Author: Olu Anisere

Stock Market Records 25.8% Drop in Weekly Transaction Value The stock market investors traded 3.199 billion shares worth N85.399 billion in 142,477 transactions on the Exchange in the just concluded week. This is compared to 4.773 billion shares valued at N107.426 billion that exchanged hands last week in 152,965 deals. As a result, the total value of transactions fell by 25.8 per cent week-on-week. The Financial Services Industry led the activity chart with 2.195 billion shares valued at N42.689 billion traded in 66,808 transactions. This contributed 68.61 per cent and 49.99 per cent to the total equity turnover volume and…

Money Market Rates Mixed Amidst Surplus Liquidity in Financial System Interbank rates mixed amidst surplus liquidity conditions in the financial system remained robust despite activity of the Central Bank of Nigeria (CBN) to tighten funding profile. The CBN floated two open market operations where bills worth cumulative of N700 billion were offer to investors subscription. Each auction gained investors attentions, and allotment were debited against the balance in the financial system. On Thursday, the amount in the financial system reduced to N1.428 trillion from N2.578 trillion the previous day, according to data obtained from AIICO Capital Limited, reflecting huge intraday…

Nigerian Insurance Act: Stiffer Penalties for Fake Operators Nigerians who buy insurance can now expect stronger protection, as the newly signed Nigerian Insurance Industry Reform Act (NIIRA 2025) introduces stiffer penalties against fake operators. The new insurance law also makes insurance compulsory for many everyday risks. Signed into law by President Bola Tinubu on Aug. 5, the legislation seeks to clean up the industry, stop quacks from exploiting people. It also ensures buildings, businesses, and even government assets are better covered against accidents, fire, and disasters. Under the new law, anyone running insurance business without a licence faces a fine…

Experts Call for Inflation Relief, Better Living Standards Some financial experts have commended the Federal Government for raising Nigeria’s external reserves to 41 billion dollars, the highest in nearly four years. They also stressed the need to channel more efforts toward easing the economic hardship facing citizens. The experts gave the commendation in separate interviews with the News men in Lagos on Wednesday. They described the development as a positive signal for investor confidence, but warned that stronger reserves would mean little if inflation and poverty remained unchecked. Prof. Sherifdeen Tella of the Department of Economics, Babcock University, Ogun State,…

NNPC, NLNG, suppliers Sign Landmark Gas Supply Deals The Nigerian National Petroleum Company Limited (NNPC Ltd.), Nigerian Liquefied Natural Gas (NLNG), and other Joint Venture (JV) partners have signed agreements to supply 1.3 billion standard cubic feet per day (mmscf/d) of feedgas. This move aims to ensure sustainability and strengthen gas supply for ongoing and future operations. The long-term Gas Supply Agreements (GSAs), with options for extension, were signed on Friday at the NNPC Towers in Abuja to boost gas supply to NLNG’s Bonny Plant. The third-party suppliers include Shell Nigeria Exploration and Production Company Ltd. – Sunlink Energies and…

Israel Warns of Gaza City Destruction Unless Hamas Disarms and Releases Hostages Israel’s Defense Minister, Israel Katz, has issued a stern warning to Hamas, stating that Gaza City will face destruction if the group fails to disarm and release all hostages. Katz’s ultimatum comes after Israeli Prime Minister Benjamin Netanyahu approved plans for a massive assault on Gaza City, despite widespread international opposition. The Israeli military has begun preparations for the evacuation of Gaza City’s one million residents, instructing medical officials and international organizations to prepare for the mass movement of civilians to southern shelters. However, Gaza’s Hamas-run health ministry…

Meta Signs Six-Year $10 Billion Cloud Computing Deal with Google Meta has signed a six-year cloud computing deal with Google worth over $10 billion. This partnership will see Meta utilizing Google Cloud’s servers, storage, networking, and other services to support its massive AI projects. The agreement is one of the biggest in Google’s 17-year cloud unit history and positions Google Cloud as a key provider for Meta’s AI infrastructure needs. The deal is part of Meta’s broader strategy to accelerate its AI infrastructure spending, with CEO Mark Zuckerberg pledging to invest hundreds of billions of dollars in building several massive…

Why Nigeria Refineries are Failing – PENGASSAN The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has identified the reasons why the Nigeria’s state-owned refineries are failing. The association said that the refineries are not failing because Nigerians lack the skills, but as a result of political interference which denied workers the tools, resources, and enabling environment to deliver effectively. Mr Festus Osifo, the association’s President who stated this on Friday at the ongoing 4th PENGASSAN and Labour Summit (PEALS 2025), also identified widespread corruption and mismanagement as reasons for the failure of the refineries. The three days…

NIGCOMSAT Targets N8bn Revenue Through Broadband Expansion The Nigerian Communications Satellite Ltd. (NIGCOMSAT) has announced plans to generate N8 billion in revenue within the next three years through expansion of its broadband services. The Managing Director of NIGCOMSAT, Mrs Jane Egerton-Idehen, disclosed this during a stakeholder roundtable event organised by the company on Friday in Lagos. Egerton-Idehen said broadband remained the company’s most profitable but least utilised product line, with only seven per cent currently in use. She said that about 93 per cent of the satellite’s broadband capacity was still idle, despite its wide applications in education, healthcare, defence,…

Equity Investors Lose N780bn as BUA Cement, MTN Nigeria Plunge The equity market capitalisation of the Nigerian Exchange (NGX) declined further as investors lost more than N780 billion from their combined portfolio value on Thursday due to a bearish pose in the local bourse. The market was dragged down by sell pressures in heavyweightstocks BUA Cement and MTN Nigeria eclipsing gains recorded by other lightweight companies. Due to profit-taking on these bellwether stocks, the domestic bourse closed today’s trading session on a bearish note, as key market performance indicators declined by 0.87%. The NGX year-to-date return moderated to 36.34% as…