Author: Ogochukwu Ndubuisi

GTCO, Zenith, Drive Intraday Rally in Nigerian Market With strong interest in banking names like GTCO, Zenith Bank, and Access Holdings, the Nigerian market is poised for a sharp rebound on Wednesday, stockbrokers said in their intraday update. The local bourse staged a strong rebound in the early trading hours of Wednesday as bargain-hunting in bellwether stocks lifted market sentiment, Cowry Asset Management Limited told investors in an emailed note. The marker lost more than N4.61 trillion in a sweep on Tuesday, plunging market capitalisation of all listed stocks below N90 trillion. During early trading hours on Wednesday, there is…

Jumia Posts $17.7m Pre-Tax Loss in Q3, Down 1% in 12 Months Jumia Technologies AG (NYSE: JMIA) posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value (GMV) of…

Consider Trump’s Threats as Security Risk, U.S. Based Scholar Tells FG A U.S.-based teacher of international politics, Prof. Mojubaolu Okome, has urged the Bola Tinubu administration to treat U.S. President Donald Trump’s threats of military action toward Nigeria as a genuine national security risk. She spoke with News Agency of Nigeria in New York about the unfolding security crisis in parts of Nigeria and the tense international response. Okome, a veteran scholar of international politics and geopolitics, said that while Trump’s rhetoric is dangerous and must be openly rejected, it must not be dismissed. “He’s been doing things internationally that…

ACCI Urges Gradual Implementation of Fuel Import Tax The Abuja Chamber of Commerce and Industry (ACCI) has urged gradual implementation of the Federal Government’s 15 per cent fuel import tax to ensure economic stability and consumer protection. The ACCI commended the government’s commitment to strengthening domestic refining capacity through the new policy but warned against sudden enforcement that could trigger inflation and weaken business confidence. This is according to a statement by Chief Emeka Obegolu, President of the ACCI, on Tuesday in Abuja. Obegolu described the policy as strategic and transformative but called for phased execution to prevent unintended economic…

Nigerian Breweries Falls Below N2trn after Huge Block Trades The market value of Nigerian Breweries Plc’s 30.983 billion shares outstanding in the Nigerian market plunged by about 8% to N1.858 trillion, 24.48% below its 52-week high. The brewer share price declined to N60 on Tuesday as 23.873 million units of Nigerian Breweries valued at N1.547 billion were executed on the exchange, including block transactions. Each of its 30.983 billion shares outstanding lost N5.20 on Tuesday, reflecting investors’ weak sentiments. This price depreciation brought down Nigerian Breweries’ market value below N2 trillion, settling at N1.858 trillion, according to data from the…

Pensioners Give FG Deadline, Plan Naked Protest Nov. 24 The Coalition of Federal Pensioners of Nigeria has threatened a nationwide naked protest on Nov. 24 if government fails to pay their outstanding pension increment arrears and palliative allowances. The coalition’s National Chairman, Mr Mukaila Ogunbote, announced this during a news conference on Tuesday in Lagos. Ogunbote, who is also the Chairman, Nigeria Union of Pensioners, NIPOST Chapter, said the protest would hold if the Federal Government failed to fulfill the promise of paying the N32,000 approved pension increment arrears and the N25,000 palliative allowance approved since 2023. He said the…

Brent Rises to $65 as U.S Sanction Hits Russian Oil Exports Brent climbed by 1.8% to $65.21 a barrel as U.S. sanctions that limit Russian oil companies’ exports impacted the supply side. India and China have reduced oil trading amidst fresh trade relations with the United States, leaving Russia behind after the US slammed Rosneft and Lukoil. Lukoil declared force majeure at its West Qurna 2 field in Iraq in a sign that sanctions are affecting its international operations. U.S West Texas Intermediate WTI also rose by 1.7% to $61.16 a barrel as data showed crude inventories in US climbed…

Equity Investors Lose N4.6trn as Nigerian Exchange Bleeds Equity investors lost N4.61 trillion on Tuesday as sell pressure intensified across sectoral indexes in what looks like a coordinated plan to exit overbought stocks. The Nigerian Exchange recorded its largest daily losses in decades as investors sentiment plunged following mixed third-quarter earnings performance by listed companies.  The stock market capitalisation and all-share index fell by more than 5% as red rain fell in the local bourse.  The unusual event dragged key performance indicators downward sharply, and year-to-date return retreated to 37.31% as investors continued to pull out in successive trading sessions.…

1bn Illicit Weapons Fuelling Conflicts in Africa, Worldwide, UN Warns The United Nations (UN) has warned about the widespread proliferation of approximately one billion small arms and light weapons (SALW) in circulation globally, fueling conflicts in Africa and around the world. Adedeji Ebo, the Director and Deputy High Representative, UN Office for Disarmament Affairs, told the Security Council in New York that illicit weapons are sustaining conflict, terrorism and criminal networks across multiple regions. Ebo said “more than one billion firearms are in circulation globally”. “The illicit trade and misuse of small arms and light weapons fuels armed violence, terrorism…

FX Shortfall Weighs on Naira, Spot Rate Falls to N1437/$ ABUJA: A sizeable shortfall in US dollar supply at the Nigerian Foreign Exchange Market (NFEM) weighed on the naira exchange rate on Monday.  The Central Bank of Nigeria (CBN) FX update revealed that the Naira weakened by 5 basis points, or ₦0.72, to close at ₦1,437.29/$, having traded within a range of ₦1,442.00/$ and ₦1,435.0/$ during the session. The decline was driven by insufficient supply from foreign portfolio investors (FPIs) and local participants to cover for the demand, according to investment firm AIICO Capital Limited. Naira came under pressures due…