Author: Olu Anisere

Marketers want us to Increase Pump Price by N75 – Dangote Dangote Petroleum Refinery has revealed that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) requested it to increase the price of petrol and diesel by N75 per litre, in order to allow its members to match the refinery’s gantry prices at their respective depots. If implemented, this would result in the pump price of Premium Motor Spirit (PMS) and diesel rising to as high as N950 and N1,090 per litre respectively in some parts of Nigeria. The refinery disclosed that although it offers petroleum products to marketers…

FIFA Ranking: Super Eagles now World 45th Nigeria’s Super Eagles have dropped by one spot in the September edition of the FIFA World Football Ranking to be the world 45th placed team. In the ranking table on the website of the football governing body, Nigeria garnered 1483 points in the month under review as against 1484 points it had at the last ranking in July. During the period under review, the Super Eagles drew one match (South Africa), won two (Nig 1:0 Rwanda), (Nig 2:0 Congo) and lost two (Sudan 4:0 Nig), (Sen 1:0 Nig). At the continental level, Nigeria…

Oil Prices Decline as U.S Federal Reserve Cuts Rates Oil prices edged lower on Thursday after the Federal Reserve (Fed) cut interest rates for the first time this year, even as US government data showed a draw in crude inventories. Brent crude traded at $67.30 a barrel, down 0.37% from the previous close of $67.55. US benchmark West Texas Intermediate (WTI) decreased by 0.39% to $63.39 from $63.64 in the prior session. Prices retreated after the Fed lowered its policy rate by 25 basis points on Wednesday, the first cut of 2025. Fed Chair Jerome Powell described the move as…

OMO Bills Inflow Fuels Banking System Liquidity, Rates Steady Inflow from expired OMO bills fuelled liquidity surge in the banking system on Tuesday, and rates were steadied at the current floor level while the market anticipates monetary easing. The financial system liquidity increased to N2.455 trillion, according to update released by AIICO Capital Limited from N2.111 trillion the previous day. Banks were noted to be active at the Central Bank of Nigeria (CBN) standing deposit facility, though the rate of fund sterilisation reduced compared to initial experience. TrustBanc Financial Group reported that placements at the standing deposit facility window declined…

NGX Benchmark Index Slips by 0.08% as Big Banks See Selloffs The Nigerian Exchange (NGX) benchmark All-share index (ASI) declined by 8 basis points on Tuesday in post inflation reaction driven by price depreciation posted by some banks. Price depreciation in Zenith Bank, UBA, Fidelity Bank among others, dragging the banking index down by 30 basis points on the day. The Nigerian domestic market reversed the previous day’s gain to close today’s trading session in the red due to profit-taking activities in selected medium and blue-chip stocks. The market index shed 0.08%, settling at 141,546.80 index points, this left the…

Nigerian Exchange Soars, Equities Investors Gain N704bn The Nigerian Exchange (NGX) expanded, with the All-Share Index gaining 79 basis points due to bargain hunting in BUA Foods, GTCO, and Unilever Nigeria, among other gainers. The stock market opened the new week on a strong positive note, as key market performance indicators advanced by 0.82%.The upbeat was driven by sustained and increased buying interest in medium and large-scale stocks such as LIVINGTRUST, UNILEVER, BUAFOODS, CHAMS, and others across key sectors. This renewed demand effectively reversed the previous session’s losses recorded before the weekend break. Specifically, the market index or All-Share Index…

Nigeria’s Headline Inflation Rate Falls to 20.12% in August Nigeria’s headline inflation rate fell to 20.12% year on year, according to detailed information from the consumer price index (CPI) report released by the National Bureau of Statistics (NBS). Based on the CPI data, inflation slowed by 176 basis points to 20.12% year on year in August from 21.88% previously reported in the corresponding period.On a month-on-month basis, consumer prices slowed by 125 bps to 0.74% from 1.99% in July, NBS reported Food inflation decreased by 87 bps to 21.87% year on year in August from 22.74% posted in July. On…

Corporate Bonds to Surge as Fed Rate Cut Unleashes New Demand Corporate bonds are set to rally alongside equities this week as the Federal Reserve is expected to deliver its widely anticipated rate cut, creating a “powerful tailwind for credit markets that have already attracted record inflows in 2025.” This is the bullish analysis from Nigel Green, chief executive of global financial advisory giant deVere Group ahead of the divided Federal Reserve likely to make its first interest rate cut this year on Wednesday. The CEO says investors are underestimating how dramatically lower borrowing costs will fuel demand for high-quality…

Oil Rallies as Ukraine Attacks Refineries, Ports in Russia Oil prices extend their latest rally on Monday in the global commodity market following the latest attacks by Ukraine on refineries and ports in Russia. Prices of Brent and U.S. West Texas Intermediate (WTI) increased following claims by Ukraine that recent drone attacks affected Russia’s two key oil hubs in the Baltic Sea. Brent crude was trading at $65.72 per barrel. The US benchmark West Texas Intermediate (WTI) settle at $61.68. Recent reports suggest that the latest strikes temporarily suspended crude operations at Primorsk port, Russia’s largest oil-loading port, at the…

Nigeria, Angola Sign Pact on Combating Illicit Drugs Nigeria and the Republic of Angola have signed two agreements aimed at combating illicit production, manufacture, and trafficking in narcotic drugs, psychological substances, and their precursors, as well as cultural cooperation and exchange. The Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, disclosed this in a statement issued on Sunday by Dr Magnus Eze, Special Assistant on Communication and New Media, Office of the Minister of State for Foreign Affairs. The statement is against backdrop of the signing of the agreement by Amb. Odumegwu-Ojukwu and her Angolan counterpart, Amb. Domingos Lopes,…