Author: Ogochukwu Ndubuisi

Market Wrap: NGX Index Declines as Stockholders Lose N207bn The Nigerian Exchange (NGX) All-Share Index slid, and equities investors or stockholders lost more than N207 billion week on week as inflation concerns stoked selling rallies in the trading platform. The stock market saw notable volatility, with widespread sell-offs across the financial services sector driving the benchmark All-Share Index (ASI) lower. The index declined by 0.32% on a week-on-week basis, settling at 104,233.81 points, according to data from the Nigerian Exchange cited by stockbrokers. Stock analysts at Cowry Asset Management Limited said the retreat was largely driven by a wave of…

FAAN Closes Enugu Airport for Runway Rehabilitation  The federal government, through the Federal Airports Authority of Nigeria (FAAN),  has  closed the Akanu Ibiam International Airport in Enugu for emergency runway repairs for two weeks. The Director of Public Affairs and Consumer Protection, Mrs Obiageli Orah disclosed this  in a statement on Saturday in Lagos. According to Orah, there is a sudden and significant rupture in the asphalt surface at a critical section of the runway. She said that as a result, the emergency repairs would be conducted on the portion of the runway from April 22 to May 6. “In…

Ojulari Pledges to Attract $60bn Investments, Raise 3mbpd Crude Production by 2030 Mr Bashir Ojulari, new Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.) has pledged to attract sectoral investments worth 30 billion dollars and 60 billion dollars by 2027 and 2030 respectively. Ojulari said the company, under his stewardship, would raise crude oil production to over two million barrels per day, sustained through 2027 and attain three million by 2030. The new GCEO disclosed this at a town hall meeting with the NNPC Ltd. staff in Abuja, a few days after assuming duties as the new…

Equities Investors Gain N240bn as Ecobank, Oando Rally Ecobank Transnational Inc. and Oando are among the stocks that pushed the Nigerian Exchange (NGX) market capitalisation higher on Thursday, according to data from the local bourse. The stock market closed the week on a positive note, as key performance indicators, including the NGX-ASI and market capitalisation, advanced by 0.37%. This upward movement was largely driven by bargain hunting in recently beaten-down medium- and large-cap stocks, such as NB, ETI, OANDO, UCAP, and others. Stockbrokers said this rebound effectively reversed the loss recorded in the previous trading session. Specifically, the All-Share Index…

Nigeria’s Eurobonds rallied in the international market, reversing foreign portfolio investors (FPIs) cold reactions

Diri Urge Renaissance Energy Not to be Like SPDC Gov. Douye Diri of Bayelsa, has advised the management of Renaissance Africa Energy Company Limited, that have acquired assets of Shell Petroleum Development Company (SPDC), to operate differently from the former owners. Diri stated this on Wednesday when he received the management of Renaissance Africa Energy, including its Chairman, Mr Layi Fatona, Managing Director and Chief Executive Officer, Chief Tony Attah, and other officials in Yenagoa. The governor explained that before SPDC divested its assets, host communities were short-changed because the proceeds that accrued to them were grossly inadequate and resulted…

ECOWAS Bank Appoints Cassiel Forson as New Chairman The ECOWAS Bank for Investment and Development (EBID) has appointed Dr Cassiel Forson, as the new Chairman of the bank. The appointment was made during the bank’s 23rd Ordinary Session held on April 14, in Banjul, The Gambia. Forson, the current Minister of Finance of the Republic of Ghana, and takes over from the Gambia’s Minister of Finance and Economic Affairs, Honourable Seedy Keita. Speaking on the appointment of the new Chairman of the Board of Governors, Dr George Donkor, President and Chairman of the Board of Directors of EBID, expressed his…

Dangote Refinery Slashes Petrol Price to N835 Per Litre The Dangote Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre. Anthony Echiejina, the Group Chief Branding and Communications Officer of Dangote, disclosed this in a statement on Wednesday in Lagos. Echiejina said that the price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. The new price is now set at N835 per litre, down from N865 per…

Nigeria Sovereign Investment Authority Posts Net Returns of N1.88T The Nigeria Sovereign Investment Authority (NSIA) says it posted a net return of N1.88 trillion for financial year 2024, up from the N1.18 trillion recorded in 2023. The managing director/CEO of NSIA, Aminu Umar-Sadiq, disclosed this while presenting its 2024 earnings at a media engagement on Wednesday in Abuja. Umar-Sadiq said the NSIA showed strong financial performance in spite of the volatile global economic landscape. He said the authority was able to achieve this through a dedicated and committed team that adopted four tactical and change strategies in 2024. “2024 was…

Chinese Yuan Weakens to 7.2133 Against Dollar The central parity rate of the Chinese currency Renminbi, or the Yuan, weakened 37 pips to 7.2133 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. #Chinese Yuan Weakens…