The average yield on Nigerian Treasury bills fell below 23% due to increasing demand for naira assets in the secondary market, down from 23.10% following Wednesday’s primary market auction. According to fixed income professionals, the most recent advance in the Treasury bills market was fueled by unfulfilled bids at the primary market auction held this week.
Fund and asset managers fill gaps in their portfolios, causing yields to swing, with the average yield falling by 20 basis points to 22.8% in the secondary market on Thursday. According to Cordros Capital Limited, the average yield dropped across the curve in the market’s short (-17 bps), mid (-28 bps), and long (-16 bps) sectors.
The Nigerian Treasury bills yield decline was attributed to buying interest on the 91-day to maturity bills, whose yield declined by -112 bps. As a result of market demand for 105-day-to-maturity bills, its yield curve sloped downward by -89 bps, while buying interest on 196-day-to-maturity bills dragged its yield lower by 84 bps.
Similarly, the average yield dipped by 45bps to 25.3% in the OMO bills segment in the secondary market due to increasing demand after failed primary market auctions attempted last month.
The Central Bank of Nigeria (CBN) held a Treasury Bills (T-Bills) Primary Market Auction (PMA) on the 21st of August, 2024. At the PMA, existing Treasury Bills totalling N409.98 billion across standard maturities were offered to investors for subscription.
The amount was split into three maturities across the 91-day (N60.69 billion), 182-day (N66.25 billion), and 364-day (N283.04 billion) maturities that matured and were rolled over.
Crude oil prices rose early on Friday on the expectation that the US Federal Reserve would decrease interest rates in September as hawkish tendencies lessened. The most recent data on US inventory reduction indicates a healthy demand picture, notwithstanding China’s gloomy view.
On the supply side, cease-fire talks stopped because Israel and Hamas couldn’t agree. Analysts, however, questioned if the United States is a good actor in the Middle East crisis and what role the Americans played in the overall scenario.
Prices rose moderately today due to market developments, the prospect of lower interest rates, demand surge forecasts, and tightening around crude oil supply.
ICE Brent crude rose 0.07% to $77.28 per barrel from $77.22. US benchmark West Texas Intermediate (WTI) increased by 0.06% to $73.06 per barrel after closing at $73.01 in the prior session.
While analysts noted that the Fed is expected to cut interest rates by a total of 100 basis points by the end of the year, investors are now focused on Fed Chair Jerome Powell’s speech on Friday at the annual Jackson Hole symposium in the US state of Wyoming.
The growing expectations that the Fed will cut interest rates in September support upward price movements, as a rate cut would likely weaken the US dollar against other currencies, positively impacting oil demand.
The US dollar index fell by 0.21% to 101.30 compared to the previous trading session.
Meanwhile, the unsuccessful cease-fire negotiations in the Middle East, home to a vast majority of global oil reserves, contributed to price increases by heightening supply concerns among market players.
The latest round of mediated negotiations between Israel and Hamas concluded on August 16 in Doha, Qatar. During this session, the US presented a “final bridging proposal,” which the White House stated aligns with the principles endorsed by President Joe Biden on May 31.’
However, the parties did not reach an agreement, as Hamas has consistently demanded the complete withdrawal of Israeli forces from Gaza and a permanent end to the conflict as conditions for any cease-fire. In contrast, Israeli Prime Minister Benjamin Netanyahu has rejected these demands, asserting that Israeli troops will remain in Gaza for as long as deemed necessary.
Prices staged a recovery on Thursday, breaking a four-day streak of declines which had pushed the market towards oversold territory, ING analysts say in a note.
Oil group OPEC+ will still be concerned about the recent weakness in the market and it is increasingly likely that the group will have to ditch plans to start raising supply from October, ING commodities strategists said in a note.
However, this will depend on where the market is trading towards the end of September, ING adds.
Zhongshang Fucheng Industrial Investment Ltd, a Chinese company, has completed the repossession of a luxury airplane owned by Nigeria in Canada, as part of its ongoing expropriation of Nigerian assets worldwide.
The aircraft, a Bombardier 6000 type BD-700-1A10, was given over to Zhongshang following a recent change of custodian documentation finalized by Canadian officials in Montreal, according to sources acquainted with the situation.
This development comes after a Canadian court order earlier this year that allowed Zhongshang to confiscate the plane from Nigeria.
Despite Nigeria’s attempts to preserve ownership, Judge David Collier of the Superior Court of Quebec rejected the country’s arguments on March 21, 2024.
The jet, purchased for $57 million by fugitive Dan Etete with proceeds from the controversial OPL 245 oil field sale, had been seized by Nigeria in 2016 and was held in Dubai before being flown to Canada in 2020.
Zhongshang’s seizure of the aircraft is part of its broader efforts to enforce arbitration awards amounting to over $70 million against Nigeria, following a failed free trade zone contract in Ogun State. The Chinese firm has already seized Nigerian assets in the UK, France, and Canada, with further confiscations anticipated in Belgium and the United States.
Despite Nigeria’s repeated legal challenges across five countries, the nation has been unsuccessful in preventing these seizures and continues to deny any wrongdoing in the case. Meanwhile, efforts to resolve the dispute through negotiations with Zhongshang have made little progress. The latest development has not yet been addressed by President Bola Tinubu’s administration.
Oil prices diverged, or moved in opposite directions, in the global commodities market after stalled ceasefire talks between Israel and Hamas, while statistics revealed that US petroleum stockpiles declined dramatically.
The commodities market dynamics have produced an imbalance between supply and demand, making analysts’ predictions concerning energy costs a Herculean undertaking. The conflict in the Middle East has had a detrimental impact on crude oil production, but weak demand expectations in China continue to be a negative for buyers.
Oil prices were neutral in a tumultuous trading day on Wednesday, as data showed an increase in US crude oil inventories. This comes on the heels of increased uncertainty about the US Federal Reserve’s (Fed) rate.
ICE Brent crude rose 0.1% to $77.26 per barrel after the previous fall. US benchmark West Texas Intermediate (WTI) fell 0.04% to $73.14 per barrel after closing at $73.17 in the prior session.
According to estimates, there is a higher likelihood that the Fed will implement a 25 basis point rate cut in September. However, uncertainty persists regarding the monetary policy actions that may be taken through the end of the year.
Moreover, ongoing geopolitical conflicts in the Middle East continue to influence upward price movements by fueling market players’ supply fears. A news report stated that three Palestinians were injured on Tuesday in separate incidents involving Israeli army gunfire and attacks by illegal settlers across the occupied West Bank.
For months, the US, Qatar, and Egypt have been trying to reach an agreement between Israel and Hamas to ensure a hostage swap deal and a cease-fire and allow humanitarian aid to enter Gaza.
However, mediation efforts have stalled due to Prime Minister Benjamin Netanyahu’s refusal to meet Hamas’ demands to end the war. An informed Israeli source told public broadcaster KAN that Netanyahu continues to put obstacles before prisoner swap deals with Hamas.
Yesterday, oil closed lower for a fourth consecutive day. ICE Brent settled almost 1.5% lower yesterday, leaving it to close just above US$76/bbl—the weakest settlement since January, according to ING commodities strategists Warren Patterson and Ewa Manthey.
Analysts said this weakness comes despite cease-fire talks between Israel and Hamas appearing to have stalled, while the EIA also published a fairly constructive weekly US inventory report. Still, demand worries from top crude oil consumers continue to be the main driver for the market at the moment, analysts said in separate notes.
According to ING, the downward pressure on prices makes it increasingly likely that OPEC+ will have to scrap their plans for gradually increasing supply starting in October. Failing to do so will likely put further pressure on prices, ING Patterson and Manthey said in their note on Wednesday.
The EIA’s weekly report was fairly bullish. US commercial crude oil inventories fell by 4.65 million barrels over the last week, more than the 2.2 million barrel decline the market was expecting.
This leaves crude inventories at 426 million barrels, the lowest since January, analysts said. The larger-than-expected draw was driven by stronger crude export volumes, which increased 289,000 b/d week on week, and also by an increase in refinery run rates, with crude inputs growing 222,000 b/d over the week.
US refined products also saw inventory declines. Gasoline and distillate stocks fell by 1.61 million barrels and 3.31 million barrels, respectively.
For gasoline, the draw would have been helped by stronger implied demand, which grew 148,000 b/d, while for distillates, a 313,000 b/d increase in export volumes contributed to the larger stock decline. In fact, distillate exports hit a record level of 1.85 mb/d over the week.
Navigating the dating scene in Nigeria can be a rollercoaster ride, filled with unique cultural nuances and unexpected challenges. While there are many wonderful Nigerian women, it’s essential to be aware of certain red flags that might indicate potential issues in a relationship. Here are seven common red flags to watch out for:
1. Excessive Family Interference: Family plays a significant role in Nigerian culture, but excessive interference can be a red flag. If a woman’s family is constantly involved in your personal affairs, making decisions for her or dictating your relationship, it could lead to tension and difficulties in the future.
2. Financial Dependence: While it’s normal for couples to discuss financial matters, excessive reliance on a partner’s income can be a red flag. Look out for women who seem unwilling to contribute financially or who expect their partner to take care of all their expenses.
3. Lack of Respect for Boundaries: Healthy relationships are built on mutual respect and understanding. If a woman consistently disregards your boundaries or makes you feel uncomfortable, it’s a sign that she may not be the right partner for you.
4. Controlling Behavior: Controlling behavior is a major red flag in any relationship. If a woman is constantly monitoring your whereabouts, limiting your social interactions, or making you feel like you can’t do anything without her permission, it’s a sign of potential abuse.
5. Overly Dramatic or Emotional: While everyone experiences emotions, excessive drama or emotional outbursts can be exhausting and unhealthy. Look out for women who seem to thrive on conflict or who constantly create unnecessary drama.
6. Lack of Ambition or Goals: While ambition and goals are not the only indicators of a successful relationship, a complete lack of drive or aspirations can be a red flag. A partner who is not motivated to achieve their own goals may struggle to support your ambitions as well.
7. Constant Comparison: Comparing a partner to exes or other people is a common red flag. If a woman is constantly comparing you to her former relationships or other men, it can be a sign of insecurity and a lack of appreciation for what you bring to the table.
Remember, these are just some of the red flags to watch out for in a Nigerian woman. It’s important to approach relationships with an open mind and trust your instincts. If you’re feeling uncomfortable or unhappy in a relationship, don’t be afraid to address your concerns or seek advice from a trusted friend or family member.
By being aware of these red flags and communicating openly with your partner, you can increase your chances of finding a healthy and fulfilling relationship.
Disclaimer: This article is intended to provide a balanced perspective on dating in Nigeria. It’s important to remember that stereotypes don’t apply to everyone, and individual experiences may vary.
Navigating the dating scene can be a rollercoaster ride, especially when cultural nuances and societal expectations come into play. As a Nigerian journalist, I’ve had the privilege of interacting with countless individuals from diverse backgrounds, and one recurring theme that often arises in conversations is the challenges women face when dating Nigerian men.
While it’s important to avoid generalizations, recognizing certain red flags can help you make informed decisions about your relationships.
Excessive bragging and materialism:
One common red flag among Nigerian men is an excessive focus on wealth and status. While it’s natural to aspire to success, a constant need to flaunt material possessions or boast about one’s achievements can be a sign of insecurity or a lack of substance. Look out for men who prioritize outward appearances over genuine connection and who seem more interested in impressing others than building a meaningful relationship.
Controlling and Possessive Behavior:
A healthy relationship is built on trust and mutual respect. If you find yourself in a situation where your partner is overly controlling or possessive, it’s essential to address the issue immediately. Red flags in this area include constant monitoring of your whereabouts, attempts to limit your social interactions, or jealousy over your friendships and career. Remember, a loving partner will support your growth and independence.
Disrespectful and demeaning attitudes:
A man who treats you with disrespect or makes you feel less than worthy is a red flag that should not be ignored. Look out for comments that are sexist, derogatory, or belittling. A healthy relationship involves two individuals who treat each other with kindness, compassion, and respect.
Financial Dependence and Expectations:
While it’s normal to have financial discussions in a serious relationship, be wary of men who place excessive pressure on you to provide for them financially or who expect you to be their primary breadwinner. A healthy partnership involves mutual support and a shared responsibility for financial matters.
A Lack of Emotional Maturity:
Emotional maturity is crucial for building a lasting relationship. If your partner struggles to express their emotions, avoids difficult conversations, or tends to resort to blaming and defensiveness, it may indicate a lack of emotional maturity. Look for someone who is willing to communicate openly and honestly, even when things get tough.
A History of Toxic Relationships:
If your partner has a history of toxic or abusive relationships, it’s important to pay attention to this red flag. Past behaviors can often predict future ones. While everyone deserves a second chance, be cautious if your partner seems unwilling to address the underlying issues that contributed to their previous relationships.
A Disregard for Boundaries:
Healthy relationships are built on mutual respect and understanding. If your partner consistently disregards your boundaries or makes you feel uncomfortable, it’s a red flag that should not be ignored. A loving partner will always respect your wishes and make you feel safe and valued.
Remember, these are just a few red flags to watch out for. It’s essential to trust your instincts and prioritize your own well-being. If you find yourself in a relationship that is unhealthy or toxic, don’t be afraid to seek support and make the necessary changes to improve your life.
By being aware of these red flags and prioritizing your own happiness, you can increase your chances of finding a fulfilling and loving relationship.
Disclaimer: This article is meant to present a balanced view of dating in Nigeria. It’s crucial to realize that preconceptions do not apply to everyone, and personal experiences may differ.
The average yield on Nigerian Treasury bills increased by six basis points to 23% in the secondary market, as the market anticipates new auctions.
Moderate selloffs occurred at the short end of the curve in the secondary market after the July inflation drop heightened expectations of a benchmark interest rate change.
Yesterday, the Nigerian Treasury bills secondary market saw increased demand in the belly and long end of the curve, in contrast to a short position on 15-day to maturity instruments.
Despite the financial system’s liquidity crunch, bill buying has gained traction due to the high yield, causing investors to continue to store capital in naira assets.
In the money market, banks experienced excess liquidity following today’s T-bills maturity, which prompted an uptick in the use of the Standing Deposit Facility, Cowry Asset Limited told investors in an email note.
Hence, key money market rates such as the Open Repo Rate (OPR) and Overnight Rate decreased by 764 and 776 basis points to 26.05% and 26.60%, respectively, as confirmed by data from the FMDQ platform.
Treasury analysts said the average yield expanded at the short (+94bps) end following profit-taking on the 15-day to maturity (+158bps) bill.
On the other hand, yield contracted at the mid (-50bps) and long (-18bps) segments as participants demanded the 155-day to maturity, which caused its yield to by 119bps and investors’ interest in 246-day to maturity dragged yield downward by -195bps.
Conversely, the average yield contracted by 8 basis points to 25.7% in the OMO bills segment in the secondary market
Analysts hint that the Nigerian Interbank Treasury Bills True Yield (NITTY) declined across maturities as investor sentiment weakened following today’s NTB auction. This shift in sentiment led to bearish momentum in the secondary market for Nigerian Treasury Bills.
Prudential plc (Prudential) and Google Cloud today announced an expanded strategic partnership to build innovative AI-powered products and applications that will help enhance customer, agent and employee experiences. Google Cloud will support Prudential’s new AI Lab – the first partnership of its kind for the insurance industry in Asia and Africa – which will focus on solving business and customer challenges.
Launching later this year, the AI Lab is designed to accelerate Prudential’s adoption of machine learning, AI and generative AI (gen AI), while also driving progress towards Prudential’s strategic priorities of: Delivering a better customer experience; Driving technology-powered distribution; and Improving access to affordable, quality healthcare
The Lab will provide Prudential’s 15,000 employees with a new sandbox environment and step-by-step process for turning their ideas into scalable AI products and applications. This includes access to leading large language models, advanced and secure gen AI and data analytics solutions, and end-to-end Cloud provision. The partnership presents an opportunity to shape the future of AI in life and health insurance.
Supported by Google Cloud’s deep expertise in health-focused AI, the Lab will initially prioritise ways of using AI to provide improved access to quality healthcare, while supporting agents’ ability to deliver a seamless and personalised customer experience. The Lab will also focus on using AI to improve operating processes – with the goal of delivering a better experience for customers, agents and employees alike, and driving new, bottom-line efficiencies.
Anil Wadhwani, Chief Executive Officer, Prudential plc, said: “Prudential is committed to leveraging technological innovation to create value for all our stakeholders. We are actively using data, advanced analytics and AI to create an exceptional customer and agent experience – while helping us work smarter and faster. Our expanded partnership with Google Cloud will unlock the innovation and creativity of our 15,000 employees and increase our speed to market, particularly in health insurance, where we see tremendous growth opportunities. By deepening our collaboration, we will build the future of insurance for our customers.”
Thomas Kurian, CEO, Google Cloud, said: “Generative AI represents a significant opportunity to drive innovation in the insurance industry. Our collaboration with Prudential and the launch of its AI Lab will help to reimagine customer experiences, optimise operations, and unlock new growth possibilities. Google Cloud is committed to providing the AI and data analytics capabilities, as well as the expertise needed to support Prudential’s vision for the future of insurance.”
Based in Singapore, the AI Lab will also partner with institutes of higher learning, research centres, promising start-ups and AI experts. This launch deepens the working relationship between Prudential and Google Cloud that was established in 2019. With the aim of driving better insurance, health, and financial outcomes across Asia and Africa, both organisations have been collaborating on digital transformation initiatives that have the potential to benefit millions globally.
Artificial Intelligence (AI) was searched more than ever in 2024 in Nigeria and around the world, with Nigerian users searching for the term 130% more than this time last year.
Search trends in Nigeria related to AI continue – with searches for “what is AI” increasing more than 30%, while searches for “how to use AI” have increased 40%.
Nigerians are looking to boost their careers and their creativity with AI – trending searches include “create a logo with AI”, “create a cv with AI” and “design a website with AI”.
20 August 2024: New search trends released by Google today show that people in Nigeria continue to search for AI more than ever before.
Search interest in “AI” has reached a record high around the world and in Nigeria, where searches have more than doubled (+130%) since the same period last year. Searches in Nigeria for “what is AI” also increased by 30%, while searches for “how to use AI” increased by 40%. Nigeria has the sixth highest search interest in AI in Africa – and ranks 25th in the world.
Nigerians are looking to use AI to build their careers and creativity – with trending searches including “create a logo with AI”, “create CV with AI”, “design website with AI”, “design a flyer with AI” and “create slides with AI” – all of which were ‘breakout’ searches in 2024, growing over 5,000% in interest since this time last year.
Nigerians are also interested in learning more about AI and how best to use it. Searches for “AI and courses” have increased by 50% – while top questions include “is AI hard to learn”, “how to learn AI” and “how to access and learn about AI”. Search interest in AI and business more than doubled (+110%), while searches for AI and jobs more than septupled (+640%).
Aligned with its commitment to AI as a force for positive societal change, Google offers free AI training programs to Africans through its Hustle Academy. This initiative, designed for entrepreneurs, includes modules specifically tailored to teach participants how to leverage AI to improve their businesses. Since its launch in 2022, Hustle Academy has empowered over 10,000 businesses. Additionally, Google supports promising AI-focused startups in Africa through its Google for Startups Accelerator Africa program. This program, which assists startups tackling African challenges, selected 10 AI-driven ventures for its 2024 cohort.
Search interest in cybersecurity and AI also nearly doubled across Nigeria (+80%), while people showed a clear interest in the future of AI for science. Searches for AI and healthcare more than doubled (+140%), while searches for AI and medicine increased by 50% and searches for AI and STEM and AI and hospitals both increased by 60%.
Olumide Balogun, West Africa Director at Google said: “AI has the potential to create opportunities – from the extraordinary to the everyday – for everyone: bringing new waves of innovation, social and economic progress. So it’s no surprise that the people of Nigeria are already looking to make the most of this transformational technology – finding ways for it to boost their career, creativity, and society.”
Nigeria’s state oil firm, NNPC Limited, has issued its 2023 full-year audited results, which indicate a profit after tax of N3.29 trillion. This is a considerable increase from the N2.5 trillion profit reported in 2022, representing a 31.6% year-on-year gain and the greatest corporate profit declared by any Nigerian corporation.
The total revenue generated for the year was N23.9 trillion, or $26.4 billion at the closing rate of N907/$1 in 2023. Revenue from Nigeria was N21.3 trillion, accounting for 89.1% of total revenue, demonstrating that the firm earned the majority of its income domestically rather than from international operations.
Key highlights
Revenue: N23.9 trillion vs N8.8 trillion (171.5%)
Gross Profit: N7 trillion vs N2.1 trillion (233%)
Operating Expenses: N3.1 trillion vs N1.7 trillion (80.9%)
Operating Profit: N4.3 trillion vs N694.2 billion (525%)
Pre-tax Profit: N5.9 trillion vs N1.8 trillion (227%)
Income Tax: N2.69 trillion
Profit after tax: N3.29 trillion vs N2.5 trillion (30.6%)
:Total Assets – N246.8 trillion vs N58.5 trillion (321%)
:Net Assets – N28.5 trillion vs N9.2 trillion (200%)
:Cash and Bank Balances – N7.1 trillion vs N2.3 trillion (200%)
:Cash flow from operations – N10 trillion vs N4.6 trillion (117.3%)
:Cash flow from investing – N3.7 trillion vs N2.1 trillion (76.1%)
NNPC Ltd reported that it does not have any external loans.
Total Assets surpass Nigeria’s nominal GDP
Even more impressive are the company’s total assets, which were reported at a whopping N246.8 trillion ($272 billion using N907/$1 or $154 billion using N1,600/$1 as of August 2024), exceeding Nigeria’s nominal GDP.
Nigeria’s nominal GDP reached N229.9 trillion in December 2023, as reported by the National Bureau of Statistics. While GDP and total assets are two distinct concepts in finance and economics, they do illustrate the scale of the NNPC.
A more relevant proxy is the company’s net asset of N28.5 trillion, which is the book value of NNPC. This is approximately 12% greater than the oil and gas contribution to GDP as of 2023.
The significant size of the oil company’s total assets was driven by its trade and other receivables, which stood at N162.9 trillion, and fixed assets (property, plants, and equipment) valued at N67.8 trillion, bringing the total to N230.7 trillion.
The increase in the value of trade and other receivables, as well as fixed assets, can be attributed to the impact of foreign currency translation, as most of the company’s assets are denominated in dollars.
Ltd.Additionally, NNPC Ltd’s revenue from crude oil sales is also dollarized, which likely contributed significantly to the rise in naira terms. The company reported that its currency translation rate for fixed assets was N907.1/$1 compared to N448.4/$1 in 2022. For revenue, the company used an average rate of N644.2/$1, compared to N431.3/$1 in the previous year.
Analysis
A cursory review of the results reveals that the company’s revenue of N23.9 trillion is the largest it has ever reported.
:Crude Oil Sales – The company generates revenue from crude oil sales, petroleum product sales, natural gas, power, and services.
Revenue from crude oil sales reached N14 trillion, a significant increase from the N3.5 trillion reported the previous year.
Interestingly, in terms of geographical markets, Nigeria generated N12 trillion in revenue, with Panama coming in second at N2 trillion.
Crude oil sales revenue in 2022 was also higher in Panama, amounting to about N2.9 trillion, compared to Nigeria’s N545.3 billion.
Petroleum Product Sales: The company reported revenue of N7.1 trillion from petroleum product sales, up from N4.5 trillion the previous year.
Petroleum product sales include the sale of fuel, kerosene, diesel, naptha, and other related products.
Once again, Nigeria led in terms of geographical markets, generating N6.9 trillion compared to N4.3 trillion the previous year. This represents around 97% of total petroleum product sales, with sales to the Bahamas generating just N151.7 billion (up from N129.5 billion a year earlier).
The NNPC has been the sole importer of petroleum products in Nigeria for years, relying on imports through its controversial Direct Sale, Direct Purchase (DSDP) structure.
Following the removal of the fuel subsidy on May 29, 2023, NNPC Ltd’s profits from this division were expected to rise as product sales reflect higher prices for the majority of the year.
Revenue from Natural Gas: This category represents the invoice value of natural gas sold to third parties, generating about N2.3 trillion in the year under review compared to N683 billion reported the previous year.
Nigeria was again the major source of revenue, contributing N1.9 trillion (up from N638.7 billion in 2022), accounting for 82.6% of total revenues.
The Cayman Islands also contributed to gas revenue, generating N402.7 billion, compared to N3.9 billion, N24 billion, and N16.3 billion from the UK, Panama, and the Cayman Islands, respectively, in the previous year.
Revenue from Services: This includes revenue from seismic contracts, time-based contracts, gas transmission tariffs, shipping, marine, and engineering services.
The company generated a total of N464 billion during the year, up from N100.5 billion the previous year.
Nigeria contributed N379.2 billion towards revenue from services, compared to zero in 2022. Another significant contribution came from Cyprus, which generated N80.49 billion.
Interestingly, the entire revenue of N100.5 billion generated in 2022 came from the Cayman Islands. However, in 2023, the Cayman Islands contributed nothing to revenue.
Cash Payments: NNPC Limited reported a massive increase in its cash and cash equivalents by N5.232 trillion during the year, ending with a cash balance of N7.7 trillion.
To the Government
Income tax paid was N497.2 billion in 2023, compared to N102.5 billion in 2022.
Royalties paid in cash amounted to N669 billion, up from N76.5 billion in 2022.
Dividends paid to its sole shareholder, the Federal Government, were N546.6 billion, compared to zero a year earlier.
Investing
The company earned N230.9 billion from the sale of property, plants, and equipment.
However, it paid N2.5 trillion for the purchase of property, plants, and equipment.
An additional N370.2 billion was spent on the purchase of exploration and evaluation assets.
Another N1.2 trillion was paid for the purchase of oil and gas properties.
Interest Payments
NNPC Limited reported that it does not have any external loans, so the interest payments appear to be for legacy loans.
During the year, it paid N441.45 billion in interest payments.
The Federal Government of Nigeria raised N374.751 billion during its August 2024 FGN bond sale. The Debt Management Office (DMO) announced the auction results on its website. In August 2024, allotments increased by 66.05% from the previous month’s total of N225.714 billion, following a three-month decline.
Although the overall bond offer fell by 36.67% to N190 billion for the August auction, total subscriptions increased by 64.57% to N460.182 billion. The auction, held on August 19, 2024, drew high investor interest, indicating a restored market for government debt instruments, particularly those with longer maturities. Investors’ continued interest towards longer tenors in August drove the overall higher subscription levels.
Breakdown of the Auction Result
This auction featured three distinct bonds with tenors of 5 years, 7 years, and 9 years, marking a critical moment in Nigeria’s efforts to secure funding for ongoing national projects.
19.30% FGN APR 2029: The 5-year bond, offering a coupon rate of 19.30%, received a lukewarm response from investors, with a subscription level of only N24.349 billion, significantly below the offered amount of N70 billion. As a result, N18.349 billion was allotted at a marginal rate of 20.30%. This undersubscription by 65.22% suggests that investors are less interested in shorter-tenor bonds, likely due to their lower yield and shorter duration.
18.50% FGN FEB 2031: The 7-year bond saw moderate interest from investors, with a subscription of N60.750 billion, just shy of the offered amount of N70 billion. Ultimately, N42.189 billion was allotted at a marginal rate of 20.90%. This bond, with a coupon rate of 18.50%, was undersubscribed by 13.21%, indicating a fair level of confidence in medium-term government securities, though not as robust as the demand for longer tenors.
19.89% FGN MAY 2033: The 9-year bond emerged as the clear favourite among investors, with a subscription of N375.083 billion, despite the lower offered amount of N50 billion. The bond was allotted N314.213 billion at a marginal rate of 21.50%, reflecting a significant oversubscription of 650.17%. This bond’s appeal lies in its longer tenor and higher yield, which appear to align with investors’ strategies to secure higher returns in a potentially volatile economic environment.
What you should know
The demand for FGN bonds fell for three months, from May to July 2024. However, the auction result for August 2024 looks to indicate continued interest.
As usual, investors prefer longer-term bonds, as indicated by the overwhelming demand for the 9-year bond. This preference could be motivated by a desire to lock in greater yields over time, especially in the face of future inflationary pressures and economic uncertainties.
The lower subscription rates for 5- and 7-year bonds, on the other hand, indicate that investors are wary of committing cash to shorter-term products. The marginal rates—ranging from 20.30% for the 5-year bond to 21.50% for the 9-year bond—indicate that the government is willing to offer competitive returns to attract funding.
Moreover, the success of this auction provides the government with a critical infusion of funds, which can be directed toward infrastructure development, debt servicing, and other essential national projects. It also signals to the market that Nigeria remains an attractive destination for investment, even as it navigates complex economic challenges.
The Federal Government of Nigeria has announced an increase in the prices for Nigerian passports. DCI Kenneth Udo, spokesman for the Nigeria Immigration Service (NIS), announced the new charge in a statement on Wednesday, saying it would take effect on September 1, 2024.
He further stated that the decision was part of measures to preserve the quality and integrity of the Nigerian standard passport.
According to the announcement, a 32-page passport booklet with a five-year validity, previously priced at N35,000, will now cost N50,000.
Similarly, a 64-page passport booklet with 10-year validity previously charged at N70,000 will be N100,000 from September 1.
“However, the fees remain unchanged in Diaspora,” he said.
Expressing regrets about any inconvenience the development may cause prospective applicants, the NIS assured citizens of an unwavering commitment to transparency and quality service delivery at all times.
Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources, has stated that the Federal Government will work with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to promote local refineries.
Lokpobiri spoke at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024) in Abuja on Wednesday. The three-day summit, the association’s third annual summit, is themed “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft”.
He added that the agreement would improve oil output while also ensuring healthy competition and fairness for all in the oil and gas business.
“Supporting local refineries will enhance domestic refining capacity, reduce dependency on imported refined products, and stimulate economic growth.Financial news subscriptions
“The Federal Government remains determined to ensure that local refineries thrive by creating and promoting a conducive environment for potential investors.
“Having operational refineries within the country is crucial for our economic growth and energy security,” he said.Financial news subscriptions
The minister, who described the summit’s theme as strategic and timely, called for collective efforts to build more investment in the industry and guarantee energy security. He explained that measures had already been taken to ensure that fossil fuel would not become obsolete while also ensuring energy security.
“Energy security is at the core of national security. “In an era where global energy dynamics are rapidly changing, Nigeria must strategically position itself to meet its domestic energy needs and remain a key player in the international arena.”
The minister noted that Nigeria plays a critical role in energy security efforts in Africa, adding that whatever happened in Nigeria affected the West Africa Sub-region.
He said the ministry was committed to providing policies that would lead to the progress of the sector.
“Our vision is to ramp up production so that the mainstream and upstream sectors can be successful.”When I came on board one year ago, we were barely producing one million barrels, but today we produce about 1.7 million barrels.
“Unless the upstream sector succeeds, the mainstream and downstream will not succeed,” he said.
Lokpobiri also explained that the government had built confidence in the industry, resulting in increased investment. On his part, the President of PENGASSAN, Festus Osifo, said the association had always proffered solutions to the numerous challenges in the industry.
Osifo said the problem was the lack of political will to address those problems. “Over the years, we have always provided solutions.
“We provide solutions with a study on how to better manage the refineries, but we don’t get to see results,” he said.
On the issue of divestment, Osifo said the association had always fought for Nigerians to take positions in the management of International Oil Companies (IOCs).
According to him, the challenge with most divestments is that when Nigerians come on board, they are dehumanised, and the association has tried to find lasting solutions to address this.
“There are some oil companies today where payment of salaries has become a problem.They earn revenue in dollars but don’t pay salaries.”.
“We usually engage, but when it fails, we escalate to senior partners to intervene, and when this fails, we have no other options than to go on strike,” he said.
The stocks market index declined 0.07% on Wednesday due to increased selling pressure on the Nigerian Exchange. At the end of the trading day, the local bourse All-Share Index fell 0.07% to 95,831.51 points.
Today’s performance was driven by sell-offs in OANDO (-8.66%), UBA (-1.79%), FBNH (-1.21%), TRANSCORP (-1.85%), and NASCON (-8.39%). However, market breadth was positive, at 1.59x, with 27 gainers outnumbering 17 losers. IKEJAHOTEL (+10.0%) led the gainers, while UPL (-9.40%) led the laggards.
The performance metrics differed due to the listing of International Breweries Plc’s Rights Issue of 161 billion ordinary shares of 2 kobo each at ₦3.65 per share on the Exchange.
Data showed that the all-Share Index fell by 63.63 basis points today, or 0.07%, to close at 95,831.51. Equities market activity dipped somewhat, with total volume and total value traded for the day falling by 64.44% and 5.66%, respectively.
Stockbrokers reported 8,813 transactions totaling 360.56 million units worth ₦1,013.95 million. OANDO was the most traded stock by volume, accounting for 18.40% of total trading volume in the market.
The top five volume drivers are GTCO (12.71%), CUTIX (8.17%), UNIVINSURE (7.06%), and FCMB (5.90%). In addition, OANDO became the most traded stock in terms of value, accounting for 37.14% of all deals on the market.
IKEJAHOTEL topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by RTBRISCOE which gained +9.76%. Other gainers include CUTIX (+9.66%), TANTALIZER (+9.62%), THOMASWY (+6.96%), DEAPCAP (+6.82%), and twenty-one others.
NGX record showed that seventeen stocks depreciated as bear made a return into the market. UPL was the top loser, with a price depreciation of -9.40%. Other losers include OANDO (-8.66%), NASCON (-8.39%), MAYBAKER (-5.41%), UACN (-3.19%), and TRANSCORP (-1.85%).
Given the trading pattern, the market breadth closed positive, recording 27 gainers and 17 losers. Also, the market sector performance was negative, as four of the five major market sectors ended the day negative.
In a note, stockbrokers at CardinalStone explained that Sectoral performance was largely bearish, with four out of five sectors closing in the red.
The Banking (-0.30%), Insurance (-0.10%), Oil and Gas (-0.08%), and Consumer Goods (-0.02%) indices declined due to sell-offs in UBA (-1.79%), MANSARD (-1.64%), OANDO (-8.66%), and NASCON (-8.39%), respectively. Industrial Goods (+0.07%) index closed in green as investors accumulated units of WAPCO (+1.08%).
Overall, equities market capitalisation of the Nigerian Exchange grew by ₦599.88 billion to close at ₦55.05 trillion due to new listing from International Breweries Plc. #Equities Market Mixed as International Breweries Lists Rights Issue
The equities market index fell by 0.07% on Wednesday over renewed selling pressure on the Nigerian Exchange. At the close of the trading session, the local bourse All-Share Index experienced a slight dip, falling by 0.07% to close at 95,831.51 points.
The outturn today was on the back of sell-offs in OANDO (-8.66%), UBA (-1.79%), FBNH (-1.21%), TRANSCORP (-1.85%) and NASCON (-8.39%). However, market breadth was positive at 1.59x, with 27 gainers surpassing 17 losers. IKEJAHOTEL (+10.00%) led the gainers, while UPL (-9.40%) topped the laggards.
The disparity between the performance indicators was due to the Listing of International Breweries Plc’s Rights Issue of 161 billion ordinary Shares of 2 kobo each at ₦3.65 per Share, on the Exchange.
Data showed that all-Share Index reduced by 63.63 basis points today, reflecting a 0.07% decrease to close at 95,831.51. Equities market activities inched lower as the total volume and total value traded for the day declined by 64.44% and 5.66% respectively.
Stockbrokers said approximately 360.56 million units valued at ₦1,013.95 million were transacted across 8,813 deals. OANDO was the most traded stock in terms of volume, accounting for 18.40% of the total volume of traded in the market.
Other volume drivers include GTCO (12.71%), CUTIX (8.17%), UNIVINSURE (7.06%), and FCMB (5.90%) to complete the top 5 on the volume chart. Also, OANDO emerged as the most traded stock in value terms, accounting for 37.14% of the total value of trades on the exchange.
IKEJAHOTEL topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by RTBRISCOE which gained +9.76%. Other gainers include CUTIX (+9.66%), TANTALIZER (+9.62%), THOMASWY (+6.96%), DEAPCAP (+6.82%), and twenty-one others.
NGX record showed that seventeen stocks depreciated as bear made a return into the market. UPL was the top loser, with a price depreciation of -9.40%. Other losers include OANDO (-8.66%), NASCON (-8.39%), MAYBAKER (-5.41%), UACN (-3.19%), and TRANSCORP (-1.85%).
Given the trading pattern, the market breadth closed positive, recording 27 gainers and 17 losers. Also, the market sector performance was negative, as four of the five major market sectors ended the day negative.
In a note, stockbrokers at CardinalStone explained that Sectoral performance was largely bearish, with four out of five sectors closing in the red.
The Banking (-0.30%), Insurance (-0.10%), Oil and Gas (-0.08%), and Consumer Goods (-0.02%) indices declined due to sell-offs in UBA (-1.79%), MANSARD (-1.64%), OANDO (-8.66%), and NASCON (-8.39%), respectively. Industrial Goods (+0.07%) index closed in green as investors accumulated units of WAPCO (+1.08%).
Overall, equities market capitalisation of the Nigerian Exchange grew by ₦599.88 billion to close at ₦55.05 trillion due to new listing from International Breweries Plc.
The average yield on Federal Government of Nigeria (FGN) bonds fell slightly to 19.72% in the secondary market on Wednesday due to purchasing demand.
Traders reported that market activity levels were uneven, with purchasing activity evident on the short end of the curve (-2 bps) and sell-offs largely on the mid (+3 bps) and long (+1 bp) of the curve.
Cordros Capital Limited’s fixed-interest securities asset managers reported that the average yield closed flat at the short end but fell in the middle (-6 bps).
The yield contractions at both segments were due to buying interests in the FEB-2031 (-15 bps) bond. Conversely, the average yield expanded slightly at the long (+1 bp) end, driven by sell pressures on the June 2053 (+7 bp) bond.
On Monday, the Debt Management Office (DMO) conducted a bond auction. The indicated amount on offer is N190 billion. All instruments on offer are re-opening issues.
Meanwhile, in the secondary market, the sentiment has been bearish since the last auction, as the average bond yield rose to 19.70% as of August 16, 2024, from 19.29% at the last auction date.
The DMO concluded the last bond auction in July 2024, offering higher rates to investors. Marginal rates on the trio instruments 2029, 2031, and 2034 increased by 25 bps, 81 bps, and 48 bps to 19.89%, 21.00%, and 21.98%, respectively.
On Wednesday, short-term money market benchmark interest rates fell as the banking system’s liquidity strengthened. Investment banking firms reported greater opening system liquidity as a result of Federal Account Allocation Committee (FAAC) credit inflows into the market.
Analysts forecast that short-term benchmark interest rates will fall below 30% this week due to planned inflows into the system. Analysts also remarked that the Treasury bill auction held on Wednesday led banks to draw funds from the Central Bank of Nigeria’s standing lending facility.
This elevate the balance in the financial system, reducing pressures from outflows and stopping market rates to climb further.
The open repo rate (OPR) to decrease by 764 bps to 26.05%, while the overnight lending rate decreased by 776 bps to 26.60%, according to data from the FMDQ securities exchange platform.
The rates decline was driven by improved system liquidity, supported by Remita inflows coupled with FAAC disbursements, which offset outflows from the FGN bond auction settlement, according to CardinalStone Partners Limited.
In an email, Cowry Asset Management Limited told investors that local banks experienced excess liquidity following today’s T-bills maturity, which prompted an uptick in the use of the Standing Deposit Facility.
Consequently, Nigerian interbank offered (NIBOR) rates declined across all maturities. The market recorded the net FGN bond settlement worth N127.48 billion.
The 2023/24 Premier League season has produced a plethora of excellent players, and the PFA Premier League Team of the Year recognizes the best of the best. This year’s roster combines defensive strength, midfield inventiveness, and offensive prowess. This was revealed in a series of posts on Tuesday by the Professional Footballers Association X account, #PFA.
Football is constantly developing, and the Champions League, Europe’s most famous competition, is no exception. After Uefa accepted the revisions in May 2022, a new format will be implemented beginning with this season.
It is the first time since 1992 that Europe’s elite tournament has undergone such an overhaul. According to Uefa president Aleksander Ceferin, qualification will be “based on sporting merit”.
What is the new Champions League format and how does it work?
The Champions League group stage is currently set up with 32 teams in eight groups of four – with the top two sides from those groups qualifying for the last 16.
However, this format will be replaced by one league table where 36 clubs will participate in the new league phase – giving four more sides the chance to compete.
Clubs will no longer play three teams twice, but will take on eight different sides with four home games and four away games.
To determine fixtures, the teams will be ranked in four seeding pots and each team will then be drawn to play two opponents from each of these pots.
They will play one match against a team from each pot at home, and one away.
The draw for this season’s group stage will take place on 29 August at the Grimaldi Forum in Monaco.
How will the knockout stages work?
Teams who finish in the top eight will qualify automatically for the last 16, while those who place ninth to 24th will compete in a two-legged knockout play-off for the chance to join them.
Whoever finishes 25th or lower will be eliminated and will not be entered into the Europa League.
From the last 16 onwards, the Champions League will continue to follow its existing format with the final taking place at a neutral venue.
How many more games will be played and when will they be played?
The number of matches in the new format will increase from 125 to 189.
Each team will play a minimum of eight – instead of six – and a maximum of 17.
In standard weeks, Champions League matches will still be played on Tuesdays and Wednesdays.
In the Champions League exclusive weeks – when no other European competitions are played – games will be played across Tuesday, Wednesday and Thursday.
The league phase will now end at the end of January instead of during December.
How many Premier League teams will be in Champions League?
For Premier League clubs, the top four go into the Champions League with the fifth-placed team going into the Europa League.
That means Man City, Arsenal, Liverpool and Aston Villa will be in the elite club knockout competition in 2024-25.
Fifth-placed Tottenham had to settle for the Europa League, along with FA Cup winners Manchester United. Chelsea will be in the Conference League.
How do the coefficient places work?
Germany and Italy are the nations to have secured a fifth automatic spot in this season’s tournament.
The coefficient places, otherwise known as ‘European Performance Spots’, go to the associations who have the best collective performance by their clubs in the previous season.
Italy will have five representatives in Europe’s premier competition after Atalanta won the Europa League.
The winners of both tournaments qualify automatically for the following season’s Champions League.
What are the rules on squads for Uefa competitions?
After the summer transfer window closes, each club competing in any Uefa competition must submit two lists of players.
On ‘List A’, clubs can submit a maximum of 25 players, with eight places reserved exclusively for “locally trained players”, also known as homegrown players.
These eight must be made up of at least four “club-trained” players and a maximum of four “association-trained” players.
According to Uefa regulations, players who meet the “club trained” criteria have to have been on the club’s books, irrespective of the player’s nationality and age, for at least three years between the ages of 15 and 21.
An “association-trained” player is someone that has played in the same country as the club they are currently at for three years, irrespective of the player’s nationality, between the ages of 15 to 21.
On ‘List B’, a club can register an unlimited number of players for the 2024-25 season as long as they are born on or after 1 January 2003.
Who has qualified for Champions League group stages?
England: Man City, Arsenal, Liverpool, Aston Villa
Spain: Real Madrid, Barcelona, Girona, Atletico Madrid
Italy: Inter Milan, AC Milan, Juventus, Atalanta, Bologna
The final seven slots will be determined via qualifying.
How has the Champions League format changed over the years?
Europe’s most notable football competition began during the 1955-56 season as only a six-team invitational tournament, initially known as the European Champion Clubs’ Cup.
From 1967, the competition grew to 32 teams, was called the European Cup and featured four two-legged rounds prior to a single-match final – this model would last for more than 20 years.
The Champions League as we know it began in 1992.
A group stage was added with the last 16 entering a knockout phase.
There was a brief spell with two group stages, but this was reverted back to the single group-stage format for the 2003-04 tournament.
Are the Europa League and Europa Conference League going to change too?
Yes. Both competitions will see similar changes to those of the Champions League.
The Europa League will follow the same format as the Champions League from next season.
Europe’s third-tier competition, the Europa Conference League, will be rebranded as the Uefa Conference League and teams will play six matches against six different opponents in the league phase.
Both the Europa League and Conference League will also feature 36 teams.
Chief Adebayo Adelabu, Minister of Power, announced yesterday that the Federal Government has paid N205 billion to electricity generation firms (GenCos) as part of measures to decrease the N1.3 trillion debt owing to them.
Chief Adebayo, speaking during a visit to the Ministry by the House of Representatives Committee on Power, noted that most energy consumers in the country pay less than the cost price of N120/kWh.
The Minister added that “approximately three weeks ago, we were able to pay the GenCos N205 billion of the N1.3 trillion we owed them. They are also joyful.
“But I will plead with the members of the House committee to help us mount pressure on the executives to continue to pay these people.
With fuel queues resurfacing on our roads, darkness should not join it. People that make too much noise about fuel queues are those that buy petrol or diesel for their generators. Maybe if we have stable electricity they will be able to stay in their house and enjoy parts of life”.
He harped on the importance of having a cost reflective tariff for the electricity market, pointing out that that was the only way to attract investments.
“I’m telling you that as a businessman, if the economics of any sector is not good, if the commercial is not good, there’s no way the sector can operate. Because every participant in a particular sector, in the value chain in all the segments, must be duly compensated. That is the only incentive, the only inspiration, that will make them continue in business. If the price is not good, business will collapse.
“So we said, we have suffered a lot of epileptic supply, just because our tariff policy was not appropriate for this environment. It is good to subsidize your people to be able to enjoy certain things by paying less. But if the subsidy is not supported with adequate funding, that does not mean anything. And we have seen debt, piling up, owing to the generating companies, the transmission company, and even the distribution companies.
“This does not encourage them to produce or generate up to what we need as a nation. Which is why we introduced the partial cost-reflective tariff to the part of the consumers that we believe can enjoy 20 hours plus of power supply”.
Adelabu explained that but for the expected opposition from consumers, the government would have pushed the electricity tariff for Band-B customers to about N160/kWh which would have guaranteed a minimum supply of 16 hours daily.
Meanwhile, the Managing Director of the Transmission Company of Nigeria, TCN, Engr Abdulaziz Abubakar has told the House Committee on Power that state governments were demanding over N600 billion from the company for ground rents for its substations dating back to the 1970s.
Engr. Abubakar said the company does not have that kind of money and is unable to meet the demands of the governors.
“We have a lot of letters from almost all the 36 governors demanding for ground rent of our substations. And these ground rents have been backdated since the 1970s. At that time there was no TCN.
There was ECN or Niger Dams. We have never paid ground rent before as TCN. But they will calculate everything and send it to TCN.
“What we have now is over 600 billion Naira which TCN cannot pay. So we want legislation or a waiver so that any place where we are building a substation, that land should be given to TCN without asking for ground rates because we cannot afford it”, he added.
He also asked for the intervention of the legislators over import duties and value added tax imposed on equipment brought into the country to improve transmission infrastructure in the sector.
Earlier, the Chairman, House Committee on Power, Rep. Victor Nwokolo harped on the need to improve power supply in the country.
He expressed the readiness of the House to support the sector with the necessary legislative backing to achieve the objectives of the government, but warned that the House would not fold its arms and allow consumers to be shortchanged.
The Central Bank of Nigeria (CBN) reported a considerable increase in remittance inflows of $553 million in July. According to a statement published by CBN’s Acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali, the all-time high remittances reflect a 130 percent increase over the same period in 2023.
Sidi-Ali stated that the result was the largest monthly total inflows on record and reflected the central bank’s continued efforts to improve liquidity in Nigeria’s foreign exchange market.
According to her, the significant increase in remittance receipts is due to policy measures implemented by the CBN to improve liquidity in Nigeria’s foreign exchange market.
“These measures include granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to Naira liquidity for IMTOs.
“Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
“The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year,” she said.
She said that the increase in remittances was a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market.
The director said that it was an indication of efforts to strengthen a robust and inclusive banking system and promote price stability, which is essential for sustained economic growth.
“Recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s year-on-year headline inflation rate slowed in July for the first time in 19 months.
“This is a clear indication that the CBN’s monetary policy tightening measures are delivering results.
“The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market,” she said.
Sidi-Ali said that the apex bank would continue to monitor market conditions and adjust policies as necessary to enable greater remittance flow into Nigeria.
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