Author: Ogochukwu Ndubuisi

Natasha Akpoti-Uduaghan Enters NASS Complex, Rules Out Apology to Senate Sen. Natasha Akpoti-Uduaghan on Tuesday entered the National Assembly Complex, gaining access to her office after serving out her six months suspension. Speaking with journalists, Akpoti-Uduaghan said that she would not apologise to the Senate, claiming she had survived injustice. According to her, it will amount to injustice if she was not allowed to resume her legislative duties because the matter is pending in court. “I am still waiting for the letter because it is very important to understand the conditions that they might set illegally concerning this. “I read…

FG Seeks Fresh Investments in Oil, Gas Sector The Federal Government has reiterated its commitment to attracting more investments into Nigeria’s oil and gas sector to drive industrialisation and economic growth. This is contained in a statement issued by Mr Michael Adande, spokesperson of Renaissance Africa Energy Company Limited.on Tuesday in Abuja. According to the statement, Mrs Olu Verheijen,Special Adviser to the President on Energy, restated the commitment during a meeting with Mr Tony Attah, Manging Director of Renaissance Energy, in Abuja. She said the President Bola Tinubu administration was focussed on reforms that create an enabling environment for investors…

Uber Contributes N34bn to Nigeria’s Economy – Report A new report has revealed that ride hailing giant Uber contributed an estimated N34 billion to Nigeria’s economy in 2023. The findings of the Uber Nigeria Economic Impact Report, which was conducted by Public First, was inaugurated at the recent Lagos Road Mobility Summit. This was an event co-hosted by Uber and the Lagos State Ministry of Transport, which had the theme: “Reimagining an Inclusive Road Safety Strategy.” It brought together key stakeholders from government agencies along with global safety experts and private sector leaders. The report said that Uber provided significant…

GTCO’s Profit Falls by 50% in H1, Declares Interim Dividend Guaranty Trust Holding Company Plc (GTCO) profit fell by more than 50% in the first half of financial year 2025, its audited report submitted to the Nigerian Exchange (NGX) on Tuesday revealed. Details from the group’s audited earnings scorecard revealed that profit after tax declined by 50.4% year on year to N449.01 billion from N905.57 billion in the comparable period in 2024. The weak earnings performance was weighed down by the steep decline in non-interest income and higher operating costs, analysts said in a review note.  These undermined 31.5% year…

Naira Mixed as FX Inflows Jump, External Reserves Cross $42bn The naira traded on a mixed note at the Nigerian foreign exchange markets, reflecting a surge in demand for dollar at the official window while the unofficial rate rose. At the Nigerian Foreign Exchange Market (NFEM), the naira skidded off the rally track on Monday even with data showing FX inflows increased in the market. The Central Bank of Nigeria (CBN) updated FX data revealed that the official rate closed at N1,488.6017 per dollar at the official window. The spot rate touched an intraday high of N1,492 per dollar, while…

Nigerian Exchange Index Slides as Investors Lose N220bn The stock market opened the week with downbeat sentiment as the Nigerian Exchange (NGX) All-Share Index (ASI) nosedived by 0.24% to close at 141,498.22 points. Due to sell pressures, the year-to-date return moderated to 37.48%, while the total market capitalization fell by ₦219.63 billion to ₦89.52 trillion. The market’s weakness stemmed from selloffs in Nigerian Breweries (-7.64%), UBA (-2.71%), GTCO (-1.06%), OANDO (-5.76%), and FIRSTHOLDCO (-1.88%). The value lost to selloff on these top stocks outweighed gains in ZENITHBANK (+2.66%), INTBREW (+3.23%), ACCESSCORP (+0.77%), and JAIZBANK (+2.97%). Market sentiment was weak, reflected…

FG Revokes 1,263 Mineral Licences over Service Fees The Minister of Solid Minerals Development, Dr Dele Alake, has approved the revocation of 1,263 mineral licences over default in payment of annual fees. Alake gave the approval in a statement by his Special Assistant on Media, Segun Tomori, on Sunday in Abuja. He said the approval, recommended by the Nigerian Mining Cadastre Office (MCO) included 584 exploration licences, 65 mining leases, 144 quarry licences, and 470 small-scale mining leases. He said the move was part of ongoing efforts by the President Bola Tinubu’s administration aimed at sanitising the mining sector. The…

China-Nigeria Trade Hits $15.48bn in 7 months, Says Consul-General Ms Yan Yuqing, Consul-General of the People’s Republic of China in Lagos says Bilateral trade between China and Nigeria reached $15.48 billion between January and July. Yuqing disclosed this on Sunday at a reception to mark three historic occasions: the 76th anniversary of the founding of the People’s Republic of China, Nigeria’s 64th independence anniversary, and the Mid-Autumn Festival. She said that the figure represented, a 34.7 per cent increase compared with the same period o 2024. She said the increase reflected the growing strength of China-Nigeria relations, describing Nigeria as…

Rates Hit Floor in Money Market, Banking Liquidity Remains Surplus Surplus liquidity in the banking system kept the short-term interest rates benchmark at the floor in the absence of funding pressures. The financial system liquidity shrank, but the balance remained robust enough to keep rates movements in check. The floor resistance short term rates suggests that money market interest rate have fallen to their lowest possible as the Central Bank of Nigeria (CBN) slowdown aggressive mop up actions. Rates have been trending behind the CBN asymmetric corridor due to a spike in liquidity following failure to conduct an open market…

Investors Trade 481m Insurance Stocks on Nigerian Exchange Investors in insurance stocks on the Nigerian Exchange Limited (NGX) traded 481.1 million shares worth N1.41 billion in 10,655 transactions last week. This was lower than 523.5 million shares valued at N1.45 billion exchanged across 12,666 transactions in the preceding week. The market recorded slight declines, with value dropping by 2.5 per cent, volume down 8.8 per cent, and deals dipping by 18.9 per cent. The Nigerian Exchange Ltd. provided the trading data on Saturday. Sixteen insurance companies were reported to have traded during the week, with Regency Alliance Insurance leading after…