Author: Iken

The Federal Government announced that as part of its 3 Million Technical Training (3MTT) initiative, it will be awarding 50 computers every month to fellows. This was revealed on Thursday when Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, stated that the 270,000 fellows chosen for the program’s second batch would begin their studies. The Minister states that the laptops will be distributed to the fellows at the program’s monthly knowledge showcase when they will discuss their learnings and practical applications. A highlight of the “learning perks” revealed by the Minister also reveals that the fellows will…

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The Federation Account Allocation Committee (FAAC) recently released the allocation of N1.208 trillion to various government levels for May 2024. This allocation comes from the money earned in April 2024 and is drawn from multiple revenue streams, including statutory allocations, Value Added Tax (VAT), and Electronic Money Transfer Levies (EMTL). The N1.123 trillion allotted in the previous month was increased by about 8% with this most recent payout, indicating a slight but significant increase in government revenue flows. A statement from the Office of the Accountant General, written by Bawa Mokwa, Director (Press and Public Relations), states that the amount…

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According to the Nigerian National Petroleum Company Limited (NNPC Ltd), the nation’s gas industry is now well-situated to help companies make more money. This was said by NNPCL Group Chief Executive Officer Mele Kyari in an interview with reporters on Wednesday in Owerri, at the state’s gas plant opening. President Bola Tinubu officially opened the ANOH-OB3 CTMS gas pipeline and ANOH gas processing plant in Assa, Ohaji/Egbema, Imo, according to a previous article published in The News Chronicles. Tinubu also launched the expansion of the AHL gas processing facility 2 gas project in Kwale, Delta. NNPC Ltd. and its partners…

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The Central Bank of Nigeria (CBN) said on Wednesday that it has awarded 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP) in a new drive to quadruple foreign-currency remittance inflows via official channels. The program will encourage more competition and innovation among IMTOs to cut the cost of remittance transactions and enhance financial inclusion, which will assist raise the sustainable supply of foreign exchange in the official market. As one of the main sources of foreign exchange and over 6% of GDP, the CBN believes that increasing formal remittance flows would help reduce the historical volatility in Nigeria’s exchange…

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The Federal Executive Council (FEC) has approved the equalization of the Okpella stretch of the Lokoja-Benin road and others for N120 billion, which will be paid by BUA Cement Plc through the tax credit program. Following yesterday’s FEC meeting, Bayo Onanuga, the President’s Special Advisor on Information and Strategy, revealed this on his official X handle. “Approval was granted for the awarding of the contract for the equalization of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualized Auchi Section -Uromi Link Road, and Lokoja-Benin Road, Ekpoma Section on Day 2 of the FEC meeting,” he stated. “On this route, a fuel tanker…

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The Central Bank of Nigeria (CBN) set a record high for the benchmark interest rate in the first three months of 2024, which caused the earnings of some of the country’s largest banks to more than triple. This represents a shift from the past when the depreciation of the naira brought the banks enormous gains in foreign cash and enhanced their profits. BusinessDay examined the most recent financial filings of eight banks and found that, compared to the same period last year, their combined after-tax profit increased by 264.5 percent to N1.13 trillion in Q1. …Zenith, FCMB, and GTCO lead…

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OpenAI has released ChatGPT-4o, a quicker and less expensive version of artificial intelligence, and has promised to give it away for free to all users. A live-streamed event on Monday revealed the ChatGPT-4o, an improved version of ChatGPT-4. The new huge language model, which can process 50 different languages, will be more adept at managing text and speech, according to OpenAI. It was trained on enormous volumes of internet data. The business declared that although voice and video functionalities will be made available in the upcoming weeks, text and image input began to be available in API and ChatGPT on…

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In contrast to his predecessor’s strategies, Central Bank Governor Olayemi Cardoso of Nigeria maintains the tenets of conventional monetary policy in the face of further pressure on the naira. Cardoso signaled a clear shift towards conventional policy within the top bank by reaffirming the maintenance of high interest rates as a calculated decision to combat inflation in an exclusive interview with the Financial Times. Recognizing that the Central Bank had historically strayed from conventional monetary policies, Cardoso stated that he was determined to return to a strategy centered on price and monetary stability. The choice is the result of a…

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The Central Bank of Nigeria (CBN) contributed N100 billion worth of fertilizers, which the federal government would soon start distributing. Sen. Abubakar Kyari, the Minister of Agriculture, stated that the action is being taken in anticipation of the approaching rainy season farming. He said that by raising domestic production of staple crops, the Federal Government was improving food security. Kyari stated that 2.15 million bags of different fertilizers, supplied by the Central Bank of Nigeria (CBN), would be given to Nigerian farmers by the ministry. He stated, “Well, the CBN has donated 2.15 million bags of various fertilizers.” We are…

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The commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State has been successfully announced by both Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO), and the Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), an upstream subsidiary of NNPC. In a statement released on Sunday and signed by Chief Corporate Communications Officer Olufemi Soneye, NNPC revealed that by May 27, 2024, production—which started on May 6, 2024, at 6,000 barrels of oil per day—is anticipated to increase to 40,000 barrels per day. “The…

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The International Monetary Fund (IMF) has advised that global cryptocurrency trading platforms be registered or licensed in Nigeria and subject to regulatory oversight. In the most recent IMF staff country report for Nigeria, it issued this advice and cautioned that the country’s financial stability is facing new difficulties due to the fast expansion of foreign exchange (FX) trading platforms in Nigeria. The IMF also mentioned that at the end of February, Nigerian authorities took important action to resolve problems related to bitcoin trading platforms. The report said as follows: “Staff suggests that international cryptocurrency trading platforms should register or obtain…

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The Federal Government needs to spend over N70 billion to finance solid minerals exploration initiatives nationwide, according to Mr. Dele Alake, Minister of Solid Mineral Development. This was said by Mr. Alake on Thursday in Abuja during an investigative meeting with the Senate Committee on Solid Minerals, which was presided over by Senator Ekong Sampson. During the hearing, Mr. Alake listed the difficulties facing the ministry. The Minister claims that Nigeria has one of the lowest budgets in the world for solid mineral exploration, citing the need for Senate approval for higher financing since insecurity is impeding the…

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Bola Tinubu, the president of Nigeria, has promised improved electricity supplies to the US and other international partners, citing the nation’s plentiful gas resources as leverage. Under the direction of Yusuf Maitama Tuggar, the Minister of Foreign Affairs, Tinubu provided the guarantee during the U.S.-Africa Business Summit, which took place in Dallas, Texas, from May 6–9, 2024. The Corporate Council on Africa (CCA) is hosting the summit. The meeting is being attended by around 1,500 executives from the public and commercial sectors in the United States and Africa, including presidents and government leaders. The summit’s goal is to build sustainable…

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According to the PwC Annual Global CEO survey report for West Africa, around 51% of chief executive officers (CEOs) in the region predict their local economy to shrink in 2024, compared to 37% for the global average. The survey indicates that although West African CEOs anticipate a downturn in their home economies, they have optimistic expectations for global economic expansion. 38% of them expressed a global sentiment, while 60% of them predicted growth in the global economy. According to the report, “Findings from our West Market Area (WMA) report show that CEOs in West Africa are more optimistic about global…

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The United States announced on Tuesday that it had canceled some licenses that allowed firms to transfer commodities, such as processors, to the sanctioned Chinese telecommunications equipment maker Huawei Technologies. The action follows the launch of Huawei’s first AI-enabled laptop, the MateBook X Pro, equipped with Intel’s recently announced Core Ultra 9 processor, last month. Republican lawmakers criticized the laptop launch, claiming that Intel had been permitted by the Commerce Department to sell the chip to Huawei. The revocations follow a multi-year examination of US policy regarding the export of products and technology to Huawei, a prominent Chinese enterprise perceived…

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The naira traded close to its low on Wednesday due to strong demand for the haven currency in Africa’s largest economy, while the US dollar index resumed its upward trend following earlier losses from fresh bets on rate cuts this year. According to data from FMDQ, the naira fell to N1,416.57 per dollar at the NAFEM spectrum on Monday from N1,354.21 per dollar. The value of the Naira fell to N1,415 per dollar on Tuesday from N1,410 on Monday on the black market. As a result, on Monday, the rate difference between NAFEM and the parallel market was N55.79 per…

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The financial industry is divided over the Federal Government’s latest instruction to banks telling them to subtract stamp duty costs from mortgages. This measure is an attempt by the government to increase revenue, but its financial justification needs closer examination. We examine the implications of the government’s mandate in this analysis and make the case that it might not be fiscally sound. The financial implications of the directive: Under an order from the federal government, banks are required to deduct 0.375% stamp duty from all mortgage-backed bonds and loans. Although the government expects this endeavor to generate more income, its…

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One Acre Fund, a non-profit development organization that assists smallholder farmers in Nigeria by providing them with access to high-quality agricultural inputs, training, and financing, will launch the 2024 input delivery to farmers on Thursday in Bosso Local Government, Niger State. This was revealed in a statement provided to the TNC in Minna, the capital of Niger state, by Mr. Kazi Nanyah, the spokesperson for One Acre Fund Nigeria. “This event marks the beginning of our input delivery season, where we will provide over 65,000 smallholder farmers in communities throughout Niger and Kwara States with high-quality seeds, fertilizers, and other…

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The federal government is dedicated to advancing environmentally friendly aviation by making strategic use of satellite technology. This was announced on Monday in Abuja during the opening of the 28th Meeting of the African-Indian Ocean (AFI) Satellite Network Management Committee (SNMC) by Mr. Festus Keyamo, Minister of Aviation and Aerospace Technology. Keyamo claims that some solutions offered by satellite technology can greatly improve the country’s aviation industry, from bettering weather forecasting to enhancing air traffic control systems. “We can improve efficiency, and safety, and open up new opportunities for growth and success by utilizing these capabilities. I am profoundly grateful…

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The Nigerian Exchange Group (NGX) has laid off some employees just days after its annual general meeting (AGM), which was held in Lagos. Over forty employees of NGX Group were impacted, according to multiple sources who spoke with Nairametrics. The organization’s top executives were requested to leave. Regulatory officials, compliance managers, audit managers, the investment team, the chief financial officer, and the general counsel of NGX are among the employees reportedly impacted. The News Chronicles has learned that PricewaterhouseCoopers (PwC), a global provider of professional services, spearheaded the transformation. According to a source, the Nigerian Exchange Group’s Group Managing Director…

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Ethereum, the second-largest cryptocurrency, has seen an unprecedented increase in new wallet creations, with a total of 267,000 new wallets added.  This increase, which is the largest inflow in more than two years, indicates that cryptocurrency aficionados are once again interested in the Ethereum ecosystem. The increase in wallet creations is in line with Ethereum’s recent achievement of breaking beyond the $3000 barrier; as of right now, Merkle reports, the cryptocurrency is trading at $3,133. This price increase highlights the increasing popularity and trust that traders and investors have in Ethereum. A noteworthy event occurred when an Ethereum ICO member,…

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Nigeria’s pension fund assets decreased slightly to N19.669 trillion for the period ending on March 31, 2024, according to data from the National Pension Commission (PenCom). When compared to the N19.759 trillion recorded as net asset value (NAV) in February 2024, this implies a minor decline of roughly 0.45%. This was mentioned in the commission’s March 2024 monthly report, which The News Chronicles was able to view as it was made public by PenCom. Report details Portfolio Allocation The study states that the net asset value of all pension funds decreased to N19.669 trillion in March from N19.759 trillion the…

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Money outside the banking system, also known as currency outside banks (COBs), increased by 10.67 percent in the first quarter of 2024, despite a drop in the money supply (M2). COBs climbed to N3.63 trillion in March 2024 from N3.28 trillion in January 2024, according to data from the Central Bank of Nigeria (CBN). Currency outside of banks increased by 6.45% month over month from N3.41 trillion in February 2024. The money supply (M2) decreased from N93.97 trillion in February 2024 to N92.33 trillion in March 2024, a 1.75 percent decrease. On a quarterly basis, M2 decreased by 0.55 percent…

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The chairmen of the local councils have been told by the Federal Capital Territory Administration (FCTA) to use the N6.32 billion statutory allocation for March only for projects that benefit the people of Abuja. The announcement was given by Dr. Mariya Mahmoud, the FCT’s minister of state, during Thursday’s 188th Joint Account Allocation Committee (JAAC) meeting in Abuja. Mahmoud issued a caution against misusing public money. “As it is today, the funding allocated to the local councils covers more than just personnel salaries. Therefore, in order to justify the monies allocated to the councils, it is imperative that the chairmen…

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The Naira had a minor dip during the first trading session of May at the NAFEM window, closing at N1,402.67 to the dollar, a decrease of 0.83% from the previous close of N1,390.96 in April. The Naira fluctuated throughout the day, reaching a high of N1,445 and a low of N1,299.42 versus the dollar, resulting in a notable spread of N145.58, according to market data from FMDQ. In the meantime, the amount of dollar transactions increased slightly by 3.32% to $232.84 from $225.36 on the Tuesday before. The Naira continued to decline on the black market, falling 1.45% from its…

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Pension fund managers have made substantial investments in Nigerian stocks, totaling N550 billion in the first quarter of 2024, pushing their total exposure to the equities market to a record N2.32 trillion as of March. According to data from the National Pension Commission (PenCom), there has been a 31% increase in equity investments, rising from N1.77 trillion in December 2023 to N2.32 trillion by March 2024. Equities now constitute 11.79% of the Pension Fund Administrators’ (PFAs) total portfolio, up from 8.97% in December 2023. The total assets under management (AUM) of all PFAs also saw growth, reaching N19.67 trillion by…

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Eternal Oil Plc recently unveiled its financial results for the first quarter of 2024, revealing a pre-tax loss of N3.302 billion. This marks a significant deviation from the N1.29 billion pre-tax profit recorded in the same period in 2023.  The company attributes this downturn primarily to a substantial foreign exchange loss of N10.69 billion, a stark contrast to the N182 million loss reported in Q1 2023.  These figures underscore the challenges posed by macroeconomic factors such as heightened inflation, interest rates, and exchange rate fluctuations, which have been impacting businesses across the board. As a result of these challenges, shareholder…

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The Centre for Promotion of Public Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to implement a fixed quarterly exchange rate for import duty collection, aiming to mitigate the challenges caused by frequent fluctuations in customs exchange rates and the overall volatility of the foreign exchange market. Dr. Muda Yusuf, CEO of CPPE, expressed concern over the adverse effects of erratic changes in customs duties exchange rates, asserting that such instability hampers production, undermines effective planning, exacerbates inflation, and heightens investment risks. Yusuf highlighted the volatility experienced in the first quarter and April, with 28 and 10 exchange…

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Nigerian Breweries Plc reported a N52.1 billion loss after taxes in its unaudited financial accounts for the first quarter (Q1) of 2024. This is a 79% year-over-year decrease from the N10.7 billion net deficit declared in the first quarter of 2023. The group’s massive N227.1 billion gross turnover for the quarter represented an 84% year-over-year increase in revenues over the N123.3 billion reported during the same quarter in the previous year. The business did, however, report a pre-tax loss of N65.6 billion due to a net finance cost of N90.8 billion, a 73% decrease from the N17.4 billion pre-tax loss…

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Global powerhouse Samsung has been asked by President Bola Tinubu to see Nigeria as the ideal place to invest because the country runs based on the concept of “a willing buyer and willing seller,” which guarantees easy access to finance for investors from both inside and outside the nation. The President provided the assurance on Sunday in Riyadh, Saudi Arabia, at a meeting with Samsung’s president and chief executive officer, Hong Namkoong, and vice chairman of Samsung Investment Global, Jungwook Kim, according to a statement released on Sunday by the presidential spokesperson, Ajuri Ngelale. The World Economic Forum Special gathering…

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