Author: Aishat Olalere

Sequel to a meeting held over the weekend by the Organisation of Petroleum Exporting Countries (OPEC) and allied member (OPEC +), oil price remain under pressure. In a note this Monday ING commodities analysts said the weaker market suggests the group will fully rollover supply cuts at least into the third quarter. Analysts said weaker refinery margins will be a concern, while the dated Brent-to-frontline (DFL) swap is negative suggesting a weaker physical North Sea market. Last week, crude oil prices close higher on Friday amidst uncertainties in the global commodities market. ICE Brent was down more than 2.2% for…

Nigeria’s foremost non- interest bank, TAJBank Limited reported a profit before tax (PBT) of ₦11.3 billion in its 4th year of operations. The bank’s Founder/Chief Executive Officer (CEO), Mr. Hamid Joda, on Monday said this is the best in the non-interest lending sub-sector of the banking industry in the year. He said that the PBT represented a 122.65 per cent increase over the ,₦5.08 billion PBT it reported in 2022. Joda said that the bank had earlier received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognised information security standards in all areas…

The Senate Committee on Establishment and Public Service and the House Committee on Pensions have united to address the issue of accrued rights in the pension industry, committing to collaborate closely to tackle this challenge. One of the resolutions from the two-day retreat for federal lawmakers organized by pension fund operators in Lagos is for the Committee on Establishment and the Committee on Pensions to collaborate and address the challenges facing the pension industry. According to the National Pension Commission, accrued rights refer to the pension benefits that employees of the Federal Government Treasury Funded Ministries, Departments, and Agencies are…

A Federal High Court in Abuja rejected the application filed by MultiChoice Nigeria Ltd on Friday. The application sought an interim order to prevent the National Broadcasting Commission (NBC) from demanding any financial, accounting, or tax documents from the company. Justice James Omotosho, in a ruling on the ex-parte motion presented by the applicant’s lawyer, Moyosore Onigbanjo, SAN, instructed all parties not to take any action that could undermine the outcome of the case. He then scheduled the matter for a hearing of the motion on notice on May 30. “The ex-parte order for Interim Injunction dated 8th day of…

The Lagos-Calabar Coastal Highway will give 30 million people improved access to production and marketing centres. This was disclosed by President Bola Ahmed Tinubu in his remarks on Sunday in Lagos during the flag-off of the 700km Lagos-Calabar highway project and several others to commemorate his first year in office. He said “It will fast-track the community’s development, It will bring development closer to the people, and give 30 million people improved access to production and marketing centres. You can easily predict a journey, vertically and go along the horizontal line and do the definition of free movement of people.”…

In the secondary market, the benchmark yield on Federal Government of Nigeria (FGN) bonds slide by 2 basis points to 18.7%. The interest yield on local debt notes widened following inflation surge in April amidst widening real return on investment. Inflation printed higher at 33.69% in April while the apex bank raised benchmark interest rate to 26.25% to combat rising consumer price index. The local bonds demand has been largely pushed by pension fund administrators who are required by law to invest in government borrowing interest. Investment experts admonish risk averse investors to put their money in government instrument amidst…

The AfDB has set $1.3 trillion target for the development of the continent of Africa. This was contained in a statement published on the official website of the financial institution on Friday. The statement is coming amid AFDM announcement of my investment of $1.44 billion to Nigeria. The investment was disclosed at the investment submit 2024, between May 15 and 16 in Lafia aiming to develop energy, power, transport and water in Nigeria. AFDB revealed on Friday that Africa is loaded with immense economy potential requiring sustain Financial investment by relevant institution. It seized the moment to call for more…

The Nigeria Currency, Naira appreciated to ₦1482.82 per Us dollar from ₦1497.33 per US dollar. Naira improved marginally in the forex market gaining 0.98% week on week amidst expectation that the Central Bank of Nigeria will support liquidity in the currency market in the new week. The gain is less than one percent when compared with the opening spot of ₦1497.33 previously quoted. However there is a suggestion that the apex bank may pause subsidized forex sales to Bureau de Change operators (BDCs). CBN recently directed all BDCs operators to reapply for new operational licenses. This directive is part of…

An interim forfeiture of the sums of $4,719,054 and ₦830,875,611, and several properties linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has been ordered by a Federal High Court sitting at Ikoyi, Lagos. The Economic and Financial Crime Commision had approached the court for an interim forfeiture of the monies and properties, pursuant to Section 17 of the Advance Fee Fraud and other Fraud Related Offence Act. 14 2006, Section 44(2)(b) of the Constitution and under the inherent jurisdiction of the court. On Thursday, the ex CBN governor was ordered to relinquish his…

Google has announced a groundbreaking project to build Umoja, the first-ever fibre-optic cable directly connecting Africa with Australia. According to the firm, this project is poised to significantly enhance digital connectivity and economic integration between the two continents. The route also incorporates the Google Cloud region in South Africa, ensuring robust cloud service connectivity. Anchored in Kenya, the Umoja cable will pass through several African countries, including Uganda, Rwanda, the Democratic Republic of the Congo, Zambia, Zimbabwe, and South Africa, before making its way across the Indian Ocean to Australia. Google said, in collaboration with Liquid Technologies, the Umoja cable…