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Oil Companies Assert NMDPRA, NNPCL As Sole Authorities On Petroleum Shortfall In Nigeria

8 Igboho’s Aides Appear In Court
8 Igboho’s Aides Appear In Court

Three major oil companies—Matrix Petroleum Services Limited, A.A. Rano Limited, and AYM Shafa Limited—ask the Federal High Court in Abuja to affirm that only the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) have the legal mandate to determine petroleum shortfalls in Nigeria. This position challenges any role of Dangote Refinery in making such assessments.

Their request is detailed in a written address attached to their counter-affidavit dated November 5, 2024, where the companies seek to prevent NMDPRA from withdrawing or reviewing their import licenses. Lead counsel Ahmed Raji SAN argues that, under Section 317(9) of the Petroleum Industry Act (PIA), only NMDPRA, alongside NNPCL, holds the statutory authority to assess the availability of petroleum products in the country.

Dangote Petroleum Refinery and Petrochemicals FZE recently files a lawsuit aiming to nullify the import licenses granted to NNPCL and other entities for importing refined petroleum products, claiming these imports undermine its domestic production capabilities. In response, the three oil firms urge Justice Inyang Ekwo to dismiss the suit, emphasizing that safeguarding energy security is a global standard.

Raji further argues that Dangote Refinery lacks the authority to declare a sufficient supply of petroleum products in Nigeria. He contends that the refinery does not produce the necessary volume of petroleum products to meet the nation’s consumption needs. The companies’ legal team maintains that other qualified entities with experience in international petroleum trading should retain their import licenses, as per the PIA.

Additionally, Raji notes that Dangote’s lawsuit invites the court to re-evaluate NMDPRA’s administrative decisions, a move that should be pursued through a judicial review process as stipulated by Order 34 of the Federal High Court Civil Procedure Rules, 2019. Judicial review, he emphasizes, focuses on the legality, not the merits, of public authority decisions.

The Federal High Court schedules the case for hearing on January 20, 2025.

Dangote Group’s Response and Clarifications

Following the public disclosure of Dangote’s lawsuit, the company issues a statement on October 21, 2024, describing the issue as “an old matter.” Dangote Group’s communications officer, Anthony Chiejina, confirms plans to withdraw the suit by January 2025. According to Chiejina, discussions are ongoing in line with President Bola Tinubu’s directive on crude oil and refined product transactions in Naira, with significant progress being made.

The statement clarifies that no party has been served court documents, and no legal orders are issued against any involved parties. Dangote Group expects to formally withdraw the case next year.

Earlier reports indicate that Aliko Dangote, Africa’s richest man, considers selling his multibillion-dollar refinery to NNPC Limited. This potential sale follows ongoing disputes with regulatory bodies and partners, raising questions about his investment decisions in the Nigerian energy sector. Additionally, Dangote previously criticizes the importation of substandard petroleum products by other entities.

The federal government recently allows marketers to purchase petroleum products directly from Dangote Refinery, following NNPC’s exit as the intermediary.

Nigerian Films Lead Box Office, Surpass Foreign Titles In 2024

WATRA To Launch 5G Roadmap, Boost Digital Connectivity In West Africa

The West Africa Telecommunications Regulators Assembly (WATRA) is preparing a comprehensive 5G Implementation Roadmap to support digital connectivity across West Africa. At its recent Infrastructure Development Working Group meeting in The Gambia, hosted by the Public Utilities Regulatory Authority (PURA), WATRA set the roadmap’s direction under the theme, “Enhancing Digital Transformation in West Africa: Strengthening Connectivity, Security, and Access.”

WATRA’s roadmap aims to guide member states through the complex process of deploying 5G networks, enhancing connectivity and digital transformation in the region. While Nigeria launched its initial 5G networks with MTN in 2022 and Airtel in 2023, the technology’s reach remains low, at just 2.19% penetration as of September 2024, according to data from the Nigerian Communications Commission (NCC). Meanwhile, Ghana has just activated its first 5G network, with several other West African nations preparing for rollout.

Insights from Global 5G Implementations

To shape an effective roadmap, WATRA discussed global case studies during the meeting, focusing on licensing strategies, quality standards, and the practical challenges of 5G deployment. Delegates from WATRA’s member countries examined factors like spectrum costs, regulatory hurdles, and the status of existing 4G networks, noting that a strong 4G foundation is crucial for a smooth transition to 5G.

WATRA’s Strategic Vision

Engr. Aliyu Aboki, Executive Secretary of WATRA, emphasized the importance of regional cooperation, calling the meeting a pivotal moment in the Assembly’s collaborative journey. “This gathering demonstrates our commitment to advancing telecommunications in West Africa and achieving the goals of our 2022-2025 Strategic Plan,” Aboki stated. He reaffirmed WATRA’s mission to foster greater integration and regulatory alignment among West African countries.

Background on WATRA

Formed in 2002, WATRA provides a collaborative platform for West African telecom regulators to share insights and develop unified policies. It is dedicated to harmonizing regulatory practices and implementing the West African Common Regulatory Framework for Telecommunications and ICT, promoting consistency across the region. WATRA’s efforts help streamline telecommunications policy across member states, paving the way for a more interconnected and digitally enabled West Africa.

Minister Assures Oil Companies Not Exiting Nigeria Amid Divestment Shift

Nigeria’s CNG Push Gains Momentum: PCNGi Invests $200 Million, Converts 100,000 Vehicles

The Presidential Compressed Natural Gas Initiative (PCNGi) announces a $200 million investment in Nigeria’s Compressed Natural Gas (CNG) sector, with over 100,000 vehicles now converted from petrol to CNG. Michael Oluwagbemi, CEO of PCNGi, highlights these achievements, noting the establishment of 140 conversion centers nationwide and thousands of new jobs created.

Economic and Environmental Benefits of CNG

Oluwagbemi stresses that CNG adoption brings both economic and environmental advantages for Nigeria. By transitioning to CNG, Nigeria could save around $3 billion annually and add another $2 billion in revenue within a few years. “Switching from petrol, which costs Nigeria $10 billion annually in subsidies, to CNG provides clear financial and energy security benefits,” Oluwagbemi says.

Expansion of Conversion Centers and Job Creation

In response to growing demand, conversion centers have expanded from just 7 in 2023 to over 140, employing more than 2,000 Nigerians. Additional private sector investments are accelerating this growth, with 6 to 10 billion naira allocated to open hundreds more centers toward a nationwide target of 1,000.

A Cleaner, Safer Fuel Option

Oluwagbemi emphasizes that CNG is not only cost-effective but also cleaner and safer. “CNG is significantly lighter and far less explosive than diesel or petrol, making it a more sustainable choice for Nigeria’s energy needs,” he explains. With a goal of one million vehicles running on CNG, projected demand would account for only 2.75% of Nigeria’s current daily gas production, ensuring supply stability.

Infrastructure Development and Suitability for Older Vehicles

To support CNG distribution, PCNGi has directed over $175 million toward mother stations, with 65 new licenses issued and 75 daughter stations under development. Additionally, studies from countries like Egypt and India show that CNG performs well in older vehicles, addressing concerns about its suitability for Nigeria’s existing vehicle fleet.

Oluwagbemi affirms PCNGi’s commitment to expanding CNG infrastructure, positioning CNG as a reliable and sustainable fuel solution that will boost Nigeria’s economic growth and energy security.

Minister Assures Oil Companies Not Exiting Nigeria Amid Divestment Shift

Trump’s Presidency Returns: Implications For Nigeria’s Future

Donald Trump Considers Running For 2024 US Presidential Election

Donald Trump’s return to the White House stirs a mix of reactions across Africa, particularly in Nigeria. President Bola Tinubu promptly extends his congratulations to Trump, who now becomes the 47th U.S. president, expressing optimism for deeper U.S.-Nigeria relations in tackling shared global issues.

“Global challenges affect us all, and we can work together to support peace, economic progress, and development,” Tinubu states, anticipating a more collaborative approach under Trump’s renewed leadership.

Key Areas of Impact

Public Perception
While Trump’s policies often divided opinion in Nigeria, his conservative stance on social issues resonated with some religious communities. However, his “shithole nations” remark remains controversial, dampening his approval among many Nigerians. Trump did, however, recognize Nigeria’s role in Africa by selecting President Buhari as his first African contact and official White House guest in 2018.

Trade and Investment
During his first term, Trump’s transactional policies benefited some Nigerian industries, especially oil and gas. If these sectors align with U.S. interests, increased investment may follow. Yet, Trump’s “America First” approach raises concerns over potential barriers to foreign direct investment. Positively, his administration’s support for Nigeria’s anti-terrorism efforts allowed Nigeria to purchase military aircraft for combating Boko Haram.

Immigration Policy
Trump’s restrictive immigration measures, including the 2020 travel ban affecting Nigeria, made it harder for Nigerians to gain entry into the U.S. Limitations on visa diversity programs also reduced Nigerian immigration. These policies directly affected Nigerian nationals aspiring to settle in the U.S. and may impact U.S.-Nigeria ties moving forward.

Oil and Economy
Trump’s emphasis on boosting U.S. oil production contributed to global oversupply, causing oil prices to drop. For Nigeria, a major oil exporter, this policy cut into revenues. However, expanded domestic refining capacity, especially through projects like the Dangote refinery, could help counteract some financial losses by reducing dependence on fuel imports.

Diplomacy and Global Strategy
Trump’s policy focus on countering Chinese and Russian influence in Africa could indirectly impact Nigeria’s foreign relations. While less interventionist in Africa than his predecessors, Trump’s approach could push Nigeria toward more independence or collaborations with other global powers.

Security Cooperation
Nigeria welcomed Trump’s aid in combating Boko Haram, but the support came with critiques regarding human rights concerns. Trump’s counterterrorism support remains a key area of U.S.-Nigeria collaboration, and a renewed focus on regional stability could further enhance security in West Africa.

Conclusion

Trump’s presidency introduces a range of opportunities and challenges for Nigeria. While economic and immigration policies pose challenges, security cooperation and selective investments offer potential growth.

FG Directly Disburses N45 Billion To Boost Primary Healthcare Nationwide

Nigeria Plunged Into Darkness As National Power Grid Collapses Again

Nigeria’s national power grid suffered a complete collapse on Thursday, resulting in a nationwide blackout and intensifying concerns over the country’s fragile power infrastructure.

The collapse, recorded at 11:30 a.m., came just a day after a partial grid failure, plunging the entire nation into darkness and affecting all 22 operational generation companies, according to data from the Nigerian System Operator’s portal.

The latest collapse adds to a series of grid failures this year, with major incidents previously reported in February, August, and October. October alone saw three separate disturbances, including a near-complete outage on October 19. The repeated failures have amplified scrutiny on the Transmission Company of Nigeria (TCN) and raised questions about the country’s capacity to sustain a stable electricity supply.

Following the collapse, Ikeja Electric issued a public notice confirming the outage and efforts to restore power. “Dear Esteemed Customer, please be informed that we experienced a system outage today, 07 November 2024 at 11:29Hrs, affecting supply within our network. Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us,” the statement read.

The frequent blackouts are common in Nigeria, a nation of over 200 million people, largely due to ageing infrastructure, vandalism, and inadequate gas supply for thermal power plants that produce over 75 percent of the country’s electricity.

While Nigeria has the capacity to generate up to 13,000 megawatts, its ageing grid can distribute only about a third of this output, forcing many businesses and households to rely on fuel-powered generators.

With blackouts becoming increasingly frequent, Nigerians are calling for urgent reforms to boost grid stability and alleviate the country’s power crisis.

National Power Grid Collapses Yet Again

Naira Hits Historic Low Of N1,681.45/$ Amid Persistent Dollar Demand

Dollar To Naira Exchange Rate For 8th Dec 2023

The Nigerian naira fell to an all-time low of N1,681.45 per dollar at the official foreign exchange (FX) market on Wednesday, reflecting the continued pressure from strong demand for the U.S. dollar.

According to data from the FMDQ Securities Exchange Limited, the naira depreciated by 0.6 percent, dropping from Tuesday’s rate of N1,671.32/$ to Wednesday’s closing rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This ongoing depreciation highlights the challenges facing the Central Bank of Nigeria (CBN), despite its recent policy efforts to stabilize the currency. Year-to-date, the naira has lost 41.2 percent of its value, falling from N988.46 per dollar at the beginning of the year.

Market turnover also saw a decline on Wednesday, slipping by 10.05 percent to $196.78 million from $218.77 million on Tuesday, indicating reduced dollar liquidity. In the day’s trading, the naira hit an intraday high of N1,690/$ and a low of N1,620/$ before settling.

On the parallel market, commonly referred to as the black market, the naira remained steady at N1,730 per dollar. Compared to January’s rate of N1,490/$1, this marks a 13.9 percent or N240 depreciation in the currency on the black market.

With demand for foreign currency persisting and supply constraints unresolved, the naira continues to face downward pressure, presenting ongoing challenges for Nigeria’s economic stability.

VerveLife 7.0: Africa’s Biggest Fitness Party Rocks Lagos with Unmatched Energy and Unity

Minister Assures Oil Companies Not Exiting Nigeria Amid Divestment Shift

Nigeria’s Minister of Petroleum Resources, Heineken Lokpobiri, reassures that international oil companies (IOCs) like Shell, ExxonMobil, and Eni are not leaving Nigeria, despite ongoing divestment deals. Speaking at the African Energy Week in Cape Town, South Africa, Lokpobiri clarifies that divestment is part of a strategic shift, with these companies moving towards offshore operations, not exiting the country.

Lokpobiri explains that offshore projects are more attractive to IOCs due to fewer local challenges, providing a safer, more stable working environment. “I want to reassure everyone that no company is leaving Nigeria. The companies divesting are shifting to deep offshore fields, leaving onshore operations to local operators,” he emphasizes.

Local Operators Ready to Handle New Challenges

The Minister further highlights that indigenous companies, such as Seplat and Oando Plc, have proven their ability to manage these operations. He notes that these companies have worked alongside IOCs for years and are fully capable of taking on the assets that are now being sold off.

“Local companies like Seplat and Oando have already demonstrated substantial capacity, and with the divestments, they’ll continue to manage these assets effectively. Nigeria will not lose out on royalties, taxes, or capital inflows,” Lokpobiri assures. He underscores that these changes offer new opportunities for Nigerian companies to further demonstrate their capabilities in the energy sector.

Shifting Focus and Growing Local Capacity

The oil industry in Nigeria is undergoing a significant transformation, as IOCs divest their onshore stakes, allowing local companies to take over operations. This trend is part of a larger strategy where IOCs are consolidating their focus on offshore or more profitable ventures.

In May 2024, Shell sold its 30% stake in the Shell Petroleum Development Company of Nigeria (SPDC) to a consortium of indigenous companies, marking a historic shift. Other major IOCs, including ExxonMobil and Eni, have also reduced their stakes in onshore assets in Nigeria. Despite these changes, Nigeria’s oil sector remains resilient, with local companies taking charge of operations and ensuring continued production.

The transition is seen as a step toward strengthening Nigeria’s energy sector, enhancing the role of indigenous operators, and ensuring the long-term sustainability of the industry.

Nigeria Partners With Chinese Firm To Begin Local Production Of HIV Test Kits

AIICO Insurance Disburses Over N52 Billion To Annuity Customers Over Five-Year Period

AIICO Insurance Plc has paid a cumulative N52.6 billion to its annuity customers between 2019 and 2023, underscoring its commitment to timely payments for retirees.

This was revealed by Mr. Joseph Ogedengbe, Annuity Product Manager at AIICO, during a training programme held in Lagos on Wednesday.

Ogedengbe detailed the annual breakdown of disbursements, noting that AIICO paid N5.2 billion in 2019, N6 billion in 2020, N6.2 billion in 2021, N7.8 billion in 2022, and N12.6 billion in 2023. He reaffirmed the company’s dedication to supporting retirees through reliable annuity payments.

Through AIICO’s annuity portfolio, retirees can choose between Immediate and Deferred annuity plans. The Immediate Annuity plan, funded by a single premium payment, provides regular income to clients starting immediately, with payments either monthly or quarterly for life. This plan shares similarities with the PenCom Retiree Life Annuity but is funded directly by the individual, separate from pension Retirement Savings Accounts (RSAs).

Alternatively, the Deferred Annuity plan is a life insurance product designed for retirement, allowing individuals to build savings during their working years and receive a steady income in retirement, with the added benefit of tax rebates. Ogedengbe emphasized the security and flexibility these annuity plans provide, alongside benefits such as longevity risk management, risk transfer mechanisms, and estate planning.

AIICO’s sustained disbursement of annuity payments reflects its commitment to providing retirees with financial stability, ensuring a consistent and secure income throughout their retirement.

Interswitch Brings Techconnect 4.0 To Abuja, Fostering Financial Growth Through Innovation

Nigerian Films Lead Box Office, Surpass Foreign Titles In 2024

Nigerian films now dominate the box office, holding 50.4% of total revenue in 2024—an impressive shift that edges out foreign film earnings, according to veteran actor Dr. Patric Doyle. Speaking at the 7th Nigeria Diaspora Investment Summit (NDIS7), Doyle highlights this achievement as part of a broader discussion on the booming investment potential within Nigeria’s creative sector.

“Nigerian cinema currently accounts for over half of box office revenues,” Doyle states, referencing the success of Black Book, which recently broke records as the most successful African film on Netflix.

New Investment Opportunities for Diaspora

Industry leaders at the summit emphasize the profitability of Nigeria’s creative industry and encourage diaspora investors to engage. Idris Olorunnimbe, founder of The Temple Company, underscores the global demand for Nigerian content and the role of data-driven strategies in the sector. “Investors have an opportunity to support projects in infrastructure, talent, and content creation. We know how to use your capital effectively to deliver strong returns,” he explains.

Afrobeats Success Calls for More Investment

Hip TV founder Ayo Animashaun celebrates the global success of Afrobeats but stresses the need for further investment to maximize its potential. “Last year, Afrobeats generated over $345 million in streaming on just two platforms. Nigerian artists are selling out large venues worldwide. There’s a massive opportunity here for new record labels and music festivals,” Animashaun notes, calling for more investment in the genre to broaden its reach.

Nigeria’s Potential as a Film Production Hub

Nigerian-Canadian filmmaker Niyi Akinmolayan highlights Nigeria’s unique resources for film production, underscoring the potential to host large-scale international projects. “Nigeria has the land, talent, and facilities to become a global film production hub. We can produce some of the biggest projects right here,” he says, urging stakeholders to capitalize on the country’s film industry infrastructure.

Nollywood star Richard Mofe Damijo (RMD) underscores the importance of building trust between Nigerian businesses and diaspora investors. He believes that fostering this relationship is essential for economic growth across various sectors, unlocking even more opportunities for Nigeria’s creative industry and beyond.

Nigeria Partners With Chinese Firm To Begin Local Production Of HIV Test Kits

Nigeria Partners With Chinese Firm To Begin Local Production Of HIV Test Kits

Nigeria’s Federal Government partners with China’s WONDFO BIOTECH Ltd. to start local production of HIV test kits, aiming to expand access to reliable testing and strengthen Nigeria’s self-sufficiency in the fight against HIV/AIDS.

Dr. Temitope Ilori, Director-General of the National Agency for the Control of AIDS (NACA), announces the partnership in Abuja, where WONDFO donates 4,000 HIV test kits in preparation for World AIDS Day. Dr. Ilori praises WONDFO’s commitment to local manufacturing, saying, “This initiative will unlock the potential of our domestic healthcare sector and bring essential HIV diagnostic tools closer to Nigerians.”

Expanding Testing Access and Supporting Prevention

WONDFO’s Country Representative, Mr. Bravo Ouhabru, explains that the partnership includes both self-testing and professional-use kits, enhancing access to testing and supporting HIV prevention efforts. WONDFO’s involvement aligns with Nigeria’s goal to reduce HIV transmission by 2030, while increasing public awareness of HIV status.

“Knowing your HIV status is critical,” Ouhabru states. “Testing today doesn’t mean the result is permanent, so regular checks are essential.” WONDFO also plans to offer subsidized test kits at private pharmacies, making home-testing more accessible and affordable.

Types of HIV Diagnostic Kits

  • Rapid Diagnostic Tests (RDTs): Commonly used for quick results within 15-30 minutes, ideal for community-based and point-of-care testing.
  • ELISA Kits: Laboratory-based tests providing highly accurate confirmatory results, though requiring more time and specialized equipment.

A Step Toward Reducing Nigeria’s HIV Burden

Nigeria has one of the highest HIV prevalence rates globally, with about 1.3% of the population affected, particularly young people aged 15-24. Approximately 1.8 million Nigerians live with HIV, with some states, like Akwa Ibom and Benue, experiencing higher rates. This partnership with WONDFO represents a significant step in Nigeria’s efforts to end the HIV epidemic by increasing access to early detection and timely medical care.

FG Directly Disburses N45 Billion To Boost Primary Healthcare Nationwide

Nigerian Governors Urge Swift Action As Neonatal Mortality And Malnutrition Rates Escalate

Workers kick As State Govt's Debt Burden To Banks Hits N2.2tn

The Nigeria Governors’ Forum (NGF) raises the alarm over rising neonatal mortality and malnutrition rates, calling for urgent action to reverse these troubling trends. Speaking on behalf of the NGF at the Nigeria Health Sector-Wide Joint Annual Review in Abuja, Governor Hope Uzodinma stresses that, while progress has been made in reducing under-five and infant mortality rates, these numbers remain “unacceptably high.”

Uzodinma highlights the worsening statistics in neonatal deaths and malnutrition, calling it a clear sign of the need for collaborative solutions. “We must continue working together, recognizing the distinct challenges each state faces while staying focused on achieving better health outcomes for all Nigerians,” he says, adding praise for the Health Minister’s efforts to turn health reform strategies into action.

Health Minister Calls for Accountability and Reviews Progress on Reforms

At the event, themed “It’s for All of Us: Accelerating Our Health Sector Reforms Together,” Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, urges Nigerians to hold all government levels accountable for improved healthcare services. Reflecting on the sector’s achievements, Dr. Pate underscores a joint commitment to expanding healthcare access and equity.

Pate reveals that Nigeria is making strides in healthcare reform, meeting 31 out of 41 health sector performance targets by Q3 2024. To date, over N45 billion has been disbursed to support more than 8,000 primary healthcare facilities nationwide. Additionally, the government, with support from partners, has raised over N3 billion in complementary funding over the past three years, which has led to the revitalization of numerous healthcare centers, with 2,600 more in advanced stages of upgrades across various states.

Strengthening Health Workforce and Addressing Persistent Health Challenges

Pate also notes the federal commitment to retrain 120,000 frontline health workers, with 40,000 already receiving updated training to address service gaps. Significant progress is being made in managing infectious diseases, with recent data showing a 40% drop in diarrheal diseases, a 24% decrease in tuberculosis, and a 12% reduction in HIV cases since 2018.

Despite these advances, challenges remain, particularly in child immunization and malnutrition. Dr. Pate calls for redoubled efforts to improve these areas, noting that 17 states have made meaningful progress in contraceptive use, with six states doubling their performance rates. He praises states like Imo for notable advancements in health insurance coverage and contraceptive accessibility.

Mobilizing Investments and Enhancing Local Healthcare Production

Dr. Pate commends President Tinubu’s Executive Order, which has spurred interest from 40 companies looking to invest in local healthcare manufacturing. As the nation works toward healthcare self-reliance, Pate emphasizes the importance of partnerships, increased domestic funding, and accountability to sustain progress.

In his closing remarks, Dr. Pate recognizes the foundational work of previous health leaders, expressing the government’s ongoing dedication to protecting vulnerable populations, including women and children, while addressing emerging health challenges, particularly those linked to climate change.

Lagos Opens Bidding For Power Plants To Tackle Energy Demand

Benchmark Yield Reaches 19.47% As Bond Market Activity Slows

FGN Bond For Jan. 2021 Oversubscribed

The benchmark yield on Nigerian government bonds rose by 1 basis point to 19.47% in the secondary market, amid subdued trading activity. Traders observed mild bearish sentiment at the short end of the yield curve, where yields increased by 1 basis point.

As a result, the average yield edged up to 19.47% by the end of the trading day. This shift in yields and the overall quiet trading were attributed to expectations of higher rates in the upcoming Treasury bills auction, coupled with tight system liquidity, according to TrustBanc Capital Limited.

Market participants, adopting a cautious outlook, made slight adjustments to their portfolios, leading to some selling pressure across the yield curve, analysts noted. A majority of trading focused on short- and medium-term bonds. Notably, the Apr-29 and May-33 FGN bond maturities saw sell-offs, with their yields rising by 25 basis points and 10 basis points, respectively, to 20.55% and 20.25%. Analysts expect this modest level of trading activity to persist in the coming days.

The FGN bonds market in October showed mixed sentiment, with a tendency toward bearish trading due to liquidity constraints and a cautious investor outlook, according to AIICO Capital Limited’s update. Early in the month, the market was relatively quiet, focusing on bonds maturing in 2029, 2031, and 2033, with limited activity in other maturities. However, mid-month saw increased bearish pressure, causing yields to rise by 10 to 50 basis points, particularly on long-dated securities.

A key event during the month was the FGN bond auction, where ₦180 billion was offered for the re-opened 2029 and 2031 tenors. The auction attracted strong demand, with total subscriptions reaching ₦389.32 billion and an allotment of ₦289.60 billion. Stop rates surged to 20.75% and 21.70% for the 2029 and 2031 bonds, respectively—marking a 1.75% increase from previous levels. This auction spurred renewed interest in longer-dated bonds, such as the 2031 and 2033 maturities.

As the month drew to a close, the market saw a cautious but somewhat bullish sentiment, particularly for the 2034 and 2053 bonds, as investors repositioned following the primary market auction. Overall, the average yield rose by 56 basis points month-on-month, closing at 19.33%.

CBN Secures Over N626 Billion From Treasury Bill Sales At Higher Interest Rates

FG Directly Disburses N45 Billion To Boost Primary Healthcare Nationwide

The Federal Government, through the Basic Health Care Provision Fund, disburses N45 billion to primary healthcare centers across Nigeria. Announcing this on Wednesday at the Nigeria Health Sector-Wide Joint Annual Review in Abuja, Coordinating Minister of Health and Social Welfare, Dr. Muhammad Pate, highlights that funds are allocated directly to over 8,000 healthcare centers to strengthen healthcare access nationwide.

Pate emphasizes the distribution of resources based on equity and population needs, aiming to serve local communities more effectively.

Funding, Facility Upgrades, and Health Workforce Expansion

Dr. Pate states that over the past three years, the government has secured an additional N3 billion in funding, with N2.1 billion confirmed to further support primary healthcare efforts. He notes that numerous healthcare facilities have already seen improvements, with 2,600 centers in advanced stages of upgrades across the states. Plans are also in place to revitalize an additional 2,000 facilities to expand healthcare services.

As part of the push to enhance the health workforce, Pate announces a target to retrain 120,000 frontline health workers, with over 40,000 having already completed the program. Additionally, he shares promising progress in reducing infectious diseases, citing a 40% drop in diarrheal diseases, a 24% decrease in tuberculosis, and a 12% reduction in HIV infections.

Progress in Health Security and Investments in Local Manufacturing

Dr. Pate reports advancements in Nigeria’s health security and notes a positive public perception of the health sector’s direction. “Nearly half of Nigerians support the government’s approach to healthcare, and more than half express confidence in the government’s ability to handle health crises,” he adds.

Following an executive order by the President, at least 40 companies have submitted plans to invest in local pharmaceutical manufacturing. The government has also signed a Memorandum of Understanding with Afreximbank for a billion-dollar credit line, which is expected to bolster local production and healthcare infrastructure.

Collective Effort to Reduce Mortality Rates and Improve Health Outcomes

Speaking on behalf of the Nigeria Governors’ Forum, Imo State Governor Hope Uzodinma raises concerns about persistently high rates of under-five and infant mortality, urging for continued collective action. Although indicators show some improvements, he notes worsening rates in neonatal mortality and malnutrition, underscoring the need for urgent intervention.

Uzodinma calls for collaboration among stakeholders to achieve better health outcomes and emphasizes the governors’ commitment to advancing healthcare reforms. He praises Minister Pate’s dedication to achieving the sector’s compact and confirms that recent engagements with states have helped align goals and responsibilities across the health sector reform process.

Lagos Opens Bidding For Power Plants To Tackle Energy Demand

Lagos Opens Bidding For Power Plants To Tackle Energy Demand

LAASG Closes Mile 12, Owode Onirin Markets

Lagos State invites independent power producers and energy companies to submit proposals for constructing gas-powered plants to meet the state’s electricity needs. The Ministry of Energy and Mineral Resources, in collaboration with the Office of Public-Private Partnerships, is working to generate up to 500MW of electricity across four designated hubs.

With a population exceeding 20 million, Lagos requires over 6,000MW of power, yet receives less than 2,000MW at peak times from the national grid. The government emphasizes the urgent need for alternative energy sources to address this deficit amid rapid urbanization and growing economic activity.

Aiming to Close the Electricity Gap

This project, under the Clean Lagos Electricity Market (CLEM) initiative, seeks to narrow the gap between energy demand and supply. The proposed power plants will be strategically placed near existing distribution substations, each hub set to produce at least 100MW. This initiative aims to enhance energy security and boost power supply for industrial, commercial, and residential use across Lagos.

Supporting Sustainable Energy Growth

The Lagos State Government views this project as crucial for achieving energy security and reducing dependence on the national grid. Officials commit to fostering an investor-friendly environment, encouraging private sector investment in this vital infrastructure. Selected companies will oversee financing, construction, commissioning, and long-term operations, including securing a reliable fuel supply.

Bidding and Requirements

The state welcomes bids from individual companies or consortia with the expertise needed for large-scale energy projects. Consortia must designate a lead company responsible for project execution, and all parties must demonstrate their specific capabilities. Detailed application guidelines are available on the public-private partnership website.

Key Context

As Nigeria’s most populous state, Lagos has the highest electricity demand due to its economic activity. Reliance on petrol-powered generators leads the state to consume around 6.6 billion liters of petrol annually, contributing significantly to carbon emissions. The planned power plants aim to reduce this dependence, enhancing energy availability, easing reliance on the national grid, and positioning Lagos as a leader in sustainable energy solutions.

FAAC Revenue Climbs To N6.28 Trillion In Q2 2024, Driven By VAT And Import Duties Amid Oil Income Drop

Interswitch Brings Techconnect 4.0 To Abuja, Fostering Financial Growth Through Innovation

Interswitch TechConnect 4.0 has successfully concluded its third stop in Abuja, building on the impactful gatherings in Enugu and Asaba. Organised by Interswitch, one of Africa’s leading integrated payments and digital commerce companies, the series is designed to convene leading stakeholders in Nigeria’s fintech sector to explore how digital transformation is driving growth in the ecosystem across Nigeria.

Themed, “Unlocking Growth Opportunities through Technology and Innovation,” the Abuja edition, which held at the Wells Carlton, Asokoro, Abuja, highlighted the expanding role of data analytics, cybersecurity, and artificial intelligence (AI) in advancing financial modernisation.

In his keynote speech titled, “The Future of Financial Services – Leveraging Digital Transformation for Growth,” Jonah Adams, Managing Director, Digital Infrastructure and Managed Services (Interswitch Systegra), represented by Thomas Eze, Head Sales, North, Interswitch, noted.

“The digital revolution we’re witnessing in financial services goes far beyond convenience, it’s a transformative shift that opens up new pathways for growth and innovation. From streamlining transactions to enhancing customer experience, this wave of digital advancement is redefining how we engage, connect, and serve. At Interswitch, we see digitalisation as a powerful enabler that not only drives efficiency but also expands our ability to reach previously underserved communities, fostering a more inclusive and connected financial ecosystem across Nigeria.

“Our commitment is to harness this digital shift through partnerships, cutting-edge solutions, and platforms like TechConnect, where industry leaders can come together to chart the future of financial services. By embracing emerging technologies with a focus on accessibility and resilience, we aim to shape a financial landscape that empowers communities, supports growth, and sets the foundation for future generations to thrive.”

The day’s agenda included thought-provoking discussions on the role of data, AI, and cybersecurity in financial services, alongside a compelling panel session, “Building Financial Resilience: The Intersection of Banks, Fintechs, and OFIs in Fostering Sector Growth.”

During this session, industry leaders examined how integrating traditional banks, fintechs, and other financial institutions can strengthen Nigeria’s financial sector amid evolving challenges. The Abuja event offered a valuable networking platform, allowing professionals and innovators to connect and explore partnerships.

With TechConnect set to proceed to Ibadan and conclude with a highly anticipated grand finale in Lagos, these gatherings spark actionable strategies and deepen dialogue around sustainable growth, emerging trends, and collaborative approaches essential to Nigeria’s financial ecosystem.

As Interswitch’s TechConnect series advances, each stop builds on the previous one, reflecting Interswitch’s commitment to a more inclusive, resilient, and future-ready digital finance landscape in Nigeria. The series reinforces the company’s dedication to driving innovation, fostering financial inclusion, and empowering financial institutions and entrepreneurs across the nation.

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FAAC Revenue Climbs To N6.28 Trillion In Q2 2024, Driven By VAT And Import Duties Amid Oil Income Drop

FAAC revenue climbs to N6.28 trillion in Q2 2024, as robust Value Added Tax (VAT) and import duty collections offset declining oil earnings. VAT, customs, and excise duties contribute a major share, comprising 72.42% of the total federation account earnings. The Central Bank of Nigeria’s latest economic report shows that non-oil revenue reaches N4.55 trillion this quarter, marking a 32.22% increase over the previous quarter.

This boost from non-oil sources surpasses government projections by 23.07%, helping counterbalance the shortfall in oil revenue, which makes up just 13.23% (N1.73 trillion) of total FAAC income. Oil revenue underperforms targets by 67.30%, as production challenges persist.

Oil Production Challenges

Nigeria’s oil output decreases to an average of 1.27 million barrels per day (bpd) in Q2 2024, down from 1.3 million bpd in Q1 and well below the federal target of 2 million bpd. The decline is tied to ongoing issues such as oil theft, pipeline vandalism, and illegal refining in the Niger Delta. With oil revenue lagging, other income sources like VAT, customs duties, and excise taxes play an increasingly significant role in supporting the federation account.

Impact on Revenue Allocation

This shift away from reliance on oil revenue signals a new approach to FAAC allocations. Traditionally, oil income—distributed among the federal government, 36 states, and local governments—includes a 13% derivation for oil-producing states. A recent tax reform proposal from the federal government suggests applying a similar derivation model to VAT collections, allowing states with higher VAT generation to receive a greater share of FAAC allocations. This proposal has sparked debate, particularly among northern leaders concerned about reduced allocations.

Meanwhile, as federal efforts to increase oil output continue, there is potential for higher FAAC distributions in the future if production levels can recover.

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Dollar-to-Naira Exchange Rate For 7th November 2024

Dollar To Naira Exchange Rate For 5th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1730.00 per $1 on Thursday, November 6 , 2024. Naira traded as high as 1669.00 to the dollar at the investors and exporters (I&E) window on Wednesday.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1725 and sell at N1730 on Wednesday 6th November 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1725
Selling RateN1730

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1668
Selling RateN1669

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

CBN Secures Over N626 Billion From Treasury Bill Sales At Higher Interest Rates

Stanbic IBTC Capital Leads Successful Registration of RMB Nigeria Issuance SPV PLC’s ₦40 Billion Multi-Instrument Issuance Programme

RMB Nigeria Issuance SPV PLC (the “Issuer”), a funding vehicle incorporated to support RMB Nigeria (the “Bank”) in raising financing from the public debt capital markets, achieved a significant milestone with the successful registration of its ₦40 billion Multi-Instrument Issuance Programme (the “Programme”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as Lead Issuing House while RMB Nigeria acted as Joint Issuing House on the Programme.

The establishment of the Programme will support the asset growth and liability management objectives of RMB Nigeria by enabling the issuance of debt instruments and structured notes.

Speaking on the Programme registration, Bayo Ajayi, Chief Executive Officer, RMB Nigeria commented: “This Programme provides us the opportunity to access liquidity from the Nigerian debt capital markets to support our strategic and financing objectives. We remain committed to effectively partnering with our clients, and with this enhanced capacity to raise long term funding, we are in a stronger position to support our clients with their long-term loan needs. We believe in the Nigeria growth story and the establishment of this Programme presents a unique opportunity for investors to join us on this journey by participating in the issuances. We are also thankful for the support of Stanbic IBTC Capital and all our advisers who partnered us through this process.”

Also speaking on the Programme registration, Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital, said: “This initiative by RMB Nigeria is yet another noteworthy example set by the Bank in relation to global best practice in treasury management and innovation, to cope with evolving market conditions. Stanbic IBTC Capital has been at the forefront of advising our clients on staying ahead of changing market trends, and we are pleased on this occasion to have been of assistance in shaping RMB’s funding strategy. We thank RMB Nigeria for trusting Stanbic IBTC Capital and the other professional parties in seeing the Programme registration to a successful completion.”

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Vervelife: Africa’s Largest Fitness Party Concludes 7th Edition On A High Note

Leading payment card and digital token brand, Verve, has successfully concluded the seventh  edition of VerveLife, Africa’s largest fitness party, reaffirming its commitment to fostering a healthy lifestyle among Africans. The grand finale, which held at Landmark Event Center in Victoria Island, Lagos, attracted thousands of fitness enthusiasts from across Africa and beyond.

This year’s VerveLife 7.0 continued to build on Verve’s mission to create a fitness-conscious culture across Africa. The event provided a vibrant platform for fitness enthusiasts, wellness experts, and community members to unite in a shared commitment to healthy living. Since its inception, VerveLife has been a dedicated space for wellness conversations and activities, encouraging a proactive approach to health.

VerveLife 7.0 featured an impressive lineup of notable fitness personalities from Africa and around the world. Among those who lent their expertise were Nigerian dance and fitness icon – Kaffy, renowned fitness expert- Kemen, South African fitness star- Queenfitnass, one of Kenya’s top fitness coaches – Alvin Lee, and global fitness icon- Ulisses. Nkululeko Dlamini, a.k.a The King of Squats also joined the roster, underscoring Verve’s dedication to engaging its cardholders in their wellness journeys.

Speaking of the event’s success, Mitchell Elegbe, Group CEO, Interswitch, shared insights on VerveLife’s mission and the platform’s remarkable growth. He said, “Seven years ago, we launched VerveLife to connect with Nigerians through fitness, a passion we saw resonate with people across the country. With each year, VerveLife has grown in scale and attendance, demonstrating a shared desire for spaces where people can come together to exercise, build resilience, and celebrate wellness. This year’s event emphasized the strength and community that wellness fosters, especially during challenging times. Together, we will emerge stronger.”

The success of the VerveLife 7.0 event which had multiple stops across cities including Asaba, Uyo, Enugu, Ibadan, Abuja, Kampala and Nairobi, with the final stop in Lagos, was amplified by partnerships with leading brands, including global sportswear giant adidas, as well as Aquafina, Pocari Sweat, and Hygeia. These collaborations enriched the event, providing attendees with exclusive products and services that enhanced the fitness-focused experience.

The event concluded with a thrilling electrifying afterparty. Afrobeats star 9ice, energized the crowd with his popular hits. The atmosphere remained electrified with performances from Alternate Sound, one of Nigeria’s top live bands, along with appearances by notable celebrities like DO2DTUN, Kie Kie, Tobi Bakare, Waje and performances by DJ Tobi Peter, DJ Xray, Maze x Mxtreme, and DJ Tgarbs, delivering a memorable end to VerveLife 7.0.

As Verve continues to expand its reach, VerveLife remains its flagship fitness initiative, inspiring healthier lifestyles across the continent and reinforcing Verve’s vision of a wellness-oriented.

VerveLife 7.0: Africa’s Biggest Fitness Party Rocks Lagos with Unmatched Energy and Unity

Indrive Closes 2024 With Major Milestone In Driver Welfare In Nigeria, Investing Over 5 Billion Naira

inDrive Raises $150m To Boost Growth, Expand Offering and Invest In New Verticals

 As part of its ongoing dedication to driver welfare, inDrive, the global platform for mobility and urban solutions, has concluded a remarkable year with a series of impactful initiatives in Lagos, culminating in a total investment of over 5 billion Naira in 2024. Reinforcing its commitment to improving driver welfare, earnings, and empowerment.

Supporting Driver Earnings and Welfare

inDrive’s DoXGetY reward campaign emphasized the company’s commitment to addressing drivers’ challenges. Over 250 prizes, including fuel vouchers and new vehicles, were awarded to support drivers in managing fuel costs and daily expenses, helping them navigate the rising costs in the transportation industry.

In addition to this, the ‘Deals on Wheels’ initiative celebrated 110 outstanding drivers across Lagos, honoring them based on their ratings, number of rides completed, and total mileage. The program rewards the hard work and dedication that these drivers invest in serving their communities while providing inDrive riders with an exceptional experience.

Championing Fairness and Addressing Injustice

As a company committed to challenging injustice in the ride-hailing industry, inDrive aims to create a driver-first ecosystem where every driver has the tools to thrive. Timothy Oladimeji, inDrive’s Country Representative in Nigeria, highlighted the brand’s mission to champion fairness in mobility by advocating for fairer conditions and reliable earnings for drivers across Nigeria.

Driver Empowerment and Safety Training

To further enhance the professional growth and safety skills of its drivers, inDrive organized dedicated sessions focused on personal and professional development. These sessions reinforced inDrive’s mission to empower drivers with essential skills for safe driving and personal advancement, promoting both their welfare and the quality of service they provide.

Building Towards an Inclusive Future

Looking ahead, inDrive’s commitment extends to fostering inclusive, fairer, and safer ride-hailing across Nigeria and Africa. With plans to expand and introduce additional reward programs, the company seeks to build a more sustainable transportation ecosystem in partnership with local stakeholders, benefiting drivers, riders, and communities alike.

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