Author: Ogochukwu Ndubuisi

US and European indexes edge higher as AI stocks draw buying interest amid an Nvidia CEO scandal.

Money Market Rates Steady as Excess Liquidity Drops to N6trn Money market rates steadied as the Nigerian financial system opened strongly despite a large outflow from the settlement of OMO bills.  The Nigerian overnight financing rate hovered at the 20% floor level, reflecting well-priced money market dynamics Deposit Money Banks (DMBs) continued parking excess funds with the Apex Bank, as funding pressure eased. Banks continue to augment income sources with money market investment amidst growing default risk driven by economic pressure on individuals and corporates. At the close of Monday’s trading session, short-term benchmark interest rates were unchanged as the…

FG Approves $2bn East–West Super Grid to Boost Power Transmission The Federal Government has approved a $2 billion investment in a new East–West Super Grid to strengthen Nigeria’s electricity transmission network and increase capacity. The Minister of Power, Mr Olasunkanmi Tegbe, disclosed this in a statement on Monday. Tegbe described the project as a major component of President Bola Tinubu’s strategy to address longstanding transmission constraints and improve electricity reliability. He said the proposed Super Grid would traverse Funtua, Gwagwalada, Ikot-Ekpene, Benin, Epe and Ilorin, providing additional transmission capacity of at least 19,000 megawatts. “The project is expected to be…

Shettima Tasks African Leaders on Industrialisation, Regional Trade Cooperation Vice-President Kashim Shettima has urged African leaders to prioritise industrialisation, local value addition and regional cooperation to strengthen the continent’s position in global trade. Shettima, represented by Mr Tope Fasua, Special Adviser to the President on Economic Affairs in the Office of the Vice President made the call at a conference in Abuja on Monday. The conference focused on Africa and the Geoeconomics of African States, Integration, Power and Structural Transformation. He said geopolitical competition, strategic interests, technological advancement and the pursuit of economic power increasingly shape global trade. According to him,…

Nigeria Risks Losing Retail FX Channel, BDC Operators Warn The Association of Bureaux De Change Operators of Nigeria (ABCON) has warned that Nigeria risks losing a critical retail foreign exchange distribution channel if ongoing reforms weaken the Bureau De Change (BDC) sub-sector. In a statement ​‌‍⁠‌‍⁠⁠‍‍​‌‍‍‌⁠⁠‌​issued on Monday, ABCON President, Dr Aminu Gwadabe, said the industry’s challenges required urgent attention to ensure its sustainability. Gwadabe said although the association supported the Central Bank of Nigeria’s (CBN) efforts to strengthen regulation, improve transparency and stabilise the foreign exchange market, the industry needed urgent attention to remain sustainable. He said the BDC…

2027 Could be Hottest Year on Record, UN Warns World Meteorological Organisation (WMO) on Monday warned that the year 2027 could be the hottest on record, with a strong El Niño expected to bring further extreme heat. The warning came as world leaders gathered for the UN Climate Change Conference (COP31) in Turkey. WMO Secretary General Celeste Saulo said El Niño acts as a “risk multiplier and heatwaves, tropical cyclones, and rainstorms are intensifying faster than the historical baselines.’’ A new WMO report on the state of the climate shows that each of the last 12 years was the warmest…

Nigerian filmmakers are being challenged to show audiences a Nigeria they rarely see on screen as NLNG opens entries for the 2027 edition of The Nigeria Prize for Creative Arts.

Ecobank Adire Lagos Returns with Bigger December Edition Ecobank Nigeria has announced the return of Ecobank Adire Lagos for a special December Edition, scheduled to hold from 11 to 13 December 2026 at the Ecobank Pan-African Centre (EPAC), Victoria Island, Lagos. The three-day festival will bring together fashion, art, culture, entertainment and enterprise, creating a vibrant marketplace for African creativity while providing SMEs, designers, artisans and other creative entrepreneurs with opportunities to showcase their businesses, make sales, expand their customer base and build new connections. For the first time, Ecobank is taking Adire Lagos into the end-of-year season, positioning the…

The Nigerian Exchange (NGX) year-to-date return and market capitalisation dropped as equities investors lost more than N3.52 trillion from their combined portfolio value week on week.

NNPC Confirms Gas Supply, Network Availability The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) says its gas transportation network remains fully available to power stations nationwide. The company said its subsidiary, NNPC Gas Infrastructure Company Ltd. (NGIC), had recorded no transportation-related constraints within its network. Mr Andy Odeh, NNPC Ltd.’s Chief Corporate Communications Officer, disclosed this in a statement on Saturday. Odeh said the operational records showed no infrastructure-related challenges capable of explaining the current decline in electricity generation. He said: “NNPC Limited is focused on actualising the Federal Government’s gas development and monetisation agenda, which has driven about 10…