Zamfara Budgets N130.7b for 2018

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Dipo Olowookere On Wednesday, the federal government offered treasury bills worth N133.49 billion to investors at the market. The exercise, which was conducted via primary market auction, recorded a huge success because of the response it received from market players. Apart from the 3-month tenor bill, the two other papers were well oversubscribed by investors, whose appetite for high yields with less risk showed. However, this huge demand for the debt instrument issued by the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) on behalf of the federal government dropped the average stop rates down by

By Modupe Gbadeyanka It is no doubt that Africa is faced with many seemingly intractable challenges and solving these issues have become a herculean task for governments, experts and policy makers. But one company that is equipped to bring a level of hope to the continent is Verraki Partners, which is focused on implementing technology and business solutions designed inherently for Africa and specifically fit for purpose, while also curating business ventures to unlock new sources of growth across the continent. The new business and technology solutions firm launched its services recently and on Tuesday, executives of the company unveiled

By Modupe Gbadeyanka Data recently released by the National Bureau of Statistics (NBS) showed that the Nigeria improved its external trade in 2016 by 6.5 percent. According to the NBS, the value of the total trade at the end of 2016 was N17.4 billion. In the report on ‘Merchandise Trade Intensity Index/Re-exports for fourth quarter’ released in Abuja by the agency, it said the country’s external trade in the fourth quarter of 2016 stood at N5.3 billion. The report revealed that Nigeria’s export intensity in the months of October, November and December 2016 was the highest for South Africa with

By Dipo Olowookere The Debt Management Office (DMO) on Wednesday conducted another sale of treasury bills via Primary Market Auction (PMA). During the exercise, the debt office offered the debt instruments worth N147.6 billion to investors with a total subscriptions valued at N204 billion received. As expected, the rates were 0.26 percent higher than the last PMA conducted earlier this month, according to Business Post analysis. Results from the exercise showed that 91-day bills worth N5.85 billion were sold to market players at 10.96 percent from the N5.92 billion worth of subscriptions received, while N19.25 billion worth of the 182-day

By Dipo Olowookere As the nation await the release of inflation rate data for the month of December 2017 next week by the Nigerian Bureau of Statistics (NBS), analysts at FSDH Research have predicted a further drop in the rate. According to its latest report posted on its website, FSDH Research team said inflation would moderate further to 15.85 percent from 15.90 percent achieved in November 2017. FSDH explained that the expected decrease in the inflation rate would be driven by the base effect and would be the 11th consecutive month of decrease in the inflation rate in 2017. Based

By Ebitonye Akpodigha The Senate on Wednesday commenced moves to scrap the Consumer Protection Council (CPC) and establish Federal Competition and Consumer Protection Commission(FCCPC). This is sequel to a Bill to repeal the Consumer Protection Act and establish Federal Competition and Consumer Protection Commission (FCCPC), sponsored by Senator Andy Uba (PDP, Anambra South). Leading the debate, Mr Uba said the Bill seeks to provide for the establishment of the FCCPC to promote competition in trade and commerce among states and externally, with foreign Nations. “This is to be achieved by the provisions of this Bill, which controls existing monopolies, discourages

By Modupe Gbadeyanka As part of efforts to support its cost management initiatives, Nigerian Breweries Plc has announced the floating of N15 billion worth of commercial papers. The notes, to be issued to investors in two different series; series 3 and series 4, are under the nation’s brewery giant’s renewed N100 billion commercial paper programme launched earlier in 2019. A notice to the Nigerian Stock Exchange (NSE) disclosed that the Series 3 would be for a tenor of 91 days, while the Series 4 would be for 172 days. The company noted that the sole aim of issuing the commercial