Author: Olu Anisere

FCTA Approves N1.94bn for Procurement of Earth-Moving Machines The Federal Capital Territory Administration (FCTA) has approved N1.94 billion for the procurement of earth-moving machinery for its Department of Development Control. Chief Felix Obuah, Coordinator, Abuja Metropolitan Management Council (AMMC) disclosed this in Abuja on Wednesday, after the FCT Executive Committee meeting chaired by FCT Minister, Mr Nyesom Wike. According to him, the procurement of the earth-moving equipment will ease the work of the department of development control under AMMC. “Today, we sought the approval for the procurement of some critical earth-moving machines and equipment for the Department of Development Control…

No Explosion at Port Harcourt Refinery, NNPC Clarifies The Nigerian National Petroleum Company Limited (NNPC Ltd.) has refuted reports of an explosion at the Port Harcourt Refining Company (PHRC) in Rivers. The company, in a statement issued in Abuja on Wednesday by its Chief Corporate Communications Officer, Olufemi Soneye, clarified that what occurred was a flare incident, which has since been fully contained. Soneye said there was no danger or health hazard to staff, the surrounding communities, or the environment. “NNPC Ltd. urges the media and the public to disregard any reports suggesting an explosion at the refinery, as they…

Treasury Bills Yield Prints at 19% Before N800bn Auction The average yield on Nigerian Treasury bills printed at 19% ahead of N800 billion auction that will be offered to investors on Wednesday. In the secondary market, traders’ mood turned green on the naira assets. Some investors offered to sell their positions, expecting higher yields, but there was little to no demand to meet these offers across the curve, according to AIICO Capital Limited. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-1bp) segments, according to Cordros Capital Limited. Fixed income securities analysts said…

Rates Soar as Banks Borrow N1.8trn from CBN to Fund Operations The interbank rates soared in the money market as local deposit money banks, DMBs, borrowed funds totalling N1.83 trillion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) to reduce funding pressures. Rates surged as the financial system stayed in a deficit position ahead of N800 billion Treasury bill auction scheduled for midweek by the monetary authority. Despite inflows from inflows from FGN bond coupons, the financial system faced a liquidity crunch, which forced banks to seek credit from the Apex Bank window. On Wednesday, the Nigerian…

Nigerian Exchange Sheds N266bn as BUA Cement, Wema Bank Fall The Nigerian Exchange, NGX, market capitalisation fell by about N266 billion as sell pressures hit BUA Cement, Wema Bank and others. The market index slipped, and year to date return moderated on Tuesday after the consumer price index showed inflation rate declined to 23.18% in February. Due to profit taking activities in the equities market, NGX key performance indicators declined sharply, losing 40 basis points or 0.40% on the day. The down trend was as a results of profit-taking activities in some medium and large-scale stocks such as BUACEMENT, UBA, FIRSTHOLDCO,…

MTN Nigeria, Airtel Africa to Return to Profitability in 2025—CSL The top telecom companies, MTN Nigeria and Airtel Africa Plc. listed on the Nigerian Exchange, NGX, are expected to return to profitability in 2025 after FX losses that emanated from the Nigerian naira devaluation threatened operators balance sheets. MTN Nigeria recorded more than N925 billion in FX losses in the financial year 2024, a development that broke its balance sheet quality. Its immediate rival, Airtel Africa Plc, recorded $153 million in FX losses at the end of the 9-month financial year 2025, a steep year-on-year reduction from $903 million in…

Oil Prices Increase as Geopolitical Tensions Intensify Oil prices increased on Tuesday in the global commodity market as geopolitical tensions escalated.  Brent crude rose by 1% to $71.37 per barrel, up from the previous session’s close of $70.67. US benchmark West Texas Intermediate (WTI) increased by 1.1% to $68 per barrel after closing at $67.27 in the prior session. Israeli airstrikes resumed in Gaza after the ceasefire collapsed, forcing Palestinians in northern and eastern Beit Hanoun to flee toward the city centre. The renewed conflict has heightened supply concerns in the Middle East, home to a significant portion of the…

Nigeria, Brazil Sign $1.1bn Deal on Food Production Nigeria and Brazil, on Monday signed the commercial phase of the 1.1 billion dollars Green Imperative Project (GIP) to boost agriculture productivity and enhance private-sector investment in Nigeria. GIP is the largest agricultural project in Africa which prioritises the development of sustainable, low-carbon agriculture. It aims to develop structural conditions to boost food production in Nigeria in an efficient and competitive manner. The MoU for the 1.1 billion dollars GIP 1 was signed in 2018, while the 4.3 billion dollars phase 2 of the project and the $2.5 billion JBS were signed…

NDLEA Intercepts US, Saudi Arabia-Bound Cocaine, Others The National Drug Law Enforcement Agency (NDLEA) announced that it has successfully thwarted attempts by Drug Trafficking Organisations (DTOs) to smuggle illicit consignments from Nigeria to five countries. NDLEA’s Director of Media and Advocacy, Mr Femi Babafemi, said this in a statement on Sunday in Abuja. He said the organisations wanted to smuggle the alleged consignments to the United States of America(USA), Saudi Arabia, Italy, Poland, and the United Arab Emirates (UAE). Babafemi identified the seized drugs as cocaine, tramadol, loud, molly, and other narcotics. He said that the suspects wanted to ship…

PZ Cussons Minority Shareholders Reject Debt-to-Equity Conversion PZ Cussons Nigeria Plc has officially announced that its minority shareholders have voted not to approve the conversion of US$34,264,544 or equivalent to ₦51,795,312,646.72 of the outstanding intercompany loan amount owed by the company to PZ Cussons (Holdings) Limited (PZCH) into equity. In its official statement, the consumer goods company said the decision was made at PZCN’s Extraordinary General Meeting (EGM) held on 13th March 2025 at the Transcorp Hilton Hotel, Abuja. “While there was strong minority shareholder support for the transaction, a significant minority shareholder bloc voted against the transaction and the…