kestér Kenn Klomegâh The World Bank has approved a $1 billion loan to support South Africa’s energy sector which is currently experiencing worse conditions including inadequate funds for overhauling, renovation and upgrading. Energy experts believe that the World Bank’s loan, which seems the last resort, would pull South Africa out of its persistent energy crisis that has adversely hit industrial production. The energy problem has forced the country to lean on its highly polluting coal-fired power stations and consistent difficulties of generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the

By Dipo Olowookere Former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, on Thursday forfeited over N34 billion to the Federal Government. The final forfeiture which was ordered by Justice Muslim Sulaiman Hassan of the Federal High Court sitting in Ikoyi, Lagos, is made up of various sums of money-N23, 446, 300,000, N9, 080,000,000 and $5 million. The court had, on January 6, 2017, given an order of interim forfeiture on the money, following an ex-parte application by the Economic and Financial Crimes Commission (EFCC) seeking a similar relief. However, at yesterday’s hearing, counsel to the second respondent submitted that he