Author: Aishat Olalere

Katsina state’s Commissioner for Works, Housing and Transport, Mr Sani Magaji-Ingawa, disclosed while addressing newsmen on the outcome of the Council’s resolutions in Katsina on Monday that The Katsina State Executive Council has approved the release of N74.5 billion for the construction of additional township roads in the metropolis. Ingawa said the project included construction of the eastern bypass, stretching from Dutsin-ma road to Kano road, passing through Daura road and terminating at Yandaki village in Kaita Local Government area. He added that the project involved the dualisation of the Katsina Central Mosque road through Kofar-Marusa to Kiddies roundabout which…

The Alternative Bank, a new generation financial institution, has been endorsed by the Emir of Kano, Alhaji Aminu Ado Bayero, as the bank opens its first stand-alone branch in the ancient city. According to a statement from the bank, The Emir endorsed it during its launch describing it as a transformative force that will significantly impact individuals and businesses in the state. Speaking during the inauguration of The Alternative Bank’s newest branch, the Emir declared that the bank’s presence in Kano marks the dawn of a revolutionary era in banking, marking a transformative shift in the financial landscape of the state.…

According to Bloomberg, this marks the first time the refinery will be buying non-Nigerian crude, adding that the exponential growth in US oil supply over the past decade has reshaped the global market, extending its influence to regions like Asia. Nigeria, whose economy heavily relies on petroleum exports, is particularly impacted by these transatlantic deliveries. The new 650,000 barrel-a-day oil refinery commenced operations earlier this month. Initially targeting a processing rate of 350,000 barrels per day, the refinery aims to gradually escalate production towards its full capacity. While the refinery primarily sources domestic crude through a supply agreement with the…

Investors’ interest in the FGN Savings Bond seems to be growing as the value of subscription rose by 19.3 % to N17.9 billion Year-on-Year, YoY, as at end December 2023, a situation attributed to favourable interest rate regime among other factors. The figure was N15.089 billion in the same period ended December 2022. Capital market operators have attributed the increased performance to favourable coupon rate (interest rate) when compared to the savings deposit rate in banks. The coupon rate for two years FGN Savings bond stood at 12.287%, while that of three years stood at 13.287%. The bank’s savings deposit…

A British-Nigerian minister, MP Kate Osamor has been suspended after accusing Israel of genocide on the eve of Holocaust Memorial Day. The British-Nigerian-born MP for Edmonton sparked outrage after claiming in her weekly newsletter that Gaza should be added to the list of ‘recent genocides’. Posting a photo of herself signing the Holocaust Education Trust’s commemoration book in Westminster, she wrote on X: ‘Tomorrow is Holocaust Memorial Day, an international day to remember the six million Jews murdered during the Holocaust, the millions of other people murdered under Nazi persecution of other groups and more recent genocides in Cambodia, Rwanda,…

The market capitalisation of the Nigerian Exchange gained about N1.24tn at the end of Monday’s trading to close at N57.28tn, bringing it closer to the historic N60tn mark. The benchmark index of the exchange, All-Share Index went up by 2.22 per cent to close at 104,674.67 points. The year-to-date gains also improved to 39.99 per cent. Dangote Cement hit N13tn from N11.8tn by 9.93 per cent at the close of Trading on Friday. Also, Dangote Sugar Refinery Plc joined the ranks of companies worth N1tn as its share rose to N82.65. Market breadth, which is the measure of investors’ sentiment,…

The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday 29th of January. Monday’s official rate is the worst official exchange rate the country has recorded since the Central Bank of Nigeria floated the national currency in June 2023. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange. The naira had closed above the N1000/$ on the official window. On December 8, the naira first fell to an all-time low of N1,099.05/$. On…

Dangote Cement Plc has crossed N13 trillion in market valuation, the first of its kind on the Nigerian Exchange following a strong buying interest that started in January. The rerating comes ahead of the cement company’s fourth quarter of 2023 earnings release. Data from the local exchange showed that Dangote Cement Plc has 17.040 billion shares outstanding now valued at N13.001 trillion as its unit price skyrocketed to N763 on Monday. There is an expectation that the stock will rise further as the market expects a good earnings scorecard ahead of the release of the financial year 2023 audited results.…

The proposal to allocate N8.7 billion exclusively for software expenditures in the current year, jointly by the Nigeria Deposit Insurance Corporation (NDIC) and the Federal Inland Revenue Service (FIRS), has generated diverse opinions from various stakeholders. Financial agencies have come under the radar after reports showed they budgeted huge sums of money for software deployment while the FIRS is proposing a budget of N3.5 billion for software acquisition, the NDIC intends to invest N5.2 billion. Other government agencies like NIS, FCCPC, and PenCom have also outlined their intentions to procure software in 2024. This financial allocation is outlined in the…

The European Union’s contribution to co-finance operations with the African Development Bank has significantly increased over the last two years, now amounting to €972 million in blending operations and guarantees. This figure will further increase after the signing of the new Financial Framework Partnership Agreement. On the sidelines of this week’s Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group have formalised a new Financial Framework Partnership Agreement to boost investments in infrastructure projects in Africa. Signed by European Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina, this landmark agreement renews the…