Stock Market Lost N3.6tn in April as Investors Switched to Treasury Bills Kayode Tokede
Investors in the stock market segment of the Nigerian Exchange
Limited (NGX) lost about N3.6 trillion in April 2024 as the Central Bank of Nigeria (CBN) lured investors with attractive yields on its
Nigerian Treasury Bills (NTBs). Investors trading stocks had sustained profit-taking amid 2023 financial year dividend payout by
some fundamental companies quoted on the Exchange. However, NTB yield has been rising since the central bank started
its rate hike in response to the high inflation rate. With inflation rate at 33.20 per cent as of March 2024, the central bank has increased its
benchmark monetary policy rate to 24.75er cent. Continued on page 12
Lagos-Calabar Highway Project: FG Offers N2.75bn to 10 Businesses Marked for Demolition... Page 8 Thursday 02 May, 2024 Vol 29. No 10613. Price: N400
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House Calls for Clampdown on Middlemen Hoarding Petrol... Page 12
Tinubu: Days of Worry for Nigerian Workers over Earning Living Wage Gone
Says he doesn't take workers’ patience, understanding, support for granted Labour gives FG, states till May 31 to approve new wage or face showdown Govs salute, announce decision to honour pay raise for civil servants Akpabio, senators, house members, others commend nation’s work force
By Our Correspondents
President Bola Tinubu, yesterday,
celebrated his first May Day as president, assuring the organised labour that the issues that prevented
the tripartite committee on minimum wage from reaching a consensus would soon be resolved, and that
workers’ days of worries over their living wage would be gone. The president, who spoke while
delivering his speech as Special Guest of Honour at this year's May Day Commemoration ceremony at the
Eagle Square, Abuja, also assured Continued on page 12
NUPRC Moves to Speed Up Approvals for Divesting IOCs, Raise Oil Production by 700,000bpd Gives affected multinationals option to conclude process or wait for audit report
Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is moving to speed up the conclusion of regulatory oversight on the ongoing oil assets divestment by International Oil Companies (IOCs), THISDAY learnt yesterday. With the process now fully expedited, it was gathered that when concluded, Nigeria would add at least 700,000 barrels per day to its current daily production volume, to hit about 2 million bpd before the end of the year. Many of the new investors, mostly indigenous businessmen, that are taking over the multi-billion dollar facilities, are already waiting in the wings, but had been delayed, in a bid to ensure strict adherence to the rules as provided by the Petroleum Industry Act (PIA). The NUPRC also insists that all interested parties to the Joint Ventures (JV) must amicably resolve their differences before it can perform its regulatory function as provided by the new law. Besides, THISDAY was informed that the investors are ready to pump Continued on page 12
May Day celebrations at the Eagle Square...
L-R: Minister of State for Labour and Employment , Nkeiruka Onyejeocha ; President, Nigeria Labour Congress, Comrade Joe Ajaero; Vice President Kashim Shettima and President, PHOTO: GODWIN OMOIGUI. Trade Union Congress, Comrade Festus Osifo during the 2024 May Day celebrations at the Eagle Square, Abuja... yesterday