Treasury Bills Yields Spike at Primary Market Auctions in H1 2017—Report

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The Governor of Lagos, Mr Babajide Sanwo-Olu, unveiled the first batch of 1,000 brand-new GAC-branded automobiles, otherwise known as Lag Ride, for a safe, comfortable and modernised taxi scheme in the state to rival operations of Uber, Bolt and others. Launched at the State House in Alausa on Wednesday, the ride-hailing taxi initiative, which is being operated on a lease-to-own basis, is a component of the state government’s multimodal transportation blueprint being executed under the Traffic Management and Transportation pillar of the THEMES agenda of the Sanwo-Olu administration. The initiative is a partnership between Lagos State-owned Ibile

By Modupe Gbadeyanka Egbin Power Plc has been commended for rehabilitating the Ijede Police Station in the Ikorodu area of Lagos State through and Sahara Foundation. The facility was renovated to boost security in Ijede, Egbin and Ipakan communities. The project was commissioned on Thursday, January 26, 2023, with representatives from the Nigeria Police Force, Egbin Power, Sahara Foundation, and stakeholders from the communities in attendance. “We express deep appreciation to Egbin Power and Sahara Group for this beautifully renovated project. We want to assure them that what they have done today will be properly maintained, and we extend our

By Dipo Olowookere Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, may have finally been removed from office, the Guardian is reporting. His redeployment back to Nigerian Police Force (NPF) was to pave way for a fresh person to be presented by President Muhammadu Buhari as the nominee to head the anti-graft agency before the Senate. The Guardian gathered to make the situation look like a routine exercise, some senior Police officers would be re-deployed by the Police hierarchy to resume as conventional Police officers. It was equally reliably gathered yesterday that the Attorney General

By Aduragbemi Omiyale In line with its succession planning mechanism, one of the Primary Mortgage Banks in Nigeria, Infinity Trust Mortgage Bank, has appointed Mr Sunday Olumorin as its Acting Managing Director. He is taking over from Dr Olabanjo Obaleye, whose tenure as the MD of the company has expired, with effect from January 1, 2022, a statement from the firm stated. Mr Olumorin is not new to Infinity Trust Mortgage Bank as prior to this appointment, he was an executive director in the financial institution, which was why the board chose him for the job. However, his appointment is

By Timi Olubiyi, Ph.D The fact that there has been political stability and democratic governance since 1999 is a laudable development for the country and it makes Nigeria a desired investment destination. A stable democracy for 21 years gives a good perception of the country despite the many challenges. Although, where there is economic growth, there should be increases in outputs of some variables, such as the national product, human capital, national income, improved level of technology, health, education, urbanization and infrastructures among others. Consequently, the federal government and regulators need to wake up and continue to improve on these

By Modupe Gabdeyanka The United Nations has commended the Nigerian government for the release of additional 82 of the over 200 Chibok schoolgirls abducted by the Boko Haram insurgent group in April 2014 in Borno State. In a statement issued by the global organisation on Monday, it appealed to all Nigerians, including the families and local communities of the liberated girls, to fully embrace them and provide all necessary support to ensure their reintegration into society. “We also urge the international community to continue supporting the Government of Nigeria in its efforts to ensure the release, rehabilitation and reintegration of

By Adedapo Adesanya A security researcher, Mr Ahmed Hassan, has warned Telegram users to be careful of the new feature on the messaging platform called People Nearby. The latest feature shows a list of other nearby users and their approximate proximity, letting them create group chats based on geographic location. The feature is turned off by default and must be manually enabled by the user, but it’s an “idiosyncratic addition for an app that markets itself as a private, end-to-end encrypted messaging service,” according to Mr Hassan, who noted that it’s a major security risk. He warned in a recent

By Adedapo Adesanya Lagos State Government said it has credited the Retirement Savings Accounts (RSAs) of 358 retirees with N1.01 billion. This was revealed by the Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, at the Retirement Bond Certificates Presentation to the 84th batch of the Contributory Pension Scheme (CPS) retirees held in Lagos. Mr Obilana noted that the fund has been transferred by the state to the retirees’ various Pension Find Administrators (PFAs) who have confirmed receipt and would begin disbursement within a couple of days. He said Lagos state has been consistent with its leadership role in