Author: Aishat Olalere

Ernest and Young Kenya have been barred from participating in the World Bank Group-financed project for the next 30 month. The debarment was due to sanctionable practices as part of the Somali Core Economic Institutions and Opportunities Program (SCORE) and the Second Public Financial Management Capacity Strengthening Project (PFM II) in Somalia. It was reported that EY Kenya failed to disclose a conflict of interest during the selection and implementation of four contracts under the SCORE and PFM II projects, and the involvement of an agent in those contracts. SCORE was designed to improve the enabling environment for private and…

The Senate, Federal Republic of Nigeria confirmed it had received more documents of ₦30 trillion Ways and Means loan from the Office of the Accountant General. The Upper Chamber said it has commenced investigation on the loans and to resume physical sitting after studying the documents. The documents arrived at the National Assembly on Thursday. The loan was secured from the Central Bank of Nigeria under Godwin Emefiele by the Muhammadu Buhari administration. The senate also said it has written to the office of the Accountant General to seek for additional documents relating to the loan, to help to deepen…

Local bonds average mid-yield has risen by 23 basic point to 18.84% in the secondary market. According to AIICO Capital Limited, trading activities were bearish as investors offloaded naira assets in the secondary market. Last week, the average yield on treasury bill spiked by 10 basis points in the secondary market due to increase in inflation and investors are searching for investment protection option. Reflecting investors’ apathy, the Debt Management Office’s (DMO) bonds auction was greatly under subscribed over sustained negative interest yield amidst high inflation environment. At the primary market auction, the DMO offered instruments worth N450.00 billion to…

The National Agency for Food and Drug Administration and Control (NAFDAC) have destroyed fake, expired, and unapproved products worth approximately ₦985 million. The products was burnt on Thursday in Kano. The Director-General of the agency, Prof Mojisola Adeyeye, disclosed this during the burning exercise in Kano. The products are fake and unapproved counterfeit seized and voluntarily received by NGOs, trade unions, Nigeria Customs Service, NAPPMED and Pharmaceutical Society of Nigeria. Adeyeye was represented by the Director North-West Zone NAFDAC, Mrs Josephine Dayilim. Adeyeye explained that this was done to eradicate and discourage production of fake products. She said the items…

Eterna Plc suffered a loss of ₦9.4 billion in its 2023 financial period. The Chairman of Eterna Plc, Gabriel Ogbechie, disclosed this at the company annual general meeting held in Lagos. Ogechie explained during the meeting that the loss is as a result of foreign exchange crisis in the country. He said Eterna reported an operating profit of ₦7.8bn, a remarkable 143 per cent increase from ₦3.2bn in 2022. Although the company ended the year with an ₦9.4bn loss, this was primarily due to FX losses. He also added that some other challenges faced by the company including removing the…

The average yield on Nigeria Treasury bills increased by 10 point in the secondary market. Treasury bills average yield increase to 24.1% after outflow of N297.01 billion for June 2024. There is an increase in demand for treasury bill as a result of increase in inflation and investors are searching for investment protection option. The trading activities in treasury bills market was quiet as many participants focused on the Central Bank of Nigeria (CBN) primary market auction. The average yield of declined at the short (-1bp), mid (-1bp), and long (-2bps) segments. According to AIICO Capital Limited, the market was…

Guaranty Trust Holdings Company Plc survived the selloffs on the Nigerian Exchange. Gtbank market share price decreased slightly from ₦44 per shares to ₦43.50 per shares This occurred yesterday after more than 9 million shares exchanged hands in the local bourse. In the Tier-1 bank category, GTCO remains less volatile stocks, trading at 20% discount to its 52 week high. The top player in the financial services sector has seen its price surged to 53.95 per share during the year, and its lowest price was ₦3.035. Get instant and latest news updates via Our WhatsApp Community or Google News online channel.

Oil price declined by 0.22% to $85.22 in the global market. The increase was traced to the increase in US crude inventories. US commercial crude oil inventories increased by 3.59 million barrels over the week which leaves commercial crude oil inventories at 460.7 million barrels, the highest level since April. ING reported in a note that crude input into refineries fell by 233,000 b/d week on week and refiners cut their utilisation rate by 1.3pp over the week. “Despite lower refinery activity, gasoline stocks still increased by 2.65 million barrels. The gasoline demand was weaker over the period, falling 417,000…

The World bank has disbursed $45.5 million to Nigeria through the National Identity Management Commission (NIMC). This was paid as a commission to the Digital Identification for Development (ID4D) project. The project is co-financed by the World Bank’s International Development Association, the French Agency for Development, and the European Investment Bank. The fund allocation started in December 2021 to April 2024, with disbursement still ongoing. The fund was allocated in stages. The Bretton Woods Institute approved $430m for the project in February 2020, with the $45.5 million allocated, accounting for about 10.5 per cent of the total project cost. The…

Ondo State House of Assembly has passed an appropriation bill of ₦16 billion for 2024. The appropriation bill was termed ‘Ondo State Oil Producing Area Development Commission (OSOPADEC) appropriation bill for 2024.’ The appropriation bill was issued to the House of Assembly by the State Governor, Lucky Aiyedatiwa. Aiyedatiwa allocated ₦3 billion for recurrent expenditure and N13 billion for capital expenditure for the year. The bill was presented for third reading by the Clerk of the House of Assembly, Mr Benjamin Jayeola, before passage by the lawmakers. Mr Oluwatoyin Allen, APC/Ese-Odo, who submitted a joint report of the House Committee on OSOPADEC…