Will $2.5bn Eurobond Drive Yield Curve Normalization?

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

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,

**As Boko Haram, Drug Trafficking to Drive Spending By Dipo Olowookere Nigeria will continue budget more for its defence sector as a result of Boko Haram menace and increased drug trafficking, a new report has said. According to the ‘Future of the Nigeria Defense Industry-Market Attractiveness, Competitive Landscape and Forecasts to 2022’ report, the Nigerian defense budget, valued at around $1.5 billion in 2017, registered a negative CAGR of over 10 percent during the historic period Nigeria is expected to spend a total of close to $9.5 billion on its defense over 2018-2022, and the country’s military expenditure is expected

By Adedapo Adesanya Amazon has announced the purchase of the encrypted messaging app, Wickr, which offers secure communications for businesses, government agencies and individuals, in an undisclosed deal. In a statement, Amazon said it would incorporate Wickr in its Amazon Web Services (AWS) division, which offers cloud computing and other services. The announcement comes as the service looks to pick up more government business. With the acquirement, AWS will continue to offer Wickr services, including end-to-end encrypted communications which meet certain regulatory requirements. Speaking on the deal, the Vice President and Chief Information Security Officer for AWS, Mr Stephen Schmidt,

By Dipo Olowookere For violating the physical planning law, the Lagos State government has sealed about 16 buildings in the highbrow Ikeja GRA. The General Manager of the officials of Lagos State Physical Planning Permit Authority (LASPPPA), Mr Kehinde Osinaike, who led the team to the exercise, said the affected properties specifically violated the Ikeja Model City Plan. According to him, GRA is supposed to be a structured residential estate and part of the Ikeja Model City plan, stressing that the exercise was necessary to ensure compliance by the property owners. The town planner, who led the enforcement team comprising

By Adedapo Adesanya Oil dipped by 3 per cent on Thursday as India’s coronavirus crisis worsened and operations to a key fuel pipeline in the United States resumed. As a result, the Brent crude futures slid by $2.27 or 3.3 per cent to trade at $66.80 per barrel, while the West Texas Intermediate (WTI) crude futures went down by $2.75 or 3.5 per cent to sell at $63.64 per barrel. India recorded more than 4,000 COVID-19 deaths for a second straight day on Thursday as infections stayed below 400,000, a sign that the country’s surging cases may have peaked. According

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has projected that Naira assets will become unattractive in 2022 and will result in portfolio investors dumping them. President of the chamber, Mr Michael Olawale-Cole, while speaking on Tuesday at the organisation’s first press conference for the year in Lagos, stated that investors will have a change of mind if there is an improvement in the yield environment and the issues in the foreign exchange (FX) ecosystem are addressed. He, therefore, called on the monetary authorities to liberalize the FX market by unifying the multiple forex rates and ensuring

By Modupe Gbadeyanka The Board of Directors of Seplat Petroleum Development Company Plc has approved the 2016 Full Year Financial Results. The company, in a statement issued on Friday, disclosed that the board, at its meeting, considered and approved the financial statements. It promised to file the approved 2016 full year results to the Nigerian Stock Exchange (NSE) as required. Seplat said in the statement that the board held its 43rd meeting on Thursday, March 23, 2017, at The George Hotel in Lagos. Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company

By Modupe Gbadeyanka Nigeria’s first pharmaceutical company, May & Baker Plc, has written to the capital market regulator to raise a fresh capital to allow its expansion plans. The company wants to raise a total of N2.45 billion through rights issue of 980 million ordinary shares of 50 kobo each at an offer price of N2.50k per share on the basis of one new ordinary share for every one ordinary shares held as at the close of business on Tuesday, September 4, 2018. Recently, Chairman of May & Baker Mr Theophilus Danjuma, disclosed that “our rights issue will soon open

A corporate booking tool is an online platform that allows business travelers to book their business trips. Tools like this simplify the travel booking process while maintaining policy compliance. One of the prime objectives of these tools is to allow companies to honor the duty of care toward travelers. Let’s see how the tool makes business tour booking easy and convenient. Booking Made Simple Normally, the employees would go through other websites to book their business travels. It takes them time to sort through the options to find the best booking options. It is a tedious and time-consuming process affecting