Author: Marketforces Africa

NBA Slams Ibom Air Over Passenger’s Undignified Treatment The Nigerian Bar Association (NBA) has condemned the treatment of Ms Comfort Emmanson aboard Ibom Air, describing it as reckless, unlawful, and a grave violation of her right to dignity. This is contained in a statement signed by the NBA President, Mr Afam Osigwe (SAN) and the General Secretary, Dr Mobolaji Ojibara, in reaction to an incident that occurred aboard an Ibom Air flight involving Emmanson. NBA described the manner in which Emmanson was removed from the aircraft as dehumanising. NBA noted that video footage showed an Ibom Air hostess blocking Emmanson’s…

NAICOM Constitutes Insurance Industry’s Recapitalisation Committee The National Insurance Commission (NAICOM) has constituted the 2025 Recapitalisation Committee, following President Bola Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025. A statement by NAICOM in Abuja on Tuesday said that the 11- member committee’s primary responsibility would be to oversee the implementation of the industry’s recapitalisation programme. The Commission said its responsibility would also include ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows. NAICOM quoted the Commissioner for Insurance, Mr Olusegun Omosehin, as saying that the critical role of recapitalisation…

Illegal Dredging: Collective Action Key to Ending Scourge—LASG The Lagos State Government (LASG) has reiterated its commitment to tackling the growing menace of illegal dredging and its devastating impact on communities across the state. The Commissioner for Waterfront Infrastructure Development, Mr Dayo Bush-Alebiosu, made this known in Lagos on Tuesday while addressing his staff ahead of the 1st Waterfront Summit, scheduled for Sept. 12. Alebiosu said that a collective action was key to ending the scourge of illegal dredging. He, therefore, called for active community involvement in confronting the crisis. The commissioner warned that residents who encourage or participate in…

Sterling Strengthens after U.S Inflation, UK Job Data The British pound, or the sterling, rose to $1.344 after UK payrolls fell just 8,000 in July, the smallest drop since January and far better than forecasts for a 20,000 decline. GBP/USD edging higher after the release of mixed UK labor market data and the latest US inflation figures. While signs of cooling employment growth in the UK were offset by robust wage gains, a softer US dollar following the CPI report helped keep the pair supported, as traders increased expectations that the Federal Reserve (Fed) will resume easing monetary policy as…

Rand Strengthens as South Africa Seeks to Negotiate Deal with U.S The rand rallied at the forex market, trading around 17.7 per U.S. dollar, its highest since July 24, helped by the revised tariff proposal, firm gold prices, a steady greenback, and upbeat local manufacturing and mining data. The market weighed whether South Africa can secure a more favourable agreement with the United States, as a 30% tariff currently applies to a wide range of its exports. Trade Minister Parks Tau said the government is in ongoing talks with Washington while actively seeking to diversify trade partnerships, notably with…

Market Index Sees Intraday Rally, Momentum Slows The Nigerian Exchange (NGX) All Share Index, or market index, records moderate intraday gains as monster rallies appear to have started to fade. The local bourse has seen a basis point uptrend during early trading hours on Tuesday. The much lower intraday gain signals a potential pullout, and a stock market correction is now in sight. The local bourse has been on fire for about one month, reaching its all-time highs across key performance indicators, matching energy with global market performances. At midday, the NGX All Share Index witnessed a marginal gain of…

Bitcoin Drips, Market Cap of All Crypto Falls to $3.94T The world’s largest crypto asset, Bitcoin, is dripping value during early hours on Tuesday, meaning that bulls may have to wait a little longer before the crypto hits a new high. BTCUSD token is already down by about 2% to $118,400 over the past 24 hours, according to data from coinmarketcap.com. The token has gained more than 3.19% in the last seven days amidst general price fluctuation in the crypto markets. Bitcoin experienced a price decline over the past 24 hours, but remains in green territory on a weekly basis.…

Nigeria’s Borrowing Cost Eased as African Eurobonds Rally The Nigerian sovereign Eurobond market rallied as foreign investors continued to ramp up the sovereign borrowing note from the international market. The yield fell by four basis points to 8.13%, according to investment firm Cowry Asset Limited, reflecting reduced borrowing costs for the country. The market anticipates Nigeria’s external borrowing costs to ease as reforms spur macroeconomic indicator improvements. The US dollar-denominated notes experienced broad-based demand, particularly for the JAN-2049 and NOV-2027. Buying interest was observed across the short, mid, and long ends of the curve, reflecting offshore investors’ positive sentiment about…

Short-Term Rates Diverge, Banks Intensify Borrowing from CBN The short-term benchmark interest rates swung both ways as deposit money banks intensified borrowing from the Central Bank of Nigeria (CBN) standing lending facility window over squeezed liquidity conditions. With the desire to meet their daily liquidity requirement, some banks with funding gaps accessed funds from the Apex Bank window on Monday, after a few days of inaction. To strike a liquidity balance, the CBN successfully mopped up excess funds by selling OMO and Treasury bills worth N2.3 trillion last week. At the beginning of the week, banking system liquidity remained positive…

NIMC Upgrades Diaspora NIN Enrollment Platform—Official The National Identity Management Commission (NIMC) says it has successfully upgraded its diaspora National Identification Number (NIN) platform for effective service delivery. This is contained in a statement signed by the Head of Corporate Communications, NIMC, Dr Kayode Adegoke, on Monday in Lagos. Adegoke said that the upgraded platform was also for the smooth management of NIN enrolment in the Diaspora. He said that the platform, among many other benefits, would provide a seamless, robust, more secure, efficient and effective NIN service delivery to Nigerians in the Diaspora. According to him, NIMC Diaspora Front-End…