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General News

Iran strikes back at US Risk aversion reigns

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By Lukman Otunuga, Senior Research Analyst at FXTM,

A tidal wave of risk aversion engulfed financial markets on Wednesday, after Iran launched retaliatory missile strikes against US forces in Iraq.

Global stocks fell slightly, while Gold punched above $1600 as escalating tensions in the Middle East accelerated the flight to safety. Iran’s retaliation has raised fears of a full-blown conflict with the United States and this negative sentiment is poised to weigh on emerging markets this week. There is a lot of uncertainty in the air with markets still in ‘wait and see’ mode until further clarity is provided on the US-Iran faceoff.

Markets have stabilized to some degree after the initial burst of volatility with investors taking some reassurance from the absence of US casualties and the measured tone of the official responses. President Trump is expected to make a statement later today in response to the Iranian strikes which should give direction to markets.

 

Nevertheless, heightened tensions in the Middle East will most likely weigh on global risk sentiment, ultimately denting appetite for emerging market asset and currencies. On a brighter note, emerging market energy oil exporters such as Nigeria could benefit from higher oil prices in the short term. Appreciating Oil prices may result in higher export earnings and government revenues for Africa’s largest economy.

 

Nigeria’s latest inflation figures may be published as early as Friday January 11 with markets forecasting consumer prices to jump to 12.10% in December amid the ongoing border closures. Signs of inflationary pressures making a return are likely to cool any speculation around the Central Bank of Nigeria easing monetary policy in Q1. The country’s economic outlook will remain influenced by Oil price volatility and US-China trade developments.

 

Oil sensitive to geopolitics

 

The explosive moves witnessed in Oil prices over the past few days highlight how sensitive the commodity is to geopolitical shocks.

 

WTI Crude blasted higher during early trading on Wednesday, breaking above $65 after Iran fired missiles at air bases in Iraq housing US troops. Given how this development raises fears of more tensions in the Middle East, Oil prices are poised to remain volatile in the near future with all eyes now on President Trump’s reaction and any signs of US retaliation. It will be interesting to see how far geopolitical shocks support Oil prices before investors re-direct their focus back towards US-China trade and global growth.

 

Regarding the technical picture, WTI Crude pared some of its gains after spiking towards $65.65 during the early parts of Wednesday morning. Bears could re-enter the scene if prices close below $62.00 with

 

Gold turbocharged by risk aversion  

 

In other news, Gold exploded higher on Wednesday, punching above $1600 for the first time in almost seven years as geopolitical shocks sent investors flocking to safer segments of the market.

 

Escalating tensions in the Middle East have hit global risk appetite, boosting buying sentiment towards safe-haven assets. Gold bulls remain in the driving seat with further upside expected as uncertainty supports the flight to safety.

 

Focusing on the technical picture, the precious metal is heavily bullish on the daily charts as there have been consistent higher highs and higher lows. A solid daily close above $1600 may encourage a move towards $1630. Alternatively, sustained weakness below $1600 could trigger a retracement back towards $1570 and $1555.

 

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General News

Court Dismisses FCCPC Case Affirms MultiChoice’s Right to Set Competitive Prices in Free Market

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Federal High Court in Abuja has dismissed the case between the Federal Competition and Consumer Protection Commission (FCCPC) and MultiChoice Nigeria Limited, operators of DStv and GOtv, marking a victory for MultiChoice and reinforcing the principles of a free-market economy in Nigeria.

The suit was thrown out by Justice James Omotosho who, in his ruling, addressed the core issues raised.

The judge specifically considered whether the FCCPC had the statutory authority to regulate or fix the prices charged by MultiChoice for its services in Nigeria, whether the FCCPC acted within its powers by issuing orders to MultiChoice to suspend price increases, and whether MultiChoice’s pricing practices amounted to abuse of dominance or unfair practices under the Federal Competition and Consumer Protection Act.

Justice Omotosho held that since Nigeria operates a free-market economy, the FCCPC lacks the power to interfere in the pricing decisions of private companies like MultiChoice.

The judge cited Section 88 of the Federal Competition and Consumer Protection Act, clarifying that only the President of the Federal Republic of Nigeria can regulate prices in a regulated industry and for essential goods.

The services rendered by MultiChoice, the court noted, do not fall into this category, as consumers have alternative choices. Justice Omotosho further ruled that the FCCPC has no business querying how companies fix their prices in a free-market environment.

The court found no evidence that the FCCPC had the statutory authority to regulate or fix prices in the absence of specific presidential approval, and that the relevant laws do not empower the Commission to impose price controls unilaterally.

The court also found that the FCCPC’s orders to MultiChoice to suspend price increases were ultra vires, or beyond its legal powers, and that there was no evidence before the court that MultiChoice’s pricing practices constituted an abuse of dominance or unfair practice as required under the Act.

The judge’s findings on these issues for determination made it clear that the FCCPC’s intervention in MultiChoice’s pricing was not supported by law.

The court’s submission is expected to have significant implications for the regulation of pricing in Nigeria’s pay-TV industry. By upholding the principle of market-driven pricing, the judgment reinforces investor confidence and clarifies the limits of regulatory intervention in a liberalised economy.

Industry observers noted that the ruling underscores the importance of balancing consumer protection with the need to foster a competitive and dynamic market.


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General News

FG Launches Virtual Privacy Academy

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The Nigerian government has launched the Virtual Privacy Academy, a new digital training platform designed to deepen data protection and privacy policies in the private and public sectors.

Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, unveiled the initiative during the 8th annual conference of the Network of African Data Protection Authorities, which began yesterday in Abuja.

The three-day conference, titled “Balancing Innovation in Africa: Data Protection and Privacy in Emerging Technologies,” drew attendees from over 30 African countries, as well as Europe, Asia, the Middle East, and the United States.

Dr. Tijani emphasised that the academy is part of Nigeria’s strategy to capitalise on the benefits of the digital economy by providing actors with the tools they need to navigate hazardous data governance landscape.

According to Tijani, this project would provide Nigerians with the opportunity to gain practical skills in data protection.

Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission, highlighted Nigeria’s recent data governance milestones during his address.

He stated that the Commission had completed over 5,000 compliance assessments, opened 223 investigations, and assisted 12 organisations with rehabilitation.

Dr. Olatunji urged African countries who have yet to pass data protection laws to do so, emphasizing that “strong data protection frameworks are not barriers to innovation, but enablers of a resilient and inclusive digital economy.”


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Treepz, Miva Open University Partner for Nationwide Mobility Services

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L-R: Sani Chanchangi, Business Development Manager, Treepz; Godwin Okpe, Community & Engagement Manager, Miva Open University; Florence Sulyman-Boboye, Global Vice President of Business Development and People, Treepz; Oluwole Adeniji, Manager, Corporate Services, Miva Open University
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Treepz, Africa’s leading corporate mobility startup, has announced an exclusive partnership with Miva Open University, Nigeria’s premier open university. Under this agreement, Treepz becomes Miva’s official transportation provider, delivering services across key cities, including Lagos, Abuja, Uyo, Port Harcourt, and Jos.

L-R: Sani Chanchangi, Business Development Manager, Treepz; Godwin Okpe, Community & Engagement Manager, Miva Open University; Florence Sulyman-Boboye, Global Vice President of Business Development and People, Treepz; Oluwole Adeniji, Manager, Corporate Services, Miva Open University

As Miva Open University expands its academic and administrative presence across Nigeria, Treepz will provide on-demand access to premium vehicles for staff transportation, guest logistics, special events, and official university functions. With a fleet that includes SUVS, Coaster buses, and luxury vehicles, Treepz ensures that all mobility needs are handled with reliability and professionalism.

“This partnership is a strategic move that helps us stay focused on what we do best—delivering accessible and flexible education,” said Oluwole Adeniji, Admin Operations Manager at Miva University. “With Treepz handling our transportation across the country, we can scale confidently, knowing our staff, guests, and stakeholders are moving safely and efficiently.”

On Treepz’s end, Johnny Enagwolor, Co-Founder and President at Treepz, noted that the partnership comes at a pivotal moment, allowing Miva, a forward-thinking institution, to prioritise its core mission of delivering quality education, while Treepz efficiently manages a wide range of its inter-city mobility needs.

“By providing a tailored transport service, Treepz aims to alleviate the logistical burdens of institutions, ensuring Miva University operate at its best.

“At Treepz, we understand the importance of reliable and efficient transport services in driving organisational success. Our goal is to provide Miva with the most comfortable, safe, and convenient transportation solutions possible,” Johnny added. We are committed to providing high-quality, safe, and reliable transportation solutions that support Miva’s mission and contribute to its ongoing success.

Furthermore, we recall that Treepz commemorated its fifth anniversary on September 16th, 2024. Over the past five years, the startup has made notable progress in addressing the continent’s transportation challenges through innovative, tailored solutions.

Treepz has also established itself as a key player in the African mobility industry, with more than 6 million customers served, consistently expanding its services and strategic partnerships to meet the evolving needs of corporate clients.

Recent partnerships with industry leaders such as Parallex Bank and KingMakers (owners of BetKing) have enabled Treepz to provide efficient transportation solutions to complete millions of employee commutes with their shared transportation service.

These accomplishments highlight Treepz’s growing influence and its commitment to revolutionizing corporate mobility and enhancing transportation experiences across the continent.

For more information about Treepz and its corporate travel services, kindly visit www.treepz.com

 


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