Author: Ogochukwu Ndubuisi

Equities Investors Lost N516bn over Sustained Market Correction Equities investors lost more than N516 billion due to the second day market correction after monster rallies that pushed key indexes to all-time highs. The Nigerian Exchange closed the week on a bearish note with key performance indicators moderating by 0.68% on the back of huge profit taking activities.  The selloffs on Friday marked the second consecutive day of losses, largely attributed to profit-taking in recently appreciated medium- and blue-chip stocks across key sectors. The Exchange had maintained an uptrend for six straight sessions. As a result of the trading pattern, the…

US Hits Mexican Banks with Sanctions Over Fentanyl Trafficking Claims The US Department of the Treasury has slapped sanctions on three Mexican financial institutions, accusing them of laundering millions of dollars for notorious drug cartels involved in the fentanyl trade. The move is part of a broader US crackdown on organized crime in Latin America. The Treasury Department named CIBanco, Intercam Banco, and brokerage firm Vector Casa de Bolsa as institutions that have allegedly played a crucial role in helping cartels move funds and facilitate payments for chemicals used in fentanyl production. These banks are accused of working with powerful…

Tinubu Brokers Peace Between Wike, Fubara President Bola Tinubu, on Thursday night, hosted a high-stakes reconciliation meeting between suspended Rivers Governor Siminalayi Fubara and FCT Minister Nyesom Wike. ‎The closed-door meeting, held at the State House in Abuja, included Rivers Assembly Speaker Martins Amaewhule, lawmakers, and key political stakeholders. ‎This latest peace meeting is seen as a last-ditch attempt by the presidency to end the political feud in the state. Wike, in brief remarks after the meeting, said that all parties had agreed to work together in the interest of the state. ‎”We have all agreed to work together with…

Sabotage Rocks NNPC Ltd, Management Cries Out The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has uncovered an emerging coordinated sabotage campaign being waged by a syndicate of known and faceless actors, within and outside the organisation. A statement issued on Friday by the management of NNPC Ltd., said that the group was actively spreading lies and misinformation simply to discredit the company’s leadership. The company said the group was spreading such misinformation to derail the organisation’s ongoing transformation into a corruption-free, performance-driven energy company, in line with the mandate of the President of the Federal Republic of…

Naira Rises to N1,536 as Oil Companies Boost FX Inflow The naira rose sharply against the US dollar at the Nigeria foreign exchange market as inflows from the international oil companies and other offshore investors boosted FX liquidity. Data from the Central Bank of Nigeria (CBN) showed that the naira gained 85 bps to close at $/₦1,536.0817 per greenback on Thursday in the absence of demand pressures. The exchange rate improvement was supported by improved FX liquidity from local sources, International Oil Companies (IOCs), and Foreign Portfolio Investors (FPIs), AIICO Capital Limited said in a note. The investment firm said…

Afreximbank Disburses $18.7bn to Bolster African Trade and Development The African Export-Import Bank (Afreximbank) has disbursed $18.7 billion in 2023 to support trade, industrialization, and business development across Africa. According to Dr. Yemi Kale, Chief Group Economist at Afreximbank, the bank’s interventions are pivotal in shaping Africa’s economic trajectory and enabling intra-African commerce. Presenting the 2025 Africa Trade Report at the bank’s 32nd Annual General Meeting (AGM) in Abuja, Kale noted that Afreximbank is not just financing trade but helping to build a modern trade ecosystem that supports long-term economic stability and prosperity. The report highlights the need for Africa…

Tinubu Signs 4 Tax Reform Bills Into Law President Bola Tinubu has signed four landmark tax reform bills into law, marking what he called a bold new era of economic governance. The brief ceremony was held on Thursday at the State House, Abuja, with the leadership of the National Assembly led by Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, in attendance. ‎The four new Acts are the Nigeria Tax Bill (Fair Taxation), Tax Administration Bill, Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. ‎Tinubu emphasised that the reforms are not just administrative but will reshape…

Senate Committee Gives NNPCL 10-Day Ultimatum to Explain ₦200trn Unaccounted Funds The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Ojulari, 10 working days to respond to queries regarding discrepancies in its audited financial statements. The ultimatum, which expires on July 10, was issued after NNPCL requested a two-month extension to respond to the queries, a request the committee deemed unacceptable. The committee, chaired by Senator Aliyu Wadada, expressed strong dissatisfaction with the financial irregularities uncovered in NNPCL’s books, including over ₦200 trillion in unexplained receivables and undocumented legal…

Africa Records 3.2% Growth in 2024 Despite Global Challenges – Afreximbank Africa’s economy has shown resilience in the face of global challenges, recording a growth rate of 3.2% in 2024, according to the African Export-Import Bank’s (Afreximbank) 2025 African Trade and Economic Outlook (ATEO) Report. Presenting the report at the Afreximbank 32nd Annual Meetings (AAM2025) in Abuja, Dr. Yemi Kale, Group Chief Economist, Afreximbank, attributed the growth to stronger public investment, high commodity prices, and the early success of diversification strategies. However, Kale noted that the growth rate is still below the pre-pandemic growth rate of 5%. He also highlighted…

Nigerian Exchange Crossed N76trn as Investors Gain N1.18trn A fresh monster rally in the equities market has pushed the Nigerian Exchange (NGX) market capitalisation above N76 trillion mark. The local bourse closed today’s trading session on a positive note, as key performance indicators showed mixed outcomes. The market index advanced by 1.22%, adding 1,466.87 basis points to close at an historic all-time high of 121,257.69 points, while the year-to-date return edged higher at the same time. The difference in the key indicators was attributed to the additional listing of Stanbic IBTC Holdings Plc’s 2,944,772,083 ordinary shares of 50 kobo each…