Author: Ogochukwu Ndubuisi

Equities Investors Lose N166bn as Jaiz, Dangote Sugar Decline The Nigerian Exchange, NGX, all-share index slumped on Friday as investors dumped shares in Jaiz Bank, Dangote Sugar, and others. The local bourse closed the week in red as key market performance indicators declined by 0.25% on the final trading day. Stockbrokers reported that investors lost N166.4 billion due to the sell pressures, expanding the total loss sustained due to the bearish outing. The downturn was primarily driven by profit-taking in some medium- and large-scale stocks.  Specifically, the market index, or All-Share Index, decreased by 583.47 basis points today, representing a…

Kaduna Unveils Electronic Vehicles Loan Scheme for Workers Kaduna State Government has launched an electric vehicle (EV) initiative aimed at providing civil servants in the state with affordable and eco-friendly transportation. The scheme was unveiled at the Murtala Square, Kaduna on Friday by Gov. Uba Sani,  represented by his  Deputy, Dr Hadiza  Balarabe. Sani said that  the scheme offered tricycles and electric motorcycles through subsidised loans, with repayments deducted instalmentally  from the workers’ salaries. He emphasised the state government’s commitment to easing the recurring transportation challenges for the civil servants while promoting eco-friendly mobility. He said that the scheme was…

NSIA, Partners Inaugurate $500m Fund to Boost Renewable Energy in Nigeria Nigeria Sovereign Investment Authority (NSIA) has partnered with Sustainable Energy for All (SEforALL), International Solar Alliance (ISA), and Africa50 to inaugurate a 500 million dollar Distributed Renewable Energy (DRE) Nigeria Fund. The Africa50 made this known in a statement on Friday. It said that the agreement was signed at the SEforALL Global Forum in Barbados to improve energy access and stability in Nigeria. The fund will provide financial solutions to attract private investment while addressing challenges like currency volatility, tariff structures, and limited local financing. SEforALL Chief Executive Officer…

Brent Hovers at $70 as U.S Sanctions Iran Oil Export Brent hovered at $70 per barrel on Friday amidst fresh round of sanctions on Iranian oil exports by the United States. Following a bearish market, Brent climbs by 0.7% trading at $70.26 per barrel, up from $69.77 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) rose by 0.8%, settling at $67.02 per barrel, compared to its prior session close of $66.51. Further exacerbating market concerns, the US administration has imposed new sanctions on Iran’s oil exports. In a statement on Thursday, the US Treasury Department announced…

Seplat Energy Prices $650m 9.125% Notes Due in 2030 Seplat Energy Plc has announced the pricing of its $650 million note of 9.125% that will be due for redemption in 2025, details obtained from its issuance document revealed. The debt notes will be issued by the Company and guaranteed by certain of its subsidiaries. The management revealed that the gross proceeds will be used repurchase Issuer’s outstanding 7.750% Senior Notes due April 2026. The company is also seeking to pay transaction fees and expenses from the proceeds. Seplat had also announced a concurrent any-and-all tender offer on its outstanding 2026…

Stanbic IBTC, SIFAX Group Partner on Ijora Terminal Development Stanbic IBTC Asset Management Ltd. has partnered SIFAX Group to facilitate the development of an ultra-modern port terminal on 8.3 hectares of land (~82,846 m²) in Ijora, Lagos The Group Chairman of SIFAX Group, Dr Taiwo Afolabi, made this known in a statement issued by its company’s Group Head, Corporate Communications, Mr Olumuyiwa Akande, in Lagos on Thursday. Stanbic IBTC Asset Management Ltd. is the Fund Manager of the Stanbic IBTC Infrastructure Fund while SIFAX Group through its subsidiary, SIFAX Shipping ICT Limited, Afolabi said the project encompassed the development of…

Nigeria Aims to Bridge Digital Divide with Collaborative Efforts In a bid to ensure equitable access to telecommunications services for all Nigerians, the Universal Service Provision Fund (USPF) organized an industry-focused stakeholder engagement session in Lagos. The event, themed “Strengthening Partnership for Sustainable Telecommunication Infrastructure in the Unserved and Underserved Communities,” brought together key stakeholders to discuss strategies for enhancing USPF interventions and building partnerships for Nigeria’s digital future. The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, emphasized the importance of collaboration in achieving sustainable development in the sector. He urged stakeholders to take decisive…

Smart City: Sanwo-Olu Launches MyLagos App The Lagos State Government on Thursday launched MyLagos App, a digital platform designed to simplify city navigation and enrich urban experience. Gov. Babajide Sanwo-Olu said at the launch of the platform at MTN Plaza, Falomo, Ikoyi, that Lagos remained a beacon of innovation and excellence. The governor was represented by his Deputy, Dr Obafemi Hamzat. MyLagos App is developed by the state government in collaboration with MTN Nigeria and other key stakeholders. Sanwo-Olu said that the launch was a significant milestone in the efforts of Lagos to become a leading smart city in Africa.…

Reps Adopt Tax Reform Bill The House of Representatives on Thursday, adopted the Tax Reform Bill as a working document. Arising from the Committee of the Whole, the Speaker, Rep. Tajudeen Abbas, said that after deliberations on clauses of the bill, the house adopted it as a working document. Abbas who commended the Committee on Finance for a work well done, said the report was a reflection of Nigeria’s mind. “All the 36 states, including the Federal Capital Territory have their representatives in the sub-comittee. “This is the first time such a report is getting hundred per cent approval by…

NELFUND disburses N35bn to 261,000 students The Nigerian Education Loan Fund (NELFUND) says it has so far disbursed N35 billion to 261,000 students in the country. The Managing Director of NELFUND, Mr Akintunde Sawyerr stated this at a sensitisation programme for Edo students in Edo State University, Iyamoh, Edo, on Thursday. The programme is in conjunction with the Edo State Ministry of Education. “So far in Nigeria, we have disbursed over N22 billion in institutional fees, that is, money paid to institutions. “We have disbursed about N11 billion in upkeep that goes up every month. “So far, we have disbursed…