Author: Folasade Olugbade

In its weekly stock recommendation, equity analysts at Cowry Asset Limited confidently project a 36% upside for Fidelity Bank’s share price on the Nigerian Exchange.

Recapitalisation: No Licenced Insurer Will Be Left to Fail – NAICOM The National Insurance Commission (NAICOM) has reiterated its resolve to ensure that no licensed insurance company in Nigeria collapses, as part of ongoing efforts to strengthen the industry and safeguard policyholders. The Commissioner for Insurance and the Chief Executive Officer of NAICOM, Mr Olusegun Omosehin disclosed this at the 2026 Awards and Recognition Ceremony of the Nigerian Insurers Association (NIA) held in Lagos on Thursday. Omosehin said this as insurance companies are going through a recapitalisation process with the deadline set for July 31, 2026. Omosehin was represented by…

Banking Index Jumps as Investors Rotate Fund to ETI, FCMB The Nigerian Exchange (NGX) banking index spiked on Wednesday as investors rotated funds into Ecobank Transnational Incorporated (ETI), FCMB Group, GTCO, among others. The Nigerian equity market closed on a strong positive note, with the All-Share Index (ASI) advancing by 377bps, bringing year-to-date gains to 52.43%. Market breadth remained positive with 48 gainers against 42 losers, reflecting sustained buying interest across key counters. Top risers include ZICHIS, CAP, UACN, and AIRTELAFRI, all posting +10% gains, while CADBURY and JOHNHOLT topped the losers’ chart with -10% declines. Trading activity was largely…

NGX Tops N147trn as Bua, Aradel Rally, Investors Gain N3.3trn The Nigerian Exchange (NGX) soared on Tuesday, recovering from profit-taking activities as BUA Foods, Aradel Holdings, Dangote Cement, among others, rallied. The local bourse closed trading activities for today in positive territory, as key market performance indicators – the All-share index and market capitalisation) appreciated by 2.30%. Offsetting the losses recorded in the previous session, the market’s rebound was triggered by renewed positive sentiment, reflected in fresh buying interest in mid-cap and bellwether stocks, as strategic positioning continued. The Industrial goods and Oil & gas sectors posted gains of +4.86%…

U.S. citizens lost staggering $2.1 billion to social media scams in 2025, new data from the Federal Trade Commission (FTC) shows. In an update, FTC noted that nearly 30% of people who reported losing money to a scam said it started on social media, with reported losses reaching a staggering $2.1 billion.

Naira Sheds Weight Amidst Declining Foreign Reserves The naira depreciated by ₦14.80 to close at ₦1,358.44/$ in the official market, data published by the Central Bank revealed. The local currency weakened against the dollar as eligible FX used requests exceeded total FX supply, amid a slowdown in foreign reserves. Nigeria’s gross external reserves declined by $172.54 million to $48.45 billion at the close of the trading session on Friday in the absence of additional inflows and persistent FX intervention. A slew of economists attributes the sustained decline in external reserves to continued CBN interventions to support the currency, ongoing debt…

Shiba Inu (SHIB) price gained 2.37% to $0.00000625, closely tracking a broader market rally and primarily driven by beta alignment with Bitcoin’s gains.

The International Monetary Fund (IMF) has endorsed Nigeria’s ongoing bank recapitalisation drive. It said that stronger capital buffers are cushioning the financial system against external shocks and strengthening resilience amid intensifying global uncertainties.

The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with an Indian company, Rashmi Metaliks Group in Kolkata, for an investment of one billion dollars over a three-year period.

JSE Index Upbeat after Sell Pressure The South African bourse, Johannesburg Stock Exchange (JSE), is set for a firmer open on Tuesday as upbeat sentiment across Asian bourses provides a supportive backdrop, First National Bank said in an update. The JSE started the week on the back foot and traded lower in yesterday’s session as heightened geopolitical tensions weighed on investor sentiment following the collapse of US-Iran peace talks over the weekend, which prompted US President Donald Trump to impose a naval blockade on Iran. By market close, the JSE All Share Index was down 0.45%, and the Top 40…