Author: Julius Alagbe

NUPRC Approves TotalEnergies’ $510m Deal with Shell, Agip The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed off on a Sales Purchase Agreement (SPA) by TotalEnergies Exploration and Production Nigeria Limited to assign its entire 12.5% contractor interest in Oil Mining Lease (OML) 118 to Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE). According to the details of the agreement, TotalEnergies will transfer 10% of its interest to SNEPco at a cost of $408, 000,000 while NAE will pay $102,000,000 for the remaining 2.5%. NUPRC, Head, Media and Strategic Communications, Mr. Eniola Akinkuotu made this…

WAPCo Raises Alarm over Illegal Mining Along Gas Pipeline Network The West African Gas Pipeline Company Ltd. (WAPCo) has sounded the alarm over ongoing illegal mining activities along its gas pipeline network, warning of serious safety and environmental risks. Mr Temitope Sodeinde, Country Head of External Relations (Nigeria), issued the warning during WAPCo’s Annual Sand Mining Workshop held on Thursday in Igbesa Community, Lagos. Sodeinde highlighted that illegal sand mining along the pipeline’s right of way had created dangerous five-meter deep pits that threaten the structural integrity of the pipeline. He noted that multiple excavators and tipper trucks were operating…

Recruitment: Nigeria Customs Reschedules Pre-Test for Applicants The Nigeria Customs Service (NCS) has announced a rescheduling of its pre-test for shortlisted Superintendent Cadre applicants, citing earlier operational challenges. In a statement issued on Thursday, the agency said candidates who had already received notification via email would now sit for the online assessment in four batches, labelled A to D. Applicants in the Inspectorate and Assistant Cadres are expected to be contacted at a later date for their own tests. “All shortlisted Superintendent Cadre candidates should use their National Identification Number (NIN) to check their batch, date and time via the…

Daily FX Rate – GTBank Sells Dollar at N1,495 for Foreign Payment As the Nigerian naira continues to maintain a strong trading trend across foreign exchange markets, update from GTBank shows that US dollar is now quoted at N1,4595 for foreign payment through its naira debit card. In its daily fx update for international transactions on GTBank naira card, fx quote appreciated from as high as N1545 in the recent past week. The US dollar volume sold to GTBank was quoted at N1,480 during intraday trading hours, suggesting the naira is gaining strength at the official window. Channel checks conducted…

Investors Cash Out in Nigerian Bonds Market after Rate Cut Fixed interest securities investors booked profit on Nigerian government bonds in reaction to reduction in benchmark interest rate at the end of policy committee meeting on Tuesday. Traders spotted selloffs activities at the short, and belly of the local bonds tenors as market analysts foresee potential reduction in spot rate ahead of Debt Management Office primary market auction. The first rate cut in 2025, which mirrored U.S Federal Reserve policy decision, suggests the authorities might have final switched position to dovish stance to allow private sector driven economic growth. In…

Euro Declines Amidst German Weak Economic Data The euro weakened toward $1.178, retreating from a four-year high of $1.192 touched on September 17, after weaker-than-expected German sentiment weighed on the currency. Germany’s Ifo Business Climate Index fell to 87.8 in September from 88.9, with Current Situation Index slipping from 86.4 to 85.7 and Expectations falling from 91.4 to 89.7. The institute said prospects for recovery have “suffered a setback”. By sector, weakness was broad-based. Manufacturing sentiment dropped further, with companies reporting weaker orders and fading optimism among capital goods producers. Services took the hardest hit, plunging to -3.0, the lowest…

UK Building Society Profitability Weighed by Competition, Lower Rates –Fitch UK building societies’ profitability will weaken in 2025 due to increased competition, lower interest rates and higher savings costs, Fitch Ratings says, following its affirmation of the Long-Term Issuer Default Ratings of five UK building societies. However, Fitch expect adequate profitability, supported by very low loan impairment charges, reasonable cost control and modest structural hedging income. It said the ratings of Coventry Building Society, Leeds Building Society, Skipton Building Society and Yorkshire Building Society (all A-) and Principality Building Society (BBB+), all with Stable Outlooks, reflect their stable and low-risk…

Liquidity: Interbank Rates Dip Below 25% after MPR Corridor Adjustment Interbank rates declined below 25% as robust liquidity levels in the financial system reduced pressure on funding costs, reflecting absence of the Central Bank open market operation. In the recent past week, the authority has allowed inflows from OMO bill repayments to flood the financial system, and this has strengthened the funding position in the money market. Local deposit money banks have continued to sterilse excess funds via placement with the CBN, earning a return that is currently above the rate on Nigerian Treasury bills. Supported by fresh inflows, the…

MTN Nigeria Slides Amidst Negotiated Block Trade Telecommunication Company MTN Nigeria Plc’s market value fell below N9 trillion in the equity market after investors consummated huge negotiated block transactions. Trading data from the Nigerian Exchange (NGX) showed that the telecom company’s share price fell by 4.8% as 5.252 million units valued at N2.127 billion were executed in the market, including off-market transactions. A transaction involving 17 million shares was executed at ₦414.10 per share, Anchoria Securities Limited told investors in a note, amounting to a trade value of ₦425 million. The huge trading volume executed reduced the market value of…

First Holdco Sees Soft Rally Amidst Huge Block Trade First Holdco Plc market value increased in the equity market amidst significant trading volume executed by its shareholders. The soft rally came amidst block trade activities on the stocks. Several transactions involving 40 million shares were executed at ₦30.65 – ₦31.00 per share, amounting to a trade value of ₦1.24 billion on Wednesday, Anchoria Securities Limited told investors in a note. Market value of the financial services group climbed to N1.298 trillion as 41.109 million units of First Holdco valued at N1.422 billion were traded in the local bourse. The significant…