Author: Julius Alagbe

Tech Stocks Nvidia, Alphabet Drag Global Equities Markets With selloffs in U.S. tech stocks, global equity markets recorded a mixed performance this week, reflecting diverging regional dynamics as investors navigated softer inflation prints, end-year portfolio adjustments and monetary policy adjustments. Investors’ sentiments were twisted across the markets with global exchange rate dynamics, while huge AI bubble concerns amidst rising spending topped Wall Street discussions. In the US, major indices retreated week on week as technology-led weakness dragged sentiment lower.  The NASDAQ saw a -0.70% weekly drop, while the S&P 500 also slipped by -0.57%, as investors digested the recent softer…

Out-of-Pocket Health Spending Reduces in 2024 – Report Nigeria recorded modest improvement in health financial risk protection in 2024, as out-of-pocket (OOP) spending fell to 58.3 per cent of total health expenditure, the National Health Accounts (NHA) 2023–2024 revealed. The NHA report was made available to the news agency on Sunday in Abuja, by the Ministerial Oversight Committee (MOC) meeting of the Basic Health Care Provision Fund (BHCPF). NAN reports that the NHA is produced by the Federal Ministry of Health and Social Welfare in collaboration with the National Bureau of Statistics, the Federal Ministry of Finance, the Budget Office,…

ICPC Invites Dangote over Petition Against Ex-NMDPRA CEO The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has asked Aliko Dangote to appear before its panel of crack investigators on Monday in Abuja over a petition written by him. Dangote had written a petition against Ahmed Farouk, former Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over alleged corruption. A source close to the commission, which confirmed this on Sunday in Abuja, stated that ICPC had set up a panel of crack investigators to handle the probe. According to the source, the commission’s Chairman, Dr…

African Eurobonds Yields Dip as Global Rates Dynamics Fuels Rally African Eurobonds rallied as foreign portfolio investors adjusted their portfolios to align with global interest rates dynamics, including fluctuations in oil prices. The U.S. cut fed fund rates by 25 basis points three times, and the European Central Bank (ECB) has continued to keep rates unchanged, while the Bank of England has suddenly become dovish. The economic condition in Africa is fast changing due to reform, with Ghana leading the rate cut with a 1000 basis point slash in the year. Nigeria is a bit tight on interest rate, which…

Equity Investors Gain N1.67trn over Strong Year-End Rally Equity investors trading highs and lows in the Nigerian Exchange (NGX) gained N1.67 trillion as the year-end rally gained momentum with interest across sectoral names.  Stockbrokers reported that risk appetite dominated the Nigerian equities market as broad-based buying interest swept across blue-chip names, large caps and fundamentally sound stocks ahead of the Christmas holiday. The familiar year-end calendar effect and window-dressing activities came through strongly, Cowry Asset Management Limited said in a note, reinforcing bullish sentiment and pushing several stocks to fresh 52-week highs. The benchmark index or the All-share index climbed…

Heirs Energies Seals $750m Financing Deal with Afreximbank Heirs Energies Ltd., has sealed a 750 million dollar financing agreement with the African Export-Import Bank (Afreximbank). The agreement was signed by Mr Tony Elumelu, the Chairman of Heirs Holdings and Dr George Elombi, the President and Chairman of the Board of Directors, Afreximbank, in Abuja on Saturday. It aims to boost the company’s drive for energy efficiency. Elumelu described the agreement as a clear manifestation of Africa’s capital working for African businesses. He commended Afreximbank for supporting the growth of African businesses, describing it as the most impactful and catalytic financial…

Tinubu Threatens to Intervene in Implementing Local Govt. Autonomy President Bola Tinubu warns that he will intervene if governors refuse to comply with the Supreme Court judgement on Local Government autonomy. Tinubu issued the warning on Friday night while addressing the 15th National Executive Committee (NEC) meeting of the All Progressives Congress (APC), held at the Banquet Hall of the Presidential Villa in Abuja. He stressed that the Supreme Court remained the nation’s highest legal authority and insisted that governors must comply with and respect its judgment on local government autonomy. ”The Supreme Court has carved it for you; it…

ZECUSD Explodes with 14.5% Gain in Crypto Market Zcash (ZECUSD) price teleported, rising by 14.5% in 24 hours of trading in the cryptocurrency market on Friday, reflecting investors’ positive sentiment.  The coin, a decentralised cryptocurrency which focused on privacy and anonymity, surged to $444.26k on Friday as investors’ appetite got enlarged, riding on regulatory tailwinds and technical upgrades to a 14% daily surge. The rally turned fast and furious after U.S. regulators signalled openness to Blockchain privacy solutions. ZEC surged despite broader market weakness, becoming Coinbase’s most-searched asset, attracting 52K queries vs Bitcoin’s 41K. The coin beat the crypto market…

Federal Exec. Council Approves N58.47trn 2026 Budget proposal The Federal Executive Council (FEC), on Friday approved N58.47 trillion budget proposal for the 2026 fiscal year. Mr Tanimu Yakubu, the Director-General, Budget Office of the Federation, made this known while briefing newsmen after the FEC meeting, held at the Presidential Villa, Abuja. The 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) reviewed, the total size of the budget is N54.46 trillion, of which N34.33 trillion is the retained revenue. Mr Yakubu explained that the aggregate expenditure for 2026 budget proposal is six per cent higher than the 2025 budget…

CSCS Names Shehu Shantali Chief Executive Officer The Central Securities Clearing System Plc (CSCS) has appointed Mr Shehu Shantali as its new Chief Executive Officer (CEO), effective Jan. 1, 2026, following the receipt of regulatory no-objection. The company said in a statement on Friday that Shantali would succeed Mr Haruna Jalo-Waziri, who is stepping down after eight years marked by strategic growth and significant contributions to Nigeria’s capital market infrastructure. Commenting on the appointment, Chairman of the Board, Mr Temi Popoola, said, “On behalf of the Board, I would like to express our profound appreciation to Haruna Jalo-Waziri for his…