Author: Ogochukwu Ndubuisi

NGX Short N2trn in 2 Days as Equity Investors Exit Positions Equity investors lost N2 trillion in just two days as the Nigerian Exchange (NGX) halted the momentum that pushed key performance indicators upward. Trading activities closed on a negative note on Wednesday due to profit-taking in some stocks that recently gained investors’ attention in the local exchange. Data showed that key market performance indicators declined by 0.73%, while year-to-date return moderated further on the back of sell momentum. In their separate market updates, stockbrokers said sell pressures were observed in GUINNESS, CONOIL, TRANSCORP, and STANBIC, among others. A total…

NAICOM, SEC Collaborates for Seamless Insurance Industry Recapitalisation The National Insurance Commission (NAICOM), and the Securities and Exchange Commission (SEC) have agreed to collaborate to ensure a seamless insurance industry recapitalisation process. Speaking during a visit to the Director-General of SEC in Abuja on Tuesday, Mr Olusegun Omosehin, the Commissioner for Insurance, said the ongoing recapitalisation of the industry was aimed at transforming and strengthening the institutions. Omosehin said the visit was a step toward strengthening collaboration between both agencies. He said the recapitalisation was focused on repositioning the sector for growth and ensuring better service delivery. Dr Emomotimi Agama,…

FG to Modernise, Upgrade Eastern Ports The Federal Government says it is modernising the Western Ports in Apapa and upgrading the Eastern Ports in Onne, Calabar, and Rivers to promote balanced regional growth. Mr Adegboyega Oyetola, Minister of Marine and Blue Economy, said this in a statement signed on Tuesday in Abuja by his Media Adviser, Dr Bolaji Akinola. Oyetola said government was finalising the Port Community System, integrated with the National Single Window, to create a paperless, transparent, and secure digital environment for maritime stakeholders. He said government was working to replicate the Lekki Deep Seaport success across Nigeria’s…

Wike Inaugurates N50bn Rehabilitated Phase 2 Lower Usuma The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has commissioned the newly rehabilitated N50 billion phase 2 water treatment plant at the Lower Usuma Dam in Ushafa, Bwari Area Council. Speaking at the event, Wike said that President Bola Tinubu also approved the flag-off of additional water projects in satellite towns. He said that the government would commence the Bwari water project on Wednesday, while the Karu water supply project would be flagged off on Thursday. He said that both initiatives were estimated to cost not less than ₦90…

Equity Investors Lose N1.33trn as Dangote Cement, Oando Plunge Equity investors lost N1.33 trillion in a swing as Dangote Cement, Oando, Nigerian Breweries, Zenith Bank, and Stanbic IBTC Holdings Plc stock market valuations plunged on Tuesday. The local bourse closed the trading session in the red, with key market performance indicators dipping by -1.46% as sell pressure heated up sharply on the day. The magnificent decline in equity portfolio value was spurred by profit-taking activities in some medium- and large-cap stocks, especially Dangote Cement, Oando, Stanbic IBTC, and some other decliners. The Nigerian Exchange year-to-date return moderated below 40% on…

GTBank Sells Dollar at N1,545 for International Payments GTBank sold US dollars to customers at N1545 for international payments for transactions conducted via Naira Mastercard. The rate is expected to fluctuate in line with prevailing forex market conditions, the bank said in an emailed note.  Many Nigerians with naira mastercards have the authorisation to make international payments, with the maximum amount capped by their banks, for online payments. Due to convenience, this has effectively reduced their patronage at Bureau de Change (BDC) operators. Data from the Central Bank of Nigeria (CBN) showed that the official spot rate closed at N1534.93…

AIICO Insurance, Dangote Drive Stock Market Intraday Rally Supported by buying interest in Dangote Sugar Refinery, AIICO Insurance, and others, the Nigerian Exchange (NGX) all share index (ASI) inches higher during the intraday trading session in the local bourse on Monday. The market is climbing, and the momentum seems stronger following more than N700 billion decline in equity portfolio value of all listed companies on the NGX last week. Transactions were dominated by sell-side actors seeking to take early profit in anticipation of a post-earnings release market correction. First-half earnings and interim dividends have boosted stock market capitalisation, and lifted…

NAICOM Warns Insurers of Liquidation Over Recapitalization Deadline The National Insurance Commission (NAICOM) has warned insurance companies in Nigeria that failure to meet the July 2026 recapitalization deadline will result in strict regulatory actions, including liquidation or merger. This directive follows the recent passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which introduced new Minimum Capital Requirements (MCR) for insurance and reinsurance companies. According to NAICOM, life insurance companies are required to raise their minimum capital to N10 billion, non-life insurance companies to N15 billion, and reinsurance firms to N35 billion. The commission emphasized that assets that are…

Otti Addresses Concerns on $125m Islamic Bank Loan for Abia Gov. Alex Otti of Abia has addressed concerns surrounding the $125 million loan from the Islamic Development Bank (IDB), saying that the conditions were generous. Otti, while responding to questions during the monthly media parley on Friday in Umuahia, allayed fears expressed at some quarters concerning the IDB loan. “There is nothing to worry about; the conditions are generous, and by the time I looked at it, I was actually surprised,” he said. The Federal Executive Council had at its meeting on Wednesday, approved the facility to finance the Abia…

GCR Suspends Ratings on Union Bank of Nigeria GCR Ratings has suspended the ratings on Union Bank of Nigeria Limited (UBN), without review. The ratings agency also announced it has suspended the ratings on Union Bank of Nigeria Plc’s NGN6.3 billion Series 2 Senior Unsecured Bonds, without review. According to GCR, Union Bank of Nigeria’s 2024 audited financial statements have not been approved by the Central Bank, and therefore a review of the ratings cannot be finalised as a result of information sufficiency standard requirement. GCR said it will only reinstate the ratings and analytical coverage for UBN should the…