Author: Olu Anisere

Diesel Blockage: Telecoms Operators Alert Nigerians to Network Disruption Nigeria’s telecoms operators have expressed concern and warned that blocking the supply of diesel to network sites could soon cause major service problems across the country. Mr Gbenga Adebayo, the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), made this known in a statement on Thursday in Lagos. Adebayo noted that workers from two major oil unions, the Nigerian Union of Petroleum and Natural Gas Workers and the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) have stopped diesel trucks from loading fuel at depots in Kaduna,…

Ghana Sees Rapid Fall in Selling Prices as Cedi Rally – PMI Companies in Ghana’s private sector lowered their selling prices at a sharp and accelerated pace in July as costs for purchases decreased at the fastest pace on record following a recent appreciation of the cedi, details from July purchasing manager index (PMI) released by S&P Global revealed. According to the index, falling prices helped to support strong confidence in the outlook for business activity, but signs of a softening in current demand meant that July saw output decrease slightly for the first time in six months. The S&P…

Bitcoin Trades at $114,000 as Cryptocurrency Rally Fades Bitcoin (BTCUSD) trades at $114,000 level on Wednesday as cryptocurrency price movements reflect a fading rally across exchanges. The top 10 cryptocurrencies have seen sharp price fluctuation, with Bitcoin facing price correction. The largest crypto asset by market price and valuation has been fluctuating with less than 0.02% upside in the last one hour and down by 0.01% on the day due to some retail selling pressures. Based on trading data from CoinMarketCap.com, all the major cryptocurrencies have experienced downward movement in the last 24 hours, reflecting volatility spurred by weak buying…

Saudi Aramco’s Profit Falls by 22% on Lower Oil Prices Saudi Aramco reported a 22% decline in net profit for the second quarter of 2025, as lower crude oil prices and weaker refined product prices continued to weigh on the energy giant’s earnings. According to its earnings report, the company registered a net income of $22.67 billion (85.02 billion riyals) in Q2, compared to $29.07 billion (109.01 billion riyals) in the same period a year earlier. Total revenue and other sales-related income fell to $108.6 billion (407.1 billion riyals), from $114.6 billion (429.6 billion riyals) in the first quarter. The…

AfDB Approves $46m to Transform Healthcare in Sokoto State The African Development Bank Group (AfDB) Board of Directors has approved a $46 million loan to finance the Sokoto State Health Infrastructure Project, a transformative initiative designed to enhance healthcare access and quality in Nigeria’s Sokoto State. The project addresses critical health system gaps in Sokoto, where key indicators reflect a critical need for intervention. Only one in 20 children is fully vaccinated, while infant mortality stands at 104 deaths per 1,000 live births, nearly double Nigeria’s national average of 63. Less than 14 percent of health facilities in the state…

Nigeria’s Price Inflation Eases to Weakest Since May 2023 – PMI With an employment rate reaching a 21-month high, Nigeria’s selling price inflation rate eased to the weakest level since May 2023, according to the Stanbic IBTC purchasing manager index (PMI) report released by S & P Global on Friday. The PMI stated the start of the third quarter saw a pickup in growth momentum in the Nigerian private sector. Rates of expansion in output and new orders accelerated, leading to a sharp rise in purchasing activity and the fastest increase in employment since October 2023. Firms were helped to…

Banking Stocks Drive Midday Rally in Equity Market Banking stocks are driving midday rally in the equity market after the local bourse reported a huge capital appreciation that lifted value of listed companies above N88 trillion. Bargain hunting persisted during intraday session on Thursday amidst earnings releases and interim dividends declarations. Investors are opening positions across banking names, and some industrial stocks are also making uptrend. Stockbrokers said buying interest in expected to continue as yields in fixed income market fell amidst high interest rate environment. Based on pattern, companies earnings have been impressive given that many listed entities are…

Ghana Cuts Interest Rate by 3% as Inflation Pressures Ease The Central Bank of Ghana has cut its benchmark interest rate by three per cent on the back of easing inflationary pressures, as the West African country emerges from a severe economic crisis. The Bank of Ghana announced that its benchmark rate would drop from 28 per cent to 25 per cent — the first such reduction in more than a year, which comes as the cedi currency has recovered against the dollar. “We remain committed to our price stability mandate while creating the conditions for sustainable growth,” said the…

Coca-Cola Sells Chi Limited to UAC of Nigeria The Coca-Cola Company has announced the sale of Chivita|Hollandia (CHI Ltd.) to UAC of Nigeria Plc for an undisclosed amount. Head of public affairs and communications, Mrs Zainab Obagun made the statement available in Lagos on Wednesday. ChivitaHollandia is a leading food and beverage player in Nigeria with portfolios across value-added dairy products, juices, nectars, still drinks and snacks. The Hollandia brand is a market leader in evaporated milk and drinking yoghurt, while the Chivita brand is a market leader in fruit juice. UAC is a holding company focused on domestic manufacturing,…

Niger Gets $144m AfDB Loan to Enhance Energy Access The Board of Directors of the African Development Bank Group has approved a loan of $144.27 million to Niger for the first phase of a program that will reform energy sector laws and address the country’s critical power shortage. Niger’s Energy Sector Governance and Competitiveness Support Program is expected to address governance challenges by strengthening public financial management systems, particularly tax revenue mobilization and tax revenue control system. It will also support the clearance of domestic arrears, public-private dialogue, and the adoption of an industrial and commercial policy to bolster support…