Author: Ogochukwu Ndubuisi

Apple to Invest More in China, Says Chinese Ministry Tech giant Apple is set to increase investment in China, the country’s Technology Ministry said on Wednesday. Apple boss Tim Cook informed Chinese Technology Minister Li Lecheng that he planned to continue expanding in the Chinese market and drive forward innovative development along with Chinese companies. The ministry’s announcement did not include details on the amount to be invested, and there was no immediate comment from Apple. Apple is heavily invested in China, in both production and sales, and Cook has often visited the country. The company contributes significantly to employment…

Nigeria Secures Fresh $2 billion Shell Gas Investment Nigeria has secured fresh $2 billion investment from Shell, following a Final Investment Decision (FID) on new offshore gas project in the HI Field (OML 144). Presidential Spokesperson, Mr Bayo Onanuga, announced the development in a statement on Tuesday in Abuja. He stated that President Bola Tinubu commended the investment as a major boost to Nigeria’s revitalised oil and gas sector. ‎The Non-Associated Gas (NAG) project will deliver about 350 million standard cubic feet of gas per day, starting in 2028. The volume equals nearly one-third of the gas needed for Nigeria…

PIA: Reps Urge Oil Companies to Comply With Extant Laws The House of Representatives on Wednesday unanimously adopted a motion urging the oil companies operating in Imo to comply with the Petroleum Industry Act (PIA), 2021. Section 3 of Petroleum Industry Act 2021 provides that oil companies comply with the host communities’ Development Trust provisions. This resolution followed the motion of urgent national importance moved by Rep. Chike Okafor representing Ehime Mbano/Obowo/Ihitte-Uboma federal constituency. The motion is entitled “Flagrant Abuse of Due Process and Infringement of Local Content Disobedience to Petroleum Industry Act (PIA) and Non-compliance with Tax Laws by…

Nigeria’s Eurobonds Yield Rises to 8.3% Ahead of $1.1bn Repayment The Nigerian Eurobond market weakened as yields rose by 10 basis points to 8.27% at the international market, reflecting diminished investor confidence amid ongoing market uncertainties. The average yield on US dollar-priced sovereign bonds has been uptrend in the last few weeks as market anticipates Nigeria’s repayment of $1.1 billion Eurobonds that will expire in Nov. Fixed-income market analysts anticipate Nigeria’s borrowing costs at the international capital market to reduce due to a better macroeconomic indicator outlook and ratings upgrades. While Nigeria’s $1.1 billion eurobond is expected to expire next…

Nigeria Creates Buffers Against Potential Shocks – Cardoso The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the country has been able to create resilience and buffers against potential shocks that may arise in the economy. Cardoso said this on Tuesday in Washington, during a media briefing by the G24 on the sidelines of the ongoing Annual Meetings of the International Monetary Fund (IMF)/World Bank Group. According to him, Nigeria was fortunate because a lot of the things that needed to have been done have been done much earlier. “As a result, we were able to create…

Reps Move to Secure Single-Digit Loans for Car Buyers The House of Representatives Committee on Industry has resolved to pursue legislation for single-digit interest rates to enable more Nigerians to purchase new cars, tricycles, and motorcycles through affordable credit schemes. The resolution followed an oversight visit on Tuesday to automobile, tricycle, and motorcycle assembly plants in Lagos in collaboration with the National Automotive Design and Development Council (NADDC). The committee, led by its Chairman, Dr Enitan Dolapo-Badru, visited the facilities of Dag Industries Nigeria Ltd., Simba TVC, and CIG Motors on Tuesday in Lagos, as part of its nationwide inspection…

Federal Govt. Rolls Out N4trn Bond To Settle Gencos’ Arrears The Federal Government has finalised implementation frameworks for a ₦4 trillion government-backed bond to settle verified arrears owed to power generation companies (GenCos) and gas suppliers. The Special Adviser to the President on Energy, Mrs. Olu Verheijen disclosed this in a statement made available to newsmen in Abuja. In the statement signed by Senan Murray, the agreement was reached at a meeting between the federal government officials and the senior executives of GenCos, to review settlement modalities for the outstanding debt. Murray, Head of the Media and Communications Unit in…

Zenith Bank Founder Jim Ovia Reaffirms Commitment to Shareholders’ Value Jim Ovia, Zenith Bank Plc founder and chairman, reaffirms strong commitment to shareholders’ value at the Nigerian Exchange (NGX) closing gong ceremony on Tuesday. Ovia, accompanied by the bank’s Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON carried out the prestigious closing gong ceremony, marking a significant milestone in the bank’s continued partnership with the capital market and the official closing of the trading day. The ceremony highlights Zenith Bank’s strong relationship with the NGX and its commitment to transparency, accountability, and bolstering investor confidence. While speaking at the Nigerian…

Banking Index Slips Amidst Significant Block Trades The banking index slipped by 37 basis points as some influential investors executed block transactions outside the Nigerian Exchange (NGX) trading platform. The local bourse trended positively, though buying momentum slowed sharply compared with the previous record. Most of the sell-side casualties in the local bourse were oil and gas names, though there were sell pressures on financial stocks. The Banking Index fell 37bps, dragged by FCMB, UBA, and ACCESSCORP, according to trading statistics obtained from the Nigerian bourse. On Tuesday, FIDELITYBK led the volume drive, coming top with 50.90 million, followed by…

Euro Declines to $1.1550 as France PM Presents Budget The euro slipped to the $1.1550 level for the first time in three months as the US dollar trended positively in the forex markets on Tuesday.  The slide followed a fresh wave of buying enthusiasm which lifted the US dollar higher amid receding trade war jitters, Fed expectations, and the ongoing government shutdown.  The greenback is ticking higher for a second straight session as risk appetite returns. Most emerging market currencies are lower, led by the Mexican peso’s 0.65% pullback.  Traders said the euro is not benefiting from the renewed trade tensions…