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Treasury Bills Subscription Drops To N307.3bn

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14 years ago

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The Central Bank’s bimonthly auction last week witnessed a total subscription of N307.3 billion in treasury bills, a sharp drop from N513.43 billion demanded at the previous auction.

Market watchers have attributed the drop to the declining interest of offshore investors in domestic debt holdings. Offshore investors due to high inflation and the depreciating value of local currency choose to sell their local debt holdings and re-invest their funds abroad thus putting further pressure on local currency, market analysts have said.

The apex bank sold a total of N126.3 billion in treasury bills ranging from three months to one year with higher yields on the paper than at the previous auction.

Specifically the treasury bill market witnessed N30.65 billion worth of 91 day bills sold at the rate of 13.50 per cent against 13.19 per cent the previous auction while N45.00 and N50.68 billion worth of 182 day and 364 day bills at the rate of 14.14 per cent and 14.30 per cent respectively compared with the 13.87 per cent and 13.94 per cent at the previous auction.

At the Over-The-Counter (OTC) bond market investment was on the downside with a recorded volume of 100.532 million units valued at N89.61 billion in 672 deals in comparism with a turnover of 131.542 million units of Nigerian Sovereign bonds at the value of N121.239 billion in 935 transactions at the previous auction.

The nation’s interbank lending rate last week plunged to an average of 10.41 per cent against 14.66 per cent in the preceding week. The secured Open Buy Back (OBB) dropped to 10.25 per cent compared with 14 per cent it stood at the preceding week representing 175 basis points lower than Central Bank’s 12 per cent benchmark rate and 0.25 percentage points above the Standing Deposit Facility (SDF) rate.

Also, overnight placement and call money nosedived to 10.50 per cent each as against 15 per cent each of the previous week.

Market watchers say about N278 billion, portion of budgetary allocations for States and local governments entered the market last week.

At the start of business last Friday, the market had a cash balance of N387 billion a sharp comparism with the N32 billion at which it opened last week according to reports.

The equities market of the Nigerian Stock Exchange (NSE), the bears were on top of the game as market capitalisation of listed equities depreciated by N47 billion to close at N7.090 trillion having opened the week at N7.137 trillion.

Also the benchmark index which tracks the value of listed shares the All Share Index (ASI) plunged by 0.66 per cent, to finish at 22,232.36 basis points as against its opening of 22,381.11 basis points.

Three of the NSE Sectorial Indices also tilted Southwards. The NSE 30 index, a barometer for tracking the 30 most capitalised companies on the exchange dropped by 0.28 per cent.

The NSE Consumer Goods Index dipped by 1.75 per cent even as the NSE Oil/Gas Index depreciated by 2.41 per cent.

On the flipside, the NSE Banking Index rose by 0.22 per cent while NSE Insurance Index went up by 0.13 per cent according to the NSE weekly report.

The overall economy, according to the National Bureau of Statistics (NBS) surged by 6.17 per cent compared with 7.68 per cent of the fourth quarter of 2011.

Oil production fell to an average of 2.35 million barrels per day (bpd) in the first quarter as against 2.4 million bpd in the fourth quarter of 2011m the NBS report noted.

 

Vivian-Peace Nwinaene

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PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

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4 days ago

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December 8, 2025

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
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SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

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4 days ago

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December 8, 2025

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The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
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NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

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4 days ago

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December 8, 2025

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The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
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