Author: Ogochukwu Ndubuisi

NUPENG Threatens to Resume Strike The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has threatened to resume its suspended nationwide strike, over alleged breach of agreement. The union made this known in a statement by its National President, Mr Williams Akporeha, and General Secretary, Mr Afolabi Olawale, on Thursday in Abuja. The union accused the Dangote Group of violating a peace agreement brokered by the Federal Government. According to the statement, the peace pact was signed on Tuesday at the DSS headquarters to guarantee workers’ rights and industrial harmony. “On September 10, Alhaji Sayyu Dantata instructed all his…

Rates Mixed on Liquidity Swings, Banks Halt Borrowings from SLF Interbank rates moved in different direction amidst liquidity fluctuation in the financial system. The short term benchmark interest rates remained lower, with intermittent movement based on direction of banking system liquidity. The funding remained positive as local banks continue to play strong at the Central Bank of Nigeria (CBN) standing deposit facility (SDF) window to sterilised excess funds, though earning subpar rate. Activities of the deposit money banks at standing lending facility (SLF) have reduced sharply since liquidity surplus surface and the CBN has refused to float OMO bills for…

NAICOM Urges Insurers to Embrace Data, Innovation for Growth The National Insurance Commission (NAICOM) has called on insurance operators to embrace data-driven practices, innovative business models, and strategic alliances to ensure the long-term sustainability of the industry. Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the appeal on Thursday at the 2025 Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State. The forum has as its theme: “Nurturing the Insurance Industry for Sustainable Growth”. He said the industry must leverage data-driven insights to identify growth opportunities and make informed…

NNPC Affirms Huge Opportunities Abound in Nigeria’s Energy Sector The Nigerian National Petroleum Company Limited (NNPC Ltd), has called on international investors to tap into the huge opportunities in the nation’s energy sector. Group CEO of NNPC Ltd, Mr Bashir Ojulari made the call while fielding questions from NBC’s Hala Gorani, during the Energy Talk segment of the Gastech Exhibition and Conference, taking place in Milan, Italy. Ojulari, in a statement in Abuja by Andy Odeh, Chief Corporate Communications Officer, NNPC Ltd., commended President Bola Tinubu for improving Nigeria’s investment climate and positioning the country as the preferred investment destination…

EU Court Annuls Approval of Hungarian Nuclear Subsidies The European Court of Justice (ECJ) on Thursday annulled the European Commission’s decision to approve Hungarian state aid for the construction of two new nuclear reactors at the Paks power station. The EU’s highest court ruled that the Commission should have assessed not only EU state aid rules but also compliance with EU public procurement laws. This decision overturns a previous ruling by a lower EU court, which had dismissed Austria’s legal challenge against the subsidies approved in 2017. With the ruling, the future of the Paks nuclear expansion project is now…

Zenith Bank, GTCO Boosts Intraday Momentum in Equity Market Zenith Bank, GTCO, Guinness Nigeria and other early risers are currently driving the Nigerian Exchange (NGX) All share index higher during the intraday trading session on Thursday. The local bourse has maintained uptrend as investors who had sell down interest are beginning to re-enter positions in an undervalued listed companies stock. The stock market closed with more than N360 billion increase in equity portfolio value on Wednesday, supported by activities of buy side investors who spotted value in a dark end. Stockbrokers told MarketForces Africa the gain is not significant enough…

Tinubu Orders FEC Committee to Crash Food Prices President Bola Tinubu has ordered a Federal Executive Council (FEC) committee to further crash prices of food items across the country. The Minister of State for Agriculture and Food Security, Sen. Sabi Abdullahi stated this on Wednesday in Abuja, while presenting a paper at a one- day capacity building workshop for journalists covering the Senate. Abdullahi said the president’s order would be enforced to further crash prices of food items by ensuring the safe passage of products through various routes across the country. He emphasised that the committee’s action was aimed at…

Money Market Rates Diverge as System Liquidity Fluctuates The money market rates diverged as the open repo rate declined by 8 basis points to settle at 26.42%, whilst the overnight lending rate inched up by 4 bps to reach 26.96% on Wednesday. The financial system liquidity reduced to ₦1.48 trillion from ₦1.52 trillion in the previous session. Market analysts notice that the absence of funding pressure has eased local banks’ borrowing from the Central Bank. Nigerian banks’ placements into the standing deposit facility of the Apex Bank, however, declined by 4% to ₦1.70 trillion yesterday—reflecting fluctuating liquidity conditions. With no…

Nigeria Customs to Commence 2nd Stage of Recruitment Sept. 14 The Nigeria Customs Service (NCS) says it will start the second stage of its recruitment exercise from Sept. 14 to Sept. 21. NCS’s spokesman, Abdullahi Maiwada, made this known in a statement on Wednesday in Abuja. Maiwada said that the exercise would be conducted through an online Computer-Based Test (CBT), reflecting the service’s commitment to transparency, accessibility and fairness in the selection process. He said that the service received 573,523 applications during the first phase of its recruitment exercise , after it advertised a total of 3,927 vacancies on December…

Equities Investors Gain N360bn as Cement, Oil Stocks Rally Equities investors gained as their portfolio value increased by N360 billion, supported by price appreciation in cement and oil stocks on Wednesday. Data from the Nigerian Exchange (NGX) showed that key performance indicators grew by 0.41 per cent amid increased buying interest and bargain hunting. The uptrend was driven by strong buying interest in medium and large-capitalised stocks such as Chellaram, FTN Cocoa Processors, Berger Paints, Sunu Assurances, Livestock Feeds and 33 other sticks. Other risers include WAPCO (+6.71%), DANGCEM (+1.50%) and ARADEL (+3.68%). As a result of the rally, market…