₦airaland Forum

In a strategic move aimed at shedding non-core assets following its acquisition of the collapsed banking group, UBS (UBSG.S) has finalized the sale of Credit Suisse’s securitized products business to Apollo Global Management.

Under the agreement, Apollo will acquire $8 billion worth of “senior secured financing facilities,” UBS announced on Wednesday. The deal is expected to yield a net gain of...

https://ratecaptain.com/ubs-sells-8-billion-of-credit-suisse-assets-to-apollo/

The Central Bank of Nigeria (CBN) has called for law enforcement intervention to investigate foreign exchange forwards claims amounting to $2.4 billion, challenging recent assertions that it had cleared all backlogs.

Speaking in Abuja after the Monetary Policy Committee (MPC) meeting, Governor Cardoso stated that the allegations were baseless. He emphasized that the CBN had resolved all valid FX obligations based on a forensic audit report by Deloitte consultants....

https://ratecaptain.com/cbn-uncovers-2-4-billion-fraudulent-fx-forwards-claims/

In response to growing concerns over inflation and economic stability, the Monetary Policy Committee (MPC) of the Central Bank convened for its March 25th and 26th meeting, where several significant decisions were made to steer the economy towards a more sustainable path.

The committee, comprising eminent economists and policymakers, voted to raise the Monetary Policy Rate (MPR) by a...

https://ratecaptain.com/top-story-central-bank-raises-mpr-by-200-basis-points-to-24-75/

Aliko Dangote, Africa’s wealthiest individual and the president of Dangote Group, has experienced a remarkable surge in his fortune amid the resurgence of the Nigerian naira in both official and unofficial markets. According to data compiled from the Bloomberg Billionaire Index, Dangote’s net worth has skyrocketed to $15.3 billion.

This substantial upswing in Dangote’s wealth marks a significant turnaround for the business mogul, whose fortunes recently endured...

https://ratecaptain.com/nairas-surge-elevates-aliko-dangotes-wealth-to-15-3-billion/

In a significant development in the Nigerian legal landscape, the trial of Christopher Jackson Edeh, accused of involvement in a N2.7 billion fraud case at Fidelity Bank, is set to commence on May 30, 2024. This announcement was made by Justice O.O. Abike-Fadipe of the Special Offences Court in Ikeja, Lagos.

Christopher Jackson Edeh faces nine-count charges brought forward by the Economic and Financial Crimes Commission (EFCC) on February 28, 2024. Among these charges are...

https://ratecaptain.com/ex-banker-faces-trial-for-alleged-n2-7-billion-fraud-efcc-arraigns/

At the recent 140th meeting of the National Economic Council chaired by Vice President Kashim Shettima, startling revelations surfaced regarding the indebtedness of Nigeria’s 36 states and the Federal Capital Territory (FCT) to the federal government. According to a presentation by the Office of the Accountant General of the Federation, these entities collectively owe an outstanding liability of N1.72 trillion in budget support facilities.

This disclosure underscores the financial strain faced by sub-national governments across Nigeria and raises concerns about fiscal sustainability. The debt burden, evenly...

https://ratecaptain.com/states-n1-7-trillion-debt-to-fg-unveiled-at-national-economic-council-meeting/

The Federal Government of Nigeria is poised to achieve significant savings, estimated to exceed N5 billion every quarter, following the implementation of a new policy prohibiting officials of Ministries, Departments, and Agencies (MDAs) from embarking on publicly-funded foreign trips for a three-month period. An analysis of government budget data by The PUNCH indicates that this move is expected to yield substantial financial benefits for the nation.

The decision to enforce the ban stems from President Bola Tinubu’s expressed concerns over the escalating costs associated with international travels borne by...

https://ratecaptain.com/fg-anticipates-over-n5-billion-quarterly-savings-from-ban-on-public-funded-foreign-trips/

The Central Bank of Nigeria (CBN) has uncovered significant discrepancies in the management of intervention funds totaling N10.3 trillion during Godwin Emefiele’s tenure as governor. According to the apex bank, a staggering N193 billion has been declared missing, with an additional N418.9 billion marked as doubtful.

A doubtful loan, as defined by the CBN, indicates uncertainty regarding full repayment, ranging from partial loss to complete uncertainty unless...

https://ratecaptain.com/cbn-reports-n193-billion-missing-from-n10-3-trillion-intervention-funds-under-emefiele/

The Central Bank of Nigeria (CBN) has announced the successful clearance of all outstanding forex forward contracts, a move that has triggered significant adjustments in exchange rate expectations among forex dealers. The CBN’s action comes as a relief to market participants and is expected to ease pressure on the foreign exchange market.

According to a statement from the acting director of corporate communications, Sidi Ali, the CBN, under the leadership of Governor Oluyemi Cardoso, has settled a backlog...

https://ratecaptain.com/cbn-clears-forex-debt-triggers-new-exchange-rate-expectations/

In a significant policy shift, the Central Bank of Nigeria (CBN) has lifted the restriction on accessing foreign exchange for the importation of milk and other dairy products into the country. This move marks a reversal of the ban imposed on February 11, 2020, when milk and dairy products were added to the list of items ineligible for forex access.

Zenith Bank, one of Nigeria’s leading financial institutions, promptly notified its customers of this development. According to reports, Zenith Bank relayed the CBN’s...

https://ratecaptain.com/cbn-lifts-forex-ban-on-importation-of-milk-and-dairy-products/

KEY ECONOMIC PERFORMANCE OF TINUBU'S NINE MONTHS GOVT

1 🟢GDP Growth: Positive GDP growth rate from 2.51% in Q2 2023, 2.54% in Q3 2023, and 3.46% in Q4 2023. A full year 2023 growth rate of 2.74%.

2 🔴Inflation Rate: Rising inflationary pressure from 22.41% inherited in May 2023 to 31.70% 9 months after. Food: from 24.82% to 37.92%.

3 🔴Foreign Exchange (₦/$): Devaluation of the Naira from $1/₦461.06 in May 2023 to ₦1,544.08 in Feb 2024. 235% value depreciation against the USD.

4 🟢Stock Market: The Market has been bullish with a 121.8% market gain from May 2023 to Feb 2024.

5 🟠PMI: Purchasing Manager's Index maintains a positive outlook at 51.1 Feb 2024 from 54.0 May 2023, indicating improvement in the business conditions of the country. However, this is a reducing confidence in the outlook.

6 🔴Foreign Reserves: A drop in foreign reserves of about 4.30% from $34.40bn in May 2023 to $32.92bn in Feb 2024.

7 🟢Crude Oil Production: Increase in oil production from 1.19mbpd in May 2023 to 1.32mbpd in Feb 2024.

8 🟢Crude Oil Price: Increase in average oil price at $76.91/barrel in May 2023 to $86.08 in Feb 2024.

🔴Negative 🟠Threatened 🟢Positive

#Statisense
(NBS, CBN, NGX, StanbicIBTC)

The Nigerian Senate has greenlit the 2024 budget of the Federal Inland Revenue Service (FIRS), allocating a total of N446,342,656,992 to the agency. The approval came following the endorsement of the recommendation presented by the Senate Committee on Finance.

Senator Sani Musa, representing Niger East under the All Progressives Congress (APC) and the Chairman of the Committee on Finance, tabled the report before the Senate,

https://ratecaptain.com/senate-passes-n446-billion-firs-2024-budget/

Nigeria has experienced a remarkable surge in tax revenue from foreign firms, nearly doubling in just one year, according to recent data from the National Bureau of Statistics (NBS). This surge is attributed to increased earnings from Foreign Company Income Tax (CIT) and Value Added Tax (VAT) payments, driven by the weakening of the naira.

The NBS data reveals a significant uptick in revenue from foreign-related VAT, rising by 61% to reach N824.6 billion in 2023, compared to N510.8 billion in the previous year...

https://ratecaptain.com/nigerias-tax-revenue-surges-to-n3-21-trillion-as-foreign-tax-earnings-double/

The Consumer Price Index (CPI) in Canada rose by 2.8% year over year in February, marking a slight deceleration from the 2.9% gain observed in January. Notable factors contributing to this deceleration included decreases in the prices of cellular services, food purchased from stores, and Internet access services. However, the increase in gasoline prices partially offset this deceleration, rising by 0.8% in February following a 4.0% decline in January.

Excluding gasoline, the headline CPI slowed to a 2.9% year-over-year increase in February, down from 3.2% in January. This slowdown was primarily influenced by...

https://ratecaptain.com/canadian-consumer-price-index-sees-modest-2-8-increase-year-over-year-in-february/

BUA Cement Plc has reported a decline in profit for the 2023 financial year, attributing the slump to a substantial foreign exchange loss totaling N69.96 billion. The company disclosed a profit before tax of N67.23 billion, representing a 44% decrease from N120.15 billion recorded in the previous year. Similarly, profit after tax declined to N69.45 billion from N101.01 billion in 2022, primarily due to a significant increase in foreign exchange losses compared to the previous year’s figures.

Despite the profit decline, the company’s board of directors has recommended a dividend payment of N2.00 per...

https://ratecaptain.com/bua-cement-reports-profit-slump-due-to-n69-96bn-foreign-exchange-loss/

The Nigerian stock market witnessed a decline of 0.40% on Monday as investors responded to the latest Consumer Price Index (CPI) figures released by the country’s statistics bureau.

At the close of trading for the day, both the All-Share Index and the market capitalisation experienced a downturn, dropping to 104,663.34 points and N59.18 trillion, respectively...

https://ratecaptain.com/nigerian-exchange-dips-by-0-40-amidst-inflation-concerns/

In a move signaling a shift in leadership strategy, Olayemi Cardoso has commenced what appears to be a discreet restructuring at the Central Bank of Nigeria (CBN), leading to the dismissal of several directors.

Sources within the banking sector revealed that some of the affected directors had served under the tenure of the former CBN governor, Godwin Emefiele, and were directed to vacate their positions. Contrary to expectations of retirement, the...

https://ratecaptain.com/cardoso-initiates-restructuring-at-cbn-dismisses-directors/

As Nigeria’s political landscape undergoes transitions, the economic performance under President Tinubu’s nine-month government tenure has come under scrutiny. Here’s a breakdown of key indicators highlighting the trajectory of the nation’s economy:

1. GDP Growth:
– The GDP growth trajectory showcases a positive trend, with rates increasing from 2.51% in Q2 2023 to 3.46% in Q4 2023, culminating in a full-year growth rate of...

https://ratecaptain.com/tinubu-administrations-economic-performance-a-nine-month-review/

The Federal Government of Nigeria is in advanced negotiations with the World Bank to secure over $1 billion in loans aimed at addressing the multifaceted challenges confronting Internally Displaced Persons (IDPs) and enhancing agricultural development across the country.

This ambitious endeavor, reflected in World Bank documents titled ‘Solutions for the Internally Displaced and Host Communities Project’ and ‘Rural Access and Agricultural...

https://ratecaptain.com/fg-pursues-1-billion-world-bank-loans-to-address-idp-challenges/

In what appears to be a saga of misallocation of funds, the constituency of Senate President Godswill Akpabio has been earmarked to receive over N90 billion worth of projects in the 2024 budget of the Federal Ministry of Agriculture and Food Security. This allocation has raised eyebrows as many of the projects allocated surpass the ministry’s mandate and capacity, sparking concerns over potential economic stagnation.

Akpabio, representing the North West Senatorial District in Akwa Ibom State, which covers ten local government areas, has seen an overwhelming allocation of projects, with a...

https://ratecaptain.com/massive-allocation-of-n90-billion-to-akpabio-constituency-raises-concerns/

In February 2024, Nigeria witnessed a surge in headline inflation, reaching 31.70%, marking a notable uptick from January 2024’s rate of 29.90%. This 1.80% increase indicates a concerning trend in the country’s inflationary pressures.

Comparing year-on-year data, February 2024’s inflation rate soared by 9.79% compared to the same period in 2023, where inflation stood at 21.91%. This substantial rise underscores the persistent challenges facing Nigeria’s economic landscape.

https://ratecaptain.com/nigerias-inflation-climbs-to-31-70-in-february-2024/

The Central Bank of Nigeria (CBN) has once again emphasized its stance that banks operating within the country are prohibited from utilizing their foreign exchange (FX) revaluation gains for dividend payouts or operational expenditures.

In a recent circular issued by the apex bank on Thursday, signed by Adetona Adedeji, the acting Director of the Banking Supervision Department, banks were sternly warned against this practice.

https://ratecaptain.com/cbn-stands-firm-banks-restricted-from-using-fx-revaluation-gains-for-dividends/

In a recent development, Senator Godswill Akpabio has strongly criticized the Northern Senators Forum for its role in spreading false information about the Senate and President Bola Ahmed Tinubu.

During a meeting convened to address allegations against the Federal government, Senator Akpabio expressed his dismay at the actions of the Northern Senators Forum...

https://ratecaptain.com/senator-akpabio-condemns-northern-senators-forum-for-spreading-false-information/

In the face of ongoing economic challenges, Nigeria grapples with a significant surge in debt service expenditure, with the federal government disbursing $560 million towards servicing the country’s external debt in January 2024.

According to an analysis of the Central Bank of Nigeria (CBN) Weekly International Payments, this amount reflects a staggering 399% increase compared to the $112 million allocated for debt service in January 2023...

https://ratecaptain.com/nigerias-debt-service-hits-560-million-in-january/

In a significant move towards bolstering food security and agricultural development, the Nigerian government has inked a monumental €995 million deal with the Brazilian Government and the German Deutsch Bank Group. The agreement, spearheaded by Senator Abubakar Kyari, the Minister of Agriculture and Food Security, aims to finance the Green Imperative Programme in Nigeria.

Senator Kyari unveiled the ambitious initiative during a statement delivered on Monday in Minna, Niger State. Central to the program’s agenda is the establishment of...

https://ratecaptain.com/tinubu-secures-e995-million-deal-to-boost-agricultural-mechanization/

The European Union (EU) and the Economic Community of West African States (ECOWAS) delegation to Nigeria have raised concerns over the effectiveness of Nigeria’s Value Added Tax (VAT) system, stating that it falls short of ideal standards.

Speaking at the 4th session of the Steering Committee of the Support Programme for......

https://ratecaptain.com/eu-ecowas-criticize-nigerias-low-vat-compliance/

In a recent survey conducted by Monster in January 2024, it was revealed that a staggering 95% of individuals intend to seek new job opportunities this year. However, many anticipate facing challenges in their pursuit, with 68% expressing concerns about the difficulty of finding employment in the current economic climate.

While the job market may indeed present obstacles, there are certain behaviors and strategies that individuals can employ to enhance...

https://ratecaptain.com/navigating-job-search-challenges-expert-advice-for-success/

The Naira faced further depreciation against the United States dollar, continuing its downward trend in both the official and black markets. New data reveals that the Naira’s value has weakened, crossing the N1,600 mark in exchange rates.

According to FMDQ securities data, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official market, the Naira closed at N1,627.40/$ on Friday, March....

https://ratecaptain.com/naira-continues-decline-against-us-dollar-in-official-and-black-markets/

The Director-General of the National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has refuted claims suggesting that the commission loaned N10 trillion to the Federal Government.

These allegations arose following a motion adopted by the House of Representatives in October, tasking its Committee on Pensions to recover the purported N10 trillion pension funds “borrowed” by the Federal Government.

https://ratecaptain.com/pencom-denies-allegations-of-lending-n10-trillion-to-federal-government/

The Federal Government has revealed that the repayment process for the Nigeria Education Loan Scheme (NELFund) will commence two years after beneficiaries complete the National Youth Service Scheme (NYSC).

Dr. Akintunde Sawyer, the Executive Secretary of NELFund, made this disclosure during an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday....

https://ratecaptain.com/fg-commences-student-loan-repayment-after-nysc/

The precious metal continued its robust rally from last week amid increasing optimism surrounding U.S. interest rate cuts. Traders maintained their bets that the Federal Reserve would commence its rate-cutting cycle as early as June.

Spot gold surged by over 0.4% to reach a historic peak of $2,161.19 an ounce, while gold futures expiring in April peaked at $2,168.10 an ounce...

https://ratecaptain.com/gold-prices-surge-to-record-highs-on-powells-rate-cut-comments/

In a bid to address the soaring cement prices in Nigeria, major cement manufacturers, including Dangote Cement, BUA Cement, and Lafarge Africa, recently agreed to slash prices by approximately 50%. This decision came after a meeting convened by the Minister of Industry, Trade, and Investment, Uzoka-Anite, which was attended by the Minister of Works, David Umahi. However, despite the agreement, cement prices in the country remain exorbitant, ranging from N10,000 to N14,000 per bag.


Despite the concerted efforts by the federal government to intervene in the situation, there has been no noticeable change in cement prices on the ground. Despite...

https://ratecaptain.com/cement-manufacturers-hike-price-further-amid-fg-intervention/