Author: Olu Anisere

Equities Investors Gain N426bn as Dangote, Transcorp Rally Equities investors gained more than N426 billion as bullish sentiment resurfaced in the local bourse on Tuesday. Data from the Nigerian Exchange, NGX, showed that Dangote Cement, Transcorp and other value, growth stock bolstered key performance indicators by 65 basis points. DANGCEM (+5.3%) and TRANSCORP (+8.9%) drove the All-Share Index up by 0.7% to 106,574.98 points, according to stockbrokers. At the end of trading session, the month-to-date and year-to-date returns settled higher at +2.0% and +3.5% ahead of inflation figure for January. Stockbrokers spotted buying interest in medium and large-cap stock, including…

MTN Hikes Prices of Data, SMS MTN, Nigeria’s largest telecommunications operator on Tuesday commenced implementation of the Nigerian Communications Commission’s approved tariff hike by increasing its data prices. A check by the News Agency of Nigeria (NAN) using the *312# code on the MTN network showed the revised MTN data prices. For the monthly plans, MTN 1.8GB now goes for N1,500, replacing the previous 1.5GB plan priced at N1,000; the 15GB plan now costs N6,500, a rise from N4,500. The 20GB monthly plan has been adjusted to N7,500, up from N5,500, among others. Text messaging on the network has also…

Court to Arraign FCMB over Alleged Mortgage Fraud An Ikeja High Court on Tuesday fixed March 11 for the arraignment of First City Monument Bank (FCMB) and three others over alleged forgery and mortgage fraud. Other defendants in the case are Okogun Polycarp, Batik Line International Ltd, and Bolaji Adebajo. Justice Ismail Ijelu, adjourned the arraignment due to the absence of the defendants in court. Counsel from the Special Fraud Unit, Mr Daniel Apochi, had earlier informed the court that the defendants were informed about the arraignment. He expressed displeasure over the absence of the defendants. He, however, requested for…

UNICEF, Airtel Expand Digital Learning in Lagos The United Nations Children’s Fund (UNICEF) and Airtel Nigeria have introduced the Nigeria Learning Passport (NLP), a digital learning programme, to a primary school in Lagos State. Chief of UNICEF Lagos Field Office, Celine Lafoucriere, announced this during a joint field trip by Airtel Nigeria and UNICEF to St Agnes Primary School, Maryland, Lagos. The Federal Ministry of Education partnered with UNICEF to launch the Nigeria Learning Passport (NLP) in 2022. The platform offers online and offline learning, making it accessible in areas with poor connectivity where children struggle to access quality digital…

Trump Gives Hamas Ultimatum to Release Hostages U.S. President Donald Trump has given Palestinian militant organisation Hamas an ultimatum to release all remaining hostages being held in Gaza or face harsh consequences. Trump spoke out in favour of terminating the ceasefire deal between Israel and Hamas, which went into effect on Jan. 19, for an initial six weeks, if all remaining hostages are not released by “Saturday at 12 o’clock.’’ The U.S. president did not specify which time zone he was referring to. If that did not happen, “all hell is going to break out,’’ Trump said at the White…

Nigeria, UK Partner to Boost Security Measures The Nigeria Police Force and the British Embassy in Nigeria have launched a collaboration to enhance security and combat crime in Kogi. The partnership began on Monday with a meeting between Kogi Commissioner of Police, Mr Miller Dantawaye, and a British Embassy delegation. The delegation, led by Mr Andrew Marshall, discussed intelligence-led operations and counter-kidnapping strategies with the Commissioner of Police. Marshall stressed the importance of synergy in tackling security threats, highlighting the need for effective intelligence gathering to track criminal activities. He described crime as a major obstacle to peace and societal…

Nigeria Secures UN Facility to Boost Critical Minerals Value Chain Nigeria has secured a UN study facility to boost its critical minerals value chain. The facility was secured by the Minister of Solid Minerals Development, Dr Dele Alake, at the sidelines of the ongoing Investing in African Mining Indaba Conference holding in Cape Town, South Africa from Feb. 3 to Feb. 6. This is made known by Alake’s Special Assistant on Media, Segun Tomori, on Wednesday in Abuja. Tomori said the facility, funded by the Global Council for Critical Minerals, was secured to develop a roadmap for Nigeria’s critical value…

Nigeria Customs Imposes 4% FOB Charge on Imports The Nigeria Customs Service (NCS) is implementing a 4 percent charge on the Free On-Board (FOB) value of imports. The spokesman of the service, Abdullahi Maiwada, made this known in a statement he issued on Wednesday in Abuja. Maiwada explained that the directive was in line with the provisions of the Nigeria Customs Service Act (NCSA) 2023. “In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 per cent charge on the Free On-Board (FOB) value of imports. “The FOB charge, which is calculated…

Live: GTCO Sees Strong Intraday Rally, Hits Record High GTCO Plc has started a process to breach a new 52-week high in the stock market as investors demand nudged the financial services group valuation higher during intraday trading sessions on Nigerisan Exchange (NGX). The orange-branded financial stock surged by 4.03% in the market during the early trading session on Wednesday, with more than 1.9 million shares volume valued at about N125 million. Data from the Nigerian Exchange showed that the GT Holdings share price has reached N64.50, its latest record high in 12 months. The diversified financial services group ranked…

Oil Prices Fall over Demand, Supply Imbalance Oil prices declined in the global commodity market on Wednesday over weak demand expectations as US inventory built. Report showed a larger-than-expected increase in US crude oil stockpiles, which signalled weakening demand in the world’s biggest oil consumer. However, US President Donald Trump’s decision to reinstate the’maximum pressure’ policy on Iran raised concerns over global supply. Brent crude fell by 0.09%, trading at $75.75 per barrel, while the US benchmark West Texas Intermediate (WTI) declined by 0.1%, settling at $72.23 per barrel, compared to its prior session close of $72.32. Oil prices moved…