Author: Ogochukwu Ndubuisi

Nigeria, Benin Sign Regional Integration Deal The Federal Republic of Nigeria and the Republic of Benin on Saturday signed a pact to deepen bilateral integration and serve as a model for wider cooperation within ECOWAS. The agreement was signed during the inaugural West Africa Economic Summit (WAES), held in Abuja, with Presidents Bola Tinubu Nigeria and Patrice Talon of Benin in attendance. Nigeria’s Dr Jumoke Oduwole and Amb. Bianca Odumegwu-Ojukwu signed on behalf of Nigeria, alongside Benin’s Shadiya Assouman and Shegun Bakari. President Talon described the agreement as a bold step towards genuine, practical regional integration and called for prompt…

How Africa can Fast-Track Industrial Revolution – Tinubu President Bola Tinubu says Africa’s industrial revolution can only be fast-tracked by creating a smart value-chain for the region’s abundant natural resources. The President stated this in his remarks at the inaugural West Africa Economic Summit (WAES) on Saturday in Abuja. “Let us recognise that Africa was left behind in previous industrial revolutions. “We cannot afford to miss the next one. Our rare minerals power tomorrow’s green technologies—yet it is not enough to be resource-rich. “We must become value-chain smart and invest in local processing and regional manufacturing. ‘The era of ‘pit…

Investors Increase Bets on Nigerian Stocks By 126% Stock market investors traded 3.566 billion shares worth N115.403 billion in 99,960 transactions on the floor of the Exchange this week. This is 126.2 per cent compared to 2.057 billion shares valued at N51.015 billion that exchanged hands last week in 65,016 deals. Consequently, the value of transactions traded by investors on the Exchange soared by 126.2 per cent. The Financial Services Industry led the activity chart with 2.166 billion shares valued at N62.046 billion traded in 45,851 transactions. This contributed 60.73 per cent and 53.76 per cent to the total equity…

Fitch Upgrades UBA Ghana’s Viability Rating Fitch Ratings has upgraded United Bank for Africa (Ghana) Limited’s (UBA Ghana) Viability Rating (VR) to ‘b-‘ from ‘ccc+’, it said in a new rating note. UBA Ghana’s Long-Term Issuer Default Rating (IDR) has been affirmed at ‘B-‘ with a stable outlook. The rating action follows the upgrade of Ghana’s Long-Term Foreign-Currency IDR to ‘B-‘, from ‘RD’ (Restricted Default), and Long-Term Local-Currency IDR to ‘B-‘, from ‘CCC+’, on 16 June 2025. According to Fitch, the upgrade of the VR primarily reflects reduced solvency risks due to a lower likelihood of another default on the…

Equities Investors Gain N175bn, Banking Index Key Driver Equities investors gained about N175 billion as the Nigerian Exchange (NGX) continued to break into new highs, pushing year-to-date return to 14.78%. The local bourse ended the week on a bullish note, extending its winning streak as key market performance indicators advanced by 0.24%. Today’s positive close was driven by selective bargain hunting in fundamentally good large-cap and moderately priced stocks. This activity reflects a continued rise in investor confidence in the domestic equity market. The NGX All-Share Index increased by 277.09 basis points today to close at a new all-time high…

Pension Fund Assets Rise to N23.33trn in Q1 2025 — PenCom National Pension Commission (PenCom) says the total assets under the Contributory Pension Scheme (CPS) rose to N23.33 trillion as at March 31. Mr Saleem Abdulrahman, Director of Surveillance, PenCom, disclosed this on Thursday in Lagos. Abdulrahman said that the figure represented an increase of N820 billion when compared with the N22.51 trillion recorded as of Dec. 31, 2024. He attributed the growth in pension assets to additional contributions from Retirement Savings Account (RSA) holders and investment income, including gains from the appreciation of equity prices and interest income on…

Naira Stabilises as CBN Injects $41m into Forex Market The naira stabilised around N1549 against the US dollar in the foreign exchange market as the Central Bank of Nigeria (CBN) conducted FX intervention. The CBN injected about $41 million to boost FX inflows in the official market to enhance liquidity following a surge in corporate demand for dollar in the previous day. The US dollar injected were sold to authorised dealer banks at the rate of N1,546.15 and N1,550. Compared with last month, CBN FX interventions sale has reduced in July. In May, the authority used $580 million to defend…

Nigerian Exchange Crosses N74trn as Investors Gain N445bn Reflecting improved confidence, the Nigerian Exchange (NGX) market capitalisation crossed N74 trillion mark on Thursday as investors gained about N445 billion over increased bargain hunting. The domestic equities market sustained its bullish momentum, closing in the green for the second consecutive day after a bear touch on Tuesday. NGX data showed that key market performance indicators advanced by 0.60%, building on the previous day’s positive sentiment. Trading activity was upbeat, driven by heightened buying interest in both mid- and large-cap stocks, such as BETAGLASS, ETERNA, STANBIC, and 39 other gainers across major…

Guterres Renews Call for Israel-Iran Ceasefire UN Secretary-General António Guterres has renewed his calls for a ceasefire between Israel and Iran, and the de-escalation of hostilities between the two countries. Guterres said on Wednesday that he remained “profoundly alarmed” by the ongoing military escalation between Israel and Iran, as both sides continued to trade airstrikes. “I reiterate my call for immediate de-escalation leading to a ceasefire,” Guterres said in a statement in which he strongly appealled against any further internationalisation of the conflict. “Any additional military interventions could have enormous consequences, not only for those involved but for the whole…

NUPRC Issues New Guidelines for Advanced Cargo Declaration The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released new guidelines for the advanced cargo declaration regime, aimed at enhancing transparency, accountability, and efficiency in Nigeria’s crude oil and petroleum exports. A statement by the commission on Wednesday said the review was endorsed by the commission chief executive, Mr Gbenga Komolafe, on June 17. The guidelines, issued under the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation 2024, are designed to establish a robust framework for declaring and tracking crude oil and petroleum product exports from Nigeria. They monitor and account for the…