Author: Ogochukwu Ndubuisi

ABU Denies Allegations Of Hidden Nuclear Weapon Project The Ahmadu Bello University (ABU), Zaria, has dismissed as false a social media video alleging that the institution was involved in developing a nuclear weapon for Nigeria. Malam Auwalu Umar, Director Public Affairs Directorate of the university disclosed this in a statement issued to News Agency of Nigeria (NAN) on Saturday in Zaria. The director described the viral AI-generated video as misleading, aimed at misinforming the public about Nigeria’s peaceful nuclear energy programme. He said the video falsely claimed that Nigerian scientists in the 1980s secretly enriched weapons-grade uranium in Kaduna and…

Nigerian Bonds Yield Falls to 15.86% Ahead of Auction The Nigerian government bond benchmark yield fell by 10 basis points week on week to 15.86% in the secondary market as investors ramped up naira assets. Buy sentiment dominated the curve across all five trading sessions. Trading activity remained robust, reflecting improved sentiment and sustained appetite for fixed-income instruments amid persistent uncertainties in other asset classes. Consequently, the broad-based demand exerted mild downward pressure on yields, driving the average yield lower by 10 basis points to 15.86% for the week. Average yields declined w/w across the short -, mid -, and…

Nigeria Records Over $50bn Cryptocurrency Transactions in 1 year The Securities and Exchange Commission (SEC) says over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024. The Director-General of SEC, Dr Emomotimi Agama, said in a notice on Sunday that the situation raised concern over the low participation of citizens in the traditional capital market. Agama said no fewer than four per cent of the country’s adult population were active investors. The director-general described the low participation rate as a major impediment to economic growth and capital formation. He noted that, while fewer than…

Money Market Rates Fall as N1.5tn FAAC Inflow Boosts Liquidity Reflecting absence of funding pressure, money market rates fell as a huge inflow totalling N1.5 trillion from the Federation Account Allocation Committee (FAAC) bolstered system liquidity. The financial system liquidity remained elevated at the close of the trading session on Friday, with the average net long position rising to N2.05 trillion from N1.88 trillion in the previous week, according to Cordros Capital Limited. FAAC disbursement and coupon payment, among other money market activities, acted as liquidity support in the financial system. Although the CBN absorbed N827.00 billion via an OMO…

Dangote Refinery to Expand Capacity to 1.4m Barrels Daily Africa’s largest refinery, the Dangote Petroleum Refinery, is set for a historic expansion that will increase its production capacity from 650,000 barrels per day (BPD) to 1.4 million BPD within the next three years. When completed, the expansion will make the refinery the largest in the world, marking a major leap toward energy independence for Nigeria and Africa. The President and Chief Executive of Dangote Industries Ltd., Alhaji Aliko Dangote, announced the plan on Sunday in Lagos. According to him, the step reflects faith in Nigeria’s potential. “This expansion reflects our…

Chinese Firms Invest $1.3bn In Nigeria’s Lithium Sector – Alake The Minister of Solid Minerals Development, Dr Dele Alake, says Chinese companies have invested 1.3 billion U.S. dollars in lithium processing in Nigeria. Alake stated this while speaking on the 2025 China Mining Conference with the theme “Connect and Collaborate, Co-Build and Co-Share” in Tianjin. This is contained in a statement by Alake’s Special Assistant on Media, Mr Segun Tomori, on Sunday in Abuja. Tomori said the minister reviewed the Chinese mining business in Nigeria and acknowledged their contributions to lithium processing since the administration of President Bola Tinubu assumed…

Private Sector Rejects Senate Move to Amend NSITF Act The Organised Private Sector of Nigeria (OPSN) has rejected the ongoing amendment to the Nigerian Social Insurance Trust Fund (NSITF) Act, describing it as a threat to transparency and workers’ welfare. The OPSN, comprises, the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Association of Small and Medium Enterprises (NASME) and the Nigeria Association of Small Scale Industrialists (NASSI). In a statement made available to newsmen on Sunday in Abuja, OPSN contended that, the…

Lafarge Africa’s Q3 2025 Performance Fuels Price Surge Lafarge Africa (WAPCO) electrified the Nigerian equities market as its share price rallied by N7.00 to close at N150.45 per share, marking a 5.05% gain on the day’s trading session on the Nigerian Exchange (NGX). This upward momentum followed the release of the company’s Q3 2025 financial results, which showcased a remarkable improvement in earnings, margins, and profitability, significantly outpacing its 2024 performance. A closer look into Lafarge’s Q3 2025 nine-month financial metrics reveals an impressive operational rebound and earnings expansion driven by strong revenue growth and improved cost discipline. Operating Profit…

Aradel Hits 52-Week High, Gains 25% as Investors React to Acquisition The market value of Aradel Holdings Plc increased by more than 25% as oil stock gained investors’ attention amidst a capacity expansion drive.  According to data from the Nigerian Exchange, the company’s share price reached its highest value in 52 weeks in the stock market. Data showed that Aradel traded at N790 as 4.698 million units of the company valued at N3.688 billion were traded on Friday. The oil stock opened at N631 and closed at N790. At the close of trading session on Friday, market value of Aradel…

Access Holdings Profit Falls by 23% to N215.916bn in H1-2025 Access Holdings Plc, a diversified financial services group headquartered in Lagos, saw its profit after tax decline by over 23% year-on-year to N215 billion in the first half of the 2025 financial year, according to audited financial statements. The group’s underwhelming financial performance plunged its return on average equity down by 11% year on year to 11.4%, while return on average assets fell to 1% from 2% in the equivalent period. Access Holdings bottom line was significantly impacted by a steep surge in impairment charges on bad loans and sharp…