Author: Ogochukwu Ndubuisi

Senate Passes Remaining Tax Reform Bills The Senate on Thursday passed the remaining two of four key tax reform bills, having earlier approved two on Wednesday. The newly passed bills are the Joint Revenue Board Establishment Bill, 2025 and the Nigeria Tax Bill, 2025. Their passage followed a clause-by-clause consideration of recommendations submitted by the Senate Committee on Finance. According to Senate President, Godswill Akpabio, the Nigeria Tax Bill, 2025, consolidates the country’s existing taxation legal frameworks. While the Joint Revenue Board Establishment Bill provides for the creation of the Tax Appeal Tribunal, the Office of the Tax Ombudsman, and…

Nigerian Exchange Index Hits All-time High in Explosive Rally The Nigerian Exchange (NGX) All-share index hit an all-time high in an explosive rally bolstered by first quarter of 2025 earnings and dividends. Investors’ sentiment reached the peak, heating up demand for growth, value or relatively under-priced stocks in the local bourse.  The year to date market return keeps uptrend while key market performance indicators advanced by 0.35% on the day. According to Atlass Portfolios Limited, the bullish performance was driven by sustained buying interest in medium and large-scale stocks across major market sectors. The market index or All-Share Index increased…

Reps Panel Probes N200bn CBN Loan to DISCOs The House of Representatives is to investigate disbursement and utilisation of the N200 billion Naira Central Bank of Nigeria (CBN) loan for National Mass Metering Programme (NMMP) to Electricity Distribution Companies (DISCOs) The Chairman of the Committee, Rep. Uchenna Okonkwo (LP-Anambra) made this known in a statement issued on Wednesday in Abuja, adding that 19-member committee had been inaugurated for the purpose. He said that the main objective of committee was to carry out investigation on the programme earmarked upon in 2020, to enable the Licensed Electricity Distribution Companies provide electricity meters…

Seplat Targets Gas Export to Boost FX Earnings Seplat Energy Plc, says it will start exporting gas to enhance foreign exchange (FX) earnings and deliver greater value to stakeholders. Mr Dotun Isiaka, Managing Director of Seplat Producing Nigeria Unlimited (SEPNU), disclosed this during a panel session organised by the Petroleum Technology Association of Nigeria (PETAN) at the ongoing Offshore Technology Conference (OTC) 2025 in Houston, Texas, U.S. The session, moderated by Mr Austin Avuru, Executive Chairman of AA Holdings, focused on Seplat’s future in Nigeria’s gas sector. According to him, this follows its recent acquisition of Mobil Producing Nigeria Unlimited…

Equities Investors Gain N307bn as NGX Extends Rally Equities investors gained more than N307 billion as the Nigerian Exchange (NGX) extended its rally. Buy-side actors activated hunting-for-value mode, with strong interest seen across key indexes. The Nigerian bourse’s key market performance indicators advanced by 0.45%, reflecting positive sentiment on some listed companies’ stocks. The market recorded buying interest in medium- and large-scale stocks across major market sectors. This marks the fourth consecutive session of gains, resulting in a total increase of approximately ₦1.92 trillion in investors’ wealth over the period. The NGX All-Share Index increased by 488.73 basis points today,…

United States, China to Hold Trade Talks in Switzerland The United States and China are set to hold high-level discussions amid escalating trade tensions as the U.S. Treasury Secretary Scott Bessent is scheduled to meet a senior Chinese official. The U.S. Treasury Department on Tuesday said that Bessent would travel to Switzerland on Thursday to meet with the senior Chinese officials. While the department did not specify whom he would meet, China’s Commerce Ministry and state media confirmed the talks and named Vice Premier He Lifeng as Beijing’s representative. According to the Chinese ministry, the decision to hold talks was…

CBN Allots N756bn OMO Bills to Investors, Rates Tighten The Central Bank of Nigeria (CBN) conducted its open market operations where OMO bills worth N756.74 billion was allotted to authorised market participants – foreign investors and Nigerian banks at relatively tight spot rates. MarketForces Africa reported that the monetary authority opened N500 billion OMO bills for subscriptions on Tuesday, the third offering in less in two weeks. The auction results revealed that the CBN auction saw a significant demand, though appetite appeared to have reduced sharply in comparison to the last two auctions in April. Demand outstripped supply, AIICO Capital…

Trump Plans 100% Tariff on Foreign Films U.S. President Donald Trump says he would introduce 100 per cent tariffs on films produced abroad and imported into the U.S, amid a broader protectionist push. “The Movie Industry in America is DYING a very fast death,” Trump said on his Truth Social platform, claiming that foreign countries were offering all sorts of incentives to draw our filmmakers and studios away from the United States. “Hollywood, and many other areas within the U.S.A., is being devastated.” “This is a concerted effort by other Nations and, therefore, a National Security threat,” Trump continued. “I…

EU Concerned About Israel’s Plans to Take Over Gaza The European Union (EU) has expressed concerns about plans by the Israeli security Cabinet to take over the Gaza Strip and for the army to control the territory. An EU spokesman said in Brussels that the union was concerned about the extension of these operations in Gaza, which would lead to further casualties and additional suffering for the Palestinian population. “The Palestinian population has suffered enough in recent years and it’s time to put an end to the violence and suffering. “The EU urges for Israel to hold back,” he added,…

Germany Rejects U.S. Criticism Over AfD Extremism Designation The German cabinet has strongly rejected criticism from U.S. Senator Marco Rubio regarding the decision by Germany’s domestic intelligence agency to classify the opposition Alternative for Germany (AfD) party as a right-wing extremist group. Rubio, speaking on Friday, described the move as “tyranny in disguise,” claiming that granting the agency expanded powers to surveil a political opposition party was undemocratic. He urged the German government to reverse its decision. “We strongly reject the statements made by the U.S. Secretary of State,” said Foreign Office spokesman Sebastian Fischer on Monday, clarifying Rubio’s title…