Author: Ogochukwu Ndubuisi

Banking Names Drive Intraday Loss on Nigerian Exchange Spurred by weak investors’ sentiment, negative price movements in banking stocks like Access Holdings, First Holdco, GTCO, and Fidelity Bank are dragging the equities market capitalisation lower. Trading activities opened negative on Friday as investors continue to take profit. Banking stocks become profit-taking targets after a strong rally posted this week. With the change in buying appetite, both tier-1 banks and small lender stocks were not spared in the selloffs. Wema Bank Plc’s market value is in decline, while investors are also exiting positions in Sterling and Jaiz Bank Plc. International Breweries…

Sidi Ould Tah of Mauritania elected as AfDB President Sidi Ould Tah of Mauritania has been elected as the new President of the African Development Bank (AfDB). Tah was elected on Thursday by the Bank’s Board of Directors at the bank’s annual meetings held in Abidjan, Côte d’Ivoire. The board comprises Finance and Economy ministers, Governors of Central Banks across Africa and the 81 regional and non-regional members of the Bank. The keenly contested election saw Amadou Hott of Senegal scoring 3.5 per cent of the total votes casts, Samuel Maimbo of Zambia 20.26 per cent and Tah 76.18 per…

Glovo Generates N71bn Revenue for Nigeria Businesses Glovo, a leading technological multi- category platform has generated a revenue of N71 billion for its local partners in Nigerian since its inception in 2021. The General Manager, Glovo Nigeria, Mrs Lamide Akinola, made this known on Wednesday in Lagos at the 2025 Future of Commerce Summit. The summit gathered ecosystem leaders, restaurateurs, policymakers, fintech pioneers, digital marketers, and investors to explore the future of business in Nigeria’s fast-paced commerce landscape. Akinola said the platform since its journey in Africa in 2017 had invested over €200 million in building and growing the delivery…

We’ve Made Progress in Socio-Economic Devt. – Tinubu President Bola Tinubu on Thursday said his administration had made progress in returning the country to the path of socio-economic development. The President said this in a statement in Abuja to mark the second anniversary of his administration. “When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on. “We have breathed new life into the Solid Minerals sector as part of our efforts to diversify the…

Senate Approves N1.8trn 2025 FCT Statutory Appropriation Bill The Senate has approved N1.8trillion for the 2025 Federal Capital Territory Administration (FCTA) Statutory Appropriation Bill. This followed the presentation of the report of Committees on FCT on the bill by Chairman of the Committee Sen.Bomai Ibrahim(APC-Yobe)at plenary on Wednesday. Ibrahim in his report said the Senate and the House Committee on FCT met with the Honorable Minister and other relevant officials of the FCT administration to deliberate on the appropriation bill. He said the breakdown of the budget includes personnel cost of N106 billion, overhead of N352 billion, total recurrent was…

EU Inaugurates Strategy to Stop Startups from moving to U.S. The European Commission inaugurated a strategy on Wednesday to promote small businesses and assist them grow in an attempt to keep these companies in Europe. “Startups and scaleups are essential to Europe’s future, driving innovation and sustainable growth, creating high-quality jobs, attracting investment and reducing strategic dependencies. “Yet, in spite of the strong foundations, too many still struggle to take ideas from the lab to market or grow at scale within the EU,’’ the commission said at the inauguration. While more startups were founded in the EU than in the…

Africa’s Short-Term Outlook Remains Resilient Amidst Global Uncertainty Africa’s economic growth is projected to rise from 3.3% in 2024 to 3.9% in 2025 and 4% in 2026, despite global economic and political challenges, according to the African Development Bank Group’s 2025 African Economic Outlook report. The report highlights the continent’s resilience, driven by effective domestic reforms and improved macroeconomic management. The report notes that 21 African countries are expected to achieve growth rates exceeding 5% in 2025, with four countries – Ethiopia, Niger, Rwanda, and Senegal – potentially reaching the critical 7% threshold required for poverty reduction and inclusive growth.…

LG Electronics Sets the Mood with Tech That Cools and Colours That Pop As the nation witness a year buzzing with innovation and rising aspirations, LG Electronics is turning up the cool—redefining home living with refrigerators that are smarter, greener, and built to match the rhythm of the modern Nigerian lifestyle. The Nigerian refrigerator market is set to witness a dramatic surge, projected to grow from USD 814.2 million in 2023 to USD 1,777.8 million by 2029, representing a robust 13.9% CAGR, according to a report by StrategyHelix. Urbanization, a rising middle class, and growing disposable incomes are key drivers of this…

Food Security: FG secures $134m loan facility from AfDB -Minister The Federal Government says it has secured a loan facility of 134 million dollars from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made this known at the unveiling of the 2024/2025 National Dry Season Farming in Calabar. Kyari explained that with the reintroduction of the national dry season farming to boost year-round agricultural production, the loan would be handy as well as guarantee national food security in the country. He said…

AFC Backs Mota-Engil Africa with €100m Facility to Boost Gold Mining Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced that it has provided a EUR 100 million, 5-year term facility to Mota-Engil Africa (MEA), the regional arm of the global construction giant, Mota -Engil Group. The funding will support the acquisition of equipment, inventories, and site infrastructure for the execution of three new gold- mining contracts in Côte d’Ivoire and Mali. AFC’s funding will enable Mota-Engil Africa to scale up operations in West Africa’s burgeoning mining sector, where gold remains a critical export commodity and a…