Author: Olu Anisere

SEC Bans Independent Directors of Public Companies from Becoming Executive Directors The Securities and Exchange Commission (SEC) has banned independent directors of public companies from transitioning into executive director roles within the same company or group. In a circular to public companies and capital market operators in Abuja on Friday, the commission said the practice undermined the principle of board independence and weakened the value of having an impartial voice in a company’s governance. SEC also introduced a three-year cooling-off period before a chief executive officer (CEO) of a public company could be appointed as chairman of the same company.…

NGX Urges Financial Sector to Adopt AI Dr Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), has urged financial sector stakeholders to embrace Artificial Intelligence (AI) to drive efficiency and improve customer satisfaction. Kwairanga made this call in Lagos on Thursday while speaking at the SUPERNEWS Artificial Intelligence Confab (SAIC’25), held in Lagos. The theme of the conference was ‘The Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience.’ He said AI is one of the most transformative technologies of our time and should be adopted to make Nigeria’s financial sector globally competitive. “AI is…

Oil prices Rise Sharply in 1-Week over Israel, Iran Conflict The prices of crude oil rose sharply over a week as Israel and Iran conflict stoke pressure on supply from the Middle East. Crude oil prices surged 11% over the past week ending June 19, as geopolitical tensions reached new heights. Brent crude’s spot price rose from a closing level of $69.65 per barrel on June 12—the day before Israel launched attacks on Iranian targets—to $77.32 by June 19. The US benchmark, West Texas Intermediate (WTI), also climbed 11% during the same period. Markets reacted sharply after Israel launched a…

Benin Gets Additional $90 Million Loan from IMF Benin has unlocked access to additional loan totalling $90 million from the International Monetary Fund (IMF) following the completion of the Sixth Reviews of its Extended Fund Facility (EFF) and the Extended Credit Facility (ECF). Access to additional funding was also unlocked after the completion of the third review under the Resilience and Sustainability Facility (RSF). The decision allows for an immediate disbursement of about US$ 90 million, according to IMF. The Fund stated that Benin’s successful fiscal reforms supported the convergence to the West African Economic and Monetary Union (WAEMU) fiscal…

Oil Prices Increase on US Demand Optimism Oil prices increased on Thursday on optimism over US demand outlook following a sharp drop in stockpile amidst geopolitical tensions. Data showed a sharper-than-expected drop in US crude oil inventories, while media reports that the US administration is evaluating involvement in Israel’s potential strikes on Iran. International benchmark Brent crude increased by around 0.8%, trading at $75.77 per barrel, up from $75.12 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 1.2%, settling at $73.83 per barrel, compared to $72.98 in the prior session. The US Energy…

Red Alert – SEC Warns Against Investing in Zugacoin, Samzuga The Securities and Exchange Commission (SEC) has issued a public warning against the activities of promoters behind digital assets known as Zugacoin—marketed under variants such as SZCB and SZCB2—and Samzuga GPT. The regulators said neither the issuers nor the coins are registered or authorised to operate within Nigeria’s capital market. In a statement released by the Commission, it described both Zugacoin and Samzuga GPT as meme coins, a category of crypto assets that typically lack real utility, tangible backing, or intrinsic value. “Preliminary investigations revealed that ZUGAGOIN and SAMZUGA GPT…

African Energy Chamber: The World Bank Must Lift the Ban on Upstream Financing The African Energy Chamber (AEC) is calling on the World Bank to end its ban on financing upstream oil and gas projects. This move is crucial to addressing Africa’s energy poverty crisis, where approximately 600 million people lack access to electricity. Unlocking the continent’s hydrocarbon resources is essential for delivering reliable and affordable electricity, generating revenue, and supporting Africa’s long-term energy transition. The situation is dire, with energy poverty undermining Africa’s industrialization, economic growth, and social development. Africa needs a pragmatic approach to energy development, combining fossil…

Oil Prices Climb as Middle East Tensions Fuel Concerns In the global commodity market, oil prices extended their upward trend Monday, rebounding from an earlier dip, as escalating tensions between Israel and Iran fuelled concerns over supply security in the Middle East. International benchmark Brent crude increased by around 0.25%, trading at $73.86 per barrel, up from $73.67 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 0.54%, settling at $71.99 per barrel, compared to $71.60 in the prior session. Prices hit a five-month high on Friday as rising tensions between Israel and Iran…

Iran Targets Israeli Energy Facilities in Retaliatory Strikes Iran’s Revolutionary Guard Corps (IRGC) on Sunday said it targeted Israeli fighter jet fuel production facilities and energy supply centers in response to recent Israeli attacks. The IRGC said it targeted Israeli energy infrastructure using swarms of drones and missiles. Iranian air defense systems successfully intercepted and destroyed three cruise missiles, 10 drones, and dozens of small aircraft from Israeli forces in conflict zones, it added. It said Iranian attacks would continue “more severely and extensively” if Israeli attacks persist. The strikes follow Friday’s Israeli attacks on Iranian nuclear and missile facilities…

Nigeria Boosts Trade Surplus to N5.17trn as Imports Taper While scaling back on imports, Nigeria’s drive to boost export receipts amidst global trade uncertainties lifted trade surplus to N5.17 trillion in the first quarter of 2025, analysts said. The devaluation of the Nigerian naira has reduced appetite for imports activities as previous foreign exchange liabilities exposed a number of companies to huge losses. Analysts said imports volume and value have reduced as economic players become selective, and more conservative by looking inwards for alternative input sources. On the other hands, agricultural exports gathered momentum in the period, as the country…