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Nigeria’s treasury bills draw N3.22tn from investors amid high yields

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Nigeria’s treasury bills auction has attracted a total subscription of N3.22tn, reflecting heightened investor appetite amid rising yields and tight monetary conditions.

The auction, conducted by the Debt Management Office on behalf of the Central Bank of Nigeria, saw significant demand for long-tenured securities, with the 364-day instrument accounting for 98 per cent of total bids.

The auction was conducted on February 5, while allotments were done on February 6.

According to the result of the auction obtained by Sunday PUNCH, the Federal Government offered N670bn across the standard maturities of 91-day, 182-day, and 364-day bills.

Investors showed a strong preference for the one-year paper, which received N3.16tn in subscriptions against an offer of N500bn, further reinforcing the attractiveness of longer-tenured securities in the current economic climate.

The total bid-to-cover ratio stood at 4.80 times, slightly higher than the 4.78 times recorded in the previous auction.

The results revealed a sharp drop in stop rates for the 364-day bill, which declined by 148 basis points to 20.32 per cent.

Meanwhile, stop rates for the 91-day and 182-day bills remained unchanged at 18 per cent and 18.5 per cent, respectively, marking the eighth consecutive auction where rates on short-term tenors remained stable.

Despite the surge in demand for the 364-day paper, shorter-dated maturities experienced weaker interest.

The 91-day bill received N42.37bn in subscriptions, below the N50bn on offer, while the 182-day bill saw a significant shortfall, attracting just N19.52bn in bids against an offer of N120bn.

The muted demand for shorter tenors suggests that investors are positioning themselves for longer-term gains, preferring to lock in higher yields amid expectations of further monetary policy tightening.

A breakdown of allotments showed that the government matched investor demand closely while managing yields to balance market conditions.

A total of N670bn was allotted, with N619.36bn allocated to the 364-day bill, representing 92 per cent of total allotments, while N31.94bn was allotted for the 91-day paper and N18.69bn for the 182-day tenor.

The outcome of the auction highlights the CBN’s liquidity management strategy, as it continues to adjust interest rates to attract funds for government financing while mitigating inflationary pressures.

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February 10, 2025
Opposition lawmakers condemn colleagues’ defections to APC

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Federal lawmakers elected on the platform of opposition parties have condemned the gale of defections into the ruling All Progressives Congress by their colleagues.

This was as they dismissed claims by the defectors that their reason for running to the fold of the APC was due to one form of crisis or another in the political platforms on which they were elected.

In December 2024, the Labour Party and the Peoples Democratic Party lost six House of Representatives members to the APC at a plenary session presided over by the Speaker, Tajudeen Abbas.

The LP lost Esosa Iyawe (Edo), Tochukwu Okere (Imo), Donatus Matthew (Kaduna), Bassey Akiba (Cross River), and Daulyop Fom (Plateau).

On its part, the PDP lost Erhiatake Ibori-Suenu (Delta), a lawmaker and daughter of former Delta State Governor, James Ibori Who also left for the APC.

Earlier in the week, a Senator representing Delta North Senatorial District, Ned Nwoko, also dumped the PDP, citing internal wrangling and “loss of identity” by the once-dominant part as reasons for his decision.

There have been calls by leaders of the two parties in both chambers to declare the seats of the deflectors vacant in line with the provisions of the law.

However, this has remained a mere song on the lips of the affected parties as they appear to be losing steam a few years to the 2027 general election.

Condemning the defection of Nwoko, Senate Minority Leader, Abba Moro, in an interview with Sunday PUNCH said PDP was worried about the defections owing to their implication on the nation’s democracy.

He said, “We are as worried as everyone. PDP members and Nigerians are worried because of its implications for our democracy.”

On whether his party caucus in the parliament would seek legal redress on the matter, Senator Moro noted, “The decision as to whether to go to the court rests with the PDP as the party that sponsored those persons.”

On his part, the member representing Ogbaru Federal Constituency, Anambra State, Afam Ogene dismissed the defections as events too insignificant to worry about.

Speaking with Sunday PUNCH, the LP chieftain said, “I do not see the wave of defections in the House of Representatives as worrisome. This is essential because different dynamics threw up different people to become members of the legislature.

“In several cases, people won on the wings of the phenomenal Peter Obi wave, while some others were beneficiaries of judicial pronouncements, which ousted erstwhile holders of that position.

“But everything considered, I do not think it is right to judge the defectors by my own standards. Whether they have justified the electoral goodwill which they benefitted from, by defecting, is left to the individual consciences.”

Afam argued that the right to seek legal intervention should be left to the party rather than a legislative caucus.

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February 9, 2025
24-year-old faces life jail over American teenager’s death

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A 24-year-old Nigerian man, Hassan Lawal, has been extradited from Osun State, Nigeria, to South Carolina, United States of America, to face five counts after a sextortion led to the death of a teenager.

Lawal is looking at life in jail and mandatory prison sentences on multiple counts which include child exploitation resulting in death.

This was disclosed in a press release by the US Attorney’s Office of the District of South Carolina on Monday.

Lawal allegedly posed as a damsel on social media and coerced a 17-year-old American, Gavin Guffey, into sending compromising pictures of himself.

The suspect subsequently sent messages to Guffey, threatening to leak the photos and damage his reputation unless he sent him money.

After extorting money from him, the Nigerian allegedly started doing the same to the teen’s family members, leading to frustration which made the boy to commit suicide in July 2022.

According to the Department of Justice, “The five-count federal indictment charges against Lawal are child exploitation resulting in death, the production and distribution of child sexual abuse material, coercion and enticement of a minor, cyberstalking resulting in death, interstate threats with intent to extort, and aiding/abetting.”

The document revealed that the indictment was returned by a federal grand jury in South Carolina in October 2023.

Following extradition proceedings on January 24, 2025, agents with the FBI Columbia Field Office took custody of Lawal in Lagos.

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February 1, 2025
Peloton to replace chief executive and cut 2,800 jobs amid sales slump
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022
BP dismisses calls for windfall tax as profits hit all eight-year high
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022
Pfizer accused of pandemic profiteering as profits double in pandemic
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022
Tesco chairman warns of food price inflation at 5% by spring in the UK this year
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022
Ocado hit by labour shortages but insists it is holding down prices for customers
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022
Asda makes cheapest food pledge after pressure from Jack Monroe
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022
Nvidia’s $40bn takeover of UK chip designer Arm collapses in recent news
The rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.

Whether you’re on the hunt for a remote job or are already working virtually, check out this list of the advantages of working from home, along with some of the top companies that hire for remote jobs.

10 Benefits of Working From Home

As we’ve long known, remote work has a host of advantages for workers. We’re listing out the best of the best benefits of working from home—some you may already be aware of, and some that may open your eyes even more to remote work’s impact on employers, employees, the economy, and the planet.

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.

Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks (and more!) are all easier to balance when you work from home.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.

But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:
- Higher cholesterol
- Elevated blood sugar
- Increased risk of depression
Ditching the commute helps you support your mental and physical health.

The time savings can allow you to focus on priorities outside of work, like getting extra sleep in the morning, spending more time with family, getting in a workout, or eating a healthy breakfast.

3. Location Independence

One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for job seekers living in rural communities and small towns where there may not be many available local positions. Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career.

Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk. People who have to move frequently, such as military spouses, can also benefit from having a remote job that can be done from anywhere, without having to start over at the bottom of a new company with each move.

In addition, remote work is a great way to avoid high-rent and high-mortgage areas, especially for positions (like tech) that used to require living in a city with a high cost of living. With remote work, you no longer have to live near a major metropolitan area to have a career you love.
January 28, 2022