Author: Julius Alagbe
CBN Sells N2.55trn OMO Bills as Subscription Hits N3.1trn The Central Bank of Nigeria (CBN) sold OMO bills worth N2.55 trillion at open market operation on Thursday to reduce the heightened liquidity level in the financial system. The authority floated OMO bills worth N600 billion across two standard tenors at the primary market auction as excess liquidity in the financial system approached N5 trillion. The offer size was split into N300 billion worth of Nigerian OMO bills that will expire 152-day and 173-day tenors respectively. Yields seeking eligible market participants – banks and foreign investors staked more than N3 trillion…
Paystack Suspends Co-Founder Ezra Olubi over Sexual Misconduct Allegations Paystack has suspended its co-founder and Chief Technology Officer, Ezra Olubi, following a now viral sexual misconduct allegation, the company confirmed on Friday. Paystack said a formal internal investigation has been launched. The company, according to TechCabal, said, “Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. We take matters of this nature extremely seriously. “Effective immediately, Ezra has been suspended from all duties and responsibilities pending the outcome of a formal investigation.” Paystack added that it would not comment further until the investigation is complete, stating, “Out of…
NCP to Regularise Sale of Power Plant to Transcorp Consortium The National Council on Privatisation (NCP), on Thursday, approved the request by the Bureau of Public Enterprise (BPE) to follow through on the engagement with Transcorp Power Consortium. This is with a view to securing the execution of the Performance Agreements (PAs) on the sale of Afam Power Plc and Afam III Fast Power L.td. The approval for the execution of the PAs on the sale of Afam Power Plc and Afam III Fast Power Limited followed a memo presented to the NCP. The target is to regularise outstanding conditions…
Money Market Rates Diverge as Banks Place N5.7trn in SDF Money market rates headed in a different direction as the Central Bank of Nigeria (CBN) moved to mop up excess liquidity in the financial system on Thursday. The CBN conducted an open market operation where OMO bills worth N600 billion were offered to foreign portfolio investors and deposit money banks (DMBs). Excess liquidity in the financial system had surged near N5 trillion the preceding day in the absence of the Apex Bank primary market actions. The funding level continues to fuel commercial banks’ decision to park their respective free cash…
British Pound Sold Off as UK Economy Barely Grows The British pound was sold off against its major trading pairs in the forex market as UK economic growth slows, latest data from the statistics office showed. Sterling fell to $1.31, its lowest rate in seven years, after weaker-than-expected economic data raised expectations of a Bank of England rate cut next month. With the recent economic data, the market now expects the Bank of England to cut rate in December to boost UK employment and drive productivity. The US dollar is mostly consolidating in narrow ranges against the major currencies. The…
Naira Climbs to N1441/$, Nigeria Sees Declining Blocked Fund The naira strengthened against the US dollar to $1441 on Thursday across both the official and unofficial currency markets as FX pressures eased. The successive accretion into the nation’s external reserves continues to boost investors’ sentiment and reduce speculative trades sharply. The Central Bank of Nigeria (CBN) continues to play hard with FX injection, though the tempo has slowed down as the naira continues to find fair value. The Nigerian foreign reserves data revealed that blocked funds—the country’s portion of reserves that are not immediately available for use is on decline…
Tinubu Pledges to Foster an Enabling Environment for Diaspora Engagement President Bola Tinubu’s administration is fully committed to creating an enabling environment where collaboration can thrive between the Nigerian diaspora and home country. Vice President Kashim Shettima, on Wednesday, said this at the on-going 2025 8th edition of the Nigeria Diaspora Investment Summit (NDIS) holding at the State House Conference Center, Presidential Villa Abuja. The event has as its theme; “Fast-Tracking Regional and National Development by Mobilising Diaspora Investment.” The event, which began on Nov 11, ends on Nov. 13. Shettima was represented by Amb. Dunoma Ahmed, the Permanent Secretary…
Nigeria, Quaint Energy Sign Deal to Deliver 8 Megawatts of Power The Federal Government of Nigeria and Quaint Energy on Wednesday in Abuja signed a concession agreement for the development of 6 Megawatt (MW) Ikere Gorge Hydropower Project in Oyo State. The agreement also included the 2MW Omi-Kampe Hydropower Project in Kogi. Speaking at the signing in Abuja, the Minister of Power, Mr Adebayo Adelabu, stated that the event marked an important milestone in the power stakeholders’ collective journey toward achieving a sustainable, reliable, and affordable power supply across Nigeria. He added that the partnership underscored the federal government’s unwavering…
Senate Dismisses Alleged Move to Impeach Akpabio The Senate, on Wednesday, moved swiftly to quell insulation on the alleged impeachment of President of the Senate, Godswill Akpabio, describing the reports as baseless and misleading. Speaking on the floor of the Senate, the Senate Leader, Opeyemi Bamidele emphasised that the claims had been “quoted out of context” and that there had been no discussion regarding the removal of Akpabio. Bamidele was reacting to Sen. Orji Uzor Kalu’s statement during a press briefing with journalists in Abuja on Tuesday. Kalu at the briefing had dismissed reports on the alleged move for Akpabio’s…
Zenith Bank Soars by 10% in Fresh Rally Zenith Bank Plc.’s market value soared by 10% on Wednesday as investors re-entered positions on the back of an improved sentiment. The Nigerian market recovered part of the huge losses posted in the past weeks as investors begin to reposition in companies with strong fundamentals. Banking index soared by more than 7%, fuelled by interest in Tier-1 names including Zenith Bank share which capped maximum daily gain as a result of increased market activities. Zenith Bank share price surged by 10% to N59.4 as 86.805 units valued at N5.156 billion were consummated,…