Author: Ogochukwu Ndubuisi

Equities Investors Gain N91bn as Oil Stocks Rally Equities investors gained about N91 billion in the market as oil stocks rallied on Friday. The Nigerian Exchange ended trading session for the week on a positive note as key market performance indicators rose by 0.14%. The local bourse bullish performance was driven by renewed buying interest in some medium- and large-cap stocks, fueled by demand in OANDO, ARADEL, and others. As a result, the Nigerian Exchange All-Share Index increased by 145.93 basis points to close at 107,821.39. Equities market activities were up as the total volume and total value trades increased…

Tinubu Signs N54.99trn 2025 Budget into Law Bola Tinubu, President of the Federal Republic of Nigeria, on Friday signed the N54.99 trillion 2025 Appropriation Bill into law at the State House, Abuja. The bill, which was passed by the National Assembly on Feb. 13, after increasing it from the initial N49.7 trillion submitted by President Tinubu, was signed in a brief ceremony in the president’s office. The 2025 Appropriation Act represents a 99.96 percent increase from the 2024 Budget of N27.5 trillion. The 2025 budget has a total expenditure component of ₦54.99 trillion, statutory transfers of ₦3.65 trillion, and recurrent…

Kenya, Afreximbank Ink Deal to Promote Industrialisation African Export-Import Bank, Kenyan government, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing. The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of…

I’m Pro-business, Tinubu Tells Airtel Chairman President Bola Tinubu said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure. Tinubu spoke at a meeting with an Airtel delegation led by Mr Sunil Mittal, Chairman, at the State House. “I am pro-business, and I will continue to be that. I can give you that assurance. “The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. “It is for the good…

Nigerian Exchange Shrinks as Equities Investors Lose N77bn Nigerian Exchange, NGX, shrank as equities investors lost about N77 billion due to renewed sell pressures on small cap stocks in the local bourse. The domestic bourse reversed the previous session’s gain, closing today’s trading on a bearish note, caused key market performance indicators to reduce by 0.11% on Wednesday.  The downturn was driven by profit taking in some small, and medium cap listed stocks, stockbrokers said. The Nigerian Exchange All-Share Index reduced by 123.53 basis points to close at 107,675.46. However, the market activities were up as the total volume and…

Nigeria’s Rig Count to Reach 50 Year End – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the country’s rig count will hit 50 by the end of 2025. It said the country’s rig count had increased from eight in 2021 to 40 in 2025. The Chief Executive, NUPRC, Gbenga Komolafe said this on Wednesday in Abuja at the ongoing 2025 Nigeria International Energy Summit (NIES). Komolafe said crude oil production increased by 70 per cent from one million barrel per day (bopd) in 2021 to the current production of 1.75 million bopd. He recalled that between 2023 and…

North Korea Behind $1.5bn Cryptocurrency Heist, Says FBI The U.S. Federal Bureau of Investigation (FBI) on Thursday said that North Korea is behind the theft of about 1.5 billion dollars in digital assets from a cryptocurrency exchange. The company said hackers stole about 1.5 billion dollars in digital assets from Dubai-based crypto exchange Bybit on Feb.19, marking the biggest cryptocurrency heist ever recorded. The FBI warned that the assets will be laundered and eventually converted into currency. “FBI refers to this specific North Korean malicious cyber activity as ‘TraderTraitor,’ the FBI said in a public announcement. “Trader Traitor actors are…

Naira Exchange Rates Switch Positions in FX Markets Speculators in the Nigerian foreign exchange market are currently earning a negative spread on their respective positions as the official rate now exceeds the transaction quote in the black market. The switch in exchange rates positions between the two markets could last longer or short live depending on the Central Bank of Nigeria’s stance on FX direction and perhaps availability of additional inflows. In the absence of demand pressures, the naira gained ₦2.34 to close at $/₦1,499.08 in the official market. The Nigerian Foreign Exchange Market (NFEM) remained stable, with trading…

GTCO Launches Waste-for-Gas Initiative in Ogun, Distributes 3,000 Gas Cylinders Guaranty Trust Holdings (GTCO) has launched its Waste for Gas Initiative, distributing 3,000 gas cylinders to residents of Obafemi Owode Local Government Area of Ogun State. The company said in a statement on Wednesday that the initiative, aimed at enhancing the quality of life for households and empowering women in underserved communities, was launched at the weekend. According to the Group Chief Executive Officer, GTCO, Mr Segun Agbaje, the initiative was designed to make life easier for families, giving them more time to focus on important activities. “The Waste-for-Gas Initiative…

Dangote Refinery Reduces Petrol Price to N825 Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1. The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days. This recent price reduction will also ensure that Nigerians pay between N860…