Author: Ogochukwu Ndubuisi

Interbank rates were mixed last week as banking system liquidity declined by approximately 21% to close at about N3 trillion. The liquidity drop was primarily attributed to outflows associated with Open Market Operations (OMO) and the settlement of Nigerian Treasury bills auctions.

EU Begins Wider Enforcement of AI Act From Aug. 2 The European Union (EU) said it is set to expand enforcement of its Artificial Intelligence (AI) Act from Aug. 2, introducing new transparency obligations for AI systems operating across the bloc. The European Commission on Friday said that the latest phase of implementation would require AI systems such as chatbots to inform users when they are interacting with artificial intelligence instead of a human. The new rules also require AI-generated or modified content, including deep fakes, images, videos and audio recordings, to be clearly identified through labels and machine-readable markings…

Africa May Face Strongest El Nino in Decades, AU Experts Warn Africa could experience its strongest El Nino event in decades from November, with climate experts warning of possible severe weather disruptions across the continent. The warning was issued by African Union (AU) climate experts during an extraordinary session of the Specialised Technical Committee on Agriculture, Rural Development, Water and Environment held at the AU headquarters in Addis Ababa, Ethiopia. Harsen Nyambe, Director for Sustainable Environment and Blue Economy at the AU Commission, said global climate forecasting centres had predicted the development of a strong El Nino episode later this…

Guinea Insurance Plc Surpasses ₦15 Billion Minimum Capital Requirement Guinea Insurance Plc has achieved a significant milestone in its recapitalisation programme, having surpassed the ₦15 billion minimum capital requirement prescribed for non-life insurance companies by the National Insurance Commission (NAICOM), following the successful conclusion of its hybrid capital raising exercise. The Company successfully raised approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. Both transactions were executed in line with regulatory guidelines and received all requisite approvals from the Securities and Exchange Commission (SEC). According to the Managing Director, Mr. Ademola Abidogun, the proceeds…

WHO Reports Largest Ebola Outbreak in DR Congo The Bundibugyo virus disease outbreak in the Democratic Republic of the Congo (DRC) has intensified, becoming the largest Ebola outbreak ever recorded in the country, the World Health Organisation (WHO) has said. WHO, in a statement issued on Saturday, said the outbreak had spread to five provinces, affecting 49 health zones, with sustained transmission, rising infections and increasing deaths reported nationwide. According to the organisation, as of July 30, 2026, the DRC had recorded 3,605 confirmed cases, including 1,587 deaths, representing a case fatality ratio of 44 per cent. The outbreak, initially…

Reject Ethnic Profiling, Religious Hatred, Shettima Urges Nigerians Vice President Kashim Shettima has implored Nigerians to reject ethnic profiling, religious hatred, misinformation and retaliatory violence to build a secure, inclusive and prosperous federation. Shettima made the call on Saturday in Jos, Plateau State capital, during the 80th birthday anniversary and public presentation of the autobiography of former Gov. Jonah Jang of Plateau. He also called for a renewed national covenant on peace, observing that peace is a shared responsibility between government, community leaders and the citizens. “A people at peace is the highest achievement of any government, because peace is…

Africa is Rich, Doesn’t Need Aid – Jimoh Ibrahim Sen. Jimoh Ibrahim, Permanent Representative of Nigeria to the UN, says Africa is a rich continent that does not require aid from other continents to develop. Jimoh spoke at a reception in honour of Nigeria’s Ahunna Eziakonwa, who was appointed a Senior Adviser on Africa to the UN Secretary-General António Guterres. The Nigerian diplomat criticised the perceptions of Africa as a beggarly continent for aid. “Africa consists of 25 per cent of the world population. The future of the world is in Africa. That’s something to talk about,” Jimoh said. “I…

Oil prices swung sharply during the week ending July 31 as markets weighed efforts between the US and Iran against escalating military tensions and evolving security risks along critical Middle East shipping routes.

Sterling Financial Rallies Against Market Tide, Ranks Among NGX’s Top Gainers Shares of Sterling Financial Holdings Company Plc closed among the five best-performing stocks on the Nigerian Exchange (NGX) on Thursday, gaining 7% even as the broader market extended a two-session sell-off that lowered total equities value by more than ₦1.65 trillion. The benchmark NGX All-Share Index fell 0.66% to 245,362.26 points, with market capitalisation easing to ₦158.34 trillion. Decliners outnumbered advancers 45 to 17, and the NGX Banking Index shed 2.04% as investors continued to take profit following the market’s July rally. Analysts at Cowry Asset Management said profit-taking…

Seplat Profit Soars Before Handover Seplat Energy Plc has reported a 498 per cent surge in profit after tax to $164 million, about N225.2 billion, for the half-year ended June 30. The company, in a statement on Thursday, also declared an interim dividend of 12 U.S. cents per share and highlighted a major leadership transition effective Aug. 1, 2026. Revenue rose 30 per cent to $1.82 billion, approximately N2.50 trillion, from $1.39 billion, about N1.91 trillion, recorded a year earlier. Gross profit climbed 68 per cent to $815.9 million, roughly N1.12 trillion, from $484.6 million, equivalent to about N665.3 billion.…