Just In: Access Holdings CEO Herbert Wigwe Dies In California Helicopter Crash
In a tragic turn of events, Herbert Wigwe, the esteemed Chief Executive Officer of Access Holdings, met his untimely demise in a helicopter crash that shook California on Friday night. The incident, which occurred in the desolate expanse of the Mojave Desert, not only claimed Wigwe’s life but also those of other unfortunate individuals. As […]
Middle East Unrest, Russian Export Surge Drive Oil Prices Skyward, Market On High Alert
The recent surge in oil prices has sent shockwaves through the global market, with tensions in the Middle East and unexpected shifts in Russian exports adding fuel to the fire. Analysts are scrambling to decipher the intricate web of geopolitical factors driving this volatility, with each development sending ripples across the energy landscape. “Israeli military […]
Nigerian FX Market Witnesses 56% Plunge in Transactions Amidst Rising Dollar Demand
The Nigerian Autonomous Foreign Exchange Market (NAFEM) saw a dramatic 56% decline in transaction value, plunging from $465.29 million on Tuesday to $203.93 million on Wednesday, according to data obtained from FMDQ Exchange. This drop comes amidst a backdrop of increased transactional activity fueled by recent circulars from the Central Bank of Nigeria (CBN). Speaking […]
Nigerian Equity Market Continues Bearish Run As Investors Lose N481bn
Nigeria’s equity market faced a daunting setback as investors lost N481 billion in a single trading day, largely attributed to sell-offs and a notable shift in interest towards Treasury Bills. The move, which saw a record N1.8 trillion worth of treasury bills sold at auction, almost double the initial offer of N1 trillion, underscores a […]
World Bank Warns Of Looming Food Crisis In Borno, Kaduna, Zamfara, Others.
In a revelation, the World Bank has pointed out the looming threat of severe food crises in seven states spanning the North-west and North-east regions of Nigeria. Highlighting factors such as heightened insecurity and armed conflicts, the bank’s latest Food Security report paints a grim picture of deteriorating living standards in these regions. Speaking to […]
Nigerian Govt Approval Delays Dangote Refinery Fuel- Report
The much-anticipated release of aviation fuel (Jet A1) and diesel from the Dangote Petrochemical Refinery has hit a snag, with regulatory approvals causing significant delays. Despite earlier promises by the refinery’s management to commence sales in January, the facility is still grappling with the complexities of regulatory processes. Aliko Dangote, the President of the Dangote […]
US Unveils Plan To Tap Into Africa’s Mineral Wealth For Clean Energy
In a move towards bolstering its energy transition agenda, the United States has announced its intention to invest in Africa’s abundant mineral resources. Jose Fernandez, the US Under Secretary for Economic Growth, Energy, and the Environment, revealed this initiative during a virtual press briefing at the ‘Investing in Africa Mining Indaba Conference’ in Cape Town, […]
Starlink Partners with TD Africa to Provide Internet Access Across Africa
Starlink, the satellite internet constellation operated by SpaceX, has taken a monumental stride in bridging the digital gap across Africa by authorizing TD Africa as its distributor in Nigeria and the broader African continent. In an agreement, the two entities have paved the way for revolutionizing internet accessibility, marking a pivotal moment in TD Africa’s […]
NGX: Subdued Trading Activity Leads To Depreciation As Market Cap Declines To N55.87trn
Investors on the Nigerian Exchange experienced a tepid trading session on Wednesday, resulting in a marginal decline in market capitalization to N55.87 trillion. Despite efforts to stimulate activity, the All-Share Index saw a slight dip of 0.002%, closing at 102,106.31 points and causing investors to lose N1 billion. Trade volume dwindled to 341.92 million units […]
Fed Hawkish Tone Propels US Dollar Amidst Rate Cut Speculations
In a dynamic market landscape, the US Dollar Index (DXY) held its ground at 104.15 on Wednesday, as investors digested statements from key Federal Reserve officials, navigating through a sea of uncertainty and speculation. Federal Reserve representatives, including Adriana Kugler, Neel Kashkari, and Susan Collins, shared insights that tilted towards a hawkish stance. Kugler acknowledged […]