Economy
Oil Sheds 1% Following Ease on Expected Retaliation

By Adedapo Adesanya
Oil prices shed one percent on Tuesday, cutting recent gains as tensions of a possible retaliation eased in the Middle East after the United States assassinated one of Iran’s military commander, Qassem Soleimani, last Friday.
As a result of this, the market recorded the first loss after four sessions of gains as investors considered that the market was returning as talks of retaliation calmed.
As at the time of this report on Tuesday night, Brent crude was trading down at 56 cents or 0.81 percent to trade at $68.35 per barrel while the West Texas Intermediate crude shed 47 cents or 0.74 percent to settle at $62.80 per barrel.
Prices had risen for the previous sessions on fears that conflict may escalate between the US and Iran and may disrupt oil supply after a military strike killed Qassem Soleimani who is the head of Iran’s elite Quds Force.
As tensions escalated, Iran vowed that it would take revenge and this expectations brought the market to record a surge but since this had not come, the market cut all gains on Tuesday.
Prices drops also occurred despite higher compliance among the member of the Organization of the Petroleum Exporting Countries (OPEC) as parts of agreements to reduce production by 1.7 million barrels per day in order to reduce supply to hike prices.
Reports released on Tuesday morning noted that all OPEC members pumped 29.5 million barrels per day (bpd) last month, 50,000 bpd less from numbers recorded in November 2019.
The oil market may recover on Wednesday as data yet to be released are expected to show that US crude oil inventories likely fell for the fourth straight week till January 3. With this, demand may push prices up.
Economy
Mixta Real, Three Others Lift Unlisted Securities Exchange by 0.59%

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose 0.59 per cent on Tuesday, February 18 boosted by price appreciation in four stocks.
The NASD Unlisted Security Index (NSI) ended the day at 3,231.13 points after adding 18.87 points to the preceding day’s 3,212.26 points and the market capitalisation increased by N10.70 billion to end the session at N1.830 trillion compared with the previous day’s N1.819 trillion.
During the session, FrieslandCampina Wamco Nigeria Plc depreciated by 19 Kobo to close at N39.80 per unit compared with Monday’s closing price of N39.99 per unit and Afriland Properties Plc went down by 10 Kobo to close at N21.26 per share, in contrast to the preceding day’s N21.36 per share.
However, the price of Mixta Real Estate Plc grew by 38 Kobo to wrap the session at N4.14 per unit compared to N3.76 per unit, Okitipupa Plc increased by N13.66 to finish at N150.26 per share versus N136.60 per share, Industrial and General Insurance (IGI) Plc rose by 3 Kobo to settle at 43 Kobo per unit versus the preceding day’s 40 Kobo per unit, and Riggs Venture West Africa Plc added 5 Kobo to end at N1.00 per share, in contrast to the previous session’s 95 Kobo per share.
Yesterday, there was a 67.2 per cent slump in the volume of securities traded to 614,180 units from 1.9 million units, there was a 71.3 per cent decline in the value of securities transacted by the market participants to N12.8 million from N44.7 million, and the number of deals went down by 20.8 per cent to 19 deals from 24 deals.
At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 519.5 million units valued at N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 6.2 million units for N245.0 million, and Geo-Fluids Plc with 9.3 million units worth N44.8 million.
In the same vein, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with the sale of 519.5 million units for N504.3 million, followed by IGI Plc with 42.4 million units worth N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.
Economy
Naira Now N1,509/$1 at Official Market, N1,545/$1 at Black Market

By Adedapo Adesanya
The Naira appreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.04 per cent or 53 Kobo on Tuesday, February 18 to sell for N1,509.57/$1, in contrast to the preceding day’s N1,510.10/$1, according to data from the Central Bank of Nigeria (CBN).
In the same vein, the Nigerian currency improved its value against the Pound Sterling by 21 Kobo during the session to sell at N1,900.46/£1 compared with the previous day’s N1,900.67/£1 and against the Euro, it gained N7.38 to quote at N1,576.10/€1 versus Monday’s closing price of N1,566.23/€1.
Nigeria’s annual inflation rate stood at 24.48 per cent in January after the country’s price index was rebased for the first time in more than a decade. Last month, before the rebasing, the statistics office put December inflation at 34.80 per cent year on year.
The National Bureau of Statistics (NBS) said the rebasing was updated from 2009 to 2024 to reflect necessary changes in consumption patterns.
According to the head of the NBS, Mr Adeyemi Adeniran, the latest data should not be interpreted as reflecting a sharp slowdown in inflation.
“It’s not saying prices have come down in the market to this rate, but the rate of change between 2024 January and 2025 January is what the inflation rate is all about,” Mr Adeniran said.
In the parallel market, the Nigerian Naira gained N15 against the US Dollar on Tuesday to quote at N1,545/$1 compared with the preceding trading session’s value of N1,560/$1.
Meanwhile, in the cryptocurrency market, crypto prices experienced a positive outcome following recovery from the fallout from LIBRA, the latest scandalous pump-and-dump token launch that put several key figures in the Solana space and even Argentina’s President Javier Milei under scrutiny.
Litecoin (LTC) appreciated by 8.4 per cent to $131.90, Dogecoin (DOGE) gained 1.4 per cent to sell at $0.2524, Ethereum (ETH) jumped by 1.3 per cent to $2,702.99, Binance Coin (BNB) rose by 1.2 per cent to $655.55, Solana (SOL) expanded by 0.4 per cent to trade at $167.95, and Bitcoin (BTC) grew by 0.2 per cent to $95,538.25.
Conversely, Cardano (ADA) slid by 4.7 per cent to $0.7483, Ripple (XRP) lost 1.1 per cent to sell at $2.54, and the US Dollar Tether (USDT) dropped 0.03 per cent to quote at $0.9996, while the US Dollar Coin (USDC) closed flat at $1.00.
Economy
LIRS Can Surpass N1.4trn Revenue Target for 2025—Lagos Lawmakers

By Modupe Gbadeyanka
The Lagos State Inland Revenue Service (LIRS) has been commended for generating over N1 trillion as revenue and setting new standards for tax administration in Nigeria.
This commendation came from legislators in the Lagos State House of Assembly, who said this landmark accomplishment positions the tax agency as the first sub-national revenue agency in the country to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration.
The former Chairman of the House Committee on Economic Planning and Budgeting, Mr Lukman Sa’ad Olumoh, alongside the former Chairman of the House Committee on Finance, Mr Femi Saheed, said the chairman of the LIRS, Mr Ayodele Subair, has showed exemplary leadership and dedication to enhancing the state’s revenue performance.
In a recent interview, Mr Olumoh described the achievement as a testament to the dedication and expertise of the LIRS team.
The representative of the Ajeromi-Ifelodun Constituency 01 in the Lagos State House of Assembly praised Mr Subair for fostering a culture of efficiency and innovation within the agency, which has significantly contributed to its success.
Speaking during the 2024 budget signing ceremony, Mr Olumoh conveyed to Governor Babajide Sanwo-Olu that Lagos State has reached an exceptional level in revenue generation.
He acknowledged LIRS’s historic achievement of surpassing the N1 trillion mark and expressed confidence in the agency’s ability to exceed future targets. He further urged the state government to sustain its support for LIRS, emphasizing that continued improvements in revenue collection could reduce reliance on external borrowing.
“You cannot expect remarkable results without placing the right people in key positions. LIRS is managed by a team of highly skilled professionals. While it operates as a government agency, its structure and operations reflect global best practices.
“The agency has evolved into a world-class institution, moving from Good Shepherd’s House to the state-of-the-art Revenue House. A visit to its facilities will reveal an environment that fosters excellence.
“Under the leadership of Mr Subair, a visionary and dedicated professional, LIRS has achieved remarkable success. The agency’s work culture and improved operational environment have been instrumental in reaching this milestone,” the lawmaker stated.
He noted that based on LIRS’s consistent performance, the revenue target for 2025 has been set at N1.4 trillion. He assured that as Lagos’s economy continues to expand and more employment opportunities are created, this growth in revenue collection would not impose additional burdens on residents but rather result from enhanced tax compliance and structured reforms.
“LIRS has demonstrated steady growth over the past five years. We have set a revenue target of N1.4 trillion for 2025, and I am confident that the agency can surpass this goal. Lagos State has the capacity to generate over N4 trillion in internal revenue without negatively impacting its residents,” he added.
He also highlighted the role of upcoming tax reforms at the federal level, noting that the Joint Tax Board (JTB) would ensure a well-structured tax administration system. He reassured the public that no adverse fiscal policies would be introduced, emphasizing that the focus remains on improving compliance and fostering a positive tax culture.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN