Author: Ogochukwu Ndubuisi

NIMASA Rejigs Management Team to Enhance Efficiency The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced a strategic redeployment of 56 of its management staff to enhance operational efficiency and service delivery in line with its core mandate. This is contained in a statement signed by the Head, Public Relations of NIMASA, Mr Edward Osagie, and made available to newsmen in Lagos on Tuesday The statement quoted the Director-General, NIMASA, Dr Dayo Mobereola, as saying that the exercise aimed at strengthening inter-departmental collaboration and injecting new energy into the system to further improve performance across the maritime sector. “Under…

Reps Move to Protect Private Investments from Adversarial Unionism The House of Representatives says its interest is to protect strategic economic investments in the country from adversarial unionism with economic sabotage undertone. The house’s resolution was made following a motion under urgent national importance by Rep. Alhassan Doguwa representing Doguwa/Tudun Wada Federal Constituency, Kano State and seconded by Rep. Abdussamad Dasuki for Kebbe/Tambuwal Federal Constituency of Sokoto State. There was a rift between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Dangote Refinery, Lekki Free Trade Zone, Lagos which resulted to strike action recently. The…

Moniepoint Raises $200m Funding to Power Financial Inclusion Digital financial institution, Moniepoint Inc., says it has raised over 200 million dollars in equity financing in a recently closed Series C funding round to enhance financial inclusion. A statement by the firm on Tuesday said the landmark funding round highlights and accelerates Moniepoint’s momentum. It said the investment reflects Moniepoint’s rapid growth, sustained profitability, proven impact, and drives its mission to accelerate financial dreams of businesses and customers across Africa, and the global diaspora. According to the firm, the round was led by Development Partners International’s African Development (ADP) III fund,…

Crude Oil, Condensate Output Drops in September, as Experts Give Reasons The Nigerian National Petroleum Company Limited (NNPC Ltd.) has recorded 1.61 million barrels per day (mbopd) of Crude and condensate production in September, slightly down from 1.65 mbpd recorded in August. This was disclosed in the NNPC’s Monthly Financial and Operations Report for September 2025, released on Tuesday and made available to the News men in Abuja. Output had fluctuated between 1.57mbpd and 1.70 mbpd from January to September, reflecting the lingering impact of pipeline disruptions, crude theft, and deferred production linked to scheduled and unscheduled maintenance. The case…

OMO Bills Auction Settlement Tightens Money Market Liquidity The Central Bank of Nigeria (CBN) OMO bills auction settlement tightened the liquidity level in the money market, causing rates to shift in reaction to the adjustment. Analysts said they expect the OMO auction settlement totalling N2.12 trillion for the primary market action conducted on Friday to push rates higher in the new week. . System liquidity settled around N1 trillion, from a deficit position of -NGN0.32 trillion at the previous close, as market activity normalised following Friday’s primary market sales, Meristem Securities Limited said in a note. Nigerian Interbank Borrowing Rate…

GCR Assigns Premium Trust Bank A-/ A2 Ratings with Stable Outlook African-focused ratings agency GCR has assigned Premium Trust Bank Limited national scale long and short-term issuer ratings of A-(NG) and A2 (NG) respectively, with a Stable Outlook. In its rating note, GCR explained that the ratings assigned to Premium Trust Bank Limited is anchored by its robust capitalisation metrics, underpinned by the successful equity injection. GCR said the ratings also balance the bank’s adequate liquidity and sound risk position against a modest competitive position, reflected in its franchise strength and operational scale. Premium Trust Bank Limited is a relatively…

BPP Reaffirms Commitment to Efficient, Transparent Procurement Ecosystem Dr  Adebowale Adedokun, the Director-General (D-G),  Bureau of Public Procurement (BPP) has reaffirmed the Federal Government’s commitment to strengthening transparency, efficiency, and professionalism in Nigeria’s public procurement ecosystem. Adedokun said this in a statement issued by Zira Nagga, Head, Public Relations, BPP in Abuja on Monday. According to Nagga, the D-G spoke while addressing members of the Procurement Professionals Association of Nigeria (PPAN) at their monthly general meeting in Abuja. He said the meeting had the theme: “The Ongoing Reforms of the Federal Government in Public Procurement: Implication for Transparency, Efficiency, and…

Nigerian Stock Market Hits N95trn as Equities Portfolios Surge The Nigerian Exchange (NGX) market capitalisation hit a record high of N95 trillion as equities portfolios expanded by approximately N613 billion on Monday, according to trading data from the local bourse. The Nigerian market commenced the week on a positive note, as key performance indicators appreciated by 65 basis points, and year to date return expanded to 45% mark. The bargain hunting was fuelled by sustained buying interest in large and moderately priced stocks, such as EUNISELL, BUACEMENT, FIRSTHOLDCO, UBA, and others across major market sectors. Investors’ sentiment remained upbeat, according…

CapitalSage Holdings Names Nath Ude as Group CEO to Lead Financial Services Expansion CapitalSage Holdings, a multinational group at the forefront of agribusiness and financial innovation, has announced the appointment of Nath Ude as Group Chief Executive Officer of CapitalSage Technology Limited, the financial services arm of the corporation. The appointment takes effect from October 13, 2025. The appointment marks a pivotal step in CapitalSage Holdings’ ambition to accelerate digital-led financial transformation and consolidate growth across key markets. Nath will lead the Group’s financial services businesses, which include Kolomoni Microfinance Bank (Nigeria and The Gambia), ERCAS, Regius Asset Management, Regius…

FX Inflows into Nigeria’s Foreign Exchange Market Falls by 33% FX inflows into the Nigerian foreign exchange market fell by about 33% week on week to $1.1 billion, an update from Coronation Merchant Bank Limited revealed. The merchant bank’s research subsidiary wrote in a report released on Monday that US dollar inflows through the Nigerian Foreign Exchange Market (NFEM) moderated to US$1.10 billion from US$1.64 billion in the prior week. Despite the huge weekly decline, foreign investors led the pack, driving the supply side amidst rising demand for US dollar at the official window. Offshore investors have continued to exhibit…