Author: Olu Anisere

Oil Prices Rise, Threat to Sanction Russia Heightens Supply Risks Oil prices rose in the global commodities markets on Wednesday due to concerns about potential supply interruptions caused by rising geopolitical tensions in the Middle East and the possibility of more stringent US sanctions on Russian oil. Brent crude was trading at $66.85 per barrel, up 0.7% from the previous close of $66.38. The US benchmark West Texas Intermediate (WTI) rose 0.7% to $62.95. The gains followed Israeli airstrikes on senior Hamas leaders in Doha, a move that Qatar denounced as “treacherous” and “state terrorism.” Qatar, alongside Egypt and the…

GCR Affirms Lasaco Assurance Financial Strength A(NG) Rating GCR Ratings has affirmed Lasaco Assurance Plc’s national scale financial strength rating of A(NG), with the outlook maintained at stable. According to GCR, the assigned rating reflects the strengths and weaknesses of Lasaco Assurance Plc and its two wholly owned subsidiaries: Lasaco Trading and Investment Limited and Lasaco Properties Limited, collectively referred to as the group. The rating note released on Tuesday explained that the insurer is the core operating entity within the group, accounting for 99% and 81.6% of the group’s total assets and profit after tax as of 31 December…

Exchange Rates Gap Collapses as Naira Rallies Versus Dollar The Nigerian naira exchange rates gap has collapsed sharply as the local currency maintained an uptrend against the dominant US dollar. The dollar index declined on Tuesday as the market anticipates the US Federal Reserve to cut rates after a weak job report. In the local currency market, the naira has enjoyed successive rallies in the absence of significant demand for foreign currency by Nigerian companies and other eligible FX users. The naira debit card alternative has also helped the exchange rate at the unofficial market gain traction, with the US…

CBN Projects 1bn Dollar Diaspora Reserve by 2026 The Central Bank of Nigeria (CBN), says the bank is targeting a diaspora reserve of one billion dollars by 2026. Dr Olayemi Cardoso, the Governor of CBN, said this at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday. Cardoso said the diaspora reserve currently stood at 600 million dollars. According to him, the CBN has prepared the framework and done everything required to enable them meet the target by 2026. “It is now over to the banks to make…

FIFA Clears South Africa over Player Ineligibility Allegation World Football ruling body, FIFA has cleared South Africa of any wrongdoing over claims the country fielded an ineligible player during a recent 2026 World Cup qualifier against Lesotho. The decision was confirmed hours before South Africa’s Group C match against Nigeria in Bloemfontein, which ended 1-1. The ruling keeps Bafana Bafana in contention for qualification. A win over Nigeria and a failure by Benin to beat Lesotho would have sealed their World Cup ticket. FIFA confirmed the development on Tuesday via a post on its official X handle. The South African…

Equity Investors Gain N254bn as 36 Companies Rally on NGX Equity investors gained N254 billion as 36 companies’ stocks rallied due to bargain hunting fuelled by sentiment. The Nigerian stock market on Tuesday sustained its bullish run, boosting key performance indicators ahead of inflation data. The upward trend was driven by demand in equities such as Regency Alliance Insurance, Mecure, Etranzact, Daar Communications, Deap Capital and 31 other stocks. The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N88.199 trillion, rose by N254 billion or 0.29 per cent to close at N88.453 trillion. Similarly, the All-Share Index appreciated by…

First Holdco Drops by 5.6% on Negative Investors Sentiment First Holdco lost about 5.6% of its market value at the beginning of the trading session. The financial services company saw its share price reduced to N30.5, from an opening price of N32.30 as investors sentiment declined. The financial services holdings company lost N75.380 billion on Monday to close at N1.277 trillion in market value, according to data obtained from the Nigerian stock market. Trading data from the Nigerian Exchange (NGX) showed there was an increase in activity on First Holdco, one of the top volatile banking stocks with an unimpressive…

AU, Nigeria Sign MoU on Counterterrorism Cooperation The African Union (AU) Commission and Nigeria’s National Counter Terrorism Centre (NCTC) on Monday signed a Memorandum of Understanding (MoU) to boost collaboration against terrorism and violent extremism across Africa. This is contained in a statement by Mr Paschal Chem-Langhee, Communication Coordinator, PAPS, African Union Commission and made available to newsmen in Abuja. The MoU was endorsed by Amb. Bankole Adeoye, AU Commissioner for Political Affairs, Peace and Security, and Maj.-Gen. Adamu Garba Laka, National Coordinator of the NCTC. In his remarks, Adeoye commended Nigeria’s leadership role in West Africa and the Sahel.…

Transcorp Power Surges by 10% on Huge Trading Volume Transcorp Power Plc’s market value climbed by about 10% in the equities market as a result of fresh bargain hunting from investors that sought to bet on the company future earnings stream. Its share price closed at N314 in the stock market on Monday from N286.50, now trading at about 14% below its highest value attained on the Nigerian Exchange in the last 52 weeks. The company recently offered interim dividend to its shareholders, but share price has been relatively volatile despite successive rally in the local bourse before bear returned.…

FCMB Steadies, Investors React to Q4 Earnings Forecast FCMB market value steadied, though the company recorded significant transactions volume and value surged as investors reacted to the financial services company’s earnings forecast. Trading details from the Nigerian Exchange (NGX) showed that FCMB share price closed flattish at N10.50, leaving its market value of its 39.605 billion shares outstanding at N415.856 billion. The financial services group market value closed flattish while trading data showed that 460.948 million units of FCMB were traded in the stock market – suggesting possible block trade set up by brokers. Trading activities in the local bourse…