Traders Anticipate N476b Maturing Treasury Bills Thursday

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

The United Kingdom government has expressed its support for the fight against extremism in Nigeria, assuring that it would assist in curtailing the menace that has left several people dead. The UK Foreign Secretary during a visit to the ravaged North East of Nigeria, said the former colonial master of Nigeria remains committed to supporting the and its neighbours in the fight against Boko Haram and Islamic State in West Africa. The UK has repeatedly called for the release of all those abducted by Boko Haram and Islamic State in West Africa and the protection of all civilians. Jeremy Hunt

By Cowry Asset In the just concluded week, treasury bills worth N65.032 billion matured viz: 364-day bills. However, NIBOR decreased across most of the maturities amid sustained liquidity ease; NIBOR for overnight funds, 1 month and 6 months fell w-o-w to 5.92 percent (from 11.75 percent), 16.99 percent (from 17.85 percent) and 22.36 percent (from 22.67 percent) respectively. However, the 3 month tenor rose to 20.69 percent (from 19.49 percent). Elsewhere, NITTY increased across most of the maturities amid renewed sell pressure – yields on 3 months, 6 months and 12 months rose to 18.95 percent (from 14.55 percent), 19.82

By Dipo Olowookere One of the leading investment research firms in Nigeria, FSDH, has predicted a marginal drop in the inflation rate for the month of July 2018. The National Bureau of Statistics (NBS) is due to release the inflation rate for the month of July on Wednesday, August 15, 2018. In the month of June 2018, the inflation rate moderated to 11.23 percent year-on-year and analysts at FSDH are saying this would further drop to 11.01 percent. Economic expert at the company explained that the expected decrease in the inflation rate would be largely due to the base effect

By Dipo Olowookere Thursday, June 15, 2017 has been fixed for the Nigeria CFO Summit slated to take place at Oriental Hotel in Lekki, Lagos. The event hopes to gather financial executives across all industry sectors in Nigeria under one roof so as to brainstorm and share best practice and thought-provoking discourse on the future of finance, accounting, and business trends in the financial sector. Organisers of the summit explained that the annual programme offers a day of interactive learning and that is not available anywhere else. It includes presentations, panels, networking and a closing reception. It also provides a

By Dipo Olowookere The Central Bank of Nigeria (CBN) has again devalued the Naira as the country moves towards the long-awaited single exchange rate regime from the current multiple exchange rate system. The Governor of the CBN, Mr Godwin Emefiele, confirmed this development when he addressed journalists in Abuja on Tuesday. However, he stressed that Nigeria is still operating a managed-float exchange rate regime, noting that the monetary authorities would monitor the market before deciding to eventually make it a free-float system. “We are still running a managed-float [system]. We are monitoring the market and seeing what is happening for

Pharmacies are an essential part of the healthcare system. However, managing pharmacy inventory is difficult for pharmacists due to the complexity of tracking stock levels and expiration dates. Streamlining and increasing pharmacy inventory workflows help make this process more efficient. Here are some tips that can help pharmacies maximize their inventory workflow. Use Pharmacy Inventory Solutions With comprehensive pharmacy inventory solutions, pharmacists will keep track of all their supplies in an organized manner. Such solutions offer a wide range of features to help streamline the inventory process and make it easier for pharmacies to manage their inventory. Features such as

By Modupe Gbadeyanka Investors in the Nigerian stock market will this week focus on the purchase of high-value equities presently selling at low prices, different analysts have predicted. For the past weeks, the value of some shares on the floor of the Nigerian Stock Exchange (NSE) has been low as a result of different factors from both the local and international scenes. Last week, after President Muhammadu Buhari announced his cabinet and confidence returned to the market following the reappointment of Mrs Zainab Ahmed as the Finance Minister, who investors like due to the way she handled the economy when

By Dipo Olowookere Leader of Islamic Movement in Nigeria (IMN), Mr Ibraheem El-Zakzaky, has been accused of having the intention to seek an asylum in India during his botched medical trip to the country. The Shiite leader was granted bail some days ago by a court in Kaduna State on health ground. But while at an Indian hospital, Mr El-Zakzaky refused to agree to remain there, opting for a five-star hotel and asked to be granted unrestricted access to visitors. However, officials of government who accompanied him from Nigeria refused, which made the Islamic leader to return home, aborting the