Author: Julius Alagbe

Eterna Opens Rights Issue at 37% Discount to Raise Capital Eterna Plc has launched a N21.52 billion rights issue to shareholders, marking a key step in its capital-raising programme and long-term growth strategy. The Chairman, Dr Gabriel Ogeechee, confirmed this in a statement issued in Lagos on Sunday, describing the offer as “pivotal” to strengthening finances. He said the rights issue would accelerate strategic expansion and reinforce the company’s balance sheet amid industry challenges. The offer comprises 978,108,485 ordinary shares of 50 kobo each, priced at N22.00 per share, which is 37% discount to its stock market price of N35.…

KPMG Flags Major Errors, Inconsistencies in Nigerian Tax Laws UPDATED: KPMG has exposed gaps, errors, omissions, and inconsistencies in the new Nigeria Tax Act (NTA), calling for urgent reviews to ensure the attainment of the stated tax reform objectives. The advisory firm said this in its “Nigeria’s New Tax Laws: Inherent Errors, Inconsistencies, Gaps and Omissions”, reaffirming the potential of the laws to transform tax administration in the country. It stated, “There are many provisions in these laws that will result in increased revenue for the government if well implemented. However, there is always the need to strike a delicate…

FG Orders Reuse of Textbooks in Schools, Streamlines Graduation Ceremony The Federal Government (FG) has unveiled a comprehensive policy framework aimed at reducing the cost of education for parents and improving learning outcomes. The policy also seeks to promote sustainability in schools through the adoption of reusable, high-quality textbooks and strengthened quality assurance mechanisms. The policy, jointly issued by the Minister of Education, Dr Tunji Alausa, and the Minister of State for Education, Prof. Suwaiba Ahmed, was made available to newsmen in Abuja on Friday. The ministers said the policy formed part of ongoing reforms to reposition the education sector…

XRP Rises Amidst Crypto Selloffs as Ripple Boosts Adoption Ripple (XRPUSD) climbed slightly on Friday, up by 0.67% over the last 24 hours, slightly outpacing the broader crypto market’s 0.28% gain. XRP’s ecosystem is advancing through institutional infrastructure partnerships and real-world adoption in Asia, though price action lags the on-chain utility surge. At the time of writing, XRP is hovering around $2.10 after a mild profit-taking earlier in the day, caught between bull and bear trading activities.  Its trading volume dropped by 15% to $3.82 billion on Friday, with market capitalisation settling at $127 billion. According to crypto market analysts,…

Faroukgate: Dangote Takes Petition against Ex-NMDPRA Boss to EFCC The Chairman of Dangote Industries Limited (DIL), Aliko Dangote, through his legal representative, has filed a formal corruption petition against the former Managing Director of the Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, at the headquarters of the Economic and Financial Crimes Commission (EFCC). This move follows the withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), a strategic decision aimed at accelerating the prosecution process. In the petition signed by Lead Counsel Dr. O.J. Onoja S.A.N, Dangote urged the EFCC to investigate…

Benchmark Yield on Nigeria’s Bonds Steady at 16.73% Still higher than the headline inflation of 14.45%, the benchmark yield on Nigerian government bonds steadied at 16.73% as trading activities softened in the secondary market on Thursday. The market sentiment is influenced by expectations about increasing bond supply in the first quarter and re-rate repricing signals. Inflation is descending, but the monetary authority has continued to raise the spot rate on Treasury bill papers. The Debt Management Office had also pushed marginal rates on bonds upward at the last auction in 2025 despite clear disinflation signals. There were initial sell pressure…

Financial System Liquidity Plunges after CBN Raised N3.9trn The financial system liquidity plunged sharply following aggressive liquidity mop-up activities of the Apex Bank in the money market, raising about N3.9 trillion from OMO and Treasury bills subscriptions. Early in the week, the liquidity conditions surpassed N4 trillion mark as banks were having fun at the Central Bank of Nigeria (CBN) standing deposit facility window, where they earn 22.5% on sterilised funds. The liquidity level in the financial system was significantly affected after OMO and Nigerian Treasury Bills auctions—the monetary authority’s way of limiting banks’ capacity to create credits. Activities at…

Naira Drops to N1,419 Amidst Broad Stability Projection The naira weakened marginally against the US dollar at the official window on Thursday, depreciating by N1.45/US$ to close at N1,419.71/US$ compared with N1,418.26/US$ previously recorded. Based on data from the Central Bank of Nigeria (CBN), the naira largely traded within the low and high bands of N1,418.00/US$ and N1,422.00/US$, respectively. The market expects the naira to continue trading in line with prevailing market demand and supply conditions, supported by improving external reserves position. In a 2026 report, PwC expects the naira to remain broadly stable through 2026, underpinned by ongoing CBN…

Memecoin DINO Gains 41% in 24 Hours, Extends 7-Day Rally Dinosol (DINO) has gained 40.72% over the last 24 hours despite negative sentiment in the cryptocurrency market on Thursday, extending a 7-day rally of +154.8%. In the last 30 days, the memecoin has gained 743.4%—outperforming the broader crypto market, which fell -2.47% in the same period. The meme coin is hovering at $0.001428 at the time of writing over tight supply and bargain hunting. DINO trading volume has increased by about 112% in the last 24 hours to $4.12 million. The Dinosol team executed multiple buybacks and burns, removing approximately…

CBN Hikes Nigerian Treasury Bills Rates Across Durations The Central Bank of Nigeria (CBN) hiked spot rates on Treasury bills across standard tenors as its primary market auction recorded N1.543 trillion in aggregate subscription. The first auction in 2026 saw the Apex Bank extending its higher spot rates generosity across Nigerian Treasury bills with 91 days, 182 days and 364-day expirations. The CBN floated its first treasury bills action, offering N1.15 trillion at the main auction for investors’ subscriptions amidst expectations that disinflation will persist. The authority placed Nigerian Treasury bills with 91 days maturity worth N150 billion on the…