Author: Olu Anisere

GCR Keeps FBNQuest Merchant Bank Outlook on Rating Watch Negative GCR Ratings has affirmed FBNQuest Merchant Bank Limited’s national scale long and short-term issuer ratings of BBB (NG) and A3 (NG), respectively, with the outlook maintained on Rating Watch Negative. The ratings of FBNQuest Merchant Bank Limited’s balance a sound risk profile, stable funding and strong liquidity against a modest competitive position and constrained capitalisation, GCR said in the rating note released on Tuesday. Ratings analysts stressed that the Negative Rating Watch reflects potential non-applicability of group support uplift upon the completion of FBN Holdings Plc’s disposal of the bank,…

APC Defends $1 Billion Investment in Lagos Ports The All Progressives Congress (APC) in Lagos State says the Federal Government’s $1 billion investment in the Lagos ports is part of a nationwide modernisation blueprint. The APC Spokesman, Mr Seye Oladejo, in a statement on Tuesday, said this while reacting to opposition parties’ criticism of the project. Oladejo said that the investment was designed to transform Nigeria into West Africa’s premier maritime hub. He described as laughable the opposition’s commentary and claim that President Bola Tinubu had neglected Warri, Calabar, Onne, and Port Harcourt ports, concentrating investments in Lagos ports. Oladejo…

U.S, Japan Sign Deal to Boost Rare Earths Supply Chains  The United States (U.S) and Japan have agreed to deepen cooperation on the supply of critical minerals and rare earths.  The agreement was signed on Tuesday in Tokyo by U.S. President Donald Trump and Japanese Prime Minister Sanae Takaichi. The aim is to secure the supply of critical minerals and rare earths necessary to support domestic industries, including advanced technologies and their respective industrial bases. The move comes against the backdrop of China’s near-monopoly on rare earths. Beijing has imposed export controls on rare earths and the magnets made from…

Trump in Japan for Asia Tour, to Meet China’s President on Thursday President Donald Trump touched down in Japan, marking the second destination of his tour across Asia, which will conclude with a crucial meeting with Chinese President Xi Jinping later this week. Trump is scheduled to meet China’s Xi Jinping in South Korea this week for high-stakes talks on tariffs tagreement with Beijing, while Taiwan and Russia are also likely to be discussed. The US president will meet Xi on the sidelines of the Asia Pacific Economic Cooperation summit on the final day of his Asia visit, which includes…

Nigeria’s Removal from Financial Crime Watch List to Boost Inv– SEC Boss The Securities and Exchange Commission (SEC) has said that the removal of Nigeria from the Financial Action Task Force (FATF) grey list reflects the country’s clear policy direction. On Friday, FATF announced the delisting of Nigeria from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks. Speaking on Channels Television’s Morning Brief, SEC’s Director General, Emomotimi Agama, said the development would boost investor confidence. Agama noted that investors would realise the Federal Government’s efforts to strengthen the nation’s anti-money laundering and countering the…

GCR Affirms UBA Plc.’s B/AA+ Ratings with Stable Outlooks GCR Ratings (GCR) has affirmed United Bank for Africa Plc’s (UBA) international scale long-term issuer rating of B. Concurrently, UBA’s national scale long and short-term issuer ratings have been affirmed at AA+(NG) and A1+(NG), respectively. The outlooks on the ratings have been maintained as stable. GCR said the ratings reflect the consolidated credit profile of UBA group, comprising the bank and its subsidiaries operating across twenty African countries as well as international offices in the United Kingdom, the United States, France, and the United Arab Emirates. GCR also highlighted that UBA…

FG Sets Up Committee to Clear GenCos’ Outstanding Debts The Federal Government has constituted a committee to address the payment of outstanding debts owed to Power Generation Companies (GenCos) and to establish sustainable payment mechanisms to prevent future accumulation. Mr Mahmuda Mamman, Permanent Secretary, Ministry of Power, disclosed this on Monday in Abuja at the 10th Anniversary celebration of the Association of Power Generation Companies of Nigeria (APGC). The event, themed “A Decade of Powering Progress, Driving Nigeria’s Energy Transformation”, brought together key stakeholders from across the power sector to reflect on achievements and challenges over the past decade. Mamman,…

Downstream Oil & Gas Sector Undergoing Transformation – NNPCL Dr Mumuni Dagazau, Executive Vice President (EVP) of Downstream, NNPC Ltd., says the nation’s downstream oil and gas sector is undergoing a transformation driven by deregulation, foreign exchange reforms, and strategic collaborations. Dagazau made this known on Monday in Lagos at the 19th Africa Downstream Energy Week, with the theme “Energy Sustainability: Growth Beyond Boundaries and Competition”. He said recent policy reforms had unlocked new growth opportunities, encouraging integration, innovation, and stronger partnerships across the energy value chain. “We are witnessing strategic measures, supply partnerships, and joint investments that signal a…

Stanbic IBTC Falls by 9.2% on Weak Investors Sentiment The market value of Stanbic IBTC Holdings Plc’s 15.901 billion shares outstanding fell by more than 9% to N1.701 trillion on the Nigerian Exchange due to negative investors’ sentiment. According to data from the Nigerian Exchange, the tier-2 lender was valued at N1.701 trillion at the close of the trading session on Friday. The selloffs reduce Stanbic IBTC share price to N107.2 from the opening price of N118 for the week, reflecting fluctuation in the trading volume executed in the local bourse.  Investors’ sentiment was weak before the group released the…

Oil Prices Rises as US-China Agree Framework for Trade Deal Oil prices rise during early hours on Monday as the US and China have agreed on a framework for a trade deal just days before Donald Trump and Chinese President Xi Jinping are due to meet. Treasury Secretary Scott Bessent said the agreement, forged on the sidelines of the Association of Southeast Asian Nations (Asean) summit in Malaysia on Sunday, would remove the threat of the imposition of 100% tariffs on Chinese imports starting on 1 November and include “a final deal” on the sale of TikTok in the US.…