Author: Olu Anisere

Rates Soar as Banks Borrow N1.8trn from CBN to Fund Operations The interbank rates soared in the money market as local deposit money banks, DMBs, borrowed funds totalling N1.83 trillion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) to reduce funding pressures. Rates surged as the financial system stayed in a deficit position ahead of N800 billion Treasury bill auction scheduled for midweek by the monetary authority. Despite inflows from inflows from FGN bond coupons, the financial system faced a liquidity crunch, which forced banks to seek credit from the Apex Bank window. On Wednesday, the Nigerian…

Nigerian Exchange Sheds N266bn as BUA Cement, Wema Bank Fall The Nigerian Exchange, NGX, market capitalisation fell by about N266 billion as sell pressures hit BUA Cement, Wema Bank and others. The market index slipped, and year to date return moderated on Tuesday after the consumer price index showed inflation rate declined to 23.18% in February. Due to profit taking activities in the equities market, NGX key performance indicators declined sharply, losing 40 basis points or 0.40% on the day. The down trend was as a results of profit-taking activities in some medium and large-scale stocks such as BUACEMENT, UBA, FIRSTHOLDCO,…

MTN Nigeria, Airtel Africa to Return to Profitability in 2025—CSL The top telecom companies, MTN Nigeria and Airtel Africa Plc. listed on the Nigerian Exchange, NGX, are expected to return to profitability in 2025 after FX losses that emanated from the Nigerian naira devaluation threatened operators balance sheets. MTN Nigeria recorded more than N925 billion in FX losses in the financial year 2024, a development that broke its balance sheet quality. Its immediate rival, Airtel Africa Plc, recorded $153 million in FX losses at the end of the 9-month financial year 2025, a steep year-on-year reduction from $903 million in…

Oil Prices Increase as Geopolitical Tensions Intensify Oil prices increased on Tuesday in the global commodity market as geopolitical tensions escalated.  Brent crude rose by 1% to $71.37 per barrel, up from the previous session’s close of $70.67. US benchmark West Texas Intermediate (WTI) increased by 1.1% to $68 per barrel after closing at $67.27 in the prior session. Israeli airstrikes resumed in Gaza after the ceasefire collapsed, forcing Palestinians in northern and eastern Beit Hanoun to flee toward the city centre. The renewed conflict has heightened supply concerns in the Middle East, home to a significant portion of the…

Nigeria, Brazil Sign $1.1bn Deal on Food Production Nigeria and Brazil, on Monday signed the commercial phase of the 1.1 billion dollars Green Imperative Project (GIP) to boost agriculture productivity and enhance private-sector investment in Nigeria. GIP is the largest agricultural project in Africa which prioritises the development of sustainable, low-carbon agriculture. It aims to develop structural conditions to boost food production in Nigeria in an efficient and competitive manner. The MoU for the 1.1 billion dollars GIP 1 was signed in 2018, while the 4.3 billion dollars phase 2 of the project and the $2.5 billion JBS were signed…

NDLEA Intercepts US, Saudi Arabia-Bound Cocaine, Others The National Drug Law Enforcement Agency (NDLEA) announced that it has successfully thwarted attempts by Drug Trafficking Organisations (DTOs) to smuggle illicit consignments from Nigeria to five countries. NDLEA’s Director of Media and Advocacy, Mr Femi Babafemi, said this in a statement on Sunday in Abuja. He said the organisations wanted to smuggle the alleged consignments to the United States of America(USA), Saudi Arabia, Italy, Poland, and the United Arab Emirates (UAE). Babafemi identified the seized drugs as cocaine, tramadol, loud, molly, and other narcotics. He said that the suspects wanted to ship…

PZ Cussons Minority Shareholders Reject Debt-to-Equity Conversion PZ Cussons Nigeria Plc has officially announced that its minority shareholders have voted not to approve the conversion of US$34,264,544 or equivalent to ₦51,795,312,646.72 of the outstanding intercompany loan amount owed by the company to PZ Cussons (Holdings) Limited (PZCH) into equity. In its official statement, the consumer goods company said the decision was made at PZCN’s Extraordinary General Meeting (EGM) held on 13th March 2025 at the Transcorp Hilton Hotel, Abuja. “While there was strong minority shareholder support for the transaction, a significant minority shareholder bloc voted against the transaction and the…

Manchester United, Tottenham Hotspur Advance to Europa League Quarterfinals Manchester United and Tottenham Hotspur have secured their spots in the Europa League quarterfinals after impressive wins on Thursday. United’s captain Bruno Fernandes stole the show with a hat-trick, while Wilson Odobert scored twice for Tottenham Manchester United came from behind to beat 10-man Real Sociedad 4-1, with Fernandes converting two penalties and scoring from open play. Diogo Dalot sealed the win with the final goal. United will face Olympique Lyon in the quarterfinals, who dominated Romania’s FCSB 4-0, with Georges Mikautadze and Ernest Nuamah scoring two goals each Tottenham, on…

Renaissance Completes Acquisition of Shell Petroleum Aradel Holdings has announced the successful closure of Renaissance Africa Energy Holdings’ acquisition of Shell’s full equity position in the Shell Petroleum Development Company of Nigeria (SPDC). The company disclosed this in a corporate disclosure released through the Nigerian Exchange Ltd. This follows the signing of a sale and purchase agreement with Shell in January 2024, and the subsequent receipt of all regulatory approvals required for the transaction. Adegbite Falade, Chief Executive Officer of Aradel Holdings, said, “We are proud of Renaissance’s completion of this strategic acquisition and extremely grateful to the Federal Government…

Access Bank’s Africa Trade Conference Ignites New Era of Intra-Africa Commerce Access Bank Plc has successfully hosted the inaugural Africa Trade Conference in Cape Town, South Africa, bringing together industry leaders, policymakers, and trade experts to drive solutions for accelerating intra-African trade and unlocking the continent’s economic potential. The conference tackled critical challenges, including limited access to capital, market information gaps, trust deficits between trading partners, and the urgent need for modernised trade infrastructure. Roosevelt Ogbonna, Managing Director/CEO of Access Bank, delivered the opening remarks, setting the tone for discussions by highlighting the critical barriers hindering trade across Africa. He…