Author: Aishat Olalere

The Jigawa State Government and the Bank of Industry (BOI) have signed a partnership agreement to facilitate industrial development of the state. The Memorandum of Understanding (MoU) was signed in Dutse on Tuesday, July 2nd. Governor Umar Namadi stated that the ₦6 billion partnership clearly demonstrates his dedication to realizing his 12-point agenda of transforming Jigawa into an industrial hub. Namadi said the partnership would help the prospective enterprises and Micro, Small and Medium Enterprises (MSMEs) to have easy access to soft loan. He said that of the ₦6 billion partnership agreement, ₦4 billion would be kept as matching fund,…

The Corporate Affairs Commission (CAC) has encouraged Point of Sales (POS) agents and small businesses owners to avoid delay in meeting the CAC registration deadline. The deadline is set for July 7. The Ambassador for the CAC, Micheal Nwabufo aka Mike Premium said this on Tuesday in a statement. Nwabufo said business owners must stay off anything that could complicate their business operation at the expiration of the window for registration. He urged businesses to make use of the CAC Special Registration Portal (SRP) or the PCCSIGN platform (www.pccsign.org.ng) to register. He described SRP as an innovative solution designed to…

NCBA Group has announced the take-over of AIG Kenya Insurance Company Limited (AIG Kenya) from its parent company AIG Group Inc. The acquisition was announced by the parent company, AIG Group Inc. It announced the acquisition plans last September, and the deal had to get approvals from several regulators. NCBA plans to tap into the small but sizable insurance industry valued at KSh 309bn which is growing at a compound annual growth rate of 10% even amidst ongoing macro-economic challenges. AIG Group, Inc has held a minority shareholding in the insurer for two decades, and did not disclose how much it…

Some Nigerian Deposit Money Banks have been overpriced in the stock market. This has been analyzed by analyst ranging from hold, buy and sell ratings. The investors has been advised to either hold or sell the bank stocks. Analysts at Meristem Securities estimate showed that these banking names have healthy fundamentals. The lowest with net interest margin below 18% have at least 12% return on equity and strong upside potential upside. Access Holdings Plc has about 18% year-to-day loss, followed by FBN Holdings, which has recently become target for profit-taking. Stanbic IBTC remains worst investment for shareholders, with 25.34% negative…

Nigerian Treasury bills average yield dropped by four basis points (4bp). This was as a result of rise in investors asset holdings following the primary market auctions in the previous week. The interest rate on 364 day Nigerian Treasury Bills was raised by 18 basis points by the Central Bank at the auction sales conducted last week. The rise in the interest rate was in contrast to the previous rates pricing. Lost bids at the primary market auction filtered through the secondary market at the beginning as alpha seekers, asset managers maintain search for inflation protected investment options. Fixed interest…

The Federal Government of Nigeria has announced the settlement of issue on the $1.3 billion OPL 245 Oil block scandal. The scandal is the allegation of corruption and bribery involved in awarding of license for the OPL 245 oil block. Heineken Lokpobiri, Minister for State for Petroleum Resources announced this at the 23rd annual NOG Energy Week in Abuja. Lokpobiri stated that a meeting was held between the Attorney-General of the Federation, NNPC, and the officials of the disputing parties to resolve the issues. He added that the differences between this government and the former governments is the fact that…

The Telecommunication Sector Foreign Investment grew by 768.79% in the first quarter of 2024. The foreign investment grew from $22.05 million in the first quarter of 2023 to $191.57 million in the first quarter of 2024. This was revealed in a data published by the National Bureau of Statistics (NBS) for Q1 2024 in Abuja on Monday. The Telecommunication sector was able to attract foreign investors due to harmonization of the foreign exchange rate market, clearance of forex backlogs, naira devaluation and high interest rate. The sector was unable to attract investors in 2023 as a result of the economic…

The Debt Management Office (DMO) has listed two Federal Government of Nigeria (FGN) savings bonds. The two bonds are listed for subscription at ₦1,000 per unit. The first bond is a two-year FGN savings bond due in July 10, 2026 at interest rate of 16.668 per cent per annum. The second bond is a three-year FGN savings bond due in July 10, 2027, at 17.668 per cent interest rate per annum. The opening date for the offer is July 1, closing date is July 5, and settlement date is July 10, while coupon payment dates are Oct. 10, Jan 10,…

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has divulged the establishment of a new forum called African Petroleum Regulators’ Forum (AFRIPERF). The forum is to encourage wide range aspirations in the development and utilisation of hydrocarbon resources. The AFRIPERF was revealed at the maiden roundtable on the sideline of the Nigeria Oil and Gas (NOG) Energy Week 2024 holding from June 30 to July 4, 2024 in Abuja. The AFRIPERF roundtable theme is: “Fostering Collaboration and Sustainability in Africa’s  Petroleum industry.” Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, stated in his speech that the forum serves as a significant milestone…

LASACO Assurance Plc has paid the claims to beneficiaries of deceased Lagos State Local Government Staff and Employees of the State Universal Basic Education Board (SUBEB). An amount of ₦353 million was paid to 128 beneficiaries as insurance benefit of the deceased. The cheque was presented to the deceased beneficiaries at the Ministry of Local Government, Chieftaincy Affairs, and Rural Development’s conference room in Alausa-Ikeja . Lagos State Governor, Babajide Sanwo-Olu, collaborated with LASACO Assurance Plc for the commitment of the well-being of the local government staff. Bolaji Kayode Robert, the State Commissioner for Local Government, Chieftaincy Affairs, and Rural…