Author: Julius Alagbe
UK Economy Shrinks in October – ONS The UK economy contracted again in October, official data showed Friday, dealing a blow to the Labour government’s hopes of reviving economic growth. Britain’s gross domestic product (GDP) fell 0.1 percent in October following a contraction of 0.1 percent in September, the Office for National Statistics (ONS) said in a statement. Analysts had forecast growth of 0.1 percent. In its official report, ONS announced that real gross domestic product (GDP) is estimated to have fallen by 0.1% in the three months to October 2025, compared with the three months to July 2025. This…
OPEC Oil Production in November Declines in November Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) fell by 1,000 barrels per day (bpd) in November compared to the previous month, reaching around 28.48 million bpd, according to the group’s latest Monthly Oil Market Report on Thursday. Venezuela, Iraq, and Iran recorded the largest declines, while the largest output increase came from Saudi Arabia last month. Saudi Arabia, the group’s top producer, increased its output by 54,000 bpd to about 10 million bpd, while Venezuela’s production declined by 27,000 bpd to roughly 934,000 bpd. Iraq’s output declined…
Naira Extends Volatility as NFEM Rate Falls to N1,456 The naira has dropped in value for eight consecutive trading sessions at the Nigerian foreign exchange (NFEM) window, closing at N1456 per dollar on Thursday. The local currency defied the Central Bank of Nigeria (CBN) fx interventions amidst rising foreign payments, reflecting the absence of significant inflows from foreign investors, exporters and non-bank corporate players. The Apex Bank’ daily FX update revealed that the naira depreciated again by 0.05% to ₦1,456.07 per dollar transaction conducted in the official window. During intraday trading session, the spot FX rate touched N1459 per dollar…
All Ministries Will Be Entirely Paperless from Dec – Walson-Jack Mrs Didi Walson-Jack, Head of the Civil Service of the Federation, says all ministries and extra-ministerial departments are expected to be entirely paperless by Dec. 31. Walson-Jack made the declaration on Thursday in Abuja during her keynote address at the “Second Edition of the Citizens and Stakeholders` Engagement“. According to her, the government has determined to achieve the feat through the adoption of an enterprise content management system. “Our goal is for citizens and users of public services to reach us online and receive instant responses and services. Today, we…
Reps Push For Lower Air Fares, Target Airport Charges, Taxes The House of Representatives (Reps) has called on the Federal Government to slash airport charges by 50 per cent and offer tax breaks to aviation companies to make flights cheaper during the festive season. The call was sequel to the adoption of a motion by Rep. Obinna Aguocha (LP-Abia) at plenary on Thursday. Aguocha had earlier moved the motion, stating that airline ticket prices have skyrocketed, affecting not just travellers but also air ambulance costs and, by extension, people’s lives. He noted that the steep rise in airline ticket prices…
CBN Sells N1.3trn OMO Bills, Offers 19.49% for 215-Day Tenor The Central Bank of Nigeria (CBN) priced OMO bills with 215 days to maturity at the rate of 19.49%, barely 24 hours after the authority hiked the rate on one-year Treasury bills to 17.95%. The Apex Bank floated an OMO bills auction offering N600.0 billion across Nigerian OMO bills with 180-day and 215-day maturities. The long-dated tenor courted investors’ attention amidst expectations of interest rate cut outlook. MarketForces Africa reported that the Apex Bank had turned down about N1.3 trillion in aggregate subscription at earlier OMO auction – with zero…
PZ Drops Plan to Exit Africa, Cites Economic Recovery in Nigeria PZ Cussons has announced plans to retain its Africa business with ambitious growth plans, citing growth in its core business in Nigeria in particular. In April 2024, the fast-moving consumer goods (FMCG) company announced plans to strategically review its Africa operations, stating its readiness to sell its 50% equity interest in PZ Wilmar Limited, its non-core edible oils business in Nigeria. In April 2024, PZ Cussons announced plans to conduct a strategic review of its Africa operations. As part of the review, the Group announced the sale of its…
Investors Take Profit on Bonds as Treasury Bill Rate Rises The average yield on Nigerian government bonds rose in the secondary market as investors’ sentiment waned amidst rising spot rates in the treasury bills segment, up by 1.91% in two weeks. Not minding disinflation, the Apex Bank increased its discount rate on Nigerian Treasury bills with a one-year tenor to 17.95% at the main auction conducted on Wednesday. The successive spot rate adjustment for the short-term investment securities from 16.04% two weeks ago disrupts investors’ sentiment in the bonds’ secondary market space. The market experienced sell pressures at the short…
CBN Hikes Interest Rate on Nigerian Treasury Bills to 17.95% The Central Bank of Nigeria (CBN) has increased its spot rate on Nigerian Treasury bills with 364 days maturity again, details from its ad hoc primary market auction on Wednesday revealed. The authority floated N700 billion worth of local treasury bills across standard tenors with the usual subscription pattern. Total subscription came at N1.69 trillion, significantly above the previous week’s subscriptions. With expectations of rate repricing, the authority offered to sell 91 days treasury bills worth N100 billion to investors at the main auction on Wednesday. Total subscription for the…
Lasaco Assurance Shareholders Approve N25bn Capital Raise Shareholders of Lasaco Assurance Plc have approved a N25 billion capital-raising plan to boost the company’s financial capacity and enhance its competitiveness in the insurance industry. The approval was granted at an Extraordinary General Meeting (EGM) held at Lasaco House, where shareholders voted in favour of a combination of private placement and rights issue to increase the firm’s capital base. This is according to a statement by the company on Wednesday. According to the resolutions passed, all new shares to be issued will rank pari passu with existing ordinary shares, ensuring equal rights…