Author: Ogochukwu Ndubuisi

Reps Accuse Commercial Banks of Perpetrating Illegal Charges, Deductions The House of Representatives on Tuesday accused commercial banks of perpetrating illegality by deducting inexplicable monies from customers without remittances. The House Ad-hoc Committee Chairman, investigating deduction of taxes from civil and public servants earnings and bank charges on customers account, Rep. Kelechi Nwogu, said this during an investigative panel in Abuja. Nwogu reiterated the panel’s mandate to ensure that all deductions or charges by banks on accounts of customers must be deducted rightly, fined rightly and used rightly. “Commercial banks are perpetrating illegality by deducting inexplicable charges from civil servants,…

Johnvents Group Marks Strong Global Expansion Johnvents Group, a global agribusiness and manufacturing conglomerate, hosted industry leaders, international partners, government officials, traditional rulers including the Deji of Akure, and key stakeholders at its 2025 End-of-Year Celebration held at The Dome, Akure. The evening served as a reflection on a transformative year for the Group and a renewed affirmation of Ondo State’s commitment to enabling enterprise and inclusive prosperity. Delivering the welcome address, Tarun Chawla, Group Executive Director of Johnvents Group, highlighted the organisation’s growth trajectory, strengthened market relevance and expanding global footprint. He expressed profound gratitude to the Government of…

Daily FX Rate with Naira Debit Card Falls to N1460 Daily FX rate for naira debit card transactions worsened by N2 in 24 hours to N1460 per dollar on Tuesday due to tight liquidity pressure in the official market, where the spot rate settled at N1451. The daily quote depreciated by N7 on each international payment when compared with N1453 quoted per naira debit card-funded payment last week. Foreign transactions settled with a naira debit card issued by a commercial bank depreciated amidst broader exchange rate weakening. This happened in contrast to expectations that inflows from remittances will saturate the…

Excess Liquidity: Banks Placements at SDF Window Rise to N3.2trn Deposit money banks’ (DMBs) placements at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF) increased to N3.2 trillion in the absence of significant funding pressures in the money market. This happened while some commercial lenders faced short-term liquidity stress that led to borrowing at the CBN window above the rate earned on placements with the authority. Activities resumed at the Standing Lending Facility (SLF) yesterday as liquidity deficit commercial banks accessed funding from the Apex Bank, signalling tightening. The market opened the day with a surplus balance…

SEC Sets 2026 Recapitalisation Plan The Securities and Exchange Commission has confirmed plans to begin recapitalisation for all capital market intermediaries in 2026, marking a major regulatory shift. Dr Emomotimi Agama, the commission’s Director-General, revealed the move during the Capital Market Committee meeting organised by the SEC in Lagos on Monday. He said the initiative formed part of wider strategies aimed at helping the Federal Government realise its one trillion dollar economy aspiration within the set timeline. Agama noted that the recapitalisation programme aligned with significant reforms already executed in the banking and insurance sectors over the past two decades.…

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…