The Naira depreciated significantly against the Dollar at both official and parallel foreign exchange markets on Thursday.

FMDQ data showed that it weakened to N1,649.76 per dollar on Thursday from N1558.75 exchanged on Wednesday.

This represents 91.01 depreciation against the Naira compared with the N1,558.75 exchange rate the previous day.

Further analysis showed that the Naira gained N81 on Wednesday, it fell by 91.01 on Thursday.

Similarly, the Naira depreciated by N5 at the black market to exchange at N1655 per dollar on Thursday from N1650.

The development comes 24 hours after a media aide to President Bola Ahmed Tinubu, Bayo Onanuga celebrated the N1558 per dollar mark.

“The currency closed at 1,558 naira per dollar, its most substantial level against the greenback since Aug. 21”, he stated on Wednesday through his official X account.

According to him, the gain recorded on Wednesday came as the government raised $900 million in its first domestic sale of dollar-denominated bonds.

The Naira significantly gained against the dollar at the foreign exchange market 24 hours after depreciation.

FMDQ data showed that the naira appreciated to N1,555.75 per dollar on Wednesday from N1637.59 on Tuesday.

This represents an N81 gain against the dollar compared to N1,637.59 exchanged on Tuesday.

Further analysis showed that the Naira’s appreciation on Wednesday surpassed the N57.13 depreciation recorded on the previous day.

Similarly, Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4 said that the naira gained to N1650 per dollar on Wednesday compared to N1660 on Tuesday.

“We sell at N1650 per dollar and buy at N1645 on Wednesday”, he said.

This comes as Foreign exchange transaction turnover stood at $221.24 million on Wednesday from $197.37 million on Monday.

The Central Bank of Nigeria said it has approved $20,000 each for eligible Bureaux De Change at the rate of N1,580 to a dollar.

This is according to a statement issued by the Acting Director,
Trade and Exchange Department of the apex bank, Dr Williams Kanaya.

He said, “This is to inform the BDC operators and the general public that we are providing more liquidity into the market. To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDCs operator at the rate of N1, 580/dollar. This is to meet the demand for invisible transactions. All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN. Eligible BDCs interested in this transaction are directed to make the naira payment to the CBN deposit account numbers with them.’’

He said that payment confirmation and necessary documentation for disbursement were to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos for collection of the $20,000.00.

The Economic and Financial Crimes Commission has warned Designated Non-Financial Businesses and Professions (DNFBPs) to conduct their dealings in line with provisions of the Money Laundering Prohibition and Prevention Act 2022.

Acting director of EFCC’s Lagos directorate, Michael Wetkaz, gave the charge at a sensitisation programme organised by the EFCC Special Control Unit Against Money Laundering (SCUML) for DNFBPs.

The DNFBPs include casinos, real estate agents, dealers in precious metals, dealers in precious stones, lawyers, notaries and other independent legal professionals.

Speaking at the event on Wednesday in Lagos, Mr Wetkaz also spoke on the global efforts to keep terrorism at bay, according to a statement by the anti-graft agency.

Mr Wetkaz, therefore, urged the participants to refrain from creating room in their businesses for criminally-minded people to thrive.

He urged them to do their part and report activities they were obligated to report.

Aminu Ahmed, an assistant commander of the EFCC, ACE 11, urged DNFBP operators to comply with the Money Laundering Prohibition and Prevention Act.

He urged them to report currency transactions of N5 million and above from individuals and N10 million and above from corporate bodies. He also advised them to appoint a compliance officer to comply with the AML/CFT regulations.

Folasade Oluwasanya, an assistant commander of the EFCC, ACE 11, spoke extensively about financial sanctions and reporting of politically exposed persons.

The training focused on creating more awareness for the DNFBPs on beneficial ownership and targeted financial sanctions.

The Lagos State Government has extended its work-from-home policy for workers for the next three months to alleviate the hardship orchestrated by the hike in petrol pump prices.

The State Governor, Babajide Sanwo-Olu approved the extension in a circular signed by the state Head of Service, Bode Agoro, on Wednesday.

Recall that the governor had on February 28, directed that the workers operate remotely on some days.

He directed that workers on grade levels 01 to 14 were allowed to work from home for two days a week, while those on grade levels 15 to 17 were allowed to work from home for one day a week.

The decision was aimed at reducing the effects of the removal of fuel subsidies on the workers.

Sanwo-Olu stated in Wednesday’s circular that the policy made positive impacts on workers’ productivity in the various ministries, departments, and agencies of the state government.

The extension took effect from September 4.

The market value of Oando Plc—run by President Bola Tinubu’s nephew, Wale Tinubu, —soared to record highs from N74 billion in 2023 to N1 trillion as of September 2024, indicating more than 1,000 per cent increase in valuation as Nigeria battled its worst cost-of-living and fuel crises.

While the nation was recording an exodus of multinational companies like pharmaceutical giant GlaxoSmithKline, Microsoft, and Diageo (Guinness parent company) due to Nigeria’s harsh economic climate, Oando was leaving the league of companies generating billions of naira in revenue to 12 zeroes.

Oando —an average-performing oil company before Mr Tinubu’s government— recorded N74 billion profit after tax in the financial year ended 2023, a stark contrast to the previous year when it recorded a loss after tax.

But just a little over one year after Mr Tinubu became president, the company’s share price, which sold at six naira as of September 1, 2023, saw its market value rocket to an all-time high of N92.

The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.

The profit surge comes months after a Peoples Gazette’s January report exposed how Mr Tinubu was plotting to transfer Eni’s Nigerian assets to Oando in exchange for Eni’s repossession of Nigeria’s lucrative OPL 245 oil field in partnership with Shell.

The assets transfer was made public last week by the parties, who said the deal was about $785 million and denied any wrongdoing of Oando cornering juicy deals at the expense of Nigeria’s oil field.

Wale Tinubu and Oando have continued to deny any wrongdoing, asserting that some of the discussions that led to their latest successes took place long before his uncle assumed office.

The increase sent netizens into a frenzy with many attributing Oando’s profit surge to its CEO’s blood ties with the president, suggesting the oil company’s increased valuation resulted from Mr Tinubu’s influence and not necessarily hard work and merit.

The currency devaluation, fuel subsidy removal and overall economic crisis had sent many companies into dire straits, including billionaire Aliko Dangote, who recently got demoted from Africa’s richest man to the second position, rankings of Bloomberg Billionaire Index released in August showed.

Oando is not the only business with ties to the Tinubu family that is doing well under the current administration. Earlier this year, the president awarded a humongous road contract worth over N15 trillion to a company run by his son Seyi and his friend, Gilbert Chagoury.

The president awarded the multi-trillion naira Lagos-Calabar Coastal highway project contract to Gilbert Chagoury’s company, Hi-tech, in which First Son Seyi Tinubu sits on its board, a move that triggered furious reactions and nepotism accusations.

The collective outrage and criticism from opposition figures like Atiku Abubakar, the presidency denied nepotism or corruption accusations in handling federal contracts under the current administration.

President Bola Tinubu’s administration appears to have upped the petrol price from N650 to N855, according to pump price displays on Tuesday on fuel dispensers at the government NNPC stations.

Amid a lingering fuel scarcity and crisis, petrol prices on dispensing machines of government-backed NNPCL stations in Lagos and Abuja on Tuesday showed N855 per litre, cementing claims that the price has been reviewed upward to reflect the nation’s current foreign exchange woes and fuel landing cost hassles.

Other filling stations adjusted their price to N897 per litre on Tuesday morning.

Femi Soneye, the NNPCL spokesperson, told Peoples Gazette, “I’m not aware. But I’ll find out.”

Fuel prices have dwindled between N580 per litre to N700 per litre since Mr Tinubu became president and announced the removal of fuel subsidies in 2023.

But in recent weeks, the nation has suffered an acute fuel scarcity that led the few stations with fuel to sell at exorbitant prices above N900 per litre while black market prices exceeded N1,000.

On Thursday, the Tinubu government issued a statement denying reports that pegged the official fuel increase to N1,000.

“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said the statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.

Dangote Refinery boss Aliko Dangote has announced that petrol will be available at his facility within 48 hours.

The business mogul disclosed this on Tuesday at a press briefing to announce the inaugural rollout of fuel from its $20 billion refinery in Lagos.

According to Mr Dangote, modalities are being formalised with the Nigerian National Petroleum Company Limited before petrol produced at the 650,000 barrels per day facility is supplied to the market.

Mr Dangote said, “Our PMS can be in filling stations within the next 48 hours, depending on NNPCL.”

Mr Dangote said the product’s pricing from his refinery “is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.”

“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today. It can be tomorrow. We are ready to roll into the market,” he revealed.

The founder of the Dangote Group, Aliko Dangote has said his hair went grey due to efforts to set up his refinery.

Dangote also disclosed that the refinery was a brainchild of President Bola Tinubu.

Addressing newsmen on Tuesday, Dangote said Tinubu dreamt about establishing a refinery in Lagos State about 18 years ago.

According to Dangote: “There are no limits to how far I can travel, ours is to make our country and Africa proud; the journey just started and we will continue. Five or six years ago, I had no grey hair but now it’s history as we are able to deliver. So, I can say it’s a golden grey hair which is worth it.

“Petrol from the Dangote refinery is MS5 one of the best in the world, it would save engines, its like water which people have never seen before.

“I thank the governor of Lagos for giving us all the necessary support, 10 years ago; there was almost nothing here but this is what you call a dream. President Tinubu, then governor of Lagos dreamt of establishing this about 18 years ago, but nobody thought about coming here.

“My first here was in 2015 when I came to see the land but you can see today. This is Euro5, you can put this in your engine and begin to run, it will give your engine the best performance.”

The Binance executive, Tigran Gambaryan, who is facing money laundering charges, has cried out that he is being maltreated by the Nigerian government.

In a viral video posted on Monday by SYMFONI, Gambaryan who was on hand crutches lamented that the Nigeria Correctional Service Staff has abandoned him on the instruction of the government.

“This is Fuck Up, he was told not to help me. This is an instruction from the government. It is a show, I am an innocent person”, he said.

The development comes after the embattled Binance executive was arraigned on Tuesday at the Federal High Court, Abuja.

Mark Mordi, SAN, had on August 28 2024 filed for bail application for Gambaryan.

However, the Economic and Financial Crimes Commission, EFCC, counsel, Ekene Iheanacho countered Gambaryan’s bail application on the ground that he is not having a serious health challenge.

“My Lord, I don’t want to go into detail about this issue. Ordinarily, the defendant had been living with this (disk) condition for the past 12 years before he came to Nigeria. It is not as if it is a new issue”, he said.

Earlier, in a statement Gambaryan’s Wife, Yuki said, “This situation is entirely unjust. My husband was unlawfully detained by the Nigerian government after being invited under pretenses for a meeting in their country”.

Recall that in April, Justice Emeka Nwite of the Federal High Court, Abuja, ordered that Gambaryan remain in Kuje prison pending his bail application determination.

In February two executives of the company, Tigran Gambaryan and Nadeem Anjarwalla (now at large), were arrested and detained by the Nigerian government on allegations of money laundering and terrorism charges.

The Central Bank of Nigeria, CBN, has released the calendar for the re-issue of N2.2 trillion worth of maturing Nigerian Treasury Bills, NTBs, in the fourth quarter of 2024.

The CBN disclosed this in a newly released NTB calendar for the fourth quarter of 2024.

The issuance of Treasury Bills is part of the government’s ongoing efforts to manage liquidity, sustain the financial market and maintain economic stability.

A breakdown of the calendar provides details of the auction and settlement dates as well as the volume of NTBs set for re-issuance.

The total NTBs issuance in the quarter includes N158.8 billion in 91-day bills, N109.6 billion in 182-day bills, and N1.9 trillion in 364-day bills, amounting to a total of approximately N2.2 trillion.

Starting with the auctions scheduled for September 4-5, 2024, a total of N233.3 billion will be issued across 91-day, 182-day, and 364-day maturities.

Following the initial auction, the CBN has slated another NTB issuance for September 11-12, 2024, where a total of N161.9 billion will be re-issued.

Later in the month, on September 25-26, 2024, the CBN will conduct another issuance of N227.5 billion in NTBs, with the 364-day bills commanding the largest share of the issuance.

As the quarter progresses, the auction scheduled for October 9-10, 2024, will see the CBN re-issue NTBs worth N81.9 billion. Although this issuance is relatively smaller compared to others in the quarter, it still plays a crucial role in maintaining liquidity in the financial markets.

On October 23-24, 2024, the re-issuance program will gain momentum with a more significant auction totaling N374.7 billion across 91-day, 182-day, and 364-day maturities.

Another re-issuance of the quarter is scheduled for November 6-7, 2024, where the CBN will issue NTBs totaling N513.4 billion. This auction represents the second-largest single re-issuance of the quarter and is expected to draw considerable interest from investors seeking secure and high-yielding investments.

The final auction for the quarter, scheduled for November 20-21, 2024, will close out the re-issuance program with an issuance of N610.8 billion.

This closing issuance will ensure that the financial system remains liquid as the quarter comes to an end while also providing the government with the necessary funds to meet its short-term obligations.

The Federal Government of Nigeria has issued a $500 million dollar-denominated bond, opening for subscription on August 19, 2024, officially.

This comes after the government had announced plans to issue a $500 million dollar-denominated bond.

This bond, part of the government’s financing initiatives, will carry a 9.75 percent per annum interest rate and is set to mature in 2029.

Accordingly, the auction for the bond will remain open until August 30, 2024, giving investors a sufficient window to participate in this offering.

Further details showed that the settlement date, when investors will have their purchases confirmed and interest will begin accruing, is set for September 6, 2024.

This becomes a significant step in Nigeria’s financial strategy, providing an opportunity for investors both within and outside the country.

The bond is structured as a five-year investment, with coupon payments made semi-annually.

Investors can purchase units at a minimum of $1,000 each, with an initial minimum subscription set at $10,000 (10 units). Subsequent investments can be made in multiples of $1,000.

The redemption of the bond will occur through a bullet repayment at the end of the five-year term, ensuring that investors receive their principal in full upon maturity

Recall that Minister of Finance, Wale Edun had announced plans to commence the bond issuance to catalyse the Nigerian economy.

This is as the Director General of the Debt Management Office (DMO), Patience Oniha, explained that the settlement for the $500 million dollar-denominated bond auction would be 10 days after the auction date.

First City Monument Bank Limited has appointed Ademola Adebise and Mrs Olufunmilayo Adedibu to its board of directors.

A statement from the bank on Wednesday described Adebise as a respected figure in the Nigerian financial industry and Adedibu as a distinguished lawyer with a wealth of experience in legal practice and banking.

Their appointments as the bank’s non-executive directors follow the approval of the Central Bank of Nigeria.

Adebise, a seasoned banker with over three decades of experience, served as the managing director of Wema Bank Plc and was appointed chairman of the board of directors of Family Homes Funds Limited.

He holds a B.Sc. in Computer Science from the University of Lagos and an MBA from Lagos Business School.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers.

He has completed executive programmes at prestigious institutions, such as the University of Cambridge and Harvard Business School.

According to the lender, Adedibu, the group general counsel and company secretary of FCMB Group, brings about 32 years of post-graduation experience to its board.

He has a Bachelor of Law from Obafemi Awolowo University, a Master of Law from the University of Lagos and a B.L. from the Nigerian Law School.

She started her legal career with the law firm of Chris Ogunbanjo and Co., where she garnered much experience in litigation, company law, copyrights, and patent laws, before joining the banking industry.

Nigeria’s oil marketers have said that Dangote Refinery may crash the price of petrol to between N600 – N650 per liter depending on its production cost.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola disclosed this in a statement on Monday.

His comment comes amid indications that the $20 billion refinery will no longer commence fuel production in mid-August 2024 contrary to the president of Dangote Group, Aliko Dangote’s earlier projection.

Speaking on the development, Fashola said crude oil supply crisis remains a major problem for the Lagos-based refinery.

According to him, the official petrol price from the Nigerian National Petroleum Company Limited stood at N570 per litre while private depots sell at N700 per litre.

He, however, stressed that when Dangote’s fuel comes on board, the pump price may crash to N600 or N650 per liter.

“The official price from the NNPC is around N570/liter, but the third parties, the private depots sell PMS to most of our members at N700 and above

“Plus or minus, we hope Dangote can sell between N600 and N650/liter. N600 is still okay. However, it depends on the cost of the production from Dangote’s end”, he said.

Recall that last week, the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission engaged in a war of words over 26 million barrels of crude allocation.

The Central Bank of Nigeria, CBN, has approved a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

Hakama Sidi Ali, CBN’s acting Director of Corporate Communications, disclosed this in a statement on Tuesday.

According to the apex bank, the approval is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders. It is unequivocal to state that the CBN’s action is by the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organization.

“Furthermore, it is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.

“The CBN remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

“The CBN’s decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period,” the statement reads.

The development comes months after CBN raised the minimum capital requirement for Nigerian banks in March 2024.

The Naira on Monday appreciated at the official market, trading at N1,607.15 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, showed that the Naira gained N9.93.

This represents a 0.61 per cent gain when compared to the previous trading date on August 2 when it exchanged at N1,617.08 to a dollar.

However, the total daily turnover reduced to 77.09 million dollars on Monday, down from 131.55 million dollars recorded on August 2.

Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,620.50 and N1,570.00 against the dollar.

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said the ongoing hunger protest is responsible for the resurgence of long fuel queues in filling stations in major cities across the country.

Recall that since Thursday last week, Nigerians have continued to demonstrate on the streets, tagged #EndBadGovernance.

Part of the demand is the return of fuel subsidies.

The protests had led to the death of at least fifteen persons and properties destroyed in Kano, Niger, Jigawa, Yobe, and the Federal Capital Territory, Abuja.

The protests had prompted President Bola Ahmed Tinubu Sunday’s broadcast, where he appealed for protesters to suspend the demonstration and dialogue with the government.

While there are uncertainties on how things will pan out in the next few days, oil marketers have blamed the long queues being witnessed across cities on the protests.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, in a statement, said that there was no movement of trucks during the protests, especially on Thursday and Friday.

“…Now that the trucks are no longer moving due to this protest, the depots are not working, the truck drivers are not driving, particularly during the first and second days of the protest, these issues have disrupted the supply of petroleum products. So it will result in scarcity at the filling stations,” Ukadike stated.

Earlier, the Nigerian National Petroleum Company Limited blamed the resurgence of long fuel queues on a “hitch in the discharge operations of a couple of vessels.”

Kaduna Electric has disconnected the electricity supply to the state Government House, the governor of Kaduna State Office and other agencies of the government over unpaid bills amounting to N2.9 billion.

The Disco disclosed this in a statement released on its official X account on Friday.

Kaduna Electric gave a breakdown of the unpaid electricity bills, it said that the government owes N1.166 billion from January 2024 to July 31.

They explained that despite the government paying N256.9 billion arrears in May 2024, the state has remained its highest debtor.

The firm announced the disconnection after extensive efforts to resolve the issue through consultations and reconciliations.

“The outstanding balance for electricity consumed from January 2024 to July 2024 alone amounts to a staggering One Billion, One Hundred and Sixty-Six Million, Eight Hundred and Fifty-Six Thousand, Nine Hundred and Ninety-One Naira, Eighty-Seven Kobo
(N1,166,856,991.87).

“This figure, including the historical debt has left the State Government with
a huge debt that currently stands at a total of Two Billion Nine Hundred Forty-Three Million Sixty Thousand One Hundred and Sixteen Naira Seventy-Seven Kobo (N2,943,060,116.77).

“Despite a recent payment of N256,920,963.88 made on May 9, 2024, for electricity consumed between September 2023 and December 2023, the Kaduna State Government’s debt remains significantly high”.

The development comes after the disconnection ultimatum the disco issued Kaduna State government on July 21, 2024.

Recall that in early July 2024, the Nigerian Electricity Regulatory Commission approved a 60 percent equity stake in Kaduna Electricity Company Pic, Kaduna Electric, by ASI Engineering Limited amid its N115 billion debt crisis.

Nigeria’s Federal Competition and Consumer Protection Commission, FCCPC, has indicted Coca-Cola Nigeria Limited and Nigerian Bottling Company for alleged misleading trade descriptions and unfair marketing tactics in their products, using ‘Original Taste, less Sugar’.

FCCPC disclosed this in a statement released on Thursday.

The commission in the statement found Coca-Cola Nigeria and NBC in violation of section 116 of the FCCPC Act as well as section 124 1(a) of the Commission’s Establishment Act.

Detailing the accusation of years of investigation, FCCPC said Coca-Cola Nigeria Ltd and NBC were guilty of deceiving the public by describing the variant of its Coca-Cola ‘Original Taste, Less Sugar’ as the same as its ‘Original Taste’ variant in terms of formulation.

The Commission stressed that the issue of Abuse of Dominance and the appropriate penalty under the FCCPA and Administrative Penalties Regulation 2020 (APR) have been reserved for further regulatory action, with penalties to be imposed in due course.

“Accordingly, and considering that the conduct continues and remains, the Commission has entered, issued and served its Final Order on Coca-Cola and NBC on July 29, 2024. The Final Order contains the Commission’s findings:

“Misleading trade descriptions under Section 116 FCCPA by continuing to mislead consumers to believe Coca-Cola Original Taste is not materially different from Coca-Cola Original Taste ‘Less Sugar’.

“Unfair marketing tactics: Contrary to Section 124(1)(a) of the FCCPA, Coca-Cola Nigeria markets Coca-Cola Original Taste Less Sugar in packaging first, indistinguishable, and now not sufficiently distinguishable from Coca-Cola Original Taste, contrary to Sections 123(1)(a), (b), and (c) of the FCCPA”, the commission stated.

Coca-Cola has yet to react to the accusation as of the time of filing this report.