Author: Gilbert Ayoola

NAHCO’s Air France-KLM Mandate Opens Higher-Value Growth Chapter The reported appointment of Nigerian Aviation Handling Company Plc (NAHCO) as Air France-KLM’s General Sales Agent (GSA) for ticketing in Nigeria marks a potentially important strategic inflection point for the company. More than an incremental contract win, the mandate could broaden NAHCO’s earnings architecture by taking the business beyond its traditional ground-handling franchise into the higher-value commercial side of aviation. The significance lies in the revenue model. While ramp, passenger and cargo handling remain the core operating engines, a ticketing GSA mandate introduces another avenue for aviation-related income, potentially deepening NAHCO’s relationship…

Huge Funds Chase Nigerian OMO Bills in Search for 21% True Yield The Central Bank of Nigeria (CBN) recorded exceptionally strong investor demand at its Open Market Operations (OMO) auction on 26 August 2026, receiving N4.26 trillion in subscriptions against a combined offer of N1 trillion across the 97-day and 132-day bills. The auction outcome points to sustained investor appetite for high-yielding naira fixed-income instruments, even as the CBN continues to moderate stop rates while aggressively absorbing excess liquidity from the financial system. For the 97-day bill, subscriptions reached N783 billion, compared with the N500 billion on offer. The CBN…

OMO Bills Reopening Drives Funds Away from Nigerian Stocks One of the more consequential policy shifts in Nigeria’s financial markets may have arrived quietly: the Central Bank of Nigeria (CBN) is widening access to Open Market Operations (OMO) instruments, creating a broader channel for investors to place funds in short-term government securities. The significance extends beyond the fixed-income market. Historically, retail investors were excluded from participating directly in the primary OMO market and could only access OMO bills through the secondary market, subject to a N50 million cap. The apparent change in policy effectively brings a wider pool of investors…

Geregu Power Moves to Cure N6.03bn Bond Default Geregu Power Plc is understood to have paid N6.026 billion owed to bondholders following its payment default on July 28, 2026, potentially bringing an end to weeks of uncertainty surrounding the company’s N40.09 billion Series 1 Senior Unsecured Bond. The payment represents an important step toward curing the default and restoring confidence among investors and bondholders, although the market is likely to remain focused on the company’s official disclosure and the precise composition of the amount settled. The bond, issued on July 28, 2022 under Geregu Power’s N100 billion debt issuance programme,…

Nigeria’s fixed-income market is entering a phase in which investors are becoming less interested

FirstHoldCo Chair Femi Otedola Accumulates Shares, Holding Approaches 30% Femi Otedola crosses 27.5% in First HoldCo as weekly accumulation points toward a possible majority-control ambition The Nigerian equities market is witnessing one of its most consequential shareholder-accumulation stories of 2026 as First HoldCo Plc Chairman, Mr. Femi Otedola, continues to build his economic interest in the financial-services group through related investment vehicles. The latest transaction is significant in both size and strategic implications. Calvados Global Services Limited, a company related to Otedola, acquired 147,737,699 First HoldCo shares at N140 per share, representing an investment of approximately N20.68 billion. The transaction…

Nestoil Debt Recovery: $60m Lifeline for Nigeria’s Banks – Test of Oil Sector Credit Risk The Economic and Financial Crimes Commission (EFCC) has secured a significant breakthrough in the ongoing investigation into the financial transactions and indebtedness of Nestoil Limited, with $60 million recovered from the company and transferred to the consortium of Nigerian banks to which it is indebted. Moreover, the recovery followed a meeting convened and chaired by EFCC Chairman Olanipekun Olukoyede, where Nestoil and its lenders agreed to a structured repayment framework. The $60 million represents the first payment under the arrangement, while the company’s total outstanding…

AVA Capital: Investors in Search for Next Catalyst as Momentum Fades The sharp reversal in AVA Capital Plc has rapidly transformed the stock from one of the market’s most aggressive momentum counters into a critical test of investor conviction. After reaching a reported 52-week high of N11.95, the shares entered a succession of declines, falling from N11.00 on August 7 to N7.20 at the close of August 14. Based on the supplied market prices, the decline represents a substantial 34.5% contraction from N11.00 in just one week, while the stock is now approximately 39.7% below its N11.95 peak. More significantly,…

Linkage Assurance Delivers Impressive Half-Year Earnings Amidst Underwriting Pressure Linkage Assurance Plc delivered a materially stronger bottom line in the first half of 2026, but the quality of that earnings growth deserves closer scrutiny. The insurer increased insurance revenue by 6.1% year-on-year to N13.3 billion from N12.5 billion, while profit before tax surged 68.3% to N3.27 billion and profit after tax rose 73.9% to N3.11 billion from N1.79 billion. For investors, the central message is clear: Linkage converted a relatively modest expansion in its insurance franchise into a much larger increase in shareholder earnings, but the earnings acceleration was driven…

ABC Transport Faces Several Margin Contractions Despite Revenue Growth ABC Transport Plc’s half-year 2026 performance presents a mixed investment picture with the company expanding its revenue base and strengthening its balance sheet, but its core transport operations are under mounting cost pressure. For investors, the central question is no longer whether ABC Transport can grow revenue but whether it can convert that growth into sustainable operating profit. Revenue increased 7.0% year-on-year to N8.27 billion, from N7.73 billion. However, direct costs climbed 15.3% to N6.82 billion, more than twice the pace of revenue growth. The resulting compression was severe: gross profit…