By Aduragbemi Omiyale

A major fleet management deal has been sealed by C&I Leasing Plc, triggering a significant demand for its shares at the Nigerian Exchange (NGX) Limited.

The firm services major Nigerian entities and multinationals in the telecommunications and energy sectors, a testament to expanding market confidence in its ability to perform and leverage its innovations.

The transaction, which was recently completed, has been warmly received by investors in the capital market, with its share price rising since the beginning of this week.

On Monday, July 7, 2025, the company’s stock value gained 9.7 per cent to close at N6.00 from its previous week closing price of N5.47, and the next day, it chalked up 10.00 per cent to settle at N6.60.

On a year-to-date basis, the stock is up by 75.1 per cent, having started the year at N3.77, and in the last four weeks, it has risen by 44 per cent, becoming the 22nd best performer on NGX.

Recall that recently, C&I Leasing released its financial statements for 2024 financial year and it improved its revenue to N36.7 billion from N22.4 billion in 2023, as its post-tax profit jumped to N1.6 billion from N273.3 million in the previous year.

The chief executive of the organisation, Mr Ugoji Lenin Ugoji, promised that the firm would continue to maintain its high standard of product offerings so as to sustain its profitability in the near future.

C&I Leasing is the country’s foremost Integrated leasing, and other ancillary services company, with its fleet management unit offering a full range of fleet management solutions which include vehicle rentals, vehicle tracking/fuel monitoring and vehicle maintenance, reservation for business, school bus and third-party businesses.

In the coming days, shareholders will gather for the Annual General Meeting (AGM) and the latest development will excite them because it will secure the company’s status as Nigeria’s largest leasing and mobility solutions firm.

As the AGM draws near, stakeholders do believe that better times are ahead, and a clear growth target is on course. There are bound to be further gains in the shares of this company before the year runs out.

According to Mr Ugoji, C&I Leasing will continue to “create superior service to our stakeholders, particularly our esteemed customers and shareholders whose confidence and support have been the driving force behind our achievement.”

By Adedapo Adesanya

Nigeria’s gross reserves declined by $1.2 billion month-to-month to $37.2 billion at the end of June 2025, the Central Bank of Nigeria (CBN) latest data on gross official reserves shows.

The gross reserves has dropped in five months in the six months on record, excluding a brief uptick in May 2025, when it increased by approximately $515 million.

The gross official reserves have steadily declined since January 2025, with May being the sole exemption.

Year-to-date, the reserves have declined by around $3.7 billion, driven by the CBN’s interventions in the foreign exchange (FX) market and the repayment of external debt obligations.

Recent data from early July indicates a slight improvement, primarily attributed to enhanced foreign portfolio investment (FPI) inflows; however, the trajectory of reserves remains susceptible to external headwinds.

The reduced FX demand pressures, particularly due to a slowdown in import trade-related outflows are also expected to provide support.

Also, there are early signs that import-related FX demand is beginning to recover in the past few days.

The Naira appreciated by 3.5 per cent in June 2025, to close at N1,532.0 per Dollar at the official window driven by improved market sentiment, the data showed.

The Naira currently trades below N1,530 per Dollar, closing at N1,529/$1 on Thursday.

Despite some early signs of recovery in July, Nigeria’s external reserves continue to face headwinds from fragile oil market fundamentals, uncertain supply dynamics from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), and weaker-than-expected global growth prospects.

This week, a CardinalStone Research note projected that Nigeria’s foreign exchange reserves will close the year at around $41 billion.

In its newly released mid-year economic outlook, the Lagos-based research and investment advisory firm attributed the anticipated reserve growth to planned external loans worth $3.2 billion, which the Federal Government aims to secure in the second half of 2025 to meet fiscal obligations.

It added that additional capital inflows from portfolio investors are also expected to support the balance and push reserves above the $37.2 billion recorded at the end of June.

According to the firm, a stronger reserve position should help the Naira trade within the N1,550 to N1,635 per US Dollar range until the end of 2025, providing relief to businesses and foreign investors monitoring currency stability.

By Adedapo Adesanya

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bashir Bayo Ojulari, has hinted at the possibility of selling off the country’s refineries.

In an interview with Bloomberg on Thursday, Mr Ojulari said the NNPC was currently reassessing the refineries’ strategies and could finalise the review by year-end.

The NNPC boss spoke to the news platform on the sidelines of the 9th OPEC international seminar in Vienna, Austria, admitting that it was becoming a ‘bit more’ complicated to revamp state-owned refineries.

Nigeria has four crude oil refineries, all managed by the NNPC Limited. These oil facilities have long struggled with underperformance, inefficiency, and maintenance issues.

There have been increased calls over the years to hand these refineries located in Port Harcourt, Warri, and Kaduna to the private sector for efficient management and productivity.

Recall that in November 2024, the state oil refinery said the Port Harcourt refinery had officially commenced crude oil processing, but the refinery shut down in May for maintenance.

The Warri and Kaduna refineries are, however, still undergoing rehabilitation.

“So, refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged,” he said.

“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.

“So, we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently,” he added.

However, Mr Ojulari said NNPC remains uncertain whether the review will result in the sale of the refineries.

“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.