Author: Olu Anisere

Interbank Rates Diverge Amidst Huge Liquidity Deficit The short term benchmark interest rates diverged on the back of relatively lower funding demand as banking system faced huge liquidity deficit. Liquidity challenge in the money market increased due to outflows ahead of OMO bill auction on Thursday. Market participants switched to cautious mode ahead of N600 billion OMO auction. The financial system opened with a negative balance of N668.26 billion, a significant increase from about N573 billion negative balance in the prior day. The financial system liquidity worsened following Remita outflow in the absence of significant inflows from matured instruments. Due…

OPEC Downgrades 2025 Forecast for U.S. Oil OPEC has downgraded the forecast for the U.S. oil and condensate production in 2025 by 50,000 barrels per day. Now it expects an increase of 240,000 barrels per day to 13.47 million barrels per day, according to its new report released on Wednesday. According to the table for the report, the figure in 2024 averaged 13.23 million barrels per day, 290,000 barrels per day more than a year earlier. At the same time, in 2026, according to OPEC’s forecast, oil and condensate production in the U.S. would grow by 170,000 barrels per day…

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…