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Lagos, Nigeria
News Roundup
🎉 Happy Birthday! 🎉
JS Darinho Sports Academy joins in wishing Mr. Olaolu Moore a very Happy Birthday!
— Mr. Dare Osunsanya, Founder CEO, JS Darinho Sports ACD & the entire JSDSA Family
NGX Holds Firm at 55%+ YTD as Banking Sector Leads Mid-July Recovery
The Nigerian Exchange maintained steady ground this week as the All-Share Index settled at 242,145.61 on Thursday, July 16, with a year-to-date return of 55.61%. Despite slight mid-week dips driven by profit-taking in Industrial and Consumer Goods counters, the Banking sector surged 2.87% on Thursday — led by FirstHoldCo (+9.98%), UBA, Jaiz Bank, and GTCO — as recapitalisation deadlines concentrate investor attention on tier-one lenders. Market capitalisation stands at ₦156.21 trillion. The NGX Premium Index delivered a stunning 74.09% year-to-date gain, while the Pension Index added 66.42% YTD. Tony Elumelu confirmed he will step down as UBA Group Chairman on August 21, completing his 12-year CBN-mandated tenure limit — a major boardroom transition for one of Africa's largest banking groups.
Tinubu Signs Executive Order on Crypto; Nigeria Oil Output Hits 6-Year High at 1.56m Barrels Per Day
In a landmark regulatory move, President Tinubu this week signed an Executive Order to regulate cryptocurrency and virtual assets in Nigeria — a significant step toward bringing digital finance into a formal oversight framework, strengthening investor protection and reducing fraud in the rapidly growing Nigerian crypto market. On the energy front, Nigeria's crude oil production reached a 74-month high, averaging 1.56 million barrels per day — equivalent to 104% of its OPEC quota. The milestone reflects the positive impact of the government's crackdown on pipeline theft, combined with hiring former militants as security personnel and renewed activity by local firms stepping into projects vacated by departing foreign oil majors. The Federal Government also announced a target of boosting Nigeria's annual grain output to 25 million tonnes to combat food inflation and improve food security.
APC Officially Unveils Shettima as Tinubu's 2027 Running Mate; Macron Plans Nigeria Visit
The All Progressives Congress formally confirmed Vice President Kashim Shettima as President Tinubu's running mate for the 2027 presidential election, ending months of internal debate and signalling the party's confidence in continuity. The APC also declared that it will sweep Governor Adeleke out of office in Osun State during the August governorship poll, as party mobilisation intensifies across the country. In a significant diplomatic development, French President Emmanuel Macron has confirmed plans to visit Nigeria — a visit that would further cement the France-Nigeria bilateral relationship following deepening economic ties this year. Separately, the Federal Government announced that President Tinubu will attend the 81st session of the United Nations General Assembly in New York in September.
Oyo Abducted Children & Teachers Rescued After 56 Days — Three Suspects Face Life Imprisonment
In the week's most emotional news story, the Nigerian military confirmed the successful rescue of 44 schoolchildren and te
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