As of mid-February 2025, the Nigerian stock market, tracked by the All-Share Index, exhibits a promising upward trajectory, after a strong performance in the fourth quarter of the previous year.

Throughout 2024, the index achieved an impressive year-to-date increase of 37.7%, with a remarkable 39% surge in January alone.

However, this momentum encountered challenges in the second quarter of 2024, as the All-Share Index experienced a decline from 104,566.20 at the beginning of April to 98,255.63 by the month’s end.

Ultimately, the index closed the second quarter down by 4.3%, losing 4,508.71 points as uncertainties about bank recapitalization efforts weighed heavily on the market.

The first quarter of 2025 has thus far mirrored the bullish trend of Q1 2024, with the index climbing over 4,800 points and surpassing the 107,500-mark as of February 13, 2025.

Considering this, the question at hand is how the index will perform in the upcoming second quarter of 2025, especially given the retracements that plagued the same period last year. To navigate this uncertainty, insights from industry experts have been sought in this work.

Market trend in 2025 thus far 

The All-Share Index is currently experiencing robust bullish momentum that began intensifying around December 2024 and continued into January 2025.

• Starting 2025 at 102,928.57, the index has closed six out of seven trading weeks in the green, surpassing the 105,000 and 106,000 thresholds.
• Despite a minor dip in the third week, when it fell from a weekly opening of 105,451.06 to 102,353.68, All-Share has since rebounded and broken the 107,000 barrier as of February 12, 2025.

However, certain technical indicators, including the Relative Strength Index and the Stochastic Oscillator, point to an overbought condition in the broader market, suggesting that a retracement or reversal could be on the horizon.

A shift from debt securities 

In an interview, Samuel Oyekanmi, research lead at Norrenberger, expressed optimism for the Nigerian equities market, predicting a significant rise in investor interest in the second quarter which could spur a positive trend.

Oyekanmi explained, “As yields on debt securities decline, we may see more investors shifting their focus to equities.” He pointed out that although debt instruments are generally viewed as safer investments, the current decline in yields may prompt more investors to shift their focus toward equities. 

He provided data from the Debt Management Office (DMO), highlighting that Nigeria’s Eurobond yield fell to 9.13% on February 4, 2025, down from 9.21% the previous day—a decrease of 7.76 basis points and the lowest yield seen in nearly 39 days.

“The last time we recorded a lower average was on December 11, 2024, at 9.095%,” he added. 

Oyekanmi also pointed out a drop in Treasury bill yields, stating, “The yield on Nigeria’s one-year Treasury bill auction decreased from 29.65% to 29.21%, marking the second consecutive decline.”

He continued, “These lower yields may encourage more investment in equities during Q2, especially given the strong performance of certain stocks so far this year.”

Good fundamentals and a year-to-date lure 

Another industry expert, Mr. Olatunde Amolegbe, MD/CEO of Arthur Steven Asset Management, expressed a positive outlook for the All-Share Index in the second quarter of 2025, suggesting the market may either stabilize or gain additional momentum.

“I anticipate a stable market or further price increases in Q2,” he remarked.

Amolegbe highlighted several favorable fundamental factors currently influencing the market, including rapid recapitalization in the banking sector and increased production in the oil industry.

He also noted the significant public interest in recent market offerings, signaling a growing appetite among investors for equities.

“The banking recapitalization process is progressing swiftly, as evidenced by the recent release of allotment results. Public offerings have attracted strong investor engagement,” he stated.  

Regarding anticipated corporate announcements in Q2 2025, he added, “We may witness favorable corporate news that could positively impact investor sentiment.” 

Samuel Oyekanmi further underscored that the impressive year-to-date performance of certain bullish stocks in 2024 could draw investors who previously favored debt securities into the equities market.

He pointed out that impressive year-to-date returns seen in some equities in 2024 are likely to entice investors eager to seize such lucrative opportunities.

“Despite the inherent risks, investors are in pursuit of substantial returns, which equities delivered last year with compelling year-to-date performance,” he concluded. 

For Chris Njoku, Multi-Assets Portfolio Manager at FBNQuest, the prospect of new listings on the Nigerian Exchange (NGX) could boost the All-Share Index.

“There are possibilities that we might see some new listings in Q2, including NNPC and Dangote Refinery.” 

Way forward 

Looking ahead, the market shows a clear contrast.

• While indicators like the Relative Strength Index and Stochastic Oscillator signal an overbought condition, staying above the 14 threshold across daily, monthly, and weekly time frames, the Moving Average Convergence Divergence (MACD) points to a continued bullish trend for the All-Share Index.

This optimistic outlook, bolstered by strong market fundamentals and potential positive corporate actions, suggests the index might either surge significantly in the second quarter or remain stable.

Experts predict that investors not satisfied with returns from debt securities may increasingly shift to equities in Q2, especially if favorable conditions in key sectors like banking and oil continue.

As a result, equity markets could draw those seeking better returns, paving the way for notable investment developments.

[NaijaNews]

Naija News reports that Governor Mbah said PDP’s only path to victory was through a united house built on justice and inclusion.

He stated this on Thursday when he hosted the party’s National Reconciliation Committee, led by former Governor Prince Olagunsoye Oyinlola, at the Government House, in Enugu.

“We cannot afford to approach future elections with a divided house. The only path to victory is through a united front, built on justice, inclusion, and a genuine effort to bring back those who have left,” he said.

The Governor assured that Enugu remains a PDP state and would always carry the party’s banner high.

“Enugu remains the bastion of the PDP, a state that has proudly carried the party’s banner over the years.” he stated.

The only South East PDP Governor noted that the defections of PDP members in the region to other parties were an issue of concern. He, however, expressed optimism that all the decampees remain members of PDP at heart.

“We recognize that some of our members in the Southeast may have felt aggrieved in the past, but we must remember that our party operates on a foundation of brotherhood and shared values. Many of those who left still hold the PDP close to their hearts, and this reconciliation effort is an opportunity to welcome them back home.

“The truth remains that the PDP is the only party with the structure, history, and vision to truly serve the Nigerian people. It is therefore our responsibility to restore hope in Nigerians. The work of the reconciliation committee is critical because it requires patience, wisdom, and tact to achieve lasting peace,” he added.

Governor Mbah further urged all PDP members to embrace this reconciliation process in the spirit of unity and collective progress.

“We must come together, stronger than ever, to build a formidable party ready to reclaim its rightful place in governance for the good of our people,” he concluded.

[Naija News]

U.S. Congressman Scott Perry has claimed that the United States Agency for International Development (USAID) has provided funding to terrorist groups, including Boko Haram.

Perry, a Republican from Pennsylvania, made this allegation during the first meeting of the Subcommittee on Delivering on Government Efficiency on Thursday, according to PUNCH.

“Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money, your money, $697 million annually, plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, terrorist training camps. That’s what it’s funding,” Perry said.

Perry also said that USAID had reported a $136 million allocation for the establishment of 120 schools in Pakistan, claiming that there was “no evidence” that the schools were actually built.

“USAID spent $840 million in the last year, the last 20 years, on Pakistan’s education-related programme. It includes $136 million to build 120 schools, of which there is zero evidence that any of them were built. Why would there be any evidence? The Inspector General can’t get in to see them.

President Donald Trump has previously advocated for the dissolution of USAID, accusing the agency of corruption in a post on his Truth Social platform. Elon Musk, whom Trump appointed to head the Department of Government Efficiency, has also voiced criticism of USAID, alleging that it conducts rogue activities.

Musk has described USAID as “a viper’s nest of radical-left Marxists who despise America” and has promised to close it down.

Among his other accusations, Musk has suggested that USAID engages in “rogue CIA work” and has even “funded bioweapon research, including COVID-19, which resulted in the deaths of millions.”

Trump stated that DOGE would “dismantle government bureaucracy, reduce excessive regulations, eliminate wasteful spending, and reorganise federal agencies — crucial to the ‘Save America’ initiative. This will create significant disruptions within the system, affecting many who are tied to government waste!”

[News Central]

Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) has assured members of the public that Keystone Bank Limited “remains sound, safe and fully operational.”

Daily Trust reports that the Lagos State Special Offences Court, Ikeja, ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.

Justice Hakeem Oshodi on Tuesday gave the order after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.

Since the forfeiture order, there has been panic among depositors of the bank over the safety of their funds.

But the apex bank on Friday allayed their fears, saying the bank remains fully operational and stable.

Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali in a statement stated that Keystone operations are fully secure, adding there is no course for concern.

The statement read: “We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities.

“Keystone Bank’s operations are entirely secure, and there is no reason for concern. For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership.

“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors. As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance.

“We will take all necessary steps to protect the interests of depositors, staff, and stakeholders. Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”

[DailyTrust]

The United States, US, Vice President, JD Vance on Friday identified the retreat of free speech across Europe as his greatest fear.

JD Vance said he is more worried about the lack of free speech in Europe than China and Russia.

He spoke at the ongoing Security Conference in Munich, Germany where he criticized the lack of values in Europe.

According to JD Vance: “The threat that I worry most about, vis-a-vis Europe, is not Russia, it’s not China, it’s not any other external actor.

“What I worry about is the threat from within: the retreat of Europe from some of its most fundamental values — values shared with the United States of America.

“Across Europe, free speech, I fear, is in retreat,” he added.

“Under Donald Trump’s leadership, we may disagree with your views, but we will defend your right to offer it in the public square — agree or disagree.”

The US Vice President also disclosed that mass illegal immigration is Europe’s ‘most urgent’ challenge.

He charged Europe to do more in curbing the issue of illegal migration, calling it the continent’s “most urgent” challenge.

“How many times must we suffer these appalling setbacks before we change course and take our shared civilization in a new direction?”

Vance also noted that European electorates did not vote to open the “floodgates to millions of unvetted immigrants.”

“We think it’s an important part of being in a shared alliance together that the Europeans step up while America focuses on areas of the world that are in great danger,” Vance said.

[DailyPost]

The United States (US) visa is the most sought-after in the world for relocation because of the exceptional life opportunities attached to it.

The US government issues US visas, which allow Nigerians and other non-citizens to enter the nation for specific reasons including travel, employment, or education.

The application process might seem overwhelming. However, with the right approach, it can be manageable.

Here are some tips to help make your application stronger and simplify the visa process:

1. Research your visa category

As a US visa applicant, you must thoroughly research the visa category that best suits your purpose of travel and gather all the necessary documents accordingly.

2. Prepare all documents

Present your supporting documents in an organised manner, making it easier for the consular officer to review and verify the information. 

3. Show Strong Ties to Nigeria 

Demonstrate clear reasons to return home, such as a stable job, family responsibilities, or business ownership.

4. Prove Financial Stability 

Ensure your bank statements show a steady income and sufficient funds to cover travel expenses. Large unexplained deposits before application can raise red flags

5. Provide a Detailed Travel Itinerary

Clearly outline travel dates, destinations, accommodation bookings, and planned activities.

6. Honesty

Be honest and transparent during the interview, because offering false information can lead to serious consequences and future visa rejections.

7. Avoid Overstaying Previous Visas

A history of overstaying visas in any country can negatively impact future applications.

8. Apply Early and Be Patient 

Avoid last-minute applications, as delays or errors in processing can affect your travel plans. Some embassies experience high application volumes, so apply well in advance.

9. Seek Professional Assistance If Needed 

If unsure about the application process, consult a professional immigration expert. Avoid visa agents who promise guaranteed approvals—no one can guarantee a visa.

10. Choose the Right Visa Type and Follow Application Guidelines

Apply for the visa category that accurately reflects your travel purpose (e.g., tourist, business, student).

[TheNation]

Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, has refuted claims made by the Central Bank of Nigeria regarding the alleged outflow of $26 billion from the country through the crypto exchange platform.

Gambaryan, who was arrested in February 2024 on charges of money laundering and tax evasion, spent eight months at the Kuje Correctional Center in Abuja. The charges were dropped and left Nigeria in October 2024, following concerns about his deteriorating health and diplomatic considerations.

In a post on X (formerly Twitter) on Friday, Gambaryan stated that the $26bn figure quoted by the CBN was misleading, emphasising that it represented a cumulative trade volume, not actual funds leaving Nigeria.

“The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete “bullshit.” This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform,” he stated. 

“This money didn’t leave Nigeria—it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their “bullshit” investigation.”

In February 2024, CBN Governor Olayemi Cardoso claimed during a press briefing after the CBN’s Monetary Policy Committee meeting that Binance Nigeria had been involved in suspicious financial flows amounting to $26bn in transactions from unidentified sources.

“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify,” Cardoso said at the time.

The Binance executive further criticised Nigerian authorities for blaming Binance for broader economic problems, including the devaluation of the naira.

“They all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat,” Gambaryan stated.

Binance exited the Nigerian market in March 2024, following significant regulatory scrutiny and accusations. The CBN had expressed concerns about crypto exchanges handling illicit transactions, and there were calls for a ban on Binance and other platforms.

Gambaryan was arrested in Nigeria alongside his colleague, Nadeem Anjarwalla, a British-Kenyan dual national. Both were detained after arriving in Nigeria for meetings with government officials regarding Binance’s operations.

On Wednesday, I attended a valedictory session in honour of the late Stanley Shenko  Alagoa JSC, OFR, a retired Justice of the Supreme Court…which is where the ceremony took place.

I was invited because I am close to some of his relatives and I felt immensely privileged to be there while the Chief Justice (Madame Kudirat M.O. Kekere-Ekun) and other super-senior lawyers fulsomely praised Alagoa’s character and professional achievements.

Alagoa is remembered fondly and respectfully for several good reasons. A quintessential Niger Deltan gentleman from a premier league Bayelsa family, he was totally unmaterialistic, admirably erudite, appropriately reserved (hanging out with big men was not his thing) and so obviously principled that he is one of the few Nigerian judges who has never been suspected of collecting bribes.

Here is what the Attorney General of the Federation and Minister of Justice – Lateef Fagbemi, SAN – had to say about him:

“He was a stickler for rules and standards…[and] constantly insisting on the need to insulate the court from external influence and to protect the sanctity and integrity of the halls of justice.

“In the valedictory session held in his honour upon retirement from the Bench, having reached the mandatory retirement age of 70, His Lordship made the following bold pronouncements, which continue to resonate to this day:

“‘I will be failing in my duty especially at this time if I do not say a word or two about allegations of corruption in the judiciary. Time was when this canker worm was confined to the Magistracy and Customary or Native courts. With time, it is said to have spread and has now gained ground in the High and say say appeallate courts.

“’This trend must be worrisome to any discerning person as some highly placed persons including distinguished and respected retired Justices of the Supreme Court and other legal luminaries have expressed grave concern over this ugly trend…

“The greatest challenges to the judiciary are politicians followed by businessmen. Traditional rulers must also share in the blame. It is this class of persons that bribe, intimidate, harass or influence judges to depart from their sacred oath of office and the path of honour and rectitude…

“’A judge who hobnobs with this group may well be unwittingly allowing his position to be compromised and possibly jeopardised….A judge who is more at home in social circles may do well to question his suitability for the bench as the two are incompatible….

“’A judge must hold fast to his faith in God and be bold. This done, this class of persons, like bees, can only buzz around but must certainly lack the power and ability to sting….Only men and women of proven integrity and courage should be picked to sit on the bench…’”

You could have heard a pin drop when Fagbemi was reading his tribute to Alagoa; and I wondered, as I scrutinized the inscrutable faces of the judges in the chamber, whether any of them felt guilty or ashamed.

Many Nigerians have completely lost faith in the judiciary, mostly because of dubious judgements linked to election cases.

I am not saying that every single judge except Alagoa is dodgy or that every judgement I disagree with was arrived at dishonestly. I am simply saying that the Nigerian judiciary has a SEVERE image problem and urgently needs to cleanse its tarnished reputation.

Too many professions in this country, including my own, have lost credibility because of the actions of bad eggs who throw ethical considerations to the winds and sell out to the highest bidder, thereby betraying citizens who depend on them for objectivity, truth and fairness. Too many judges, politicians, etc, become greedy grabbers instead of the moral custodians they ought to be.

It is so sad.

DITCH THE WIGS!!!

My many friends and relatives who happen to be lawyers will be furious with me for saying this, but I have yet to come across any lawyer who looks good in his or her traditional headgear!

Those archaic white woollen wigs look absolutely ridiculous on pale skinned foreigners and even worse on black folks.

Whites at least have an excuse for wearing wigs…being that doing so is based on centuries-old Anglo Saxon culture. But what, may I ask, excuse do African lawyers have for copying them in the 2lst century?

Unattractiveness aside, the practice is downright slavishly colonial!

It is time for Nigerian lawyers to emulate their American counterparts who, if you ask me, look a zillion times more stylish.

Valentine’s Day is finally here! While some will go all out with luxury gifts and getaways, not everyone has the budget to splurge—especially with rising living costs in Nigeria.

But love isn’t about how much you spend.

Here are five thoughtful, budget-friendly last-minute gifts to make your partner feel special:

You can never go wrong with chocolates. Whether it’s Ferrero Rocher, Lindt, or a budget-friendly local brand, a sweet treat paired with a heartfelt note makes a simple but romantic gift.

Perfume

A good fragrance is always a winner. You don’t need designer brands—affordable, long-lasting scents from local perfume houses work just as well.

Movie Date

Skip the stress of shopping and enjoy a cozy night at the movies. Tickets range from N6,000–N9,500 per person, making it a fun and affordable Valentine’s plan.

Data Subscription

In today’s world, gifting data is the ultimate love language. With plans starting from N5,000, you’re giving the gift of seamless communication—because nothing says “I care” like staying connected.

Dinner at Home

Instead of an expensive restaurant, why not cook together? A home-cooked meal, good conversation, and a movie night can be just as romantic—without the hefty price tag.

At the end of the day, it’s the thought that counts. Choose a gift that speaks from the heart, and your partner will surely appreciate it!

[Vanguard]

Tigran Gambaryan, an executive of Binance Holdings Limited, has accused three federal lawmakers of demanding $150 million bribe during the conflict between Nigeria and the cryptocurrency firm.

Gambaryan alleged that the legislators demanded that the kickback be paid into their personal digital wallets.

The executive was detained by the Nigerian government from February 2024 to October 2024 over the activities of Binance in the country.

Gambaryan and Nadeem Anjarwalla, Binance regional manager for Africa, were arrested in Nigeria in February 2024.

The federal government had accused the cryptocurrency firm of manipulating FX rates in Nigeria and destroying the country’s economy.

Both men were arrested after they travelled to Nigeria for a meeting with officials of the federal government.

A month later, Anjarwalla escaped from custody, leaving Gambaryan to face prosecution.

In a post published via X on Friday, Gambaryan said he and Anjarwalla met with some officials of the Department of State Services (DSS) in January 2024.

The Binance executive said the meeting was a prerequisite to the planned meeting with members of the house of representatives.

He added that the DSS officials asked them to comply with whatever the federal lawmakers asked them to do.

“At the House meeting, there were three members present. They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in,” he wrote.

“As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”

Some Unknown Facts- you can read the rest in the Wired article and the NPR story.

The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They…

— Tigran Gambaryan (@TigranGambaryan) February 14, 2025

 

In May 2024, Richard Teng, the firm’s chief executive officer (CEO), alleged that some unknown persons in Nigeria demanded $150 million in digital currency to make their problems in the country “go away”.

Reacting to the allegation, the federal government accused Binance of blackmail.

[TheCable]