Author: Olu Anisere

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…

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…