Author: Ogochukwu Ndubuisi

Investors Gain N3.2trn as Cement Oligarchs Recoup Losses The Nigerian stock market closed in the green on Friday, with investors pocketing N3.2 trillion in capital appreciation, reversing the previous day’s downtrend. The sharp resurgence followed price recovery posted by the cement oligarchs after significant losses posted by Dangote Cement, Lafarge Africa and BUA Cement the previous day. The market performance indicators rose by 2.06% on the back of bullish sentiment, fully offsetting the losses recorded so far this week, reflecting investors’ positive trading sentiment. Trading data from the Nigerian Exchange showed investors increased bets in top tickers, including DANGCEM, OANDO,…

Nigerian Maritime Stakeholders Demand End to Dollar-Denominated Port Charges A quiet but growing rebellion is building inside Nigeria’s maritime sector. Across the industry, from freight forwarders and shipowners to petroleum marketers and aviation operators, stakeholders are raising their voices against one of the most frustrating contradictions in the Nigerian economy: being forced to pay for services on Nigerian soil in United States dollars. The complaint is simple, but the cost is enormous. Port charges, vessel fees, jetty berths, and shipping dues collected by agencies, including the Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Agency, are still being…

Alex Otti and China Team Up to Build Abia’s First Seaport Abia State Governor Alex Otti has given the green light for an immediate feasibility study on the proposed Azumini-Obeaku Seaport and Inland Waterways Corridor, a project that, if realised, could permanently change the economic landscape of Nigeria’s South-East. The approval came during a high-level meeting at the Government House in Umuahia, where a delegation from China Harbour Engineering Company Limited, led by Marketing Manager Nicholas Liu, presented a detailed technical proposal to the governor. The Chinese firm brought serious credentials to the table; it was the same company that…

APM Terminals Eyes $600M Expansion at Apapa One of the world’s largest port operators has placed a massive financial bet on Nigeria. APM Terminals Apapa, the company that runs Lagos Port’s main container terminal, has formally submitted a proposal to invest an additional 600 million dollars into Nigeria’s maritime sector. The regulators and government officials are calling this move one of the strongest signals of investor confidence the country has seen in years. The announcement came to light during a visit by the Governing Board of the Nigerian Shippers’ Council to the Apapa terminal facility last week. NSC Board Chairman…

Nigerian Navy Locks Down Calabar-Oron Waterway Over Kidnapping Surge The Nigerian Navy has taken direct control of one of the country’s most dangerous waterways. A 13-hour daily curfew is now in force along the Calabar-Oron water channel in Cross River State, a route that has become a hunting ground for kidnappers, pirates, and armed militants in recent weeks. The announcement came from Navy Captain Abiodun Folorunsho, Director of Naval Information, who confirmed that all vessel movement along the channel is now restricted from 5:00 p.m. to 6:00 a.m. every day. No boats, ferries or commercial watercraft are permitted to operate…

Universal Insurance Unveils N3.2bn Rights Issue for Shareholders Universal Insurance Plc has concluded arrangements for its proposed N3.2 billion rights issue, following the execution of transaction documents at a signing ceremony held in Lagos on Thursday. The ceremony marked the completion of the preparation phase for the offer and cleared the path for existing shareholders to participate in the capital raise. This is pending final approval by the Securities and Exchange Commission (SEC). Under the proposed rights issue, the company plans to offer 2,666,666,667 billion ordinary shares of 50 kobo each at N1.20 per share, based on one new ordinary…

Equities investors lost N1.92 trillion on Thursday in the Nigerian stock market as sell pressure hit some high-cap stocks, reversing the previous rally.  Major losers include BUACEMENT (-6.51%), DANGCEM (-4.89%), WAPCO (-5.07%), and ZENITHBANK (-3.10%).

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

NITDA Warns of Potentially Dangerous Malware Targeting Banks, Agencies, Others The National Information Technology Development Agency (NITDA) has warned of an active, AI-powered malware named “DeepLoad”. The agency warned that the new harmful malware is targeting Nigerian government Agencies, financial institutions, businesses and individuals. In a tweet on its verified X handle, NITDA revealed that once the virus is executed, DeepLoad silently installs itself, it harvests stored user credentials and sensitive data from browsers, evading antivirus software by leveraging on AI. NITDA further stated that upon infection, the malware can result in unauthorized access to bank accounts, mobile money services,…

Macron Urges Instant Reopening of Hormuz Strait French President Emmanuel Macron has called for “all parties” to lift the blockade of the Strait of Hormuz “without delay and conditions” after a telephone talk with Iranian President Masoud Pezeshkian. “We must return permanently to the regime of full freedom of navigation that prevailed before the conflict,” Macron said on social media platform X. He added that the future multinational escort mission launched by France and Britain would contribute to the goal. This Franco-British initiative “will by its nature be separate from the warring parties. The pre-positioning of the aircraft carrier Charles…