Author: Olu Anisere

Lagos Introduces Separate Screening Fee for Building Plan Approval The Lagos State Government has introduced a separate screening fee for building plan approvals as part of ongoing reforms to strengthen safety and transparency in the state’s construction sector. The Special Adviser to Governor Babajide Sanwo-Olu on e-GIS and Urban Development, Dr Babatunde, disclosed this in Lagos while addressing professionals and members of the public on recent changes within the Lagos State Building Control Agency (LASBCA). Babatunde said the new billing system separates the screening fee from the stage certification fee. He said that LASBCA would now handle its billing independently…

CBN Raises N7trn from Six OMO Auctions, Introduces New Bills The Central Bank of Nigeria (CBN) raised about N7 trillion from six open market operations conducted in Oct to mop up excess liquidity and attract FX inflows from offshore investors. The Apex Bank step up its OMO actions pace with six auctions, a significant deviation from one action in Sept. A total of N6.99 trillion worth of OMO bills were allotted to eligible investors – deposit money banks and foreign portfolio investors, up from N620.65 billion sold in Sept. The authority decision to absorb excess liquidity that lingered in the…

15% Petrol Import Tax Requires Cautious Implementation -Analysts Nigeria’s headline inflation rate could reverse from the sustained downward trend as the authority plans 15% on imported fuel. Despite a stable local supply source, Nigerian crude importers maintain their stance to stay in business and continually seek a level playing field. Despite significant issues facing Nigeria’s refineries, President Bola Tinubu has recently approved a 15% ad valorem import duty on petrol and diesel. The move marked a significant policy shift in Nigeria’s downstream oil sector, according to analysts’ notes. The measure, which took effect following a presidential directive dated October 21,…

Julius Berger Jumps by 13.3% as Investors Bet on Earnings Market value of Julius Berger Nigeria Plc jumped by more than 13% in a race against the trend in the Nigerian Exchange as investors bet on bumper earnings performance in Q3. The construction company share price reached N151.80 on Friday when 510,094 units valued at N76.178 million were traded in the local bourse. Trading data from the Nigerian Exchange showed that the counter gained 13.3% week on week following a two times swing triggered by investors that sought to take positions in anticipation of robust 2025 earnings performance. Reflecting the…

Aso Savings Gains 106% Since Mortgage Institution Returns to Market With a 106% re-rating since it returned to the Nigerian Exchange in October, Aso Savings and Loans is one of the financial stocks not to underrate for potential upside. Fast and furious gain is a common trend for companies returning to the stock market for trading or a new listing. Aso savings and loans, a primary mortgage institution in Nigeria, is announcing its return to active trading with more than a 56% price gain on the Nigerian Exchange. The sustained positive price upticks seen in the two weeks have been…

Naira Gains N15.23 Against Dollar at Official Market The Naira on Friday extended its gain, closing the trading week stronger at N1,421.73 to the dollar at the official foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated by N15.23 or 1.07 per cent compared with N1,436.97 recorded on Tuesday. The latest gain continues a weeklong positive trend that has seen steady appreciation in the value of the Naira. The local currency traded at N1,452.79 to the dollar on Monday, N1,448.20 on Tuesday, and N1,444.42 on Wednesday. Financial analysts have lauded the sustained…

Arsenal Beat Burnley to Stretch Premier League Lead Arsenal moved seven points clear at the top of the Premier League with a straightforward 2-0 victory over Burnley at Turf Moor as their mastery of set pieces again proved irresistible on Saturday. Viktor Gyokeres opened the scoring in the 14th minute from yet another corner routine involving Declan Rice and Gabriel, with the Swede touching in from close range. Arsenal were in cruise control in the 35th minute, this time from open play, as a sweeping counter-attack ended with Rice thumping a header past Burnley goalkeeper Martin Dubravka. Burnley did not…

CBN Sells 60-Day OMO Bill to Investors at 21.7% Interest Rate The Central Bank of Nigeria (CBN) sold 60 days to maturity OMO bills to investors during the last-moment auction for October 2025 with an underwhelming subscription level. Reacting to a robust liquidity level in the financial system, the Apex Bank opened N600 billion OMO bills for subscription on Friday at the primary market auction. The CBN offered banks and foreign portfolio holders’ short-term OMO bills across two standard tenors – 46 days and 6 days to maturity. The 46-day bill recorded no sales due to subdued demand and higher…

UK Private Sector Economy Regains Momentum in October -PMI The UK private sector economy regained some momentum in October, with stronger output growth underpinned by another modest upturn in the service economy and the first expansion of manufacturing production for 12 months. In its purchasing manager index, S&P reported that new business volumes also increased in October, which contributed to the least marked rate of private sector job shedding since May. At the same time, input price pressures moderated to the lowest since November 2024. This led to a slower rate of output charge inflation, driven by a weaker uplift…

GCR Downgrades Dangote Industries Ratings, Outlook Evolving GCR Ratings has downgraded Dangote Industries Limited’s national scale long-term and short-term issuer ratings to A+(NG) and A1(NG), respectively, from AA+(NG) and A1+(NG) previously. The ratings agency also downgraded the group’s national scale long-term issuer rating accorded to each of Dangote Industries Funding. The funds downgraded include Series 1 Tranche A and Tranche B Bonds as well as the Series 2 Bond to A+ (NG) from AA+ (NG) previously. With the expectation that if the Group’s cash flow improves in less than 18 months, the outlook on the group’s ratings will be revised…