Author: Olu Anisere

Tunisia’s Central Bank Keeps Key Interest Rate at 7.5% Tunisia’s central bank said on Friday it has kept its benchmark interest rate unchanged at 7.5%, after cutting it from 8% in March for the first time in five years amid intense pressure from President Kais Saied. Tunisia’s inflation rate fell to 5.9% in March and then to 5.6% in April, reaching its lowest level in five years. The government projects inflation will average 6.2% this year, down from 7% in 2024. The current account deficit, a key economic indicator, widened to 3.26 billion dinars ($1.10 billion) at 1.8%, the bank…

Development Bank of Nigeria Disburses N1trn to MSMEs The Development Bank of Nigeria (DBN) has said that it disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country and created more than 1.2 million jobs. The managing director of the bank, Dr Tony Okpanachi, disclosed this in an interview with the news agency on the sidelines of the African Development Bank (AfDB) Annual Meetings in Abidjan. Okpanachi described DBN’s progress as a major milestone in its mission to enhance access to finance for Nigeria’s small businesses. “We are proud to report that at the end of…

Kano Targets N200bn IGR via NIN-Based Tax Reform The Kano State Board of Internal Revenue (KIRS) is targeting an Internally Generated Revenue (IGR) of N200 billion through a tax reform that leverages the National Identification Number (NIN). The executive chairman of KIRS, Dr Zaid Abubakar, made this known while addressing stakeholders at a recognition ceremony for individuals and organisations whose efforts have supported the agency’s achievements despite prevailing challenges. According to him, KIRS has made significant strides since 2024 in the areas of tax compliance, revenue generation, and efficient service delivery, due to sustained reforms and support from relevant partners.…

Oil Rises as US Court Blocks Trump’s Global Tariffs Oil prices rose as investors in the global commodity market reacted to a US court decision to block President Donald Trump from imposing sweeping global tariffs on imports. International benchmark Brent crude increased by around 1.62%, trading at $65.36 per barrel. Also. The US benchmark West Texas Intermediate (WTI) rose by about 1.69%, settling at $62.69 per barrel, compared to $61.65 in the prior session. The US Court of International Trade ruled Wednesday that President Donald Trump overstepped his authority and blocked him from imposing sweeping global tariffs on imports, according…

Buy Side Investors Drive Intraday Gain in Equities Market Buy side activities from stockbrokers and other traders boost equities market performance on Wednesday. Stockbrokers said Access Holdings, MTN Nigeria, and GTCO are among the top stocks driving the intraday rally in the equities segment of the Nigerian Exchange (NGX) on Wednesday. The all-share index has inched higher as investors are taking positions in growth stocks. The bargain hunting has pushed key performance indicators higher again after hitting a historic high in the Nigerian bourse yesterday. Stockbrokers said they expect the local bourse to close in green, having seen huge intraday…

We’ll Continue Borrowing Within Sustainable Limits- FG The Federal Government says it will continue to borrow within manageable and sustainable limits in accordance with the Debt Management Office (DMO) debt sustainability framework. This is contained in a statement by the Director, Information and Public Relations in the Ministry of Finance, Mr Mohammed Manga, in Abuja on Wednesday. The President Bola Tinubu recently requested the approval of the 2024 – 2026 external borrowing rolling plan from the National Assembly. Tinubu has requested the National Assembly’s approval to secure external loans of 21.5 million dollars and 15 billion Yuan, along with a…

Ecobank named Best Bank in Africa 2025 in Global Finance Awards Ecobank, the leading private pan-African financial services group, which has unrivaled African expertise, is delighted to have been named Best Bank in Africa 2025 in Global Finance’s World’s Best Banks 2025 Awards. The awards also selected Ecobank Gambia and Ecobank Togo as the best banks of 2025 in their respective countries. Jeremy Awori, Chief Executive Officer, Ecobank Group, said, “Driving intra-African trade is an important focus of our Growth, Transformation, and Returns strategy, and we are continuously leveraging technology and partnerships to further enhance our continental digital payments platform…

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…