Author: Julius Alagbe

Oil prices rose on Friday following reports that Iran is preparing to attack Israel from Iraqi territory in the coming days. The lingering uncertainties due to geopolitical tensions keep increasing supply risks, though there is also downside to global demand due to Chinese lower imports.

In Nigeria’s sovereign Eurobonds market, sell pressure across the short, mid, and long end of the yield curve nudged the average yield…

GTCO Market Value Hits N1.58trn after Earnings Beat GTCO Plc has started clinging near its 52 week high after the financial services company’s earnings performance in the third quarter of 2024. The banking stock price climbed to N53.7 on the Nigerian Exchange trading platform, reflecting investors’ confidence on its earnings prospects and dividend expectations. GTCO market capitalisation surged to N1.58 trillion, making the orange branded financial services group the most valuable banking stock in the market. With the latest rally, the stock had breached N53.95 which was its initial highest price, and surged to N54.50. At the current market price,…

Fidelity Bank Grows Profit by 145% to N225 billion Fidelity Bank PLC grew profit after tax by 145% year on year to about N225 billion in 12 months, details from the tier-2 lender’s unaudited financial statement for the period ending Sept showed. Details from its financial statement showed that gross earnings surged by 101.5% year on year to settle at N802.4 billion from N398.3 billion in the equivalent period in 2023. The significant spike in topline performance was spurred by increased income from interest yielding assets and non-interest related revenue. Reflecting high interest rate environment, Fidelity Bank reported a 117,3%…

Oil theft: 7.68m Barrel Stolen/Lost, FG Tasks CSOs on Significant Answers The Federal Government says that 7.68 million crude oil barrels were either stolen or lost in 2023, urging Civil Society Organisations (CSOs) to focus on significant findings for environmental protections. Dr Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), said this at a CSOs Roundtable, in Abuja on Thursday. The programme was organised by the NEITI in partnership with Rule of Law and Anti-Corruption (RoLAC). Orji said that there was a 79 per cent drop in the crude oil theft in 2023 compared to 2022. According…

FG Apologises Over National Grid Collapse The Federal Government has apologised over the recent collapse of the national grid which caused power outages for several days in 17 states in the region. The Minister of Power, Chief Adebayo Adelabu, gave the apology on Thursday during a courtesy visit to Gov. Abba Yusuf of Kano State, describing the situation as “very unfortunate.” Adelabu said the Federal Government was overhauling the national grid to reduce the frequent disturbances in the system and improve power supply across the country. He said that the national grid was over 50 years old, with components that…

FG Pledges Affordable Housing for Low-Income Earners Architect Ahmed Dangiwa, Minister of Housing and Urban Development, has reaffirmed the Federal Government’s commitment to provide affordable housing for low-income earners across Nigeria. Dangiwa, speaking at an event commemorating the 2024 Urban October and World Habitat Day in Abuja on Thursday, emphasised the government’s focus on policies supporting lower-income individuals. The World Habitat Day is a day set aside by the United Nations to promote a better urban future. The year 2024 day is themed, “Engaging Youth to create a better urban future and Youth leading climate and local action for cities.”…

Nigeria, Germany, EU unveil Programme to Boost Sustainable Energy Sector The European Union (EU), Germany and Nigeria on Thursday unveiled the third phase of the Nigerian Energy Support Programme (NESP), aimed at bolstering Nigeria’s sustainable energy sector. The programme seeks to support the federal government’s effort by fostering investments in renewable energy, energy efficiency and rural electrification. Speaking at the event, which was also the first NESP III Steering Committee meeting, the Permanent Secretary, Ministry of Power, Mahmuda Mamman, appreciated the EU and Germany for their support. According to him, attracting more investments in renewable energy and energy efficiency, was…

Buni Presents N320.8bn Appropriation Bill for 2025 Before House of Assembly Gov. Mai Mala Buni of Yobe, on Thursday, presented a N320.8 billion Appropriation Bill for the 2025 fiscal year before the state House of Assembly. Speaking at the occasion in Damaturu, Buni said that the estimates tagged “Budget of Economic Consolidation and Poverty Reduction” was aimed at completing ongoing projects in the state. He said N176.8 billion was earmarked for capital expenditure while recurrent expenditure was N144 billion. According to him, the capital and recurrent expenditures represent 51.1 per cent and 44.9 per cent respectively of the total budget.…

Diri Presents N689.4bn 2025 Budget to Bayelsa Assembly Gov. Douye Diri of Bayelsa on Thursday presented a total budget of N689.4 billion christened, Budget of Assured Prosperity, for the 2025 fiscal year. Diri, who made the presentation at the plenary of the assembly, said that implementation of the 2025 budget would require some level of efficiency and synergy in government activities across ministries, departments and agencies. Giving the expenditure breakdown in some of the sectors, Diri said the sum of N178.7 billion was budgeted for Works and Infrastructure; Education, N47.1 billion and Sports N37.8 billion. Others are Urban and Housing…