Alhaji Aliko Dangote, the President and Chief Executive of Dangote Group, has expressed regret over not purchasing Arsenal when his interest was in owning a football club. He mentioned that he wished he had acquired the English club when it was valued at around $2 billion.
The billionaire business mogul, in an interview with Bloomberg’s Francine Lacqua in New York, explained that he missed the opportunity to buy Arsenal because he had committed his resources to the refinery project.
He said, “I think that time has passed. The last time when we had this interview, I told you as soon as I finish with the refinery, I am going to try and buy Arsenal.
“But you know everything has gone up and the club too is doing very well, Arsenal is doing extremely well right now. That time Arsenal wasn’t doing well.
“I think I don’t have that kind of excess liquidity to go and buy a club for $4 billion so to speak and use it as a promotional something.
“But what I will do is to continually be the biggest fan of Arsenal. I watch their games anytime they are playing. So, I will remain a major supporter of Arsenal but I don’t think it makes sense today to buy Arsenal.’
Dangote, when asked if he regretted not buying Arsenal when its value was lower, he said, “Actually, I regret not buying it before, but you know my money was more needed in completing my project (Dangote refinery) than buying Arsenal. I would have bought the club for $2 billion, but I wouldn’t have been able to finish my project. So, it was either I finish my project or go and buy Arsenal.”
In 2020, Dangote had expressed his intention to pursue ownership of the North London club after completing his refinery project.
Dangote,who has now set aside his ambition to take over at Emirates Stadium, founded the Dangote Group, the largest conglomerate in West Africa in 1981.
Alhaji Aliko Dangote, the President and Chief Executive of Dangote Group, has urged the Federal Government to fully eliminate fuel subsidies. He argued that the removal would help ascertain the country’s actual petrol consumption. Dangote also confirmed ownership of two oil blocks in the upstream sector, with production expected to commence next month.
He also highlighted that fuel production from his $20 billion mega refinery in Lagos, which has a refining capacity of 650,000 barrels of crude oil daily, will alleviate pressure on the naira. Speaking in a 26-minute interview with Bloomberg Television in New York, Dangote emphasized that now is the opportune time to end fuel subsidies.
He also pointed out that halting petrol imports would significantly ease currency pressures.
The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has urged the Federal Government to fully eliminate fuel subsidies. He argued that the removal would help ascertain the country’s actual petrol consumption. Dangote also confirmed ownership of two oil blocks in the upstream sector, with production expected to commence next month.
Dangote highlighted that fuel production from his $20 billion mega refinery in Lagos, which has a refining capacity of 650,000 barrels of crude oil daily, will alleviate pressure on the naira. Speaking in a 26-minute interview with Bloomberg Television in New York, Dangote emphasized that now is the opportune time to end fuel subsidies.
Africa’s wealthiest man also pointed out that halting petrol imports would significantly ease currency pressures.
He said, “Subsidy is a very sensitive issue. Once you are subsidising something then people will bloat the price and then the government will end up paying what they are not supposed to be paying. It is the right time to get rid of subsidies.”
“But this refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria, because, you know, nobody can tell you. Some people say 60 million litres of gasoline per day.
“Some say, it’s less. But right now, if you look at it by us producing, everything can be counted. So everything can be accounted for, particularly for most of the trucks or ships that will come to load from us. We are going to put a tracker on them to be sure they are going to take the oil within Nigeria, and that, I think, can help the government save quite a lot of money. I think it is the right time, you know, to remove the subsidy.”
Dangote who recalled the challenges faced after the project’s launch in 2013, experiencing a five-year delay due to issues with state government and host communities and a running loan of $2.4bn, said he is personally proud to achieve the feat.
On whether the subsidy will make the refinery viable, Dangote said, “Well, you see, we have a choice of either one. We produce, we export, and when we produce, we sell locally. But we are a big private company. And yes, it’s true, we have to make a profit. We build something worth $20bn so definitely we have to make money.
“The removal of subsidies is totally dependent on the government, not on us. We cannot change the price, but I think the government will have to give up something for something. So I think at the end of the day, this subsidy will have to go.”
President Bola Tinubu removed the subsidy when he took office in May 2023, exacerbating a cost-of-living crisis that sparked protests, but quickly reinstated it as inflation spiked.
Another step to ending it was taken in early September when the gasoline cap was eased — though the price remains below the market level.
Nigeria, until Dangote’s refinery came on stream was fully dependent on imported petroleum products, and has been taking tentative moves to finally end the nation’s pricey fuel subsidies, which in 2022 cost $10bn.
Dangote, who has the option of either exporting his fuel or selling it domestically, said the decision on subsidies was the government’s, but added that ending gasoline imports will have a huge upside in easing currency pressures.
The naira has lost around 70 per cent of its value against the dollar since rules that pegged the currency at an artificially high level were relaxed last year.
But the scarcity of the greenback in the Nigerian foreign exchange market continues to weigh on the naira and is made worse by the need to pay for imported gasoline in dollars.
“Petroleum products consume about 40 per cent of our foreign exchange,” Dangote said, adding that fuel from his refinery, which started supplying gasoline on Sept. 15 to the state-owned oil company for domestic sale, “can actually stabilize the naira.”
Continuing in the interview, the businessman revealed the details of the pricing disagreement that occurred with the Nigerian National Petroleum Company Limited.
He said the national oil company bought its current stock from the refinery at a cheaper price than its imported fuel but gave a uniform price for all products.
“There wasn’t really a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported. So the one that they bought from us actually is cheaper than the one they are importing.
“And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t really the real price. What they have announced is most likely that is what it cost them, including profit and other expenses.
“And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 per cent more expensive than ours, you know.
“So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know will adjust it.”
Regarding the anticipated crude oil sales set to commence in October, Dangote mentioned that discussions are ongoing, and a detailed agreement is expected to be finalized this week.
Elaborating on the deal, he explained, “We will sell the crude in naira after purchasing it in naira. We are currently working with the committee to determine the exchange rate for pricing. It will follow standard pricing; for instance, if crude is at $80, we will pay that price at an agreed exchange rate.”
“And then we will also sell in the domestic market. What that will do is that it’s going to remove 40 per cent pressure on the naira. So because, see, the petroleum products consume about 40 per cent of foreign exchange, so you know, and then, you know, it’s like you have 40 per cent of demand been taken out so that can actually stabilize the naira and even if they subsidise, they would know what they are paying for.
“The deal is to give the government something that they want. It’s also a win-win situation for all and it would benefit the country.
“Currently, discussions are still ongoing to determine the details of the agreement. They are working out something that I think would be a win-win between us and the NNPCL.
“The agreement is very robust. Well, first of all, we would have energy security where they will give us crude. For example, in October, they’re going to give us 12 million barrels, which is on average, about 390,000 barrels a day, which will sell both gasoline, diesel, and aviation fuel.”
He also confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month.
Federal Government Allocates Land for Dangote Tankers’ Park
The Federal Government announced plans to provide land for interested parties to construct a large park for tankers transporting petrol and other products from the Dangote refinery.
This decision came after the Minister of Works, Dave Umahi, conducted a routine inspection on Sunday, where he expressed concerns about over 3,000 fuel tankers queuing on the new concrete pavement road.
Umahi noted that despite the concrete construction, the current road was not designed to handle static loads and could deteriorate quickly, similar to the heavily trafficked Apapa road. The minister shared this update with State House Correspondents following Monday’s Federal Executive Council meeting at the Aso Rock Villa, Abuja.
He said, “From my inspection yesterday, we discovered that we had over 3,000 fuel trucks queuing for the Dangote fuel lifting, and they were all parked on the newly constructed road.
“Technically and by design, the roads were never built for static loads. And so it has a lot of effects. So, we will have the same thing we had in Apapa that damaged the entire road until it was constructed on concrete.”
“So what FEC approved today is that the land that we have, the Federal Government land, we should put it for concession so that concessionaires would bid and whoever wins will be able to build a park. The park will be tolled so all those trucks can safely park there. And the pavement of such a park is quite different from the pavement of the road.”
Umahi also announced that the council approved various road projects. He said, “The council approved several road projects. One is a new contract for rehabilitating Maraban-Kankara-Funtua Road in Katsina state. The second is the award of a contract for the construction of a 258km three-lane carriageway, a component of the 1,000 Sokoto-Badagry superhighway section two, phase 2A in the Kebbi Section. It is to be done with continuous reinforced concrete pavement. It excludes all bridges and flyovers.
“The third one is the contract for the construction and dualisation of Afikpo-Uturu-Okiwe in Ebony, Abia, and Imo State, Section Two. The next one is the Bodo-Bonny road in Rivers State under Julius Berger. The Federal Executive Council approved an additional N80bn to complete that project, bringing the total cost to N280bn.
“The next is the third mainland bridge. The third mainland Bridge was executed under emergency work. When you have emergency work, you have to get going, measure the work, and send all your measurements and quotations to the BPP. And that’s what we did. So that has been done, and it’s also extended to Falamo and Queens Drive. It also came with solar-powered light. The essence is that all through the length and breadth of the road, the security agencies will be able to check everything happening within the length and breadth of this bridge. And we give response time to respond to any eventuality for 10 minutes. So the contract covers about four security vans and one-speed boat.”
Other approved contracts include the N158 billion agreement approved for the Lekki Port service lanes by Dangote Industries, which connects Epe to the Shagamu-Benin Expressway.
Additionally, the council has sanctioned the N740.79 billion re-scoping of the Abuja-Kaduna-Zaria-Kano Road, incorporating solar lighting, with a 14-month completion timeline managed by Julius Berger.
As tensions between Dangote and oil stakeholders began to ease, the Dangote Refinery is set to receive 12 million barrels of crude oil from the Nigerian government. Aliko Dangote, the founder and Chairman, announced that an agreement had been reached between the Federal Government and Dangote Refinery for the supply of 12 million barrels of crude oil to the facility in October.
As part of the “Crude Oil for Naira” deal, a strategic partnership between the Dangote Group and the Nigerian government is an arrangement towards it.
Dangote, who also serves as the chief executive officer of Dangote Refinery, confirmed this development during an interview with Bloomberg TV in the United States.
He explained that with the federal government aimed at enabling the refinery to process crude locally, producing petrol, diesel, and jet fuel for the domestic market, the crude oil supply is part of an ongoing agreement.
“We are working towards a solid agreement with the federal government that ensures energy security for the country. This means no more fuel queues,” Dangote stated.
“The government has committed to providing us with crude oil, and in October, they will deliver 12 million barrels, which translates to roughly 390,000 barrels a day. We will refine this crude to produce gasoline, diesel, and aviation fuel for the local market. Any surplus will be exported.”
He mentioned that this agreement will help restore 50 to 60 percent of currently non-operational filling stations, significantly enhancing fuel accessibility nationwide.
“The deal with the government ensures that we sell the refined products to all marketers, which will mean the reopening of 50 per cent to 60 per cent of our petrol stations that have been idle.
“This will also reduce the costs tied to having ships floating off the coasts of Lome and elsewhere. In terms of demurrage alone, we are looking at saving over $1 billion,” Dangote included.
Eurobond: The market has continued to assess the impact of US Federal Reserve rate cuts on debt asset portfolio returns in the international capital market. Nigeria’s sovereign US dollar bond trading in the foreign market increased, settling below 10% as investors began to restructure their portfolios due to uncertainty.
According to investment firms, foreign portfolio investors are fast altering their positions, resulting in a market selloff of Nigeria’s sovereign Eurobonds. However, some fixed income experts with worldwide coverage told MarketForces Africa that demand for Nigeria and other African Eurobonds will improve in the coming months.
Yesterday, investors offloaded Nigeria’s US dollar bonds across standard maturities. Pressure on the short, mid and long ends led to a 0.16% increase in the average yield to 9.75%, Cowry Asset Limited said in a note to investors.
The US Fed 50 basis points rate cut is expected to trigger increased flows of hot money into African markets with an optimized return as sole objective. Top African countries with elevated yields on sovereign assets would start seeing an influx of foreign portfolios that would be redirected as US market prices in rate adjustments, analysts said.
In the African Eurobonds space, selling rallied persisted from last week. In a note, fixed income analysts at AIICO Capital Limited said they observed selling interests across Nigeria, Angola, and Egypt.
On average, the mid-yield across the Nigerian curve increased. “We anticipate market attention will be on PMI data this week, followed by the Fed’s preferred inflation measure,” AIICO Capital said. Elsewhere, the yield on the 2-year Treasury note gained less than 1 basis point, to 3.576%, according to Dow Jones Market Data.
The yield on the 10-year Treasury note gained 1.3 basis points, to 3.740%. The yield on the 30-year Treasury bond increased by 1.3 basis points, to 4.083%.
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 1665.00 per $1 on Tuesday, September 24, 2024. Naira traded as high as 1588.00 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 N1660 and sell at N1665 on Monday 23rd September 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 Rate
N1660
Selling Rate
N1665
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1587
Selling Rate
N1588
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
On Monday, President Bola Tinubu acknowledged the hardships caused by the removal of the fuel subsidy and other economic reforms implemented by his administration. However, he assured Nigerians that they would soon begin to see the benefits of these sacrifices.
Speaking at the opening of the 2024 Annual National Management Conference of the Nigerian Institute of Management (Chartered) in Port Harcourt, Rivers State, themed ‘Economic Stability and National Security: the Contending Issues and the Way Forward,’ Tinubu, represented by the Head of Service of the Federation, Didi Esther Walson-Jack, emphasized that these decisions were necessary to stabilize the fragile economy he inherited.
As the Special Guest of Honour, Tinubu highlighted that, despite the short duration of his administration, significant progress had been made in diversifying the economy. He pointed out substantial investments in critical sectors such as agriculture, technology, and renewable energy.
He stated, “In the bid to quickly kick-start and stabilise the weak economy which we inherited, we have taken some hard decisions through the economic reforms introduced so far such as the floating of the naira and removal of fuel subsidy.
“We recognise the fact that the pains occasioned by these reformative economic policies have been biting hard on the citizenry but we are convinced that the nation’s economy and the Nigerians will start reaping the benefits of all the sacrifices in no distant time.”
He said the large number of professional managers comprising decision-makers in both the public and private sectors of the nation’s economy at the event was a gathering of brilliant minds dedicated to the advancement of good management practices in Nigeria.
“Let me begin by expressing my sincere appreciation to the Nigerian Institute of Management for their invaluable contributions to the development of our nation. Your commitment to excellence in management is vital for it is through good management that we can unlock the full potential of our resources and human capital.
“The theme of this Conference, ‘Economic Stability and National Security: The Contending Issues and the Way Forward’, is apt and relevant towards charting a new course and national rebirth for the country in line with the eight-point agenda of the Federal Government aimed at turning around the economy and make life easier for the citizenry,” Tinubu added.
While noting that the nation stands at a crossroads where the interplay between economic health and national security cannot be overstated, he said these two pillars were intrinsically linked, saying, “Our strategies must reflect that reality.
“By choosing this theme as the focus of this year’s Conference, the Institute has further demonstrated that it is committed to supporting the Federal Government in achieving its drive to reposition and turn around the nation’s economy and set it on the path of real development and progress. You have indeed proven, once again, to be partners in progress with the government.”
He said in addition to economic drawbacks, the country faces a myriad of security challenges, including terrorism, banditory, kidnapping and communal clashes, which requires a multifaceted approach to tackle them,
“It is imperative that we adopt a multifaceted approach to both economic and security challenges. We must enhance our intelligence capabilities, strengthen community policing, and ensure that our security forces are adequately equipped.
“Moreover, addressing the root causes of insecurity such as poverty, unemployment, and inadequate education is essential to ensuring lasting peace,” Tinubu said.
While lauding the NIM’s contributions and support towards national development which according to him the body has demonstrated this through its Public Policy Advocacy and other programmes, he urged the institute to improve its visibility at public sections of the National Assembly.
“I further challenge the Institute to improve its visibility at public sessions of the National Assembly when bills are being considered so as to make more robust professional management input that will be most relevant in the public domain. The Federal Government will appreciate the involvement of the institute in the key function areas of governance where the services of professional bodies are needed.”
Rivers State Governor, Siminalayi Fubara, represented by his Deputy, Prof. Ngozi Odu, highlighted the relevance of the conference theme, calling it ‘timely’ and ‘apt’ as the nation seeks solutions to pressing issues.
He underscored the importance of a united effort in tackling Nigeria’s economic and security challenges, noting that Rivers State is acutely feeling the effects of economic instability on local communities, businesses, and government functions. Fubara pointed out that achieving economic stability cannot occur in a vacuum, as it is closely tied to national security.
The governor addressed the intricate relationship between economic stability and national security, mentioning issues like resource allocation, youth unemployment, regional inequalities, and corruption as significant challenges.
Fubara also drew attention to the detrimental effects of oil theft on revenue, environmental damage, and security issues in the Niger Delta, emphasizing the complexity of these challenges. He urged participants at the conference to leave not just with ideas but also with a renewed commitment to action.
Christiana Atako, the President and Chairman of the Nigerian Institute of Management, echoed the necessity for collective efforts in addressing the country’s economic and security concerns.
Atako noted that Nigeria, regarded as one of Africa’s economic powerhouses due to its abundant resources and diverse populace, grapples with several economic and security challenges that directly impact its economy.
She said, “As a developing nation, Nigeria grapples with several economic and security challenges. Presently, the nation is undergoing some economic reforms, including the removal of petroleum products subsidy and floating of the naira, Nigeria’s currency; two policies which appear to have a negative immediate to short-term impact on both cost and standard of living of the citizenry.
“While the challenges of national security faced by the nation range from insurgency to conflicts between farmers and herders, banditry, organised crime, kidnapping for ransom and other forms of criminality, these security threats do not only undermine national security, stability and the rule of law but also gave precipitated untold adverse effect on the economy, affecting price, output, employment, the balance of trade, poverty, etc.
“The way forward for Nigeria’s economic stability and national security involves a multi-faceted approach that will engender the development of no-oil sectors like agriculture, manufacturing and services. Improvement of power supply, transportation, and telecommunications; support of small and medium scale enterprises and innovation, and better debt management will equally play a big role. Reduction in corruption, increase in transparency and investment in education, healthcare and skills training should also be given priority.”
Dr. Ajoritsedere Awosika, in her keynote address, stressed the necessity of collective efforts to confront Nigeria’s economic and security challenges. She pointed out that Nigeria’s path has been marked by difficulties, and the nation is currently confronted with the significant task of ensuring economic security and national safety.
Dr. Awosika also pointed out that the high rate of unemployment, particularly among the youth, poses a serious threat to both the economy and national security. With millions of educated and skilled young individuals struggling to secure meaningful employment, the stability of the country’s economy is at risk.
On Monday, TikTok launched its upgraded “Subscription” monetization feature for eligible creators in various regions, including Brazil, France, Germany, Spain, the U.K., Indonesia, Italy, Japan, South Korea, and the U.S.
This introduction follows TikTok’s March announcement to rename its LIVE Subscription tool to “Subscription,” now broadening its advantages to creators beyond just live-streaming.
The Subscription feature places TikTok in direct competition with platforms like Patreon, Instagram Subscriptions, and YouTube’s channel memberships. It allows creators to offer exclusive content to paying subscribers, thereby boosting engagement with fans while generating revenue from their content.
With this update, creators can now provide subscribers with exclusive access to videos, live streams, and notes visible solely to paying users. There are three different subscription tiers, each offering unique perks for a monthly fee.
Subscribers will benefit from special stickers for use during live sessions, badges displayed next to their names in comments and profiles, and access to exclusive communication channels like Sub Space, a dedicated area for creators to interact with their subscribers.
Additionally, creators can design custom perks tailored to their community, selecting from a variety of options provided by TikTok. These perks might include performance requests, Discord roles, shout-outs, behind-the-scenes content, and even collaborative gaming opportunities.
Creators must be at least 18 years old, have at least 10,000 followers, and have garnered 100,000 video views within the last month, with their accounts in good standing, to qualify for the subscription feature.
The benchmark yield on Nigerian government bonds in the secondary market increased to 18.70% following Debt Management Office (DMO) auction sales. Trading activity was rather calm at the start of the week due to the focus moving to N150 billion worth of local bonds for subscription on the main market.
CardinalStone analysts stated in their market note that they noticed sell-side activity on the short end of the curve, which increased the related yield by +13 basis points. Fixed income market analysts highlighted sell pressure on the FEB-28 FGN bond, whose yield increased by 39 basis points.
Demand for bonds in the belly or midpoint of the curve generated a 2 basis point increase in yield. The investing firm reported that there was selling pressure on JUN-33 paper (-6 bps) and FEB-24 FGN bond, whose associated yield dipped by -10 bps.
Overall, the average yield expanded by 5 bps to settle at 18.70%. Across the benchmark curve, the average yield expanded at the short (+29 bps) end. The yield expansion came following the MAR-2025 (102bps) bond selloffs, according to fixed income analysts at Cordros Capital Limited.
However, the yield curve declined slightly at the midpoint (-1 bp) segment due to demand for the JUN-2033 (-6 bp) bond. The average yield closed flat at the long end. Due to the DMO primary market auction, participants shifted their attentions and then focused on the FGN bonds auction.
There were sellers of the May 2033 paper with offers ranging from 20.30% to 20.45%. Overall, the average mid-year closed relatively flat at 18.46%. In a note, analysts at AIICO Capital Limited anticipate a mixed to bearish session on Tuesday, as the DMO sold more than expected on the May 2033 paper despite the stop rate closing significantly lower than the previous auction.
Equities investors gained about N80 billion on the Nigerian Exchange (NGX) as banking stocks dominate traders buying buckets. Key performance indicators advanced by 14 basis points as the local bourse started the new week on a positive note.
Details from the NGX showed that the market index, or All-Share Index, climbed by 138.61 basis points to close at 98,386.60 points. Consolidating on last week’s gain, the local bourse maintained a positive trajectory today, driven by investors’ increased buying interest in the Banking and Consumer goods sectors,
However, market activities ended on a mixed note. Total volume of stocks traded increased by 46.23%, while the total value traded dropped by 18.06%. In a note, Atlass Portfolio Limited said approximately 810.43 million units valued at₦8,293.18 million were transacted across 10,669 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 16.29% of the total volume of trades, followed by FIDELITYBK (10.52%), ACCESSCORP (6.12%), NPFMCRFBK (6.00%), and ELLAHLAKES (4.55%) to complete the top 5 on the volume chart.
Trading data revealed that TRANSCORP also emerged as the most traded stock in value terms, with 13.26% of the total value of trades on the exchange. FCMB and MCNICHOLS topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
Other gainers include FIDELITYBK (+9.93%), TANTALIZER (+9.84%), FLOURMILL (+9.81%), CAVERTON (+9.76%), ELLAHLAKES (+9.74%) and twenty-five others.
At the end of trading session, twenty stocks depreciated. BERGER was the top loser, with a price depreciation of -9.83%. Other decliners include DAARCOMM (-9.33%), NSLTECH (-7.46%), NEIMETH (-3.37%), OANDO (-3.03%), and JAPAULGOLD (-1.49%).
Given the trading direction, the market breadth closed positive, recording 32 gainers and 20 losers. Nonetheless, the market sector performance was negative, as three of the five major market sectors were down.
The Insurance sector dropped by -0.37% followed by the Oil & Gas sector, which was down by (-0.09%, and the Industrial sector shed -0.07%. The Banking and Consumer goods sectors advanced by 0.95% and 0.24% respectively.
Overall, the equities market capitalisation of the Nigerian Exchange gained ₦79.65 billion, representing a growth of 0.14%, settling at ₦56.54 trillion.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced on Monday that the Federal Executive Council (FEC) has approved an economic stabilisation measure for transmission to the National Assembly.
Edun stated this to State House media following the FEC meeting. He stated that the package included specific initiatives, draft legislation, and taxation policies targeted at enhancing the overall economic environment.
“That was essentially based on the output of the fiscal policy and tax reform committee that was set up by Mr. President in August 2023 under the chairmanship of Mr. Taiwo Oyedele,” said Edun.
He said in order to implement the different recommendations in the bill, changes to various laws would be required.
“It contains, for example, items that change the Foreign Exchange Act, give greater liquidity, and encourage the use of electronic rather than cash means for transactions.
“This gives the Central Bank greater ability to attract funds from international money transfer organizations and others that want to transact foreign exchange business and remit funds to Nigeria,” he said.
Similarly, he said there was a proposal to amend the Companies Income Tax Act to allow Nigerians with skills, expertise, and relevant relationships to provide services to foreign companies without those companies coming to register in Nigeria.
According to him, this will open up a vista of employment opportunities, income opportunities, and entrepreneurship opportunities for Nigerians.
“There are changes to the Fiscal Responsibility Act as well that affect, in particular, the government-owned enterprises and how they are to share their surpluses and how they are to put in place reserve funds for building surpluses from their revenues.
“It’s very detailed, and of course, it will be available to the public at a later date,” said the minister.
The attitude toward Nigerian Treasury bills continues to swing as investors notice that the central bank has continued to cut interest rates at its key auctions. The yield rose ahead of the Central Bank of Nigeria’s (CBN) policy committee’s announcement on benchmark interest rates on Tuesday. Analysts predict the monetary authority to maintain the interest rate constant, assuming no surprises.
According to AIICO Capital Limited, the average yield in the Treasury bills secondary market increased by 8 basis points to 19.52% as selloffs occurred across the short, belly, and extended ends of the curve. In contrast, the average yield expanded by 19 basis points to 23.6% in the OMO bills segment. Investors have been raising bets on the naira assets due to elevated yields on the fixed-interest securities instruments.
According to analysts, the slowdown in the inflation rate has helped push the real return on investment in government borrowing instruments higher. Even though interest yield remains negative, the gap has narrowed amidst expectation that the central bank will likely keep the benchmark interest rate at 26.75% this week.
The real return on investment has reduced to 6.4% as inflation (33.15%) continues to reduce month on month versus the interest rate benchmark (26.75%). But the disinflation has nudged the apex bank to reduce spot rates across standard maturities in the past Treasury bills auction sales.
Analysts expect the authority to maintain rate slicing, especially at the long end of the curve amidst fluctuating liquidity in the financial system. Fixed income market analysts anticipate a quiet showing tomorrow as participants await the outcome of the MPC meeting.
Interbank rates decreased considerably following inflows from the Federal Account Allocation Committee (FAAC), which slammed the financial system on Monday. The FAAC credits reversed the tightening funding profile in the money market, lowering rates by around 10% each.
The large balance in the space would lower interest rates at local banks that borrowed from the central bank or themselves. According to a market report from Futureview Financial Services Limited, the system opened with more than N1 trillion at the close of business on Friday, up from N704 billion.
Specifically, the open repo rate decreased by 9.54% to 20.15% and the overnight rate decreased by 9.17% to 20.80%. The two short-term benchmark interest rates had crossed 31% in the recent past week. Last week, liquidity pressure mounted, with rates trending at double digits ahead of inflows from maturing instruments in the debt market.
“We anticipate the interbank rates will remain at similar levels while awaiting the decision at tomorrow’s MPC meeting and the primary market auction debits for the week,” analysts at AIICO Capital Limited said.
Investment firm Cowry Asset Limited reported that Nigerian interbank rates declined across all tenors, reflecting system liquidity.
In the forex market, the scarcity of US dollars keeps the naira exchange rate at a premium. The local currency to US dollar exchange fell to N1,562 in the official window, following a modest weekly increase previous week.
Exchange rates fell on Monday despite a sizable gross external reserves balance. The Central Bank of Nigeria’s (CBN) FX sales trend reflects a concerted effort to maintain the net FX balance stable.
According to analysts, significant quantities of the country’s foreign currency savings have been covenanted or pledged as collateral in a variety of transactions, including forex swaps and oil-backed loans.
While the authority has consistently laid claim that FX inflow has improved, exchange rate trouble has persisted, and analysts foresee a bleak outlook for the naira. In a survey of top investment analysts, there is general consensus that the naira must be defended if the exchange rate has to be recalibrated at all.
But the CBN appears to have a reason for intermittent FX sales. The authority re-introduced the retail Dutch auction system in August, 2024. Since first auction sales in August 8, the apex bank appears to have “jettisoned” the idea of disbursing as much as $1 billion to boost liquidity.
FX auctions under Yemi Cardoso, the CBN governor, have been intermittent, and quite reactive in nature. Past moves revealed that the CBN intervened only when the naira is about to cross N1,700 per US dollar – causing the apex bank to take immediate action, especially with accretion in the external reserves.
CBN retail Dutch auction may be operated without specific dates, times, or circumstances known to the market, analysts said. In the foreign exchange market, the naira depreciated by 1.37%, closing at ₦1,562.66 per US dollar at the official market. Seasonal demand for the US dollar heated up in the official market at the beginning of the week.
This caused the local currency to give up gains recorded last week on the back of FX market intervention sales. Foreign currency traders reported that the exchange rate closed at ₦1,655 to the US dollar in the parallel market amidst sustained pressures.
Analysts said the CBN will remember to sell US dollars to Bureau de Change (BDC) operators when the exchange rate in the parallel market is about to cross N1,700. In the global commodities market, oil prices fell on the back of weak demand from China.
The latest report shows that the Brent price dropped by 0.86% to $73.85, while the WTI price decreased by 0.93% to $70.34. Conversely, gold reached a record high due to positive market sentiment following the U.S. Federal Reserve’s interest rate cut and geopolitical tensions, even though the dollar strengthened.
The market price of gold settle around $2,652.40 per ounce on Monday.
The Aurora Tech Award, an initiative by inDrive, is honored to be the Gold Sponsor of the upcoming Wetech 2024 conference. This sponsorship aligns with the award’s mission to empower women entrepreneurs in the IT sector by providing a global platform to showcase their innovations and contributions to the tech industry.
As part of this year’s collaboration with Wetech, Folake Owodunni, the 2024 Aurora Tech Award first prize winner and CEO & Co-Founder of Emergency Response Africa (ERA), will contribute her wealth of knowledge and expertise during a prestigious panel discussion at Wetech 2024.
The panel, titled “Strategies for Career Advancement in Tech,” is scheduled to take place on September 28. This highly anticipated session will convene a diverse group of influential leaders, innovators, and change-makers from the tech industry to discuss key strategies for advancing one’s career in the rapidly evolving tech landscape.
Wetech 2024 marks the 5th anniversary of this groundbreaking event, which brings together over 1,500 women from diverse tech backgrounds. The conference will showcase leading female voices in technology, foster career advancement discussions, and provide invaluable networking opportunities.
“We are thrilled to be the Gold Sponsor of Wetech 2024, a platform that resonates deeply with our mission to empower women entrepreneurs in the tech sector. This collaboration not only highlights the innovative contributions of women like Folake Owodunni, our 2024 Aurora Tech Award winner, but also underscores our commitment to fostering diversity and inclusion in the technology landscape.
“We believe that by providing platforms for dialogue and collaboration, we can inspire the next generation of female leaders and drive meaningful change in our industry.” said Asya Vildt, Operations Excellence and Sustainability Director at inDrive.
Senator Monday Okpebholo has been proclaimed the winner of Edo State’s governorship election, held on Saturday. On Sunday, the Independent National Electoral Commission declared Okpebholo, the All Progressives Congress’ governorship candidate, the victor of the hotly contested election.
The election’s returning officer, Prof. Faruq Adamu Kuta, Vice Chancellor of the Federal University of Technology, Minna, announced the results at the INEC collation centre in Benin City.
Okpebholo received 291,667 votes, winning eleven of the state’s 18 local government areas, while Peoples Democratic Party candidate Asue Ighodalo received 247,274, winning seven LGs. Olumide Akpata of the Labour Party was a distant third with 22,761 votes.
Everything to know about Edo governor-elect
He holds a degree in business administration from the University of Abuja. He continued his schooling with a Master’s degree in Policy and Leadership Studies from the same university.
Senator Monday Okpebholo was born on August 29, 1970, to the late Chief and Mrs. Peter Okpebholo from the Udomi community in Uwessan-Irrua, Esan Central Local Government Area.
His father came from the Udomi village in Uwesan-Irrua, Esan Central LGA, and his mother was from the Ikekiala community in Eguare-Uromi, Esan North East LGA.
Okpebholo, also known as Akpakomiza, attended Udomi Community Primary School and Ujabhole Community Secondary School, respectively, in Uwesan-Irrua, Esan Central LGA.
He is married to Mrs. Blessing Okpapi Okpebholo and blessed with four children. On 23 February 2024, Okpebholo was declared the APC governorship primary election winner in Edo State.
Okpebholo is an entrepreneur with investments in hospitality, construction, oil and gas, and information and communications technology.
Senator Okpebholo founded a company, Chapman Computers Limited, in Jos, the capital of Plateau State, and later established another firm, Interweb Satcom Limited, a major industry player in broadband sales and development.
Okpebholo won the Edo Central Senatorial District seat under the All Progressives Congress on 25 February 2023, breaking the 24-year rule of the Peoples Democratic Party in the zone.
On 13 June 2023, he was inaugurated as the Senator representing Edo Central Senatorial District in the 10th National Assembly and chaired the Senate Committee on Public Procurement.
Due to a rise in the electricity tariff shortfall, also known as the subsidy, electricity customers on Band A feeders may need to prepare for a potential tariff increase. Reports indicate that the electricity subsidy paid by the Federal Government surged up from N102.30 billion in May, to N181.63 billion in September.
In April, when the Nigerian Electricity Regulatory Commission announced the removal of subsidies in areas categorized as Band A feeders, the subsidy stood at N140.7 billion.
The government stopped paying subsidies for Band A customers, who receive a minimum of 20 hours of electricity daily, raising their tariff to N225 per kilowatt-hour, to maintain liquidity in the sector.
This decision sparked outcry among Nigerians, including labor unions and educational and health institutions, whose electricity bills tripled following the subsidy removal.
In May, when the subsidy amount dropped to N102.30 billion, the government reduced the Band A tariff to N206.80 per kilowatt-hour. However, the tariff was jerked to N209/kWh in early July as the subsidy rose again to N158bn in June.
According to data released by the NERC, the subsidy rose to N163.87bn in July, N173.88bn in August, and N181.63bn in September, fuelling speculations that there may be another tariff increase in the October Multi-Year Tariff Order unless the cost of power generation drops.
Reports state that the foreign exchange crisis has been the major driver of the electricity subsidy.
The Nigerian Electricity Regulatory Commission (NERC) set the dollar exchange rate at N1,494.1 in July, N1,564.3 in August, and N1,601.5 in September. According to the regulator, the dollar rate and inflation are key determinants of power production costs.
In its Multi-Year Tariff Order (MYTO) for September, NERC stated that, according to Section 23 of MYTO-2024, the supplementary orders reflect changes in pass-through indices beyond the control of licensees. These indices include inflation rates, the naira/dollar exchange rate, available generation capacity, and gas prices, all of which determine cost-reflective tariffs.
The naira to the US dollar exchange rate of N1,601.50 was adopted for September. The Nigerian inflation rate of 33.40% for July 2024, as published by the National Bureau of Statistics, was used to revise the inflation rate projection for 2024. Meanwhile, the US inflation rate of 2.90% for July 2024 was applied to update the US inflation rate projection for 2024.
As of September, NERC maintains the benchmark gas-to-power price at $2.42/MMBTU, based on the established benchmark price set by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, in line with Section 167 of the Petroleum Industry Act 2021.
The cost of power generation is also impacted by contracted gas supply and transportation prices beyond the domestic gas delivery obligation quantities, based on effective gas sale agreements approved by the commission.
When the commission reduced the Band A tariff to N206/KWh in May, its spokesperson, Usman Arabi, told our correspondent that the reduction was due to the naira appreciation in the foreign exchange market.
Despite the rise in the cost of power generation, observations prove that the Federal Government has yet to approve another tariff hike, perhaps due to the current economic hardship in the country, especially with the rise in the cost of premium motor spirit otherwise known as petrol.
For example, in the Abuja Electricity Distribution Company, the commission said the energy delivered was 611 megawatt-hours per hour in April. The same was delivered from May to September.
While the generation cost was N103.9 per kilowatt-hour in April, it dropped to N87.33/KWh in May and rose to N113.69/KWh in September.
The AEDC had a transmission and admin cost of N9.1/kWh in April, N8.9/kWh in May and N9.8/kWh in June. It is N10.4 in September.
It was gathered from the NERC data that the end-user cost-reflective tariff in AEDC was N185/kWh in July; N192.2/kWh in August and N195.5/kWh in September.
Similarly, the end-user allowed tariff was N117.31/kWh in the three months, indicating that despite the rise in the cost of power generation, the NERC pegged the allowed tariffs at the same rate in July, August, and September.
However, reports state that the Discos are already complaining over the non-cost-reflective tariffs.
Some of them are currently refusing to off-take electricity allocated to them from the grid, demanding that subsidies be removed in all bands.
A top official of one of the Discos had said that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.
“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.
Adebayo Adelabu, the Minister of Power, recently criticized the rejection of power by electricity distribution companies, describing it as regrettable.
According to the minister, generation recently peaked above 5,000 megawatts, but “unfortunately, it had to be ramped down by 1,400MW due to the inability of the Discos to pick the supply.”
Adelabu while lamenting about the situation said, “This is really regrettable considering that the government is on course to increase generation to 6,000MW by the end of the year.”
He urged power distribution companies to take more energy to prevent grid collapse, explaining that the grid’s frequency drops when power is produced but not picked up by the Discos.
The Federal Government, through the Debt Management Office (DMO), has issued three FGN bonds worth N150 billion for subscription at N1,000 each.
According to a DMO statement issued on Monday, the initial offer is an April 2029 FGN bond valued at N70 billion with a re-opening interest rate of 19.30 percent per year (five years).
The second sale is a February 2031 FGN bond worth N50 billion with an annual interest rate of 18.50 percent (re-opening after seven years). There is also the May 2033 FGN bond priced at N30 billion, at 19.89 percent per year (nine-year re-opening).
According to the DMO, the FGN bonds are sold for N1,000 per unit, with a minimum subscription of N50 million and in multiples N1, 000 thereafter.
It said that for re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.
“Auction date is Sep. 23, while settlement date is Sept. 25.
“Interest is payable semi-annually, and bullet repayment (principal sum) is done maturity,” it said.
It said that FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria, and are charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustee Investment Act.
“Qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.
“They are listed on the Nigerian Exchange Limited and FMDQ OTC securities Limited,” the DMO said.
It said that FGN bond are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.
The Naira has lost more than half its value over the past year since Yemi Cardoso took office as the Governor of the Central Bank of Nigeria (CBN). Data from the FMDQ shows that the local currency fell from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024, marking a 51.49% depreciation.
Despite the CBN’s efforts to stabilize the currency, this decline has occurred which include a significant increase in Nigeria’s foreign exchange (forex) reserves.
FX Reserves Increase By $4.12 Billion
Nigeria’s foreign exchange (FX) reserves have grown by 12% over the past year, rising from $33.28 billion on September 22, 2023, to $37.39 billion on September 19, 2024, reaching the highest level under Bola Tinubu’s administration.
This $4.12 billion increase in reserves reflects the Central Bank of Nigeria’s (CBN) efforts to enhance liquidity in the forex market and manage external shocks.
However, despite this growth, the naira continues to experience sharp depreciation, struggling with external pressures and internal fiscal imbalances.
Since taking over as CBN Governor on September 22, 2023, Yemi Cardoso has implemented several policies aimed at combating inflation, strengthening the local currency, and promoting transparency in the market.
However, these reforms have yet to yield the intended stabilization, as the naira’s depreciation highlights ongoing challenges in managing the nation’s currency.
While the increase in FX reserves is a positive signal for liquidity management, the growing gap between supply and demand in the forex market, combined with high inflation and wavering investor confidence, continues to exert pressure on the naira.
Increase In Interest Rates
Under Yemi Cardoso’s leadership, the Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) four times to combat inflation and promote economic stability.
The first hike raised the rate from 18.75% to 22.75%, the second to 24.75%, the third to 26.25%, and most recently, in July 2024, the Monetary Policy Committee (MPC) increased the rate by 50 basis points to 26.75%.
These increases, totaling 800 basis points since Cardoso’s appointment, are part of efforts to address the country’s persistent inflation issues, including high core and food inflation.
The MPC is scheduled to meet on September 23 and 24, 2024, to decide whether to decrease, retain, or further increase the MPR.
Financial experts have called for a pause on interest rate hikes to stabilize Nigeria’s struggling economy. Professor Uche Uwaleke, a financial economist and Director at the Institute of Capital Market Studies, Nasarawa State University Keffi, urged the MPC to refrain from raising interest rates, emphasizing the need for economic stabilization. Uwaleke pointed out that the recent moderation in inflation, recorded in July and August, provides a compelling case for halting further rate hikes.
Earlier reports indicate that at least three members of the MPC voted to retain the MPR at 26.25% during the CBN’s MPC meeting on July 22-23, 2024.
While the majority opted for a moderate increase to curb inflationary pressures, three members, including Lydia Shehu Jafiya, Murtala Sabo Sagagi, and Aloysius Uche Ordu, argued that maintaining the MPR at its previous level was more appropriate given the current economic environment.
The three members, who stressed the need for a cautious approach to balancing inflation control with the need to support economic growth and stability, makeup about 27% of the 11 MPC members.
Meanwhile, Nigeria’s inflation rate dropped for the first-time in 19 months, at 33.40% in July, down from 34.19% in June 2024. This marked the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.
Also, data released by the National Bureau of Statistics (NBS) revealed that Nigeria’s headline inflation rate eased to 32.15% in August 2024 down from the 33.40% recorded in July 2024, reflecting a decrease of 1.25%-points. It marked the second consecutive monthly slowdown in inflation after easing in the previous month.
Experts rate Cardoso’s One Year In Office
Dr Aliyu Ilias, a development economist, had on Sunday described Cardoso’s approach as “topsy-turvy”, which is yet to yield significant results.
On the decelerated inflation rate, he said “What we saw recently in terms of reduction in inflation is too marginal. Also, it is the harvest period that has led to the drop.”
Rating the CBN governor, Ilias added: “He is sacrificing growth because he wants to reduce inflation. I will score him below average. He needs to do more and be more strategic with his approach.”
However, a financial analyst and founding partner at McBrain & Company, Brain Essien, told Nairametrics that: “he (Cardoso) hasn’t done too bad. Cardoso was handed an economy that was sickly.”
He added: “His objective was inflation-targeting, and so far so good, we have had two consecutive decelerated inflation, which is good.”
Essien also called on the CBN to end dollarisation in the country and make the naira the focal point of the economy.
He highlighted the importance of enhancing the naira’s value, stating, “The CBN should look for more creative ways to strengthen the naira itself. Otherwise, it will keep sinking against the dollar, and there is very little we can do about it.”
Additionally, Essien suggested that the CBN’s Monetary Policy Committee (MPC) maintain the current Monetary Policy Rate (MPR) of 26.75%, cautioning that any change, especially one exceeding +/- 25 basis points, could have significant consequences.
The National Bureau of Statistics (NBS) reports that the average price of a 5kg cylinder of cooking gas rose from N5,974.55 in July 2024 to N6,430.02 in August 2024. This information is part of the Bureau’s “Cooking Gas Price Watch” for August 2024, released on Sunday in Abuja.
The report indicates that the August price reflects a 7.62 percent increase compared to July. Additionally, on a year-on-year basis, the average price of 5kg of cooking gas increased by 56.25 percent, from N4,115.32 in August 2023 to N6,430.02 in August 2024.
State-by-state analysis revealed that Benue recorded the highest average price at N7,000 for a 5kg cylinder, followed by Rivers at N6,954.55 and Borno at N6,914.29.
In contrast, Taraba recorded the lowest price at N5,600.67, with Abuja and Kogi following at N5,825.00 and N5,857.56, respectively.
Analysis by zone showed that the South-East recorded the highest average retail price at N6,585.18 for 5kg cooking gas, followed by the South-South at N6,451.34. “The North-Central recorded the lowest average retail price at N6,344.29,” the NBS said.
Also, the NBS said the average retail price for refilling a 12.5kg cooking gas increased by 9.05 per cent on a month-on-month basis from N14,261.57 in July 2024 to N15,552.56 in August 2024.
The report said the average retail price for 12.5kg cooking gas rose by 69.15 per cent on a year-on-year basis from N9,194.41 recorded in August 2023 to N15,552.56 in August 2024.
State profile analysis showed that Rivers recorded the highest average retail price of N17,086.36 for 12.5kg cooking gas, followed by Cross River with N17,050.00 and Abia with N17,012.52.
On the other hand, the report showed that the lowest average price for 12.5kg of cooking gas was recorded in Bauchi at N13,425.00, followed by Nassarawa and Adamawa at N13,640.94 and N13,725.00 respectively.
Analysis by zone showed that the South-South recorded the highest average retail price of N16,524.00 for 12.5kg cooking gas, followed by the South-East at N16,495.78. The report indicated that the North-Central region recorded the lowest average price at N14,767.41.
Additionally, the NBS reported that the average retail price per litre of kerosene rose to N1,847.59 in August 2024, reflecting a month-on-month increase of 4.39 percent compared to the N1,769.86 recorded in July 2024.
According to the National Kerosene Price Watch for August 2024, the average retail price per litre also increased by 45.21 percent on a year-on-year basis, rising from N1,272.40 in August 2023.
State profile analysis showed that Zamfara recorded the highest average price at N2,566.67 per litre of kerosene in August, followed by Kano at N2,444.44 and Ogun at N2,388.89.
“On the other hand, the lowest price was recorded in Taraba at N1,181.18, followed by Adamawa at N1,185.74 and Borno at N1,296.95.”
The NBS said the analysis further showed that the North-West recorded the highest average retail price per litre of Kerosene at N2,118.29, followed by the South-South at N2,075.45. It said the North-East recorded the lowest average retail price per litre of kerosene at N1,454.38.
The report said the average retail price per gallon of Kerosene paid by consumers in August 2024 was N6,441.94, indicating an 11.80 per cent increase from N5,762.10 recorded in July 2024.
“On a year-on-year basis, the average price per gallon of kerosene increased by 48.04 per cent from N4,351.53 recorded in August 2023.
State profile analysis revealed that Katsina had the highest average retail price for a gallon of kerosene at N8,200, followed by Kebbi at N8,075.00 and Kaduna at N8,038.46.
The report noted that Nasarawa recorded the lowest price at N5,092.46, with Niger and Plateau following at N5,104.17 and N5,445.83, respectively.
Zone analysis showed that the North-West recorded the highest average price per gallon of kerosene at N7,787.64, followed by the South-West at N6,593.22. “North-Central recorded the lowest average price per gallon of Kerosene at N5,463.69,” the NBS stated.
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Pool Fixtures For This Week: 14; SEASON: UK 2024/2025
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