Author: Julius Alagbe

Nigeria’s Gross External Reserves Grow by $5 Billion in Q3 Nigeria’s foreign reserves increased by more than $4 billion in the third quarter of 2025, according to details obtained from the Central Bank of Nigeria (CBN). The external reserves printed at $42.225 billion as of September 25, following successive inflows from across sources, including remittance and investment inflows. Data from the CBN showed the month of Sept witnessed a sequence of inflows despite fluctuation in global oil prices, and FX interventions sales to banks to aid naira stability at the forex market. The nation’s foreign reserves is currently at the…

Mass Sack at Dangote Refinery over Sabotage, Safety Concerns Claim Dangote Petroleum Refinery and Petrochemicals has dismissed several members of staff in a major reorganisation exercise, following reported cases of sabotage in different refinery units that raised serious safety concerns. Mr Femi Adekunle, the Chief General Manager of Human Asset Management at Dangote Group, confirmed the development in a statement. He noted that the reorganisation followed multiple cases of reported sabotage across refinery units that posed major safety risks. According to Adekunle, management was left with no choice but to carry out a total reorganisation of the refinery, resulting in…

Green Tech Key to Nigeria’s Future, Minister Says The Minister of Youth Development, Mr Ayodele Olawande, has emphasised that embracing green technology and digital tools is essential for securing Nigeria’s future in energy and industrial development. Speaking in Abuja on Friday at the third Technology Ecosystem Dialogue organised by Young Innovators Nigeria (YIN), Olawande, represented by Senior Adviser Mr Obinna Ebirim, highlighted the urgency of investing in young talent and innovation. The dialogue, themed “Green Tech and Energy Revolution: Transforming Business and Society”, brought together innovators, government officials, and stakeholders to discuss sustainable digital and energy solutions for Nigeria’s development.…

Nigeria on Path to Economic Prosperity— Tinubu ‎ President Bola Tinubu has assured Nigerians that the nation’s economy has “turned the corner,” following the success of the bold economic reforms introduced by his administration. ‎The president reassured Nigerians that they would soon begin to enjoy the fruits of the reforms and thanked them for their patience and support. ‎Presidential Spokesperson, Mr Bayo Onanuga, in a statement, said the President stated this on Friday at the coronation of Oba Rashidi Ladoja as the 44th Olubadan of Ibadanland. ‎Tinubu attributed the success of his administration’s policies to the enduring support and sacrifices…

Debt Office to Open FGN Bonds Worth N200bn for Subscription The Debt Management Office (DMO) has revealed a plan to open N200 billion worth of Federal Government of Nigeria (FGN) bonds for subscription at its monthly primary market auction scheduled for next week. On behalf of the Federal Government of Nigeria, the authority plans to raise N100 billion from reopened local bonds with 5-year and 7-year maturities apiece. The Debt Office disclosed in its circular that it will raise N100 billion from its 17.945 FGN AUG 2030 bonds and 17.95% FGN JUNE 2032 on September 29. The market anticipates spot…

Equities Investors Gain N279bn as Oando, GTCO Rally The stock market reversed losses by 0.31 per cent on Thursday, recording N279 billion gain for investors. This is coming after four consecutive sessions of losses. The uptrend was driven by improved bargain hunting and renewed investors interest in stocks like: Mecure Industries, Oando, Mc Nicholas, CHAMS, Legend Internet and 29 other stocks. Specifically, the market capitalisation, which opened at N89.063 trillion, added N279 billion to close at N89.342 trillion. Similarly, the All-Share Index soared by 0.31 per cent or 432.94 points, settling at 141,149.04 compared with 140,716.10 recorded on Wednesday. Also,…

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…