Author: Ogochukwu Ndubuisi

Equity Investors Lose N348bn Amidst Extended Market Correction The Nigerian Exchange (NGX) shrank by about N348 billion on Thursday as investors’ equity portfolio value declined by N348 billion in the latest round of market correction. Key performance indicators continue to plunge as selling pressures lasted for eight out of nine trading sessions in spite of earnings releases, with year-to-date return dropping to 45.76%. Investors’ sentiment has been negative, with profit-taking activities seen in some stocks that recently posted positive price movement. Weak bargain hunting in banking names keeps the Nigerian market tight, with some corrections seen in some overpriced stocks.…

NIS to Introduce Single-Travel Emergency Passport for Nigerians The Nigeria Immigration Service (NIS) has announced plans to introduce a Single Travel Emergency Passport (STEP) to replace the existing Emergency Travel Certificate (ETC) for Nigerians abroad. The Comptroller-General of Immigration, Kemi Nanna Nandap, said the new document forms part of the agency’s ongoing reforms to strengthen identity management and border governance in line with global best practices. She made the announcement while speaking at the Joint Thematic Meeting of the Khartoum, Rabat, and Niamey Processes, co-hosted by Nigeria in collaboration with the Government of France. The meeting brought together key migration…

Equity Investors Lose N1.3trn as NGX Index Plunges by 1.35% The equity segment of the Nigerian Exchange (NGX) bled deeper on Wednesday, closing in negative territory as sustained profit-taking continued to weigh on overall performance. With sell-offs cutting deeper, the NGX All-Share Index (ASI) declined by 1.35% to close at 150,812.02 points, trimming the year-to-date (YTD) return to 46.52%. Consequently, investors lost approximately ₦1.306 trillion in market value, bringing total market capitalisation down to ₦95.82 trillion. Market sentiment remained weak, reflected in a negative market breadth of 15 gainers against 46 losers. Total volume of traded increased by +63.36% while…

Court Dismisses Dangote Refinery’s N100bn Suit against NNPC The Federal High Court in Abuja, on Wednesday, dismissed the N100 billion suit filed by Dangote Petroleum Refinery and Petrochemicals FZE against Nigeria National Petroleum Company Limited (NNPCL) and its co-defendants over oil import licence dispute. Justice Mohammed Umar dismissed the suit following an oral application by the defence lawyers after counsel who appeared for Dangote, C.O. Adegbe, withdrew the suit. The suit, which was formerly before Justice Inyang Ekwo, began denovo (afresh) following its reassignment to Justice Umar. Dangote Refinery had sued the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)…

EU Bloc Backs 90% Emissions Reduction Target by 2040 European Union countries have agreed to reduce greenhouse gas emissions by at least 90 per cent by 2040 compared to 1990 level, including the 5per cent achievable from international offsets. Danish Climate Minister, Lars Aagaard, said this on Wednesday. Aagaard said that under the plans, investments in countries outside the EU, such as extracting climate-damaging emissions from the atmosphere, could be converted into carbon credits and counted as domestic reductions. He said that the credit system would be rolled out from 2031 and fully in use by 2036, according to EU…

Nigerian Treasury Bills Yield Falls to 17.41% Ahead of Auction The average yield on Nigerian Treasury bills fell to 17.41% in the secondary market ahead of the midweek auction.  The average yield on Treasury bills continues to track below 18.02% inflation rate. Nigeria’s inflation rate is anticipated to improve with market guidance targeting at least a 50 basis point decline in the consumer price index. Consumers price stability will support the monetary policy committee to axe the benchmark interest rate. A further reduction in inflation figure will lift real interest rate above 9%. The market anticipate spot rates adjustment as…

FG to Invest N12bn in Digital Economy Research- Tijani The Federal Government on Tuesday said it would invest N12 billion to fund digital economy research projects to ensure the country benefits from digital transformation dividends. Dr Bosun Tijani, Minister of Communications and Digital Economy, said this at the opening ceremony of the 18th edition of the International Conference on Theory and Practices of Electronic Governance (ICEGOV)in Abuja. The four-day programme has its theme as ‘ Shaping the Future of Digital Governance Through Cooperation, Innovation and Inclusion’ and it was organised by the National Information Technology Development Agency (NITDA). Tijani said…

Arsenal Equal 122-Year Record With 3-0 Win Over Slavia Arsenal equalled a 122-year-old club record of eight successive games in all competitions without conceding a goal, sweeping past Slavia Prague 3-0 on Tuesday night. The win shot the Gunners to the top of the UEFA Champions League with four wins out of four. Mikel Merino, playing as a makeshift forward in place of injured striker Viktor Gyokeres, scored twice in the second half after England winger Bukayo Saka had put the Premier League leaders ahead in the 32nd minute. Arsenal, who introduced 15-year-old Max Dowman in the second half to…

Luis Enrique Blames PSG Defeat on ‘Big Gifts’ to Bayern Paris St. Germain coach Luis Enrique said his side handed Bayern Munich “big gifts” in their 2-1 Champions League defeat on Tuesday but refused to use injuries as an excuse. PSG were overwhelmed in the first half, falling 2-0 behind after a Luis Díaz double before the Colombian winger was sent off for a dangerous tackle on Achraf Hakimi. The Moroccan defender was substituted before the break, joining Ousmane Dembélé, who had already left the pitch injured. “We’ll have to wait until tomorrow after the tests,” Luis Enrique told a…

FG Strategises to Meet 1.6bn Litres Demand of Milk Annually The Federal Government has expressed its commitment to boost the current 700 milion litres annual milk production to the 1.6 billion litres requirement of the country. The Minister of Livestock Development, Idi Maiha, gave the assurance at the on-going workshop on the “Final Review and Validation of Framework for the Implementation of the National Dairy Policy” on Wednesday in Abuja. Maiha said that the country had sufficient livestock resources to meet domestic milk demand if properly harnessed. According to him, the nation’s dependence on imported dairy products is unsustainable and…