Author: Aishat Olalere

Nigeria rate of import has worsen and soared by 267% as a result of devaluation of naira at the official window. The approved rate for food imports for companies rose from N422.30 per US dollar in May 2023 to N1,549 recently approved by the authority. It was reported that most food processing and manufacturing companies get most of their input from foreign countries which leads to increase in import rate. The increase in food importation has been noted to have a negative impact on Nigeria economy and it worsen the price instability of food. This has significant impacts on production…

Nigerian Naira depreciated further against US dollar to N1,563.80 in the official market. Naira fall by 3.59% over the week despite foreign currency (FX) sales intervention by the central bank of Nigeria last week. The Central Bank of Nigeria returned to the sales of US dollars to authorized dealers in the currency market. This decision was once taken by the monetary authorities and it does not give any positive result on exchange rate. About US$94.00 million at an average of N1,504 has been sold by the central bank to banks during the week. At the Nigeria Authority Foreign Exchange Market…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Osun State Government signed a Memorandum of Understanding (MoU) on Monday. Gov. Ademola Adeleke and the Chairman of ICPC, Dr Musa Aliyu, signed the MoU at the Government House, Osogbo. The Memorandum of Understanding (MoU) is based on project monitoring and evaluation. The governor said the anti-corruption agencies have delicate assignments that demand the support and cooperation of those who hold top government offices. He added that the partnership would further deepen good governance, especially in terms of anti-corruption protocols. “Our government today is demonstrating a political will by…

Guaranty Trust Holdings Company (GTCO) Plc has offered 9 billion new ordinary shares for subscription at ₦44.50. The offer is to raise ₦400.5 billion from Nigeria Equities market in an effort to meet banking sector recapitalization deadline. The company has estimated to get ₦8,010,000,000 after deducting all cost of offering and 94.3% of net proceeds is to be use for recapitalisation. According to data from the Nigerian Exchange (NGX), the financial services company shares ended at ₦44.50 per share in the market on Friday. “The remaining balance will be used to finance growth and expansion of the Group’s Acquisitions in…

World Bank has announced its readiness to give Nigeria youths $10m to reduce the rate of unemployment in Nigeria. The amount will be shared to over 50,000 youth across the country to acquire all necessary skills needed for employment. The World Bank Education Specialist, Dr Mistura Rufai, said this at a two-day innovation Grant Facilities (IGF) Memorandum of Understanding/ Contract signing and Implementation Workshop in Abuja on Monday. The workshop was organised by the Innovation Development and Effectiveness in the Acquisition of Skills (IDEAS) Project of the Federal Ministry of Education. Rufai said the fund will empower youth which will…

Nigeria Treasury Bill instrument interest rate surge to 21.24% last week at the primary market auction. The increase in the interest rate was to act ahead of inflation data this week and to boost investors’ interest in naira asset. The Primary Market Auction (PMA) was conducted by the Debt Management Office (DMO) on behalf of the Central Bank of Nigeria. DMO offered ₦166.11 billion for refinancing. It was broken down into ₦27.11 billion for the 91-day bills, ₦1.49 billion for the 182-day bills, and ₦137.50 billion for the 364-day Nigerian Treasury bills. “DMO allotted bills worth N207.27 billion to investors,…

The National Drug Law Enforcement Agency (NDLEA) Operatives announced that it got hold of drugs such as cocaine, tramadol, morphine sulfate and lot more in Lagos. The drugs were smuggled in the soles of shoes, clothes, and other items being shipped to the United States, United Kingdom, and Cyprus. This was revealed in a statement made by the NDLEA spokesman, Mr Femi Babafemi, on Sunday in Abuja. Babafemi said that over 5 kilograms (kgs) of opioids heading to the US and UK were discovered by NDLEA officers of the Directorate of Operations and General Investigations, (DOGI). He said that no…

AIICO Insurance Plc Managing director said the firm have settled over ₦200 billion as claims and benefits settlements over the past five years. Mr Babatunde Fajemirokun, Managing Director/CEO of AIICO Insurance Plc, made the announcement in a statement made available to newsmen in Lagos on Wednesday This reveals AIICO’s unwavering commitment to providing financial security and peace of mind to its policyholders. Fajemirokun said a comprehensive review of AIICO’s claims and benefits settlements from 2019 to 2023 revealed that the company had consistently prioritised the timely disbursement of claims to both retail customers and corporate clients. “According to him, the…

Uganda has protested over Kenya $40mn bond fee charged for direct importation of refined petroleum product. The petrol product been charged were passed through the Kipeevu Oil Terminal at the Port of Mombasa. Uganda got way to import petroleum products directly through the Uganda National Oil Company after lots of argument and protest. UNOC first consignment without middlemen arrived at Monbasa early July, marking the start of new phase where Kenya only earns a transit fee. According to Energy Minister Ruth Nankabirwa, the $40mn fee is too high and will lead to increased fuel prices for consumers as Uganda gets…

The Senate has requested for additional provisions for Security and Exchange Commission (SEC) budget. N22.4 billion was previously budgeted for the commission’s 2024 budget. The Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso requested for this on Tuesday. The request was made when the Director-General of SEC, Dr Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget. Izunaso said the amount is inadequate for the important role the commission plays in the nation. “The SEC is regulating a lot things. The budget is too small. Something has to be done. You have to regulate…