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🇳🇬Punch Nigeria·28 mins ago
Economists question Oyo State's N200bn bond timing
Economists have raised concerns regarding the Oyo State House of Assembly's approval of a proposed N200bn infrastructure bond, citing issues of timing, accountability, and the state's ability to successfully raise the funds from the capital market. The bond aims to refinance short-term loans used for infrastructure projects, with Governor Seyi Makinde stating it would restructure the state's debt, lower servicing costs, and create fiscal space for development. While existing loans carry interest rates of 22-26%, the bond is projected at 17-19%. However, experts like Dr. Ayo Teriba, CEO of Economic Associates, question the timing, given the administration has less than a year left in office and upcoming elections. Teriba suggests that investors might be reluctant to back a bond for an outgoing government and recommends that any refinancing be handled by the incoming administration. Professor Akpan Ekpo of the University of Uyo described the refinancing as illogical, proposing renegotiation with creditors instead of incurring new debt, and expressed worry about increased public spending near elections. Professor Franklin Ngwu of Lagos Business School acknowledged that refinancing could reduce interest costs but highlighted concerns about transparency and accountability, questioning if the funds would be used solely to offset loans or be diverted.
5 min read
🇳🇬Punch Nigeria·1 hour ago
Nigerian equities market extends losses for fourth consecutive day, sheds N581bn
The Nigerian equities market experienced its fourth consecutive day of losses, with the overall market capitalisation decreasing by N581bn, or 0.37 percent, to N155.359tn. The All-Share Index also fell by 905.30 points, a 0.37 percent decline, closing at 242,227.31 points. This downturn was primarily due to profit-taking in large and medium-capitalised stocks such as Aradel Holdings, UACN, Stanbic IBTC Holdings, Eterna, and Transnational Corporation. Market breadth was negative, with 30 declining stocks outnumbering 24 advancing ones. McNichols led the decliners with a 10 percent drop, followed by Associated Bus Company and Eterna. Conversely, International Energy Insurance saw the highest gain, rising 10 percent, with Omatek Ventures, Ellah Lakes, Abbey Mortgage Bank, and Cutix also recording significant increases. Activity metrics weakened, as total volume traded decreased by 43.4 percent to 522.28 million units, valued at N24.11bn. Access Holdings led in trading volume, followed by FCMB Group, Nigerian Exchange Group, Zenith Bank, and Sterling Financial Holdings Company.
2 min read
Must Read🇳🇬Punch Nigeria·3 hours ago
US imposes new sanctions on Cuban president and Castro family members
The United States has announced new economic sanctions targeting Cuba's president, Miguel Diaz-Canel, his wife, and stepson. The sanctions also extend to members of the Castro family, including the son and a grandson of former president Raul Castro, as well as the Ministry of the Revolutionary Armed Forces and other entities. These measures are part of Washington's ongoing efforts to increase pressure on Cuba. The US has maintained an embargo on Cuba for decades, with recent months seeing a significant escalation in pressure, including a de facto fuel blockade that has impacted the island's energy supply and economy. This follows earlier restrictions on visas for Cuban officials in 2025.
1 min read
Must Read🇳🇬Punch Nigeria·3 hours ago
Oyo WAEC candidates take practical exam in darkness, raising security concerns
Candidates taking the 2026 West African Senior School Certificate Examination in Oyo were observed completing their Agricultural Science practical examination late at night without electricity, relying on lanterns and mobile phone flashlights. A video showed students writing in darkness, prompting concerns from parents regarding the examination's conduct and candidate safety. Pastor S.O. Solarin criticized the late delivery of examination materials, warning that prolonged delays could expose students to security risks, especially given the country's security challenges like kidnappings. Solarin stated that some candidates waited hours for papers, forcing them to remain at centers beyond scheduled times. He urged the West African Examinations Council to explain these delays to parents, schools, and communities. This incident follows a similar report from May 2025, where candidates wrote their English Language paper late at night using alternative light sources due to power outages.
1 min read