Author: Olu Anisere

Reps Amend Tax Bill, Retain 7.5% VAT, Remove Others Nigeria’s House of Representatives (Reps) Committee on Finance has amended some provisions of President Bola Tinubu’s tax bill to incorporate some concerns of stakeholders during its public hearing held in February. Some of the amendments affected controversial areas. Among the changes made by the lawmakers were the rejection of the proposed increase in value-added tax (VAT) and discontinuation of funding for agencies such as the Tertiary Education Trust Fund (TETFUND), the National Information Technology Development Agency (NITDA), and the National Agency for Science and Engineering Infrastructure (NASENI) by 2030. Chairman of…

OPEC Daily Oil Output Climbs to 26.86mbpd The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production increased by 154,000 barrels per day (bpd), or by 0.6%, in February to average 26.86 million bpd, according to OPEC’s monthly oil market report released on Wednesday. This happened as the oil group reacted to U.S President Donald Trump demand supply adjustment to ease pressure on energy costs. According to OPEC report, crude oil output rose in all member countries in February 2025, except for Gabon and Congo. The largest increases in production were recorded in Iran and Nigeria, with output rising by…

Real Madrid Beat Atletico on Penalties for Champions League Quarters Title holders Real Madrid survived a missed penalty from Vinicius Junior in regulation when they beat crosstown rivals Atletico Madrid 4-2 on penalties for a place in the Champions League quarter-finals. Antonio Rüdiger sealed the last 16 victory as goalkeeper Jan Oblak got his hands on the ball but couldn’t stop it from crossing the line. Oblak had saved from Lucas Vazquez in the shoot-out but Atletico’s Julian Alvarez had his successful kick disallowed upon review because he touched the ball with both feet, and Marcos Llorente hit the crossbar…

Putin may Address Ukraine Ceasefire Proposal on Thursday – Kremlin The Kremlin has said that Russian President Vladimir Putin may address a possible ceasefire with Ukraine on Thursday, the state news agency, TASS, has reported. According to Kremlin spokesman Dmitry Peskov, Putin is set to take questions from reporters with his Belarusian counterpart, Mr Alexander Lukashenko, while the latter is on an official visit to Russia. “Everything will depend on what reporters will ask,’’ Peskov told TASS when asked whether Putin would comment on issues beyond Minsk-Moscow relations. During talks between U.S. and Ukraine in Jeddah, a Saudi port city,…

US Dollar Rises Ahead of Consumer Price Index The US dollar rose against its major trading partners early Wednesday before the release of consumer price index data for February. Weekly petroleum stocks inventory data are due to be released, followed by Treasury budget data. Global risk sentiment continued to sour yesterday as President Trump announced he’d double tariffs on Canadian steel and aluminium to 50% and later pulled the threat as Ontario suspended a 25% surcharge on electricity exports. Markets have been looking for some reprieve from the tariff story, but there are very few signs that stock instability can…

Police Arraign FCMB, 3 Others over Alleged Mortgage Fraud The police on Tuesday arraigned First City Monument Bank (FCMB) and three others before an Ikeja High Court over alleged mortgage fraud. The other defendants in the case are Polycarp Okogun, Batik Line International Ltd and Bolaji Adebajo, who is still at large. The defendants were arraigned on a four-count charge bordering on conspiracy to commit a felony, forgery and fraudulent conversion. The News Agency of Nigeria (NAN) reports that the first defendant, Okogun, pleaded not guilty for himself and on behalf of FCMB and Batik Line International Ltd. Counsel for…

AfDB, IITA Sign $27m Agreement to Boost Agricultural Transformation in Africa The African Development Bank (AfDB) and International Institute of Tropical Agriculture (IITA) on Wednesday signed the 27 million dollars agreement to finance the Technologies for African Agricultural Transformation (TAAT) Phase II programme. Dr Abdul Kamara, the Director-General, Nigeria AfDB Group, who said this at the signing ceremony, reaffirmed the AfDB’s commitment to advancing agricultural transformation across Africa. Kamara said the agreement aligns with its Feed Africa strategy, which seeks to boost smallholder farmers’ productivity and enhance food security. He said the additional financing built on the 40 million dollars…

United Capital to Pay Shareholders 50 Kobo Final Dividend Investment banking firm United Capital Plc (Ticker: UCAP) has announced its decision to pay 50 kobo as a final dividend to its shareholders, according to its regulatory filing. The investment banking firm stated that a final dividend of N0.50 kobo will be subjected to appropriate withholding tax and approval. The amount will be paid to shareholders whose names appear in the Register of Members as of the close of business on March 14, 2025. The company said dividends will be paid on April 4 electronically to shareholders whose names appear on…

AIICO Insurance Targets N7.4bn Profit, Higher Margin in H1 AIICO Insurance Plc has forecasted about N7.4 billion profit for the first half of 2025, according to its latest released earnings forecast report filled on Nigerian Exchange. The insurance company expect gross written premium for Q2 2025 to settle at N114.3 billion on expectation of improved business activities. Insurance revenue for the period is estimated to settle at N67.2 billion, saying its 2025 projections is made based on seasonal trends of premium receipt with a consideration of actual premium receipt for the month of January 2025 while 2024 is actual premium…

Oil Prices Fall as Markets Ignore US Brokered Ceasefire Oil prices fall as the global commodities markets ignore Ukraine agreeing to US brokered ceasefire deal. The commodities complex traded positive yesterday but bumped during early trading hours on Wednesday amidst weak demand and supply concerns. Recession fears in US, and shifting monetary policy expectations reversed earlier optimism, initially fuelled by prospects of a US Federal Reserve rate cut, with fresh data altering the market outlook. Brent crude decreased by 0.07%, trading at $69.57 per barrel, down from $69.62 at the close of the previous session. The US benchmark West Texas…