Author: Julius Alagbe

Alleged Terrorism Financing, Abacha Loots: EFCC Detains Ex-AGF Malami The Economic and Financial Crimes Commission (EFCC) has detained a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, following his inability to meet the bail conditions granted to him. A source from the commission who confirmed the development, said that Malami was still in the custody till 10.00p.m on Tuesday for failing to meet the bail requirement. The former minister has been asked by the anti-graft agency to clear himself of issues relating to money laundering, especially operation of suspicious accounts. ”We have detained him over terrorism…

Naira Skids as Foreign Payments Eclipse Total Forex Supply The naira worsened across the Nigerian foreign exchange markets on Tuesday, reflecting the negative impacts of increasing demand for international payments amidst tight supply. The Nigeria Naira depreciated against the US dollar as demand pressure deepened despite the Central Bank of Nigeria (CBN) intervention and Foreign Portfolio Investors (FPIs) inflow. The last lap of 2025 has witnessed a tremendous increase in foreign transaction payments and deal settlements funded by the Apex Bank. In its daily FX update, the CBN reported that the official rate weakened to N1454 per dollar amidst continual…

NNPC E&P Limited Hits Record 355,000 bpd Production NNPC E&P Limited (NEPL), the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline. The figures show genuine transformation: average daily production surged 52%, rising from 203,000 barrels per day in 2023 to 312,000 in 2025. This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management,…

CBN Rejects N1.3 trn OMO Bills Subscription from Investors The Central Bank of Nigeria (CBN) snubbed N1.3 trillion in total subscription staked against the open market operation (OMO) bills floated at the main auction on Tuesday. The monetary authority auctioned N600 billion worth of OMO bills across standard maturities, recording significant subscription from foreign portfolio investors and banks – the eligible market players.  The split showed that OMO bills with 98 days maturity and 140 days tenors worth N300 billion were offered for subscription amidst rising liquidity levels in the financial system. The offer was meant to replace huge OMO…

Auction: Interest Rate on Nigerian Treasury Bills to Rise –Firm Following a surprise increase in the Nigerian Treasury bills rate and revised auction offers for December, the market now anticipates 1 year rate to increase as the authority is set to float an ad hoc auction on Wednesday. Investment firm AAG Capital Limited, in a note, projected a higher spot rate for Nigerian Treasury bills with 364 days to maturity ahead of the midweek auction. The firm made the projection ahead of Central Bank of Nigeria (CBN) ad hoc treasury bills auction that will be floated for subscription with N750…

Reparations for Africans Must Transform the Systems Limiting Africa’s Future Africa entered 2025 with a historic opportunity. For the first time, the African Union has placed reparations at the center of its continental agenda, framing it as part of its wider continental theme for 2025. This commitment invites us to confront a painful past – but more importantly – to redesign the systems that continue to constrain Africa’s prospects today. To this end, reparations should correct deep structural imbalances so that Africa’s land, people and resources drive shared prosperity, not persistent inequality. Africa’s experience is distinctive. It is no secret…

Prices of Crude Oil Decline on Russia-Ukraine Peace Talks Prices of crude oil declined as diplomatic steps toward ending the Russia-Ukraine war and uncertainty over the US Federal Reserve’s (Fed) upcoming interest rate decision drove prices lower. International benchmark Brent crude was trading at $62.12 per barrel, down around 0.3% from the previous close of $62.33. The US benchmark West Texas Intermediate (WTI) also decreased by about 0.4% to $58.46, compared to $58.69 in the prior session. UK Prime Minister Keir Starmer, French President Emmanuel Macron, German Chancellor Friedrich Merz, and Ukrainian President Volodymyr Zelenskyy met at a summit in…

Nigerian Upstream Regulator Reduces Oil Blocks Signature Bonus The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set the signature bonus for oil blocks to between $3 million and $7 million in the ongoing 2025 petroleum licensing round. A statement by the Commission said the move was to lower the usual barriers to entry and was in line with global best practices. In 2024, the government reduced the signature bonus payable by successful bidders from around $200m to $10m. The NUPRC disclosed that an investment in deepwater would attract $10m as a signature bonus, while shallow water and onshore would attract…

Fitch Affirms Saudi Aramco at ‘A+’ with Stable Outlook Fitch Ratings has affirmed Saudi Arabian Oil Company’s (Saudi Aramco) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘A+’, with stable outlooks. Saudi Aramco’s Long-Term IDRs are constrained by those of Saudi Arabia (A+/Stable), its majority shareholder, given their close links. Ratings analysts said they assess Saudi Aramco’s Standalone Credit Profile (SCP) at ‘aa+’. The Short-Term IDR of ‘F1+’ is equalised with that of the sovereign, according to the rating note. Based on its profile, Saudi Aramco is one of the largest global integrated oil producers and Saudi Arabia’s national…

Naira Trades Soft Post CBN $100 Million FX Intervention The naira traded soft at the Nigeria foreign exchange market (NFEM) on Monday following a $100 million FX intervention made by the Central Bank last week. The local currency faces pressures from increasing demand for dollars, stoked by year-end imports and some multinationals that are upstreaming US dollars abroad. FX data released by the CBN showed that the official rate touched an intraday high of N1457 per dollar, a moderate depreciation from the previous midday quote on Friday. The CBN came to market to support the naira with $100 million in…