Author: Ogochukwu Ndubuisi

FAAC: FG, States, LGs Share N1.678trn for February The Federation Account Allocation Committee (FAAC), has shared N1.678 trillion among the Federal Government, states and the Local Government Councils (LGCs) for the month of February. This is according to a communiqué issued by FAAC and made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF). According to the communiqué, the total revenue of N1.678 trillion comprised statutory revenue of N827.633 billion and Value Added Tax (VAT) revenue of N 609.430 billion. It also comprised Electronic Money Transfer Levy (EMTL) revenue of N35.171…

NGX Market Cap Falls by N532bn as Investors Exit Positions The Nigerian Exchange, NGX, shrank as equities investors trading highs and lows in the local bourse lost more than N532 billion in the week. Stockbrokers reported that the equities market continued its downward trend this week, with increasing volatility exerting pressure on stock prices. As a result, the NGX benchmark index declined for yet another consecutive week, falling by 0.94% on a week-on-week basis to settle at 104,962.96 points. The persistent downturn, according to Cowry Asset Limited, was primarily driven by investors reacting to evolving global economic conditions, despite the…

Oil Posts Weekly Gain over Budding Uncertainties Oil posted weekly gains in the global commodity market, driven by escalating tensions in the Middle East, fresh US sanctions on Iranian crude exports, and China’s latest economic stimulus measures. Brent crude traded at $71.22 per barrel on Friday, up by around 1.4% from last week’s closing price of $70.24 per barrel. West Texas Intermediate (WTI), the American benchmark, traded at $67.78 per barrel at the same time on Friday, up about 1.3% from last Friday’s closing price of $66.91 per barrel. On Thursday, the Houthi group reported that US warplanes conducted four…

First Bank Disburses N700 Billion to SMEs in 2024 First Bank of Nigeria Limited has pledged multi-trillion Naira investments in small businesses by 2025 to harness entrepreneurs’ potential in boosting Nigeria’s Gross Domestic Product. Its official said the bank disbursed over N700 billion to small and medium scale entrepreneurs in 2024 to drive growth. The bank’s Managing Director, Mr Olusegun Alebiosu, confirmed this during an SME Scale Up workshop, sponsored by First Bank and Seven-Up Bottling Company on Friday in Lagos. The workshop hosted 100 Small and Medium-sized Enterprise (SME) Chief Executive Officers from across Nigeria seeking to scale up…

Equities Investors See N66bn Gain as NGX Rebounds Equities investors saw about N66 billion gain at the Nigerian Exchange, NGX, after persistent sell pressures lower market capitalisation of all listed stock for four out of five trading sessions this week. For the first time this week, trading on the Nigerian Exchange Ltd. (NGX) rebounded on Friday, reversing a four-day bearish trend with a gain of N65 billion. Specifically, the NGX market capitalisation rose by N65 billion, or 0.09 per cent, closing at N65.819 trillion, up from N65.754 trillion recorded on Thursday. Similarly, the All-Share Index (ASI) increased by 104.19 points…

FG Unveils Electric Vehicle Charging Station in Abuja The Federal Government, through the Ministry of Innovation, Science and Technology, has unveiled sustainable energy with Electric Vehicle Charging Station in the country. The charging station was unveiled at the headquarters of Energy Commission of Nigeria (ECN) on Thursday in Abuja. It was done in collaboration with Electric Motor Vehicle Company (EMVC). The Minister of Innovation, Science and Technology, Uche Nnaji, said that it was a pivotal step in advancing Nigeria’s transition to sustainable energy solutions. Nnaji said that the project was an infrastructure milestone and a testament to the nation’s resolve…

Nigerian Exchange Shrinks as Equities Investors Lose N35bn Equities market capitalisation of the Nigerian Exchange (NGX) declined further due to sustained sell pressures, and this time financial stocks were the main target. The local bourse closed today’s trading session in negative territory, as key market performance indicators dropped by 0.05% apiece while year-to-date returns moderated. The overall market downturn was primarily driven by persistent sell pressure in key stocks, such as UNILEVER, ACCESSCORP, AFRIPRUD, and others. In its market update, Atlass Portfolios Limited told investors that the continuous sell-offs over the past five trading sessions have resulted in a cumulative…

Ecobank Named Africa’s Best Bank for Trade Finance Ecobank Group, the leading private pan-African financial services group with unrivalled African expertise, is proud to be named as the Best Trade Finance Provider Bank in Africa, at the Global Finance Trade Finance & Supply Chain Finance Awards 2025. Additionally, our affiliates in Burkina Faso, Côte d’Ivoire and Rwanda have also been recognised as the Best Trade Finance Provider in their respective markets. Commenting on the award, Michael Larbie, Group Executive Corporate and Investment Banking, said, “We are focused on delivering a wide range of trade finance solutions and excellent trade services…

BOI Announces N10bn GLOW Fund to Support Female Entrepreneurs The Bank of Industry (BOI) has launched a special intervention programme, Project Guaranteed Loans for Women (GLOW), valued at ₦10 billion to support female entrepreneurs across the country. The bank’s Managing Director, Dr Olasupo Olusi, announced the initiative on Thursday in Lagos, stating that the funding “aims to bridge the financial inclusion gap for women in Nigeria.” According to him, Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses. Olusi decried that access to finance remained a major…

Dangote Cement Appoints Fapohunda as Group Financial Officer Dangote Cement has confirmed the appointment of Dr Gbenga Fapohunda as its substantive Group Financial Officer, effective from Jan. 1, 2025. The company confirmed this in a corporate filing released through the Nigerian Exchange Ltd. on Wednesday. Arvind Pathak, Group Managing Director of Dangote Cement, said Fapohunda is a skilled finance professional with over 22 years of relevant experience. His expertise spans Financial Control, Risk Management, Treasury Management, Investment Management, Strategy Development, Corporate Governance, and Corporate Finance. Fapohunda holds a Doctorate in Strategic Management from Rome Business School, and an MBA in…