Author: Olu Anisere

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.…

Elombi Unveils Afreximbank’s 5-Year Trade Strategy Dr George Elombi, the new President of the African Export-Import Bank (Afreximbank), has unveiled a five-year strategy to transform Africa’s trade structure and deepen integration. He unveiled the plan during his investiture as Afreximbank’s fourth president at the Legacy Conference and Investiture in Cairo, Egypt, on Saturday. The ceremony, with the theme ‘Decades of Impact as Building Blocks for a Prosperous Future,’ marked the beginning of a new era for the continental bank. Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, administered the oath of office to Elombi during…

Inflation Spikes in UK, US Amidst Rates Cut Expectations Rates cut talks across the market deepened as the UK and the US reported a surge in the consumer price index that measures headline inflation.  To boost GDP growth, markets anticipate the Federal Reserve to cut rates at least twice in 2025, amidst diverging views in Bank of England policy direction. The U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 3.00% YoY in September 2025 from 2.90% in August, reinforcing the persistence of price pressures across key consumer segments. On a monthly basis, the CPI…

Ikeja Hotel Grows Profit by 285%, Announces Interim Dividend In the nine months of financial year 2025, Ikeja Hotel Plc delivered a robust earnings performance despite steep rivalry in the highly competitive hospitality business in Nigeria.   The hotelier grew its net profit by more than 285% to N4.851 billion, details from its nine months financials submitted on the Nigerian Exchange (NGX) revealed. The hospitality company doubled down on its earnings amidst growing rivalry in the sector, supported by increasing occupancy rate.   Its revenue for the period surged by 47% year on year to N18.516 billion from N12.598 billion…

Stanbic IBTC Grows Profit by 52% to N278.476 Billion Stanbic IBTC Holdings Plc delivered a 52% surge in profitability in the nine months of financial year 2025, details from its financial statement submitted to the Nigerian Exchange revealed. The diversified financial services group’s total income for the first nine months surged to N655.164 billion, up by 40.63% year on year from N465.861 billion in the equivalent period in 2024. Reflecting Nigeria’s high interest rate environment, the group’s net interest income printed at N454.588 billion, a sharp increase of 80.5% from N251.850 billion in the comparable period in 2024.   Trading…

Guinness Nigeria Delivers 161% YTD Gain, Returns to Profitability Equity investors’ reaction to Guinness Nigeria’s earnings release was flattish, with the record showing the brewer company has delivered a 161% year-to-date return on investment this year. This means that every N1 million investment in the brewer stock has turned to N2.61 million as Guinness Nigeria share price trades near a 52-week high in the Nigerian Exchange. In its audited financial statement for 9 months of financial year 2025, Guinness Nigeria Plc reported a profit after tax of ₦6.7 billion, marking a significant recovery from the ₦61.6 billion loss posted in…

FATF Removes Nigeria from Global Financial Crime Watch List UPDATE: The Financial Action Task Force (FATF) has delisted Nigeria from its greylist of countries with deficiencies in anti-money laundering and counter-terrorist financing frameworks. The global finance watchdog announced the decision at the end of a plenary meeting on Friday. South Africa, Mozambique, and Burkina Faso were among the four African countries removed from the list. The FATF said the countries’ governments stepped up efforts to combat money laundering and terrorist financing. The FATF said Nigeria had stronger inter-agency coordination, South Africa had sharpened tools to detect money laundering and terrorist…