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Insecurity crippling education, fueling migration
As Nigeria’s security situation has taken a turn for the worse, a growing number of schools are being forced to shut down and many citizens are moving from one place to another and out of the country. Forced by insecurity, schools, especially in parts of northern Nigeria…
Strong dollar worsens naira pressure, US enters recession
The naira has come under increased pressure as the United States dollar has risen to a record high against other global currencies following interest-rate hikes meant to tame inflation. The Federal Reserve officials, on Wednesday, unanimously agreed to raise their…
Why African start-ups are attracting foreign investments
From fintech to coding to logistics companies, African start-ups are attracting huge capital from international investors — and the numbers are growing significantly year on year. The need for virtual banking and online services during the pandemic made start-ups…
Solution to current petrol scarcity is not a rocket science
Despite the Federal Government’s recent hike in the price of the Premium Motor Spirit (PMS), otherwise called petrol, and the rebranding of the Nigerian National Petroleum Corporation (NNPC) to NNPC Limited, long queues being witnessed at filling stations…
Insecurity: ISWAP’s threat to attack Lagos State…
My dear concerned readers, lest we forget, when yours truly wrote and got published the opinion essays titled: ‘The Gathering Storm!’, ‘Of Gumi, Bandits and Impunity’ both
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in March, 2021 and followed them up with ‘Tackling Insecurity: The Hard Way, The Only Way’, it was with the fervent hope that the current…
How rising cost of cooking gas hurts Nigerians
Retailers of Liquefied Petroleum Gas (LNG), popularly known as cooking gas, have decried another round of price hike as the price for refilling 12.5kg cylinder has more than doubled in one year. Data obtained from the National Bureau of Statistics (NBS) showed that the average retail price for refilling a 12.5kg…
DMO lists Triple-Tranche bonds on NGX
The Debt Management Office (DMO), yesterday listed a triple-tranche of $4billion Eurobonds, $1.25billionn Eurobonds and N250billion Sukuk on Nigerian Exchange Limited (NGX). Speaking at the closing Gong Ceremony to commemorate the listing, the Chief Executive Officer, NGX, Temi Popoola noted…
SEC’s largest approved corporate bond by power generation company debuts in debt capital markets
Geregu Power Plc, a power company primarily engaged in the generation and sale of electric power in Nigeria, has announced the successful issuance of its N40.085 billion Senior Unsecured Bonds under its N100 billion Multi-Instrument Issuance Programme.
Stocks shed over N860bn as rate hike effect lingers
Nigeria’s equities market is witnessing a new wave of bearish move as investors continue to sell off their equity exposures while shifting to higher-yielding risk-free assets. The renewed market rout on the Bourse comes on the heels of the Monetary Policy Committee (MPC) July 19 increase in the Monetary Policy…
A Health Check on Nigeria’s “Burgeoning Middleclass”
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Global price level has continued to rise at an alarming rate over the past 10 months. While demand-side factors were the initial drivers of the price surge, the increase in energy prices (fed by rising crude oil and natural gas prices) and higher food prices have fed in a cost-push component. Source United Capital Research Read More
Food Security: US to Invest $55m in Nigeria’s Agric Sector
The United States says it will invest an additional $55 million in Nigeria’s agricultural sector to support food security. The US embassy and consulate in Nigeria disclosed this in a recent statement. Source TheCable Read More
FG: 23 States, FCT Received N24.45bn from Conditional Grant Schemes in Seven Years
The Federal Capital Territory (FCT) and 23 states in the country have received N24,450,000,000 from the Conditional Grant Schemes as incentives to invest more of their resources into areas of national development priorities and the Millennium Development Goals (MDGs)/Sustainable Development Goals (SDGs). Source THISDAYLIVE Read More
Oil Steady as Market Weighs Tight Supply Against Recession Fears
Oil prices were steady to higher in Asia trade on Friday, lifted by supply concerns as attention turns to the next meeting between OPEC and its allies, though fears of recession capped gains. Source Reuters Read More
Federal Reserve Issues FOMC Statement and Implementation Note from Its July 2022 Meeting
The Board of Governors of the Federal Reserve System voted unanimously to approve a 3/4 percentage point increase in the primary credit rate to 2.5 percent, effective July 28, 2022. Source Federal Reserve Read More
LCFE Commences Trading, Sanwo-Olu Launches Eko Gold Coins
The Lagos Commodities and Futures Exchange has been inaugurated for real-time trading with the launch of Eko Gold Coins, valued at £100m in tranches, which commences the electronic trading of commodities receipt in Nigeria. Source Punch Read More
‘Nigerian Airlines Lose N4.3bn Yearly Over Lack of 24-hour Airports Operations’
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It has been revealed that Nigerian airlines lose a minimum of N4.3 billion annually over the inability of many airports to operate 24 hours flight daily. Source The SUN Read More
FG looks to Dangote Refinery, Other Solutions as Jet A1 hits N1000/litre
Until the Dangote Refinery comes on stream, there may be no respite from aviation fuel crisis rocking both airlines and the industry at large. The Minister of Aviation, Hadi Sirika, said this in reaction to the astronomical rise of aviation fuel, just as the essential commodity reached a new record high of N1000/litre. Source Guardian Nigeria Read More
Ehingbeti: Egube Harps on PPP to Make Lagos Investment Hub
Economic and finance experts from public and private sectors of the nation’s economy will converge at the upcoming 2022 Lagos Economic Summit known as ‘Ehingbeti’ to deliberate on the paths to sustainable socioeconomic growth of Lagos State. Source The Nation Read More
Firstmonie Agents Transact Over 1bn Transactions, Reinforces FirstBank’s Leading Role in Promoting Financial Inclusion in Nigeria
First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider has announced that its agent banking network – Firstmonie Agents – spread across the nook and cranny of the country has collectively processed transaction volume in excess of 1 billion, amounting to over 22 trillion naira. Source Firstbank Read More
Flutterwave, Chipper Cash not Licensed to Operate Payment Services, Says Kenyan Central Bank
The Central Bank of Kenya (CBK) says Flutterwave and Chipper Cash are not licensed to operate in the country. Patrick Njoroge, CBK governor, said this on Thursday in Nairobi, the country’s capital, at a media briefing following its monetary policy committee (MPC) meeting. Source TheCable Read More
Operators Kick Over Five Per Cent Telecoms Tax Implementation
Telecommunications companies yesterday kicked against the implementation of the 2022 Fiscal Policy Measures and Tariff Amendments which provided
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that they pay five per cent as excise duty for services provided. Source The Nation Read More
Stanbic IBTC Pension Managers Pledges Commitment to Enhancing Organisations’ Welfare
Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings has reiterated its commitment to the well-being of its customers. Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers stated this at the 2022 edition of the Stanbic IBTC Pension Managers Employers Forum. Source Stanbic IBTC Pension Read More
