Author: Olu Anisere

NNPC Contains Escravos-Lagos Pipeline Fire Outbreak The Nigerian National Petroleum Company Limited (NNPCL) says it has successfully contained the fire outbreak on a section of the Escravos-Lagos Pipeline System (ELPS) in South-West Warri, Delta. The Chief Corporate Communications Officer of NNPC Ltd., Andy Odeh, confirmed this in a statement on Sunday. The NNPC Limited had confirmed an incident involving an explosion reported at about 17:50 hours on Wednesday near Tebijor, Okpele, and Ikpopo communities in Gbaramatu Kingdom, Delta. Odeh said coordinated containment measures had been successfully executed, ensuring the safety of host communities, personnel, and the environment. “All relevant pipeline…

Fitch Upgrades Côte d’Ivoire to ‘BB’ with Stable Outlook Fitch Ratings has upgraded Cote d’Ivoire’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB’ from ‘BB-‘ with a stable outlook.  The upgrade of Côte d’Ivoire’s IDRs reflects the following key rating drivers and their relative weights: The global ratings firm said the October presidential election saw only limited unrest, suggesting the country is moving beyond its history of election-related major civil unrest. The confirmation of President Ouattara’s victory for another five years, and the administration’s adherence to the IMF supported reform agenda and the 2026-2030 National Development Plan underpin continuity in…

DMO to Auction N460 billion Reopen Bonds for Subscriptions Nigeria’s Debt Management Office (DMO) is set to open its final local bond offering across two reopenings for investors’ subscription on Monday, according to a circular reviewed by MarketForces Africa. The Debt Office’s final auction for 2025 will be held on 15 December, with plans to offer N230.00 billion apiece for the AUG-2030 and JUN-2032 maturities. The market is not anticipating any surprises despite a two-times increase in the spot rate for Nigerian Treasury bills with 364 days maturity priced at 17.95% last week from 16.04% at the beginning of the…

CBN Funds International Payments with $250 Million The Central Bank of Nigeria (CBN) funded international payments with $250 million injected into the foreign exchange market in the last five trading sessions. The naira depreciated as demand for the US dollar continues to increase above the FX levels in the official currency market. The spot FX rate reached a weekly high of N1456 before its last-minute rebound, aided by the Apex Bank intervention. The US dollar demand pressures eased as a combination of CBN FX sales, foreign portfolio investors, non-corporate bank, and exporters enhanced liquidity. Despite continued intervention by the CBN,…

Oil Prices Close Week Lower over Demand, Supply Uncertainties Prices of crude oil were lower week on week over uncertainties around demand and supply. This week, crude oil prices were weighed primarily by persistent concerns over global oil demand. Also, the commodity market was weighed by uncertainties surrounding the US Federal Reserve’s (Fed) policy path, while early signs of progress in Russia-Ukraine peace efforts tempered losses. Brent crude traded at $61.02 per barrel, down 4.1% from last Friday’s close of $63.64. US benchmark West Texas Intermediate (WTI) was at $57.37 per barrel, falling around 4.3% compared with $59.93 last week.…

Fixed Income Market Heats Up by Selloffs, Naira Assets Yields Rise The Nigerian fixed interest securities market heated up with selloffs as investors readjusted their portfolios in reaction to a surprise increase in the treasury bills spot rate. The selloffs nudged average yields on the naira assets higher across tenors, and it happened across the Nigerian Treasury, OMO bills and bonds. The market witnessed the Central Bank of Nigeria (CBN) pushing the spot rate on Treasury bills papers upward, and series of OMO actions were conducted to mop up excess liquidity in the financial system. The authority lifted the one…

Gambia Gets $38m IMF Loan to Further Economic Reforms The Executive Board completed today the fourth review of The Gambia’s Extended Credit Facility (ECF) arrangement, approved on January 12, 2024, supporting reforms to address long-standing structural impediments to inclusive growth. The completion of the review allows for the immediate disbursement of SDR12.44 million, which is about US$17.00 million bringing total disbursements under this arrangement to SDR49.75 million, or about US$68.00 million. The Executive Board of the IMF also completed the first review under the Resilience and Sustainability Facility (RSF), approved on June 18, 2025, to help the authorities improve macroeconomic…

Alleged N2.2bn Fraud: Court Remands Ngige Pending Bail Application An Abuja High Court on Friday remanded a former Minister of Labour and Employment, Chris Ngige, in Kuje Correctional Centre, pending the determination of his bail application The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Ngige over alleged N2.2 billion fraud. Ngige, a former governor of Anambra , is facing eight counts of fraud and accepting bribes. The defendant served as the governor of Anambra under PDP platform from May 29, 2003, to March 17, 2006. He served as minister under former and late President Muhammadu Buhari’s administration from…

FG to Raise N1.23trn in 4 Months to Clear Gencos , Gas Debts The Federal Government says it will raise N1.23 trillion within the next four months as part of a major push to settle longstanding debts owed to power generation companies (Gencos) and gas suppliers. The Special Adviser to the President on Energy, Mrs Olu Verheijen disclosed this in a statement issued in Abuja which was made available to newsmen on Friday by her media aide, Senan Murray. Verheijen said the initiative, forms a key component of the Presidential Power Sector Debt Reduction Programme and signals renewed commitment to…

VFD Group Targets N2.997bn Profit for Q1-2026 VFD Group has forecasted N2.997 billion profit after tax for the first quarter of financial year 2026, the company said in its earnings target disclosed on the Nigerian Exchange. The diversified investment group set N22.781 billion as its expected gross earnings in the first three months of operations next year. Its earnings forecast breakdown showed that investment and similar income is projected to print at N17.685 billion in Q1 2026, balanced against related expenses of N3.273 billion. This left VFD Group with projected net investment income of N14.411 billion in the period. The…