Author: Ogochukwu Ndubuisi

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, says the ministry will establish carbon markets across the country to guarantee economic and industrial development. Oduwole said this when she featured at a ministerial briefing by the Ministry of Information and Cultural Orientation, on Tuesday in Abuja,

Equities Investors Lost N345bn as TRANSCORP, DANGSUGAR Fall Equities investors lost about N345 billion in the stock market due to sell pressures.  Data from the Nigerian Exchange, NGX, revealed that the year-to-date return moderated further while other key performance indicators went south.  The second bearish run in the week was driven by sell pressures on Transcorp, Eterna, United Capital, and Dangote Sugar Refinery Plc, among other decliners. The market index, or the All-Share Index, decreased by 550.88 basis points today, representing a drop of 0.51% to close at 106,904.25.  However, the market activities were up today, as the total volume…

ECOWAS Pushes for Single Currency, Economic Stability The 11th ECOWAS Convergence Council convened in Abuja, bringing together Ministers of Finance and Central Bank Governors to discuss regional economic integration and the planned Eco currency launch by 2027. The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired the session, reaffirming Nigeria’s commitment to regional economic cooperation. HM Edun emphasised the need for monetary and fiscal discipline, noting that security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. He highlighted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel…

Short-term Interest Rates Fall over Excess System Liquidity The short-term benchmark interest fell moderately in the money market due to a strong liquidity balance in the financial system at the beginning of the week. Interbank liquidity started the month positively, boosted by OMO maturities. The market recorded N279.29 billion inflows from the FGN bond coupon today.  As a result, interbank rates fell, with the Overnight Policy Rate (OPR) down 33 bps to 26.42% and the Overnight Rate (O/N) dropping 50 bps to 26.83% In the money market, the Nigerian Interbank Offered Rate (NIBOR) increased across most tenors, except for the…

Customs Launches B’Odogwu Cargo Clearance System The Nigeria Customs Service (NCS) has begun the gradual implementation of the Unified Customs Management System for cargo clearance in Nigerian ports. Once fully implemented, the homegrown system, named B’Odogwu, will facilitate trade and streamline cargo clearance in under eight hours. A pre-launch event was held on Monday for stakeholders and customs officials at the Apapa and Tincan commands. Speaking at the event, Comptroller-General of Customs, Bashir Adeniyi, said the Federal Government had stopped renewing contracts with previous service providers due to the new system’s rollout. According to him, the government initially engaged a…

Naira Extends Rally on Declining Foreign Reserves The Nigerian local currency, the naira, appreciated against the US dollar by six basis points to close at N1,499.10 in the official FX market, according to spot FX data from the FMDQ. FX liquidity at the Nigerian Foreign Exchange Market (NFEM) remained stable, with transactions consummated between the range of $/₦1,497.00 and $/₦1,501.00 on Monday. At the parallel market, the naira remained flat at N1,505 amidst a slowdown in supply risks. The exchange rate settled at N1,500,15 on Friday, recording marginal gains week on week despite the fact that the Central Bank of…

Dangote to Refund Customers Who Purchase PMS above Advertised Rates from Key Partners Dangote Petroleum Refinery & Petrochemicals has announced that it will refund customers who purchase Premium Motor Spirit (PMS) at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria. This move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre. The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with…

AXA Mansard Drops Hint on Earnings Report, Dividend Top Insurer, AXA Mansard Plc., has dropped a hint about its 2024 earnings release which is expected to be published after regulatory approval. The insurance company told the Nigerian Exchange that at the 101st Board meeting held on 28 February 2025, directors unanimously resolved to published Auditor’s reports for the financial year ended December 31, 2024. The insurance company also revealed the board proposed dividend payment which is also subject to approval of the National Insurance Commission (NAICOM). The proposal followed 118% year on year surge in earnings per share which printed…

Dangote Cement Unclaimed Dividend Jumps to N5.2bn Dangote Cement Plc. has revealed that its shareholders unclaimed dividend has increased by about 10.64% year on year to N5.2 billion as of Dec, 2024. In its audited financial statement for the year, the cement company drop a hint in its note to the account that total unclaimed dividends outstanding as of 31st December 2024 reached ₦ 5.2billion from ₦4.7 billion in 2023. The company said shareholders with unclaimed share certificates or dividends should address their claims to Coronation Registrars Ltd registrars. Its board of directors announced N30 dividend for 2024 earnings season,…

EBID, EIB Support Environmental Projects in ECOWAS Region with €100m The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports economic development, climate action, and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction. This…