Author: Olu Anisere

NGX Index Rises by 0.30%, Equity Investors Gain N262bn The Nigerian Exchange (NGX) All-share index rose by 30 basis points or 0.3% on Monday as equity investors’ portfolio value gained more than N262 billion above closing value last week. The stock market opened the new week in the green, extending its positive momentum from last Thursday before the short holiday. Investors staked fresh bets on oversold stocks, and the NGX index surged. Key market performance indicators advanced by 0.30% on the day, while the market capitalisation gained the same margin due to bargain hunting. The bourse uptrend was driven by…

FG, EU Advocate Harmonised Data Governance Framework in Africa The Federal Government, EU and African Union on Monday urged Data Protection Authorities to develop a harmonised data governance framework for data protection across the continent. They made the call at the opening ceremony of a five-day data governance study visit for Data Protection Authorities, a data governance in Africa initiative, hosted by the Nigeria Data Protection Commission (NDPC) in Abuja. Dr Vincent Olatunji, National Commissioner, NDPC, said although 36 African countries had enacted data protection laws, only 26 of them have established dedicated data protection authorities. Olatunji also said it…

OPEC+ to Increase Oil Output in October The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, has decided to ramp up oil output by 137,000 barrels per day (bpd) in October. OPEC made the announcement in a statement on their website after a virtual meeting with members. The participated countries, includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and outlook. “The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in…

Gold Price Spikes as Markets Respond to U.S. Data Gold (XAU/USD) continued its remarkable rise, approaching the $3,590 level during early Asian trading on Monday, on a bullish trajectory nearing its all-time highs. This movement reflects the markets’ direct response to recent U.S. data, particularly the nonfarm payroll report, which revealed a significant slowdown in hiring during August and an increase in the unemployment rate to its highest level since 2021. “In my view, this performance indicates a weakening U.S. labor market. It reinforces expectations that the Federal Reserve may ease monetary policy at its upcoming meeting, lowering the opportunity…

NDLEA Recovers 653kg Colos, Loud in Lagos, Abuja Raids The National Drug Law Enforcement Agency (NDLEA) has recovered 653kg of Colorado and Loud, a strong strain of cannabis sativa in Lagos and Abuja raids respectively. Mr Femi Babafemi, Director, Media and Advocacy, NDELA said this in a statement on Sunday in Abuja. Giving a breakdown, Babafemi said that in the Federal Capital Territory,(FCT), Abuja, NDLEA operatives on a stop and search operation on Thursday, Sept. 4 arrested a dispatch rider. Babafemi said that the suspect was nabbed in the Gwarimpa area of the FCT while conveying 3.1kg Colorado, a synthetic…

African Economies Urged to Invest in Research for Industrial Transformation African economies have been challenged to boost their investment in research to power the continent’s industrial transformation by accelerating development of homegrown innovations that reinforce autonomy, sustainability, and technological sovereignty. Speaking during the official launch of the African Research and Innovation Hub (ARIH) on the sidelines of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, the Group Chief Economist and Managing Director for Research at the African Export-Import Bank (Afreximbank) Dr. Yemi Kale noted that while Africa accounts for less than 3% of global research output, it bears a…

Angola to Launch Next Licensing Round in Fourth Quarter Angola’s Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo announced that the country’s next licensing round will be opened by Q4, 2025, offering acreage in the Kwanza and Benguela basins. Speaking during a Ministerial Fireside Chat sponsored by Vitol at the Angola Oil & Gas Conference and Exhibition 2025, Minister Azevedo affirmed that the round falls part of efforts to sustain oil production above one million barrels per day (bpd) in 2026 and beyond. The upcoming licensing round represents the final bid round under the country’s multi-year licensing strategy –…

Nigeria to Host the Intra-African Trade Fair After a rigorous bid and due diligence exercise, Nigeria has emerged as the successful host country of the fifth edition of the Intra-African Trade Fair (IATF), Africa’s premier trade and investment event that is set to be held in 2027. This was announced by the Chairman of the IATF Advisory Council who is also a former President of the Federal Republic of Nigeria, H.E. Chief Olusegun Obasanjo during the official opening ceremony of the fourth edition of the fair, IATF2025 that is currently underway in Algiers, Algeria. Presenting the IATF host’s flag to…

U.S. Donates $32.5m Support to WFP for Food, Nutrition in Nigeria The United States (U.S.) Government says it has provided the World Food Programme (WFP) with the sum of 32.5 million dollars to support its food and nutrition programme in Nigeria. This is contained in a statement issued by Aishah Gambari of the U.S. Embassy in Abuja, on Wednesday.It explained that the donation was aimed at ensuring the provision of food and nutrition assistance to help save lives in the country. “The World Food Programme Nigeria, with U.S. Government’s contribution of 32.5 million dollars, will provide food assistance and nutrition…

Pension Assets: 8,408 RSA Holders Access N39.86bn for Mortgage Equity in Q1 A total of N39.86 billion was disbursed to 8,408 Retirement Savings Account (RSA) holders in the first quarter of 2025 as equity contributions for residential mortgages. Mr Oguche Agudah, Chief Executive Officer of the Pension Fund Operators Association of Nigeria made the disclosure in an interview with the News men on Tuesday in Lagos. Agudah noted that in 2024, 1,390 contributors accessed a total of N10.52 billion under the policy. He said this represented a 279 per cent increase in the value of disbursements and a 505 per…