Author: Olu Anisere

Nigerian Stocks See Sharp Intraday Rally, Indexes Spike The Nigerian stock marker All-Share Index pops during the intraday trading session as investors increase bets on MTN Nigeria, Ecobank Transnational Incorporation (ETI), and other valued stocks. The rally is significant enough to push the Nigerian stock market capitalisation to N86 trillion, reflecting an untamed appetite for risky investment. Other early risers in the local bourse include some banking heavyweights like GTCO, Zenith, and UBA. The industrial index is gained support as Dangote Cement gained attention after earnings beat. At the noon, the stock market key performance indicators have gained traction, which…

Unilever Nigeria Profit Rises by 225%, Declares Interim Dividend Unilever Nigeria Plc boosted its earnings performance in the first half of 2025 as the consumer goods company grew revenue. Details from its half-year financial results showed that profit surged by 224.6% year-on-year to settle at N14.4 billion in the first half of 2025 from N4.44 billion in the comparable period in 2024.  Hence, earnings per share increased to N2.51 from 77 kobo in the equivalent period in 2024. Revenue surged by 53.5% year on year to N98.10 billion in the first half of 2025, up from N63.91 billion reported in…

GCR Upgrades LAPO Microfinance Bank Rating Outlook GCR Ratings has affirmed LAPO Microfinance Bank Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG), respectively, with the outlook revised to stable from negative. In its rating note, GCR said the ratings of LAPO Microfinance Bank Limited’s balance its strong capitalisation against a modest competitive position, moderate liquidity, and weak asset quality metrics. LAPO has grown steadily over the years, registering total assets of NGN125 billion as of 31 December 2024, from N104.6 billion in 2023, representing an estimated market share of 3.0% of the microfinance subsector. However, the…

Angola Gets €85m Facility from AFC to Fund National Projects Angola has secured 85 million euro from Africa Finance Corporation (AFC) to fund national projects with the intention of enhancing the nation’s road network. In an official statement, AFC said it has disbursed €75 million of an €85 million sovereign facility to the Government of Angola, through the Ministry of Finance. The facility is for the Angolan government to support the construction of 186 priority bridges and critical upgrades to the national road network, according to the statement. AFC said the project, which is part of Angola’s National Development Plan…

Court Fixes Nov. for Ex-Gov Obiano Alleged N4bn Money Laundering Trial The Federal High Court (FHC) in Abuja on Thursday, fixed Nov. 25 for the trial of former Anambra Governor, Willie Obiano, in the alleged N4 billion money laundering case. The court adjourned the case after the new trial judge, Justice Mohammed Umar, rose after taking three judgments and a number of cases on the cause list. The nine-count charge, preferred against the former governor by the Economic and Financial Crimes Commission (EFCC), was re-assigned to Justice Umar recently. The former judge, Justice Inyang Ekwo, had fixed May 26, for…

Nigeria, Egypt to Deepen Economic Ties with Joint Investment Council The Federal Government of Nigeria has reaffirmed its commitment to fostering a deeper, more strategic economic partnership with the Arab Republic of Egypt. This commitment was underscored by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who proposed the establishment of a Nigeria-Egypt Joint Investment Council during the Nigeria-Egypt Business Forum in Abuja on Monday. The proposed council will serve as a dedicated platform to identify investment opportunities, mitigate risks, and align public and private sector efforts toward their shared economic growth. This partnership…

GCR Upgrades Geregu Power Plc.’s Rating Outlook to Positive African markets-focused rating agency GCR Ratings has affirmed Geregu Power Plc’s national scale long-term and short-term issuer ratings of A(NG) and A1(NG), respectively. In a rating note release, GCR said it also affirmed the national scale long-term issue rating of A(NG) accorded to Geregu Power Plc’s N40 billion Series 1 bond. The outlook was revised to positive from stable, according to the rating note. The positive outlook is anchored on the potential for a rating uplift for Geregu Power Plc, if the strong earnings and sound leverage metrics are sustained over…

Dangote Decries Africa’s Fuel Import Paradox Alh. Aliko Dangote, President of Dangote Group, says it is troubling that Africa exports crude oil but imports over 120 million tonnes of refined fuel annually. He stated this on Tuesday in Abuja during the maiden West African Refined Fuel Conference, organised by NMDPRA in collaboration with S&P Global Commodity Insights. Dangote noted that although Africa produces around seven million barrels of crude daily, it only consumes about 4.3 million barrels of refined petroleum products per day. He lamented that only 40 per cent of this consumption is refined locally, in spite of the…

Namibia Inaugurates Development Plan Toward Vision 2030 Namibia has officially launched its Sixth National Development Plan (NDP6), the final strategic framework aimed at achieving Vision 2030, the country’s long-term goal to become a developed and industrialised nation. Speaking at the launch held in Windhoek, President Netumbo Nandi-Ndaitwah said the NDP6 would serve as the blueprint for her administration and guide national efforts over the next five years. “With only four and a half years remaining to Vision 2030, this NDP6 is the final installment aiming to transform Namibia into a developed and industrialised nation,” she said. The plan, structured around…

Craneburg EKSG Lists N32.5bn Bonds on NGX Craneburg EKSG Motorway Company Plc has listed its N32.5 billion Senior Guaranteed Fixed Rate Infrastructure Bonds on the Nigerian Exchange Ltd. (NGX). The NGX confirmed the listing in a statement issued on Tuesday. These 20-year bonds, carrying an interest rate of 22 per cent, were admitted for trading on Monday and are set to mature in 2045. According to NGX, the bond issuance opened on March 4 and closed on April 7, with an official issue date of April 23. Named 22.00 per ce CEMC GTEED APR 2045 and trading under the symbol…