Author: Ogochukwu Ndubuisi

ICC Rejects New U.S. Sanctions Against 4 Personnel The International Criminal Court (ICC) has strongly rejected new sanctions announced by the United States on Wednesday targeting four of its personnel, marking a renewed escalation related to investigations involving U.S. and Israeli officials. The sanctions are directed at judges Kimberly Prost of Canada and Nicolas Guillou of France, as well as two deputy prosecutors: Nazhat Shameem Khan of Fiji and Mame Mandiaye Niang of Senegal. These measures follow earlier sanctions against four other judges and the ICC Prosecutor. The United Nations emphasised the ICC’s crucial role in international criminal justice and…

Ethiopian Airlines to Add Extra Flights to Abuja Mrs Firiehiwot Mekonnen, the Area Manager Nigeria of Ethiopian Airlines says the airline will add extra flights to Abuja from Oct. 28. In a statement issued on Wednesday in Abuja, Mekonnen noted that there would be three extra weekly flights added to the daily flights already operating out of Abuja. She stated that the extra flights would be in the evening, while the daily flight would stay at midday. “Passengers from Abuja will have increased options. The extra flights will offer immediate connections to many African and Asian destinations that reduce the…

Treasury Bill Yield Dips, Investors Get Higher Auction Rates The average yield on Nigerian government treasury bill declined slightly despite a quiet trading session in the secondary market, albeit with a bullish tilt. Investors were waiting on the sideline as the Central Bank of Nigeria (CBN) opened N230 billion Treasury bills auction for subscription. While attentions were shifted towards the main auction, buying interests were also noted, particularly at the long segment (-7 bps) of the curve. Investors’ buying activities in the secondary market dragged average yield downward by 3 bps to settle at 18.08%.  Traders reported that transaction ticket…

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…