Sunday, November 24, 2024
Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2704

Arms Cache Discovered at Demolished Oshodi Market as LASG Denies Forcing Traders to Move

The Lagos State government has said it did not force traders at Owonifari market in Oshodi to relocate to the ultra-modern Isopakodowo, and that the decision was based on mutual agreement reached between it and the leadership of the market.

The government also disclosed that it found and recovered arms in a bunker located inside the market during the demolition.

While addressing newsmen at Alausa on the issue, Commissioner for Information and Strategy, Mr. Steve Ayorinde, said plans to relocate the traders at the market had been on for the past 10 years, leading to series of talks between the government and the leadership of the market in the last three years.

He said the relocation of the traders would have taken place long before now as the leadership of the market refused all entreaties, he, however, said final agreement was reached on December 21 between the two parties during the visit of Governor Akinwunmi Ambode to the market.

“Along the line, we got intelligence report that during the holidays, there were a number of criminal activities going on in the market and that the place was harbouring criminals and a number of untoward activities which of course necessitated the need to move immediately to safeguard lives, to safeguard property and to ensure that there was no breach of peace which was what led to the demolition,” Ayorinde said.

Speaking on the bunker, Folami wondered what a bunker with stockpile of arms was doing at the market, adding that there were a lot of criminal acts that took place there.

“There was a bunker, we don’t know what that was doing there, we all know what bunker is,” he said.

#DasukiGate: I Got N100 Million from Anenih – Former SGF, Olu Falae, Admits

Former Secretary to the Government of the Federation (SGF), Chief Olu Falae, has admitted that he collected N100 million from the former chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP).

A national daily, The New Telegraph, had reported yesterday that a former SGF and erstwhile governor in the South-West got N100 million each from the N260 million given to Anenih by the office of the former National Security Adviser (NSA), Col. Sambo Dasuki (rtd).

Falae told New Telegraph yesterday that the money was purely an interparty affair between the PDP and the Social Democratic Party (SDP), which he is the National Chairman. The former presidential candidate said the money was given to the SDP to effectively campaign for the PDP in the 2015 presidential election. According to him, in the build up to the 2015 general elections, the PDP and SDP entered into working agreement.

His words: “In the build up to the presidential election, the PDP approached the SDP which I chaired. The then ruling party solicited for our support in order for President Goodluck Jonathan to win the March 28 presidential election. “Anenih related with me as the chairman of the PDP BoT and I did same as the SDP National Chairman. He wrote to me as PDP BoT chairman and I wrote back as SDP National Chairman stating conditions/terms for the alliance.

I have the record. “It is true that N100 million was given to my party to endorse and work for the Jonathan’s candidature in the 2015 election. We used the money for that purpose and we effectively campaigned for the PDP since we did not have presidential candidate in the election. The money was not for me.

“Thank God I’m a retired civil servant. I have all the documents to prove all that transpired between the two parties.” The former Finance Minister stated that there was no way he could know that the money was from arms fund. “With all the money PDP has and having spent 16 years in power, how would I know that the money was from the arms deal? No reference was made to the arms deal. So, they should not bring me into the arms issue.

The relationship was purely interparty affairs,” Falae told the paper. New Telegraph exclusively reported that Anenih, in his letter to the Economic and Financial Crimes Commission (EFCC), stated that the former SGF and ex-governor’s groups were given N100 million each in the build up to the 2015 presidential election.

Buhari Reiterates commitment to Development of Science and Technology

merck

President Muhammadu Buhari has reiterated the promise of his administration to invest in science, technology and innovation in order to enhance Nigeria’s competitiveness at the continental and global levels.

He said this, during the inaugural meeting with the National Research and Innovation Council (NRIC) at the Presidential Villa, Abuja. Buhari said the objectives of securing Nigeria, growing the economy, creating jobs and fighting crime can best be achieved through science and technology.

According to him,   Nigeria must accord high priority to science and technology if it must take its rightful place among the leading economies in the modern world.

He said, “Nigeria’s vision of becoming one of the 20 largest economies in the world by the year 2020 is only attainable when science, technology and innovation are fully integrated into our national socio-economic development process. That process will now be fast tracked with the coming on board of this Council.

National Assembly May Cut $38 Crude Oil Benchmark for 2016 Budget

Chairman of the Senate Committee on Media and Public Affairs, Senator Saabi Abdullahi, has said that the National Assembly might reduce the crude oil benchmark price of $38 per barrel proposed by the executive for the 2016 budget.

The price of oil in the international market as of Thursday was slightly below $33 per barrel, leaving a deficit of $5 per barrel from the $38 in the budget estimates.

Speaking to journalists in his office, Abdullahi said that both chambers of the National Assembly were being realistic in coming up with the decision to cut the benchmark price going by the alarming rate at which oil price was falling daily in the international market.

He added that in considering the budget, the National Assembly would pay attention to the critical issue of revenue diversification.

He commended the Central Bank of Nigeria for what he described as an effective management of the foreign exchange system.

Use Recovered Loot to Fund Feeding Programme for Pupils – NUT Tells President Buhari

The Nigeria Union of Teachers has called on President Muhammadu Buhari to use the money recovered from looters in financing the feeding programme in his campaign promises for pupils in public schools.

There have questions from different quarters as to how the Buhari-led administration would source funds to finance the project which was a cardinal point of his campaign.

The NUT President, Mr. Michael Alogba-Olukoya, speaking to the press on Wednesday, argued that recent revelations that certain public officials had started returning stolen wealth was a pointer that the promise could still be fulfilled.

According to him, the government should use the recovered loot to service public education and restore social services.

NEMSA to Phase Out Use of Wooden Poles for Electricity Transmission

Increase In Electricity Tariff Insensitive, Manufacturers Lament

Managing Director of National Electricity Management Service Agency (NEMSA), Mr Peter Ewesor, has said that the organisation will phase out the use of wooden poles for electricity installation across the country within the year.

The NEMSA MD, who made this known in Abuja on Thursday during an interaction with newsmen, however said only wooden poles that have been certified by NEMSA as good and qualified for the process will be permitted to be used to install electricity.

According to him, the agency had finished arrangements to partner organisations, such as Standards Organisation of Nigeria and Federal Fire Service, to ensure that issues that concerned fire and standards were monitored.

Ewesor listed materials to be monitored by the organisations for electricity installation to include cables, transformers and meters.

He further stated, that in places like Ibadan, Oyo State and Benin, Edo State, the agency discovered substandard materials, such as cables and transformers, installed for customers by contractors but the agency disapproved such installations.

He said NEMSA was not leaving any stone unturned to encourage local meter and transformer manufacturers to produce the materials locally in order to develop the nation’s economy, and urged all electricity users in Nigeria to ensure that they followed all rules and standards in the electricity sector.

Super Eagles Striker, Odion Ighalo, Open to Manchester United Transfer Move

Nigerian Super Eagles striker, Odion Ighalo, has admitted that it would be impossible to turn down a move to Manchester United during the transfer window despite categorically stating previously that he was not in a hurry to leave Watford, and admitted that playing with the Premier League giants has always been a dream he nursed.

Ighalo who spoke with The Sun said he would find it hard to say no if Manchester United made an approach for his services but has played down the prospect of leaving Vicarage Road this month.

The striker, amid speculation linking him with a move to the likes of Atletico Madrid and Roma, says he wants to stay in the Premier League, most likely at Watford.

Stocks Bounce Back with First Gain of N29 Billion in 2016 After Weak Start

Transactions on the Nigerian Stock Exchange which have been on negative trend since beginning of the year regained positive momentum on Thursday, January 7.

The market capitalization which opened with N9.348 trillion added N29 billion to close at N9.377 trillion.

However, the NSE All Share Index appreciated by 85.42 points or 0.31 per cent to close at 27,266.18 basis points, compared with the 3.28 per cent depreciation recorded previously.

Market breadth closed negative as E-Tranzact Plc led 6 gainers against 30 losers topped by Seplat Petroleum Development Company Plc at the end of the trading which was an unimproved performance when compared with previous outlook.

Market turnover closes negative as volume declined by 17.92 per cent against 3.45 per cent uptick recorded in the previous session. Guaranty Trust Bank Plc, Access Bank Plc and UBA Plc were the most active to boost market turnover. Guaranty Trust Bank Plc top market value list.

Stanbic IBTC Holdings leads the list of active stocks that recorded impressive volume spike at the end of the session.

Top on gainers’ log was Dangote Cement Plc with a gain of N6.55 kobo to close at N159.98 kobo. Others include Okomu Oil Plc with N1.52 kobo to close at N33.00 kobo, E-Tranzact Plc with N0.15 kobo to close at N3.19 kobo per share, Fidson Healthcare Plc with N0.11 kobo to close at N2.70 kobo per share and Vono Products Plc with a gain of N0.03 kobo to close at N0.92 kobo per share.

On the other hand Seplat Petroleum Development Company Plc topped losers chart with N7.03 kobo to close at N185.26 kobo, 7-Up Bottling Company Plc with N3.63 kobo to close at N185.26 kobo per share, Zenith Bank Plc with N0.46 kobo to close at N13.40 kobo and Union Bank of Nigeria Plc with N0.32 kobo loss to close at N6.24 kobo per share.

Finalists Emerge in Power Oil Sponsored ‘Making of the Chef ‘ Cooking Competition

 

Top three finalists have emerged in the ongoing Season 2 of Making of the Chef cooking competition organized by Rhodium Global Chef LLC in partnership with Anchor Digital Media and proudly sponsored by Nigeria’s leading vegetable oil brand, Power Oil from the stables of Raffles Oil LFTZ Enterprise, a subsidiary of the Tolaram Group.

The trio of Mr. Dapo Lambo, Mrs. Edna Ojuma and Miss Tobechi Ogu emerged top 3 contestants out of the 20 candidates that were selected from the audition stage for camping, training and mentorship by the American Master Chef Edwin Sholly, one of the world’s leading celebrity Chef.

Dapo Lambo from Lagos, holds a Bachelor’s Degree from Ambrose Ali University and works with Eko Hotel & Suites, Lagos. Mrs Edna Ojuma, a lawyer from Edo State while Miss Tobechi Ogu from Imo State, an HND holder in Business Administration who currently runs a private catering business.

Presenting the top 3 contestant to the project sponsor- Power Oil at a ceremony held recently at the head office of Tolaram Group in Surulere Lagos, the creator of the project and the Creative Director, Rhodium Global Chef LLC, Mrs. Idono Gbenro explained that the finalists earned their place through commitment and real passion for cooking exhibited from the audition stage through the camping period.

Mrs. Gbenro announced that the finalists would be traveling to the United States of America with the Master Chef where they will go through further trainings in different international cuisines at Stratford University in battle for the ultimate title of ‘Top Chef’.

She then restated the contestant who eventually emerges as the winner ‘Top Chef’ would win up to 30,000 dollars in prize including receiving a membership from the prestigious American Culinary Federation.

In his own remarks, the Head of Public Relations & Event, Tolaram Group, Mr. Temitope Ashiwaju commended the organizers for the journey so far in the Season 2 of the competition while assuring them of a more robust sponsorship of the subsequent editions of the project.

Ashiwaju also revealed during the ceremony that the brand -Power Oil has concluded plans to foot all travelling expenses of the top 3 finalists and the crew to the United States of America. He then urged the finalists to take full advantage of the opportunity offered them by the competition to become a world-class chef.

In their reactions, the finalists applauded the organisers of the competition and Power Oil for the sponsorship and support while promising to be good brand ambassadors.

“Currency Devaluation To Trigger Inflation” – IMF

The International Monetary Fund,IMF, has warned that a further drop in commodity prices including oil, would lead to more depreciation in the currency and trigger inflation in commodity exporting countries.

The IMF’s new Chief Economist, Maury Obstfeld, stated this in interview published on the Fund’s website.

Speaking on his expectations of 2016, Obstfeld predicted that there would be a lot of challenges this year and that emerging markets will be at the centre stage.

He said: “Capital inflows are down, some reserves have been spent, sovereign spreads have widened, currencies have weakened, and growth is slowing sharply in some countries. Currency depreciation has proved so far to be an extremely useful buffer for a range of economic shocks.

Sharp further falls in commodity prices, including energy, however, would lead to even more problems for exporters, including sharper currency depreciations that potentially trigger still-hidden balance sheet vulnerabilities or spark inflation.”

“Global financial conditions are tightening, and emerging and developing markets are especially sensitive to the effects, given other current woes.” he added.

“Privatization Will Boost Airports’ Effeciency” –Tukur

The Federal Government has been advised to go through with the planned privatization of four airports in the country.

The airports penned down for privatization are, the Murtala Muhammed Airport, MMA, Lagos, Nnamdi Azikiwe Airport, NAA, Abuja, the Port Harcourt Airport and Aminu Kano Airport, Kano.

Giving the advice last weekend in Lagos, the former General Secretary of Airline Operators of Nigeria, AON, Muhammed Tukur, said that privatisation of the airports would bring more vibrancy to them.

He stated that the Murtala Muhammed Airport Two, MMA2, managed by the Bi-Courtney Aviation Services Limited, BASL, remained the best terminal in the country because it is being managed by a private investor.

Aviation Expert Explains How Dual Tariffs Buoy Nigeria’s Rip Off By Foreign Carriers

The former past Managing Director of the Skyway Aviation Handling Company Limited, SAHCOL, Oluropo Owolabi has held the Nigerian Civil Aviation Authority, NCAA, responsible for the bad treatment Nigerian airlines and the two ground handling companies in the sector receive in the hands of foreign carriers.

The aviation expert specifically said that the regulatory body approved different tariffs for it and the Nigerian Aviation Handling Company, NAHCO, Plc, a situation, which he said was negatively affecting the economy of the country.

Owolabi stressed that this practice had made the foreign carriers to take the ground handling companies for a ride while capital flight increases, stressing that SAHCOL had made attempts in the past to ensure that NCAA called the two ground handlers together for a meeting, but all to no avail.

He explained that despite the fact that foreign carriers increased airfares arbitrarily, ground handling companies were not allowed to do this and called on NCAA to address the issue before it got out of hand.

“I see no reason why NCAA should approve NACHO for a tariff separately. It is a tripartite agreement. I expected NCAA to call us together. By and large, if you look at it, it is the foreign exchange we are losing. Tickets fares are raised every time by the foreign airlines yet they don’t want you to increase your tariff. If you try to do so they threaten that they would go to other handler.

Group Eyes N80billion from Cashew Export in 2016

The National Cashew Association of Nigeria, NCAN, is targeting about N80 billion from cashew export tin 2016 , its spokesman, Sotonye Anga, has said.

Anga told News Agency of Nigeria (NAN) on the sideline of the ‘Second Annual Cashew Logistics Meeting’ in Lagos that shipping lines had recognised cashew as revenue generating cash crop and contributor to the country’s economy.

Noting that shipping firms account for more than 80 per cent of exported cargoes from Nigeria, he said: “There is need for improvement in the handling of cashew, which will propel significant improvement in the country’s economic performance.

“Shipping lines have recognised the economic relevance of cashew and that is why you can see their chief executives and decision makers represented at this meeting. “The meeting will afford the association opportunity to take steps to advance Nigeria’s cashew export to destinations like India, Vietnam, China, Middle East, Europe, U.S. and others.”

The NCAN spokesman, who said the association believed in strong bond between it and the shipping lines, stated that “We expect that Nigeria should generate about N80 billion from cashew export in 2016 season and trade in a manner that will impact on the value chain.”

He said NCAN would leverage on this relationship to ensure that the year cashew exports is hitch-free.

“We will have zero claims because of damages to cashew cargo when containers are well dressed with adequate number of desiccants and Kraft papers,” he said.

 

Twitter Shares Slide Below IPO Price

One of the world’s largest social networking platform, Twitter Inc shares plunged below their $26 initial public offering price, down almost two-thirds from a peak soon after the stock began trading.

The selloff was triggered three weeks ago, when Jack Dorsey, co-founder and interim chief executive officer, warned that it would take a while before Twitter is able to reverse a slowdown in user growth.

While his candor was hailed by analysts, investors appear to have taken his comments — which also described product performance as “unacceptable” — to heart.

The board’s search for a new CEO, and uncertainty over whether Dorsey is in contention for the job, also have weighed on the shares. At stake is whether Twitter — used by 316 million monthly users posting and sharing 140-character messages — can become a mainstream platform instead of a niche forum favored by journalists and celebrities.

Bloomberg reported that Twitter was down 5.9 percent at $25.97 on Thursday amid a general market selloff. The company’s shares have declined about 28 percent so far this year.

At the time of Twitter’s November 2013 IPO, the company was heralded as a high-growth stock with the potential to be the next Facebook Inc. Yet the San Francisco-based company has failed to grow as fast as expected. Twitter has endured months of pressure over the user numbers, tweaking its features and shuffling its product and engineering leadership, without much progress.

Further share declines could add pressure on Twitter to seek a takeover, or complete its search for a CEO. Dorsey also runs Square Inc., which he couldn’t leave without straining the payment company’s planned IPO, people familiar with the matter have said.

 

“Financial Institutions Spent $114billion On IT Services In 2015” – IDC

The financial services industry spent $114 billion worldwide on mobility, cloud, and big data and analytics (BDA) technologies out of a total worldwide financial services information technology (IT) spend of $455 billion.

A new IDC Financial Insights Perspective entitled ‘Worldwide Financial Services 3rd Platform IT Spend 2014-2019 – Opportunities Abound’, said financial institutions spent more than 25 per cent of their IT budgets on just these three transformative technologies in 2015. According to the report, this will increase to almost 30 per cent by 2019.

Karen Massey, Senior Research Analyst, IDC Financial Insights said: “The advance of the 3rd Platform and its four pillars – mobility, cloud, big data and analytics (BDA), and social business – has caused a fundamental shift in how financial services companies are consuming and budgeting for IT and applications. Furthermore, the 3rd Platform is creating the most significant opportunities for financial institutions in decades.”

She noted that “Financial institutions are increasingly leveraging these four pillars to transform their businesses, with a keen focus on three of the pillars – mobility, cloud and BDA.” The new Perspective includes topline IT forecasts for mobile, cloud, and BDA, banking, insurance, and capital markets and U.S. and rest of world, totaling a worldwide forecast.

 

Chinese Brands To Dominate Nigeria’s Automobile Industry In 2016

Indications have emerged that the Nigerian auto industry in 2016 will see a burst of Chinese automobile brands in the country as more players tag along with the National Automotive Industry Development Plan (NAIDP).

Stallion’s daughter automobile manufacturing company, Zahav Automobile Company Nigeria Limited, with plants in Ikotun, Lagos, is the local assembler of Foton Tunland pickup, the Changan and BAIC models, as well as the indigenous Stallion Force pickup.

Already, the company is positioning the Foton Tunland and Stallion Force pickups to give the likes of Hilux, L200 and other competitors a run for their money in 2016. The Chinese brand also has the CS2 Foton passenger bus assembled at the Ikotun plant, which is poised to take off a huge market chunk from Toyota’s Hiace and the likes.

A sizeable number of sedan and sports utility vehicles (SUV) models are coming off from the Zahav plants this year. They include the Changan models- CS35 an SUV, the Changan Eado, a city sedan and the BAIC models which are majorly the D-series, all being assembled in Nigeria.

Stallion has urged emerging businesses and astute commercial ventures not to wander afar in search for functional and reasonably priced pickup trucks as it unveiled the all new “drive beyond borders” Foton Tunland pickup and of course the Stallion Force, both of which are all-wheels drive.

Zahav’s head of sales and marketing, Mr. Sanjay Rupani said Foton Tunland pickup was introduced to assuage some of the challenges small businesses and commercial ventures contend with when prospecting for functional and adaptable vehicle to support their businesses.

“The next generation Foton Tunland pickup would compete in the one tone vehicle segment where renowned brands like Toyota Hilux, Nissan NP300, Ford Ranger and Mitsubishi L200 have demonstrated utter competence,” Rupani assured.

Coming in relatively very cheap, these Chinese vehicles essentially share the DNA of two renowned automobile manufacturers – Daimler Automotive Company, maker of Mercedes, and Cummins Engine Company, as the Chinese automakers, Changan Motors and Beijing Automotive Industry Holding Company Ltd (BAIC) are in technical partnership with these global automobile names to enhance a globally accepted quality.

Also, leading distributor of Toyota in Nigeria, Elizade Motors Limited plans to begin assemblage of the JAC brand, a Chinese brand also at its Ikotun plant in Lagos by 2nd quarter of 2016.

 

Economist Predicts Likely Devaluation of Naira To N250/$

According to experts, financial authorities are facing increasing pressure to further devalue the naira as the price of oil, its biggest source of foreign exchange, trades at the lowest level since 2004.

Alan Cameron, London-based economist at Exotix Partners LLP, said in a research note, that the Central Bank of Nigeria, CBN, may revise its target for the naira by about 20 per cent to N240 to N250 per dollar as oil continues its decline, .

The currency was little changed at N199.29 per dollar on Thursday, January 7, in Lagos, the commercial nerve centre.

“Cumbersome foreign-exchange restrictions are strangling economic growth,’’ John Ashbourne, London-based Africa economist at Capital Economics, said in note to clients on Wednesday. “The authorities will be forced to devalue the naira in the first half of 2016.”

Nigeria needs more flexibility in setting monetary policy so it can use its foreign-currency reserves to support the poor population, International Monetary Fund managing director Christine Lagarde told Nigerian President Muhammadu Buhari on Tuesday.

The central bank has held the naira at N197 to N199 per dollar since March as Governor Godwin Emefiele introduced trading curbs to conserve reserves and stem a rout after it fell to a record N206.32 in February.

Nigeria, with more than 170 million people, is struggling to cope with crude prices that have fallen almost 70 per cent since their peak in June last year to below $40 a barrel. Brent crude for February delivery tumbled 3.4 per cent to $33.07 by 7:15 a.m. in London.

“The need for a devaluation of the naira has been obvious for some time, all the more so after the latest drop in oil prices,” Cameron said.

 

AfDB, FG, Earmark $300million For Agricultural Projects

The African Development Bank, AfDB, has announced that it would spend about $300 million on the ‘Enable Youth Empowerment Agribusiness Programme.

The project is to be implemented in partnership with the Federal Ministry of Agriculture and Rural Development within 18 months.

The bank’s Director, Agricultural and Agro- Allied Industries, Chudi Ojukwu, said the three-year project would enable training and funding of young graduates, who are interested in farming across the country.

The programme is expected to encourage youths into agriculture, thereby increasing food sufficiency, reducing unemployment with each recipient to benefit to the tune $75, 000.

In a statement on Thursday, January 7, the Agriculture Minister, Chief Audu Ogbeh, said the project would commence from the three Federal Universities of Agriculture in the country. According to the release by the Director of Information, Tony Ohaeri, Dgbe said “a total of $300 million would be accessed to cover the three year project which would bring young graduates together and train them for 18 months as entrepreneur farmers.

“The initiative would create 250,000 jobs; the beneficiaries would be trained at various incubation centres on all aspects of value chains, with each beneficiary supported with about $75,000. The project would cover the 36 states including the FCT, while the Agricultural Aransformation Agenda (ATA) would be expanded through the processing zones.”

 

Stock Market Slips Away from Bear Grip as NSE Index Gains 0.31%

Trading on the Nigerian Stock Exchange, NSE, traveled north for the first time on Thursday, January 7, after the market opened the year with three days consecutive loss.
The All Share Index leaped by 0.31 per cent to close at 27,266.18 points from 27,180.76 on Wednesday while market capitalization also soared from N9.348 trillion to N9.377 trillion.

Etranzact led the gainer table of six stocks with the highest gain of N0.15 gain or 4.93 per cent to N3.19 followed by Okomu Oil with a gain of N1.52 or 4.83 per cent to close at N33 followed by Dangote Cement that gained N6.55 or 4.27 per cent to close at N159.98 per share.

On the other hand, Skye Bank topped 30 stocks on the losers’ chart with N0.12 loss or 8.82 per cent to close at N1.24 followed by Unity Bank that lost 0.09 or 8.82 per cent to close at N0.93 per share, and FCMB that lost N0.08 or 5 per cent to close at N1.52 per share.

All together, a total of 166,390,459 shares worth N1.658 billion exchange hands in 2,917 deals.

 

CBN Raises N136billion in Treasury Bills

The Central Bank of Nigeria, CBN, has sold N136.24 billion in Treasury Bills with maturities from three months to one year at its first auction of 2016.

T-bills are marketable money market securities used to raise money for the government and also help in monetary policy management of the Central Bank. T-bills are short-term.

The auction, held on Wednesday, JAnuary 6was at higher yields than previously, the central bank said on on Thursday, January 7.

The apex bank sold N55.4 billion of three-month paper at four per cent, up from 3.62 per cent at a sale on December 23.

It also sold 25 billion naira of six-month debt at 6.99 percent against 6.19 percent, and 55.84 billion naira of one-year paper at 8.05 percent compared with 7.45 per cent.

Total demand stood at N311.5 billion compared with N226.97 billion last time.

The main investors in government securities are mainly pension funds and commercial banks which control more than 60 per cent of the market, followed by insurance funds and a few micro-finance institutions.

 

1...2,7032,7042,705...2,712Page 2,704 of 2,712
© 2023 - BizWatchNigeria.Ng