Author: Julius Alagbe

NGX Hits N89tn, Investors Re-Enter Positions in Oversold Stock Buoyed by sustained bargain hunting, the Nigerian Exchange (NGX) has retaken N89 trillion in market capitalisation after sell pressures that lasted for weeks. Investors re-entered positions in listed companies’ stock that had been oversold and other fundamentally sound equities with strong upside potentials. Key performance indicators appreciated by 0.21% as the local bourse closed trading on a positive note, with year to date return settling at 36.66% on Wednesday. Stockbrokers said the uptrend was supported by sustained buying interest across major sectors, alongside bargain hunting in some medium- and large-scale stocks.…

Rights Issue: Wema Bank Exceeds N200bn Minimum Capital Wema Bank Plc has completed its N150 billion rights issue, securing approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). The bank made this known in a statement on Thursday in Lagos. The Rights Issue, which opened on April 14 and closed on May 21, was oversubscribed, underscoring investor confidence in the bank’s strategic direction and governance. With the successful completion, Wema Bank now exceeds the N200 billion minimum capital requirement for commercial banks with national authorisation. The fresh capital injection raises the bank’s qualifying capital…

U.S. Inflation Accelerates to 2.9% in August 2025 In August 2025, the U.S. Consumer Price Index (CPI) accelerated compared to the prior month, with the Bureau of Labor Statistics (BLS) reporting a 0.4% month-on-month increase in the headline CPI. The inflation rate accelerated faster versus +0.2% surge in July, pushing the annual rate up to 2.9% from 2.7%. The slight uptick was largely driven by higher shelter costs alongside energy. According to statistics data, Core CPI, which excludes food and energy, rose 0.3% month-on-month, matching July’s pace, keeping the annual rate at 3.1%. The increase was supported by higher costs…

Oracle Soars Near $1trn over Multi-Billion Dollar Deal Disclosure Global IT giant Oracle Corporation is trending in the New York Stock Exchange (NYSE) on Thursday, keeping track with its latest rally following a multi-billion dollar deal disclosure. Larry Ellison, Chairman of the company has taken over as the richest man the company share price gained significant traction following a fresh price propelling disclosure. On Thursday, Oracle maintains uptrend during early hours, extending gains from Wednesday when the cloud-services company’s stock closed 36% higher. Shares are up 1.4% at $333.00 Thursday premarket as Chief Executive Safra Catz said the group had…

Nigeria Targets 25% Industrial Growth by 2035 – Minister Federal Government says Nigeria has projected a significant rise in industrial contribution to GDP, targeting 25 per cent growth between 2025 and 2035 under a newly validated strategic framework. Sen. John Owan, Minister of State for Industry, made the remark during a panel session at the ongoing Gastech Exhibition and Conference in Milan, Italy. The session was themed “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.” Owan said the framework marked a turning point in Nigeria’s industrial policy, describing it as one…

AIICO Insurance Targets N19.55 billion Profit for FY2025 AIICO Insurance Plc notifies shareholders and the Nigerian Exchange that the company is targeting N19.55 billion as profit after tax obligation for the financial year 2025, according to details from its earnings forecast reviewed. In the stock market, investors reacted positively to the company earnings projection as the share price inched higher by 5% to N4.20 as 14.275 million units valued at N59.175 million were traded in the local bourse. This position taking action lifted the market value of AIICO Insurance Plc’s 36.605 billion shares outstanding up by 5% to N153.742 billion…

VFD Group Forecasts Q4 Profit to Settle at N2.45 Billion VFD Group Plc has forecasted its fourth quarter of 2025 profit to settle at N2.45 billion, details from the company’s regulatory filing revealed. In an earnings projection signed by its chief finance officer, Raphael Olope and Nonso Okpala, the company is targeting more than N24 billion as gross earnings. In the stock market, its share price dipped slightly as investors trimmed positions. The company’s share price fell to N10.90 as 2.925 million units valued at N31.871 million were traded in the open market. This left market value of VFD Group’s…

Geregu Power Targets N12.12 billion Profit in Q4-2025 Geregu Power Plc forecasts a N12.120 billion profit for the fourth quarter of financial year 2025, according to details from its latest regulatory filing. In a statement signed by its chief executive officer, Akin Akinfemiwa, the power-generating company anticipates revenue to print at N63.054 billion in the same period.  Gross profit for the period is projected to settle at N26.294 billion after the company offset its direct costs of sales estimated at N36.759 billion. For Q4, Geregu Power targets N19.272 billion as operating profit following its estimated impairment charge of N4.293 billion…

Nigeria Targets Global Markets with $60bn Gas Expansion Plan – NNPC CEO The Nigerian National Petroleum Company Limited (NNPCL) says the country is targeting 60 billion dollars in new investments over the next five to seven years to expand gas infrastructure. Mr Bayo Ojulari, Group Chief Executive Officer of NNPCL, disclosed this while addressing a global audience from 150 countries at the opening of the Gastech Exhibition and Conference in Milan, Italy. He further stated that the Federal Government was seeking the investment to boost industrialisation and reinforce the country’s position in the global energy market. According to him, the…

Naira Tests N1,497/$ as External Reserves Hit $41.571bn The naira tested at N1,497 per dollar at the Nigerian foreign exchange market as the gross balance in the nation’s external reserves reached $41.571 billion on Monday, according to updated data from the Apex Bank. The local currency has continued to gain and retain value against the dominant foreign currency, the US dollar, across the Nigerian forex market in post-reform recovery supported by interventions. Some analysts predicted the local currency will close year 2025 between N1580 and N1600 per dollar in 2025, but the recent tractions suggest otherwise. According to the Central…