Author: Julius Alagbe

Global Economy Loses $4.7trn Annually To Fraud, Says SON The Standards Organisation of Nigeria (SON) says the global economy loses over 4.7 trillion dollars through fraud every year, amounting to nearly seven per cent of annual revenues of organisations worldwide. Prof. Oserheimen Osunbor, Chairman of SON’s National Technical Committee on Governance of Organisations, said this on Tuesday in Abuja at the official launch of ISO 37003:2025. The ISO 37003:2025 is the world’s first international fraud control management system standard. Osunbor said that in spite of existing internal mechanisms and statutory regulations, fraud remained pervasive, aided by technology and artificial intelligence.…

Lagos Reiterates Readiness to Host Maiden Sub-National SEMA Summit The Lagos State Government has reaffirmed its commitment and readiness to host the maiden National States Emergency Management Agency (SEMA) Summit, scheduled to hold from Oct. 2 to Oct. 4. The Commissioner for Special Duties and Intergovernmental Relations, Mr. Gbenga Oyerinde, made the announcement during a roadshow within the Alausa Secretariat. The commissioner said that the roadshow aimed at creating awareness about the landmark summit. Speaking on the importance of the SEMA summit, Oyerinde said: “This administration has invested heavily in emergency and disaster management to ensure the protection of lives…

Nigeria, EU Hold Inaugural Trade, Investment Dialogue Nigerian Senior Government officials and the European Union (EU) on Tuesday held a meeting to assess existing vibrant economic partnership, to chart a way forward. The EU bloc made this known in a statement by Mr Modestus Chukwulaka, the Press and Information Officer of the EU Embassy in Abuja. According to Chukwulaka, the inaugural Nigeria-EU Senior Officials Trade and investment Dialogue (TID) was anchored by Amb. Nura Rimi, the Permanent Secretary, Ministry of Industry, Trade and Investment. He said that Dr Jumoke Oduwole, the Minister of Industry, Trade and Investments, and Mr Gautier…

FG Verifies 110 Constituency Projects Across 6 Geo-Political Zones No fewer than 110 constituency and zonal intervention projects have been verified and certified by the Federal Government across the country’s six geopolitical zones. Mr Zaphaniah Jisalo, Minister of Special Duties and Intergovernmental Affairs, disclosed this at the third quarter Stakeholders’ and Citizens’ Engagement Forum organised by the ministry on Tuesday in Abuja. The forum had as theme “Deepening Inclusive Governance through Regional Collaboration and Grassroots Participation”. Jisalo, represented by the Permanent Secretary in the ministry, Dr Onwusoro Maduka, said that the projects include school renovations, borehole installations, and agricultural empowerment…

Naira Climbs to N1475, FX Inflow Rises to $981m The Nigerian local currency, the naira, rose against the US dollar again at the official window, staying on track amidst growing bullish predictions. The official exchange rate has maintained the momentum after it breached N1500 psychological barrier – now heading toward the next breakout. Updated FX from the Central Bank of Nigeria (CBN) revealed that the naira appreciated 0.07% to ₦1,475.34, demonstrating continued strong demand for the local currency. The spot rate touched an intraday high of N1480 per dollar, versus N1486 in the previous day, which suggests the absence of…

NGX Soars by N446bn as Wema Bank Lists Shares The Nigerian Exchange (NGX) surged by about N466 billion on Tuesday as Wema Bank listed additional shares in the local bourse. Hence, the All-Share Index (ASI) advanced, and the year-to-date return surged further ahead of the Independence Day holiday.  Data from the Nigerian bourse revealed that the market index climbed by 0.23%, adding 331.15 basis points to close at 142,708.71. However, market capitalisation gained ₦465.86 billion, representing a 0.52% increase to settle at ₦90.58 trillion. The difference in the market indicators – the NGX index and the market capitalization was as…

Policy Rate Cut to Reduce Nigerian Banks’ Profitability –Comment Nigeria’s policy rate cut will weigh on domestic banks profitability, Moody’s Ratings said in a commentary note released after the Central Bank committee decision last week. The CBN lowered its monetary policy rate by 50 basis points (bp) to 27%, and reduced the cash reserve requirement (CRR) for commercial banks to 45%. It was the first policy rate cut since 2020, reflecting improved macro indicators and the need to drive economic growth.  The CBN also adjusted the standing facilities corridor around the monetary policy rate to plus or minus 250 basis…

Oil Prices Retreat Amidst U.S. Shutdown Countdown Oil prices fell slightly on Tuesday as investors weighed the prospect of more OPEC+ supply, jitters over US budget talks, and a new US proposal aimed at resolving the Gaza conflict. Political dysfunction in Washington is threatening to plunge the United States into another government shutdown – with far-reaching consequences for more than two million federal employees across the country. In the absent of a funding deal between the political parties in Congress, the United States heads toward a shutdown on Wednesday with incalculable consequences for the American economy. The current annual federal…

Reserve Bank of Australia Keeps Cash Rate at 3.6% The Reserve Bank of Australia (RBA) held the cash rate steady at 3.6%, aligning with both market consensus and our expectations – with a tone that has become less dovish. The bank rate decision reflects a more cautious stance in light of the recent uptick in headline consumer price index (CPI) inflation, which is now approaching the upper bound of the RBA’s 2–3% target range. Whether the August CPI spike to 3% year-on-year is a temporary blip or indicative of deeper, emerging inflationary pressures remains uncertain, ING analysts said in a…

GCR Affirms Lafarge Africa’s AA+, A1+ Credit Ratings, Outlook Stable GCR Ratings (GCR) has affirmed Lafarge Africa Plc’s national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG), respectively. The African focused ratings agency also stated that the outlook on the rating is accorded as stable. The ratings affirmation is supported by Lafarge Africa Plc’s strong financial profile underpinned by robust cash generation that has resulted in sustained sizable cash holdings, GCR said. It also reflects the group’s net ungeared position over the review period. Ratings analysts note the improvements to capacity utilisation rate, but intense competitive pressures have…