Author: Ogochukwu Ndubuisi

Nigeria Seeks Higher OPEC Quota to Boost Hydrocarbon Revenue Nigeria plans to demand a higher oil production quota at the next meeting of the Organisation of Petroleum Exporting Countries (OPEC) scheduled for November, according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri. In commentary note, CSL Stockbrokers Limited noted that the Minister explained that Nigeria’s current OPEC quota of about 1.5 million barrels per day (mbpd) no longer reflects the country’s true production capacity. The investment firm said the move signals the government’s determination to reposition the oil sector as a stronger contributor to national revenue…

Dangote to Sell 10% Interest in 650,000 bpd Refinery With a plan to list 10% on the Nigerian Exchange, Dangote Refinery is set to more than double its current refining capacity to about 1.4 million bpd, becoming the world’s largest refining facility and surpassing the 1.36 million bpd refinery in Jamnagar, India. President and Founder of the Dangote Industries Limited (DIL), Aliko Dangote, told S&P Global Commodity Insights, in an interview, that the management of the $20 billion refining and petrochemicals complex, is also thinking of altering its current business model and is set to list up to 10 per…

FirstBank Integrates PAPSS into App to Ease Cross-Border Payments First Bank of Nigeria Ltd (FirstBank) has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app. A statement on Wednesday by Olayinka Ijabiyi, First Bank’s Acting Group Head, Marketing and Corporate Communications said that the platform is enabling customers make instant, secure and local currency-based cross-border payments across Africa. PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables instant, low-cost payments in local currencies between African countries. Speaking on…

U.S. Sanctions Major Russian Oil Companies, Pushes Ceasefire Deal The U.S. has imposed further sanctions as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine and calls on Moscow to immediately agree to a ceasefire deal. In a statement, the US said today’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy.  The top Russian oil names targeted include Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) , and 50 subsidiaries are now designated. The US…

CBN Hikes Interest Rates on Treasury Bills as Demand Softens The Central Bank of Nigeria (CBN) hiked interest rates on Nigerian Treasury bills across standard tenors allotted to investors at the primary market auction amidst soft subscription. The decision to increase the spot rate from the previous record came in contrast to market expectation following sustained disinflation, exchange rate stability and a benchmark interest rate cut. A tight liquidity in the financial system restricted deposit money banks’ ability to stake huge bets, but analysts said an overwhelming subscription would have afforded the CBN to axe rates instead. At the primary…

South African Rand Slides as Gold Bear Emerges The South African rand traded around 17.5 per US dollar in the forex market, trading near a two-week low, pressured by declining prices of precious metals, particularly gold. A weak UK consumer price index reading puts a potential rate cut on the table for the Bank of England (BOE), and gold’s big drop has traders questioning whether the multi-year uptrend is ending. Gold prices saw their steepest decline in more than 12 years, dropping as much as 6.3% intraday to near $4,000 an ounce. XAU/USD trades at $4,114 after diving from a…

Aiyedatiwa Woos UK Investors, Unveils Ondo’s Untapped Resources Gov. Lucky Aiyedatiwa of Ondo State has urged British investors to tap into the state’s abundant natural and economic resources. Aiyedatiwa reaffirmed his administration’s readiness to deepen development ties with the United Kingdom. The governor made the call on Wednesday while receiving the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, and his team at the Governor’s Office in Akure. Aiyedatiwa, who described the state as a land of vast opportunities, told the delegation that the state remains Nigeria’s largest cocoa producer, contributing about 40 per cent of the country’s total…

Reps to Investigate Abuja $460m CCTV Installation Contract The House of Representatives has resolved to set up an ad hoc committee to investigate government’s investment of 460 million dollars in CCTV camera installation in strategic areas in Abuja. The resolution was sequel to the adoption of a motion by Rep. Amobi Ogah (LP-Abia) at plenary on Wednesday. Moving the motion, Ogah explained that the most important of all responsibilities of government is the protection of lives and property as well as the entrenchment of security to engender good governance. He recalled that former President Goodluck Jonathan’s administration embarked on the…

CBN Offers 19.84% Interest on Nigerian OMO Bills The Central Bank of Nigeria (CBN) sold OMO bills worth N827 billion to deposit money banks (DMBs) and foreign portfolio investors (FPIs) who participated in its open market operation. Amidst a sharp decline in the financial system liquidity this week, the Apex Bank floated N600 billion across two maturities on Tuesday.  The offer size floated was for Nigerian OMO bills that will expire in 196 days and 252 days respectively. Demand was strong, with total subscriptions coming in at N1.1 trillion, reflecting sustained demand for the naira assets with special spot rates…

NCRIB Projects 3% Insurance Growth The Nigerian Council of Registered Insurance Brokers (NCRIB) has projected that Nigeria’s insurance penetration could reach three per cent within the next three years. The Council attributed this optimism to the steady expansion of brokerage activities and stricter enforcement of compulsory insurance across states under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Outgoing NCRIB President, Prince Babatunde Oguntade, made this known during a media briefing in Lagos on Tuesday while reviewing his tenure and assessing market performance. Oguntade also introduced the incoming President, Mrs Ekeoma Ezeibe, who will lead the Council’s next phase of…