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Risk of a no-deal Brexit dangerously underpriced

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By Lukman Otunuga, Research Analyst at FXTM,

The British Pound performed unexpectedly well during the first quarter of 2019 despite the chronic uncertainty, growing confusion and chaos revolving around Brexit.

Much of the positivity seen in the Pound has been encouraged by expectations that the United Kingdom is heading for a softer Brexit, a potential second referendum or, as some optimists would like to believe, no Brexit at all.

Investors guilty of complacency regarding no-deal Brexit risks

Given that at time of writing there have been multiple defeats and rejections of UK Prime Minister Theresa May’s Brexit deal, and that the latest headline from the EU Commission is that a no-deal Brexit on April 12 is “likely”, the upside in recent months for the Pound has been a mystery for most traders. 

Market participants need to be aware of the risks over market complacency with Brexit uncertainty, because investors do not look like they are positioned at all for no-deal Brexit risks, or a disorderly Brexit.

In the event that United Kingdom politicians are able to miraculously agree between themselves a new Brexit agreement before the April 12 deadline at time of writing, further upside in the GBPUSD is likely limited to between 1.34 and 1.36.

However, the unexpected occurring and the risk of traders getting nervous on the edge of their seats over a no-deal Brexit holds the potential to suddenly send the GBPUSD to 1.25, if not lower.

Brexit uncertainty to remain the name of the game

The third rejection by the House of Commons on Theresa May’s Brexit deal has created another element of uncertainty and confusion at a critical period where investors are scrambling for clarity on Brexit. The United Kingdom now only has until April 12 to come up with an alternative plan, otherwise fears of a no-deal Brexit are set to rise in the foreign exchange markets. Will there be a second referendum, a general election, or even perhaps a longer delay to Brexit? Or, will the UK end up crashing out of the European Union without a deal in place? Where we go from here remains an open question, and this endless uncertainty should weigh on sentiment for the Sterling. 

GBPUSD searching for catalyst to make next major move

In regards to the technical picture, the GBPUSD is trading within a range on the monthly timeframe, with support found at 1.3000 and resistance at 1.3300. Although prices have breached the bearish channel, the downside is likely to resume if a monthly close below 1.3000 is achieved. Sustained weakness below this level would likely threaten opening a path towards 1.2820 and 1.2700, respectively.

In the event of a no-deal Brexit, the Sterling has the potential to tumble towards 1.2400, possibly even lower if investors panic.  

The weekly timeframe paints a similar picture to the monthly timeframe that 1.30 is a critical level for the Pound.  For bullish sentiment to jump firmly back into the game, a decisive monthly close above 1.3350 would be encouraging for potential buyers. Such a move would likely open the doors towards 1.3470 and 1.3630.

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FG to Empower Artisans for Global Value

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The Federal Government has reaffirmed its commitment to grassroots artisans to upgrade local skills to meet both national and international benchmarks and compete in the global markets.

Speaking recently during the Skill-Up Artisans (SUPA) zonal rally, Dr Afiz Ogun, director-general of the Industrial Training Fund (ITF), stated that the initiative is designed to professionalise the sector.

The rally was designed to raise awareness of the programme throughout the North-West region.

The rally saw a diverse turnout of professionals, including those in construction and engineering such as welders, fabricators, plumbers, and carpenters.

Those in the technical service comprised of electrical installers and automobile mechanics, while those in the creative and digital space were fashion designers and ICT technicians.

Represented by Muhammad Aminu, the former zonal director of the ITF, Ogun explained that the SUPA scheme seeks to convert traditional craftsmanship into sustainable livelihoods.

He emphasised that the goal is to transform artisans from job seekers into employers of labour.

“We are calling on artisans across the North-West to embrace the SUPA programme,” Ogun remarked. “This is an opportunity to enhance productivity, increase earnings, and ensure our workforce can compete on a global stage”.

According to the DG, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on restoring dignity to manual and technical work.

He noted that a competent artisan class forms the essential foundation of a productive economy.

He further called upon traditional rulers, community leaders, and trade associations to assist the ITF in disseminating information about the programme to ensure high participation rates.

“We are here to engage the technicians, the tradespeople, and the young talents who serve as the backbone of our economy,” he added.

Nancy Ekong, director of the Technical Vocational Skills Training Department, highlighted the programme’s recent successes. She revealed that over 30,000 artisans were trained and upgraded during the initial SUPA cycle in 2025.

The ITF remains optimistic that the continued expansion of SUPA will bridge the existing skills gap in Nigeria’s industrial sector.

 


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Pawnith Appoints Martina Ogbebor as Managing Director to Lead Strategic Launch into Nigeria’s Fintech Ecosystem

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The Board of Directors of Pawnith Limited has announced the appointment of Martina Ogbebor as Managing Director and Chief Executive Officer. The appointment coincides with the official launch of Pawnith as a sophisticated new entrant in Nigeria’s financial services and alternative investment landscape.

Pawnith Limited is a technology-enabled financial services platform established to address critical gaps in access to capital by delivering transparent, dignified, and scalable financing solutions.

The Board confirmed that Ms. Ogbebor’s appointment is central to a long-term strategy that combines the operational rigor of traditional finance with the speed, efficiency, and innovation of modern fintech.

Ms. Ogbebor brings over 15 years of senior leadership experience across the telecommunications and digital infrastructure sectors, where she has led brand transformations and nationwide revenue growth initiatives.

Her appointment signals Pawnith’s intent to build a high-trust financial institution anchored on strong governance, regulatory discipline, and long-term value creation.

“The Board is confident that Martina’s experience in building high-trust, regulated brands positions her uniquely to lead Pawnith at this critical stage,” said the Chairman of the Board.

“Her mandate is clear: to establish a disciplined capital platform that delivers rapid access to funding while upholding the highest standards of ethics, risk management, and corporate governance.”

Under Ms. Ogbebor’s leadership, Pawnith is launching a multi-segment capital model designed to evolve into a comprehensive financial services and alternative investment ecosystem.

The company’s initial portfolio spans personal credit solutions, offering short- to medium-term loans for salaried professionals with transparent pricing and rapid disbursement, alongside SME and business lending focused on working capital and growth financing to help entrepreneurs stabilise cash flow and scale operations.

The portfolio also includes asset-backed lending, providing secure, collateralised facilities that support fair valuations and flexible liquidity, as well as structured lending through a forthcoming private credit arm aimed at delivering institutional-grade financing to growing enterprises.

In addition, Pawnith offers private equity investment solutions, providing strategic growth capital to select businesses and partnering with founders to drive long-term value creation, stronger governance, and operational scale.

Pawnith’s digital infrastructure prioritises speed, security, and control. The platform features secure onboarding, automated Know Your Customer (KYC) verification, and structured repayment tracking to ensure a seamless and compliant experience for both individual and corporate clients.

“Pawnith is being built as a disciplined financial platform—one that customers, partners, and regulators can trust,” the Board added. “We are not a quick-win lender; we are building a cornerstone institution for Nigeria’s evolving credit and investment market.”

 


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PalmPay Deepens Its Long-Term Commitment in Nigeria with New Office @ Yaba

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PalmPay has opened a new office at 33 Old Yaba Road, Lagos, reinforcing its commitment to innovation, customer service, and operational growth in Nigeria.

The new office represents a continued investment in PalmPay’s people, operations, and infrastructure, supporting the company’s ability to deliver reliable financial services at scale. Designed to accommodate PalmPay’s growing team, the workspace enables closer cross-functional collaboration while strengthening service delivery nationwide. Located in Yaba, one of Lagos’s most established commercial and technology corridors, the office further anchors PalmPay within Nigeria’s innovation and financial ecosystem.

Speaking at the office launch, Managing Director Chika Nwosu highlighted that the new workspace reflects PalmPay’s long-term vision and dedication to excellence. “This new office represents an important step in our growth journey and our commitment to building secure, reliable, and inclusive financial solutions for our users,” he said.

The launch event was attended by PalmPay’s leadership team, employees and customers, who toured the facility and marked the company’s continued growth and progress.

With the opening of its office at 33 Old Yaba Road, PalmPay continues to strengthen its presence in Nigeria and reaffirm its mission to drive financial inclusion through innovative digital solutions.

PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.


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