Author: Olu Anisere

Nigeria Begins 2025 Oil Licensing Round December ABUJA: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round, effective Dec. 1, 2025. The NUPRC Chief Executive (CCE), Mr Gbenga Komolafe, made the announcement at the NUPRC’s Project One Million Barrels Per Day (1MMBOPD) Additional Production Investment Forum in London on Tuesday. Komolafe, in a statement by its Head of Media and Strategic Communication, Eniola Akinkuotu said the announcement was in line with the Petroleum Industry Act (PIA 2021). He said the announcement followed the approval of President Bola Tinubu who doubles as the Minister…

Naira Slides as FX Pressure Lingers in Currency Market Marking second depreciation, the Nigerian local currency, the naira, weakened against the US dollar on Tuesday as FX pressures in the currency market lingered. The spot rate weakened versus the previous day, according to data from the Central Bank showing trades were consummated at a weighted average of N1,438. 71 per dollar. The official exchange rate touched an intraday high of N1,440.89, which signals pressures were minimal on Tuesday when compared with N1,442 quoted for a similar period on Monday. The best fx deal for foreign payment was closed at the…

Nigeria’s Capital Market to Adopt T+2 Settlement Cycle Nov. 28 Nigeria’s capital market is set to adopt a faster T+2 settlement cycle from November 28, 2025, information from the Central Securities Clearing System (CSCS) said in a post on its website. CSCS announced that the Securities & Exchanges Commission (SEC) has reviewed and approved for Nigeria’s capital market to transition from the current T+3 (trade date plus three days) settlement cycle to a T+2 (trade date plus two days) settlement cycle, effective November 28th, 2025. This means that securities and funds from trades will be settled within two business days…

Ellah Lakes Launches N235bn Offer for Subscription Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, on Monday launched a N235 billion offer for subscription on the floor of the Nigerian Exchange Ltd. (NGX). The event took place during a Facts Behind the Offer presentation at the Exchange in Lagos. The initiative reinforced NGX’s role as a catalyst for capital formation and highlighted its commitment to improving access to long-term financing for businesses. Ellah Lakes is raising N235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The Offer, led by Rand Merchant…

GCR Assigns Abbey Mortgage Bank BBB, A3 Ratings, Outlook Stable African-focused ratings agency GCR has assigned Abbey Mortgage Bank Plc national-scale long- and short-term issuer ratings of BBB (NG) and A3 (NG), respectively, with a stable outlook. GCR said the ratings assigned to Abbey Mortgage Bank Plc balance its strong capitalisation metrics and sound liquidity position against an intermediate risk profile and modest competitive position. Abbey is a primary mortgage bank (PMB) in Nigeria with an established track record of about three decades, according to GCR. The rating agency said the bank’s mandate is to provide mortgage finance to individuals,…

Bitcoin, Ethereum Rally Boosts Crypto Market Cap to $3.6trn Bitcoin and Ethereum are driving crypto market capitalisation higher on Monday as investors rush to buy the dip. Top cryptocurrencies are trading positive on hope that the U.S. government’s shutdown will end. This expectation boosted risk sentiment at the start of the week as international stock markets tracked U.S. futures higher, and the dollar perked up slightly. Increased demand for top heavyweight in the crypto market lifted market capitalisation higher by more than 5% to $3.6 trillion on Monday Trading data showed that other tokens, altcoins, are supporting the bullish charge,…

Nigeria’s Oil, Gas Income Declines by 43% to N1.08trn Nigeria’s income from crude and gas sales fell by 43 per cent, accounting for only about 8 per cent of total oil and gas revenue, despite a rebound in oil production, according to figures from the latest Budget Implementation Report for the fourth quarter of 2024 released by the Budget Office of the Federation. Oil revenue fell by ₦824.66 billion to ₦1.08 trillion during the year, from ₦ 1.90 trillion in 2023, representing a 43.32 per cent decline in the year under review. The decrease in revenue highlights a drift toward…

Investors Double Down Bets on Nigerian Bonds as Equity Market Bleeds The benchmark yield on Federal Government of Nigeria (FGN) bonds declined as appetite for naira assets across the belly and long end of the curve increased. Trading patterns in the local bonds secondary market reflected investors’ persistent interest in duration as the treasury bills auction signalled potential repricing at the November bonds auction. Last week, the Nigerian bond market closed on a bullish note, buoyed by strong investor appetite across most maturities. Sentiment improved markedly as investors sought refuge in fixed-income instruments amid growing volatility in equities and global…

Kenyan Private Sector Sees Significant Expansion in Oct.– PMI Business activity in the Kenyan private sector expanded markedly in October, according to the latest survey data, as companies highlighted a further improvement in sales intakes amid broader economic strengthening. According to Stanbic IBTC purchasing manager index (PMI) released by S&P Global, rising demand encouraged firms to increase their purchasing activity for the first time since April. The improved economic environment was also supported by a milder increase in business expenses, with input costs rising at the slowest pace in just over a year. The PMI registered in expansion territory for…

NCR Hits 52-Week High after Earnings, Internal Restructuring IT company NCR Nigeria Plc hit its highest valuation in 52 weeks on the Nigerian Exchange (NGX) as investors increased bets in post-earnings release reactions.   Its unaudited financials for the nine-month period in financial year 2025 showed that NCR returned to profitability as the naira stabilised after a sharp depreciation of the local currency damaged performance in the equivalent period in 2024. At the close of the trading session on Friday, NCR share price reached N19.35, its highest in 12 months, as 156.663 units of the company valued at N2.977 million were…