Author: Ogochukwu Ndubuisi

Fidelity Bank Names Amaka Onwughalu as New Chairman to Lead Board Fidelity Bank Plc, on Friday, announced the appointment of Mrs Amaka Onwughalu as new Chairman of its Board of Directors with effect from Jan. 1. A statement by the bank’s media unit says that the appointment follows completion of the tenure of Mr Mustafa Chike-Obi, on Dec. 31, 2025. The statement said that the board transitions aligns with the bank’s policy which has been communicated to the Central Bank of Nigeria, (CBN), Nigerian Exchange Group, and other stakeholders. “Under Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first…

NGX ASI Index Rises, Market Cap Nears N100 Trillion The Nigerian Exchange (NGX) market capitalisation inched near N100 trillion mark in the first trading session in the New Year due to sustained bargain hunting across key indexes. The local bourse kicked off the year on a positive note as the All-Share Index (ASI) edged higher by 1.92% to reach 156,492.36 points, while market capitalization increased by N2.04 trillion to N99.94 trillion. According to CardinalStone Securities Limited, the week’s upbeat performance was predominantly driven by gains in BUAFOODS, ARADEL and ACCESSCORP.  These top gainers offset decliners in FIRSTHOLDCO, NB, and SEPLAT.…

Equity Investors Open Nigerian Exchange with N562bn Gain Equity investors trading highs and lows in the Nigerian Exchange (NGX) saw about N562 billion in gains in the first trading session in 2026 due to positive sentiment carried over from last year’s rally. The market experienced bargain hunting across the sectoral indices, with significant interest in financial stocks ahead of fourth quarter of 2025 earnings release. The local bourse opened the year strong as the All-Share Index (ASI) advanced by 0.57% to 156,492.36 points. With the activities of value hunters, NGX market capitalisation grew by ₦561.55 billion to ₦99.94 trillion. Stockbrokers…

Naira Drops at Official Window Despite FX Intervention The naira depreciated against the US dollar at the official window despite latest FX sales by the Central Bank to strengthen currency market aggregate supply. According to data from the central bank, the Naira weakened by ₦3.17 per US dollar to close at ₦1,445.68/$, having traded within a range of ₦1,447.00 and ₦1,443.00 per USD during the session. The Apex Bank sold dollar to banks again in an unending intervention to stabilise the exchange rate. The authority sold $50 million to intervene in the forex market. Broadstreet anchored year end expectation on…

GTCO Boosts Capital With NGN10 Billion Private Placement Guaranty Trust Holding Company Plc has obtained the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), to undertake a private placement of its ordinary shares. The bank, in a statement on Tuesday, said that this was subject to the fulfilment of the applicable conditions precedent and regulatory requirements. GTCO recalled that it had earlier announced, on Aug. 29, that its banking subsidiary, Guaranty Trust Bank Ltd., had satisfied and surpassed the new CBN minimum capital requirement for commercial banks with international authorisation, having already increased…

No Extension of Insurance Recapitalisation Deadline -NAICOM The National Insurance Commission (NAICOM) says the recapitalisation deadline for the insurance industry will not be extended. The Commissioner for Insurance, Mr Olusegun Omosehin, said this at a seminar for insurance journalists in Abuja on Tuesday. Omosehin, represented by Dr Usman Jankara, NAICOM’s Deputy Commissioner, Technical, said the deadline fixed for July, 2026 was reasonable, doable and achievable by serious players in the industry. He said that the deadline was a law backed by the Nigerian Insurance Industry Reform Act (NIIRA, 2025). “I want to state equivocally that the recapitalisation deadline will not…

Dangote Offers 10‑Day Credit, Free Logistics to All Petrol Dealers  The Dangote Group announced a new supply arrangement on Tuesday, offering petrol‑station owners and dealers a 10‑day credit facility backed by a bank guarantee, alongside free direct delivery and other incentives. The initiative, disclosed in a statement posted on the company’s official X (formerly Twitter) handle, aims to ease cash‑flow pressures on retailers and deepen market penetration of the refinery’s fuel output . Under the scheme, participating dealers can place orders of at least 5,000 litres and enjoy a ten‑day payment window secured by a bank guarantee. The fuel supplied will be…

Buni Signs N515.5bn 2026 Budget Into Law Gov. Mai Mala Buni, has on Tuesday, signed N515.5 billion 2026 budget into law after receiving a copy of the assented Bill from the Yobe House of Assembly. Governor Buni had on Nov. 6, presented the “Budget of Economic Growth and Infrastructural Transformation” to the state house of assembly for legislative review. The assembly, however, slightly adjusted the budget size from N515.6 billion earlier submitted by the governor to N515.5 billion. Speaking at the occasion in Damaturu, Buni noted that the capital expenditure “is now N291.9 billion, representing 62 per cent of the…

New Tax Laws to Commence Jan. 1, 2026 as Planned — Tinubu President Bola Tinubu says the new tax laws, including those that took effect on June 26, and others scheduled to commence on Jan. 1, 2026, will be implemented as planned. The president disclosed this in a statement on Tuesday. Tinubu described the reforms as a once-in-a-generation opportunity to build a fair, competitive and robust fiscal foundation for the country. “The reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country,” Tinubu said. He clarified that the tax laws were not designed…

Katsina Signs N2bn Agro-Processing MoU with Kano Firm Katsina State Government has signed an MoU with Kano-based Al-Hikma Fertiliser and Chemicals Ltd. to establish a N2 billion agro-allied processing plant. The project will be located in Batagarawa and Rimi Local Government Areas of the state. The MoU was signed on Tuesday in Katsina by Alhaji Ibrahim Tukur-Jikamshi, Director-General, Katsina State Investment Promotion Agency and the company’s Managing Director, Alhaji Bashir Ahmad. Speaking after the signing, Tukur-Jikamshi said the government allocated 150 hectares at Tashar-Bala and Rimin-Kaura for the project. He recalled the inauguration of a technical committee on the Framework…