Author: Ogochukwu Ndubuisi

CBN, SEC, PenCom Fine Stanbic IBTC N113m for Compliance Failures The Central Bank of Nigeria (CBN) slammed N56 million on Stanbic IBTC Bank Limited for failure to report a cyber episode that lasted for six days, according to a disclosure in its audited financial statement. The group faced a series of penalties due to compliance failure, including wrong disclosure, a review of the first half of 2025 audited report shows. Stanbic IBTC was also fined a huge amount for failure to follow an acceptable fixed income asset valuation method, which has the ability to overstate or understate profitability in the…

Large Deficit in Gabon Budget to Make IMF Funding Support Difficult The very large fiscal deficit presented in Gabon’s budget for 2026 will make it difficult for the country to secure funding support through a new IMF programme, Fitch Ratings believes. In its commentary note, Fitch said the authorities’ plans for a steep increase in capital spending are unrealistic and will be prevented by financing constraints, meaning that the deficit will be much smaller than the 15% of gross domestic product (GDP) budgeted. The council of ministers in early September approved the 2026 draft budget that plans a near-doubling in…

Naira Falls to N1465 as Dollar Demand Increases in FX Market The naira fell to N1465 per US dollar at the Nigerian foreign exchange market as demand for foreign currency increased above the supply side on Friday. Based on a slew of analysts’ projections, the outlook for the naira remains positive despite spot rate fluctuation. The Apex Bank FX intervention and hot money from foreign investors seeking to bet on naira assets keep the outlook strong amidst rising external reserves. The naira has seen significant gain that has triggered some bullish predictions for the year. The spot FX rate settled…

South-West Won’t Abandon Tinubu in 2027 —APC The All Progressives Congress (APC) in Lagos State says South West will not abandon President Bola Tinubu in 2027. The APC Spokesman, Mr Seye Oladejo, in a statement on Saturday in Lagos was reacting to a comment credited to supporters of a PDP presidential aspirant, Dr Gbenga Olawepo-Hashim, that the South West would not re-elect Tinubu in 2027. Oladejo said that Olawepo-Hashim had never built a durable political structure nor demonstrated the electoral muscle required to win a national contest. According to him, Tinubu will crush all gang up against his reelection in…

BPSR Unveils 2025 Transparency Integrity Index The Bureau of Public Service Reforms (BPSR) has launched the 2025 Transparency and Integrity Index (TII), as announced in a statement by Mr Aliyu Umar, Head of Strategic Communications at BPSR, in Abuja on Saturday. Mr Dasuki Arabi, the Director-General, BPSR, in his address described the Index as a vital tool for strengthening accountability, openness, and ethical standards across Ministries, Departments, and Agencies (MDAs). ‎“This annual event remains one of the most important platforms for promoting transparency, accountability, and integrity within our public institutions. “The TII is not just about numbers or rankings; it…

Nigerian Exchange Index Surges, Equities Investors Gain N384bn The Nigerian Exchange (NGX) All-share index surged on Friday over sustained positive momentum. Due to bargain hunting investors gained N384 billion as mid and large capitalised stocks rallied. Specifically, the market capitalisation, which opened at N90.751 trillion, rose by 0.42 per cent or N384 billion to close at N91.135 trillion. Similarly, the All-Share Index gained 604.58 points or 0.42 per cent, to settle at 143,584.04, compared with 142,979.46 posted on Thursday. The market breadth closed positive with 39 gainers against 25 losers. UAC of Nigeria led the gainers’ table by 10 per…

Renaissance Seeks Partners to Unlock Nigeria’s Oil, Gas Potential Renaissance Africa Energy – a consortium of five energy companies – has announced it is seeking partners to help grow its portfolio and drive oil and gas development in Nigeria. The announcement was made by Tony Attah, Managing Director and CEO of Renaissance Africa Energy during a briefing at African Energy Week (AEW): Invest in African Energies 2025. “We are born in Nigeria and made for Africa,” Attah stated, adding, “We strive to be Africa’s leading energy company, enabling energy security and industrialization in a sustainable manner.” During the presentation, Attah…

Nigeria’s Non-Oil Export Hits $1.79bn in Q1, 2025 – NEPC The Nigerian Export Promotion Council (NEPC), says Nigeria’s non-oil export has risen to $1.791 billion in the first quarter of 2025. The Chief Executive Officer of the council, Nonye Ayeni, said this at a one-day sensitisation exercise organised by the Council for Sesame seed farmers, on Thursday in Dutse, Jigawa. The theme of the workshop is: “A Tactical Involvement for Enhancing the Production Capacity of Sesame Seed in Jigawa State.” Represented by Okany Chika Sylvia, Chief Trade Promotion Officer, NEPC, Ayeni said the export value represents 24.75 per cent increase…

Equities Investors Record N170bn Portfolio Value Gain on NGX LAGOS: The Nigerian Exchange (NGX) all-share index surged as equities investors gained more than N170 billion in the first trading after the independence holiday. The stock market maintained its bullish streak after the break to open trading activities for the final quarter of the year in the green. NGX positive performance was primarily driven by buying interest in selective large- and medium-scale stocks with good fundamentals. Market movers include PZ Cussons, ETERNA, GTCO, CADBURY and other stocks with upside potential across sectoral names. The stock market index inched higher by 0.19%,…

Robert Mugabe’s Son Arrested Over Illegal Drugs Possession Robert Mugabe Jr., the 33-year-old son of Zimbabwe’s late former President Robert Mugabe, was arrested in Harare on Wednesday after police allegedly found cannabis and cocaine in his possession. The arrest was carried out by the Criminal Investigation Department’s Drugs and Narcotics division following a tip-off, and Mugabe Jr. was detained during a routine stop in the affluent Borrowdale suburb. According to sources close to the investigation, officers recovered small packets of the suspected drugs from his vehicle, though the exact quantities will only be confirmed after forensic testing. Mugabe Jr. is…