Author: Olu Anisere

The naira dropped sharply against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday as FX payments surged above liquidity.

UK-Nigeria Tech Hub Launches Creative Fund, Opens Application The UK-Nigeria Technology Hub has launched its Creative Fund, a first phase grants initiative designed to address critical technical capacity gaps across Nigeria’s film, fashion and music industries. The fund will support the development of local digital production capacity; encourage adoption of modern creative technologies; and promote responsible use of Artificial Intelligence (AI) to strengthen Nigeria’s creative value chain. The British Deputy High Commission, in a statement on Tuesday, said the initiative would directly support the priorities of the UK-Nigeria Economic Transformation and Investment Partnership (ETIP) Creatives Working Group, launched in March…

Transcorp Power Plc, one of the power subsidiaries of Africa’s leading listed conglomerate, Transnational Corporation Plc, has announced a  ₦41,250,000 total dividend to its shareholders at the 13th Annual General Meeting held at the Congress Hall, Transcorp Hilton Abuja.

Nigerian Overnight Financing Rate Steady on Liquidity Surplus The liquidity surplus in the financial system has kept the Nigerian Overnight Financing Rate (NOFR) stable, as banks continue to make strong placements at the Central Bank. At the beginning of the week, money market benchmarks showed little change due to the absence of significant funding pressures. In its market update, AIICO Capital Limited reported that liquidity in the financial system opened the week with a surplus of ₦4.52 trillion. The significant amount reflects an increase of ₦553.15 billion from the previous week’s balance, before the Debt Management Office bond auction, during…

First Holdco’s share price dipped by 10% as investors trimmed holdings in the group amidst a missed regulatory filing on the Nigerian Exchange. 

PTAD Clears N32,000 Pension Arrears for DBS Retirees The Pension Transitional Arrangement Directorate (PTAD) says it has paid the final one-month arrears of the N32,000 pension increase to eligible Defined Benefit Scheme (DBS) pensioners. This is contained in a statement on Monday by PTAD Head of Corporate Communications, Mr Olugbenga Ajayi. “A total of N1,734,592,000 was disbursed to 54,206 eligible DBS pensioners,” Ajayi said. He said the payment completed all arrears from the N32,000 increment approved by the National Salaries, Incomes and Wages Commission, effective July 29, 2024. Under the Parastatals Pension Department, 25,804 pensioners received N825,728,000, completing payment of…

The Yobe State Executive Council (SEC) has ratified N59.8 billion to fast-track the execution of viable projects and services earlier approved by the state government.

The British pound stabilised above $1.35, recovering from a two-week low, as investors prepare for a week filled with significant economic data and global interest rate decisions while also monitoring US-Iran peace talks.

2027: Gbajabiamila Backs Hamzat’s Lagos Governorship Bid The Chief of Staff to the President, Mr Femi Gbajabiamila, has declared his support for the Lagos governorship bid of the state deputy governor, Dr Obafemi Hamzat. Gbajabiamila endorsed Hamzat when the deputy governor, in the company of some prominent party leaders in the state, visited him at his Oniru residence on Sunday. The visit was part of his ongoing engagements and consultations with party leaders ahead of 2027. Some of the party leaders on Hamzat’s entourage include a former Minister of State for Defence, Sen. Musiliu Obanikoro; Secretary of Lagos APC Governance…

Equity prices shed 0.5% as measured by the Nairobi Securities Exchange (NSE) All-Share Index last week. The decline was largely driven by reduced performance in the commercial (-2.1%), energy (-1.5%), and banking (-1.0%) sectors, according to Pergamon Investment Bank.