Author: Aishat Olalere

United Kingdom’s inflation rate dropped to 2% in May from 2.3% in April. Office for National Statistics published this on its website on Wednesday. It was also reported that consumer prices grew by 0.3% on a monthly basis which is lower than the 0.4% increased estimate made. “Consumer prices were 2.0% higher than the same month of 2023, cooler than the 2.3% recorded in April, and marking the fourth fall in as many months”, the Office for National Statistics said Wednesday. This has been the lowest inflation rate since Russia-Ukraine war started, pushing energy prices higher with negative impacts on…

Africa’s youths will have a significant portion of the potential global workforce by the turn of the century. The Chief Technology and Solutions Officer at Microsoft Africa, Ravi Bhat stated this in a webinar on Tuesday. The webinar was titled “AI and the Future of Work in Africa whitepaper”. Bhat said AI has been playing an important role in transforming work environments and creating opportunities for youth to innovate, drive economic growth, and foster job creation. “Approximately 12 million young Africans enter the job market annually and more than 20 per cent were neither employed, in education, nor trained according…

Nigeria Eurobonds average yield has experienced a drop of 12 basis point to 9.85%. The yield dropped by 17 basis points, 14 basis points, 15 basis points and 12 basis point respectively. The reduction is due to increase buying interest which caused quoted prices of the country’s US dollar papers to surge in the international capital market Federal Government of Nigeria (FGN) Bonds was subdued in the local market with investors exiting positions in the MAR-25 and JAN-26 FGN Bonds instruments. “The selloffs moves caused yields to decrease by 4 basis points and 2 basis points, respectively. Despite these movements,…

Flour Mills of Nigeria (FMN) PLC has proposed to pay ₦1.80k dividend per shares to shareholders. It was scheduled to be paid on Thursday 5th September, 2024. It was stated in its regulatory filling that the dividends will be paid electronically to shareholders. All shareholders whose name appears on the register of members as at Friday 9th August, 2024 will be paid. “A final dividend of ₦1.80K for every share of ₦0.50K, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on 9th…

Nigeria National Petroleum Company Ltd (NNPC) has ended legal action against Mobil Nigeria and Seplat Energy Offshore Limited. The legal action is against Mobil Nigeria effort of selling off about $1.28 billion asset from Mobile Producing Nigeria Unlimited (MPNU) to Seplat Energy offshore limited. The company’s legal counsel, Afe Babalola and Co presented an application on June 11, 2024 to request to grant leave and discontinue the suit. The request of the application aligns with the policy of this Honourable Court and facilitates the finalisation of the settlement process. Signed by Mele Kyari, NNPC CEO, and Shane Harris, MPNU Managing…

Renewable energy development can contribute materially to the economic diversification in Africa. General Manager of Franz Energy Ltd, Mr Osi Okonkwo, stated this at a panel discussion at the ongoing 31st Afreximbank Annual Meetings in Nassau on Thursday. Osi stated that with specific policies in place, the diversification to renewable energy will be a great development. “There is a need to delve into the actual production of solar panels, inverters and batteries, on the continent. There is so much more that can be done. But to do this, when you talk about strategy, a few things need to be done.”…

The Monetary Policy Rate (MPR) increase by the Central Bank of Nigeria will not lead to reduction in inflation rate as projected by the CBN. World Bank stated this in its latest report titled, “Risks to Nigeria’s growth outlook are substantial, including the possibility that the tightening of monetary policy stops short of reining in inflation.” CBN also addressed this in its global economic prospects report released on Wednesday. The Monetary policy rate increased by 750 basis point from 22.75 percent to 26.25 percent in May 2024. Analyst argued that the increase in interest rate will discourage manufacturers, contractors and…

The Federal Competition and Consumer Protection Commission (FCCPC) had commenced the clean-up of Nigeria’s digital lending space. The move, according to the Money Lending Association is necessary for the growth of online lending. The Chairman of the Money Lending Association, Mr Gbemi Adelekan, mentioned this in an interview on Thursday. He said online lending applications has been experiencing significant growth for the past few month compared to traditional financial institution. “The growth of the lending application had also attracted lots of players including the licensed players and some unregistered operators that were violating the consumer rights in the country. “The…

Ecobank Transnational Incorporation (ETI) 12 month target price has increased to ₦34.40 per shares. This was analyzed following the Pan African Lender earnings release. The performance of the bank had an impact on its net-interest margin ratio, the key operating ratios which had a great impact on its net interest income and the trading income. “The target price of Eco bank reflects an exit price to book ratio of 0.6x, which represent an increase from 0.5x. The bank is projected to post a return on equity of 23.8% in 2024 as against 17.0% average over the last 5 years”, CardinalStone…

The Federal Government of Nigeria seeks support for the establishment of an African Energy Bank (AEB). The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced this during a reception in Abuja. The establishment would represent a bold and strategic move toward ensuring energy security. He urged the Heads of Mission, Africa Petroleum Producers Organisation (APPO), to support Nigeria in the establishment of AEB in Nigeria. Lokpobiri emphasized that the establishment will fostering economic growth and promoting sustainable development across Africa. “We have achieved significant milestones, including a comprehensive assessment by the APPO Afrexim-Bank Inspection Team. Its positive…