Business

Brent crude futures rose $3.98, or 3.82 percent, to $108.30 a barrel by 0959 GMT, while US West Texas Intermediate (WTI) gained $3.52, or 3.81 percent, to $95.93 a barrel.

AXA Mansard Insurance Plc is seeking shareholders’ approval to raise up to N18.3bn through a rights issue as the insurer moves to strengthen its capital base.

The nine states, Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo and Rivers received a combined N1.51 trillion from the 13 percent derivation fund in 2025, up from N671.92 billion in 2024.

The Nigeria Inter-Bank Settlement System (NIBSS) is fundamentally transforming the country’s payment infrastructure to facilitate widespread participation in initial public offerings and privatization transactions.

Nigeria’s financial system is expected to receive approximately ₦2.59 trillion from maturing central-bank bills and government bond interest this week, potentially increasing competition for investments just as savers look for attractive returns.

A review of eight Nigerian Treasury Bills auctions conducted between July and September showed that total allotments were 40.34 percent above the planned issuance for the quarter.

The fresh borrowing comes after the Debt Management Office reported that Nigeria’s public debt increased by N14.39tn, or 9.44 percent, from N152.40tn in June 2025 to N166.79tn at the end of June 2026.

Nigeria’s rate cut made holding cash less rewarding just as rising US bond yields made dollar assets more competitive. For investors opening their screens this Monday, those competing forces deserve attention alongside the stock-market rally.

The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to move more of their funds into the formal banking system, adding that the revised insurance limit, which now fully covers 98.98 per cent of depositors in Nigerian deposit money banks, was aimed at deepening public confidence in the banking system.

Under the old, repealed Value Added Tax Act, businesses were trapped in an unfair, distorted tax system that treated essential operational expenses as luxury overheads.