Nigerian Breweries Seeks Shareholder Approval for Strategic Acquisitions of Distell Wines and Heineken Beverages

Nigerian Breweries is gearing up to present a pivotal proposal to its shareholders, seeking approval for the acquisition of a substantial 60 percent stake in Distell Wines and Spirits Nigeria Limited, along with a strategic takeover of Heineken Beverages (Holding) Limited's import business in Nigeria. The announcement, disclosed in a filing with the Nigerian Exchange Limited, sets the stage for a crucial shareholder meeting scheduled to take place next month in Lagos. The notice outlines the Board's resolution after an in-depth review of the offer, stating, "To recommend to Shareholders in a general meeting for their consideration and approval, the acquisition of 80 percent economic interest, voting, and other rights held by Heineken Beverages (Holdings) Limited in Distell Wines & Spirits Nigeria Limited, whose interests and rights are held through Distell International Holdings Limited, and 100 percent of the import business of Heineken Beverages (Holdings) Limited in Nigeria." The genesis of this move traces back to May, when the Board of Nigerian Breweries Plc received an offer from Heineken Beverages (Holdings) Limited to acquire a majority stake in Distell Wines. Distell Nigeria, a key player in local wine and cider production as well as the importation of wines, spirits, and flavoured alcoholic beverages, stands at the forefront of this strategic move. Pending regulatory approval, Nigerian Breweries envisions these acquisitions as pivotal in realising its strategic objectives, aiming to diversify its product portfolio beyond beer to include wines, spirits, and flavoured alcoholic beverages. The move is anticipated to unlock growth opportunities and secure long-term profitability for the company. Heineken Beverages currently holds a 100 percent stake in Distell International Limited, the parent company of Distell Nigeria, founded in 2018 with its headquarters in Lagos. The upcoming shareholder meeting holds significance as it paves the way for Nigerian breweries to chart a dynamic course in the ever-evolving beverage landscape.

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President Tinubu congratulates Liberia's president-elect, Joseph Boakai

President Bola Tinubu congratulates the government and people of Liberia on the successful conduct of the Liberian presidential election.   The President also congratulates President-elect Joseph Boakai, who won the mandate of the people, enjoining him to unite the country and build on the popular support expressed through the ballot box to deliver good governance to the people of Liberia. President Tinubu commends President George Weah for demonstrating uncommon leadership by conceding the election and averting any form of socio-political crisis.   The President says President Weah's great act of democratic sportsmanship is exemplary, particularly at this time in West Africa, when democracy is under attack by malign actors who are bent on subverting the will of the people."   I commend President George W. Bush for his sterling example, undiluted patriotism, and statesmanship.   He has defied the stereotype that peaceful transitions of power are untenable in West Africa.   He has demonstrated that the outcome of elections in the sub-region need not become the propellant of violence and unrest and that the will of the people must always be respected," the president states.   President Tinubu thanks the people of Liberia for peacefully exercising their rights and implores them to remain steadfast in the furtherance of peace and democracy.

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Stakeholders highlight role of passion and mentorship in startup success at WES

Pioneers and successful players in startup businesses have unanimously advised that success can only come to upcoming entrepreneurs through passion and perseverance rather than the desire to get rich quick. They gave the advice on Thursday at the breakout session on the WorldStage Economic Summit 2023 held at the event centre of the Nigerian Exchange Group (NGX), Lagos, themed “The Game Changer.” Moderated by the Editor-in-Chief of Global Financial Digest, Oludare Mayowa, guest speakers that took turns to share their experiences and address issues that were critical factors in understanding and running startup businesses to succeed were CEO, New Horizons Nigeria, Tim Akano, and Managing Director, HumanManager Limited, Adekunbi Ademiluyi, who represented the Group Managing Director of SystemSpecs Holdings, Nigeria, John Tani Obaro. Giving a presentation on startups as the game changer, Akano admitted that it was always tough at the beginning but that passion and perseverance would help starters overcome any challenge that might come their way in the build-up stages. Reliving personal experience, he said it took him over 12 months to convince Nigerians about his startup, which he started about 20 years ago after resigning from lucrative jobs with Coca-Cola and Dunlop. According to Akano, it takes perseverance to overcome challenges, and it’s not a bed of roses to scale various hurdles for anyone ambitious enough to venture into startups. But every startup entrepreneur must have it in the back of their minds that the reward for solving problems is money, and therefore make problem solving their focus if they desire to make headway, he stated. Sounding out would-be startup entrepreneurs against failure, he warned against partnering with the wrong people and to cut off with negative individuals who were only good at seeing challenges but not solutions. “Don’t make a company of negative people, particularly the learned and academic who are fond of analysis and paralysis, only rolling out problems rather than solutions,” he warned. there iswith He also advised upcoming startups that there is nothing wrong with sharing ideas with people who may not be experts to avoid discouragement by people with more knowledge. Asked if it’s advisable to engage partners from the start, he replied that it might be difficult to build a company with just one brain. “The fear is understandable, but there’s no straight answer to it,” he said. He, however, reminded the audience that Google was a product of some students and professors and that, therefore, it might not be a bad idea to have partners who are like-minded from the beginning. He advised the youth not to be dominated by fear of the risk of bringing in people to co-own startup businesses. Speaking on the benefits of mentoring and mentorship, Akano argued that not everyone could be a mentor, but real mentors were called to serve other people with little concern for reward. Describing how critical mentors are to the generation of upcoming entrepreneurs, he quoted a statement by Albert Eistein that ‘he sees far by standing on the shoulder of a giant’ to support his position on the significance of mentorship. “One has to be very bold to seek help, and youths have to be disciplined, trust-worthy, and have value to contribute,” he admonished. break-even,fails Akao highlighted other challenges to upcoming startups as fear of the unknown, overconfidence about break-even, which in most cases fails expectations, and cash flow, which according to him is about retaining cash coming in rather than just inflowing cash. Launchaspiring In her own presentation on ‘Journey from Conception to Launch, Mrs. Adekunbi Ademiluyi agreed with Akano that understanding and knowing one’s passion is key to upcoming entrepreneurs achieving success. “Focus on your goals even when your plan is cascading,” she counselled. She outlined other factors for success in entrepreneurship as understanding and engaging with the community; asking the right questions with ideation; challenging the status quo; listening to the unmet needs and desires of the world; conceptualising by shaping ideas into tangible, viable, and scalable solutions; determining a solution that fits the problem; creating a value proposition; defining the business model; and putting a legal structure in place. Ademiluyi also recommended execution based on nurturing ideas, refining and bringing them to life, processing product development, building a workable team, and planning resources. “A successful launch isn’t where the story ends; going live aims at monetization, customers’ satisfaction, and creating new markets,” she elaborated. Asked how ideas could be translated to reality, she recommended that a plan be created, concerns should be shared, structure should be put in place, ideas should be shared, a strategic partnership should be initiated, and knowledge of what moving from point A to B in the growth process meant and entailed must be established. Micro finance banks, She mentioned the contributions of the government to businesses, such as establishments such as institutions such as banks (BoI), microfinance banks, etc.), to ensure easy access to funding for financially deprived individuals that sought to go into startups. Responding to the question about the fintech sector being dominated by technical people, she said it was because investors and venture capitalists always looked for technologists and that those who applied for their jobs were people with backgrounds in financial technology. To halt or curb the “japa” syndrome currently depriving Nigeria of the services of her bulk of professionals, Ademiluyi submitted that it’s a global challenge that’s not limited to Nigeria alone. However, she saw an opportunity in the challenge. “In every problem, there is an opportunity. It’s a global issue. There’s even domestic Japan, where people resign their jobs and prefer to work on their own. There are opportunities in Nigeria; we only need to adjust ourselves to curb the lure of Japan,” she reasoned. To further curb the phenomenon of 'japa', she called on the government at all levels to improve infrastructure for people to be interested in the country. She equally advocated the improvement of the educational system as well as social factors. In his opening remarks, the President and CEO of WorldStage, Segun Adeleye, said WES 2023 was accommodating a special breakout session tagged Startups on WorldStage with the theme ‘The Game Changers’ for founders, startup enthusiasts, corporate, angel investors, and media to network and chart the way forward. He said that WorldStage, a globally focused media group with strong business and economic content, is leveraging its capacity to engage emerging startups and project them for global visibility. “Data from the National Bureau of Statistics indicated that unemployment and underemployment rates increased to an all-time high of 56.1 percent in 2020, pushing 133 million Nigerians into multidimensional poverty, with economic growth not inclusive as it faced key challenges of lower productivity and weak expansion of sectors with high employment elasticity,” he said. “Getting the youths to work must be an immediate task for the government and will be driven by fixing productivity through combinations of policies that cut across some strategic sectors of the economy. “Many startups that need to be encouraged are developing technology to solve identified problems in payment systems, insurance, agribusiness, and e-commerce, among others. The beauty of their emergence is that their concepts are globally acceptable, making them eligible to expand to other countries while attracting foreign exchange and creating new jobs."

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Biden, Trump unpopularity trigger search for third party candidate for 2024 US election

Facing a likely choice between Republican Donald Trump and Democrat Joe Biden in the 2024 presidential race, many Americans are desperate for younger, less divisive options. A large and potentially consequential market for third-party candidates—one not seen since the 1990s—is a stark reminder that in Trump and Biden, the two major parties are likely to nominate unusually unpopular candidates. Their potential rematch of the 2020 election comes as the nation grapples with economic anxiety, a sharp political divide, a controversial U.S.-backed Israeli assault on Gaza, and widespread calls for a new generation of U.S. leadership. Some 63% of U.S. adults currently agree with the statement that the Republican and Democratic parties do “such a poor job” of representing the American people that “a third major party is needed," according to a recent poll by Gallup.   That is up 7 percentage points from a year ago and the highest since Gallup first asked the question in 2003. Biden and Trump both face primary challengers but are expected to emerge as their party's candidates in 2024, despite deep concerns over Biden's age and Trump's string of federal and state criminal indictments. No third-party candidate has won a modern U.S. presidential election, although they have at times played outsized roles as spoilers by taking votes from major party candidates. In 1992, billionaire businessman Ross Perot captured 19% of the vote, arguably swinging the White House to Democrat Bill Clinton over incumbent George H.W. Bush. Political activist Ralph Nader won less than 3% support in 2000 but took enough votes away from Democratic candidate Al Gore in Florida to give George W. Bush victory in the state and, with it, the White House. Now a Reuters/Ipsos poll shows Robert F. Kennedy Jr., an anti-vaccine conspiracy theorist and scion of the Democratic dynasty who launched an independent presidential bid in October, could capture 20% in a three-way contest with Biden and Trump. Kennedy is backed by the "American Values 2024" SuperPac, which has raised more than $17 million for his bid from several deep-pocketed donors, including a former Trump backer. American Values 2024 on Tuesday hosted an event aimed at black and Latino voters in downtown Manhattan that drew about 40 people, including several who could not identify Kennedy's core policies but said they valued his disruptive potential. "We've been looking for a rebel since Barack Obama. We thought he was a rebel, and then we thought Bernie Sanders was a rebel. Then we thought Trump was a rebel. Now, we know, of course, that RFK is a rebel," said Larry Sharpe, a former Libertarian candidate for New York governor who attended the event. Both parties have expressed concerns about a Kennedy bid. Democrats fear his famous last name and pro-environment, anti-corporate policies will resonate with some of their voters. Republicans fear his anti-vaccine talk and popularity on conservative platforms could draw some of their support. The Reuters/Ipsos poll and others have shown Kennedy drawing fairly equally from Republicans and Democrats in a three-way race. However, Democrats are not taking anything for granted. "Our overall take is that anything that divides the anti-Trump coalition is bad. And so any option that you offer voters who simply can't vote for Trump, other than Joe Biden, is problematic," said Matt Bennett, a co-founder of the centre-left Democratic group Third Way. Tony Lyons, cofounder of American Values 2024, told Reuters Kennedy shouldn't be considered a danger to just Biden or just Trump. "He's a danger to a corrupt two-party system that isn't doing things to help the people in this room," Lyons said at the Manhattan event. Trump campaign spokesperson Steven Cheung said: "Polls show President Trump absolutely crushing Joe Biden even with other candidates present, both nationally and in battleground states." The Biden campaign declined to comment, leaving third-party criticisms to outside groups like Third Way, worried an outsider bid could hand the election to Trump. 'PEOPLES WANT BETTER CHOICES' While cash is flowing to third-party options, Biden and Trump are raising even more. The president and his allies pulled in $71 million in the last quarter, and Trump raised $45.5 million. No Labels, a third-party political group, has already raised $60 million for 2024 and has qualified for the ballot in 12 states, including the battleground states of Arizona, Nevada, and North Carolina, without a candidate in place. "We've been trying to get the pulse of the electorate for the last two years, and it keeps telling the same story: people want better choices," said Ryan Clancy, chief strategist with No Labels, a bipartisan group mounting its first presidential bid after a few years of lending support to moderates in Congress. The group has been courting former Republican Gov. Larry Hogan of Maryland and U.S. Senator Joe Manchin, a conservative Democrat from West Virginia who recently announced he will not seek re-election to the Senate. Asked if he is considering a White House bid, Manchin on Wednesday told NBC News: "I will do anything I can to help my country." Clancy said No Labels plans a nominating convention in April and will select a presidential ticket if a Biden-Trump rematch appears inevitable and if it believes its candidates can win. Other third-party candidates are seen as less of a threat. Cornel West, a philosopher and black social leader, is also running as an independent and hopes his brand of in-your-face progressive politics will influence the 2024 debate. Jill Stein recently announced that she will once again run for the White House as a Green candidate. Both West and Stein are expected to receive a negligible share of the vote and struggle to get on state ballots. In a recent interview with ProPublica, Biden was asked about his former Democratic colleague Joe Lieberman's work with No Labels to identify and support a moderate, third-party candidate. Biden noted that Lieberman has the democratic right to do it, but added, "Now, it's going to help the other guy, and he knows that."

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Biden administration slams Elon Musk for repeating a "hideous" antisemitic lie

The White House on Friday accused Elon Musk of repeating a "hideous" antisemitic lie on his social media site X this week, calling it an "abhorrent promotion of antisemitic and racist hate" that "runs against our core values as Americans." The White House statement follows decisions by at least two more major corporations to pull their advertising dollars from X after watchdog Media Matters found ads by IBM, Apple, and others were placed alongside content promoting Adolf Hitler and the Nazi Party. Responding to Musk's post on Wednesday, the White House condemned what it called an "abhorrent promotion of antisemitic and racist hate" that "runs against our core values as Americans." Musk on Wednesday endorsed a post on X that falsely claimed Jewish people were stoking hatred against white people, saying the user who referenced the "Great Replacement" conspiracy theory was speaking "the actual truth." That conspiracy theory holds that Jewish people and leftists are engineering the ethnic and cultural replacement of white populations with non-white immigrants that will lead to a "white genocide." "It is unacceptable to repeat the hideous lie... one month after the deadliest day for the Jewish people since the Holocaust," White House spokesperson Andrew Bates said, referring to Hamas' Oct. 7 attack on Israel. Representatives for Musk and X on Friday again declined to comment on Musk's post on Wednesday. Lions Gate Entertainment Corp. on Friday said it was pausing its X ads, while Axios reported Apple, the world's largest company by market value, was also pausing its ads. IBM on Thursday halted its advertising on the platform. "When it comes to this platform, X has also been extremely clear about our efforts to combat antisemitism and discrimination. There's no place for it anywhere in the world; it's ugly and wrong. Full stop," X CEO Linda Yaccarino wrote on Thursday. Advertisers have fled the site since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on X, civil rights groups have said. Antisemitism has been on the rise in recent years in the United States and worldwide. Following the outbreak of war between Israel and Palestinian Islamist group Hamas after last month's attack, antisemitic incidents in the United States rose by nearly 400% from the year-earlier period, according to the Anti-Defamation League, a nonprofit that fights antisemitism. Musk, chief executive of electric vehicle maker Tesla and founder of rocket company SpaceX, has blamed the Anti-Defamation League for the ongoing drop in advertisers without offering any evidence.

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CBN anticipates raising interest rates amidst rapid monetary policy shifts

In an upcoming meeting on November 20th and 21st, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)is expected to announce a further 100 basis point hike in its Monetary Policy Rate (MPR), signalling a continued commitment to combat inflation. Since the July MPC meeting, the monetary policy landscape has undergone significant changes, accelerated by recent initiatives introduced by the Central Bank, notably in October. The decision to forego the September policy meeting due to the appointment of a new CBN governor added anticipation to this week's gathering. A report from Cordros Capital highlighted that a potential MPR increase would convey the apex bank's dedication to managing inflation, especially with short-term inflation expectations pointing towards a potential peak of 28.02 percent year-on-year in December. Maintaining the MPR at current levels is seen as incongruent with the prevailing uptick in market interest rates. Cordros Capital suggests that a further MPR increase is likely, given its role as a key signalling tool for market interest rates and the persistence of inflationary pressures. Notable changes in the monetary space include the removal of the maximum limit on the Standing Deposit Facility (SDF) and alterations to Open Market Operations (OMO) auctions. These modifications have influenced expectations for the upcoming MPC meeting. After an eight-month hiatus, the CBN auctioned OMO bills in August, with stop rates averaging 12.49 percent across various tenors. The subsequent October auctions saw increased rates, aligning with the aim of mopping up system liquidity and attracting foreign portfolio investors (FPIs). Inflationary pressures persist, with domestic prices rising to 27.33 percent as of October. Food and core baskets contributed to the upward trend. Additionally, currency pressures continue, with local players dominating the Nigerian Autonomous Foreign Exchange Market (NAFEM), although offshore investors are exhibiting renewed interest. As the MPC convenes, these factors contribute to an environment where a proactive stance on interest rates is expected to address evolving economic dynamics.

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President Tinubu jets out Saturday to Berlin for G20 investment summit

Nigeria's President Bola Tinubu will jet out to Berlin on Saturday to attend the G20 Compact with Africa conference as he seeks to attract investments in energy and infrastructure and boost trade, his office said. The conference, hosted by German Chancellor Olaf Scholz, will focus on enhancing economic and business cooperation between African nations and G20 countries, spokesperson Ajuri Ngelale said in a statement. Tinubu will also participate in the fourth G20 Investment Summit, co-hosted by the German government, where he will make a case for Nigeria as an investment destination, Ngelale said. Nigeria is seeking to boost investment rather than rely on debt to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation, foreign currency shortages and thefts of crude oil, its main export.

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Liberia President George Weah concedes defeat to main rival in presidential election Boakai

Liberia President George Weah on Friday conceded election defeat to opposition leader Joseph Boakai after a tight race, ending a presidency marred by graft allegations but helping to ensure a smooth transition of power in the once volatile African nation. Boakai, 78, a former vice president who lost to Weah in the 2017 election, led with 50.9% of the vote over Weah's 49.1%, with nearly all the votes counted, the country's elections commission said on Friday. The result marks a stark turnaround from 2017, when global soccer legend Weah, buoyed by a wave of hope, trounced Boakai with 62 percent of the vote. Many have since grown disillusioned with the lack of progress: Poverty, unemployment, food insecurity and poor electricity supply persist. "A few moments ago, I spoke with president elect Joseph Boakai to congratulate him on his victory," Weah said on national radio. "I urge you to follow my example and accept the results of the elections." Weah's concession paves the way for Liberia's second democratic transfer of power in over seven decades - the first was when Weah swept to power six years ago. His comments stood out in West and Central Africa where there have been eight military coups in three years, eroding faith in democratic elections. When elections do go ahead in the region, accusations of fraud abound and results are frequently contested in court. Instead, Boakai supporters in the capital Monrovia danced, shouted and honked car horns in the rain after the near-final results were announced. "We have a job ahead of us to do and I'm excited that the citizens have given us approval," Boakai told Reuters shortly after the results were announced. "First and foremost, we want to have a message of peace and reconciliation." Boakai, a softly spoken career politician, emerged neck-and-neck with Weah in the first round of voting in October but below the 50% needed to secure an outright victory, leading to Tuesday's run-off. Liberia is struggling to recover from two civil wars that killed more than 250,000 people between 1989 and 2003, and from a 2013-16 Ebola epidemic that killed thousands. Many felt that Weah did not follow through on promises to alleviate poverty and improve the country's crumbling infrastructure. Arkoi Sarkor, 43, told Reuters she supported Boakai because she was not able to get a job during Weah's term. "I am very hopeful because I know Boakai is... a man of principles and I know when he gets in here, he is going to bring changes," she said. "Some things that were not done, that were not correct, he will put it in place, I am hopeful of that."

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Nigeria Must Prioritise Revenue Generation Over Borrowing for the 2024 Budget ~Finmin Edun

In a recent development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the need for Nigeria to refrain from relying on borrowing to finance the 2024 national budget. Speaking before the joint Senate Committee overseeing the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF–FSP), Edun, alongside FIRS Chairman Zacch Adedeji and DMO Director General Patience Oniha, advocated for increased revenue generation and reduced budget deficits. Edun highlighted that spending on revenue-generating infrastructure was crucial for sustainable budget financing. He also pointed out that accessing foreign loans could be prohibitively expensive, given the current international economic climate. Edun stated, "The last thing you can think of is to pile up more debts," emphasising the importance of prioritising revenue sources. Expressing concern, Committee Chairman Sani Musa cautioned against external interventions, noting discrepancies between the revenue projections of government agencies and the federal government's proposed income for the 2024 fiscal year. Musa called attention to revenue leakages, delayed remittances by MDAs, and the impact of waivers on Customs Service revenues. The Senate Committee on Finance seeks clarity on customs modernization (e-customs) agreements to prevent deficit budgets. As Nigeria navigates financial challenges, Edun underscored the significance of optimising government spending and enhancing revenue streams for economic stability and growth.

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MultiChoice records third straight loss, citing Nigerian naira woes

MultiChoice Group Ltd. reported its third straight semi-annual loss, citing foreign exchange woes in Nigeria and incessant blackouts in South Africa. Africa’s biggest pay-TV company posted a net loss of 1.32 billion rand ($72.4 million) for the six months to Sept. 30, MultiChoice said in a filing on Wednesday. Nigeria allowed its currency to trade more freely against the dollar in mid-June, spurring a 40% devaluation. That forced the company to revalue inter-group loans, resulting in foreign exchange losses. Rolling blackouts in South Africa led to a 5% decline in the number of active days per subscriber, adding to the company’s distress. The company’s shares fell 0.6% in Johannesburg at close on Wednesday after plunging as much as 3.6% to a record. MultiChoice plans to relaunch its Showmax streaming service in the second half of its financial year and a sports betting service in South Africa following the success of a similar offering in Nigeria.

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Bitcoin bounces back to an 18-month high …where crypto prices are headed next

Bitcoin -3.19 percent and other cryptocurrencies rallied Thursday, bouncing back to retest 18-month highs after a correction earlier in the week. Analysts see more upside if digital assets can continue the momentum. The price of Bitcoin has advanced 4% over the past 24 hours to $37,350, having earlier traded near $37,900. Testing levels reached last week marked its highest level since cryptos plunged into a brutal bear market in May 2022. The largest digital asset had slumped in recent days, falling back to the $35,000 zone, but the rally that has carried it some one-third higher over the past month—ending a prolonged period of subdued crypto trading—now appears to have resumed. “The crypto market experienced a new growth spurt,” said Alex Kuptsikevich, an analyst at broker FxPro. “For now, it is not giving up... The chances of further gains are higher than a reversal to the downside. If we accept that Tuesday’s decline was a correction, it has opened the way to $45,000 to $46,000.” Bitcoin remains buoyant on the back of a number of factors, including ongoing optimism that regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), which would be expected to usher in a fresh wave of investor interest. A brightening macroeconomic backdrop has also helped, lifting cryptos alongside the Dow Jones Industrial Average and S&P 500 amid hopes that the Federal Reserve has finished raising interest rates. That said, there do appear to be looming risks for digital assets. Analysts at J.P. Morgan, for their part, believe the crypto rally is overdone. Tailwinds from the possible spot Bitcoin ETF approval are overblown, gains expected over the next year from a change in supply are mostly priced in, and the regulatory backdrop remains unfavourable, the analysts said in a recent note. Beyond Bitcoin, Ether—the second-largest crypto—gained 3% to $2,050. Smaller tokens or altcoins were more mixed, with Cardano climbing 10% but Polygon -2.96 percent falling 2 percent. Memecoins saw big gains, with Dogecoin at 2.37 percent, jumping 10 percent, and Shiba Inu at 0.80 percent, 7 percent higher.

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Obi slams APC's bankruptcy claim, emphasizes need for transparent governance

The presidential candidate of the Labour Party in the last general election, Peter Obi has lambasted the ruling All Progressive Congress (APC) on the recent statement that it inherited a bankrucpt economy from the previous administration. Obi, in a post on X platform stated that said the narrative lacked crucial details about the specific conditions that led to the claimed bankruptcy status. The Labour Party candidate, who came third beyond the incumbent President Bola Tinubu in the last election said transparency and strict accountability are essential tenets of responsible governance, urging the government to openly disclose the precise extent of the deficit it inherited. According to him, such transparency is seen as imperative for public awareness of the nation's current status and the trajectory ahead. He recalled that the lamentation of the ruling party echoes a similar scenario in 2015, when the previous APC government accused the Peoples Democratic Party (PDP) administration of not revealing the true nature of what they inherited. Obi stated that ironically, during 8-year of the Mohammadu Buhari led administration, the debt profile surged from N12.6 trillion to N87 trillion in 2023, without marked improvements in development indices such as education, health, poverty eradication, and security. He noted that the prevailing condition of the nation on various development fronts has raised concerns, with the public seeking tangible, measurable steps to address the challenges. While the government highlights the dire state of finances, questions arise about the rationale behind certain expenditures outlined in the recently signed supplementary budget. This revelation further underscores the argument that has gained traction: the need to drastically reduce the high cost of governance, particularly in a financially strained environment. He stressed the importance of directing available resources towards critical development sectors like security, healthcare, education, and poverty eradication, with a focus on addressing youth unemployment rather than non-essential spending. In the face of a declared financial strain, Nigerians anticipate concrete and verifiable actions aimed at improving the nation's overall situation, emphasizing the need for a strategic and efficient allocation of resources. I just read yesterday a widely publicised story from the present APC-led Federal Government saying that they inherited a bankrupt nation from their predecessor APC administration. But the story failed to disclose what they inherited, which qualified us for bankruptcy status. One major characteristic of responsible governance is transparency and strict accountability. This demands that the government disclose exactly the degree of deficit it inherited. What is inherited should be disclosed to enable the public to know where we are and where we are headed. Recall that the previous APC government made a similar claim in 2015 against the PDP administration that handed it over to them without telling the nation what it actually inherited. Rather, they took our debt profile from N12.6 trillion in 2015 to N87 trillion in 2023 when they left office without improving on any indices of development: education, health, poverty eradication, and security. Instead, the condition of the nation on every development index got worse, leading to the present sad state. Nigerians know things are bad, and they experience it daily. What they now want to hear regularly are measurable and verifiable steps to improve the situation. Also, the alarm raised by the government about the bad state of our finances raises questions about the rationale behind some expenditure items in the supplementary budget recently signed into law. “The present revelation also goes to buttress the argument that I have made since electioneering season that the cost of governance is too high and must be drastically reduced. “A bankrupt country should channel every available resource into funding critical development sectors, like security, healthcare, education, and eradication of poverty by addressing youth unemployment, not spending in non-essential areas. “So, what we expect are measurable and verifiable steps to improve the situation,” Obi stated.

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Nigeria’s naira hits lowest level of N1,105 on official window

Nigeria's naira briefly slumped to a record low against the dollar in thin trading on the official market on Thursday, bringing the official exchange rate within touching distance of the parallel market rate. The currency of Africa's biggest economy fell as low as 1,105 naira to the dollar from 830 at Wednesday's close, LSEG data showed, before recovering to trade firmer on the day around 800 to the dollar. A central bank spokesperson did not respond to a request for comment on the naira's fall or its plans for the currency when contacted by Reuters. The naira's official exchange rate has been drifting towards the parallel market level for the past two weeks, traders said. The naira was quoted at 1,135 to the dollar on the parallel market on Thursday, while lenders had been quoting the currency within a range of roughly 750 naira to 990 naira on the official market before Thursday's trade. "We suspect this is an anomalous rate in a liquidity squeeze due to increased demand in the I&E window (official market), and don't expect this to be reflective of a true market rate going forward," said Kyle Chapman, FX markets analyst at London-based Ballinger & Co. Olayemi Cardoso, the central bank governor who took office in September, has been silent about where he wants to see the trading band for the naira or when further liquidity might be injected into the market. The central bank has not intervened on the official market since October, which has helped accelerate the naira's slide, traders said. Last week, the naira recovered from a record low of 1,300 on the parallel market after the central bank sold dollars to 14 lenders to clear outstanding currency forwards. Some other lenders are yet to get settlements. The government has said it is expecting $10 billion in foreign currency inflows that will improve market liquidity, but it is not clear when those funds will arrive.

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Nigeria to wave $1.1 bln civil claims Italian oil firm Eni

Nigeria is withdrawing civil claims totaling $1.1 billion against energy producer Eni SpA, Bloomberg News reported on Thursday. The West African country's justice ministry will waive the claims before Italy's highest court "unconditionally" and "with immediate effect" no later than Nov. 17, the report said, citing a letter seen by Bloomberg.

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Senate confirms appointment of Maida as Executive Vice Chairman of NCC

The Senate Thursday in Abuja, confirmed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC). Maida was confirmed by the Senate during its plenary session where it adopted a report of the Senate Committee on Communications that screened Maida on Wednesday, November 15, 2023. The Chairman of the Senate Committee on Communications, and former Minister of Communications, Senator Ikra Aliyu Bilbis, who submitted the report submitted the report urged the Senate to consider the request of President Bola Tinubu for the confirmation of Maida for appointment as the country’s Chief Telecom Regulator.

He said the Committee had screened Maida, who had earlier passed all scrutiny by the relevant security agencies in the security governance sector. Bilbis informed the Senate that Maida possesses the requisite qualifications, professional experience, competence, and regulatory capacity to ensure accelerated development of the nation’s telecommunications sector. He urged the Senate to approve the nomination of Maida by Mr. President. Consequently, the Senate proceeded to confirm the appointment of Dr. Aminu Maida, through a voice vote to serve a five-year term in office, subject to renewal by the President. Earlier at his screening by the Senate Committee, Maida responded to questions related to his insights into the industry, qualifications, experience, suitability, and competence to manage the nation's telecom regulatory sector, and was variously described by members as the round peg in a round hole. Maida told the committee that his top priorities are to improve coverage and connectivity by bridging access gaps between rural and urban communities through increased broadband infrastructure as well as increasing the quality service (QoS) and quality of experience (QoE) for the consumers to enable them to get value for money. He also stated that, under his stewardship, he would ensure that the Commission’s licensees numbering over 8,000 across different segments of the sector, are made to adhere strictly to their Service Level Agreements (SLAs) with their consumers in terms of service delivery. Maida also said that he would create a more conducive environment for investment in the sector. Maida also promised to work with the dynamic team at the NCC to “re-think” how the Universal Service Provision Fund (USPF) would be better leveraged to bridge the extant digital divide in the country. The new Chief Executive Officer of Nigeria’s telecom regulatory authority also promised to prioritise inter-agency collaboration towards achieving the current blueprint for the digital economy sector, just as he said that the ongoing review of the NCA 2003 would lead to greater innovation for improving the performance of the sector and solicited the support of the National Assembly to succeed. Maida further emphasised his commitment towards aligning regulatory activities with the Strategic Plan of the Ministry of Communications, Innovations and Digital Economy, developed to accelerate the actualisation of the Renewed Hope Agenda of the Federal Government. CBN

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CBN monetary policy reforms evidencing positive impact on economy ~Spokesman

The Central Bank of Nigeria (CBN) has reported that its strategic monetary policy reforms are beginning to yield positive outcomes for the nation's economy. The Director of the CBN's Corporate Communications Department, Isa AbdulMumin, highlighted this development in Abuja while discussing the recently released inflation figures by the National Bureau of Statistics (NBS) on Wednesday. The NBS revealed that Nigeria's inflation rate rose to 27.33 percent in October, a marginal increase of 0.61 percent from September's 26.72 percent. AbdulMumin noted that the current inflation data suggests a gradual integration of the CBN's monetary policy reforms into the broader economic landscape. He emphasised that the slight uptick in the average price level for October indicates the effectiveness of the CBN's monetary policy stance and market reforms.

AbdulMumin underscored the CBN's commitment to its core mandate of naira stabilisation and inflation reduction, pointing out that the implementation of robust monetary tightening, employing diverse liquidity mechanisms, has led to a notable rise in open-buyback rates, aligning with the present monetary policy rate. Key mechanisms include lifting the cap on the standing deposit facility and open market operations. Despite the modest increase in inflation, AbdulMumin assured stakeholders that the CBN remains steadfast in achieving its goal of price stability. He noted that the initial signs of price deceleration were evident in September, and subsequent money market reforms in October contributed to a significant reduction in month-on-month changes. The director attributed the moderation in price changes to reforms in the money market and the relative stability observed in the foreign exchange market. As the CBN continues its monetary policy initiatives, the positive indicators suggest a proactive approach towards fostering economic stability and mitigating inflationary pressures in Nigeria.

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Nigeria long-term bond sees demand up as investors lured by attractive yield

A reopening of Nigeria’s longest-dated bond was oversubscribed by more than three times at an auction on Monday as investors swooped on the issue’s record yield. The 2053-dated debt attracted total subscriptions of N330 billion, compared with the N90 billion of paper put on offer by the nation’s Debt Management Office (DMO). Other shorter tenor notes, including the 2029, 2033, and 2038 maturities, were all undersubscribed at the same auction, indicating a preference for the longer-dated debt, which was also offered at a record yield of 18 percent. The demand for the 30-year paper showed investors betting it will deliver a handsome return over inflation in the long run, chief investment officer at Access Pensions Ltd, Wale Okunrinboye, said by email. “Pension funds exist to meet long-term liabilities, so if you have a long-term asset yielding 18 percent, which is 500–600 basis points over long-term inflation, you load up,” Okunrinboye said. Even so, Nigerian inflation quickened to a new 18-year high in October. Consumer prices rose 27.3 percent from the prior year, compared with 26.7 percent in September, according to data published on Wednesday on the National Bureau of Statistics’ website.

The record yield on the 2053 paper comes against a backdrop of calls from investors for the central bank to raise interest rates and get them closer to positive territory on a real, or inflation-adjusted, basis. Analysts also warn that Nigeria’s negative real yields deter foreign investors, even as the government seeks to attract capital by easing exchange controls alongside other reforms of the economy. Samir Gadio, head of Africa strategy at Standard Chartered Plc, said the assumption that market conditions will normalise in the medium term increased the demand for the longer-term paper. The Debt Management Office has raised N5.8 trillion, representing 82 percent of the targeted borrowing this year from the domestic capital markets, Patience Oniha, director-general of the agency, said this week. There’s about N1.28 trillion of planned borrowing this year that hasn’t yet been raised. This excludes the extra N2.17 trillion that may be needed to fund the supplementary budget, which was signed into law last week. The preference for the 30-year debt “signals that investors are very concerned about inflation in the near term,” said deputy director and head of advisory at Africa Finance Corporation (AFC), Fola Fagbule. “The longer-term inflation outlook is more likely to be favourable than the near term.”

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Access Bank recognised for exemplary commitment to sustainable development in Nigeria

In a prestigious acknowledgment, Access Bank has been honoured for its steadfast dedication to advancing sustainable development in Nigeria. The bank's unwavering commitment to fostering positive change and contributing to the nation's sustainable development goals has garnered well-deserved recognition. The 5th Community and Human Rights (CAHR) Awards Africa, held at the Four Points by Sheraton Hotel, Victoria Island, Lagos, on Tuesday, October 31, 2023, celebrated Access Bank among the remarkable winners. The CAHR Awards Africa serve as a beacon of recognition for individuals and entities championing human rights, social justice, and community development across the African continent.

At this special event, Mrs. Omobolanle Victor-Laniyan, Head of Group Sustainability at Access Holdings Plc, and Amaechi Okobi, Group Head of Corporate Communications, received special commendation for their significant contributions to sustainable development in Nigeria. Established in 2019 by CSR-in-Action Advocacy, the CAHR Awards Africa continue to make an impact through the generous support of the Ford Foundation and family endowments from the Alile family (Osayi Alile) and the Masade family (Chief Executive, Bekeme Masade-Olowola), with additional backing from Zenera Consulting. Congratulations extend to all the winners, and heartfelt gratitude is expressed to everyone who contributed to making the CAHR Awards in Africa a resounding success. Together, these efforts illuminate the path towards positive change and sustainable development in our communities.

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Nigeria’s consumer inflation soars to 27.33% in Oct vs 26.72% in Sept ~NBS

Nigeria’s inflation rate surged to 27.33 percent in October, the National Bureau of Statistics disclosed on Wednesday. This is a 0.61 percentage point from the 26.72 percent that was recorded in September. In its Consumer Price Index (October 2023) that was released on Wednesday, the NBS stated, “In October 2023, the headline inflation rate increased to 27.33 percent relative to the September 2023 headline inflation rate, which was 26.72 percent. “Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61 percentage points when compared to the September 2023 headline inflation rate. “Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher compared to the rate recorded in October 2022, which was 21.09 percent.

This shows that the headline inflation rate (on a year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022).” Major contributors to the increase in inflation were food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport, furnishings, and household equipment and maintenance. The continued rise in inflation has been attributed to the removal of gasoline subsidies and the devaluation of the official exchange rate. In its recent forecast for the year, KPMG predicted that Nigeria’s headline inflation may rise to 30 percent by December 2023 because of fuel subsidy removal and the unification of the foreign exchange market.

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Maida applauds Project Train 3M on ICT Skills

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, has applauded the proposal by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills. Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted one million applicants, is capable of increasing Nigeria’s pool of technically skilled persons in the global market, leading potential employers of digital and technical skills in the international scene to begin to engage more Nigerians. Speaking on the theme of the summit, ‘Repositioning Nigerian Economy through Telecommunications: 2023 and Beyond', the NCC boss noted that, in recognition of the rapid pace of technological advancement that is disrupting industries across the globe, Nigeria’s vision is rooted in the belief that embracing this disruption and fostering innovation will propel the nation towards sustainable growth, economic diversification, and enhanced living standards for all Nigerians. Represented by the Commission’s Director of Research and Development, Ismail Adedigba, the NCC’s chief executive officer said, “The vision is, thus, to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent; to deepen and accelerate our position in global research in key technology areas; and to raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria. In this regard, the honourable minister is looking to create a pipeline of three million technical talents.

“This programme, which has already commenced with over 1 million applications by potential trainees, is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 percent by the end of 2027. This will position Nigerians to productively contribute to the economy and place us in the top 25 percentile of research globally in the key areas of artificial intelligence (AI), unmanned aerial vehicles (UAVs), IoT, robotics, blockchain, and additive manufacturing, in keeping with the strategic plan unveiled by the Honourable Minister,” he said. Maida said the policy direction of the Ministry, which is being driven by five pillars, will deliver on the goals of fostering economic growth and development. These pillars, which include policy, infrastructure, innovation, entrepreneurship, capital, trade, and knowledge, are the bedrock of the Strategic Vision Plan (2023–2025) and form the guide to channelling our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria. He said the Commission remains committed to providing an enabling environment for the building of the critical infrastructure required to power a strong digital economy, guarantee improved access to quality broadband connectivity, and ensure the efficient management of the nation’s spectrum resources. “As we work with our supervising ministry—communications, innovation, and digital economy—to take these steps to provide the enabling environment for repositioning the Nigerian economy through telecommunications in 2023 and beyond, we call on Nigerians—and especially our compatriots in the media—to tap into the aspects of these interventions that are relevant to them. The ambitious plans we have set out may seem lofty and even incredible, but through strategic partnerships and collaborations with all stakeholders, we believe that they are achievable,” the EVC said.

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Nigeria Sliding into Totalitarianism, Anarchy ~ PDP

Raises Alarm, Says Nation’s Democracy, Unity in Danger The Peoples Democratic Party (PDP) raises alarm among Nigerians and the international community that the nation is dangerously sliding into totalitarianism and anarchy under the brazenly repressive and anti-people All Progressives Congress (APC) administration. The PDP alerts to attempts and actions by a cabal within the Presidency to emasculate the institutions of democracy in Nigeria, especially the Independent National Electoral Commission (INEC) and the Judiciary, in the desperation to foist a one-party state on Nigerians. This unfolding anti-democratic scenario is not only evident in the manipulation of elections but also in the conflicting judgements by electoral courts, especially some Election Appeal Court Panels, whose judgements are in conflict with the express provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the Electoral Act 2022, and INEC’s Guidelines and Regulations for ections. What is more worrisome is that these obnoxiously contradictory judgements are targeted at the PDP to the effect that elections that were clearly won by PDP candidates are snatched away at the courts and awarded to defeated candidates of the APC, contrary to the provisions of the aw. Aside from the preponderance of such ugly scenarios in Plateau State, the conduct and outcome of certain election petitions in Zamfara, Sokoto, Kebbi, Nasarawa, and other states of the nation where the PDP was robbed of victory through the courts are pointers to a systemic emasculation of the opposition in a bid to impose a one-party state and pave the way for totalitarianism in the country. This situation is a clear and present danger to the sustenance of Nigeria’s democracy, unity, political stability, and corporate existence as a nation, which is capable of breeding agitation, citizens loss of confidence in the system, restiveness, anarchy, and chaos.

Democracy must be allowed to thrive as the government of the people, as expressed by their will at elections. Any intrusion, breach, violation, and/or transgression against that expressed will as witnessed today under the APC is a clear recipe for a serious political crisis and portends grave consequences for our country. It is therefore imperative to draw the attention of Nigerians and the whole world to the undermining and crippling of democracy and the danger our nation is facing at this moment. The PDP calls on President Bola Ahmed Tinubu, as the custodian of the government, to come clean by speaking out and denouncing any attempt or action that is capable of stifling democracy, the rule of law, and the independence of the judiciary, which is suggestive of a fait accompli on election matters pending before the courts. Our Party urges the Chief Justice of Nigeria (CJN) and the President of the Court of Appeal to step in and assert the independence of the judiciary at this critical time for the defence and sustenance of democracy and the rule of law in Nigeria. The PDP charges Nigerians and indeed all lovers of democracy across the world to rise to the occasion, speak out, and take urgent legitimate steps to defend, protect, and preserve our hard-earned democracy from the onslaught of the APC.

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Kyari calls for adaptation to the changing energy landscape. …Advocates a Diversified Energy Portfolio

The GCEO, NNPC Ltd., Mele Kyari, has charged stakeholders within the Nigerian oil and gas industry to adapt, evolve, and lead in the ever-changing global energy landscape. Kyari gave this charge on Tuesday while delivering an industry address at the opening ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) Conference taking place in Lagos. The GCEO, who was represented by NNPC Ltd’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, underscored the pivotal role of oil and gas exploration in shaping the future of the oil industry and emphasised the need for dedication, expertise, and pursuit of knowledge in the quest to unlock new frontiers and push technological and economic boundaries within the industry.

Reiterating NNPC Ltd.'s commitment, Kyari emphasised the company's dedication to embracing exploration, developing renewables, fostering innovation, adopting emerging technologies, and implementing portfolio management as key drivers of success in the evolving energy landscape. He expressed optimism that the NAPE Conference would yield solutions and positively impact the nation's economic landscape. While acknowledging the global shift towards renewable energy, the GCEO pointed out challenges such as intermittency, predictability, and reliability due to geological constraints. He further highlighted the absence of a perfect energy source and advocated for a diversified energy portfolio that leverages innovation and technology to harness the strengths of different energy sources. The NAPE Conference is an annual convergence of geologists and industry professionals engaged in oil and gas exploration and production. This year’s edition has as its theme "Repositioning the Oil & Gas Industry for Future Dynamics" and seeks to advance the study and application of geosciences for the benefit of stakeholders.

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Oil prices dip as US crude production at its peak

Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. Brent futures were down 34 cents to $82.13 a barrel at 0949 GMT, while U.S. West Texas Intermediate (WTI) crude was down 40 cents to $77.86. China's economic activity perked up in October as industrial output increased at a faster pace and retail sales growth beat expectations, an encouraging sign for the world's second-largest economy. The International Energy Agency (IEA) joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. "With China being a scapegoat for much of the world's lack of industrial demand, this glimmer of light ought to aid oil's progress, but the reluctance is so far winning out," said John Evans of oil broker PVM in a note. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said.

The U.S. Energy Information Administration (EIA) will release its first oil inventory report in two weeks on Wednesday, after a delay last week due to a systems upgrade. The Financial Times reported on Wednesday that Denmark will be tasked with inspecting and potentially blocking Russian oil tankers sailing through its waters under new European Union plans as the West explores more ways of enforcing a price cap on Moscow's crude. However, it is still to be seen how Denmark will enforce this. A softer U.S. inflation reading that bolstered expectations for an interest rate cut by the Federal Reserve next spring sent the U.S. dollar (.DXY) down to a two-and-a-half-month low against a basket of other currencies. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies. British inflation also cooled in October, more than expected, reinforcing expectations that the Bank of England's hiking cycle has ended, with the Federal Reserve and European Central Bank also seemingly having reached the peak for interest rates. Elsewhere, the European Union reached a deal on Wednesday on a law to place methane emissions limits on Europe's oil and gas imports from 2030, pressuring international suppliers to clamp down on leaks of the potent greenhouse gas. Reporting by Paul Carsten in London and Sudarshan Varadhan and Laura Sanicola; Editing by Raju Gopalakrishnan and Mark Potter

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Nigeria seeks funding from Islamic bank for infrastructure

President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a "multi-billion-dollar infrastructure finance facility" to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn't provide further details of the financial package sought by the Nigerian government. "We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities," Tinubu said in the statement. "These deficits present unrivaled opportunity for savvy investors in a market that is by far the largest on the continent," he said. On Friday, Nigeria agreed to a series of investments and cooperation deals with Saudi Arabia, including a pledge by the Saudi government to make a "substantial deposit" of foreign exchange to help boost Nigeria's forex liquidity.

Under Tinubu, Nigeria has embarked on its boldest reforms in decades, ending a costly petrol subsidy and restrictions on foreign currency trading as part of measures to boost economic growth. Tinubu, who was sworn into office in May, has pledged to revive the economy fraught with sluggish growth, double-digit inflation, foreign currency shortages, widespread insecurity, and crude oil theft. Muhtar said the IsDB is ready to work with the government to support big investments in Nigeria, which is expected to get a "significant share" of a $50 billion Africa investment fund announced by the bank in cooperation with the Arab Coordination Group. The Jeddah, Saudi Arabia-based IsDB is a multilateral development bank that provides financing for infrastructure and other development projects in Muslim-majority countries.

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CBN extends lifespan of old naira notes beyond Dec dedline

Against the backdrop of axiety over the fate of the old naira notes after the December deadline ruled by Nigeria's apex court, the Central Bank of Nigeria (CBN) said on Tuesday that the old banknotes would now remain legal tender thereafter. A statement by the regulatory bank spokesman, Isa AbdulMumin, ended months of uncertainty after an attempt earlier this year to remove them caused serious cash shortages. The Supreme Court in March ordered the Central Bank of Nigeria (CBN) to extend until Dec. 31 the use of old 1,000, 500, and 200 naira notes, whose initial withdrawal from circulation became an election issue after it caused widespread hardship and anger. In responding to the fear within the populace, the CBN reassured Nigerians that the old currency notes will continue to be acceptable as legal tender regardless of the court ruling.

The bank had defended the removal of the notes, saying new ones would be harder to counterfeit and that the process would also help control liquidity in an economy where most money is held outside banks. On Tuesday, the CBN, which has had a new governor since September, said the old bank notes "will remain legal tender ad infinitum, even beyond the initial December 31, 2023, deadline." The regulatory bank further stated that "the Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject. Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs). "The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes. Also, the general public is encouraged to embrace alternative modes of payment, such as e-channels, for day-to-day transactions." During the election campaign, President Bola Tinubu opposed the removal of the old bank notes.

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Nigeria's equities market surges 0.25% despite escalating inflation

By Samuel Bankole In a noteworthy performance, the Nigerian equity market demonstrated resilience by closing on a positive note, with the All Share Index posting a 0.25 percent increase, reaching 71,014.34 points. This achievement comes against the backdrop of a surging inflation rate. The National Bureau of Statistics (NBS) reported a 0.61 percent rise in headline inflation for October, reaching 27.33 percent, up from 26.72 percent recorded in September 2023. Despite this economic challenge, the market cap of equities listed on the NGX witnessed growth, reaching N39.054 trillion, compared to the previous close of N38.941 trillion.

Trading activity was robust, with a total volume of 297.354 million units valued at ₦6.16 billion exchanged in 6,172 deals. Market breadth favoured the bulls, with 39 gainers outnumbering 19 losers. The NGX 30 Index, closing at 2,605.85 points, showed a 0.17% increase from the previous close at 2,601.33 points. Key gainers included International Breweries and BUA Cement, while Fidelity and Zenith emerged as the key losers. Despite challenges, core inflation, excluding volatile agricultural produce prices, rose to 22.58% in October 2023, compared to 21.84% in September 2023. Additionally, the composite food index registered a year-on-year increase of 31.52% in October 2023, up from 30.64% in September 2023.

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