Business Tips

‘Automated Lottery can Generate Huge Revenue for Nigeria’

Lottery can generate huge revenue for Nigeria through automated technology, Adolphus Ekpe, the Director-General of the National Lottery Regulatory Commission, said.

Mr. Ekpe told the News Agency of Nigeria on Thursday that the commission had already begun the process of computerising its processes to enable it to generate greater income.

He said that automated technology would enable the commission to monitor and regulate the operators of the lottery business and make it more appealing to Nigerians.

Interbank Overnight Rate at Five-Year Low

Nigeria's interbank overnight lending rate fell to a five-year low on Thursday, hit by excess liquidity in the market that spurred renewed bond buying from commercial lenders and pension funds, traders said.

According to Reuters, the overnight lending rate halved to 1 percent from the previous day. It had hovered around a three-month low of 3 percent last week after the central bank repaid matured open market bills and did not issue fresh ones to mop up the funds, in a bid to keep borrowing costs low.

Bearish Trend Continues at the Stock Market

Photo L-R: Shows Patrick Lucas, Chairman of the Africa Committee & Vice Chairman of Mouvement des Entreprises de France (MEDEF) International; Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange; Pierre Gattaz, Chairman, MEDEF; Denys Gauer, Ambassador of France to Nigeria; and Tony Elumelu, Chairman Heirs Holdings the Closing Gong Ceremony at The Exchange today.

Overnight Rate at Record Lows as CBN Eyes Lending

Nigeria's overnight lending rate fell to record low 2 percent on Wednesday, as the central bank refunded excess withdrawals from lenders before it loosened monetary policy last month to spur credit growth, traders said.

The regulator has been injecting cash into the banking system in a bid to ease liquidity and stave off recession in Africa's biggest economy, which has suffered as oil prices fell.

Firm to Invest $100m in Africa

U.S. private equity firm KKR & Co LP is considering investing around $100 million in Africa within a year, a senior executive said on Tuesday.

KKR is looking at the agriculture and food business, the energy industry and infrastructure projects, Dominique Lafont, a senior advisor at KKR, told Reuters during a visit with a French business delegation to Nigeria.

"We want to use Nigeria as regional base and springboard for West Africa," he said. "We are not limited to one sector."

PenCom: Contributory Pension Fund Hits ₦5 trillion

Photo L-R: Shows Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange; Udom Emmanuel, Executive Governor of Akwa Ibom State; Chinelo Anohu- Amazu, Director General, Pension Commission of Nigeria; Senator Abubakar Bagudu, Executive Governor of Kebbi State; and Gerard Lyons, Adviser to the Mayor of London at the World Pension  Summit Africa Special held at the Transcorp Hilton Hotel, Abuja on Monday.

Stock Trading Vs Sports Betting

While the continuous wobbly performances of stock markets globally persist due to lack of investors’ confidence, sports betting seems to be the latest attraction.

Recently, a university don won ₦58.9m in sports bet in Nigeria. Godwin Ighalo, a Professor of Computer Engineering at the Ambrose Alli University, Ekpoma, Edo State, won the sum of ₦58,945,553, after placing bets with just ₦800 in 1960Bet.

Equities Market Records 2.0% Decline Post-Independence Day Celebration

The All Share Index dipped 2.0% on the first trading day of the month to 30,588.41points as a result of drags from bellwether stocks  - DANGOTE CEMENT (-5.0%), NIGERIAN BREWERIES (-4.8%), NESTLE (-4.6%) and ZENITH (-2.1%).

Thus Year-To-Date and Week-on-Week returns were brought to -11.7% and +0.1% in that order. Market capitalisation sank to ₦10.5 trillion from ₦10.7 trillion the previous day. Similarly, market activity decreased as volume and value traded reduced 34.1% to 275.0 million units and 40.3% to ₦3.1 billion respectively.