Author: Olu Anisere

FCMB Obtains Shareholders’ Approval to Raise Additional N400bn FCMB Group Plc shareholders have approved an increase in capital raised of up to N400 billion. The approval was given during an Extraordinary General Meeting (EGM) on Monday, December 8, 2025. The approval for the expanded capital raise reflects the group’s exceptional financial performance and shows shareholders’ unwavering confidence in its leadership and bold growth ambitions, the group said. Following the approval, FCMB Group will meet the minimum regulatory capital for banks with an international licence ahead of the March 2026 deadline. This achievement will allow FCMB to retain its international banking…

Otedola Acquires Additional First Holdco Shares with N14.8bn Chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in the financial services group with the acquisition of additional shares valued at about N14.8 billion, lifting his ownership to more than 18 per cent. The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) and signed by the group company secretary, Abiola Baruwa, yesterday. The shares purchase triggered a market value adjustment in the local bourse, pushing the shares to a new high. At the close of the trading session on Thursday, First Holdco share…

XRPUSD Falls to $1.80 in Broad Cryptocurrency Selloffs Ripple (XRPUSD) fell 3.11% to $1.80 in the past 24 hours, underperforming the broader crypto market trading direction. Bitcoin, Ethereum and other altcoins have come under pressure over broader cryptocurrency selloffs despite the US Fed rate cut in December. Trading data obtained from CoinMarketCap.com indicates that bitcoin dominance rose to 59.2%, reflecting capital rotation away from alts like XRP during fear-driven markets. The market anticipates Bank of Japan monetary tightening will add additional pressure on liquidity, which could trigger huge leverage positions liquidation. Top 10 cryptocurrencies have been bleeding as investors continue…

Nigerian Senate Confirms 64 Ambassadorial Nominees The Senate has confirmed 34 Career Ambassadors and 30 Non-Career Ambassador nominees. This followed the presentation and consideration of the report of the Senate Committee on Foreign Affairs in the Committee of the Whole on Thursday. President Bola Tinubu’s letter for the confirmation of the ambassadors was read in the Senate on Dec. 4. Presenting the report, the Chairman of the committee, Sen. Sani Bello, said the nominees displayed wide and in-depth knowledge of international diplomacy during the screening, Those confirmed as career ambassadors are Amb. Nwaobiala Chukwuemeka (Abia), Betso Maimunah Ibrahim (Adamawa), Monica…

Tinubu to Present 2026 Budget to NASS on Friday President Bola Tinubu will on Friday present the 2026 Budget to a Joint Session of the National Assembly at 2:00 pm. This is contained in a letter by the Clerk to the National Assembly (CNA), Mr Kamorudeen Ogunlana and signed on his behalf by the Secretary, Human Resources and Staff Development, Essien Eyo Essien. The letter reads: “I am directed to inform you that the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Bola Tinubu is presenting the 2026 proposed Budget a Joint Session…

Ethereum Sinks by 5% as Institutional Investors Pull Back Ethereum (ETHUSD), the world’s second-largest cryptocurrency by market capitalisation fell by about 5% in 24 hours, trading at $2809 due to negative investors’ sentiment. Significant exchange-traded fund outflow has continued to dampen, especially with institutional exits. The global crypto market is bleeding out value amidst broad-based sell pressures across top 10 digital assets. The global crypto has lost about 3% to $2.88 trillion as investors closed leverage positions ahead of Bank of Japan interest rate tightening this week. Hence, Ethereum fell 4.74% over 24h, underperforming the broader crypto market. More than…

Naira Softens over Sustained FX Liquidity Tightening The naira softened against the US dollar at the official window as the market continues to grapple with tight FX inflows in the official window. International payments eclipsed the US dollar volume level amidst sustained intervention by the Apex Bank which keeps the naira’s exchange rate outlook positive. The Central Bank daily FX update released today highlighted that the naira fell by 3 basis points as foreign portfolio investors, exporters and non-bank corporate contributions continue to drag. The naira weakened to N1,455.50 per dollar at the CBN FX window. In the parallel market,…

Naira Depreciates to N1,456 as FX Demand Eclipses Supply The naira’s official exchange rate fell to N1456 per dollar due to FX shortage in the Nigerian Foreign Exchange Market (NFEM).  The currency market transactions were conducted amidst US dollar shortfall amidst rising international payments. This happened due to thin US dollar inflows from exporters, non-bank corporate, foreign portfolio investors and absence of immediate intervention of the Central Bank to strengthen supply. According to official data, the naira spot FX rate depreciated against the dollar amidst limited supply outweighed by demand pressure. The NFEM rate weakened by ₦4.38 per US dollar…

CBN Revokes 2 Mortgage Banks’ Licenses over Capital Infractions The Central Bank of Nigeria (CBN) has announced the revocation of operating licences of two mortgage banks – Aso Savings and Union Homes – citing breach of capital and prudential guidelines. In a circular issued on Tuesday and signed by its Ag. Director, Corporate Communications Department, Hakama Ali, the apex Bank, noted that the move was part of its efforts to reposition the mortgage sub-sector and promote a culture of compliance with relevant laws and regulations. It cited Section 12 of BOFIA 2020 and Section 7.3 of the Revised Guidelines for…

Nigerian Senate Raises Concern over Multiple Budget Implementation The Senate on Monday expressed concern over the Federal Government’s multiple budget implementations within the 2025 fiscal year. Senators from the Committee on Finance raised the concern at an interactive session with the federal government economic management team on the 2026-2028 Medium Term Expenditure Framework ( MTEF)and Fiscal Strategy Paper ( FSP) . Sen. Danjuma Goje, in his remarks, said that the practice of implementing multiple budgets in a single year was unacceptable to Nigerians. ” This ugly situation we found ourselves on multiple budget implementations should please end by this year.…