Author: Ogochukwu Ndubuisi

FCCPC Approves UAC’s Acquisition of Chivita|Hollandia The Federal Competition and Consumer Protection Commission (FCCPC) has approved the acquisition of Chivita|Hollandia (CHI Ltd.) by UAC of Nigeria Plc. UAC confirmed the development on Saturday in a corporate disclosure to the Nigerian Exchange Ltd., stating that the transaction was completed following FCCPC’s regulatory approval. The approval follows the July 30, 2025, announcement by UAC and CHI Ltd. that both parties had reached an agreement for the sale of the food and beverage firm. CHI Ltd., known for its Chivita and Hollandia brands, is a major player in Nigeria’s food and drinks industry.…

Nigeria’s Rig Count Soars to 69 as Upstream Sector Gains Momentum — NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant rise in the country’s rig count, increasing from just eight in 2021 to 69. The commission said this in a statement by its Head, Media and Strategic Communication, Eniola Akinkuotu. Akinkuotu highlighted some of NUPRC’s high impact achievements, four years since its establishment, adding that the growth is a clear testament to the renewed vigour and investor confidence in Nigeria’s upstream petroleum sector. He said that in spite of the challenges it inherited from the pre-Petroleum…

IMTOs, Offshore Investors’ FX Inflows Boost Naira Value – Update Boosted by fresh US dollar inflows from international money transfer operators, the naira appreciated week on week, supported by significant US dollar volume that passed through the supply side in the currency market. The exchange rate’s positive movement against the greenback recorded last week was largely supported by a softer U.S. dollar—following weaker-than-expected U.S. economic data. The official spot rate was shaped by robust liquidity inflows from offshore investors and International Money Transfer Operators (IMTOs), investment firms – Cordros Capital Limited, and AIICO Capital confirmed. The foreign exchange market experienced…

China, UK to Launch Research Centre in Awka The Chartered Institute of Educational Practitioners, United Kingdom (CIEPUK), says it will launch a Global Southern Studies/Research Centre (GSSRC) at Paul University, Awka, in partnership with Soochow University, China. The unveiling of the centre is scheduled for Oct. 17 at the Nwawka Auditorium, Paul University. According to CIEPUK, the centre aims to enhance academic collaboration, innovation, and sustainable development across the Global South. It will also serve as a hub for research, knowledge exchange, and international partnerships. CIEPUK’s African regional office is located at Paul University, where the centre will be based.…

Naira Exposes US Dollar Funds, Investment to Fluctuation Risk With a positive outlook on the Nigerian naira in 2025, sustained exchange rate appreciation has exposed dollar funds to fluctuation risk, MarketForces Africa gathered from investment banking sources. Structured US dollar investments with fixed interest rates would be worth less than anticipated due to the recent naira gaining streaks, some analysts explained. However, they noted that investors are safe if they have no intention to convert their foreign currency-denominated dollar account to local currency. To protect wealth from exposure to naira volatility and inflation pressures, investment banking firms had launched a…

Domestic Gas Key to Nigeria’s Prosperity, Seplat Energy Says Seplat Energy Plc has reaffirmed that domestic gas remains the engine of prosperity for Nigeria and Africa, driving homes, industries, and cleaner transport alternatives. The company said this on Sunday in Lagos in a statement by its Corporate Communications Manager, Mr Stanley Okpara. It highlighted its continuous investment in gas processing infrastructure for Nigeria’s domestic market. Seplat said this includes the ANOH Gas Processing Plant, expected to commence operations before the end of the year. Its Director of New Energy, Mr Okechukwu Mba, disclosed this during a panel session at the…

CBN, SEC, PenCom Fine Stanbic IBTC N113m for Compliance Failures The Central Bank of Nigeria (CBN) slammed N56 million on Stanbic IBTC Bank Limited for failure to report a cyber episode that lasted for six days, according to a disclosure in its audited financial statement. The group faced a series of penalties due to compliance failure, including wrong disclosure, a review of the first half of 2025 audited report shows. Stanbic IBTC was also fined a huge amount for failure to follow an acceptable fixed income asset valuation method, which has the ability to overstate or understate profitability in the…

Large Deficit in Gabon Budget to Make IMF Funding Support Difficult The very large fiscal deficit presented in Gabon’s budget for 2026 will make it difficult for the country to secure funding support through a new IMF programme, Fitch Ratings believes. In its commentary note, Fitch said the authorities’ plans for a steep increase in capital spending are unrealistic and will be prevented by financing constraints, meaning that the deficit will be much smaller than the 15% of gross domestic product (GDP) budgeted. The council of ministers in early September approved the 2026 draft budget that plans a near-doubling in…

Naira Falls to N1465 as Dollar Demand Increases in FX Market The naira fell to N1465 per US dollar at the Nigerian foreign exchange market as demand for foreign currency increased above the supply side on Friday. Based on a slew of analysts’ projections, the outlook for the naira remains positive despite spot rate fluctuation. The Apex Bank FX intervention and hot money from foreign investors seeking to bet on naira assets keep the outlook strong amidst rising external reserves. The naira has seen significant gain that has triggered some bullish predictions for the year. The spot FX rate settled…

South-West Won’t Abandon Tinubu in 2027 —APC The All Progressives Congress (APC) in Lagos State says South West will not abandon President Bola Tinubu in 2027. The APC Spokesman, Mr Seye Oladejo, in a statement on Saturday in Lagos was reacting to a comment credited to supporters of a PDP presidential aspirant, Dr Gbenga Olawepo-Hashim, that the South West would not re-elect Tinubu in 2027. Oladejo said that Olawepo-Hashim had never built a durable political structure nor demonstrated the electoral muscle required to win a national contest. According to him, Tinubu will crush all gang up against his reelection in…