Author: Julius Alagbe

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…

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…