Author: Aishat Olalere

The Abba Yusuf-led Kano State Government has approved ₦1bn for the upgrade of healthcare service delivery in the state. The revolution include enhancement of infrastructure, service, training, prioritising maternal, neonatal, child health and emergency care. The Governor’s spokesperson, Sanusi Tofa, stated this during the 15th State Executive Council (SEC). Tofa said about ₦165 million was allocated for essential medications and newborn packs, free maternal, neonatal, child health, and emergency supplies from 2024. The upgrades at School of Health Technology, Kano at the cost of ₦35 million and College of Nursing and Midwifery in Dambatta where ₦28.5 million was spent. He…

Nigerian Open Market Operation (OMO) average yield has declined by seven basis points in the secondary market. The average yield declined to 21.7% as a result of the increase in demand in OMO. The primary market auction conducted by the Central Bank of Nigeria in the secondary market drive the investors move to lost bid in the secondary market. The increased demand leads to increase in OMO bills prices in the secondary market, causing yields curve to decline. However, this leads to Investors losing their interest in Nigerian Treasury bills. “The Treasury bills space witnessed on short-dated instrument, 34-day to…

National Bureau of Statistics (NBS) reports that Nigeria has about 40.2 million agricultural households. NBS revealed this at the National Agricultural Sample Census (NASC) 2022 in Abuja on Monday. Bishop Ohioma, Assistant Director, Agricultural and Business Enterprises Statistics Department, NBS, gave the overview of the report. The NBS in partnership with the World Bank, Federal Ministry of Agriculture and Food Security of the Nation census disclosed that out of the 91 per cent of agricultural households that cultivated crops, 35 per cent practised only crop cultivation while 48 per cent reported raising any type of livestock. “16 per cent of…

The Obiafu-Obrikom Oben gas pipeline project popularly known as OB3 has had its delivery date shifted to August 2024. Nigerian National Petroleum Company Limited (NNPC) spokesperson, Olufemi Soneye, announced this in Abuja on Sunday. He said this was done in other to ensure the completion of the project. The Minister of state for Petroleum Resources, Gas, Ekperikpe Ekpo, formerly announced that the project completion is expected in March 2024. Ekpo made the announcement in February at the 7th International Energy Summit in Abuja, where the Minister described the OB3 gas pipeline as one of the biggest gas transmission in both…

Federal Account Allocation Committee (FAAC) disbursement into the Financial system boosted the liquidity level in the Financial system. The system was boosted by about ₦600 billion FAAC credits, FGN bond coupon payments worth ₦29.84 billion and OMO bill maturities totaling ₦15 billion. This led to a decline in the Money market short term interest rate benchmark. The Tier-1 and the lender pumped funds into the Central Bank of Nigeria(CBN) standing deposit facility. Banks with spare funds are to charge higher rate on their excess cash. AIICO Capital Limited reported that the liquidity in the system started the week with a…

The Federal Government has spent over $15.55 billion on debt servicing between 2019 to 2024. The Central Bank of Nigeria reported this in its latest data. Nigeria paid $588.33 million for debt servicing in 2019, from January to May and paid $5.40 billion in 2024. The debt service payments rise continuously over the years, with $2.02bn paid in 2021, $2.34billion in 2022, and $3.43billion in 2023. CBN reported that between January and May 2024, the country has paid $2.18billion in debt service. This has been the highest debt servicing paid in Nigeria for the past 5 years. “There is 270.9…

Stakeholders in the Maritime sector have expressed displeasure with the wew registration fee imposed on indigenous shipowners by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The registration fee of $2,000 has been imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The former Director General of the Nigerian Maritime Administration and Safety Agency, Temisan Omatseye, stated this while speaking in Lagos recently at the 2024 Stakeholders Engagement. Temisan lamented over the two licensing fees indigenous shipowners were mandated by NMDPRA. He said NMDPRA is insisting on one licence where each shipowner pays $2,000 to register and now they…

Nigeria equity stock recorded a 0.09% gain in the Exchange Market. The Market trade positively as a result of the renewed demand in Fidelity Bank and First Bank Holdings after yesterday sell down. Midday report from stockbrokers reported it. It explained that this is a bullish momentum in banks and Transcorp reflated key performance key indicator. According to Alpha Morgan Capital Limited, this upward movement is attributed to buying interest in some mid to high capitalized stocks, including FIDELITYBK 3.85%, FBNH 2.28%, TRANSCORP 1.67%, UBA 1.35%, and others. “Details from the Nigerian bourse showed that Fidelity bank has appreciated by…

The Managing Director of Famzhi Interbiz Ltd, Mariam Sulaiman has been sentenced to five years imprisonment over an investment scam. She was jailed for defrauding investors of over ₦2 billion. The jail term has no option of fine. This was done in order to boost the activities of the Securities and Exchange Commission (SEC) and to discourage others from fraud. Justice of the Federal High Court, Inyang Ekwo found Mariam and Famzhi Interbiz guilty on counts one and two of the charge brought against them by the Federal Government. He also stated that all properties belonging to the two defendants…

Stanbic IBTC Insurance have launched an Education Endowment Plan. The Education Endowment Plan is an offer to empower parents to be able to secure an academic future for their children. The plan is to encourage parent and guardians to invest in the educational future of their children. The Chief Executive Officer of Stanbic IBTC Insurance, Akinjide Orimolade, disclosed this during an interactive session in Lagos. Akinjide said the Education Endowment Plan is to offer families a strong financial safety net for education. He stated that this product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance…