Author: Ogooluwa Aremu
State-Owned Refineries Shut due to Monumental Losses –Ojulari The Nigerian National Petroleum Company Limited (NNPC Ltd.), says the state-owned refineries were shut down after internal reviews revealed that they were operating at “monumental losses” and destroying value for the country. Mr Bashir Ojulari, Group Chief Executive Officer, NNPC Ltd., said this in a Fireside Chat on Securing Nigeria’s Energy Future at the ongoing Nigeria International Energy Summit (NIES 2026) on Wednesday in Abuja. Speaking during an interactive session, Ojulari said that his leadership team moved swiftly to understand the state of the refineries amid public outrage over years of heavy…
Naira Gains Against U.S. Dollar, Spot Rate Prints at N1,358 The naira sustained its rally against the US dollar on Wednesday in the official market as supply levels sufficiently covered international payment requisitions at the Central Bank FX window. The spot rate printed at N1358 per dollar, its multi-period high exchange rate position since the FX reforms, and the channel check showed the exchange rate appreciated at the informal currency segment. According to the latest reviews, the market now anticipates the local currency exchange rate to appreciate to N1300- N1,350 per dollar in the first quarter of 2026. The market…
Nigerian banks will continue to face asset quality challenges following the total forbearance shutdown by the Central Bank in 2025, S&P acknowledged in a new report.
Fitch Rates Shell Petroleum B.V. ‘AA-‘ with Stable Outlook Fitch Ratings has assigned Shell Petroleum B.V. (SPBV) a Long-Term Issuer Default Rating (IDR) of ‘AA-‘ with a Stable Outlook. Fitch has also affirmed Shell plc’s Long-Term IDR at ‘AA- Shell was accorded a stable rating outlook and Short-Term IDR at ‘F1+’, following the update of its Corporate Rating Criteria and the Sector Navigators – Addendum to the Corporate Rating Criteria dated 9 January 2026. Fitch said the Long-Term IDR for SPBV is equalised with Shell’s, in line with the ratings agency’s Parent and Subsidiary Linkage (PSL) Rating Criteria. Shell’s Long-Term…
South Africa Joins Afreximbank, Unveils $8bn Financial Intervention The Republic of South Africa has today officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), Africa’s leading Multilateral Financial Institution, marking the formal entry of one of Africa’s largest economies into the Bank’s membership, heralding deeper financial sovereignty. The accession follows the South African Parliament’s historic approval of the accession in 2025, cementing a strategic partnership between Africa’s leading multilateral Bank and the continent’s industrial powerhouse. South Africa becomes the 54th state to accede to the Bank’s Establishment Agreement, which constitutes a historic milestone as the two partners…
Moody’s Assigns A1 to PepsiCo’s New Euro Unsecured Notes Moody’s Ratings today assigned an A1 rating to PepsiCo, Inc.’s new Euro dollar-denominated senior unsecured notes. All other ratings for the company including the A1 senior unsecured and Prime-1 commercial paper ratings remain unchanged with outlook remains stable. In the rating note, Moody’s said the proceeds from the notes are intended for general corporate purposes, including the repayment of commercial paper. The offering is credit positive because it will improve liquidity by reducing commercial paper and extend maturities without materially affecting cash interest costs. The company is looking to issue both…
Oil prices fell below $68 in the global commodity market as supply risks reduced following renewed diplomatic engagement between the US and Iran.
The average yield on Nigerian Treasury bills (NTB) dipped to 18.18% amidst subdued trading activities in the secondary market
Gaddafi’s Son Saif al-Islam Assassinated in Libya Saif al-Islam Gaddafi, the son of former Libyan leader Muammar Gaddafi, was killed in an apparent assassination at his home in Zintan, Libya. He was 53 years old. According to reports, four masked assailants stormed his residence, disabled security cameras, and fatally shot him. The attack was described as “treacherous and cowardly” by his political advisor, Abdullah Othman . Saif al-Islam Gaddafi was once seen as the heir apparent to his father’s regime, which ruled Libya from 1969 until Muammar Gaddafi’s overthrow and death in 2011. He played a significant role in the…
Naira Gains N17.45 as FX Inflow, Foreign Reserves Climb The naira gained N17.45 on each foreign payment at the official window as a result of sufficient FX inflows available at the supply side amidst broader pressures on the US dollar. The spot rate at the Nigerian Foreign Exchange Market (NFEM) strengthened by 125bps or ₦17.45 against the U.S Dollar, according to the Central Bank’s daily FX update released on Tuesday. The appreciation was driven by inflows from Foreign Portfolio Investors (FPIs) and local participants, AIICO Capital Limited said. The local currency traded within the ₦1,360.00/$ and ₦1,387.00/$ band during the…