Author: Ogochukwu Ndubuisi

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…

FG to Implement Digital Infrastructure, Data Exchange Platforms in 2026 The National Information Technology Development Agency (NITDA) says it will begin the implementation of the Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms in sectors of economy early 2026. Dr Salisu Kaka, Director, E-Government and Digital Economy of NITDA, said this at the public review of the Digital Public Infrastructure (DPI)Live Event and the Nigerian Data Exchange (NGDX) drafts by stakeholders on Friday in Abuja. The public review of both drafts had its theme as “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation.”…

Nigerian Stock Market Shrinks as Investors Lose N264bn The Nigerian stock market shrank as investors lost N264 billion to renewed profit-taking activities. The market relapse was driven by selloffs in stocks like Livingtrust Mortgage Bank, Veritas Kapital Assurance, Secure Electronic Technology, NGX Group and 39 other stocks. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N90.008 trillion, shed N264 billion or 0.29 per cent to close at N89.744 trillion. Also, All-Share Index also lost 0.29 per cent or 417.72 points to close at 141,845.35, against 142,263.07 recorded on Thursday. The market breadth closed negative with 43 losers…

Fubara Resumes Office, Pledges Peace, Reconciliation Gov. Siminalayi Fubara of Rivers has pledged inclusive governance and reconciliation as he resumed office after the six months of emergency rule was lifted by President Bola Tinubu. Rivers was placed under emergency rule on March 18, following intense political crises that threatened peace, governance, and stability in the state. Fubara, in a statewide broadcast in Port Harcourt on Friday, described the period as enormously challenging but necessary to restore order and safeguard democratic institutions. He said that as governor, he chose to abide by the declaration and co-operated fully with Tinubu and the…

World Bank Group Successfully Closes Inaugural Securitization Transaction The World Bank Group, through its private sector arm, the International Finance Corporation, has closed its inaugural securitization transaction, successfully launching a new model to attract institutional private capital into emerging markets. This transaction marks the first tangible step in a larger effort to build an originate-to-distribute model for emerging market investments. The $510 million collateralized loan obligation (CLO) comes after two years of determined work to design and prepare the product. The repackaging of IFC loans into rated securities creates a new asset class for emerging markets that meet institutional investment…

Seplat Unveils $3bn 5-year Growth Plan Seplat Energy Plc has unveiled a five-year roadmap to boost production capacity by 50 per cent between 2026 and 2030. Chief Executive Officer, Roger Brown, disclosed this in a statement on Friday, following the firm’s successful acquisition of Mobil Producing Nigeria Unlimited (MPNU). He said the roadmap would be anchored on $2.5 to $3 billion capital investment over five years, beginning in 2026. The investment will fund 120 to 150 new wells and up to three major gas projects, aimed at strengthening Nigeria’s energy and power supply. Brown said Seplat’s strategy was supported by…

Marketers Demand N1.5trn Subsidy to Match Refinery Gantry Price – Dangote Dangote Petroleum Refinery has disclosed that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) demanded an annual subsidy of N1.505 trillion to enable members to match the refinery’s gantry prices at their own depots. The refinery disclosed that although it offers petroleum products to marketers at its gantry price, DAPPMAN insists on taking delivery via coastal logistics, an option that would add N75 per litre in extra costs. Based on daily consumption volumes of 40 million litres of Premium Motor Spirit (PMS) and 15 million litres of…