Author: Olu Anisere

Market Index Retreats as Investors React to Interest Rate Decision The Nigerian Exchange (NGX) All-Share Index, or market index, retreated as equities investors exited positions in reaction to the decision of the central bank to keep the interest rate unchanged. After riding a bullish wave for four consecutive weeks, the Nigerian equity market reversed course, closing the week in the red as investors reassessed their positions, stockbrokers said. NGX All-Share Index declined by 0.62% week-on-week, settling at 109,028.62 points, as sell-offs across the banking and energy sectors weighed heavily on the overall market performance. The local bourse nosedived on the…

NCC Orders Telecom Operators to Alert Users about Network Outages The Nigerian Communications Commission (NCC) has mandated telecom licensees in Nigeria to inform consumers of major service outages on their networks through media channels, stating the cause(s) of the service interruption and the area(s) affected by the service interruption/outage, as well as the time that would be taken to restore service. The telecom regulator explained that consumers must also be informed one week in advance where operators have planned service outages, according to details in the “Directive on Reportage of Major Network Outages by Mobile Network Operators (MNOs),” which is…

Fidelity Bank Plunged by 16.58% as Investors Exit Positions Fidelity Bank Plc has lost 16.58% of its market value in the equities market this week as investors react negatively to huge damages slammed on the tier-2 lender by the Supreme Court. According to data from the Nigerian Exchange, Fidelity Bank Plc opened the week at N20.8 and closed at N17.35 after daily price depreciation that started on Monday. The huge financial damages slammed on the bank by the Nigerian court weakened investors’ sentiments. At the close of the trading session, Fidelity Bank, with 50.212 billion shares outstanding, was valued at…

Cash transfer: FG supports 6 million Nigerians in 6 months Prof. Nentawe Yilwatda, the Minister of Humanitarian Affairs and Poverty Reduction, says six million Nigerians have benefited from the Federal Government’s Conditional Cash Transfer programme in six months. Yilwatda disclosed this while addressing beneficiaries of the ongoing Skills-to- Wealth (S2W) Training programme on Thursday in Jos. The minister, who said that only two million Nigerians benefitted from the programme in the last nine years, however, disclosed that the ministry had adopted a new approach. “Only two million people benefitted from the conditional cash transfer in the past; it simply means…

Naira Strengthens as Data Shows FX Inflow Jumps by 48% The naira exchange rate improved at the Nigeria Foreign Exchange Market (NFEM) as data showed that there was approximately a 48% week-on-week increase in FX inflows into the official window. The naira has continued to record gains against the US dollar at the FMDQ platform and CBN window in the absence of forex shortfall in the currency market. The naira settled at N1584 at the CBN NFEM window and N1582 at the FMDQ platform as market liquidity remained sufficient to meet aggregate demand in the currency market. The Nigerian Autonomous…

Wike Seeks NASS Approval for FCT’s N1.78tr 2025 Statutory Budget The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has appealed to the National Assembly to approve the FCT’s N1.78 trillion Statutory Budget proposal for the 2025 fiscal year. Wike made the call in Abuja on Wednesday, when he appeared before the Senate and House of Representative Committees on FCT, to defend the 2025 FCT proposed budget. He explained that out of the N1.78 trillion, N1.28 trillion was earmarked for capital projects, representing 72.3 per cent, while N494.1 billion was set aside for recurrent expenditure representing 27.7 per…

Africa Energy Bank to Create Funding Availability for Indigenous Coys The Nigerian Content Development and Monitoring Board (NCDMB) says the Africa Energy Bank (AEB) will create more funding availability for indigenous companies. Mr Felix Ogbe, Executive Secretary, NCDMB said this on Wednesday in Yenagoa at the ongoing fifth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025). The fair has its theme as ‘’Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development.’’ The Africa Energy Bank, with its proposed Headquarters in Abuja will be open for business before the end of…

EU Countries Agree to Set up €150bn Defence Fund European Union (EU) countries on Wednesday agreed to set up a fund worth 150 billion euros (170 billion dollars) for joint arms procurement. The loans were meant to be used to invest in air and missile defence, artillery systems, missiles and ammunition, drones and anti-drone systems. It should also be used to address other needs from cyber to military mobility; European Commission President Ursula von der Leyen said when she presented the plans in March. Current rearmament efforts in Europe are intended to deter Russia from possibly attacking another European country…

Linkage Assurance Bags B+ stable Outlook Global Rating Linkage Assurance Plc, a non-life insurance company, has been assigned a long-term Issuer Credit Rating (ICR) of “B+” by AM Best, a global credit rating agency. The outlook for both the credit rating and the issuer credit profile is stable. Dr Imo Imo, Chief Strategy and Product Officer, Linkage Assurance Plc, disclosed this in a statement on Tuesday in Lagos. Imo said AM Best’s rating reflects Linkage Assurance’s strong balance sheet strength, in addition to its adequate operating performance, favourable business profile, and effective enterprise risk management framework. He explained that this…

Oil Prices Edge Lower Over Demand, Supply Imbalance Oil prices edged lower in the global commodity market on Monday, pressured by concerns about oversupply following renewed talks of a potential nuclear deal between Washington and Tehran. International benchmark Brent crude fell by around 0.53%, trading at $64.18 per barrel, down from $65.41 at the previous session’s close on Friday. Similarly, US benchmark West Texas Intermediate (WTI) crude was $61.64 per barrel at the same period. The price fluctuation is influenced by uncertainties surrounding the U.S. Federal Reserve’s monetary policy strategies, peace negotiations between Russia and Ukraine, and reports suggesting an…