Economy
Lagos Governor Assures Investors Business-Friendly Environment

By Aduragbemi Omiyale
Those interested in investing in Lagos State have been assured by the Governor, Mr Babajide Sanwo-Olu, of a business-friendly environment.
Mr Sanwo-Olu gave this assurance at the commissioning of the new ultra-modern Ecobank Nigeria head office, the Ecobank Pan African Centre (EPAC), in Victoria Island last week.
He said the state government was determined to continue to attract foreign direct investments (FDIs) as it is one of the critical needs of the state and Nigeria at large.
The Governor described the Ecobank building as a masterpiece, which he said has a strong connection that will enhance the state’s Smart City Project and modernize infrastructure within the metropolis.
He lauded the management of the Pan African bank for the vision behind the project as it was redefining building and infrastructure development in the state, stressing that the building meets the various vital parameter such as the latest energy-efficient technology, environmental sustainability, sparkling ambience and state-of-the-art amenities that will further enhance staff sustainability and service delivery.
He expressed excitement over the state-of-the-art facilities at the complex, noting that “This Pan African centre is indeed an intelligent building designed with energy efficiency and is one of the things we need in Nigeria.”
“I know that this building will speak to a lot of the very best. It is a state-of-the-art building focused on environmental sustainability and I am sure that from what I have seen around, it is a redefining building and infrastructural development,” he added.
Governor Sanwo-Olu further said, “The government of Lagos state is happy to let us know that we are building one of the audacious and vibrant infrastructures in the whole of Africa.
“You know that we are currently deploying over 3000 km of fibre connectivity to support businesses that require low-cost connectivity. We will continue to create enabling environment for you.”
While lauding Ecobank management for its sustained attainments of the bank over the years, he urged them to continue to attract the underbanked to the banking space.
Welcoming guests, Chairman, Ecobank Nigeria, Ms Bola Adesola, said the centre is a dream come true, noting that it is a tribute to the vision of the founding fathers in creating a world-class Pan-African Banking group and providing excellent financial services across Africa.
She said the centre with sparkling ambience boasts of state-of-the-art amenities, houses smart offices, a restaurant, multipurpose conference hall, gym, crèche, a parking lot that can accommodate 130 vehicles at a time, experience and game centre and a rooftop terrace, among others, stating it is targeted to further enhance productivity and service delivery to customers.
Also speaking, Group Chief Executive, Ecobank Transnational Incorporation (ETI), Mr Ade Ayeyemi, said EPAC is an important milestone as it consolidates achievements of several years of the company.
According to him, “The office complex brings together our staff. It is a testament to the effort of the people that have come before us. It allows us to be able to create a new working environment where our staff can attend to customers and our customers can do business in the smart working environment. We can bring all our staff to one location instead of distributing them across multiple locations.”
Talking about the uniqueness of the Ecobank brand, Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, said the vision of the founding founders was to build a pan African centre, stressing that the bank is presently in 35 countries of Africa.
According to him, “In Nigeria, we are a major player in the financial industry. Recall we launched the first international credit card in the history of banking in Nigeria, the Ecobank Master card and Visa card in 2004. We are also a pioneer in mobile banking, *326# was one of the first mobile banking platforms approved.
“In this era of AFCTA, where Africa aims at operating as one market, this pan African centre has opened its doors to every SMEs, individuals seeking to expand their business across Africa.
“We are the go-to bank for trade, payment, and collection in Africa because we have one pan African switch to make instant payment across Africa. The way you see the Nigerian Interbank Settlement System (NIBSS) transfer within Nigeria is the way Ecobank is across Africa. Our mobile app is one bank that has 33 countries on it.”
Economy
Naira Remains Stable at N1,500/$1 at Official Market

By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.
The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.
However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.
At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.
As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.
Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.
On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.
Economy
Oil Prices up on Fresh Iran Crude Export Sanctions

By Adedapo Adesanya
Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.
However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.
Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.
The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.
President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.
However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.
He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.
But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.
On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.
Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.
Economy
Bulls Tighten Grip on Nigerian Exchange With 0.48% Growth

By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated further by 0.48 per cent on Friday after market participants showed no signs of slowing down in their hunt for stocks with sound fundamentals.
During the session, all the key sectors of the bourse witnessed bargain-hunting activities, with the banking counter growing by 1.72 per cent.
Further, the insurance index expanded by 1.64 per cent, the industrial goods sector jumped by 0.77 per cent, the consumer goods industry rose by 0.11 per cent and the energy space also gained 0.11 per cent.
Consequently, the All-Share Index (ASI) increased by 502.88 points to 105,933.03 points from the 105,430.15 points it ended a day earlier, and the market capitalisation gained 0.47 per cent or N305 billion to settle at N65.592 trillion compared with Thursday’s N65.287 trillion.
A total of 37 equities ended on the gainers’ chart yesterday and 17 equities on the losers’ table, implying a strong investor sentiment and positive market breadth index.
Academy Press appreciated by 9.93 per cent to N2.99, Cadbury Nigeria also improved its value by 9.93 per cent to N29.35, Eterna rose by 9.90 per cent to N36.65, Livestock Feeds expanded by 9.85 per cent to N5.80, and UPDC soared by 9.75 per cent to N2.59.
On the flip side, Multiverse lost 9.95 per cent to close at N9.05, MeCure Industries shed 9.71 per cent to N12.55, NPF Microfinance Bank slumped by 7.94 per cent to N1.74, Learn Africa declined by 4.44 per cent to N4.30, and Tantalizers soured by 3.85 per cent to N2.00.
Investors transacted 468.2 million shares worth N13.2 billion in 12,612 deals on the last trading session of the week compared with the 537.2 million shares valued at N23.0 billion traded in 15,450 deals in the preceding session, representing a decline in the trading volume, value and number of deals by 12.84 per cent, 42.61 per cent and 18.37 per cent, respectively.
The busiest stock for the day was Zenith Bank with a turnover of 108.8 million units worth N5.0 billion, Cutix traded 24.3 million units valued at N58.7 million, Access Holdings exchanged 23.6 million units for N657.7 million, Sterling Holdings transacted 22.8 million units valued at N136.0 million, and Fidelity Bank sold 20.4 million units worth N426.3 million.
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