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Treasury Bills Subscription Drops To N307.3bn

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13 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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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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