Author: Ogooluwa Aremu

Oando Plans Rights Issue at N50 Per Share Oando Plc has announced a plan to raise capital via a rights issue expected to be exercised by its existing shareholders, according to a regulatory filing. In an official disclosure, the indigenous energy company notified the shareholders that it has submitted an application to the Nigerian Exchange Limited for the approval and listing of a Rights Issue of 4,415,867,342 Oando said its ordinary shares of 50 Kobo each will be issued at N50.00 per share, based on one new ordinary share for every two existing ordinary shares held.  The company’s share is…

Oil Prices Rise Amidst Geopolitical, Geoeconomic Concerns Oil prices climbed on Wednesday as markets struggled with geopolitical balance, reflecting sustained fluctuation between supply and demand outlook. U.S policy instability has stoked pressures on geoeconnomic stressing global economic projections. Brent crude traded at $67.09 per barrel, up 0.2% from the previous close of $66.93. US benchmark West Texas Intermediate (WTI) increased 0.2% to $62.32 per barrel, compared with $62.18 in the previous session. Markets focused on comments from US Vice President JD Vance, who said a second round of negotiations with Iran had been productive “in some ways,” but that Tehran…

GCR Ratings has affirmed African Export-Import Bank’s (Afreximbank) international scale long and short-term issuer ratings of A and A2, respectively. 

Stock Market Cap Hits N1.22trn, Investors Gain N5.11Trn The Nigerian Exchange Ltd. (NGX) started the week on a positive note, with market capitalisation rising by N5.1 trillion, representing a 4.36 per cent gain on Monday. The performance was driven by increased interest in high capitalised equities such as ABC Transport, Beta Glass, Ikeja Hotel, Mc Nicholas, Oando, and 52 other equities. Specifically, the market capitalisation which increased to N122.129 trillion at the opening, closed at N117.027 trillion. Similarly, the All-Share Index (ASI) edged up by 7,953.36 points or 4.36 per cent, closing at 190,266.44, compared to 182,313.08 recorded on Friday.…

Nigerian Exchange (NGX) hit a historic high on Monday as equities investors gained N5.11 trillion due to improved bargain hunting

Ethereum (ETHUSD) dropped by 2.11% to $1,958.99 in 24h, underperforming a slightly weaker broader market, primarily driven by a major whale preparing to sell.

DSS Accuses El-Rufai of Cybercrime, Files 3 Charges Department of State Services (DSS) has filed a three-count criminal charge against former Gov. Nasir El-Rufai of Kaduna State bordering on cybercrime offences. The DSS instituted the charge at the Federal High Court in Abuja, following the alleged involvement of the ex-governor in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Ngpfvuhu Ribadu. The charge, filed by the DSS, on Monday, is marked: FHC/ABJ/CR/99/2026. The service accused El-Rufai of breaching the Cybercrimes Prohibition Act, (2024), and the Nigerian Communications Act (2003.) In count on, El Rufai was alleged to…

AU Summit Maps Outlines Africa’s Development Roadmap The 39th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) mapped out a path for Africa’s future to include water security, stability and global representation. AU Commission Chairperson Mahmoud Ali Youssouf and Burundian President Evariste Ndayishimiye, who is also the current chairperson of the AU, underpinned the summit’s strategic and direction-setting deliberations. The assembly meeting, which brought together African leaders at the AU headquarters in Ethiopia’s capital, Addis Ababa, from Saturday to Sunday, was held under the AU’s 2026 theme: “Assuring Sustainable Water Availability and…

Abia Govt to Pay Ex-Councillors 22-Year Salary Arrears The Abia Government has announced plans to settle outstanding salary arrears owed to former Local Government Councillors who served between 1999 and 2022. Gov. Alex Otti of Abia made this known on Sunday during a meeting with members of Association of Former Elected Councillors, in Umuahia. The governor stated that payments of the arrears accumulated under previous administrations would commence before the end of the month, and will be settled in batches. He explained that when the proposal on the arrears owed former councillors was first brought to him, he was not…

Fidelity Bank Gains 8% as Investors Price in Earnings Outlook With 8% weekly price surge, Fidelity Bank Plc crossed N1 trillion in market capitalisation as investors’ sentiment improved following the successful capitalisation announcement.  The stock market price of Fidelity Bank increased to N20.90 following a significant trading volume. Data from the Nigerian Exchange (NGX) tracked by MarketForces Africa Research indicated that more than 31.35 million units of Fidelity Bank shares valued at N639 million were traded in the market on Friday. The huge trading volume strengthened the bank share price movement, gaining 4.5% on the day, from N20 to N20.90.…