Author: Aishat Olalere

On Friday, the market prices of the largest digital asset bitcoin and other cryptocurrencies dropped by 10% which looks like a short-term correction after a red-hot rally. Trader signal shows that the crypto price may fall further even as traders remain bullish on the outlook. As a result of the price of Bitcoin dropped over the past 24 hours to $67,100, with the largest crypto falling below $66,900. Huge volume of bitcoin long positions have been wiped out. The cryptocurrency market has experienced a significant shift in pricing dynamics. Approximately $680 million in assets has been liquidated following a reversal…

Nigeria is currently offering higher rates to attract foreign investors into the economy to reduce scarcity of forex inflows which has bedridden the local currency. Rates on short term treasury bills remained above 21% versus high inflation conditions. Ahead of plan to raise Eurobonds to support Nigerian government budget deficit, foreign investors have raised their holdings of the sovereign US dollar bonds. The buying momentum continues from last week trade pattern. In the sovereign Eurobonds market, there was mild positive trading activity on Nigeria’s US dollar bonds, trimming the average yield to 9.91%, Cowry Asset Management Limited told investors via…

As a result of the devaluation of Naira in Nigeria, Banks posted higher earning performance, driven by revaluation gain. However, the Central Bank of Nigeria (CBN) maintained its position that deposit money banks must not use foreign currency gains recorded in 2023 to pay dividend or offset operation expenses. According to an unaudited financial statement posted on the Nigerian Exchange, Tier 1 banks pushed their earnings higher due to gains from their string net open position. Some smaller lenders incurred cost as a result of their respective exposures to foreign currency liabilities. However in order to neutralise devaluation effects on…

The increase in crime means the government and global short-term rental listing company AirBnB are reading from different scripts on the use of security cameras in the accommodation facilities. The crimes include at least one unsolved murder, within short-term lease facilities. The cabinet has approved several measures including maintaining CCTV cameras in common areas. However, in a revised policy issued early this week, AirBnB said it will not allow security cameras inside listings, regardless of their location, purpose or prior disclosure. The order takes effect at the end of next month and affects hosts across the globe. “Our goal was…

According to National Bureau of Statistics (NBS) report released in Abuja on Thursday, Nigeria generated N1.20 trillion Value Added Tax (VAT) in Q4 of 2023. The report shows that the VAT has a growth rate of 26.61 percent on a quarter to quarter basis. The VAT grew from N948.07billion generated in Q3 to N1.20trillion generated in Q4. The local payment recorded were N630.00 billion, while foreign VAT payments contributed N326.27 billion, and import VAT contributed N244.04 billion in Q4 2023. The report said on a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75 per cent.…

The Minister of Budget and Economic Planning, Sen Atiku Bagudu, while briefing newsmen on clarifications on implementation of 2024 appropriation act in Abuja on Thursday revealed that the Federal Government says it will provide the sum of N100 billion through a customer credit fund to support the Manufacturing sector. The Manufacturing Sector has been facing challenges. It was said that the fund would help the revive the sector. Our economy can gain if many people can pay for goods and services over a period of time just as it’s being done around the world. And it will help our manufacturing…

The Federal Government has appointed Standard Chartered Bank and the Lagos-based financial advisory firm chapel Hill Denham to consult on the expertise of lending global investment banks enlisted by the federal government which include Citibank NA, JPMorgan Chase &Co, and Goldman Sachs Group Inc. to guild its forthcoming Eurobond issuance. The Eurobond issue which would be the first since 2022, marks the country’s return to the international bond market after a two-year pause. In March 2022, the country raised $1.25 billion through Eurobond issuances. According to Bloomberg and informed by sources close to the transaction, underscores the intent of Africa’s…

Lagos State Ministry of Agriculture is inviting applicants for its Lagos Agripreneurship Programme (L.A.P).  The programme is a social intervention initiative designed to introduce young people to agriculture through training in modern agricultural techniques, to foster job creation and wealth generation.  This initiative addresses common challenges faced by youth in agriculture, such as lack of financing, land, markets, and training. The aim is to recognize agriculture’s significant role in many economies and to implement inclusive strategies to involve the youths in food production, especially given the ageing population of food producers.   The Lagos Agripreneurship Programme (L.A.P.), was established in 2020 and…

An international business research firm, the Economist Intelligence Unit, in its latest Country Report on Nigeria, observed that the indigenous companies would not have the same financial power to invest as the multinationals, who had been the major drivers of the Nigerian oil industry since its inception. It feared that there might be a net withdrawal of foreign direct investment in 2024, as it happened in the previous year. The EIU declared that indigenous oil companies acquiring the assets of divesting international oil companies will not be able to match their investing power. “The wider business environment will remain highly…

Obong Idiong has been appointed as the new Chief Executive Officer of Heirs Technology. Idiong brings considerable experience in the technology sector and visionary approach to this role. Idiong has held series of Management roles, including at the United Bank of Africa PLC and Heirs Holdings Limited. Idiong served as the MD/CEO of Africa Prudential Plc before joining Heirs Technology, where he also spread the digital transformation of its registrar service and repositioned the company as an agile and technology-driven organisation. Heirs Technology is a subsidiary of Heirs Holdings. It delivers efficiency and scalability to enterprise customers, offering specialised and…