Author: Aishat Olalere

The Central Bank of Nigeria (CBN) Acting Director, Corporate Communications Department, Mrs Hakama Sidi stated that the CBN has successfully concluded the sale of government securities following the issuance of N1.053 trillion in short term instruments. The sale is part of its liquidity management exercise. Sidi said that the apex bank’s N500 billion-offer at the Open Market Operations (OMO) auction was oversubscribed after selling N1.053 trillion, with 79 per cent of the total bids, or the equivalent of 530 million dollars coming from foreign investors. Sidi added that the CBN Governor, Olayemi Cardoso, used both meetings to set a detailed…

The National Public Relations Officer of the Nigeria Customs service, Abdullah Maiweda said in a statement on Sunday that the Federal Government has announced a 90-day window to regularise import duties on specific categories of vehicle. The development came as a result of increase in number of detained vehicle as foreign exchange crisis continue which make payment of import duties payment difficult for importers and firms. The development was a proactive move to enhance compliance and streamline processes. Nigeria Custom Service in February said it intended to grant waivers to vehicle owners to pay duties within a specific time frame…

Africa Prudential Plc, the pioneering registrar listed in the Nigeria Exchange appoints a new CEO Catherine Nwosu. Catherine Nwosu is the first female Chief Execitive Officer to be appointed at Africa Prudential Plc. According to a statement from the firm, the appointment took effect on March 1. Africa Prudential is listed on the Nigerian Stock Exchange with over 260,000 shareholders and has a sound corporate governance structure. Africa Prudential has an effective governance mechanism that ensures proper oversight of its business by the Directors and other principal organs of the Company in place. Nwosu, who is an alumnus of the…

On Monday, the global price of crude oil were little changed as the Organisation of Petroleum Exporting Countries (OPEC) and its allies members (OPEC +) extended output cut for the second quarter of the year. OPEC+ members agreed to extend their voluntary 2.2 million barrels per day oil output reduction through the end of June largely in line with market expectation. Brent traded little changed at $83.5 per barrel in the morning trading session. Saudi Arabia will continue to dominate the pledged output reduction share at 1 mbpd, while Russia promised to focus more on oil output cuts rather than…

According to the Nigeria Exchange, it revealed that foreign participation in Nigeria equity dropped in January 2024. The foreign participation was 13.92% and 12.76% in the previous and corresponding month of 2023. The participation dropped to 8.15% in 2024. Nigeria Stock Market recorded a total of N651.52 billion in January 2024, N53.11 billion was recorded as a foreign investment and N598.41 billion is a domestic transaction. Nigeria Stock Nigeria recorded a N343.9 billion investment last month of 2023. Although the foreign investment in Nigeria has been reducing over the years since Covid-19 period and has remain underwhelming due to the…

The Kenya Medical Research Institute (KEMRI) received a substantial KSh7billion in funding from the United States Agency for International Development (USAID). In pursuit of an HIV vaccine, African researchers, including KEMRI scientists, benefited from a five-year funding program. KEMRI, empowered by the USAID funding, collaborated with a consortium of African scientists from Mozambique, Nigeria, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe. Acting Director General of KEMRI, Elijah Songok, highlighted the institute’s commitment to learning from past trials to propel advancements in the ongoing quest for an HIV vaccine. The five-year funding will assist African researchers in the quest for an…

On Thursday, following the recent India- Nigeria Business Forum in Abuja, Rank merchant Bank has expressed optimism about the potential of trade between Nigeria and india valued at about $11.8billion The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, at the Nigeria-India Business Council in Abuja in January, stated, “India is among Nigeria’s top 10 trading partners, and Nigeria is India’s largest trading partner in Africa. The total bilateral trade between India and Nigeria as of 2022 stood at $14.95bn, as against $8.81bn during the year 2020– 021. This unfortunately dipped to $11.8bn last year, but remains a clear…

On Thursday, The House of Representatives resolve to investigate the funds disbursed to licensed electricity Distribution Companies for metering by the central bank of Nigeria as loans under the National Mass Metering Program. The resolution to investigate the disbursement of the funds followed the adoption of a motion moved by Uchenna Okonkwo (LP, Anambra) at plenary on Thursday. The lawmaker noted that the program aimed to reach over six million households and businesses with meters before the end of 2021 as part of the power sector reform agenda to promote transparency, accountability, and efficiency in the power sector, adding however…

DD Microfinance Bank, previously known as DavoDani MFB, stated to have a reward for its customers who took part in the Save and Win program, aimed at fostering an enhanced and enduring saving habit among depositors. Raffle draw took place recently in Lagos. John Ologe the Managing Director and Chief Executive Officer of DD Microfinance Bank, promo product was designed to create an improved long-term saving culture among deposit customers, the majority of whom operate in the informal sector. “As a financial institution, one of our greatest commitments is to guarantee prosperity and financial freedom through programmes of this nature.…

The World Food Program (WFP) disclosed in a statement while receiving the donation from the Ukrainian government represented by the country’s ambassador to Nigeria as part of their “Grain from Ukraine” initiative that the 25,000 tons of wheat donation from the Ukrainian government to Nigeria will assist in providing food to around 1.3 million Nigerians affected by soaring food prices in the North-east. According to the group, deadly conflicts have displaced millions of households from their homes and farmlands which negatively affected food production and supply. “World Food Programme (WFP) today welcomes a generous donation of 25,000 tons of wheat…