Wednesday, November 27, 2024
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Naira Value Volatility Rattles CBN, Pulls New FX Permutation

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

The inability of the Nigerian naira to recover versus the US dollar alarmed the Central Bank of Nigeria (CBN) and prompted a new, untested approach, which a number of observers have praised as a move in the right direction.

The naira started the week on a sour note, losing almost 6% in the forex market as rising demand continues to outpace FX balance on the supply side.

Analysts reiterated in a series of discussions that the US dollar shortage remained the primary driver of currency rate volatility in the foreign exchange markets.

Market observers said the FX space was heated up in the just concluded week due to increased demand for foreign currency, while the supply side remains downbeat without clear-cut expectation of CBN intervention.

“The naira has to be protected; forget about price recovery without significant FX inflows that could reduce the excessive dryness in the currency markets.”.

The naira saw increased volatility at the Nigerian autonomous FX window, depreciating by 5.87% to ₦1,631.21, despite a $53 million intervention by the CBN.

“The Apex Bank FX interventions have not only been limited to having significant influence on exchange rate direction; they have also been intermittent with reduced efficiency for the purpose for which they are expected to be applied,” LSintelligence Associates said.

The naira has remained weak due to high demand for foreign currency to meet FX obligations and pay for imports by locals. Despite an increase in foreign reserves, exchange rates across FX markets have diminished how Nigerians feel about trading with the naira, the country’s sovereign emblem of authority.

Nigeria’s foreign exchange reserves increased by US$517 million week on week to USD38.58 billion, driven by consistent inflows.

Total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) fell 7.1% in September to USD2.17 billion, down from USD2.34 billion in August, according to the FMDQ platform data.

The decline was driven by a broad-based shortfall across local (which accounts for 84.1% of total transaction value) and foreign (which accounts for 15.9% of total transaction value) inflows, Cordros Capital Limited said in a commentary note.

The investment firm said inflows from local sources dipped by 6.0% in September to USD1.83 billion from USD1.94 billion in August. The slowdown was attributed to declines across the individual, non-bank corporate, and exporter segments, despite the more robust inflow from the CBN segment.

FX supply from individuals reduced by 53.1% in September, while contribution from non-bank corporates went down by 27.5%. Exporters’ flows dropped by 4.7% in the month, but there was a surge of 184.2% from the CBN segment.

Similarly, inflows from foreign sources declined by 12.4% to USD345.50 million in Sept. from USD394.50 million in August, partly due to weak investor confidence.

Over the short term, analysts said they expect FX liquidity conditions to remain weak, primarily due to limited intervention by the CBN. Analysts said this is likely to erode market confidence and intensify pressure on the naira.

“Whilst we note the improved liquidity from increased FPI inflows, we think the naira is likely to face continued pressure as FX demand remains elevated,” the firm said. In the forwards market, the FX rate for a one-month689.10, contract dipped by 0.3% to N1, 689.10 while a three-month forward contract fell by 0.7% to N1,770.68.

Currency traders said in a report that a six-month forward contract declined by 1.1% to N1,870.30 while a one-year contract depreciated by -2.1% to N2,095.43 per US dollar.

Dangote Refinery Receives 400,000 Barrels Of Crude Daily As Naira-for-Crude Deal Starts

NGX Equities Investors Make N107bn In Exchange Platform

Stock Exchange Closes Trading Week With N30bn Gain

Investors in equities won more than N107 billion on the Nigerian Exchange (NGX) trading platform as interest in banks and other sectors increased. Key performance indicators rose by 0.19% as demand for growth and value stocks increased, pushing year-to-date returns closer to the annual inflation rate.

The All-Share Index increased by 186.16 basis points in today’s trading session to close at 97,706.70 points, according to statistics from the local stock exchange. During trading hours, stockbrokers indicated considerable purchasing activity in FIDELITYBK, DANGSUGAR, UBA, and other stocks.

However, market activities were mixed, as the total volume traded inched higher by 308.08%, while the total value traded dropped by 1.00%. In its update, Atlass Portfolios Limited told investors that approximately 1,308.71 million units valued at ₦5,961.61 million were transacted across 10,424 deals.interest in

UBA was the most traded stock in terms of volume, accounting for 12.35% of the total volume of traded on the Nigerian Exchange. Other volume drivers include ACCESSCORP (7.57%), CAVERTON (7.01%), GTCO (5.20%), and ELLAHLAKES (4.75%).

In today’s trading session, UBA also emerged as the most traded stock in value terms, with 19.27% of the total value of trades on the exchange.

FIDELITYBK topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by ABCTRANS with (+9.76%) growth, LIVESTOCK (+9.76%), REGALINS (+8.70%), ELLAHLAKES (+8.44%), REDSTAREX (+7.37%), and twenty-two others.

Twenty-four (24) stocks depreciated, according to stockbrokers. SCOA was the top loser, with a price depreciation of -10.00%. Other decliners include BERGER (-9.95%), GUINEAINS (-8.33%), LINKASSURE (-7.07%), NGXGROUP (-2.56%), and ACCESSCORP (-2.25%).

At the close of the trading session, the market breadth closed positive, recording 28 gainers and 24 losers. The sectoral performance was also positive, as three of the five indexes ended on a positive note.

The banking sector grew by +0.81%, followed by the consumer goods sector, which gained +0.40%, while the oil & gas sector rose by +0.22%. On the flip side, the insurance and consumer goods sectors declined by 0.50% and 0.14%, respectively. Overall, the equities market capitalisation of the Nigerian Exchange gained ₦107.03 billion to ₦56.15 trillion.

2027: LP Welcomes Kwankwaso’s Offer To Be Obi’s Running Mate

DMO Opens 2 Savings Bonds For Subscription In October

FG To Issue Green Bond To Fund 2023 Budget

In October, the Debt Management Office (DMO) launched two Federal Government of Nigeria (FGN) bonds for subscription at N1,000 each. According to a DMO release, the initial offer is a two-year FGN savings bond due on October 16, 2026, with an annual interest rate of 17.084 percent.

According to the News Agency, the second offer is a three-year FGN savings bond maturing on October 16, 2027, with an annual interest rate of 18.084 percent.

The offers will open on October 7 and close on October 11, with a settlement date of October 16, and coupon payout dates of January 16, April 16, July 16, and October 16.

“They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly, while bullet repayment (principal sum) is on the maturity date,” DMO said.

The DMO also said that the savings bonds, like all other FGN securities were backed by the full faith and credit of the Federal Government.

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“They are listed on the Nigerian Exchange Limited, and qualify as liquid asset for liquidity ratio calculation for banks,’’ it said.

Dangote Refinery Receives 400,000 Barrels Of Crude Daily As Naira-for-Crude Deal Starts

Crude Oil Prices Reach $80 Mark Amid Middle East Tensions

On Monday, oil prices continued to rise, with Brent crude hitting $80 as concerns over a potential escalation of conflict in the Middle East fanned fears of delays to exports from this vital oil producing region.

Brent crude futures rose by $1.09, or 1.4%, to $79.14 a barrel earlier today, according to Reuters. Meanwhile, US West Texas Intermediate oil futures rose $1.15, or 1.55%, to $75.53, following a sudden surge of more than $2 earlier in the session.

This surge in oil prices comes after last week’s largest weekly increase since early 2023, highlighting market sensitivity to geopolitical tensions and their consequences for global oil supplies.

“Brent crude is back to challenge $80, with activity in the options market showing increased demand for hedging the risk of further gains amid worries about a minor or, in the worst case, major supply disruption from the Middle East,” head of commodity strategy at Saxo Bank, Ole Hansen said.

Brent crude rose over 8% last week, while West Texas Intermediate (WTI) surged 9.1%, amid concerns that Israel could target Iranian oil infrastructure in response to escalating regional tensions.

Rockets launched by Iran-backed Hezbollah struck Israel’s third-largest city, Haifa, early Monday morning. In response, Israel appears ready to escalate its ground incursions into southern Lebanon. This comes on the first anniversary of the Gaza war, which has intensified conflict across the Middle East and heightened regional tensions.

“We see a direct attack on Iran’s oil facilities as the least likely response among Israel’s options,” it said, noting the buffer provided by producer group OPEC’s 7 million barrels per day of spare capacity.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, known collectively as OPEC+, are set to begin increasing production in December. This decision comes after years of production cuts aimed at supporting prices amid weak global demand.

Analysts have indicated that OPEC+ possesses sufficient spare oil capacity to compensate for potential disruptions in Iranian supply resulting from Israeli actions. However, they warn that the group could face challenges if Iran retaliates by targeting oil installations in neighboring Gulf nations, which could lead to significant market instability.

“While nothing can touch the emotion that the conflict has brought to the oil community, it has been well and truly smothered by macroeconomic considerations that have thwarted any idea of an increase in global demand,” said John Evans of oil broker PVM.

Dangote Refinery Receives 400,000 Barrels Of Crude Daily As Naira-for-Crude Deal Starts

2024 Ballon d’Or: A New Era Dawns

Full List: 2023 Balloon d'Or 2023 Male Nominees

The anticipation is building as the 2024 Ballon d’Or awards ceremony approaches. This year’s event promises to be a historic one, as the longstanding dominance of Lionel Messi and Cristiano Ronaldo has come to an end.

With a new generation of football stars vying for the sport’s most prestigious individual accolade, the stage is set for a fresh chapter in the Ballon d’Or narrative.

2024 Ballon d’Or: When and Where is the Ceremony?

The 2024 Ballon d’Or will be awarded on Monday, October 28, 2024, at the renowned Théâtre du Châtelet in Paris. This year’s ceremony marks the 68th edition of the award, and it will be broadcast live at 19:00 GMT.

The Contenders for the Men’s 2024 Ballon d’Or

The race for the men’s Ballon d’Or is heating up, with several talented players vying for the top prize. Vinicius Junior of Real Madrid is currently the frontrunner, having played a pivotal role in his team’s success last season, including their Champions League victory.

Other notable contenders include Rodri of Manchester City, who was instrumental in his team’s Premier League triumph and Spain’s Euro 2024 victory, and Jude Bellingham of Real Madrid, who has impressed with his consistent performances in midfield.

The Women’s Ballon d’Or

In the women’s category, Aitana Bonmatí of Barcelona is the strong favorite to retain her title. The midfielder’s exceptional performances for both club and country have solidified her position as the leading contender.

The Kopa Trophy and Yashin Trophy

The Kopa Trophy, awarded to the best player under 21, is expected to be won by Lamine Yamal of Barcelona, who has showcased immense talent and contributed significantly to Spain’s success in the European Championship.

The Yashin Trophy for the best goalkeeper is a highly competitive category, with Emiliano Martínez of Aston Villa emerging as a strong contender. However, Gianluigi Donnarumma also remains a potential winner.

How to Watch the Ceremony

Football fans can watch the 2024 Ballon d’Or ceremony live on L’Équipe’s YouTube channel, which will stream the event free of charge

PalmPay Marks Five Years Of Innovation And Impact In Nigeria’s Fintech Space

PalmPay Marks 5th Anniversary, Launches USSD Service

Fintech Founders Must Strengthen Investor Confidence To Attract More Investment In Africa – PalmPay MD

PalmPay, a leading emerging markets-focused fintech, marked the 5th anniversary of its operations in Nigeria at a celebratory event held in Lagos. During the event, Palmpay highlighted key milestones in its journey and updates on its growth and impact in the country. As part of the celebrations, the company officially launched its highly anticipated USSD code, *861#.

Established in 2019, PalmPay has been instrumental in transforming how Nigerians make payments, supporting the country’s transition towards a cashless economy. Over the last five years, PalmPay has addressed Nigeria’s unique financial needs with a broad range of products, including money transfers, bill payments, credit, savings and insurance, accessible through its mobile app and an extensive network of mobile money agents. The company also supports businesses with services such as the PalmPay Business app, POS devices, APIs and merchant portal.

These efforts have contributed to Nigeria’s push towards greater financial inclusion, which has reached a rate of 74% as of this year. With over 35 million users and a network of 1.2 million agents and merchants that extends across Nigeria, PalmPay has established itself as a major player in the nation’s financial services sector.

“We’ve built a platform that 35 million users trust, and with our growing network of agents and merchants, PalmPay is playing a key role in digitising Nigeria’s economy”, said Chika Nwosu, Managing Director of PalmPay, Nigeria. “Looking ahead, our strategy is clear—continue to lead with secure, reliable solutions while fostering partnerships that empower more people and businesses to reach their financial goals.”

At the core of PalmPay’s approach is making financial services more accessible in a market where traditional banking options have left many underserved. The new *861# USSD code allows customers to access PalmPay services without the internet, offering greater accessibility for users who run out of data or are in areas with low network coverage.

The company also emphasized its commitment to security at a time when financial fraud is increasing globally. PalmPay has implemented security measures such as facial recognition, biometric login, and AI-driven transaction monitoring to ensure secure payments. Every account is verified through NIN or BVN, and customers who lose their phones can now freeze their accounts via the newly launched USSD service.

Over the past 5 years, PalmPay’s payment platform has been recognised for its speed and reliability, allowing the company to capture market share as demand for digital payments surged during the Covid-19 pandemic and the 2023 cash shortages. Today, the company processes up to 15 million transactions daily.

Another key growth driver has been its commitment to adding value to its customers’ payment experiences with unlimited free bank transfers, as well as exclusive discounts and cashback on everyday payments.

2024 Ballon d’Or: A New Era Dawns
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PalmPay Marks Five Years Of Innovation And Impact In Nigeria’s Fintech Space

PalmPay, a premier Africa-focused payment platform, proudly celebrates its fifth anniversary in the Nigerian market. Since its launch, PalmPay has achieved significant milestones in its mission to enable financial inclusion and strengthen Nigeria’s financial ecosystem.

Amidst the celebration, PalmPay extended gratitude to its extensive network of users and merchants, whose trust and dedication have propelled the company’s success. “Our growth over the past five years is a direct result of the hard work and commitment of our team and our partners,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “We remain committed to delivering seamless, secure, and innovative financial services that meet the needs of our customers.”

Since its entry into the Nigerian market, PalmPay has made remarkable strides in the fintech industry, driving financial inclusion through its accessible and reliable payment solutions. In the last quarter of 2023, Nigeria recorded a 74% financial inclusion rate, a significant improvement that PalmPay has played a vital role in supporting. The company’s contributions have not gone unnoticed, with accolades such as the Award of Excellence in Fintech by the National Information Technology Development Agency (NITDA), and being recognized by CNBC & Statista as one of the World’s Top 250 Fintech Companies 2024, among many other honours.

At the core of PalmPay’s operations is a mission to simplify financial services, making them faster, more secure, and more inclusive for all users. This focus has enabled the platform to grow its user base to over 35 million, a sharp increase from the 25 million users reported just last year. Additionally, PalmPay supports a network of 1 million mobile merchants and agents who have benefited from its robust ecosystem.

PalmPay’s relentless innovation has resulted in a diverse range of financial products on its platform, from money transfers and bill payments to credit services and savings. The platform continues to empower millions of Nigerians, enhancing the country’s digital financial landscape and fostering economic empowerment across Africa.

Looking ahead, PalmPay remains focused on deepening its impact on Africa’s digital economy. By leveraging its deep understanding of local financial technology needs and partnering with regulatory bodies, the company continues to enhance security measures, including live detection and AI-driven fraud monitoring.

“As we continue to innovate, PalmPay will remain at the forefront of fintech in Nigeria,” Nwosu added. “We will keep prioritizing user security, privacy, and financial literacy to ensure the best experience for our users.”

2027: LP Welcomes Kwankwaso’s Offer To Be Obi’s Running Mate

Dangote Refinery Receives 400,000 Barrels Of Crude Daily As Naira-for-Crude Deal Starts

According to Bloomberg, the Federal Government plans to send up to 400,000 barrels of Nigerian crude oil per day to the Dangote refinery under the naira-for-crude agreement.

It stated that this big development is projected to occur within the next two months, resulting in 24 million barrels of Nigerian supplies between October and November 2024.

This increase in processing capacity might have a significant impact on both refinery operations and the local oil sector, changing the region’s import and export markets.

This new development follows the Federal Government’s statement that the naira-for-crude deal had begun.

On Monday, the Nigerian National Petroleum Company Limited said that it will begin supplying crude oil in naira to the Dangote Petroleum Refinery this week, with three more refineries expected to start producing Premium Motor Spirit.

According to cargo allocations obtained by Bloomberg News, Dangote’s increasing reliance on domestic feedstock may destabilize the Atlantic oil market by significantly reducing Nigerian crude exports.

The 650,000-barrel-per-day plant, the largest in Africa or Europe, will receive 13 to 14 shipments from Nigeria’s usual monthly program of 50 cargoes.

The West African crude market is set to be “substantially tighter” in the fourth quarter because of the supply to Dangote, said Ronan Hodgson, a London-based analyst at FGE.

The volumes could even send Nigerian exports below 1 million barrels a day, he said. Some shipments over the next two months may not be delivered as planned, and October’s list includes two cargoes already delayed from September.

Still, the scheduled volume is significantly larger than the average 255,000 barrels a day of Nigerian oil taken in by Dangote over the first half of the year as it gradually ramped up processing, data compiled by Bloomberg show.

Dangote is already running at 60-70 per cent capacity and will reach its full rate within months, project management firm Engineers India Ltd. Chairman Vartika Shukla said last month.

The latest allocations also suggest that Dangote has continued to curtail its buying of US crude, according to traders.

Earlier this year, the refinery imported millions of barrels of WTI Midland, before re-selling some of the oil and scrapping plans to buy more.

Nigerian National Petroleum Co. reached an agreement with Dangote last month under which the country’s state-owned energy firm will supply crude in return for being the sole distributor of the refinery’s crucial gasoline production.

If Dangote’s ramp-up continues to advance in the coming months, Nigeria could start to realize its long-held goal of curbing costly oil product imports.

“If the refinery runs at higher rates, the West African market for gasoline and diesel imports will shrink extremely quickly,” FGE’s Hodgson said.

ITASPA’s Philip Costa Seeks Donation To Light Up Nigeria With Solar

EFInA’s Remarkable Achievement: Awarded For MSME Digital Financial Inclusion Programs And Policy Initiatives

Enhancing Financial Innovation & Access (EFInA), a member of the Financial Sector Deepening Network, was recently honoured by Nairametrics Financial Advocates and Economic Forum Media for its significant contribution to the MSME landscape in Nigeria. Its relentless efforts in promoting financial inclusion for priority segments such as MSMEs have been a beacon of hope and significantly transformed the MSME landscape. This recognition at the 2024 MSME Finance awards ceremony is a testament to its impactful work and inspires hope for a more inclusive financial future.

EFInA’s unwavering commitment to fostering an inclusive financial market is evident in its proactive approach to addressing the critical challenges excluded segments, including MSMEs, face with access to formal financial services. From providing credible market information on various pressing themes about the Nigerian financial services sector, including how to better serve the MSME market specifically, to organising Ideathons and Hackathons that lead to the development of innovative ideas and solutions that address barriers affecting access to finance, EFInA has, over the years, built a reputation in championing the development of an all-inclusive financial system.

Commenting on the well-deserved recognition for driving change in Nigeria’s MSME landscape, EFInA’s General Manager & Research Lead, Dr. Oluwatomi Eromosele, said, “Our research-led and evidence-based approach to addressing the most pressing financial exclusion issues across priority segments ensures that we can facilitate real impact towards achieving our vision. More importantly, as we look to the future and are guided by our Access to Financial Services in Nigeria (A2F) findings, one of our strategic priorities is to enable the creation of an environment that provides access to credit for all levels of businesses, from nano-sized enterprises in the informal sector to medium-sized companies that still face limited access to credit.

The A2F 2023 Survey showed that most of Nigeria’s non-formal (agricultural and non-agricultural) jobs are in nano- and microbusinesses. Most of these businesses lack access to working and growth capital and cannot achieve their full potential. Formalized access to finance will enable them to participate in the digital economy.

Shedding light on the hackathon initiatives that the organisation once championed, the Programme Manager at EFInA, Norah Igwe, stated: “Between 2020 and 2023, EFInA facilitated several ideaathons and hackathons to champion the development of innovative solutions that addressed some of the pertinent challenges MSMEs face, especially around accessing finance from formal financial services providers. Some of the winning Minimum Viable Products have been launched in the market and are gaining traction and doing well. An example is the ESUSU product developed by ESUSU Africa. Leveraging a data-driven algorithm, this digital app allows MSMEs to build their creditworthiness through regular savings patterns, after which credit can be availed. The platform enables a seamless repayment method driven by a daily thrift savings scheme.”.

Chinasa Collins-Ogbuo, Advocacy & Communications Lead at EFInA, receiving the award on behalf of the organisation, said: “We are truly delighted to have received this award, as it serves as a testament to the great work by the team that led those hackathons for innovative change in the MSME market. Moreso, it is a reminder of the work ahead of us to fulfill one of our strategic priorities to facilitate an enabling policy and financial market environment that will help the nano- to medium-scale enterprises thrive and unlock their potential.”.

EFInA continues to champion collaborative efforts with relevant actors to drive significant progress in financial inclusion through its research, advocacy, and systems-strengthening facilitation tools. Our commitment extends to deepening financial inclusion, supporting income generation, and overall economic well-being for the most excluded segments.

To understand Nigeria’s financial inclusion landscape, you can access the A2F 2023 survey findings at https://www.a2f.ng/.

  • 67% of adult Nigerians rely on owned businesses or farming as their main source of income, which are likely to be small or micro and nano-sized enterprises, respectively.
2027: LP Welcomes Kwankwaso’s Offer To Be Obi’s Running Mate

2027: LP Welcomes Kwankwaso’s Offer To Be Obi’s Running Mate

Senator Rabiu Kwankwaso, the New Nigeria People’s Party presidential candidate in the 2023 election, offered to be Peter Obi’s running mate in the 2027 presidential race, which the Labour Party accepted on Sunday.

In a recent viral tweet, Kwankwaso expressed his desire to serve as the previous Labour Party presidential flag bearer’s running mate, just two years after talks between the two parties failed.

According to The PUNCH, the LP and the NNPP discussed merging ahead of the 2023 general elections, but the failure of either Obi or Kwankwaso to yield leadership derailed the heightened move.

The former governor of Kano State, who spoke in Hausa, stated his preparedness via a circulating video on his official account granted “‘certain conditions are met.’

Kwankwaso, who acknowledged his rising political profile stated: “I’m bigger than Peter Obi politically; I’m his elder brother, I’m a PhD holder, I performed better than him when I was the governor of my state. I’ve no problem with deputising for Peter Obi, but only if certain conditions are met.”

He further expressed the possibility of engaging in meaningful discussions with Obi, noting: “We are willing to engage in discussions, provided that trust is established.”

In the last elections, Peter Obi of the Labour Party emerged third position, securing approximately 6,101,533 votes, while Kwankwaso garnered 1,496,687 votes to emerge a distant fourth position.

It should be recalled that Kwankwaso has been vocal in his criticism of the Bola Tinubu-led Nigerian government, faulting the government’s economic policies which has plunged Nigerians into hardship.

Reacting in an exclusive interview, the National Secretary of LP, Umar Farouk, told The PUNCH that the renewed move by Kwankwaso was a welcome development.

He also appealed to the former Kano governor not to kill the merger talk again with his insinuation of being a better politician and holding a higher education degree.

He said, “As a political party, we stand for good governance and we have equally given all our candidates, both former and serving ones, the opportunity to choose how to associate with people of like-minds who share the philosophy and ideology of the Labour Party.

“We are happy Kwankwaso has alighted from the high horse he was riding and willing to offer himself to Obi as deputy having seen he garnered more than six million votes at the 2023 election. With his so-called popularity in the North, Kwankwaso could only amass less than two million votes.

“Again, he should stop this talk of being a bigger politician and PhD holder. What did he even do as a minister of defence? This is why we advise politicians to always consider tne dynamics of politics to gauge the temperament of the electorate at a particular time.

“Of course, we know what played out in 2023 will be different from 2027. It will be in the interest of Nigerians if Obi and Kwankwaso are willing to come together and wrest power from the APC government. But again, we know the sitting government will not go to sleep and allow the renewed move to work.”

‘Tinubu will emerge victorious’

Meanwhile, despite criticisms of President Bola Tinubu’s reform policies by the opposition, a legislative Aide to the Deputy President of the Senate,Alhaji Ado Garba (Tati), however expressed optimism that he re-clinch the Presidential seat with a landslide victory in 2027.

According to Tati, while exchanging vrews with newsmen in Kano on Sunday, he is confident that the people of Kano would massively vote for President Tinubu and the APC in 2027.

“It is because of the goodwill of the Deputy President of the Senate,Barau Jibrin, which the people of the state have been enjoying.”

Such goodwil, he explained,include Senator Barau’s women and youths empowerment programmes, scholarship schemes, desilting of dams, provision of Federal and feeder Roads and irrigation schemes in the Kano North Senatorial Distric, which he represents in the National Assembly.

Other initiatives, he said, include the distribution of 60 trucks to farmers free, establishment of a Transport Service, with over 1000 buses and facilitating siting of the National Open University of Nigeria (NOUN) campus in Kano North Senatorial Zone.

“All these programmes have impacted positively on the lives of the people of Kano North in particular,and the people of Kano State in general.”

Similarly,Tati stated that,Senator Barau’s populist programmes have been attracting more membership for the APC in the state, with the Deputy President of the Senate receiving thousands of NNPP supporters into the APC fold.

So far, he said Barau had received thousands of NNPP supporters, who defected to the APC “notwithstanding the fact that Kano State Government is an NNPP controlled state, and we are still counting.”

“Following Senator Barau’s initiatives and development programs coupled with President Tinubu’s realistic and patriotic reform policies will induce the people of the state to vote for President Tinubu en masse in 2024, Tati added.

The Punch Newspaper

Week 15 Pool Results For Sat 12 Oct 2024 2024 – UK 2024/2025

ITASPA’s Philip Costa Seeks Donation To Light Up Nigeria With Solar

Philip Costa, an environmental advocate and founder of the Incorporated Trustees of Advocates of Solar Panels Association (ITASPA), is making significant strides in bringing renewable energy to Nigeria and, eventually, the broader African continent.

With ITASPA, which he founded, Costa has been working tirelessly behind the scenes to improve the lives of countless individuals in Nigeria through solar energy.

In recent years, ITASPA has engaged in grassroots efforts, seeking donations and partnerships to fund solar projects aimed at providing sustainable energy solutions to underserved communities.

With a focus on improving access to electricity, Costa and his team at ITASPA are seeking to implement various programmes that supply solar panels to locals, helping them to alleviate energy poverty and promote cleaner living.

“Our goal is to ensure that everyone, regardless of their economic background, has access to reliable and sustainable energy,” Costa stated. “We believe that solar energy can transform lives and communities across Africa.”

ITASPA’s consistent dedication to its mission has garnered attention and support from local and international donors, allowing the organization to expand its reach.

The impact is already evident in several Nigerian communities, where solar installations have led to enhanced education opportunities, improved healthcare access, and greater economic productivity.

As Costa and ITASPA continue their mission in Nigeria, they aim to replicate their model throughout Africa, advocating for policy changes and increased investment in renewable energy.

With a vision of a brighter, more sustainable future, Costa is determined to light up the continent—one solar panel at a time.

Week 14 Pool Results For Sat 5 Oct 2024 – UK 2024/2025

Week 15 Pool Results For Sat 12 Oct 2024 2024 – UK 2024/2025

Week 15 Pool Fixtures for Sat 15 Oct 2022 – UK 2022/2023

Week 15 pool results 2024: Football pools results, live football pool result today, pool result today saturday matches, pool results for this week, british and aussie pool results, football pools results and fixtures, pools panel results today, pool panel results and live score pool result today. We publish half-time results first of its kind.

Week 15 Pool Results 2024: Football pool results for this week are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pool panel at halftime as decided by the football pool.

WEEK: 15; SEASON: UK 2024/2025; DATE: 12-October-2024
№Football Pools ResultsHTFTStatus
1CrawleyShrewsbury-:--:-Saturday
2PeterboroRotherham-:--:-Saturday
3StockportWycombeVoidPPPanel
4BarrowMorecambe-:--:-Saturday
5CheltenhamSwindon-:--:-Saturday
6ChesterfieldNotts Co.-:--:-EKO
7DoncasterCrewe-:--:-Saturday
8GillinghamAccrington-:--:-Saturday
9HarrogateNewport Co.-:--:-Saturday
10Milton K.D.Port Vale-:--:-Saturday
11Salford C.Grimsby-:--:-Saturday
12TranmereBradford C.-:--:-Saturday
13WalsallBromleyVoidPPPanel
14PartickFalkirk-:--:-Saturday
15Edinburgh C.Spartans FC-:--:-EKO
16USAPanama-:--:-Sunday
17AirdrieEast Kilbride-:--:-EKO
18Ayr Utd.Peterhead-:--:-EKO
19DunfermlineK. Hearts-:--:-EKO
20LivingstonInverness-:--:-EKO
21Burgos CFMirandes-:--:-Sunday
22CadizMalaga-:--:-LKO
23CartagenaRacing Ferrol-:--:-Saturday
24EibarEldense-:--:-LKO
25ElcheDeportivo LC-:--:-Sunday
26GranadaCordoba-:--:-Sunday
27HuescaAlbacete-:--:-Sunday
28R. OviedoAlmeria-:--:-Sunday
29SantanderLevante-:--:-Sunday
30CrusadersLinfield-:--:-Saturday
31GlenavonBallymena U.-:--:-Saturday
32GlentoranDungannon S.-:--:-Saturday
33PortadownLoughgall-:--:-LKO
34CroatiaScotland-:--:-LKO
35PolandPortugal-:--:-LKO
36SerbiaSwitzerland-:--:-LKO
37SpainDenmark-:--:-LKO
38AustriaNorway-:--:-Sunday
39FinlandEngland-:--:-Sunday
40GreeceRep. Ireland-:--:-Sunday
41KazakhstanSlovenia-:--:-Sunday
42ArmeniaMacedonia-:--:-Sunday
43BelarusN. Ireland-:--:-LKO
44BulgariaLuxembourg-:--:-LKO
45CyprusRomania-:--:-LKO
46F. IslandsLatvia-:--:-Sunday
47LithuaniaKosovo-:--:-EKO
48LiechtensteinGibraltar-:--:-Sunday
49MaltaMoldova-:--:-Sunday
Week 14 Pool Results For Sat 28 Sep 2024 – UK 2024/2025

Week 14 Pool Results For Sat 5 Oct 2024 – UK 2024/2025

Week 14 Pool Fixtures for Sat 8 Oct 2022 – UK 2022/2023

Week 14 pool results: football pool results, live football pool result today, pool result today Saturday matches, pool results for this week, British and Aussie pool results, football pool results and fixtures, pool panel results today, pool panel results, and live score pool result today. We publish half-time results first of its kind.

Week 14 Pool Results: Football pool results for this week are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pool panel at halftime as decided by the football pool.

WEEK: 14; SEASON: UK 2024/2025; DATE: 05-October-2024
№Football Pools ResultsHTFTStatus
1ArsenalSouthampton0-:-03-:-1Home
2Aston V.Man Utd.0-:-00-:-0noSCDraw
3BrentfordWolves4-:-25-:-3Home
4BrightonTottenham0-:-23-:-2Home
5ChelseaNott’m For.0-:-01-:-1ScoreDraw
6Crystal P.Liverpool0-:-10-:-1Away
7EvertonNewcastle0-:-00-:-0noSCDraw
8LeicesterBournemouth1-:-01-:-0Home
9Man CityFulham1-:-13-:-2Home
10West HamIpswich2-:-14-:-1Home
11Bristol C.Cardiff0-:-01-:-1ScoreDraw
12BurnleyPreston0-:-00-:-0noSCDraw
13CoventrySheff Wed.1-:-11-:-2Away
14DerbyQ.P.R.0-:-02-:-0Home
15NorwichHull2-:-04-:-0Home
16PlymouthBlackburn1-:-02-:-1Home
17PortsmouthOxford Utd.0-:-01-:-1ScoreDraw
18Sheff Utd.Luton1-:-02-:-0Home
19SwanseaStoke0-:-00-:-0noSCDraw
20WatfordMiddlesbro0-:-02-:-1Home
21West BromMillwall0-:-00-:-0noSCDraw
22BoltonShrewsbury0-:-22-:-2ScoreDraw
23Burton A.Bristol R.1-:-01-:-3Away
24CharltonBirmingham0-:-01-:-0Home
25ExeterCambridge U.1-:-01-:-0Home
26HuddersfieldBarnsley0-:-02-:-0Home
27LincolnLeyton O.0-:-02-:-1Home
28MansfieldBlackpool2-:-02-:-0Home
29PeterboroStevenage1-:-02-:-1Home
30RotherhamReading0-:-12-:-1Home
31StockportWigan0-:-00-:-0noSCDraw
32WrexhamNorthampton2-:-14-:-1Home
33WycombeCrawley1-:-01-:-0Home
34AccringtonMorecambe2-:-02-:-1Home
35BarrowCheltenham0-:-12-:-1Home
36ChesterfieldWalsall1-:-12-:-2ScoreDraw
37ColchesterCarlisle0-:-00-:-0noSCDraw
38CreweGillingham1-:-02-:-0Home
39FleetwoodBromley0-:-00-:-0noSCDraw
40GrimsbyDoncaster0-:-30-:-3Away
41Milton K.D.Tranmere1-:-01-:-1ScoreDraw
42Notts Co.Port Vale0-:-10-:-1Away
43Salford C.A.Wimbledon0-:-01-:-0Home
44AberdeenHearts1-:-13-:-2Home
45DundeeKilmarnock1-:-02-:-3Away
46HibernianMotherwell0-:-01-:-2Away
47RangersSt J’Stone1-:-02-:-0Home
48Ross CountyCeltic1-:-01-:-2Away
49St MirrenDundee Utd.0-:-00-:-1Away
Week 13 Pool Result For Sat 28 Sep 2024 – UK 2024/2025

Dollar-to-Naira Exchange Rate For 7th October 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 1680.00 per $1 on Monday, October 7, 2024. Naira traded as high as 1657.00 to the dollar at the investors and exporters (I&E) window on Tuesday.

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 N1675 and sell at N1680 on Sunday 6th October 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 RateN1675
Selling RateN1680

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1656
Selling RateN1657

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

‘Price Of Beef May Hit ₦10, 000 Per Kg Soon’

The cost of a kilogram of beef in Nigeria may soon reach₦10,000, up from₦3,000 to₦5,000 just a few months ago, unless pastoral farmers receive urgent support.

This prospective price increase shows the growing accessibility challenges for ordinary Nigerians as the country’s economic crisis continues.

During a media appearance in Abuja, Mrs. Winnie Lai Solarin, Director of Animal Husbandry Services at the Federal Ministry of Livestock Development, raised concerns about growing beef prices.

She cited rising feed and water expenses, as well as increased insecurity in rural areas, as the key reasons for the rise in meat prices.

In recent months, many Nigerians have expressed concerns over the rising costs of meat and other protein sources. The price of a kilogram of beef has jumped to between₦6,000 and₦7,000, compared to just₦3,000 to₦3,500 a few months ago.

She said: “The livestock sector has been neglected; what we need in this sector is feed and water, as well as market regulations for our products. A lot of these things have not been in place. 80 percent of the meat on our table is from the pastoralists, and if the pastoralists are embattled, you don’t expect things to go well.

“Before, they were getting grass and feed very cheap, but today they have to buy. It is the restructuring that is causing this; they need to buy feeds, and they are unable to get cheap feeds. If you have a high cost of feed, you will have a high cost of product, just like what we have in the poultry sector.

“High cost of maize and soya is driving the cost of poultry products; the chicken we used to have is not that cheap anymore, the same thing for livestock.”

NNPC Stops Middleman Act In Dangote Refinery petrol purchase

Nigeria Makes History As Crude Oil Sales Begin In Naira

OPEC+ Maintains Monthly Crude Oil Output Increase At 400,000bpd

Nigeria has officially begun selling crude oil in naira to Dangote Refinery Limited, with the idea that this will cut imports and pressure on US dollar spending, among other things.

In a historic move, Nigeria has officially begun selling crude oil and processed petroleum products in Naira. In a statement, the Honourable Minister of Finance and Coordinating Minister of the Economy announced that, in accordance with a Federal Executive Council (FEC) mandate, the sale of crude oil and refined petroleum products in Naira has officially begun on October 1, 2024.

Following a meeting of the Implementation Committee, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, to conduct a post-commencement review of the crude oil and refined products sales in naira initiative, key stakeholders confirmed the start of this strategic initiative, Edun stated.

This will allow Dangote Refinery to purchase crude oil in local currency, with the goal of decreasing foreign exchange spending on crude oil imports from other countries.

The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, and the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Others are the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).

The strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy.

The move is expected to foster growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets. This strategic move positions Nigeria for success in the years to come.

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NNPC Stops Middleman Act In Dangote Refinery petrol purchase

The Nigerian National Petroleum Company Limited (NNPC) is terminating its exclusive purchase agreement with Dangote Refinery, allowing other marketers to buy petrol directly from the refinery. This means that NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.

This approach is consistent with current procedures for fully deregulated products, which allow refineries to sell directly to marketers on a willing buyer/willing seller basis.

Earlier in September, Devakumar Edwin, vice president of Dangote Industries Limited, said that the 650,000 barrels per day Dangote Refinery had begun processing petrol.

Mr Edwin explained that NNPC Limited would buy its product exclusively.

Dangote Refinery. However, in response to a statement claiming that the Dangote Refinery Limited was being undercut by the company’s actions at the time, the NNPC stated that it was not the exclusive offtaker of all Dangote refinery goods. It said that the refinery was free to sell its gasoline to any marketer.

The NNPC stated that the Dangote Refinery and any other domestic refinery could sell directly to any marketer on a willing buyer, willing seller basis, as is the present practice for all fully deregulated goods such as diesel, aviation fuel, and kerosene. However, on September 15, the NNPC began loading petroleum from the Dangote Refinery.

Although some major petroleum marketers were later reportedly approved to lift the product from the refinery under an agreement with NNPC Ltd., independent marketers remained excluded.

On 26 September, the House of Representatives called on the federal government to mandate the NNPC Ltd. and Dangote Refinery to allow independent marketers to lift petrol directly from the refinery.

The lower chamber also urged the management of Dangote Refinery to build, acquire, or partner to establish tank farms or depots across the geopolitical zones of the country, to ease access to petroleum products for the public.

This call followed a motion of urgent public importance moved on Thursday by Oboku Oforji (PDP, Bayelsa). Moving the motion, Mr Oforji explained that the exclusion of independent marketers threatened competition in the sector. He noted that competition is essential for reducing costs, adding that some marketers may resort to importing products to survive in the market.

“NNPCL and the major marketers being the exclusive off-takers spells monopoly, which is tantamount to greed. This is the same NNPC Ltd that has failed to manage our crude and refineries for decades,” the lawmaker said at the time.

Those familiar with the matter told PREMIUM TIMES that NNPC is now set to withdraw as the sole off-taker to allow other marketers to directly purchase petrol from Dangote Refinery at the prevailing market price, promoting competition and potentially stabilising supply chains.

Femi Soneye, the spokesperson for the NNPC, is not immediately available to comment for this story but a top official of the company confirmed the development to PREMIUM TIMES Monday morning.

“Yes, it is true,” the official said. “We can no longer continue to bear that burden.”

The NNPC had claimed in September that it was buying petrol from Dangote Refiner at N898.78 per litre and selling to marketers at N765.99 per litre, shouldering a subsidy of almost N133 per litre.

The NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of 3,621 trucks sent to it within the period under review.

The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of gasoline earmarked to be lifted from the refinery at 25 million litres per day. That translated to just 26 percent performance.

Implications

The NNPC’s removal as the sole off-taker of Dangote fuel marks a significant step toward market liberalization, allowing marketers to purchase products directly from Dangote Refinery or other suppliers.

Subsidies will expire when the NNPC no longer pays the difference between Dangote’s selling price and the amount paid by marketers. Marketers will now purchase directly from Dangote and sell at cost plus their own margin, potentially upping the product’s price.

Marketers can now buy products from anyone, not only Dangote, which fosters competition and has the potential to stabilize supply chains.

‘Petrol Can Not Sell Below ₦1350 ’ – Official

‘Petrol Can Not Sell Below ₦1350 ’ – Official

Taskforce To Enforce Sanctions On Filling Stations For Petrol Overpricing

The Nigerian National Petroleum Company Limited (NNPC) is set to introduce a new pricing regime for petrol following its recent lift of approximately 103 million litres from Dangote Refinery between September 15 and 30, 2024.

Sources familiar with the matter disclosed this development to PREMIUM TIMES.

During this period, the refinery managed to load 2,207 out of the 3,621 trucks dispatched, transporting a total of 102,973,025 litres of the planned 400 million litres of petrol, which was earmarked for lifting at a rate of 25 million litres per day.

This performance translated to only 26 percent of the expected output, according to records reviewed by Premium Times.

The NNPC began its petrol lifting operations from Dangote Refinery on September 15 as the sole off-taker of the product.

On the same day, the company announced it was purchasing petrol from the refinery at ₦898.78 per litre and selling it to marketers at ₦765.99 per litre, effectively subsidizing the product by nearly ₦133 per litre.

As consignments from Dangote Refinery are discharged at fueling stations nationwide, the NNPC indicated that the price of petrol would rise to account for depot sale prices, statutory charges, transportation costs, and regional distribution challenges.

Despite this announcement, petrol pump prices at NNPC stations across Nigeria have fluctuated between ₦855 and ₦897 over the past month, depending on location.

However, with NNPC gradually exhausting its imported petrol stock and increasingly relying on cargoes from Dangote Refinery, insiders have warned that an upward adjustment in pump prices is inevitable.

Previously, the company had indicated in a pricing template released on September 16 that once all costs were calculated, petrol prices at its Lagos stations would rise to ₦950.22 per litre, ₦980.22 in Rivers State, and ₦992.22 in Abuja.

The pricing template further estimated that the cost would reach ₦999.22 per litre in Nigeria’s North-West geopolitical zone, with prices in Borno and other North-Eastern states expected to hit ₦1,019 per litre.

In Nigeria’s South-east, the company said petrol would cost ₦980.22 while consumers in South-west states (Oyo, Ogun, Ekiti, Osun, Ondo) would pay ₦960.22 per litre for the product.

However, company insiders said the September 16 estimate is outdated, given the fluctuations in foreign exchange in the country and the rise in crude prices due to the escalating tension in the Middle East.

“With crude now trading for more than $78 per barrel as of Sunday (today) and the naira exchanging for ₦1,660 to a dollar, there is no way a litre of petrol can sell for below ₦1350 per litre in Nigeria,” the official said.

The NNPC had on September 3 increased the price of petrol at its pumps from ₦617 per litre to between ₦855 and ₦897, depending on location.

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NYSC DG Explains Why Corpers Have Not Received ₦77,000 Allowance

NYSC To Resume Orientation In Borno State After 13years

Brigadier General Yushau Ahmed, the Director General of the National Youth Service Corps (NYSC), has stated that the recent increase in corps members’ monthly allowance has yet to be implemented due to funding constraints.

The Federal Government approved raising the monthly allowance for corps members from ₦33,000 to ₦77,000 starting July 2024. Mr. Ekpo Nta, Chairman of the National Salaries, Incomes, and Wages Commission, signed a letter dated September 25, 2024, that officially conveyed the rise.

Despite the announcement, corps members received only ₦33,000 in their September allowance, sparking concerns and confusion among the youth service participants.

In an interview with the BBC Hausa service, Brigadier General Ahmed explained that while the increase had been approved, the government had yet to release the necessary funds to implement the new allowance.

He assured corps members that the NYSC is actively working with the relevant authorities to expedite the release of funds and ensure the timely implementation of the increment.

He said, “Not only the corps members, even our staff members’ salary has been increased about four to five months ago, but it has not been implemented yet. But we are hopeful that the new pay will be implemented soon, but the funds have not been released to us yet.

“The information we have did not specify when the new allowance will be paid, but we were assured that their monthly allowance has been increased from 29th July 2024.”

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CBN Makes N1.34trn From OMO, Treasury Bills Auctions

Tinubu Orders Osayande To Investigate CBN, Related Affairs

The Central Bank of Nigeria (CBN) removed around N1.34 trillion from the economy while lending to the private sector increased. In September, system liquidity received an intermittent boost from FAAC input of ₦903.4 billion, according to Afrinvest Limited. The massive inflow was regulated by OMO and Treasury bills auctions.

Analysts stated that the Apex Bank collected N622.7 billion in Treasury bill sales to investors last month, with an extra outflow stemming from a N712.50 billion OMO auction debit.

In September, system liquidity closed at₦253.6 billion, up from a negative finish in August. Despite the higher system liquidity, money market rates rose, reflecting adjustments to the interest rate environment.

Due to increased demand for interbank funds, money market rates increased. The open report rate rose by 9.90 percentage points to 28%, while overnight lending rate climbed by 8.7 percentage points to 28.7% in the month.

Total money in the economy has remained downside to curtailing inflation rate. Though consumer price index dovetailed for two consecutive months, analysts’ maintained disinflation happened on the back of base effects on the numbers.

This notion encourages the CBN monetary policy committee to maintain hawkish appetite with additional 50 basis points increase in benchmark interest rate in September.

The CBN increased monetary policy rate to 27.25% and hiked cash reserves ratio to 50%, respectively, which kept a substantial portion of bank deposits with the central bank, limiting liquidity and constraining interbank lending, said Afrinvest Limited.

latest report showed that credit to the private sector (CPS) increased by 31.2% year on year to N74.73 trillion in August versus N56.95 trillion the previous month balance.

“We attribute the sustained private sector credit growth to CBN’s enforcement of the 50.0% loan-to-deposit ratio and the effect of currency depreciation on naira-denominated assets”, Cordros Capital Limited said.

On a month-on-month basis, analysts noted that the credit to private sector declined slightly by 1.0% in August to N75.51 trillion as against +3.2% uptick reported in July 2024.

Analysts attributed the development to slowdown in private sector borrowing due to CBN’s tighter monetary policy measures to curb the rising inflation and stabilise the economy.

Overall, the currency in circulation increased by 55.8% year on year to N4.14 trillion versus N2.66 trillion in August 2023. Report showed that Broad money supply grew by 61.9% to N107.19 trillion, following 75.3% increase across quasi-money and 43% uptick in narrow money supply.

“We believe the re-enforcement of the CBN’s limit on DMB’s loan-to-deposit macro-prudential ratio will continue to drive the willingness of commercial banks to create risky assets over the short to medium term. Nonetheless, we believe that the apex bank’s intensified monetary policy tightening measures will tether the magnitude of growth,” analysts at Cordros Capital Limited said in a commentary note.

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Stanbic IBTC Worth Near N751bn As CEO Sets to Bow Out

Stanbic IBTC Holdings Plc’s market value on the Nigerian Exchange (NGX) has hit almost N75 billion as its chief executive officer, CEO, prepares to step down this month.

The financial services company’s 12.956 billion outstanding shares were valued at N750.858 billion in the stocks market at a unit price of N57.95, up from N57.50 at the start of the previous week.

Stanbic IBTC is closer to its 52-week low (N45) at the current market price than it is to its 12-month high (N80) on the local bourse, owing to selloffs that pushed the stock down from its top.

According to statistics from the Nigerian Exchange, the stock is trading at a 28% discount to its 52-week low following a minor rise. In the just concluded week, the Board of Directors announced the retirement of our Chief Executive, Dr. Demola Sogunle, with effect from 31 October 2024.

Stanbic IBTC Chief has put in an incredible 35 years of dedicated service with significant impact on the Group performance, guiding the Organization through numerous challenges and achievements.

Following the retirement of Dr. Demola Sogunle, the Board has received Regulatory approval to appoint Dr. Kunle Adedeji as Acting Chief Executive of the Company.

The new Stanbic IBTC chief leadership is expected to begin with effect from 01 November 2024. Dr. Adedeji, brings a wealth of experience and a strong track record of leadership within Stanbic IBTC group, the financial services company said.

Dr. Adedeji, who was appointed as an Executive Director in 2019, is a seasoned financial expert with over 25 years in the banking sector. He holds an MBA in Finance from the University of Lagos and a DBA from the SBS Swiss Business School, Switzerland.

Stanbic IBTC told the regulators that its appointee is also the current Chief Finance and Value Management Officer of the company and will continue in this capacity throughout the duration of his tenure as Acting Chief Executive of the company. The group expressed confidence that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.

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