Nigeria’s first-ever foreign-currency domestic bond has received subscriptions totaling $900 million. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this while discussing the results of the historic bond issuance on Tuesday.
He pointed out that the over subscription reflects investors’ faith in Nigeria’s economic stability and potential for growth. He also highlighted that the successful issuance of the domestic dollar bond marks a major step forward in the government’s plan to boost economic growth and ensure wider access to financial services. He emphasized that this achievement demonstrates the government’s commitment to exploring different funding options to address economic challenges.
“The issuance of this inaugural domestic FGN US Dollar Bond highlights the continued faith investors have in Nigeria’s economy,” Edun said.
The bond attracted a wide range of investors, including Nigerians both locally and abroad, as well as institutional investors. The proceeds from the bond will be allocated to critical economic sectors, as approved by President Bola Ahmed Tinubu.
With a five-year maturity and a 9.75 per cent interest rate, the $500 million domestic FGN US Dollar Bond is the initial offering of a $2 billion bond program registered with the Securities and Exchange Commission. The bond’s structure permits the government to accept additional subscriptions up to the full $2 billion program limit.
The Director-General of the Debt Management Office, Patience Oniha, viewed the bond’s success as a significant turning point for Nigeria’s economic development. She emphasized that the $900 million raised from a wide range of investors highlights the increasing maturity of Nigeria’s domestic fixed-income market.
Oniha commended the efforts of all involved in the bond issuance, attributing their expertise to the transaction’s success.
This article was written by Tamaraebiju Jide, a student at Elizade University
Nigeria’s crude oil production rose from 1.307 million barrels per day in July to 1.352mbpd in August. According to OPEC’s September Monthly Oil Market Report, Nigeria’s crude oil production made a produce about an average of 1.352 million barrels per day in August, which is higher than the 1.307 million barrels per day produced in July.
OPEC reported that the average daily crude production rose marginally by 45,000 barrels per day based on information obtained through direct communication with the Nigerian government.
However, this OPEC report contradicts the Federal Government’s claims that daily crude production was nearing 1.6mbpd. In a nationwide broadcast on August 4, President Bola Tinubu stated that oil production increased to 1.6mbpd in July, attributing this to the reforms announced in May to address the Petroleum Industry Act.
On July 26, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, also disclosed that daily oil production had hit 1.61 million barrels in July. However, OPEC’s report indicated that output for July was 1.30mbpd, based on information received from the Nigerian government.
The discrepancy between OPEC’s data and the government’s claims raises questions about the accuracy of Nigeria’s oil production figures. While the government has announced reforms and measures to boost production, the OPEC report suggests that the actual output remains below the stated targets.
“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act.
“Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve,” the president said in August.
On July 26, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed that daily oil production had hit 1.61 million barrels in July. Komolafe made this revelation at the House of Representatives Special Committee’s two-day public/investigative hearing on oil theft and losses.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” he disclosed.
However, OPEC’s report indicated that output for July was 1.30mbpd, based on information received from the Nigerian government.
In May, Nigeria’s daily oil production further dipped to 1.25 million barrels per day, despite claims by the Nigerian National Petroleum Company Limited that the country’s oil production was nearing 1.7mbpd.
OPEC data showed that Nigeria lost 30,000bpd, with crude production dropping from 1.28mbpd in April to 1.25mbpd in May.
Nigeria’s crude oil production declined in May, according to OPEC data. The country produced an average of 1.25 million barrels per day in May, down from 1.28 million barrels per day in April.
Earlier reports showed that Nigeria’s dwindling daily oil production improved slightly in April, rising marginally from 1.23 million barrels per day in March to 1.28 million barrels per day.
OPEC, whose data is always consistent with that of NUPRC, stated that Nigeria’s oil production increased by 50,000 barrels per day in April after a recent decline. The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March.
According to direct sources, production dropped from 1.427 million barrels per day in January to 1.322 million barrels per day.
This article was written by Tamaraebiju Jide, a student at Elizade University
Henkel Nigeria, a leading German multinational renowned for its iconic brands such as WAW, Nittol, and Got2B, is excited to announce a groundbreaking strategic partnership with Silverbird Group. This collaboration is not just a business alliance; it is a celebration of individuality, creativity, and empowerment that aligns perfectly with the brand identity of Got2B, Henkel’s Beauty Consumer Brand.
At the heart of this partnership is Henkel’s commitment to empowering self-expression through its latest product range, Got2B. More than just a hair styling brand, Got2B champions individuality and confidence, inviting consumers to embrace their unique identities with its empowering tagline, “For whoever you want to be.”
Rajat Kapur, Managing Director of Henkel Nigeria, expressed his excitement about the partnership, stating “We are thrilled to announce this partnership with Silverbird Group. This is a strategic collaboration that embodies our shared vision of empowering Nigerians to express their individuality and creativity. We are particularly grateful to Guy Murray-Bruce, President of Silverbird Group. His insights as a member of Henkel Nigeria’s Advisory Council has continued to enrich our organization.”
Henkel Nigeria also used the occasion to announce Paula Ezendu as an inspiring co-creator and influencer for the Got2B brand. Henkel Nigeria’s MD said that the choice of Paula “signifies the commitment to celebrating diverse styles and empowering Nigerian women. We are excited to have her represent our vision and inspire others to join the Got2B movement.”
Silverbird Group, established in 1980, shares a philosophy centered around providing contemporary family entertainment and relaxation to Nigerians. As a leading media and entertainment company in Africa, Silverbird focuses on delivering high-quality services across various sectors including radio, television, real estate, and cinemas. This partnership with Henkel Nigeria will further enhance Silverbird’s commitment to enriching the lives of Nigerians through innovative and engaging content.
Guy Bruce, President, Silverbird Group, on his part stated: “We are excited to partner with Henkel Nigeria, a brand that resonates with millions of Nigerians. This strategic alliance allows us to combine our strengths to create impactful experiences that celebrate the beauty of self-expression and individuality.”
Kapur invites all Nigerian women who appreciate style and elegance to join the Got2B movement saying: ”Embrace your individuality, share your unique styles with the world, and together, let’s celebrate the beauty of being authentically you.
This partnership marks a significant milestone for both Henkel Nigeria and Silverbird Group as they work together to inspire and empower individuals across Nigeria.
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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 1660.00 per $1 on Wednesday, September 11, 2024. Naira traded as high as 1621.12 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 N1650 and sell at N1660 on Tuesday 10th 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
N1650
Selling Rate
N1660
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1611
Selling Rate
N1612
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
SEC Takes Action Against Unregulated Crypto Operators, Others In Nigeria
The Securities and Exchange Commission (SEC), has vowed to take action against unregulated operators in the capital market space, including crypto operators. The Director-General of SEC, Emomotimi Agama, made this known in a statement in Abuja on Sunday.
He disclosed that some participants in the market want to operate without supervision and are not ready to play by the rules but the SEC has a responsibility to protect investors. Agama, therefore, cautioned all operators to play by the rules, warning that the commission would deploy the law against defaulters.
”We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated.
”This also applies to those in the crypto space.”We are sending this signal to all those that want to play by the books that they are welcome to our space.
”For those that do not want to play by the books, of course we will not allow them operate within our space,” he said.
Speaking on the recent approval given in principle to two crypto exchanges, Agama said it was necessitated by the increasing interest of Nigerian youths in the digital space. He emphasized the need to provide regulation, clarity, and investors’ protection, which were the primary responsibility of SEC. He said that the activities of crypto exchanges must be watched closely so that they do not impede the economy.
The Senate has extended the public hearing on allegations of sabotage within the petroleum industry. The decision was made to facilitate broader consultations with key stakeholders, including the Minister of State for Petroleum Resources, officials from the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria, the Nigeria Ports Authority, and other relevant entities.
These stakeholders were originally scheduled to appear at the hearing from September 10 to 12, 2024. Other entities summoned are the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, Nigeria Customs Service, Nigerian Navy, International Oil Companies, Dangote Group, Capital Oil, and modular refineries.
The upper chamber also cited legislative exigencies aimed at further deepening due diligence in conducting the investigative hearing as another reason for postponing it. The Senate cited legislative demands and the need for further due diligence as reasons for the delay.
Senator Opeyemi Bamidele, the Leader of the Senate and Chairman of the Senate Ad-hoc Committee, investigating the alleged economic sabotage in the Nigerian petroleum sector, announced the postponement in a statement. He emphasized that this decision aims to ensure a more comprehensive and effective investigation. A new date for the hearing will be announced soon.
The Senate had set up the ad hoc committee to investigate billions spent on maintaining the nation’s refineries, shine a spotlight on regulatory agencies’ overpayment to transporters, and unravel the alleged importation of hazardous petroleum products and dumping of substandard diesel into the country.
The adhoc committee had concluded its pre-investigation undertakings and held an interactive session with the heads of Ministries, Departments and Agencies as well as some private interests in the downstream and midstream petroleum sector.
After the exhaustive engagement with select MDAs and private oil firms, the ad-hoc committee subsequently scheduled its investigative hearing for Tuesday, 10th to Thursday, 12th September 2024
However, in his statement on Sunday, Bamidele explained the decision of the ad-hoc committee to postpone the investigative hearing after due consultation with all its members and key actors in the petroleum industry.
He further indicated that the ad-hoc committee would announce a new date for the investigative hearing to all stakeholders in due course.
Describing the reasons for the extension, Bamidele emphasized that the decision was made in the best interest of the nation and its large population.
He noted that the delay was necessary to allow for broader consultations with an expanded range of stakeholders within and outside the petroleum industry, as well as to address legislative requirements that would enhance due diligence in the investigative process.
Bamidele also highlighted that the current realities in the country, which require urgent attention from stakeholders across both public and private sectors in all 36 states and the Federal Capital Territory, influenced the decision to postpone the hearing.
Bamidele said, “While we deeply regret all inconveniences it may have caused all the stakeholders collectively or individually, this decision was taken purely and solely in the national interest.”
He explained that each of these decisions was taken to enable the ad-hoc committee a holistic approach to the public hearing and find lasting solutions to the challenges confronting the petroleum sector of the economy.
Bamidele, therefore, assured all the stakeholders that a new date for the public hearing would be communicated to them in due course.
This came as the Kwara State Council of the Nigeria Labour Congress appealed to the Federal Government to reverse the recent increment in the price of petrol.
The union in a statement issued on Sunday by the State Chairman of NLC, Muritala Olayinka, described the increase as an “assault on workers wellbeing and a breach of contract.”
It told the Federal Government to reverse what it called “economic policies that are not labour-friendly and anti-people”.
After NNPC hiked petrol prices last week, independent fuel stations adjusted and dispensed the commodity between N1000 and N1200 per litre.
In some fuel stations in Ilorin, the Kwara State capital, for instance, a litre of fuel is dispensed at N1000.
Reacting to this, the NLC chairman took a swipe at the Federal Government for reneging on the agreement it reached with the organised labour, recalling that the decision to accept N70,000 as the new minimum wage was on the basis that there won’t be a hike in petrol price.
Olayinka criticized the government’s insensitivity in raising the pump price of fuel during a time when citizens are already grappling with economic hardships caused by various policies.
The NLC chairman persuaded the public to remain calm and resilient, advising against actions that could escalate tensions. He assured that the leadership of organized labor is actively monitoring the situation and addressing the implications of the fuel price increases.
He said, “The Nigeria Labour Congress Kwara State Council received the news of the recent fuel price hike with indignation. This hike is worrisome due to the harsh socio-economic situation in the state and Nigeria at large.
“It is with a deep feeling of compassion and patriotism that we address our workers and the general public on the economic dilemma of the moment caused by the hike in the price of PMS otherwise known as petrol.
“The increase in the petrol price during this period of economic hardship and strangulation calls for a deep sense of concern that may culminate in a national debate or dialogue on the direction toward the living standards of workers and Nigerian people.
“Consequently, it is our resolve to engage the government to bring succour to the working class people and the Nigeria masses. We are working with the relevant stakeholders and authorities to bring hope to our members and the general public,” he said.
The union has called on the Federal Government to reconsider and reverse some of its economic policies that are detrimental to workers and the general public.
This article was written by Tamaraebiju Jide, a student at Elizade University
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 1650.00 per $1 on Tuesday, September 10, 2024. Naira traded as high as 1621.12 to the dollar at the investors and exporters (I&E) window on Tuesday.
What is the dollar-to-naira exchange rate at the black market, also known as the parallel market (Aboki FX)?
See the black market Dollar to Naira exchange rate for September 9 below. You can swap your dollar for Naira at these rates
How much is a dollar to a naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1640 and sell at N1650 on Monday 9th 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
N1640
Selling Rate
N1650
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1628
Selling Rate
N1629
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Popular fintech company Opay has notified its customers and users that it would start charging a one-time fee of ₦50 on electronic transfers above ₦10,000 paid into their personal or business accounts.
According to the company, the charges, tagged Electronic Money Transfer Levy (EMTL), would become effective as of Monday, September 9, 2024.
Opay, in a message sent to its customers on Saturday, said the charges are in compliance with the Federal Inland Revenue Service (FIRS) regulations, adding that the company itself does not benefit in any way from the charges as it is directed entirely to the federal government.
The message reads: “Dear valued customer, please be informed that starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely to the federal government.
“Thank you for your understanding.”
Meanwhile, OPay has once again emphasized its strict ban on cryptocurrency and virtual asset trading on its platforms.
The company stated that as a compliant organization dedicated to upholding legal, constitutional, and regulatory obligations, it prioritizes the safety, strength, and integrity of the financial system.
Despite persistent demand concerns, oil prices have stabilized in the global commodities market, causing important market actors to reconsider their positions. US Federal Reserve interest rates have lowered expectations, raising the prospect of increased demand if the Chinese economy recovers.
On the downside, Middle East tensions and fears of a US recession constrain additional price hikes. Brent crude rose 0.6% to $71.82 a barrel after slipping out of the line owing to weak demand. The US benchmark West Texas Intermediate (WTI) climbed 0.6% to $68.07 per barrel, after closing at $67.67 the previous day.
The Fed’s projection to decrease interest rates by 25 basis points this month and 100 basis points by the end of the year remains robust. Interest rate cut in the country is predicted to cause the US dollar to depreciate against other currencies, making oil cheaper and increasing oil demand.
Also, concerns that the ongoing conflicts in the Middle East will spread to a wider area and disrupt global oil supply supported upward price movements. US data increased recession concerns in the world’s biggest oil-consuming country raised further concerns in the market.
The US economy added 142,000 jobs in August, fewer than estimates of 164,000 employment growth, according to figures released by the Labor Department on Friday. The number of new jobs added in July was similarly reduced by 25,000, from 114,000 to 89,000.
Analysts believe the unexpected increase in the unemployment rate last month as well as employment data, which was below expectations this month, triggered recession fears and reduced risk appetite in the country.
Experts now look to inflation data, due later in the week, to provide more information about the size of the expected rate cut at the Federal Open Market Committee (FOMC) meeting on Sept. 17-18.
Oil prices stabilised yesterday and Brent managed to settle 1.1% higher on the day. This is despite a bearish tone coming from Asia Pacific Petroleum Conference in Singapore, which kicked off yesterday.
Demand concerns are the main focus, particularly when it comes to China. Most are also looking at a well-supplied market in the months ahead. A bearish outlook leaves OPEC+ with two options, ING commodities strategist said in a note.
OPEC+ has a choice to continue to try manage supply in order to support prices. However, in doing so, they will be giving market share away to non-OPEC+ producers, ING said. The other option is to open the taps in an attempt to push out other producers.
The group would have to be willing to accept much lower prices with this option. ING analysts believe OPEC will follow the former option, there is a risk, particularly if they are having little success in supporting the market by pursuing the other option at some point through 2025. China is expected to release its first batch of trade data for August, which will offer some more insight into how Chinese oil demand is performing.
Crude imports over the first seven months of the year were down 2.4% year on year. OPEC will release its latest monthly oil market report. Last month the group revised its 2024 demand growth estimate down by 130,000 b/d to 2.11 million b/d, while there was also a marginal revision lower in 2025 demand.
However, OPEC’s demand numbers are still extremely bullish relative to other estimates and do not align with price action.
ING analysts could see the group making further downward revisions to their demand estimates. The US Energy Information Administration will also release its Short Term Energy Outlook today, which will include its latest outlook on the global market and US crude oil production forecasts.
The average yield on Nigerian Treasury bills fell further at the start of the week, closing at 20%. The yield contraction comes after the central bank reduced spot rates on standard maturities sold to investors in the primary market auction.
The Debt Management Office (DMO), which handled the auction on behalf of the Central Bank of Nigeria (CBN), lowered the rate after investors placed large wagers on local borrowing instruments. Despite the banking system’s low liquidity, both Treasury bills and OMO auctions were relatively oversubscribed.
The bullish sentiment was brought forward into the new week, causing the average yield to shrank by two basis points on Monday. The average yield increased at the short (+6 bps) and long (+10 bps) ends, according to Cordros Capital Limited.
The shift in the yield line was driven by profit-taking on the 73-day to maturity and 290-day to maturity bills, respectively.
Meanwhile, the average yield declined by 31 bps in the mid-segment due to strong demand for the 94-day to maturity (-52 bps) bill. Similarly, the average yield declined by 1 bp to 23.3% in the OMO bills segment in the secondary market.
In the money market, the Nigerian interbank rate rose across all tenors as money market conditions tightened, with banks holding liquidity seeking to capitalize on higher rates.
However, key money market rates such as the Open Repo Rate (OPR) and Overnight Lending Rate (O/N) decline.
Oil marketers are concerned about the delay in declaring the price of Premium Motor Spirit, also known as petrol, manufactured by the Dangote Petroleum Refinery, noting that the landing cost of imported PMS is presently around N1,120 per litre.
Dealers indicated that if the Dangote refinery’s PMS price is high, marketers will import the commodity because the government has opened up the market for competition.
In July of this year, the Major Energies Marketers Association of Nigeria disclosed that the landing cost of PMS was N1,117 per liter. The landing cost is simply the price at which the commodity arrives at Nigeria’s ports.
While pump prices for fuel hovered between N600 and N700/litre in July, the Nigerian National Petroleum Company Limited upped them this week to between N855 and N897/litre, while some private dealers boosted their rates to N1,000/litre.
It was also reported on Monday that the delay in releasing the price of Dangote petrol had prompted oil marketers to deepen conversations with their overseas partners in order to resume petrol imports.
Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria, indicated that IPMAN was speaking with its partners abroad while anticipating Dangote’s petrol price, but that a high cost from Dangote would result in significant PMS importation.
“On the landing cost of petrol, we are waiting for our foreign partners to calculate how much it will cost to bring the product to Nigeria. This is so that independent marketers will also see how to import the commodity. So we are waiting to get the data from them.
“I’ll tell you the actual landing cost once we get the data from our foreign partners. So if the landing cost is cheaper than what the Dangote refinery will sell, then we will see how to bring in the product.
“You know, it is now an open market, so anywhere we see a cheaper rate with good quality, we will buy from there. We don’t know the price of Dangote PMS. We are waiting for the refinery to release the price. However, we are discussing it with our foreign partners,” he said.
Maigandi explained that allowing multiple importers of the PMS would ensure availability and competition.
“One advantage of allowing everyone to bring in the product is that there will be guaranteed availability of products.
“There is also going to be competition. Once this happens, everybody will try to see how they can sell their products and buy another one. It is only when you sell what you have that you can generate profit,” he stated.
The Nigerian National Petroleum Company Limited and its joint venture partner, Chevron Nigeria Ltd., have completed the conversion of five joint venture assets in accordance with the Petroleum Industry Act 2021.
Mr Bala Wunti, NNPC’s Chief Upstream Investment Officer, stated that the asset conversion is projected to dramatically increase crude oil output, with the two businesses aiming for 165,000 barrels per day by the end of 2024.
He emphasized the significance of Chevron’s operating strategy in preserving network stability and assuring a consistent supply of gas to the domestic market.
This transition comes after the change from the Petroleum Profit Tax regime to the more investor-friendly PIA conditions. According to NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the parties signed the relevant agreements during a ceremony on Monday.
The deal changed five oil mining leases into four petroleum prospecting licenses and 26 petroleum mining leases.
This conversion is an important step in increasing domestic gas supply and expanding Nigeria’s presence in the global market. According to PIA regulations, all existing Oil Prospecting Licenses and OMLs will automatically convert into PPLs and PMLs when they expire. Companies can, however, choose to change willingly under the PIA provisions.
NNPC’s Group CEO, Mele Kyari, praised Chevron for its long-term partnership.
“Over the years, Chevron has been a partner of choice that has not contemplated completely divesting/exiting (oil production in) the shallow water, and we are proud of them,” he said.
Kyari further reassured Chevron of NNPC’s commitment to fostering the partnership, aiming to create mutual value and strengthen Nigeria’s role in both domestic and export gas markets.
Chevron’s Director of Deepwater and Production Sharing Contracts, Mrs Michelle Pflueger, affirmed the importance of the conversion for both companies and reiterated Chevron’s long-standing commitment to the JV assets.
NNPC Executive Vice President, Upstream, Mrs Oritsemeyiwa Eyesan, highlighted the strategic advantages of the PIA terms, emphasizing that the conversion is crucial to the successful implementation of the Act.
Equities investors lost over N111 billion in the Nigerian stock market on Monday as a result of selloffs. Profit-taking operations have resumed following a dismal performance on the Nigerian Exchange (NGX) platform last week.
According to local bourse data, year-to-date gains have moderated as key performance measures have fallen by 0.24%. Atlass Portfolios Limited reported a difference in market indicators due to the listing of Japaul Gold & Ventures 8 billion ordinary shares of 50 Kobo each at ₦2.50 per share through a private placement on the Exchange.
The market index, or All-Share Index, fell by 227.07 basis points to settle at 96,206.46. Despite the strong market breadth, the local bourse closed in the negative due to sell-offs in some medium and large-cap stocks, including JBERGER, TRANSPOWER, and others.
However, market activities were up, as the total volume and total value traded for the day increased by 97.79% and 21.82%, respectively. Stockbrokers said approximately 774.38 million units valued at ₦14,647.49 million were transacted across 10,412 deals.
JAIZBANK was the most traded stock in terms of volume, accounting for 31.94% of the total volume of traded, followed by ZENITHBANK (22.43%), FBNH (5.37%), GTCO (4.39%), and JAPAULGOLD (3.59%) to complete the top 5 on the volume chart.
ZENITHBANK emerged as the most traded stock in value terms, with 43.85% of the total value of trades on the exchange. ETERNA and TANTALIZER topped the advancers’ chart with a price appreciation of 10.00 each percent.
Other gainers include OANDO (+9.95%), FTNCOCOA (+9.93%), UACN (+9.81%), JAPAULGOLD (+9.76%), ETRANZACT (+9.76%), and twenty-seven others. On the other hand, twenty stocks depreciated. JBERGER was the top loser, with a price depreciation of -10.00%, as TRANSPOWER (-9.99%), CUTIX (-6.00%), OMATEK (-5.56%), TRANSCORP (-3.08%), and ACCESSCORP (-1.35%) also dipped in price.
NGX market breadth closed positive, recording 34 gainers and 20 losers. In addition, the market sector performance was positive, as three of the five major market sectors surged. The Insurance (+2.48%), Oil and Gas (+1.14%), and Banking (+0.15%) indices closed positive owing to buying interest in CORNERST (+9.32%), OANDO (+9.95%), and FBNH (+8.84%), respectively.
On the flip side, the consumer goods (-0.43%) and industrial goods (-0.04%) indices closed lower due to selloffs in DANGSUGAR (-1.26%) and JBERGER (-10.00%), respectively. Overall, the equity market capitalisation of the Nigerian Exchange dropped by₦110.96 billion to close at₦55.28 trillion.
Geregu Power Plc aims to generate N11 billion in post-tax profit in the first quarter of 2024, according to a regulatory filing published on Monday to the Nigerian Exchange (NGX) platform.
The power generation business informed the Nigerian Exchange that it expects income of N61.46 billion between October and December 2024. Management predicted an impairment loss of more than N6 billion on the company’s financial assets throughout the period.
Its operating profit is estimated to be N17.17 billion amidst increased borrowings. Geregu Power predicted that additional interest payments would result in net finance costs of N350 million.
Profit after tax is expected to reach N16.825 billion, according to its regulatory filing on the Nigerian Exchange. Despite its positive expectation, Geregu Plc remained flat at N1000 per share in the equities market due to thin trading.
This kept its market value at N2.5 trillion and has not changed in months. Geregu Power Targets N11bn as Profit for Q4.
The Nigerian naira exchange rate for one US dollar finished on a mixed note in international currency markets ahead of the September auction. The naira plummeted above the N1,600 level at the official window due to increased demand, which failed to be contained by the devaluation program.
With the signal that FX demand has reduced in terms of volume, the level of supply has continued to challenge the exchange rate in both the informal and official markets. As pressure eased in Nigeria’s autonomous forex market, one US dollar note was exchanged for N1,580.46 at the official window.
Data from the FMDQ platform showed that the naira strengthened again on Monday, gaining 0.81% against the US dollar to close at ₦1,580.46 per US dollar. However, demand pressure in the parallel market led to a 0.61% depreciation of the naira, sliding to ₦1,655 per US dollar, according to a channel check.
Last week, the Central Bank of Nigeria (CBN) offered Bureau de Change (BDC) operators $20,000 at the rate of N1580. The CBN also told informal currency traders not to sell US dollar to FX users at more than 1%.
The naira has been swinging left and right due to a perennial US dollar and other foreign currency shortage in the economy. The CBN has failed to announce details for the September Dutch auction even as gross balances in the Nigerian external reserves begin to climb.
According to data from the Apex Bank website, the total balance in the external reserves climbed to $36.333 billion last week. It has been a month since the CBN sold huge FX to authorised dealer bank after the authority announced the resumption of retail Dutch Auction System sales.
All the bullish predictions on Nigeria’s exchange rate at the official window have failed to nudge the naira higher. Key challenges in the currency market have been negative power. In the global commodity market, oil prices showed a positive trend, with Brent Crude trading at $71.59 per barrel and WTI at $68.27 per barrel on Monday.
Transcorp Power PLC falls sharply in the stock market as investors turn off the light that has been shining on its shares. After listing, its directors offloaded to provide liquidity, and the share price skyrocketed.
Despite low trading activity and around 8 billion outstanding shares, the market has gradually begun to rectify the company’s very high market value.
The power generation company fell by more than 9.99% in the Nigerian Exchange’s (NGX) equities division at the start of trade this week. Its share price on the Nigerian Exchange declined from N335.2 to N301.7.
What makes the negative price movement significant is that the utilities stock rarely moves, and when it does, it is like an earthquake—left or right. According to trading data, a huge volume of shares of Transcorp Power Plc exchange hands in the market.
More than 1.381 million of Transcorp Power Plc was transacted in the market, and the volume, which was driven by sell side traders, caused the price to dip. The company is trading at about 22% discount to its highest price since it listed.
The NGX now valued Transcorp Power PLC’s 7.5 billion shares outstanding at N2.262 trillion after successive profit taking activities by trading actors.
The average yield on the Federal Government of Nigeria (FGN) bond rose in the secondary market as a result of the recent selloffs. Investors are losing interest in naira assets on long-term contracts as they expect petrol pump prices to rise, halting disinflation.
In July, the inflation rate fell for the first time in approximately 30 months, owing to base effects. Despite the increase in interest rates, the consumer price index has remained reasonably stable at 33.40%.
Bond investors’ real returns improved following the inflation slowdown, as the Debt Management Office reduced bond supply. Yesterday, the FGN bond market was relatively pessimistic, with activity concentrated in the middle of the curve.
Traders said selloffs in the JUN 2033 FGN bond , thus lifted its yield higher by 30 bps, while FEB 2034 FGN bond rose by 47 bps as a result of buying interest. The mid-segment of the curve is expanding by 10 bps.
In a note, Cordros Capital Limited said across the benchmark curve, the average yield increased at the short (+2bps) and mid (+6bps) segments. The yield inched higher as players sold off the MAR-2025 (+4bps) and JUN-2033 (+30bps) bonds, respectively, while it remained unchanged at the long end.
Consequently, the average yield increased by 3 bps to close at 19.41%. In Nigeria’s sovereign Elsewhere, Eurobonds market, sell pressure at the short, mid, and long ends of the yield curve led to a 0.07% increase in the average yield to 9.98%.
Apple’s latest product lineup, unveiled on Monday, aims to rejuvenate its sales by introducing significant upgrades to its flagship devices. The iPhone 16, AirPods 4, and Apple Watch 10 feature a range of enhancements designed to entice consumers to upgrade from older models.
The iPhone 16 marks a significant leap forward in Apple’s smartphone technology. As the first model built from scratch for generative AI, it empowers users to create content using natural language prompts. Key features include:
iPhone 16: AI-Powered and Feature-Packed
Generative AI: Create text and images with ease using natural language prompts.
Camera Control Button: Access “visual intelligence” for tasks like restaurant recommendations and landmark identification.
Siri Enhancements: Improved Siri capabilities for tasks like sending photos and following TV recommendations.
New Colors and Design: Available in a variety of colors and sizes, with a customizable Action Button and a new camera control slider.
Faster Processor and Display: boasts a faster processor, improved system memory bandwidth, and a tougher, brighter display.
AirPods 4: Comfort and Convenience
The AirPods 4 offer a more comfortable fit and enhanced features. Highlights include:
Redesigned Shape: Improved ergonomics for a more comfortable fit.
USB-C Charging: Conveniently charge the AirPods case using a USB-C cable.
Active Noise Cancellation and Transparency Mode: Enjoy noise-free listening or be aware of your surroundings.
Hearing Aid Feature: A groundbreaking feature that requires regulatory approval.
Apple Watch 10: Thinner, Smarter, and Healthier
The Apple Watch 10 is the thinnest and largest-screened Apple Watch yet, with a focus on health and wellness. Key features include:
Sleep Apnea Detection: Monitor for potential sleep apnea issues.
Faster Charging and Longer Battery Life: Enjoy quicker charging and extended battery life.
Water Resistance and New Features: Designed for snorkeling with features like a water temperature sensor and depth gauge.
Apple’s latest product lineup demonstrates a commitment to innovation and addressing the needs of its customers. With features like generative AI, improved health monitoring, and enhanced convenience, these devices offer compelling reasons for consumers to upgrade.
Apple’s annual September event is always a highly anticipated affair, and this year’s launch of the iPhone 16 lineup is no exception. With a host of exciting new features and upgrades, the iPhone promises to redefine the smartphone experience. Let’s delve into what we can expect from this groundbreaking release.
The iPhone 16 series will consist of four models: the iPhone 16, 16 Plus, 16 Pro, and 16 Pro Max. While the non-Pro models will see incremental improvements, the Pro models are expected to offer more significant upgrades.
iPhone 16: Design and Display
Larger Displays: The iPhone 16 Pro and Pro Max will feature slightly larger displays compared to their predecessors, providing more immersive viewing experiences.
Thinner Bezels: Both Pro models will boast thinner bezels, resulting in a more sleek and modern design.
Action Button: The iPhone 16 and 16 Plus will adopt the Action button from the Pro models, offering a customizable physical button for quick access to various functions.
Camera Enhancements
Higher Resolution: The iPhone 16 Pro and Pro Max will feature a 48-megapixel ultrawide-angle camera, providing even more detailed and vibrant photos.
Improved Zoom: The smaller iPhone 16 Pro will gain 5x optical zoom on the telephoto lens, matching the capabilities of the Pro Max.
Dedicated Shutter Button: A touch-sensitive button on the right side of the phone will allow users to take photos and videos with ease.
Performance and Battery
Faster Processors: All models will be powered by faster processors, ensuring smooth performance and efficient multitasking.
Increased RAM: The non-Pro models will receive a boost in RAM to 8GB, enhancing their overall capabilities.
Improved Battery Life: While specific battery life improvements remain to be seen, we can expect optimizations to ensure longer usage times.
Apple Intelligence
AI-Powered Features: Apple’s new AI platform, “Apple Intelligence,” will bring a range of AI-powered features to the iPhone 16.
Message Summarization: One of the initial features will be the ability to summarize messages and notifications, saving users time and effort.
Future Enhancements: Apple Intelligence is expected to expand its capabilities over time, offering even more personalized and intelligent experiences.
AirPods and Apple Watch Updates
In addition to the iPhone 16, Apple is also expected to unveil new AirPods and Apple Watch models.
Updated AirPods: The new AirPods will feature improved audio quality, USB-C charging, and a redesigned case.
AirPods Pro-Like Features: The mid-tier AirPods model will likely include noise cancellation and a higher-end case with a speaker for easier location.
Apple Watch Updates: Apple will introduce new Apple Watch models, including a low-end SE, a mid-level Series 10, and an updated Ultra.
The iPhone 16 promises to be a significant upgrade over its predecessors, offering a combination of powerful performance, advanced camera features, and innovative AI capabilities. As the launch date approaches, we can expect more details to emerge, providing a clearer picture of what this exciting new device has to offer.
The federal government has denied rumors that it plans to increase the Value Added Tax (VAT) rate from 7.5% to 10%. This was revealed in a statement of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun posted by the Special Adviser on Information and Strategy, Bayo Onanuga.
Edun explained that the tax system is based on three pillars: tax policy, tax laws, and tax administration. He highlighted that these elements must work together to create a strong system that improves the government’s financial position.
The minister stated that the government’s goal is to use fiscal policy to promote sustainable economic growth, reduce poverty, and create a favorable business environment.
He said, “The current VAT rate is 7.5%, and this is what the government charges on a spectrum of goods and services to which the tax applies. Therefore, neither the Federal Government nor its agencies will act contrary to what our laws stipulate.”
“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that government is out to make life difficult for Nigerians,”
The media in the past week has been awash with reports of a proposed increase in the VAT rate following the interview of the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele on Channels Television.
Alleged proposal Rebuke
Former Vice President Atiku Abubakar has vehemently criticized the federal government’s rumored proposal to increase the Value Added Tax (VAT) rate from 7.5% to 10%, warning that such a decision would exacerbate Nigeria’s already difficult economic situation.
In a post on his official X (formerly Twitter) account on Sunday, Atiku expressed his concerns that the proposed tax hike, coupled with other recent government measures, would worsen the cost-of-living crisis, negatively impact businesses, and disproportionately affect the poor.
Atiku highlighted that this proposal coincides with recent hikes in petrol prices announced by the Nigerian National Petroleum Corporation Limited (NNPCL), which he believes will add to the burdens faced by citizens.
He also criticized the Tinubu-led administration for being “profoundly insensitive” to the struggles of ordinary citizens by engaging in unnecessary luxury spending.
World Bank/ IMF recommendation on VAT increase
The World Bank and the IMF have both recommended that the Nigerian government increase the Value Added Tax (VAT) rate.
In the report, the bank suggested increasing the current VAT rate of 7.5% as a step toward creating more fiscal space and enhancing non-oil revenue streams.
The World Bank also recommended that the VAT hike should allow for input tax credits and that the government should remove exemptions on petrol.
These measures are part of a broader effort to boost non-oil revenues. The IMF praised the current administration for its decisive actions in key areas, such as revenue mobilization, improving governance, and strengthening social safety nets.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Department of State Services (DSS) has detained Joe Ajaero, the President of the Nigeria Labour Congress (NLC).
Information online stated that Ajaero was arrested at the Nnamdi Azikiwe International Airport, Abuja, on his way to the United Kingdom for an official assignment, on Monday morning .
The Nigeria Labour Congress (NLC) has condemned the arrest of its President, Joe Ajaero, by the Department of State Services (DSS).
Ajaero was scheduled to attend the Trade Union Congress conference in London, which began today. The NLC stated that the arrest is an attack on Nigerian workers.
It reads, “The assault on Nigerian workers continues. President of the NLC, Joe Ajaero, was arrested and abducted by men of the DSS at the Nnamdi Azikiwe International Airport, Abuja, this morning on his way to attend an official engagement of TUC United Kingdom, and he is now detained at the office of the NSA.
“This intimidation and assault must stop!!!”
Remember that the Nigeria Police Force had invited and questioned Ajaero over allegations of terrorism financing, cybercrime, subversion, criminal conspiracy, and treasonable felony.
His invitation came in the wake of a night raid by the police on the NLC national secretariat in Abuja.
The police are alleging a link between the labour leader and a Briton, Andrew Wynne, who has been accused of financing the recent #EndBadGovernance or #Hunger protest in the country to allegedly overthrow the government of President Bola Tinubu.
Following Ajaero’s first appearance on August 29, the police, in another letter signed by the Commissioner of Police, Operations, Ibitoye Alajide, on behalf of the Deputy Inspector General of Police, Force Intelligence Department, Abuja, asked him to appear again on Thursday, September 5, alongside with the NLC General Secretary “to answer questions over alleged criminal intimidation, conducts likely to cause a breach of public peace, and malicious damage to property.”
The letter read: “In furtherance of investigations into the alleged case of criminal intimidation, conducts likely to cause breach of public peace and malicious damage to properties in which your name featured, you are requested to come along with Comrade Emmanuel Ugboaja for an interview with the Deputy Inspector General of Police, Force Intelligence Department, FID, through the undersigned, at SPO’s Room 112, 2nd Floor, Force Intelligence Department (FID) Complex, Shehu Shagari Way, opposite Force Headquarters Area 11, Garki, Abuja on Thursday, 5th September 2024 at 11 am.”
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