Author: Ogooluwa Aremu

Equities Investors Gain N1.7trn as Dangote, MTN Rally Equities investors in the Nigerian stock market gained N1.7 trillion on Monday as Dangote Cement, MTN Nigeria and Aradel Holdings led today’s rally. The significant increase in market capitalisation effectively wiped out the N1.4 trillion loss in portfolio value posted last week due to profit-taking. Data from the local bourse showed that the All-share index gained 1.39% to close at 195,514.00 points. In a similar fashion, market capitalisation rose by N1.7 trillion, closing at N125.5 trillion. DANGCEM (+3.97%) was the major driver of today’s positive outturn, along with ARADEL (+9.99%) and MTNN…

Money market rates declined moderately, driven by an excess of liquidity in the financial system following a cut in Nigeria’s monetary policy rate (MPR).

MTN Nigeria Sheds N420bn as Investors Take Profit Telecom company MTN Nigeria Plc dipped by about N420 billion as investors took profit following the earnings and dividends announcement last week. Share price declined to N760, according to trading data obtained from Nigerian Exchange, pulling down from N780, its highest in 52 weeks. The sell action was noted to be quick and perhaps one-off, given that the latest earnings and dividend information have not been fully priced in the stock. The telecom stock surpassed N16 trillion in market capitalisation due to increased positioning, which later fizzled out, aligning with stock market…

Ripple -XRP- has recovered 5.59% in the last 24 hours to $1.37 after a heated selloff that plunged the altcoin to $1.30 following the US hit on Iran, now outperforming a broader market that rose 3.61%.

Diversified financial services company FCMB Group Plc gained about 17% on the Nigerian stock market as investors’ sentiment improved amid the approval of final dividend payments.

Oil prices are set to jump sharply when trading resumes Sunday night, as unprecedented U.S. and Israeli strikes on Iran have intensified Middle East tensions.

XRP Lost 9% as Israel Strike in Iran Stokes Selloffs Ripple (XRPUSD) price crashed by 9.17% over the last 24 hours to $1.28 in line with broader market selloffs following Israel’s strike in Iran. The sell-off was confirmed by a 27.82% surge in volume to $3.89 billion in 24 hours, indicating strong distribution. The crypto market saw a sudden and sharp crash after news of U.S. and Israeli strikes on Iran, raising geopolitical tensions in the Middle East. In just one hour, the entire crypto market came under pressure, with total market cap falling by about 6% to $2.2 trillion…

Kano State Unveils N 1.477trn 2026 Budget The Kano State Government’s 2026 budget has been approved at N1.477 trillion, a 7.42 per cent increase from the initial proposal. The Commissioner for Planning and Budget, Musa Shanono, said on Friday that the budget focused on infrastructure, inclusive growth, and sustainable development. The revenue projections included N1.048 trillion recurrent revenue and N327.19 billion capital receipts. The budget allocated N432.4 billion to education, N429.72 billion for recurrent expenditure, and N1.048 trillion for capital expenditure. The budget is 51 per cent higher than 2025’s, reflecting a shift towards infrastructure development and long-term investments. He…

Sagamu–Ibadan Gas Pipeline Hits 80% Completion The Managing Director of NIPCO Gas Ltd., Mr. Nagendra Verma, says the 18-inch, 80-kilometre Sagamu–Ibadan natural gas pipeline has reached 80 per cent completion. Verma disclosed this during an interactive session with energy correspondents on Friday in Lagos. He stated that the project is scheduled for delivery between June and July, reaffirming the company’s commitment to completing the strategic infrastructure within the projected timeline. According to him, the pipeline, being developed in partnership with NNPC Gas Marketing Ltd. (NGML), will significantly boost gas supply to industrial and commercial consumers in Ogun and Oyo states,…

Kaduna Assembly Passes N152.4bn Appropriation Bill for 23 LGAs The Kaduna State House of Assembly on Friday passed a bill appropriating N152.4 billion for the 23 local government councils for the 2026 fiscal year. Presided over by the Speaker, Dahiru Liman, the House passed the bill after adopting the report of the Joint Committee on Appropriation, Implementation, and Local Government. Earlier, Ali Kalat, representing Jema’a Constituency, moved for the adoption of the committee’s report on the proposed local government appropriation, while Henry Marrah, representing Jaba constituency, seconded the motion. Speaking with journalists shortly after the plenary, the Chairman of the…