Author: Julius Alagbe

SunTrust Bank MD Trial: I Received, Paid $3m into Aisha Achimugu’s Account –Witness Mr Trinity Usman, an Economic and Financial Crimes Commission (EFCC)’s witness on Friday, told the Federal High Court in Abuja that he received and transferred three million dollars into Mrs Aisha Achimugu’s company account. Usman, the 2nd prosecution witness (PW-2), told Justice Emeka Nwite while being led in evidence by the EFCC’s lawyer, Ekele Iheanacho, SAN. The PW-2, a Bureau De Change (BDC) operator, spoke in the ongoing trial of Halima Buba, Managing Director of SunTrust Bank, and her co-defendant, Innocent Mbagwu, the Executive Director/Chief Compliance Officer…

Nigeria’s Forex Market Turnover Rises by 56% to $8.6bn—CBN Nigeria’s foreign exchange market (forex) turnover has grown by 56.4%, reaching $8.6 billion in 2025, up from $5.5 billion in 2024, according to Mohammed Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN). He said the increase reflects ongoing monetary and fiscal reforms aimed at boosting liquidity, transparency, and investor confidence. “Average net FX flows between January 2023 and July have doubled,” Abdullahi noted at the Nigeria Investors Forum during the IMF/World Bank Meetings. CBN reforms, including an order-based quotation system and remittance policy changes, have raised…

GCR Affirms Airtel Nigeria AAA/A1+ Ratings, Outlook Stable GCR Ratings has affirmed Airtel Networks Limited’s national scale long- and short-term issuer ratings of AAA (NG) and A1+ (NG) respectively, adding that the outlook on the ratings remains stable. According to GCR, the ratings affirmation of Airtel Networks Limited is anchored on its strong earnings and cash flows, as well as the ongoing strategic support from its parent, Airtel Africa Plc. Ratings analysts said the company’s elevated debt level – including lease liabilities – has resulted in weak leverage metrics and a moderated financial profile. However, GCR Ratings analysts indicated they…

FG to Launch National Campaign to Promote Made-In-Nigeria Goods The Federal Government, FG, is set to launch a national campaign to promote Made-in-Nigeria goods and services under the Nigeria First policy as part of efforts to revitalise the manufacturing sector. President Bola Tinubu made this known in Lagos at the fifth Adeola Odutola lecture by the Manufacturers Association of Nigeria (MAN). He was represented at the event by the Minister of State for Industry, Trade and Investment, Sen. John Enoh. According to him, the campaign aims to shift national demand towards Nigerian products that meet global quality standards, while also…

Nigerian Treasury Bills Yield Falls to 17.39% on Disinflation The average yield on Nigerian Treasury bills fell slightly as investors maintained buying momentum via secondary market transactions, a demand surge influenced by reactions to disinflation. The real interest rate inched higher to about 9% after inflation rate fell to 18.02%, as per statistics office’s latest consumer price index update for Sept. With disinflation, the market expects the monetary authority to axe the benchmark interest rate to pave the way for private sector-driven economic growth. Banks are still holding to their portfolio given the surplus liquidity level in the financial system,…

Global Islamic Finance Assets to Reach $9.7trn by 2029 –Report Global Islamic finance assets have been projected to reach $9.7 trillion by 2029, a report by London Stock Exchange Group (LSEG) in collaboration with the Islamic Corporation for the Development (ICD) of the Private Sector revealed. The collaboration announced the findings of the 2025 Islamic Finance Development Indicator (IFDI) report, a global benchmark assessing the development of the Islamic finance industry across 140 countries. Malaysia maintained its top position in the global rankings, followed by Saudi Arabia and the United Arab Emirates, reflecting their continued investment and policy leadership in…

UBA to Unveil Whitepaper on Africa’s Financial Infrastructure Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to reinforce its role in shaping the continent’s financial ecosystem with the launch of its landmark whitepaper.  The whitepaper, titled “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth”, will be unveiled on the sidelines of the World Bank-International Monetary Fund (IMF) Annual Meetings in October 2025 in Washington, D.C., placing Africa’s economic agenda at the heart of global financial discussions. The document presents a comprehensive and actionable framework for unlocking Africa’s vast economic potential, providing analysis of critical…

Eterna CEO Adeosun Seeks Targeted Funding to Boost LPG Use Mr Olumide Adeosun, Managing Director of Eterna Plc, has called for targeted funding and policy-driven investments in the Liquefied Petroleum Gas (LPG) sector to scale up domestic usage and promote clean cooking across Nigeria. Adeosun made the call while speaking on the theme, “Driving a Sustainable Energy Future through Investment in Midstream and Downstream Infrastructure”, on Wednesday in Lagos. He emphasised the need to shift more attention toward LPG, describing it as vital to public health and environmental protection. “Compressed Natural Gas (CNG) is currently receiving a lot of attention,…

Dollar Falls Amidst Heightened US-China Trade Tensions The dollar fell against trading partners on Wednesday as markets anticipate the US Federal Reserve rate cut will happen in October amidst US-China trade tensions. FX data highlighted that the greenback retreated midweek after shows of strength that started last week. The greenback declined to a week low against a basket of currencies after Federal Reserve Chair Jerome Powell signalled further interest-rate cuts and as U.S.-China trade tensions build. The dollar is heavy today, FX market analysts said, noting that the greenback trades weaker against nearly all the world’s currencies. The dollar index…

Naira Falls in Absence of FX Sales to Boost Dollar Supply The naira fell again, settling at N1473.2943/$ at the official window in the absence of Central Bank of Nigeria (CBN) FX intervention sales to support rising demand for US dollar. The local currency has maintained a downward trend since the beginning of the week when it opened at N1455, traded at N1473 per dollar at the official window as demand eclipsed aggregate market supply. But updated FX data from the CBN showed that the local currency spot rate touched an intraday high of N1479 per dollar at the official…