Author: Ogochukwu Ndubuisi

First Holdco Completes Sale of FBNQuest Merchant Bank Financial services company First Holdco Plc has completed the divestment of merchant bank business FBNQuest Limited, according to an official statement. The financial services group said in a disclosure on the Nigerian Exchange that, in line with Rulebook, it has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. The group added that this transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria. In all its corporate disclosure as regards the transaction, First Holdco did not…

Nigeria Moves to T+2 Settlement Cycle Nigeria has formally shifted from a T+3 to a T+2 settlement cycle, marking a significant advance in the ongoing modernisation of its capital market. The T+2 settlement means securities and funds from trades will now be settled two business days after they are executed. Mr Temi Popoola, Chairman, Central Securities Clearing System (CSCS) said during a media briefing on Friday that the change represented a strategic and timely step toward global best practice. He described the transition as a historic milestone that would deepen liquidity, reduce settlement risk and strengthen confidence among domestic and…

First Lady hosts NASS members, urges passage of Gender Parity Bill The First Lady, Sen. Oluremi Tinubu, on Friday hosted members of the National Assembly to a special dinner at the State House Banquet Hall. The dinner also witnessed an interactive session focused on solutions to the state of the nation. Mrs Tinubu used the occasion to plead for the passage of the Gender Parity Bill, also known as the Reserved Seats for Women Bill, currently before the legislature. She also canvassed deeper engagement between the legislature and the presidency in order to promote national development. Amid the security challenges…

Oil Sees Weekly Prices Surge Ahead of OPEC+ Output Decision Oil prices surged week on week, lifted by optimism surrounding Russia-Ukraine peace efforts and growing expectations of a US rate cut, even as stronger supply signals and a surprise US stock build kept gains in check. The price swung ahead of OPEC+ output decision at the weekend. International benchmark Brent crude traded at $62.92 per barrel, up 1.6% from last Friday’s close of $61.93. US benchmark West Texas Intermediate (WTI) was at $58.96 per barrel, rising around 1.8% compared with $57.93 last week. Oil prices started the week largely steady…

Tinubu Approves Tax Policy Implementation Committee President Bola Tinubu has approved the establishment of the National Tax Policy Implementation Committee (NTPIC). ‎The committee, chaired by Mr Joseph Tegbe, would drive the implementation of the administration’s landmark tax reforms in line with national economic aspirations. ‎Presidential spokesperson, Mr Bayo Onanuga, announced this in a statement on Friday in Abuja. He said that the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, would supervise the committee’s activities. ‎The committee, he said, would conduct extensive consultations across the public and private sectors to ensure broad-based input into the implementation…

NGNUSD Falls on Weak FX Inflows, Rising Foreign Payments The Nigerian naira (NGN) lost against the US dollar (USD) due to a subtle FX shortfall in the foreign exchange market on Thursday, reflecting the absence of the Central Bank intervention. The local currency official rate has been supported by the Central Bank of Nigeria (CBN) US dollar supply to reduce rising demand for foreign payments by eligible companies and other market participants. The high US dollar upstreaming abroad places pressures on the naira, worsening the exchange rate to around N1450 per dollar. The market has seen signifciant decline in FX…

UN Chief Condemns Coup in Guinea-Bissau UN Secretary-General António Guterres has condemned the coup d’état perpetrated by elements of the military in Guinea-Bissau. In a statement issued on Thursday by Stéphane Dujarric, Spokesperson for the Secretary-General, Guterres condemned any attempt to violate constitutional order. Umaro Sissoco Embalo was deposed on Wednesday as President after military officers announced they had seized “total control” of Guinea-Bissau ahead of the expected release of presidential election results in the West African nation. Embalo had been vying for re-election against his main challenger, Fernando Dias and both had declared victory ahead of the release of…

Edo Assembly Invites Obaseki, Ex Officials Over MOWAA, Radisson Deal Edo House of Assembly has invited former governor Godwin Obaseki and the Museum of West African Art (MOWAA) Director, Philip Iheanacho, for questioning over MOWAA and Radisson Hotel funding. In a statement on Thursday by Bekisu Oshone-Wilson, the Secretary to a committee set up by House, asked the invitees to appear before it on Dec. 4. Other persons invited by the Committee are a former Secretary to the State Government, Osarodion Ogie; a former Edo Finance Commissioner, Mr Joseph Eboigbe; the former Attorney General, Mr Oluwole Osaze-Uzzi; and the Managing…

Nigeria Has Met Obligations for Africa Energy Bank Take-Off – Lokpobiri Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), says Nigeria has completed all commitments required as the host country for the Africa Energy Bank (AEB), to fast-track its take off. Speaking during an inspection of the newly furnished AEB headquarters in Abuja on Thursday, Lokpobiri said the facility had been delivered in the best location and fully equipped to begin operations. “I came to inspect the headquarters furnishing of the Africa Energy Bank, and I am happy to disclose to Nigerians, Africans, and the world that Nigeria…

Arab-Africa Summit to Boost Trade Relations – Edun The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Arab-Africa summit will boost trade relations. Edun said this at the 5th edition of B2B Agribusiness Matchmaking event, organised by the Arab Africa Trade Bridge (AATB), in Abuja on Thursday. He said that the AATB agribusiness matchmaking forum was expected to stimulate new partnerships, unlock financing opportunities and accelerate trade flows between Arab and African nations in the coming days. The minister said that the summit represented a shared commitment to transform Arab-Africa trade relations by moving…