Author: Ogochukwu Ndubuisi

NUPRC Denies Withholding Exploration Fund, Says $185m, N14.9bn Released to NNPC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed reports that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company (NNPC Ltd.). The commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, who dismissed the reports in a statement on Wednesday said that 185.123 million dollars had been approved along with N14.9 billion. Akinkuotu said that the FEF was not domiciled in the commission but in an account controlled by the Central Bank of Nigeria (CBN). He said that its role was simply to…

GCR Upgrades NEM Insurance to AA+ with Stable Outlook GCR Ratings has upgraded NEM Insurance Plc’s national scale financial strength rating to AA+ (NG), citing “sustained competitive strength” in the non-life market. The agency, in a statement on Monday, said the move reflected NEM’s solid financial profile, supported by “robust risk-adjusted capitalisation, adequate liquidity and good earnings capacity.” It noted that NEM “remains a leading insurer” with an estimated 10 per cent non-life market share in 2024. NEM’s insurance revenue grew by 88 per cent to N98 billion in 2024, driven by its strong brand, long track record and firm…

SEC Aligns Capital Market Master Plan with National development Goals Dr Emomotimi Agama, SEC Director-General, says the renewed Capital Market Master Plan will align closely with Nigeria’s National Development Plan. Speaking at the Capital Market Committee meeting in Lagos on Monday, he said the alignment supports Nigeria’s drive towards a $1 trillion economy. Agama noted the plan will guide market direction from 2026 to 2030, with potential extension to 2035 if necessary. He explained the new approach avoids creating entirely new master plans. Updates will reflect evolving economic realities. “The goal is to position the capital market as a central…

Kaduna Inland Dry Port Records 800 Container Throughput – NSC The Nigerian Shippers’ Council (NSC), says cargo activities at the Kaduna Inland Dry Port (KIDP) has improved with monthly throughput rising from 200 to 800 containers. Danjuma Buba, Deputy Director, NSC Kaduna Port Office, said this in an interview with the News men on Monday in Kaduna. He attributed the growth to improved coordination with the Kaduna state government and the removal of operational bottlenecks. Buba said a major challenge to the port’s performance was the delays and interceptions of trucks conveying containers to and from the dry port, but…

Equity Investors Gain N247bn as Bulls Dominate Nigerian Bourse With bulls dominating the trading session, the Nigerian equity market opened the new trading week on a positive note, extending the bullish momentum from the previous week. Details from the Nigerian Exchange showed that the market index advanced by 0.26% to settle at 147,427.95 points, and market capitalisation rose by ₦247.21 billion to ₦93.97 trillion. The market uptrend highlights continued positive trading sentiment demonstrated by sustained buying interest in medium and large cap stocks including ZENITHBANK, MTNN, CADBURY, PZ, GTCO among others, across key sectors. The All-share Index added 386.88 basis…

Meta Gives EU Users ad Personalisation Choice, Commission Says Users of Meta’s social network in the EU are set to gain more control over their data and be shown fewer personalised ads, the European Commission said. The parent company of platforms Facebook and Instagram have committed to changes to comply with the EU’s Digital Markets Act (DMA), the commission said. “Meta will give users the effective choice between: consenting to share all their data and seeing fully personalised advertising, and opting to share less personal data for an experience with more limited personalised advertising,” a press release said. The options…

Tanzania Urges Citizens to Stay Home Ahead of Expected Protests Tanzania’s prime minister urged people to stay at home on Tuesday, when activists have called for protests against the violent suppression of anti-government demonstrations around October elections. The United Nations has said hundreds of people were likely killed in the protests, which were fuelled by the exclusion of leading opposition candidates. President Samia Suluhu Hassan was declared the winner of the presidential poll with nearly 98 per cent of votes. The government has acknowledged people were killed, without providing its own death toll, but it has rejected allegations that police…

EU Chief Costa Criticizes US Vision of Europe in its New Strategy European Council President António Costa said the European Union must draw consequences from the United States’ new national security. “We need to focus on building a Europe that must understand that the relationships between allies and the post-World War II alliances have changed,” Costa said at an event in Paris. Costa strongly criticised allegations that free speech is being censored in Europe and the approval of the “growing influence of patriotic European parties,” as the U.S. strategy states. “What we cannot accept is this threat of interference in…

Congo Battles Worst Cholera Outbreak in 25 Years, UNICEF Says The UN children’s agency on Monday said the Democratic Republic of the Congo is battling its worst cholera outbreak in 25 years which has killed almost 2,000 people since January. According to UNICEF, in one case, a quarter of the children in a Kinshasa orphanage 16 out of 62 died days after the disease swept through. UNICEF spokesperson John Agbor said “Congolese children should not be so gravely affected by what is a wholly preventable disease.” Cholera is a severe and potentially fatal diarrhoeal disease that spreads quickly when sewage…

Investors Take Profit in Treasury Bills after Surprise Rate Hike The average yield jumped in the secondary market as investors reduced their Nigerian Treasury bill holdings in reaction to surprise spot rate upward adjustments and auction size. Investors trimmed holdings in response to an adjustment to the authority’s auction calendar and the introduction of a new treasury bill offer amidst higher pricing for 364 days to maturity allotted at 17.50% at the midweek auction. The market expects the new auction sales this week to reflect previous spot rate pricing for long tenor despite the significant liquidity level in the financial…