Saturday, November 23, 2024
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Banks Generate N1.7 Trillion Through E-Offering For Recapitalization—SEC

The Securities and Exchange Commission (SEC) has announced that banks have raised approximately N1.682 trillion through e-offering as part of their recapitalisation efforts. Dr. Emomotimi Agama, the Director-General of SEC, made this disclosure in a statement issued on Wednesday in Lagos.

The Central Bank of Nigeria (CBN) had earlier set new guidelines for the minimum capital requirements for banks operating in the country. These requirements, which vary between N50 billion and N500 billion based on the type of banking license, are expected to result in the mobilisation of about N4.14 trillion by the deadline of March 31, 2026.

According to the CBN, the recapitalisation initiative aims to strengthen financial institutions and support President Bola Tinubu’s vision of achieving a $1 trillion economy.

E-Offering Platform Drives Success

Dr. Agama highlighted the significant role of technology in the success of the recapitalisation process, particularly the launch of the e-offering platform. He explained that the platform facilitated the process, enabling the successful raising of funds through 12 applications from nine banks, with several additional applications still ongoing.

“Technology is a key enabler in the capital market and a critical tool for growth,” he said. “The e-offering platform allowed banks to raise over N1.7 trillion, showcasing the potential of technology in transforming the market.”

Technological Innovation in Capital Markets

Dr. Agama also noted that SEC continues to adopt technological solutions to improve its operations, including market surveillance, monitoring, and policy implementation. These measures aim to enhance the capital market’s efficiency and attract more investors.

“We are leveraging technology to drive market growth and streamline processes,” he said. “Our initiatives include reduced time-to-market, electronic filing systems, and enhanced regulatory frameworks. These efforts are designed to ensure the Nigerian capital market remains competitive and attractive.”

Economic Benefits of Improved Market Efficiency

The SEC Director-General underscored the broader economic advantages of a more efficient capital market, such as:

  • Increased Liquidity: Faster capital access enhances liquidity within the market.
  • Investor Confidence: Streamlined processes bolster trust and encourage investments.
  • Competitiveness: Efficient markets attract global companies and investors, fostering growth.
  • Economic Growth: Quick access to capital helps businesses allocate resources more effectively, driving overall development.

Path to Economic Diversification

Dr. Agama emphasized the need to diversify Nigeria’s economy beyond oil dependency. This would involve investing in infrastructure, human capital, and innovation to improve the business environment. He also stressed the importance of reducing regulatory barriers and promoting financial inclusion, particularly for SMEs and individuals.

“With commitment from the government and private sector, the $1 trillion economy is achievable,” he affirmed.

The SEC remains dedicated to implementing reforms that position Nigeria’s capital market as a catalyst for sustainable economic growth and development.

Oil Theft: Nigerian Navy Dismantles 23 Illegal Refineries In October

Naira Slides Further In FX Markets Amid Lack Of CBN Support

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira, Nigeria’s currency, continued its downward trajectory against the US dollar across various foreign exchange (FX) markets due to insufficient intervention by the Central Bank of Nigeria (CBN).

Both the official and parallel markets experienced setbacks, with liquidity challenges fueling increased volatility. According to data from the FMDQ platform, the naira closed at N1,687.52 per US dollar in the official market, marking a 0.51% decline compared to Tuesday’s rate of N1,678.93 per dollar.

Despite the naira’s depreciation, total daily turnover in the FX market rose to $173.29 million on Wednesday, up from $128.59 million on the previous trading day. At the Investors and Exporters (I&E) window, the naira fluctuated between N1,705 and N1,601.50 per dollar.

Unstable Exchange Rates Persist

The naira’s performance at the autonomous FX market has remained unstable, with limited impact from the CBN’s dollar sales. Efforts by the CBN to stabilize the currency following last year’s significant devaluation have not yielded the desired results. Predictions from Goldman Sachs and Fitch Ratings of a recovery to N1,000–N1,200 or N1,450, respectively, have yet to materialize.

The current spot rate is also far below Financial Derivative Company’s fair value estimate and Renaissance Capital’s optimistic projections for the year.

Analysts have highlighted the need for increased dollar sales to banks to stabilize the naira in the official market. One expert remarked, “The naira cannot survive a willing-buyer-willing-seller model without running into chaos due to limited FX inflows into the official market.”

Parallel Market and External Reserves

In the parallel market, the naira weakened further to N1,740 per dollar, driven by heightened seasonal demand, which exacerbated the imbalance between supply and demand. Despite these challenges, the CBN’s external reserves recorded an uptrend, reaching $40.288 billion.

Commodity Market Overview

Oil prices remained steady amid concerns that the Ukraine conflict could disrupt Russian oil supplies, offsetting reports of rising U.S. crude inventories. Brent crude held at $73.71 per barrel, while West Texas Intermediate (WTI) settled at $69.95 per barrel.

Meanwhile, gold prices rose for the third consecutive day, climbing to a one-week high as geopolitical tensions between Russia and Ukraine drove demand for the safe-haven asset. On Wednesday, gold was priced at $2,646.79 per ounce in the global commodities market.

Oil Theft: Nigerian Navy Dismantles 23 Illegal Refineries In October

FCCPC Exposes Substandard And Unregistered Sugar In Nigerian Markets

The Federal Competition and Consumer Protection Commission (FCCPC) uncovers the widespread presence of low-quality and unregistered sugar products in Nigerian markets, raising concerns over public health and economic impacts.

In a statement released on November 20, the FCCPC reports that these products, predominantly smuggled from Brazil, fail to meet the mandatory requirement for Vitamin A fortification. This omission poses serious health risks, particularly for vulnerable groups like children and pregnant women.

The Commission identifies brands such as Grupo Moreno, Terous, USI S. Joao, Alvean, and Arapora Bionergia as offenders. It notes that many of these products lack critical labeling, including production and expiry dates, batch numbers, and NAFDAC registration.

“These products not only lack proper labeling but also fail to provide essential Vitamin A fortification, increasing risks of health issues like impaired vision and reduced immunity among consumers,” the FCCPC states.

Impact on Local Sugar Industry

The FCCPC stresses that the influx of substandard sugar disrupts the local sugar industry, creating unfair competition for compliant producers. Smugglers often undercut prices to mislead consumers while placing pressure on legitimate manufacturers.

“This smuggling undermines fair competition and jeopardizes the sustainability of the Nigerian sugar industry. It also erodes consumer confidence in the market,” the statement highlights.

The FCCPC also identifies porous borders, particularly with Cameroon and Benin Republic, as a major challenge to enforcement and traceability efforts.

FCCPC’s Action Plan

To address the issue, the FCCPC implements a multi-pronged strategy, which includes:

  • Consumer Education: Raising awareness about the dangers of unregistered and non-fortified sugar.
  • Enhanced Surveillance: Collaborating with NAFDAC, Nigeria Customs Service, and other agencies to curb the supply of smuggled products.
  • Industry Collaboration: Encouraging stakeholders to comply with quality standards and ensure fair competition.

The FCCPC urges Nigerians to verify sugar products for proper labeling, including proof of Vitamin A fortification and NAFDAC certification, to ensure safety and uphold market standards.

Dangote Refinery Begins Petrol Exports To West Africa

Dangote Refinery Begins Petrol Exports To West Africa

The Dangote Refinery starts exporting petrol to other West African nations, marking a significant step in its operations. A recent shipment showcases the refinery’s growing capacity to impact regional fuel markets.

According to industry reports, the tanker CL Jane Austen transports over 300,000 barrels of petrol from the refinery to waters off Togo. The vessel is currently stationed near Lomé, a key location for ship-to-ship (STS) fuel transfers, suggesting the cargo may be redistributed to other destinations.

Regional Impact and Growing Influence

This shipment underscores the potential of the Dangote Refinery to reshape fuel markets in the region. Although the volume exported is small compared to global trade, it signals the refinery’s production ramp-up and readiness to supply beyond Nigeria.

In October, the refinery also delivered its first petrol shipment to Lagos, demonstrating its capability to cater to both domestic and regional demand. However, the extent of future exports remains to be seen.

Neighboring Countries Eye Dangote’s Output

Several African nations, including Ghana, Togo, Benin Republic, and South Africa, are exploring opportunities to import petroleum products from the Dangote Refinery. Ghana’s chief oil regulator, Mustapha Abdul-Hamid, recently highlights the benefits of sourcing petrol from Nigeria, citing reduced freight costs and relief for the country’s foreign exchange market.

“With the refinery’s full capacity, Nigeria cannot consume the entire output alone. Importing from Nigeria rather than Europe would significantly lower costs and help stabilize prices,” Abdul-Hamid notes.

A Transformative Project for Nigeria and Africa

The $20 billion Dangote Refinery is poised to become Africa’s largest and one of the world’s most significant refineries. With a processing capacity of 650,000 barrels per day, it aims to reduce Nigeria’s reliance on imported petroleum products drastically.

This development positions Nigeria as a major player in the oil market while fostering stronger trade ties with neighboring countries and addressing domestic energy demands. The refinery’s operations signal a turning point for both Nigeria’s economy and Africa’s fuel landscape.

Oil Theft: Nigerian Navy Dismantles 23 Illegal Refineries In October

Oil Theft: Nigerian Navy Dismantles 23 Illegal Refineries In October

The Nigerian Navy, under Operation DELTA SANITY, identifies and dismantles 23 illegal refinery sites while recovering substantial quantities of stolen crude oil and illegally refined products in October.

This update is provided by the Director of Naval Information, Commodore Aiwuyor Adams-Aliu, in a statement issued in Abuja on Tuesday.

Details of the Operations

Adams-Aliu confirms that the operations also lead to the destruction of 30 ovens, 26 reservoirs, 77 sacks, 19 dugout pits, 21 wooden boats, four jerry cans, and two pumping machines. He states that large volumes of crude oil and Automotive Gas Oil (AGO) are recovered during the exercises.

The Navy notes that its actions contribute to an increase in Nigeria’s crude oil production, with the Nigerian National Petroleum Company Limited (NNPCL) reporting a rise in output to 1.8 million barrels per day (mbd) in October.

Key Operations Highlights

  • October 8: The Navy dismantles three illegal refinery sites around Bakana River, Bukuma axis, and Ogaji-Ama in Rivers State. The operation uncovers 15 ovens, 12 reservoirs, five dugout pits, and two wooden boats containing approximately 12,000 litres of stolen crude oil.
  • October 9: In Bayelsa, one suspect is arrested with a locally made pistol and three cases of ammunition. Three illegal refinery sites, five reservoirs, two ovens, one dugout pit, and two wooden boats holding about 900 litres of stolen crude oil are destroyed in the Otuwo and Ogboinbiri areas.
  • October 11: Five illegal refinery sites are dismantled in Warri South-West Local Government Area of Delta State. This operation uncovers four ovens, three reservoirs, and sacks containing approximately 4,000 litres of stolen crude oil.
  • Idi-Ogba, Ondo State: A market boat carrying roughly 2,200 litres of illegally refined AGO in jerry cans and sacks is seized.

Ongoing Challenges

The Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum estimate that the nation loses between 200,000 and 400,000 barrels of crude oil daily to theft.

NNPCL’s Group Chief Executive Officer, Mele Kyari, reports that since the crackdown on illegal refineries began in 2022, 8,684 sites have been deactivated. He also confirms that 6,610 illegal pipeline connections are identified, with 5,913 successfully removed. However, over 1,000 illegal connections remain active, and new ones are frequently installed.

Kyari stresses that the fight against oil theft remains a critical and ongoing effort, requiring consistent vigilance to address the persistent challenges.

Starlink Suspends New Residential Orders In Nigeria Pending NCC Approval For Price Hike

Starlink Suspends New Residential Orders In Nigeria Pending NCC Approval For Price Hike

New Speedtest Data Shows Starlink Users Love Their Provider

Starlink, Elon Musk’s satellite internet service, halts new orders for its residential kits across Nigeria as it awaits approval from the Nigerian Communications Commission (NCC) to implement a proposed price increase. The suspension affects the Residential Plan, while the Business Plan remains available at ₦159,000 per month compared to the Residential Plan’s current ₦38,000 monthly subscription.

Starlink emphasizes its commitment to providing high-speed internet in Nigeria, stating, “We are working closely with regulators to make adjustments that will improve the customer experience. Until these changes are approved, we are placing new Residential orders on hold.”

Rising Demand and Service Suspension

Previously, Starlink stopped accepting new orders in major cities like Lagos, Abuja, Port Harcourt, Benin City, and Warri due to reaching capacity. The latest suspension extends nationwide and is directly tied to its plans for a price adjustment, which still requires regulatory approval.

Since its launch in January 2023, Starlink has experienced surging demand across Nigeria, owing to its promise of reliable, high-speed internet. Similar trends are seen in other countries, including Zimbabwe, where Starlink’s equipment recently sold out in Harare just months after launch.

Controversy Over Price Increase

On September 30, 2024, Starlink announces plans to raise its Residential Plan subscription fee by 97%, increasing the cost from ₦38,000 to ₦75,000. The price of its hardware kits also jumps by 34%, from ₦440,000 to ₦590,000. The company cites “excessive inflation” as the reason for the adjustments.

The announcement sparks debates within Nigeria’s telecom industry, with local operators accusing the NCC of favoring Starlink by allowing price flexibility not granted to others. However, the NCC denies approving the changes, stating that Starlink’s actions violate Sections 108 and 111 of the Nigerian Communications Act, 2003, and its license conditions regarding tariffs.

Regulatory Actions

The NCC begins pre-enforcement measures against Starlink for implementing price changes without prior approval. The Commission stresses that such actions undermine consumer protection and the regulatory framework of the telecommunications sector.

In response, Starlink temporarily suspends its proposed price adjustments and warns, “Without these approvals, our ability to continue delivering service is at risk.” The company reiterates its dedication to improving internet access in Nigeria while emphasizing the need for regulatory support to maintain service quality and expand its reach.

ICPC Tracks ₦610 Billion Across 1,500 Government Projects Nationwide

EFCC Dismisses Two Staff for Corruption, Reiterates Commitment to Integrity

The Economic and Financial Crimes Commission (EFCC) has dismissed two of its staff members over alleged corruption, signaling its unwavering commitment to internal accountability and integrity.

Chairman of the EFCC, Ola Olukoyede, disclosed this during the annual criminal law review conference organised by the Rule of Law Development Foundation in Abuja on Tuesday. He emphasised that the affected officials are under investigation, with case files being prepared for their prosecution.

“You can’t be fighting corruption with dirty hands,” Olukoyede remarked, highlighting the EFCC’s zero tolerance for misconduct within its ranks. “Integrity demands that anyone representing the EFCC must be above reproach,” he added.

Olukoyede also outlined a series of reforms aimed at enhancing the agency’s operations and ensuring adherence to the rule of law. Among the measures is a reviewed arrest and detention policy designed to minimise overnight detentions during investigations.

“I have investigated an entire ministry—ministers, directors, and all—without detaining anyone overnight, yet obtained all the needed information,” he revealed.

To streamline prosecutions, the chairman announced a cap on charges in court cases, limiting them to a maximum of 15 counts to ensure focus and diligent prosecution. “No case should fail due to lack of diligence,” Olukoyede stressed, adding that he personally reviews case files for high-profile matters.

In a public challenge, Olukoyede invited anyone with evidence of him taking bribes to come forward. He also welcomed constructive criticism of the EFCC’s activities, urging Nigerians to engage with the agency rather than undermine it.

“What do we gain by running down our institutions? If you notice anything wrong, come to us. We will engage you and explain our reforms,” he said.

Olukoyede further noted improvements in the agency’s interrogation facilities to ensure compliance with human rights standards.

The EFCC chairman also referenced a recent Supreme Court ruling on November 15, which dismissed a suit by 16 states challenging the constitutionality of the EFCC Act. Justice Uwani Abba-Aji, leading a seven-member panel, affirmed that the Act does not require ratification by state houses of assembly.

Olukoyede recounted his own two-year experience of being under investigation, stating that it deepened his commitment to fairness and integrity. “My major objective is to stimulate the economy through our work while ensuring integrity and morality guide our actions,” he said.

He concluded by reiterating the EFCC’s determination to rebuild public trust in its mission to fight corruption effectively and transparently.

Joseph Daudu, coordinator of the Rule of Law Development Foundation, commended the conference as a vital platform for assessing the efficiency of the criminal justice system from crime detection to adjudication.

Apapa Port Customs Command Collects ₦2.01T In Revenue

Apapa Port Customs Command Collects ₦2.01T In Revenue

The Apapa Port Command of the Nigeria Customs Service (NCS) has generated ₦2.01 trillion in revenue as of November 19, 2024, nearing its ₦2.2 trillion target for the year. Comptroller Babatunde Olomu, Customs Area Controller (CAC) of the command, disclosed this during a parade on November 20, 2024.

Olomu noted that the command accounts for 40 percent of the NCS’s total revenue of ₦5.07 trillion recorded so far this year, highlighting its strategic importance to the Service. He expressed confidence that the command would achieve its target by the end of November, ahead of schedule.

Addressing officers during the event, Olomu emphasised the need for sustained revenue collection and enforcement efforts. He instructed officers to ensure that seizures from smugglers are accompanied by arrests, noting that prosecuting offenders would enhance the fight against smuggling.

The CAC also stressed the importance of maintaining high standards in trade facilitation and stakeholder engagement, aligning with directives issued by the Comptroller-General of Customs, Bashir Adeniyi, MFR, at the recently concluded CGC Conference in Abuja.

Olomu outlined resolutions from the CGC Conference aimed at improving operations, including: Granting enforcement officers access to the Nigeria Integrated Customs Information System (NICIS) platform, eliminating commercial activities, such as Point of Sale (PoS) operations, within customs formations and routine medical checks for officers and rewards for outstanding performance.

During the parade, the CAC presented awards to units and officers for their exceptional contributions. The Compliance Unit and Revenue Recovery Unit were commended for recovering over ₦2 billion and preventing losses of ₦3 billion, respectively, in the last three months.

Assistant Comptroller M. Samad was recognised for identifying cases of undervaluation, while Inspector Adamu Bashir received accolades as the best-dressed and most punctual officer.

The Apapa Port Command also announced plans to host an award night to celebrate officers and stakeholders who contributed to its achievements in 2024. Looking ahead, Olomu reaffirmed the command’s commitment to achieving its revenue target while upholding its enforcement mandate.

The Apapa Port Command’s performance reinforces its critical role in the NCS’s operations, as it continues to drive revenue generation and combat smuggling activities.

CBN Warns Against Fraudulent Foreign Currency Transfer Claims

Bond Market Reacts To Spot Rate Hike With Repriced Yields

The secondary market for FGN bonds remained relatively subdued, with the average yield settling at 19.44%. As inflation continues to rise, the real return on Nigerian bond investments has worsened, now reflecting a negative return of approximately 7%.

This sharp decline in real returns has left bond portfolios vulnerable to the combined effects of soaring inflation and naira volatility.

In October, inflation surged to 33.88%, surpassing analysts’ expectations, following a hike in the monetary policy benchmark interest rate to 27.25%. This left the negative real return gap at 6.63 percentage points.

At the latest bond auction, authorities eased their usual stringent stance on spot rates, prompting notable reactions across the market. On Tuesday, fixed-income traders highlighted sell-side activity focused on April 2029 and February 2031 bonds.

The average yield across the benchmark curve increased slightly at the short end (+1 basis point) due to profit-taking on the MAR-2025 bond (+3 basis points), while yields at the mid and long segments remained stable.

Market sentiment leaned bearish as investors digested the FGN bond auction results, according to AIICO Capital Limited.

At the November bond auction, the Debt Management Office raised spot rates by 25 and 26 basis points for selected instruments. Fixed-income analysts observed sustained interest in the 2050 and 2053 FGN bonds, which remained attractive at yields above 17.00%.

The market’s mild bearish tone reflected participants’ efforts to reprice yields higher at the short and mid-segments of the curve to align with the rate adjustments.

Following the auction, yields on the 2029 and 2031 FGN bonds climbed, settling at 20.80% and 21.80%, respectively, traders reported.

NGX Investors Gain ₦136 Billion As WAPCO, Unilever Lead Market Rally

Nigeria’s 2025 Budget Faces Dollar Devaluation Challenges, NES Warns

The Nigerian Economic Society (NES) has raised concerns over the proposed ₦47.9 trillion 2025 budget, highlighting its diminished value in dollar terms due to naira devaluation.

Despite being the largest in naira terms, the budget is the lowest in dollar purchasing power since 2018, according to the NES President, Adeola Adenikinju.

At the current exchange rate of ₦1,679/$1, the proposed budget equates to $27.96 billion, a significant drop from the 2024 budget’s $34 billion. Even at the benchmark rate of ₦1,400/$1 used to peg the budget, its $34.14 billion value is still below the 2022 budget’s $39.8 billion.

Adenikinju described the exchange rate assumption of ₦1,400/$1 as ambitious and inconsistent with prevailing fiscal and monetary realities. He projected an average exchange rate of ₦1,850/$1 in 2025, aligning with forecasts from global financial institutions.

Oil Benchmarks and Risks

The NES has recommended revising the oil price benchmark from $75 to $70 per barrel to cushion potential market shocks. The group noted that ongoing geopolitical tensions, increasing U.S. oil production, and the energy transition could push oil prices as low as $40 per barrel by 2025.

The budget’s oil production target of 2.06 million barrels per day is feasible, NES stated, but achieving this will require intensified efforts to combat oil theft and pipeline vandalism.

Budget Deficit Concerns

The proposed budget deficit of ₦13.8 trillion, representing 3.87% of GDP, exceeds the 3% ceiling set by the Fiscal Responsibility Act of 2007. NES emphasised the need for the National Assembly to review previous budgets to establish a realistic deficit target. Current trends suggest the deficit could surpass projections, as seen in 2024, where the deficit had already reached 7.5% of GDP by August.

Addressing Core Socioeconomic Challenges

The NES called for a more effective budgetary framework to address Nigeria’s pressing macroeconomic issues, including inflation, naira volatility, insecurity, and inadequate infrastructure. It noted that the allocation of ₦7.72 trillion to capital expenditure—just 16% of total spending—is far below the 50% recommended for developing nations.

“Low capital investment limits the growth of domestic infrastructure, employment, and poverty reduction efforts,” Adenikinju warned, urging the government to prioritise policies that foster economic stability, job creation, and foreign direct investment.

Way Forward

As global economic uncertainties loom, the NES has stressed the importance of aligning fiscal policy with Nigeria’s macroeconomic realities. A robust budgetary approach, the group stated, could bolster capital accumulation, attract forex inflows, and empower key sectors like agriculture, driving inclusive growth and development in 2025.

CBN Warns Against Fraudulent Foreign Currency Transfer Claims

CBN Warns Against Fraudulent Foreign Currency Transfer Claims

Olayemi Cardoso,

The Central Bank of Nigeria (CBN) has issued a stern caution to the public regarding fraudulent SWIFT messages and false allegations of foreign currency transfers purportedly withheld by Nigerian banks or the apex bank itself.

In a statement signed by Hakama Sidi Ali, the acting director of corporate communications, the CBN highlighted a rise in petitions from individuals, law firms, government agencies, and private entities claiming that foreign currency funds sent to their accounts remain uncredited.

These claims are often accompanied by forged documents, including SWIFT MT103 and acknowledgment (ACK) copies, which the CBN has described as unverifiable and unreliable.

“The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible,” the statement read. The bank clarified that these documents cannot be traced on the SWIFT platform, urging Nigerians to exercise caution.

The CBN also clarified its role, stating that it neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private businesses. “Consequently, the claim that alleged inflows are trapped within the CBN is both spurious and deceitful,” Ali noted.

To address issues of non-receipt of funds, the apex bank advised that the sending bank initiate a formal tracer process to resolve such matters, rather than escalating them to the CBN or law enforcement agencies.

The bank further warned that individuals or organisations found making baseless claims would face legal consequences, as it is prepared to involve law enforcement agencies to investigate and prosecute offenders.

This development underscores the CBN’s commitment to safeguarding Nigeria’s financial system against fraudulent activities and ensuring public confidence in its operations.

ICPC Tracks ₦610 Billion Across 1,500 Government Projects Nationwide

ICPC Tracks ₦610 Billion Across 1,500 Government Projects Nationwide

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) begins compliance tracking for 1,500 government projects worth ₦610 billion to ensure proper implementation and adherence to contract specifications. This initiative, part of Phase 7 of the “Constituency and Executive Project Tracking Exercise,” focuses on transparency and accountability in government spending.

Key Focus Areas

The ICPC, in a statement on November 19, 2024, highlights that the tracking covers critical sectors, including education, health, agriculture, water resources, and power. This phase operates across 22 states within the six geopolitical zones and targets projects supervised by federal agencies such as:

  • North-East Development Commission (NEDC)
  • Niger Delta Development Commission (NDDC)
  • Universal Basic Education Commission (UBEC)
  • Rural Electrification Agency (REA)
  • Tertiary Education Trust Fund (TETFUND)
  • National Primary Health Care Development Authority (NPHCDA)
  • Ecological Fund Office

The Commission emphasizes that the initiative ensures due process and maximizes value for money. “The objective is to deepen compliance with contract terms, improve transparency, and guarantee project benefits for local communities,” the ICPC states.

Previous Tracking Success

In Phase 6, the ICPC monitored 1,900 projects worth ₦500 billion across 24 states. These efforts covered 1,355 contractors and 176 Ministries, Departments, and Agencies (MDAs), resulting in improved oversight and accountability in government-funded projects.

The ICPC’s tracking efforts align with its legal mandate, recently reaffirmed by the Supreme Court. A landmark ruling confirms the ICPC’s authority to investigate and prosecute financial crimes across Nigeria.

Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, reports that between January 2 and August 2, 2024, the ICPC filed 54 cases and secured 11 convictions, while the Economic and Financial Crimes Commission (EFCC) recorded 2,387 convictions within the same period.

The ICPC reiterates its commitment to ensuring public funds are effectively utilized, promoting transparency, and combating corruption across all levels of governance.

Police Exit From Contributory Pension Scheme Poses Risk To Nigeria’s Financial Stability – PenOp

Police Exit From Contributory Pension Scheme Poses Risk To Nigeria’s Financial Stability – PenOp

The Pension Fund Operators Association of Nigeria (PenOp) raises concerns over the Nigeria Police Force’s (NPF) proposal to leave the Contributory Pension Scheme (CPS) for the Defined Benefits Scheme (DBS).

Speaking during a public hearing on a bill to establish a police pension board in Abuja, the Chief Executive Officer of PenOp, Oguche Agudah, warns that such a move could destabilize the financial system and diminish pension assets.

Financial Strain of DBS

Agudah explains that transitioning to DBS, which relies on government allocations, will create significant financial challenges. Funding pensions for about 400,000 police personnel under DBS requires ₦3.5 trillion annually, a burden that is unsustainable given Nigeria’s current budget deficits.

“This shift will divert funds from critical sectors such as public services and wage adjustments, worsening fiscal constraints,” Agudah states.

CPS as a Pillar of Economic Growth

He highlights that the CPS operates on a pre-funded model, where employees and employers contribute at least 18% of the employee’s salary. This ensures that pension funds are invested in areas like infrastructure and bonds, driving economic development.

With over ₦21 trillion in assets, the CPS plays a crucial role in stabilizing the economy and guaranteeing timely pension payments. Agudah emphasizes that retaining the police within the CPS will maintain long-term equity and sustainability.

Risks to Pension Reforms

Agudah warns that allowing the police to exit the CPS could set a precedent for other public sector groups to demand similar transitions, potentially fragmenting the pension system and reversing reforms.

“The real issue facing the police is welfare. If salaries are low, pensions will naturally be low. The focus should be on improving salary structures rather than dismantling the CPS,” he advises.

Senate’s Review of the Bill

The Senate is currently considering a bill to establish a police pension board aimed at addressing post-retirement challenges for police personnel.

Senator Binos Yaroe, who sponsors the bill, notes that retired police officers receive insufficient pensions, with Commissioners of Police earning ₦70,000 and Assistant Superintendents receiving ₦40,000 to ₦50,000 monthly.

Yaroe also points out that other security agencies, such as the military and intelligence services, have exited the CPS, leaving the police as the only major security organization still under the scheme.

While the bill seeks to address these challenges, PenOp insists on strengthening the existing CPS framework as a more sustainable and effective solution for ensuring financial stability and equitable pensions for all retirees.

Sokoto Reports 25 Deaths, Treats 1,160 Cholera Cases Across 18 Local Governments

Sokoto Reports 25 Deaths, Treats 1,160 Cholera Cases Across 18 Local Governments

Cholera Kills 80 People In Nigeria, WHO Says Shortage Of Vaccine Lingers

The Sokoto State Ministry of Health confirms it has treated 1,160 cases of gastroenteritis, commonly referred to as cholera, and recorded 25 deaths since January 2024. The outbreak affects 18 local government areas in the state.

Dr. Abdulganiyu Yusuf, Director of Public Health, states that 23 deaths occurred at home, with only two recorded in health facilities. He emphasizes the ministry’s swift response, supported by drugs and consumables provided by the state government.

Current Situation and Management

Dr. Yusuf explains that patients are receiving treatment at hospitals and primary healthcare centers equipped with the necessary supplies. He adds that the outbreak peaked during the rainy season but has now subsided, with 15 active cases currently under management in Sokoto North (7), Silame (6), and Kware (2) local government areas. Laboratory tests confirm these as cholera cases.

Government Interventions

The State Health Commissioner, Hajiya Asabe Balarabe, describes the state’s response as prompt and effective. She confirms the distribution of medications and supplies to all 18 local government areas to control the spread of the disease.

She assures the public that the government is monitoring the situation closely while urging residents to report suspected cases promptly to prevent further escalation.

Concerns Over Response Gaps

Despite government efforts, health workers and residents raise concerns about the lack of isolation centers and designated response teams. A health official, speaking anonymously, reveals that patients are being treated without centralized isolation protocols, heightening fears of further transmission.

Local residents, including Malam Musa Muhammad and Bello Isiyaku, criticize the absence of proper containment measures. They warn that treating cholera patients alongside others could exacerbate the situation.

Reports from affected areas indicate that cholera cases are handled like routine illnesses, with no visible signs of response teams or specialized facilities, leading to increased public anxiety.

Calls for Enhanced Measures

Residents are urging the government to address these shortcomings by establishing dedicated isolation centers and strengthening containment efforts. They emphasize the need for transparency and decisive action to prevent additional casualties and further control the outbreak.

Cooking Gas Prices Rise To N6,915 For 5kg On October, Highest In North-East – NBS

Cooking Gas Prices Rise To N6,915 For 5kg On October, Highest In North-East – NBS

The average price of a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly called cooking gas, increases to N6,915.69 in October 2024, reflecting a 3.32% rise from N6,699.63 recorded in September, according to the National Bureau of Statistics (NBS).

Year-on-year, cooking gas prices jump by 51.58%, climbing from N4,562.51 in October 2023 to N6,915.69 in October 2024.

North-East Leads in Cooking Gas Costs

The North-East records the highest average price for cooking gas, with residents paying N7,319.03 for a 5kg cylinder. In contrast, the North-West posts the lowest regional average at N6,703.95, which is below the national average.

State-by-State Breakdown

Borno emerges as the state with the highest price for refilling a 5kg cylinder at N7,939.29, followed by Yobe at N7,580.00 and Benue at N7,578.00. Katsina reports the lowest average price at N6,270.00, followed by Zamfara at N6,410.71 and Delta at N6,427.78.

12.5kg Cooking Gas Prices

The average price for refilling a 12.5kg cylinder of LPG rises by 2.58% month-on-month, increasing from N16,313.43 in September 2024 to N16,734.55 in October 2024. Year-on-year, the price soars by 58.68%, from N10,545.87 in October 2023.

Rivers State records the highest average price for a 12.5kg cylinder at N17,895.00, followed by Osun at N17,739.06 and Benue at N17,731.25. Katsina reports the lowest price at N14,725.00, followed by Nasarawa at N15,390.55 and Adamawa at N15,474.21.

Regional Comparison

The South-South region reports the highest average price for refilling a 12.5kg cylinder at N17,114.67, followed by the South-East at N16,906.19. The North-Central region records the lowest average price at N16,411.19.

Impact of Rising Prices

The continuous increase in cooking gas prices places additional pressure on households already struggling with inflationary costs in food and transportation. Over the past year, these persistent hikes risk forcing low-income families to switch to firewood or other harmful alternatives.

This trend could undermine efforts to transition households from polluting fuels to cleaner energy sources, posing challenges to achieving environmental and public health goals.

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Defence Headquarters Reports Troop Ambush In Borno, Over 30 Terrorists Neutralised

The Defence Headquarters has confirmed that Boko Haram/ISWAP terrorists ambushed troops conducting stabilisation operations in Gubio Local Government Area (LGA) of Borno State. The encounter led to a fierce gun battle resulting in significant casualties on both sides.

Major General Edward Buba, Director of Defence Media Operations, disclosed that five soldiers lost their lives, 10 sustained injuries, and four others remain unaccounted for. However, over 30 terrorists were neutralised, with many fleeing with gunshot wounds.

Recovered weapons and destroyed equipment highlighted the aftermath of the encounter. “The attack resulted in the destruction of one gun truck, three TCVs, and an excavator,” said Major General Buba. Reinforcement teams, supported by air components, have since been deployed to pursue the fleeing insurgents.

Sources revealed that the ambush was part of a series of attacks aimed at overrunning a special military force stationed in Kareto, a community in Gubio LGA. The terrorists launched their first assault on 16 August at 6:00 a.m., killing 18 soldiers and wounding several others. However, the troops retaliated, eliminating six insurgents during the initial clash.

A second attack on Tuesday claimed the lives of five soldiers, but over 30 terrorists were eliminated during subsequent engagements. No further casualties were reported on the military side.

The special forces had recently been deployed to Kareto to facilitate the safe return of displaced villagers and were constructing defensive trenches when the insurgents struck.

The Defence Headquarters assured the public of its commitment to addressing security threats in the region, with ongoing reinforcements to counter terrorist activities.

Nigerian Treasury Bills Yield Moderates As DMO Prepares Primary Market Auction

Nigerian Treasury Bills Yield Moderates As DMO Prepares Primary Market Auction

The average yield on Nigerian Treasury bills dipped slightly due to buy-side activity in the secondary market. The mixed trading sentiment came as the Debt Management Office (DMO) geared up to conduct a primary market auction on behalf of the monetary authority, offering approximately ₦610 billion in 91-day, 182-day, and 364-day maturities.

Market insiders observed subdued activity in the Treasury bills secondary market, with investors adopting a cautious stance ahead of the midweek auction. Transactions were driven largely by sellers seeking to boost liquidity, with significant trading focused on long-term notes. Notably, the November 2025 bills were traded at approximately 22.30%.

The average benchmark yield for Treasury bills declined slightly across the curve, with reductions of 1 basis point (bp) in the short segment, 2 bps in the mid, and 2 bps in the long segment. Analysts linked the yield contraction to sustained demand for short-term bills nearing maturity, particularly the 79-day (-2bps), 170-day (-2bps), and 338-day (-2bps) notes.

Overall, the average benchmark yield settled at 24.29%. However, the OMO (Open Market Operation) bills segment saw a contrasting trend, with the average yield climbing by 79 bps to close at 27.1%.

Analysts expect a calm trading session ahead of the Treasury bills auction as market participants await fresh signals from the primary market.

Dollar-to-Naira Exchange Rate For 20th November 2024

Dollar-to-Naira Exchange Rate For 20th November 2024

Dollar To Naira Exchange Rate For 8th 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 1740.00 pe $1 on Wednesday, November 20, 2024.  Naira traded as high as 1675.00 to the dollar at the investors and exporters (I&E) window on Tuesday.

How much is a dollar to a 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 N1738 and sell at N1740 on Tuesday, November 19, 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 RateN1738
Selling RateN1740

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1674
Selling RateN1675

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

Naira Rises Against US Dollar As Forex Trade Volume Slows

Best 5 Apps To Convert Gift Cards To Naira

Beyond cryptocurrencies and stablecoins, gift cards are emerging as a popular payment method in Nigeria and Africa. This trend is gaining momentum, making gift cards an essential component of the region’s digital payment evolution. Many platforms now offer the option to exchange gift cards for local currencies, including Naira.

In Nigeria, this development is mirrored by the rise of apps dedicated to gift card trading. Before diving into the top platforms, let’s explore what gift cards are and their role in facilitating transactions.

What Are Gift Cards?

According to Investopedia, a gift card (or stored value card) is a payment method that can be used to make purchases at specific retailers, gas stations, restaurants, or other designated locations. Funds are preloaded onto the card, which the recipient can then spend at supported outlets.

Gift cards can be either physical or digital. In Nigeria, international gift cards are particularly popular, as they are often issued by major global brands and can be used both locally and abroad. Some of the most common gift cards in Nigeria include:

  • Apple/iTunes
  • Google Play
  • Amazon
  • Sephora
  • American Express
  • Other notable mentions are Steam, Razer Gold, eBay, Walmart, and Nike gift cards.

Gift cards in Nigeria are often treated as a store of value, similar to crypto stablecoins. There are two primary types of gift card trading platforms: peer-to-peer (P2P) and exchange platforms.

Best 5 Apps for Converting Gift Cards to Naira

GiftCardstoNaira

    GiftCardstoNaira is one of the leading platforms for converting gift cards to Naira or Cedis instantly. Established in 2017, the app has built a strong reputation with over 300,000 users and a 4.5-star rating on the Google Play Store. Supported gift cards include:

    • Steam
    • Google Play
    • Apple/iTunes
    • Sephora
    • Amazon

    Prestmit

    Prestmit provides an intuitive platform for trading gift cards and converting them to Naira or Cedis. In addition to its gift card services, Prestmit supports cryptocurrency trading, offering users a comprehensive financial solution. The platform’s website is also an excellent resource for gift card trading tips in Nigeria.

    Cardtonic

    Cardtonic is another highly-rated app for trading gift cards in Nigeria. It specializes in exchanging unwanted gift cards—such as Amazon, Google Play, and iTunes—for Naira within minutes. The app has over 13,916 reviews and is rated 4.1 on the Google Play Store.

    Local Traders

    Local Traders operates as a peer-to-peer (P2P) gift card trading platform. It connects buyers and sellers directly, charging zero fees. Although primarily a P2P crypto platform with over 750 payment options (including Nigerian banks), it includes a dedicated gift card trading feature.

    Apexpay

    Apexpay offers a seamless solution for converting gift cards to Naira or Cedis through swift bank transfers. Operating efficiently in Nigeria and Ghana, the app aims to expand its services further.

    Key Takeaways

    In Nigeria, gift cards are not just a payment option but also a store of value akin to stablecoins. Due to the Naira-to-Dollar disparity, they are increasingly treated as a form of currency.

    Popular gift cards in the Nigerian market include Amazon, Apple, and iTunes, reflecting the growing importance of this alternative payment method. For quick and reliable gift card-to-Naira conversion, consider the apps mentioned above, each offering unique features tailored to users in Nigeria and beyond.

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    NGX Investors Gain ₦136 Billion As WAPCO, Unilever Lead Market Rally

    Stock Exchange Closes Trading Week With N30bn Gain

    Equities investors on the Nigerian Exchange (NGX) experienced gains exceeding ₦136 billion on Tuesday, driven by strong performances across key sector indices.

    The NGX maintained its upward trajectory as the All-Share Index (ASI) rose by 225.06 points, closing at 97,972.33, marking a 0.23% increase.

    Despite challenges posed by rising inflation and higher interest rates, investors showed significant interest in medium- and large-cap stocks, particularly in major market sectors.

    However, market activity presented mixed results. While total trading volume dropped by 19.21%, the total value of transactions rose by 20.33%. Data from Atlass Portfolios Limited revealed that 333.95 million shares worth ₦6.42 billion were traded in 9,187 deals.

    Top Stocks by Volume and Value

    ACCESSCORP dominated trading by volume, contributing 11.36% of the total shares traded. Other high-volume stocks included JAPAULGOLD (7.95%), CHAMS (7.10%), CONHALLPLC (4.92%), and UBA (4.84%). In value terms, ACCESSCORP also led, accounting for 14.18% of total trade value.

    Advancers and Decliners

    WAPCO and Unilever emerged as the top gainers, each appreciating by 10.00%. Other significant advancers included SCOA (+9.94%), EUNISELL (+9.94%), JOHNHOLT (+9.89%), TANTALIZER (+9.76%), and JAPAULGOLD (+9.30%).

    On the losing side, 24 stocks recorded declines. PZ topped the list of losers with a -9.82% drop, followed by BERGER (-7.71%), HONYFLOUR (-4.85%), CONHALLPLC (-4.50%), NAHCO (-2.95%), and TRANSCORP (-1.71%).

    Sector Performance

    All five sector indices closed positively, led by the Insurance Index (+1.90%). Other gainers included Industrial Products (+0.55%), Oil and Gas (+0.35%), Consumer Goods (+0.25%), and Banking (+0.25%).

    Market Capitalization

    The overall market capitalization increased by ₦136.38 billion, reaching a new high of ₦59.37 trillion, reflecting continued investor confidence in the market despite economic headwinds.

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