Author: Ogochukwu Ndubuisi

BIPC to Set up Mortgage Bank – Raymond Asemakaha The Benue Investment and Property Company Limited (BIPC) is planning to set up a mortgage bank to provide accessible and sustainable housing for residents. BIPC Managing Director(MD), Mr Raymond Asemakaha, made the disclosure on Thursday when he received Primary Mortgage Consultants (PMI) team in his office. Asemakaha pledged the readiness of the company to key into productive initiatives that would transform the state in line with the vision of Governor Hyacinth Alia. The MD acknowledged the need for the mortgage bank, stressing that it would enable the state to take advantage…

Africa Must Shift from Aid to Investment-Led Growth – Adesina The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has advised African countries to overhaul their development models, embrace investment-led strategies instead of continuing to rely on aid for economic growth. Adesina gave the advice while delivering a keynote at the 14th Convocation Ceremony of the National Open University of Nigeria (NOUN), on Friday in Abuja. He said that the era of donor dependency was over and Africa must take charge of its development trajectory. According to him, the era of free money is gone, benevolence is not…

Strengthening Nigeria’s Financial Ecosystem: Senate Committee Hosts Workshop with Kuda’s Support Nigeria’s financial sector is facing a significant challenge, with over ₦3.4 trillion in financial infractions uncovered across federal Ministries, Departments, and Agencies (MDAs) in 2021. This staggering figure highlights the need for stronger oversight and compliance measures. In response, the Senate Committee on Legislative Compliance is hosting a high-level workshop to address weak oversight and institutional gaps. The two-day event, themed ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will bring together lawmakers, regulators, and representatives from federal MDAs to discuss compliance gaps, transparency, and cross-sector collaboration. Kuda Microfinance…

Afriland Properties Records N2.6bn Profit for 2024 Afriland Properties Plc has achieved a profit after tax of N2.6 billion in 2024, representing 51 per cent increase from N1.73 billion recorded in 2023. The company’s profit before tax also grew by 53 per cent to N3.70 billion from N2.4 billion posted in 2023. Mr Emmanuel Nnorom, the Chairman of Afriland Properties, disclosed this during the 12th Annual General Meeting of the company in Lagos on Friday. Nnorom said that the Board of Directors had proposed N865 million dividend payment for 2024, translating  to 63 kobo per ordinary share. Although, the company…

Wema Bank Launches N150bn Right Issues for N10.45 Ahead of the recapitalization deadline, Wema Bank Plc has announced the commencement of its capital raising exercise scheduled to begin April 14, 2025, the tier-2 lender said in a regulatory filing. In compliance with the Central Bank of Nigeria (CBN) recapitalization directive, the bank said it seeks to undertake a rights issue of 14,286,785,417 ordinary shares of 50 kobo each on the basis of two (2) new ordinary shares for every three (3) ordinary shares, which is to be issued at N10.45 per share. “This is a key step that will consolidate…

Nigeria Eurobonds Yield Pulls Back as Offshore Demand Improves Nigeria’s Eurobonds yield pulled back to 11.08% in the international market as offshore or foreign portfolio investors’ sentiment improved after the U.S. government paused tariffs implementation for 90 days. The global markets were rattled by US reciprocal tariffs, which resulted in a minimum of 10.0% import tariffs on over 180 countries. China and a few other countries initiated counter-tariff responses to drive the world economy into another trade war. The consequence of the implied uncertainty cascaded into material demand concerns and weakened the outlook for commodities. Consequently, the Brent crude oil…

Nigerian Bonds Yield Rises to 18.9% Ahead of Q2 Supply The secondary market for FGN bonds closed on a negative note, with the average yield edging up by a basis point to 18.86%, reflecting mild bearish sentiment ahead of the second quarter of 2025 supply. Trading activity in the local bonds market remained subdued with a slightly negative bias, as sellers dominated the short-to-mid tenor segment—especially on the Apr 2029, Feb 2031, and May 2033 papers. There were few selloffs on the long end of the curve, where investors sold off the JUN-53 (+31 bps). Across the benchmark curve, the…

Naira Mixed as FPIs Exit Heats Up FX Demand, Spot Rates Unify The naira depreciated against the US dollar in the official window as foreign portfolio investors (FPIs) that have been moving funds into safe havens continue to put pressure on the local currency. The black market rate, however, appreciated. In the Nigerian forex market, the Naira depreciated by 1.13%, closing at ₦1,629.94 per US dollar amidst unending intervention by the Central Bank. Similarly, the Naira ended the day at ₦1,630 per dollar in the parallel market. The gap between official and parallel market rates narrowed sharply to 6 kobo…

We’ve Disbursed $50bn into Nigeria in Last Decade- Afreximbank The African Export-Import Bank (Afreximbank) says it has disbursed 50 billion dollars into various sectors of Nigeria in the last 10 years. Prof. Benedict Oramah disclosed this at the commissioning of the Afreximbank African Trade Centre (AATC) in Abuja on Thursday. Oramah said the sectors included energy, infrastructure, manufacturing, healthcare, transport, and financial services. He added that in the last 10 years,  the bank’s support to the Nigerian financial services industry amounted to 19 billion dollars. “This has helped to deepen and expand the sector and elevate their impact on the…

Court Strikes Out Nnamdi Kanu’s N50bn Suit Against FG The Federal High Court in Abuja on Thursday, struck out a N50 billion suit filed by Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), against the Federal Government. Justice Inyang Ekwo, in a ruling, struck out the suit for lack of diligent prosecution. When the matter was called on Thursday, neither Kanu nor the Federal Government was represented by any lawyer. Justice Ekwo observed that in the last adjourned day, while no lawyer was in court for the IPOB leader, the Federal Government was represented in court by…