Author: Julius Alagbe

NOVA Bank Refines Strategy for Organic Growth, Reaffirms Commitment to Branch Expansion NOVA Bank has announced its intention of a strategic shift in its operating license from a national to a regional authorisation, a move, which according to the Bank is aimed at optimising operational efficiency and deepening its impact within key markets. The management of the Bank noted that the repositioning aligns with the Bank’s long-term vision to consolidate its strengths, streamline its services, and deploy capital more effectively within targeted regions, without compromising its commitment to innovation, customer satisfaction, and sustainable growth. To this effect, NOVA has applied…

Oil Prices Edge Higher on U.S.-Russia Tensions Oil prices rose on Monday despite the Organization of Petroleum Exporting Countries (OPEC) and its allies members (OPEC+) decision to raise output in September amidst tight US crude inventories, as per the Energy Information Administration data release. The commodity market reacted negatively to tensions between US President Donald Trump and former Russian President Dmitry Medvedev, alongside remarks about nuclear submarines, which have also heightened concerns over global energy security. International benchmark Brent crude was trading at $69.48 per barrel, up 0.30% from the previous session’s close of $69.27. The US benchmark West Texas…

Short-Term Benchmark Interest Rates Ease on Liquidity Surplus Excess liquidity in the banking system kept short-term benchmark interest rates at a floor in the absence of significant mop-up last week. The money market witnessed relative funding stability despite the absence of fresh liquidity injections from the Central Bank of Nigeria (CBN). The liquidity balance in the financial system remained comfortable, with the week opening at a healthy net surplus, averting any significant scramble for funds among financial institutions, analysts at Cowry Asset Limited said. The financial system liquidity opened at ₦1.30 trillion ahead of CBN open market operations targeted to…

MTN Nigeria Exceeds N10tn in Post-Earnings Vibes, Public Offer Looms MTN Nigeria Plc has surpassed N10 trillion in market capitalisation in the stock market as investors increased their bets in telecommunications amidst better-than-anticipated earnings performance in the first half of the year. MTN Nigeria becomes the most valuable brand in terms of market capitalisation following strong earnings performance in the first half of 2025. The telecom company exited the wood after regulatory tariff hike approval in the industry. The telecom company’s negative shareholder fund has reduced sharply, reflecting positive impacts of undistributed earnings in the first and second quarters. This…

Nigerian Exchange Soars to N89.37trn as Investors Gain N4.3trn The Nigerian Exchange (NGX) soared to N89.37 trillion on sustained 5-star rallies that have pushed key performance indicators to all-time high amidst second quarter of financial year 2025 earnings releases The local bourse sustained its bullish momentum for the tenth consecutive week, driven by a continued influx of robust H1 2025 earnings results, resilient corporate fundamentals, and attractive dividend declarations, investment firm Cowry Asset Limited said. Investor sentiment remained buoyant across key sectors, reinforcing expectations of a strong performance trajectory for the rest of the year. The All-Share Index (ASI) surged…

Oil Prices See Weekly Surge Amidst Tariffs Waves Oil prices posted a mixed but generally upward trend this week, driven by unexpected changes in supply data and a series of high-level trade developments involving the US and key global partners. The US tariffs triggered uncertainties in the global commodity market as implementation commences on August 1. The international benchmark Brent crude was trading at $70.93 per barrel on Friday, marking an increase of around 5% from last week’s closing price of $67.59. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $68.07 per barrel, an increase of approximately 5%…

Italy Slams EU Court Ruling for Weakening Asylum Policy Italian Prime Minister Giorgia Meloni has criticised Friday’s European Court of Justice (ECJ) ruling on the classification of safe countries of origin. She said the decision further restricted the already limited room for manoeuvre of governments. “This is a step that should worry everyone,” Meloni said. “The court’s decision weakens the policy to combat illegal mass immigration and to protect national borders,” said the leader of the far-right ruling Brothers of Italy party. In a case brought by Italy, the ECJ ruled earlier that European Union countries were allowed to designate…

Equity Investors Gain N12.62trn in July on 5-Star Rally Equity investors in the Nigerian stock market gained N12.62 trillion in July over monster rallies that persisted across the trading week. The Nigerian Exchange (NGX) All Share Index finished strong and generating ₦12.62 trillion in market cap gains, Apex Securities Limited noted in a note.  The bargain-hunting festival pushed year-to-date returns to an impressive +35.89% – supported significant money flows in the financial market, fear of missing out (FOMO), and earnings. Market sentiment has been led by strong interest in banking, insurer, and oil & gas sectors, presenting a powerful rally…

UK Employment Falls at Faster Rate in July – PMI UK employment rate fell at a faster rate than the decline in manufacturing output, according to the purchasing manager index report released by S&P Global Rating on Friday. According to the report, the start of the third quarter saw the UK manufacturing downturn show signs of easing. The rate of contraction in output slowed to its weakest in the current sequence of decline, and business optimism rose to a five-month high. There remained risks to the downside, however, including persistently weak domestic and overseas market conditions, subdued client sentiment, and…

FEC Approves ₦68.7bn for Power Projects The Federal Executive Council (FEC) has approved ₦68.7 billion for key electricity projects in universities and teaching hospitals across Nigeria. Minister of Power, Adebayo Adelabu, disclosed this after Thursday’s FEC meeting, chaired by President Bola Tinubu at the State House, Abuja. He said the projects reflect the government’s resolve to ensure steady electricity supply in vital sectors like health and education. The university project involves engineering, procurement, and construction under the Energising Education Programme, led by the Rural Electrification Agency. “This initiative aims to ease the energy cost burden on universities and hospitals by…