Author: Olu Anisere

FG Unveils National Energy Master Plan Implementation Committee Chief Uche Nnaji, the Minister of Innovation, Science and Technology, has inaugurated the National Energy Master Plan Implementation Committee (NEMiC) in a major step towards repositioning Nigeria’s energy sector. This is contained in a statement issued in Abuja on Saturday by Dr Robert Ngwu, the Minister’s Senior Special Adviser. He quoted the minister as tasking the committee with the responsibility of spearheading the country’s transition to a cleaner, more inclusive and sustainable energy future. The inauguration marked the beginning of the full implementation phase of the National Energy Master Plan (NEMP). Nnaji,…

Nexamont Acquires 21.4% Interest in Royal Exchange Royal Exchange Plc has announced the acquisition of 1.77 billion ordinary shares in the company by Nexamont Company Ltd. This is according to a corporate disclosure released through the Nigerian Exchange Ltd. The disclosure was signed by Nova Finance Securities Ltd., the financial advisers to Nexamont. It said that the transaction was executed through the secondary market, represented 21.4 per cent equity stake in Royal Exchange Plc. The statement reads, “Royal Exchange Plc received a letter from Nova Finance Securities Ltd., the Financial Advisers to Nexamont Company Ltd., notifying the Company that Nexamont…

Zenith Bank Gross Earnings Hit N2.5trn, Declares N1.25 Interim Dividend Zenith Bank Plc has released its Group financial results for the half year ending June 2025, posting an impressive profit before tax of N625.629 billion. Following this robust performance, the Board has approved an interim dividend of N1.25 per share, a 25% increase over the N1.00 paid in the first half of 2024, maintaining the Bank’s position as a leading dividend-paying Bank and reinforcing its longstanding commitment to rewarding its esteemed shareholders. The substantial dividend payout reflects exceptional underlying performance. Despite higher provisioning requirements from the industry-wide exit of the…

Nigeria’s External Reserves Hit $42bn, Highest Since 2019 Nigeria’s gross external reserves hit $42 billion this week, the highest level seen since September 2019, boosted by additional inflows across sources. In Sept., total inflows into external reserves reached $692.28 million, according to data from the Central Bank of Nigeria (CBN). The nation’s foreign reserves continue to see successive inflows from hydrocarbon export revenue. Strong foreign reserves continue to boost investors’ confidence that upstreaming FX would not be difficult as they park US dollar into the financial market instruments. In addition, rising oil production remains positive for the naira as fiscal…

Daily FX Rate: Naira Rallies as Gross External Reserves Hit $42bn The Nigerian local currency, the naira, strengthened to N1,487 per U.S. dollar at the official window in the absence of pressure in the currency market. Updated daily FX data from the Apex Bank record revealed that the exchange rate trend positive amidst broader dollar index depreciation against basket of major currencies in the global market. Data from the Central Bank of Nigeria (CBN) showed the spot rate appreciated to N1487 after it broke the psychological barrier during the week from N1498 per dollar the previous day. The spot rate…

Ekiti Bans Graduation Ceremonies in Nursery, Primary, Secondary classes Ekiti State Government has banned graduation ceremonies for pupils in kindergarten, nursery, primary and secondary classes in both public and private schools in the state. This is contained in a circular issued on Friday in Ado-Ekiti by the Office of the Permanent Secretary, Ministry of Education, Mr Mike Omolayo. The ban is to take effect from 2025/2026 academic session. According to the circular, the new policy is to reduce undue financial pressure on parents and curb excesses associated with such ceremonies. The circular disclosed that the state government was still committed…

Algeria: Weak Hydrocarbon Revenue, High Spending Widen Fiscal Deficit Weak hydrocarbon revenue and increased public spending widened Algeria’s fiscal deficit, the Executive Board of the International Monetary Fund (IMF) highlighted at the conclusion of the Article IV Consultation. The IMF stated that Algeria’s economy has shown strong recovery since the pandemic, driven by elevated hydrocarbon prices and increased public spending. The near-term outlook remains broadly positive, but urgent policy adjustment is needed, the executed board added. IMF said medium-term economic prospects will depend on global trends and the pace of domestic reforms aimed at promoting diversification and strengthening private investment.…

NGX Market Cap Hits N90trn as Equities Investors Gain N144bn The Nigerian Exchange (NGX) reclaimed N90 trillion in market capitalisation as investors gained about N144 billion on Thursday. The equity market closed in positive territory today, extending its bullish momentum from the previous sessions. Key performance indicators surged by 16 basis points, while year to date return advanced to 38.22%. The market rally was driven by investors’ sustained buying interest in stocks with positive upside potentials. Specifically, the market index or All-Share Index added 228.25 basis points, reflecting a 0.16% increase to close at 142,263.12 basis points. Equities market capitalisation…

Marketers want us to Increase Pump Price by N75 – Dangote Dangote Petroleum Refinery has revealed that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) requested it to increase the price of petrol and diesel by N75 per litre, in order to allow its members to match the refinery’s gantry prices at their respective depots. If implemented, this would result in the pump price of Premium Motor Spirit (PMS) and diesel rising to as high as N950 and N1,090 per litre respectively in some parts of Nigeria. The refinery disclosed that although it offers petroleum products to marketers…

FIFA Ranking: Super Eagles now World 45th Nigeria’s Super Eagles have dropped by one spot in the September edition of the FIFA World Football Ranking to be the world 45th placed team. In the ranking table on the website of the football governing body, Nigeria garnered 1483 points in the month under review as against 1484 points it had at the last ranking in July. During the period under review, the Super Eagles drew one match (South Africa), won two (Nig 1:0 Rwanda), (Nig 2:0 Congo) and lost two (Sudan 4:0 Nig), (Sen 1:0 Nig). At the continental level, Nigeria…