Oil prices opened lower on Monday, despite recent geopolitical tensions as Israel launched a counterattack on an Iranian military facility over the weekend, resulting in four casualties.
Brent crude dipped more than 4%, trading below $73 per barrel, according to insights from ING commodities strategists.
The decline in prices came despite Israel’s response to Iran’s prior missile attack, which had initially raised concerns about potential disruptions in the oil market. Analysts noted that Israel’s counterstrike was restrained, specifically targeting Iranian air defense and missile production facilities, rather than key energy or nuclear infrastructures.
This selective response has eased market fears, with ING stating that the restrained approach allows room for possible de-escalation.
“The price action in oil this morning suggests that the market anticipates a controlled situation, reducing the likelihood of prolonged disruption,” ING stated.
Iran, on its part, downplayed the incident, with Supreme Leader Ayatollah Ali Khamenei cautioning against exaggerating the damage. While the potential for further retaliation remains unclear, market analysts suggest a de-escalation could stabilize prices in the long run. “With a surplus market anticipated into 2025, oil prices could stay under pressure,” ING added.
Meanwhile, Baker Hughes data revealed a drop in U.S. oil rigs last week, with the count down by two to 480, marking a decrease of 24 rigs from the same period last year. At Friday’s close, Brent crude stood at $75.55 per barrel, while the American benchmark, West Texas Intermediate, was priced at $71.56.
Relatives of Mr. Boris Ledum Ndorbu, a worker with Arion Energy under NNPC, have called for the recovery of his remains following a tragic helicopter crash involving an East Wind Aviation Sikorsky SK76 helicopter.
The crash, which occurred last Thursday in the Gulf of Guinea, claimed the lives of multiple crew members, leaving families devastated and calling for answers from authorities and the company involved.
Ledum’s son, Mr. Ledum Light, described the news of his father’s death as “shocking and devastating,” noting that his father had been in good health when they last spoke on the morning of the incident. The family, he said, is now left in the dark with limited information on the recovery efforts, as they await the return of their loved one’s body for a proper burial.
“It’s heartbreaking that we’ve only been informed of partial recoveries,” Light said, expressing frustration over what he described as “inadequate search efforts.” He added that family members were informed only three bodies had been recovered so far, and his father’s was not among them. Ledum’s wife, Mrs. Mbet Ledum, echoed her son’s sentiments, stating, “All we want is to see him back, dead or alive.”
The Nigerian Safety Investigation Bureau (NSIB) confirmed that four bodies had been recovered as of Sunday, with one headless body among them, complicating identification efforts. The crash, initially misreported as occurring near Bonny Island, was clarified by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to have taken place five minutes from the FPSO Nium Antan Oil Mining Lease (OML-123) helipad, near Nigeria’s maritime boundary with Equatorial Guinea and Cameroon.
Harold Gift Ntem, NUPENG Chairman of the FPSO Nium Antan Oil Mining Lease, criticised the lack of safety measures, stating, “This tragedy should be a wake-up call. Management must be held accountable for not providing a safe, reliable flight for its workers.” The union further noted the trauma experienced by the families of the victims, who were only trying to make an honest living but were met with fatal consequences.
The Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed the fourth recovery on his social media account, while NSIB’s Director General, Capt. Alex Badeh, commended the collaborative efforts of national and international search teams. “Our thoughts remain with the affected families,” Badeh stated, “and we are fully committed to ensuring a thorough investigation for clarity and closure.”
Families of the victims and union members continue to push for an expedited recovery process and urge the authorities to improve safety protocols to prevent such tragedies in the future. As the recovery efforts continue, the NSIB and supporting agencies remain engaged in gathering evidence to complete the investigation.
Bayo Onanuga, Special Adviser on Information and Strategy to President Tinubu, clarifies that President Tinubu never claims the title of Minister of Petroleum, attributing this assumption to media misinterpretation. In an interview with Channels TV on Sunday, Onanuga explains that two ministers already manage the oil and gas sectors, and President Tinubu does not see a need to designate himself as a minister.
Onanuga adds that, as president, Tinubu oversees all ministries, maintaining overall authority. “The President has never called himself the Minister of Petroleum; the media assigned him that title,” Onanuga states. “He supervises all his ministers, and therefore, all ministries fall under his administration.”
Tinubu’s Focus on the Gas Sector
Onanuga also notes that President Tinubu prioritizes the development of Nigeria’s gas sector, which has historically received less attention than oil. Citing former President Olusegun Obasanjo’s regret over not focusing on gas, Onanuga explains that Tinubu is working to rectify this oversight. “We have two ministers, with one focusing specifically on gas, recognizing it as a valuable resource given Nigeria’s extensive gas reserves,” he says.
The practice of a president directly overseeing the petroleum sector began in 2015 when former President Muhammadu Buhari assumed the role himself. Unlike his predecessor, Tinubu appoints two junior ministers—Heineken Lokpobiri for oil and Ekperikpe Ekpo for gas—but no primary minister, leading to speculation that he might retain the role.
The Lagos State Government announces a new initiative to support developers and property owners in addressing the issue of distressed buildings. Dr. Oluyinka Olumide, the Commissioner for Physical Planning and Urban Development, shares that the government plans to provide technical assistance in the design and remodeling of these structures, going beyond standard plan approvals.
This initiative aligns with the Lagos State Urban and Regional Planning and Development Law of 2019, which promotes building safety and sustainability. “Our ministry is committed to extending support to developers and owners of distressed buildings, ensuring that the design and remodeling of these buildings are done safely,” Olumide explains.
Olumide emphasizes the importance of regular building maintenance to prolong structure lifespans and prevent the deterioration that can lead to distress or collapse. He notes that the initiative aims to offer alternatives to demolition, helping property owners restore their buildings rather than resorting to drastic measures.
In line with these efforts, the Lagos State Building Control Agency (LASBCA) continues to monitor construction activities across the state, ensuring compliance with approved plans. The agency identifies buildings at risk, coordinating the safe evacuation of residents and initiating demolitions only when necessary to protect public safety.
Recently, LASBCA has marked several buildings in the Iponri Housing Estate for evacuation and possible demolition, as they show significant structural issues. Additionally, LASBCA penalized AEOS Engineering Services for unauthorized structural additions to a property in Somolu.
This initiative supports safe, sustainable renovations, allowing residents and authorities to work together to bring distressed buildings back to livable standards, ensuring safety without unnecessary demolition.
FBN Holdings Plc (FBNH) has opened a rights issue, offering nearly 6 billion new shares to existing shareholders at a price of N25 per share.
The rights issue aims to raise N150 billion to bolster the company’s capital reserves and strengthen First Bank of Nigeria Ltd, its commercial banking subsidiary.
Announced on Sunday by FBN Holdings Chairman, Mr. Femi Otedola, the rights issue is structured on the basis of one new share for every six ordinary shares held as of October 18. This move comes as FBN Holdings’ share price rallied to N28.75 on Friday, following a period of underperformance earlier in the year.
According to Otedola, the capital raise is geared toward First Bank’s growth across retail and wholesale banking segments, while also enhancing its digital banking capabilities and African expansion plans. He urged shareholders to support the initiative, highlighting that increased capital would position the bank for improved business opportunities, financial performance, and a stronger market presence.
Group Managing Director, Mr. Nnamdi Okonkwo, further emphasised the strategic importance of the rights issue, describing it as an opportunity for shareholders to maintain their relative ownership while helping to fund business expansion. At the company’s Annual General Meeting in August, shareholders unanimously endorsed the rights issue, which, Okonkwo stated, would provide crucial capital buffers for maximising growth opportunities.
FBN Holdings’ rights issue represents a significant step in the company’s strategy to reclaim a leading position in Nigeria’s financial sector, with a focus on delivering enhanced returns to shareholders in the medium term.
In a sharp rebuke, the Nigeria Labour Congress (NLC) has criticised the International Monetary Fund (IMF) for denying involvement in Nigeria’s recent removal of petrol subsidies, labelling the IMF’s stance as evasive and emblematic of a history of harmful economic policies pushed onto developing nations.
During the IMF and World Bank Annual Meetings in Washington, D.C., Abebe Selassie, IMF’s African Region Director, described the Nigerian government’s subsidy removal as an “internal decision.”
However, NLC National President Joe Ajaero countered, asserting that the IMF’s statements ignored the institution’s significant influence on the country’s economic policy-making. He accused the IMF of advocating austerity measures disguised as growth strategies, which, he claimed, have only led to socioeconomic stagnation and hardship across Nigeria.
“The IMF’s recent statement dismissing responsibility over Nigeria’s subsidy removal is disingenuous, they frequently champion subsidy cuts for ‘fiscal sustainability,’ yet sidestep accountability for the economic turmoil their policies create.” He stated.
NLC expressed increasing alarm over IMF and World Bank policies, which, it stated, have left Nigerians grappling with soaring prices and insufficient social support. The Congress highlighted how policies endorsed by these institutions undermine Nigeria’s economic sovereignty and impose austerity measures that do not align with the needs of the populace.
In its response, NLC stressed the need for Nigeria to reclaim economic control and prioritise policies that genuinely foster growth, social equity, and public welfare. The Congress urged the IMF and World Bank to respect the unique economic challenges facing Nigeria and warned against the ongoing impacts of externally imposed austerity.
“We urge the IMF to exhibit transparency and own up to the impact of its policies, rather than disowning them when crises emerge,” NLC said, adding that Nigeria may eventually call for the IMF and World Bank to exit the nation if their policies continue to jeopardise the economy.
The NLC’s strong statements signal a growing tension over economic sovereignty as Nigeria’s citizens and government grapple with the fallout from subsidy removal and the rising cost of living.
The Building Collapse Prevention Guild (BCPG) urges the Lagos State Government to adopt advanced technology to monitor building conditions and proactively prevent structural failures.
In an interview, BCPG Ikeja Coordinator Gbolahan Oyelakin highlights the critical role of technology in detecting risks early. “Technology tracks a building’s life cycle, allowing us to identify potential material failures before they turn into hazards,” Oyelakin explains. He advocates for life cycle assessments to catch substandard materials and ensure buildings meet safety standards from the start.
Oyelakin commends the Lagos State Building Control Agency (LASBCA) for its actions in demolishing unsafe buildings and engaging with residents on essential safety practices. He also emphasizes the value of data-driven insights into construction trends, revealing how cost-cutting measures during economic downturns can compromise building quality.
Additionally, Oyelakin calls for strict adherence to insurance policies within the construction industry, stressing the need for accountability and consistent safety protocols. With Lagos recording over 90 building collapses and significant loss of life in the past decade, he urges authorities to use technology and enforce safety regulations to better protect lives and property across the state.
Gov. Francis Nwifuru has authorized paying the state’s government staff a minimum wage of N 75,000. On Sunday, Mr. Monday Uzor, the governor’s Chief Press Secretary, issued a statement in Abakaliki.
Nwifuru stated that the implementation of the new minimum wage will begin on Monday. The governor stated that the decision was made after a thorough evaluation of the country’s present economic condition, particularly its impact on workers.
According to him, the lowest-paid public worker at grade level 2 will receive the entire minimum salary of 75,000, while grade levels 3 and above would receive an increase of 40,000 across the board.
Bayelsa Ranks High In Beauty-Related Searches On Google
Senator Douye Diri, Governor of Bayelsa State, has authorized N80,000 as the new minimum salary for workers in the state’s public sector, effective November 1, 2024.
Governor Diri also authorized an increase in retired workers’ monthly pensions, as well as N7 billion to eliminate outstanding gratuity liabilities. His spokesperson, Daniel Alabrah, said in a statement that the Bayelsa governor appreciated the difficult times that workers in the state are experiencing as the cost of living rises.
The statement read: “To address the harsh times and in line with the National Minimum Wage (Amendment Act 2024), the Prosperity Administration of His Excellency Senator Douye Diri has approved the sum of N80,000 as minimum wage for the state’s workers
“Governor Diri also approved an increase in the monthly pension of state retirees.
“The related consequential adjustments for the various sectors, as agreed with the leadership of Labour in the state, will be implemented.
“To further ameliorate the challenges of our retired senior citizens, His Excellency also approved the payment and reduction of the outstanding gratuity liabilities by seven billion naira.”
Governor Diri appreciated the workers and their leadership for their understanding, patience, and commitment to the policies and programs of the Prosperity Government.
Investors on the Nigerian Exchange (NGX) earned N835 billion in five days amid robust buying activity. Driven by strong interest in banking, oil, and gas sectors, the equities market sustained a third straight week of gains.
Key sectors, excluding the consumer goods index, contributed to the market’s upward momentum. According to Cowry Asset Limited, favorable investor sentiment and high liquidity inflows pushed total gains to N835 billion.
Stockbrokers attribute this positive performance to increased investor confidence and active buying, reflecting an optimistic view of Nigeria’s economic fundamentals and key market metrics.
Over the trading week, strategic investments lifted the Nigerian Exchange (NGX) All-Share Index by 1.41%, reaching 99,448.91 points, as per Cowry Asset Limited’s report. The steady inflow of liquidity bolstered financial and oil & gas stocks.
This capital boost not only raised market capitalization to N60.26 trillion but also pushed the index’s year-to-date return to 33.0%, Cowry Asset highlighted in its note. Out of the traded stocks, 57 advanced while 19 declined, a trend supported by strategic rebalancing across small, mid, and large-cap stocks, stockbrokers observed.
Trade value on the NGX rose by 16.3% to N85.95 billion, and total trading volume surged by 48.03% to 2.14 billion shares across 41,217 deals—a 4.23% increase from the prior week.
Sectoral performance was largely positive, with gains across major indices except for the NGX Consumer Goods Index, which fell 0.84%. Declines in stocks like DANGSUGAR, FTNCOCOA, NNFM, and INTERNATIONAL BREWERIES led to this dip.
The banking index saw the highest gain, up 7.86% week-on-week, driven by strong sentiment for key banks. UBA, FBNH, ACCESSCORP, and STANBIC posted notable price increases, boosted by promising nine-month earnings that fueled investor optimism for year-end performance.
Additionally, the Insurance Index climbed 4.04% on gains from WAPIC INSURANCE, LASACO, and GUINEA INSURANCE, while the Oil & Gas Index rose 3.95%, supported by SEPLAT’s acquisition approval for Mobil Producing Nigeria Unlimited (MPNU) by the Ministry of Petroleum.
The Industrial Index made a modest 0.1% gain, driven by UPDC and LAFARGE.
Top weekly gainers included EUNISELL (+21%), UBA (+19%), UNILEVER (+18%), ABBEYBDS (+17%), and CORONATION (+16%), demonstrating strong appeal to equity investors. Meanwhile, DANGSUGAR (-10%), SCOA (-10%), JOHNHOLT (-10%), NSLTECH (-10%), and REGALINS (-8%) topped the list of decliners.
Cowry Research notes that recent quarterly earnings reports have strengthened market sentiment, particularly in banking, industrial goods, and consumer goods, pushing the benchmark index toward the 100,000-point mark.
“We expect the current rally to continue, though profit-taking could lead to brief dips. Moving forward, upcoming macroeconomic data and corporate earnings reports should influence short-term trading dynamics,” stated Cowry Asset Limited.
The average yield on Nigerian government bonds climbed slightly to 19.3% in the secondary market due to thin trading activities that had bearish tone.
The Nigerian fixed income market extended its bearish run last week, with increasing risk aversion for long duration bonds, against the backdrop of a disappointing inflation print in Sept, further increase in one-year Treasury bill auction stop rate.
Against this backdrop, the benchmark bond yield curve expanded as analysts noted trading activities were relatively on calm note, albeit with bearish tone.
In the secondary market, bondholders have continued to weighed impacts Nigeria’s hot red inflation condition, higher interest rate environment on portfolio returns.
Despite the low yields on FGN bonds, marginal rates on reopened bonds in the primary market rose. Last week, the Debt Management Office (DMO) held its monthly bond auction, reopening two bonds for investor subscriptions.
The 2029 and 2031 bonds raised ₦180 billion, with subscriptions of ₦389.32 billion and allotments of ₦289.60 billion. According to experts, both papers’ marginal rates jumped by 175 basis points apiece. DMO re-openings for the 19.30% FGN APR 2029 were priced at 20.75%, while the 18.50% FGN FEB 2031 experienced a 1.75% increase in spot rate to 21.74%.
Breakdown showed that total subscription level settled at N389.24 billion, lower than N414.89 billion that investors stake at the previous auction. Eventually, the DMO allotted instruments worth N289.60 billion across the two tenors, resulting in a bid-to-cover ratio of 1.3x.
Post-auction, fixed income securities traders said interest grew in the 2031 and 2033 bonds. Due to the minimal activity in the market on the back of attention shifting auction, the average yield inched higher by 1bp to 19.3%.
In its market update, Cordros Capital Limited told investors that across the benchmark curve, the average yield expanded at the short (+5bps) and long (+4bps) ends.
The yield surge was attributed to investors’ decisions to trim or sell off the JAN-2026 (+10bps) and JUN-2053 (+32bps) bonds, respectively.
The average yield on Nigerian Treasury bills has surged to 24.1% due to selling pressure in the secondary market, following the Central Bank of Nigeria’s (CBN) adjustment of discount rates at a recent primary market auction.
Last week, the Debt Management Office (DMO) conducted a major auction for treasury bills on behalf of the CBN, which is responsible for liquidity management. The CBN offered N489.8 billion in Treasury bills, exceeding the weekly maturity amount by N115.1 billion, according to notes from various investment firms.
Investor demand was robust, as market participants sought options to allocate funds and maximize portfolio returns. The auction concluded with the DMO allotting the full amount on offer.
Afrinvest Limited noted that despite diverse yield expectations, demand was especially strong for short- and mid-term instruments, with bid-to-offer ratios clearing at 1.3x and 1.0x, respectively.
For the 91-day bills, the CBN offered N13.1 billion, receiving bids worth N16.9 billion before allotting N13.1 billion at a yield of 17%. On the 182-day bills, N12 billion was offered, attracting bids of N12.6 billion, and the CBN allotted N9.4 billion at a yield of 17.5%.
For 364-day bills, the CBN offered N349.5 billion, receiving bids totaling N460.4 billion. It ultimately allotted N352.2 billion at a yield of 20.65%, marking a 79 basis points increase.
In the secondary Treasury bills market, trading was bearish, with average yields across tenors rising 76 basis points over the week to reach 24.1%. Long-term instruments saw the most significant sell-offs, while mid- and short-term segments increased by 12 and 10 basis points, respectively, pushing yields to 26.6% and 22.0%.
Analysts predict continued bearish sentiment in the secondary market, driven by anticipated short-term repricing due to a weak inflation and interest rate outlook.
Meanwhile, in the Open Market Operations (OMO) bills segment, the average yield climbed by 18 basis points to 26.1%, according to Cordros Capital Limited.
Money market rates, including the overnight lending and open repo rates, continued to decline following an inflow from the Federal Accounts Allocation Committee into the financial system.
As a result, liquidity in the financial system saw a marked improvement, rising by ₦1.02 trillion. This shifted the position from a debit of ₦837.29 billion to a credit balance of ₦183.98 billion, according to a report by AIICO Capital Limited.
The report noted that the primary driver behind this positive change was the ₦874 billion disbursed by the FAAC. Additionally, Cordros Capital Limited indicated that liquidity was further enhanced by net cash reserve ratio credits totaling ₦154 billion.
However, several factors, including debits from the FGN bond auction, foreign exchange market interventions by the CBN, and CRR debits, drove interest rates above 32% during the week, analysts at AIICO Capital Limited noted.
Last week, a debit of ₦289.60 billion from FGN bonds was recorded, reducing available funds in the financial system.
Despite this, funding levels rose again towards the end of the week due to signature bonuses and additional cash reserve credits, pushing money market rates lower.
Data from the FMDQ platform showed that the Overnight Policy Rate declined by 2.55% to 29.78%, with minimal funding pressure. The Overnight Rate also dropped by 2.42% to 30.14% week-on-week.
AIICO Capital Limited stated in its update, “We expect rates to moderate as increased liquidity from anticipated FGN Bond coupons and OMO maturities comes in, barring any major outflows from CRR debits, OMO auctions, or FX interventions.”
In the absence of additional CBN liquidity management measures, analysts at Cordros Capital Limited forecast further improvements in liquidity from OMO maturities worth ₦379.20 billion and FGN bond coupon inflows of ₦238.90 billion in the coming week.
Cowry Asset Limited reported that the Nigerian Interbank Offered Rate (NIBOR) dropped by 3.81%, settling at 28.13%, reflecting increased liquidity in the banking system.
Over the past week on the Nigerian Exchange, the combined market value of leading banks rose by N468.1 billion, contributing significantly to a total market gain of N835 billion, spurred by a five-day rally. MarketForces Africa reported this uptick, noting that positive investor sentiment followed the release of third-quarter 2024 earnings reports, with banks driving 58.44% of the market capitalization increase.
The Banking Index was the week’s standout performer, achieving a 7.86% rise, driven by strong investor confidence in major banking stocks. Key Tier-1 banks, including Zenith Bank, UBA, FBN Holdings (FBNH), Access Corporation, and GTCO, experienced heightened trading activity as investors anticipated robust financial results.
GTCO Nears Peak Market Value
GTCO, the most valuable banking group on the Nigerian Exchange, saw a market value increase of N58.862 billion, rising to N1.530 trillion. The bank’s stock price reached N52 by Friday, approaching its 52-week high, reflecting strong buying interest despite minor service disruptions. GTCO is currently trading at a 3.6% discount from its annual peak, drawing interest from investors focused on stability and growth potential.
This strong performance across the banking sector underscores investor confidence and sets a promising tone for further growth as additional earnings reports are anticipated.
UBA Highest with Record Gains
UBA was a standout, releasing its unaudited Q3 financials, which showed a 17% year-over-year increase in profitability, attracting significant investor attention. This led to an 18.5% rise in UBA’s market value, adding N16.737 billion and closing the week with its stock price at N30.1, just below its 52-week peak of N34. UBA’s outstanding shares, totaling 34.2 billion, reached a market valuation of N1.029 trillion by Friday’s close.
Zenith Bank Continues Strong Performance
Zenith Bank’s market value increased by N76.921 billion over five trading days, supported by positive investor outlook in anticipation of its earnings release. The bank’s stock saw a 6.54% increase to N39.90, positioning it with a market value of N1.252 trillion. Zenith Bank is currently trading at a 17% discount from its 52-week high, attracting interest from value-focused investors.
Access Holdings Rises Amid High Share Count
Access Holdings Plc added N72.867 billion to its market value, ending the week at N783.772 billion, up from N710.904 billion. Despite its vast balance sheet, Access Holdings’ stock price, which closed at N22.05 from N20 at the start of the week, remains at a 28.2% discount from its 52-week high. Investors are eagerly awaiting its Q3 earnings release to gauge future performance.
FBN Holdings Gains with Strategic Moves
FBN Holdings’ market value grew by N98.712 billion, largely due to favorable investor sentiment following announcements at its annual general meeting. Its share price rose 10.6%, closing at N28.75 from N26 at the start of the week. This came after FBN Holdings’ decision to divest from FBNQuest Merchant Bank in Q3 2024, which has faced regulatory challenges due to capital requirements. Analysts suggest the divestment is a strategic move to stabilize FBN Holdings’ overall capital health.
The Central Bank of Nigeria (CBN) recently injected $148 million into authorized local banks to bolster foreign currency liquidity and stabilize the naira. Amidst limited foreign currency availability, especially U.S. dollars, the apex bank conducted foreign exchange auctions last week to improve liquidity in the official market.
The dollar auction reversed prior trends, as the naira had approached a critical threshold that often triggers CBN intervention. According to reports from investment banks, the CBN held three separate auctions at an average rate of N1,600 to dollar to influence the market favorably.
Data from the FMDQ platform indicated that this increase in liquidity strengthened the naira by 5 basis points, reaching N1,600 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM). However, financial analysts argued the auction volume remained insufficient, despite a steady inflow of dollars into the foreign reserves.
“The naira continues to depreciate while the government prioritizes growing reserves, a stance at odds with the central bank’s core mandate,” experts remarked to MarketForces Africa. The spot rate ultimately ended the week aligned with the auction price.
Central bank data showed a $302.83 million boost in reserves, bringing gross reserves to $39.3 billion. However, activity at the Nigerian autonomous FX market dropped by 33.8% to $1.14 billion on Thursday, with trades conducted between N1,581.16 and N1,696.00, according to Cordros Capital Limited.
Forward contracts showed mixed movements; one-month and three-month FX forward contracts appreciated, while six- and 12-month contracts declined. The one-month forward rate rose by 1.2% to N1,679.55, and the three-month rate by 0.9% to N1,754.42 per dollar. Conversely, six-month and one-year contracts fell by 0.2% to N1,867.42 and 0.9% to N2,085.58, respectively.
While CBN interventions have continued sporadically, the steady depreciation of the naira points to an ongoing demand-supply imbalance. “This trend may persist in the short term, pending sufficient market inflows to sustain CBN’s interventions,” Cordros Capital noted.
AIICO Capital Limited reported that interbank NAFEM rates ranged between N1,585.43 and N1,697. Additionally, foreign reserves experienced positive momentum for an eighth consecutive week, aided partly by purchases from Foreign Portfolio Investors (FPIs), Cordros Capital stated.
Total turnover in the autonomous forex market fell by 33.1% to $1.22 billion on Thursday, according to investment firm reports. Trade activity remained within the N1,581.16 to N1,696.00 range, though weak FX liquidity continued to pressure the naira.
The parallel market saw a further rate hike due to persistent demand-supply imbalances, pushing the exchange rate above N1,730 per dollar as demand continued to exceed available foreign currency supply.
The Confederation of African Football, or CAF, gave the Super Eagles three points and three goals on Saturday in response to the failed 2025 Africa Cup of Nations qualifier against Libya.
The Super Eagles maintained their lead in the group following the decision.
The Nigerians now have 10 points after four matches, four more than their nearest opponents Benin. Libya remains at the bottom of the group, with only one point.
A draw with Benin in Abidjan next month will qualify the Super Eagles for the 2025 AFCON, which will be hosted by Morocco in December 2025.
The Confederation of African Football (CAF) also penalized the Libyan Football Federation $50,000. The fine must be paid within 60 days after notification of the ruling.
With just nine days until Election Day in the United States, Vice President Kamala Harris and former President Donald Trump are intensifying efforts to secure votes in crucial battleground states, with polls indicating a close race.
On Saturday, Trump campaigned for Arab-American and Muslim voters in Michigan, a key swing state with nearly 400,000 voters of Arab descent. Although Michigan voted for Biden in 2020, concerns over the situation in Gaza and Lebanon could impact Democratic turnout, presenting a challenge for Harris.
Michigan is one of seven competitive states expected to determine the election outcome. Along with Pennsylvania and Wisconsin, Michigan forms the “Blue Wall” that could be pivotal for Harris. Harris also visited Michigan on Saturday, cautioning voters that Trump would wield “unchecked and extreme power” if re-elected.
Latest Election Polling Updates
A recent Emerson College poll released Saturday shows Harris and Trump tied at 49 percent each. Conducted from October 23-24, the survey indicates a narrowing gap since last week when Harris held a 1-point lead. This is the first time since August that Harris hasn’t led in Emerson’s weekly polls.
“Male voters are breaking for Trump by a 13-point margin, 55 percent to 42 percent, a larger lead than in 2020, while women favor Harris by 10 points, 54 percent to 44 percent, which is lower than Biden’s 2020 support,” said Spencer Kimball, Emerson’s polling director.
The poll also found that, regardless of their preferred candidate, 50 percent of American voters expect Trump to win, while 49 percent believe Harris will secure the presidency.
Top issues for voters include the economy (45 percent), immigration (14 percent), threats to democracy (14 percent), abortion access (7 percent), healthcare (6 percent), and crime (4 percent).
Meanwhile, FiveThirtyEight’s national polling average shows Harris leading Trump 47.9 to 46.6 percent. Harris’s unfavorable rating edged up to 47.8 percent, while Trump’s was higher at 52.1 percent.
Kamala Harris’s Campaign on Saturday
Harris rallied in Michigan alongside former First Lady Michelle Obama, who highlighted Harris’s qualifications and contrasted her with Trump on issues like character and experience. Obama warned that Trump’s policies could further restrict abortion rights and dismantle the Affordable Care Act, which she said affects “the entirety of women’s health.”
During her speech, Harris was interrupted by a protester chanting “No more Gaza war.” After the crowd quieted, Harris responded, “On the topic of Gaza, we must end that war,” before urging voters to move beyond fear and division.
Donald Trump’s Campaign on Saturday
Trump also campaigned in Michigan, meeting with Muslim preachers and asserting that he deserved their support, promising to bring peace to the Middle East. Despite his strong backing for Israel and previous policies restricting immigration from some Muslim-majority countries, Trump has gained support from some Muslim Americans frustrated with current Democratic policies in Gaza.
At a rally in Novi, Imam Belal Alzuhairi of the Islamic Center of Detroit encouraged Muslim voters to support Trump due to his “promise of peace.” However, Trump’s comments also included a critique of Detroit, describing it as resembling a “developing nation” in need of help, a statement aimed at appealing to suburban voters.
What’s Next for the Campaigns
Harris will spend Sunday in Philadelphia, focusing on voter outreach across the city, including predominantly Black and Latino neighborhoods. She is scheduled to attend services and address a congregation at a Black church in West Philadelphia, as well as meet with young Black men and community leaders.
Trump, meanwhile, is set to host a rally at Madison Square Garden in New York City. This event in his hometown offers him a national platform, despite the city’s Democratic leanings. High-profile supporters, including Elon Musk, who has financially backed Trump’s campaign, are expected to join him.
Stanbic IBTC Pension Managers, a financial institution in Nigeria, has once again demonstrated its commitment to fostering artistic expression by sponsoring the ninth edition of ART X Lagos, West Africa’s premier international art fair, which holds from 31 October to 03 November 2024.
Since its inception, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings Plc. and a member of the renowned Standard Bank Group, has not only provided innovative pension solutions but also championed financial literacy and cultural enrichment in Nigeria.
Recognising the transformative power of art, Stanbic IBTC Pension Managers first partnered with ART X Lagos shortly after the fair’s launch in 2016. This collaboration has evolved into a strategic alliance aimed at nurturing the arts and elevating African voices in the global art scene.
The partnership reached new heights with the announcement of the special project “Mark Makers: Unsung Pioneers” in the upcoming edition of ART X Lagos. This exhibition will honour extraordinary Nigerians whose contributions have often gone unrecognised. From cultural trailblazers to innovative thinkers, these individuals exemplify the resilience and creativity that define the Nigerian spirit.
“Supporting ART X Lagos aligns perfectly with our belief in the transformative power of art and culture,” said Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers. “By showcasing the contributions of unsung heroes, we shine a light on the narratives that inspire future generations. Our commitment to this partnership reinforces our mission of uplifting communities and promoting cultural pride.
As we spotlight these remarkable figures through the ‘Mark Makers: Unsung Pioneers’ of the exhibition, we are not just honouring their legacies; we are inviting future generations to draw inspiration from their courage and creativity. Together, let us cultivate an environment where artistic expression and cultural heritage thrive, paving the way for a brighter, more inclusive future.”
The exhibition “Mark Makers: Unsung Pioneers” aims to celebrate figures such as Jonathan Adagogo Green, Nigeria’s first professional photographer, and Nana Asma’u, a revolutionary advocate for women’s education. By linking the rich history of Nigeria’s cultural legacy to contemporary artistic expression, Stanbic IBTC hopes to inspire a renewed appreciation for the power of creativity.
We recognise Missla Libsekal, Curator-at-Large, Fikayo Adebajo, Associate Curator of Mark-Makers, and the historical consultancy byEd Keazor, who tirelessly work to enrich our artistic landscape. Your dedication, passion, and resilience are the lifeblood of our creative community.
As ART X Lagos continues to grow, Stanbic IBTC Pension Managers remains a steadfast supporter of artists, curators, and cultural advocates who contribute to this vibrant tapestry. Through this partnership, the organisation actively champions the notion that art should be accessible and celebrated as a vital part of society.
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Tokini Peterside-Schwebig, the Founder of ART X Lagos, expressed her excitement about the upcoming ninth edition of the event. She emphasised the ongoing partnership with Stanbic IBTC Pension Managers, highlighting their commitment to promoting African excellence. This collaboration underscores the importance of supporting initiatives celebrating Africa’s diverse and vibrant culture and heritage.
“This year, we are particularly excited about our exhibition theme, “Mark Makers: Unsung Pioneers.” This exhibition seeks to illuminate the extraordinary achievements of Nigerians who have navigated significant challenges in their lives and careers. These individuals have demonstrated remarkable resilience, creativity, and innovation throughout history, contributing to our cultural heritage and the broader narrative of Nigeria’s progress.”
“The exhibition will feature a diverse array of stories that reflect the unique experiences of these unsung heroes. From artists and entrepreneurs to activists and educators, their journeys exemplify the tenacity and spirit of a nation that continually strives to overcome adversity. By curating these narratives, we aim to foster a deeper understanding of how these contributors have played a pivotal role in shaping Nigeria’s identity and promoting intercultural dialogue,” she said.
Tokini stated, “Our goal is to honour their remarkable legacies and inspire current and future generations. By showcasing their stories, we hope to encourage others to persevere through challenges and recognise the power of determination and innovation. With the support of Stanbic IBTC Pension Managers, we are dedicated to celebrating these impactful lives and their enduring significance in our shared history.”
Interswitch, one of Africa’s leading integrated payments and digital commerce company, has successfully concluded the Asaba edition of its ongoing TechConnect 4.0 event series, focused on promoting digital transformation and innovation in Nigeria’s financial sector.
Following a successful kick-off in Enugu last Thursday, the Asaba event at Bon Hotel brought together a diverse mix of industry professionals, stakeholders, and technology enthusiasts from the financial and technology sectors, to explore how digital solutions are transforming businesses and driving economic growth across Nigeria.
Themed “The Future of Microfinance – Digitalisation, Challenges, and Growth Opportunities,” the Asaba edition engaged attendees in thought-provoking discussions, offering valuable insights from industry leaders on how technology can drive the evolution of the microfinance sector in Nigeria.
In his keynote speech, titled ‘The Digital Transformation of Microfinance Banking: Challenges and Opportunities,’ Akeem Lawal, Managing Director, Payment Processing and Switching, Interswitch Purepay, represented by Emmanuel Nwokocha, Head of Sales, South-South, Interswitch, noted:
“Microfinance has evolved into a dynamic ecosystem, offering a range of financial services; yet challenges like high operational costs and limited scalability remain. Digitalisation provides an opportunity to overcome these hurdles by reducing service costs, enhancing customer engagement, and creating a more inclusive financial landscape.
At Interswitch, we are committed to a digital-first approach—leveraging mobile banking, AI-driven credit scoring, and cloud-based platforms to ensure microfinance institutions remain relevant and resilient in an increasingly digital world. To realise this potential, collaboration between financial institutions, fintechs, and regulators is essential, and this is where platforms like Interswitch’s TechConnect come into play, to continue to drive innovation and growth.”
The event featured keynote presentations, insightful discussions, and fireside chats that addressed both the challenges and opportunities in the microfinance sector. A major highlight was the panel session, titled, ‘Building Financial Resilience: The Intersection of Microfinance, Fintech, Fostering Business,’ where leading voices in technology, finance, and entrepreneurship discussed how to leverage technology for sustainable growth in microfinance. The panel emphasized fintech’s critical role in promoting financial resilience and driving business expansion.
In addition to the sessions, the event provided a valuable networking platform, allowing participants to exchange ideas, explore partnerships, and experience the latest technological advancements aimed at enhancing the operations of microfinance institutions.
Following successful events in Enugu and Asaba, the TechConnect series will head to Abuja, the nation’s capital, with subsequent stops in Ibadan, before culminating in a grand finale in Lagos. Each event will address region-specific challenges and opportunities while exploring the transformative impact of technology on Nigeria’s financial sector. This will promote collaboration between indigenous businesses and industry leaders to drive the adoption of cutting-edge technology solutions and build a more robust and sustainable digital economy.
Interswitch’s TechConnect event series highlights the company’s ongoing commitment to steering innovation in Africa’s financial sector. By bringing together industry experts, thought leaders, and key stakeholders, Interswitch aims to create a platform for meaningful conversations that pave the way for the growth of digital finance, ultimately empowering local economies.
Approximately 13.8 million residents in Lagos currently experience hypertension, diabetes, and obesity, according to data from the Lagos State government.
Hypertension affects 8.67 million individuals, with more than 6 million unaware of their condition. Obesity impacts 3.48 million residents, while diabetes is diagnosed in 1.73 million, with half of these cases undiagnosed.
In response to these health issues, the Nigeria Governors’ Forum launches a free state-wide screening program. Additionally, the Federal Ministry of Health plans to screen 10 million Nigerians for diabetes and hypertension from October 28 to November 3.
Addressing the Health Crisis
During a recent presentation, Prof. Akin Abayomi, the State Commissioner for Health, introduces a campaign titled “Know Your Numbers, Control Your Numbers,” which aims to screen 800,000 Lagosians within one week. He emphasizes the significance of these health conditions, which can damage vital organs without obvious symptoms.
Prof. Abayomi states, “These conditions can lead to serious health problems, making early detection crucial.” He encourages residents to participate in the campaign to better manage their health.
Prevalence of Health Conditions
Prof. Abayomi reveals that a substantial portion of Lagos’s 30 million residents suffers from these silent conditions, with a hypertension prevalence rate of 30%. Alarmingly, about 70% of those affected remain unaware of their status, increasing their risk of serious complications like heart disease and kidney failure.
Obesity, a significant risk factor for both hypertension and diabetes, affects around 12% of the population. The Commissioner links the rise in sedentary lifestyles and poor dietary habits to this increase.
Diabetes Awareness and Risks
Diabetes also poses a serious challenge, with a prevalence rate of 6% among Lagos residents, equating to 1.73 million individuals, half of whom remain undiagnosed. Prof. Abayomi warns that untreated diabetes can lead to severe complications, including blindness and cardiovascular disease. He outlines symptoms to watch for, such as excessive thirst, frequent urination, and fatigue, noting that hypertension often presents unnoticed until severe symptoms arise.
To improve healthcare access, the Lagos State Government offers annual check-ups for hypertension and diabetes through its Ilera Eko Health Insurance Scheme. Prof. Abayomi underscores the importance of early diagnosis and lifestyle modifications to prevent long-term health issues.
During the screening campaign, residents are encouraged to visit any of the 300 primary health centers and 30 general hospitals for free health assessments, including blood pressure, blood sugar, and BMI tests.
In August 2024, 14 African nations, including Nigeria, commit over $45 million at the World Health Organization’s Investment Round to support initiatives aimed at combating non-communicable diseases like hypertension, diabetes, and obesity.
Health experts stress the importance of regular medical check-ups and lifestyle changes to address these conditions. They recommend exercise, reducing salt intake, and avoiding smoking and excessive alcohol consumption as vital measures. For those diagnosed with hypertension, adhering to prescribed medication is critical to prevent complications.
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