Author: Olu Anisere

Benin Gets Additional $90 Million Loan from IMF Benin has unlocked access to additional loan totalling $90 million from the International Monetary Fund (IMF) following the completion of the Sixth Reviews of its Extended Fund Facility (EFF) and the Extended Credit Facility (ECF). Access to additional funding was also unlocked after the completion of the third review under the Resilience and Sustainability Facility (RSF). The decision allows for an immediate disbursement of about US$ 90 million, according to IMF. The Fund stated that Benin’s successful fiscal reforms supported the convergence to the West African Economic and Monetary Union (WAEMU) fiscal…

Oil Prices Increase on US Demand Optimism Oil prices increased on Thursday on optimism over US demand outlook following a sharp drop in stockpile amidst geopolitical tensions. Data showed a sharper-than-expected drop in US crude oil inventories, while media reports that the US administration is evaluating involvement in Israel’s potential strikes on Iran. International benchmark Brent crude increased by around 0.8%, trading at $75.77 per barrel, up from $75.12 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 1.2%, settling at $73.83 per barrel, compared to $72.98 in the prior session. The US Energy…

Red Alert – SEC Warns Against Investing in Zugacoin, Samzuga The Securities and Exchange Commission (SEC) has issued a public warning against the activities of promoters behind digital assets known as Zugacoin—marketed under variants such as SZCB and SZCB2—and Samzuga GPT. The regulators said neither the issuers nor the coins are registered or authorised to operate within Nigeria’s capital market. In a statement released by the Commission, it described both Zugacoin and Samzuga GPT as meme coins, a category of crypto assets that typically lack real utility, tangible backing, or intrinsic value. “Preliminary investigations revealed that ZUGAGOIN and SAMZUGA GPT…

African Energy Chamber: The World Bank Must Lift the Ban on Upstream Financing The African Energy Chamber (AEC) is calling on the World Bank to end its ban on financing upstream oil and gas projects. This move is crucial to addressing Africa’s energy poverty crisis, where approximately 600 million people lack access to electricity. Unlocking the continent’s hydrocarbon resources is essential for delivering reliable and affordable electricity, generating revenue, and supporting Africa’s long-term energy transition. The situation is dire, with energy poverty undermining Africa’s industrialization, economic growth, and social development. Africa needs a pragmatic approach to energy development, combining fossil…

Oil Prices Climb as Middle East Tensions Fuel Concerns In the global commodity market, oil prices extended their upward trend Monday, rebounding from an earlier dip, as escalating tensions between Israel and Iran fuelled concerns over supply security in the Middle East. International benchmark Brent crude increased by around 0.25%, trading at $73.86 per barrel, up from $73.67 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 0.54%, settling at $71.99 per barrel, compared to $71.60 in the prior session. Prices hit a five-month high on Friday as rising tensions between Israel and Iran…

Iran Targets Israeli Energy Facilities in Retaliatory Strikes Iran’s Revolutionary Guard Corps (IRGC) on Sunday said it targeted Israeli fighter jet fuel production facilities and energy supply centers in response to recent Israeli attacks. The IRGC said it targeted Israeli energy infrastructure using swarms of drones and missiles. Iranian air defense systems successfully intercepted and destroyed three cruise missiles, 10 drones, and dozens of small aircraft from Israeli forces in conflict zones, it added. It said Iranian attacks would continue “more severely and extensively” if Israeli attacks persist. The strikes follow Friday’s Israeli attacks on Iranian nuclear and missile facilities…

Nigeria Boosts Trade Surplus to N5.17trn as Imports Taper While scaling back on imports, Nigeria’s drive to boost export receipts amidst global trade uncertainties lifted trade surplus to N5.17 trillion in the first quarter of 2025, analysts said. The devaluation of the Nigerian naira has reduced appetite for imports activities as previous foreign exchange liabilities exposed a number of companies to huge losses. Analysts said imports volume and value have reduced as economic players become selective, and more conservative by looking inwards for alternative input sources. On the other hands, agricultural exports gathered momentum in the period, as the country…

Mali Faces Major Economic Headwinds, Real GDP to Rise by 5% Mali’s economy is grappling with major headwinds, including food insecurity and security threats, frequent climate shocks, external financing constraints, and an uncertain economic outlook, the International Monetary Fund (IMF) said following the 2025 Article IV consultation. The fund said despite these challenges, the economy is showing resilience and is projected to continue to improve over the medium term. The authorities remain committed to a 3 percent fiscal deficit, in line with the WAEMU target to maintain fiscal sustainability, IMF said in a statement. It also noted that the authorities…

TAJBank Signs Agreement for N20bn Mudarabah Sukuk Bond Issuance TAJBank, Nigeria’s leading non-interest lender, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme. The Founder/Managing Director, of TAJBank, Mr Hamid Joda, made this known in a statement on Wednesday in Abuja Joda said that the latest investment initiative sealed on Tuesday, was coming after about two years of the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023,. According to him, it presents another opportunity for individuals and corporate investors to stake their funds in…

BUA Foods Hits 52-week High, Market Value Rises to N8.26trn BUA Foods Plc hit 52-week high in the equities market as investors as 151,746 volume exchanged hands. The soft trading volume pushed the stock price higher to N459 from N440 – following a significant increase in dividend. According to data from the Nigerian Exchange, BUA Foods Plc ranked as the second most valuable brand listed in the local bourse in terms of market capitalisation. Investors valued the company’s 18 billion shares outstanding at N8.272 trillion after 151746 units exchanged hands in the market on Tuesday. BUA Foods Plc has enjoyed…