Author: Gilbert Ayoola

Nigerian Banks Flood CBN with N3.7 Trillion Excess Cash Nigerian commercial banks ended the pre-Christmas period with an unusually large liquidity overhang, depositing an estimated N3.7 trillion with the Central Bank of Nigeria (CBN) through its Standing Deposit Facility (SDF) on December 24. This represents one of the highest single-day SDF placements in recent months and underscores the scale of excess cash in the banking system. Financial data from the CBN covering December 22 to 24, 2025, show a sharp and rapid build-up of idle funds in the days leading up to Christmas. The surge came despite the CBN’s attempt…

Nigerian Equities Extend Rally, Close Strong on Friday, December 19 The Nigerian stock market sustained its bullish momentum on Friday, December 19, closing the week on a positive note after five consecutive sessions of capital appreciation. Market sentiment remained firmly upbeat as buying pressure continued to dominate trading activities, pushing key indicators higher and confirming the strength of the ongoing rally. At the close of the session, the All-Share Index (ASI) advanced by 1.13%, reflecting broad-based gains across several sectors. Market capitalisation expanded in tandem, underscoring renewed investor confidence and sustained appetite for equities. Trading statistics showed 34 gainers against…

Access Holdings Cleared for N40bn Private Placement Access Holdings Plc has secured sweeping shareholder approvals to strengthen its capital base, following resolutions passed at its Extraordinary General Meeting (EGM) held virtually on Thursday, December 18, 2025. At the meeting, shareholders authorised the group to raise up to N40 billion in fresh equity through a private placement, with the new shares to be allotted at a unit price of N20.25. The approvals also covered an increase in the company’s issued share capital from N26.66 billion to N27.65 billion, reflecting the anticipated issuance under the transaction. The outcome of the meeting was…

Nigerian Equities Close Higher as Bulls Dominate Trading Activities The Nigerian equities market closed Thursday’s trading session on a positive note, extending its upward trajectory amid heightened investor activity and renewed appetite for select stocks across sectors. Trading on the Nigerian Exchange (NGX) was marked by brisk participation, reflecting a market buoyed by optimism and selective bargain hunting. At the close of business, the benchmark All-Share Index (ASI) finished in the green, rising northward to 150,363.03 points from 149,842.82 points recorded in the previous session. This performance translated into an appreciation of approximately 0.26%, underscoring a modest but broad-based advance…

Airtel Africa-Starlink: Satellite-to-Phone Deal Catalyst for Re-rating Airtel Africa Plc’s collaboration with SpaceX’s Starlink to unveil satellite-to-phone services across Nigeria and 13 other African markets marks a structurally important inflection in the telco’s growth narrative. The initiative extends Airtel’s network reach beyond terrestrial constraints, positioning the company to monetise connectivity in hard-to-serve rural and remote geographies while strengthening service resilience, disaster recovery, and enterprise grade coverage. Strategically, the partnership compresses time-to-coverage, reduces marginal capex intensity versus Greenfield tower builds, and enhances Airtel’s long-term competitive moat in spectrum and infrastructure-constrained markets. Revenue Optionality and Margin ImplicationsSatellite-to-phone capability introduces incremental revenue pools…

First HoldCo Extends Rally on Strategic Divestment, Closes at Record High First HoldCo Plc delivered a standout performance on the equities market on Wednesday, December 17, 2025, as renewed investor demand propelled the stock to an unprecedented market close of N39.60, marking a N3.60 gain to advance on a maximum of 10.0% on the gainers table from its previous level. The rally followed a volatile intraday session in which the stock advanced steadily from its opening price of N36.00, underscoring strong bullish sentiment. The renewed market positioning is anchored on fresh capital inflows, driven by the bank’s successful completion of…

CBN Pulls Plug on Aso Savings, Union Homes : Hard Reset for Mortgage Sub-Sector In a decisive regulatory sweep, the Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, effectively ending the long-troubled runs of two once-prominent primary mortgage banks. The action, announced via an official press release, underscores the regulator’s zero-tolerance stance on weak capitalisation, poor governance, and persistent non-compliance within the financial system. The revocation was executed pursuant to Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3…

Selling to Invest: Using Key Levels to Optimise Stock Market Returns One of the most misunderstood disciplines in equity investing is selling. Many investors view selling as an admission of error, when in reality, it is often the most deliberate and profitable decision in portfolio management. In efficient markets, wealth is not built solely by buying good stocks, but by selling them at technically and fundamentally optimal levels to redeploy capital into better opportunities. A disciplined approach to selling is anchored on key price levels areas of support, resistance, and valuation extremes. Lafarge Africa (Wapco) Plc provides a compelling case…

Market Wrap: Nigeria Bourse Swings, Investors Digest Disinflation The domestic financial market closed on a mixed note, reflecting cautious positioning by investors at the start of the trading week. Total fixed income market capitalisation inched higher by 0.03% to N50.73 trillion, underscoring steady demand for yield instruments. In contrast, equities closed flat at N95.26 trillion, with the All-Share Index (ASI) settling unchanged at 149,437.88 points, signalling equilibrium between mild profit-taking and selective bargain hunting. The marginal uptick in fixed income valuation points to sustained institutional interest, particularly as investors continue to rebalance portfolios in favour of relatively predictable returns. This…

What Disinflation Means for Equity, Fixed Income Securities and Capital Flows Nigeria’s headline inflation moderated to 14.45% in November 2025, easing from 16.05% in October 2025, according to data released by the National Bureau of Statistics (NBS). The deceleration reinforces a gradually improving macro-inflation narrative, even as short-term price pressures persist on a month-on-month basis. The development carries material implications for investor positioning across equities, money market instruments, and foreign capital flows. While the year-on-year headline print reflects a meaningful slowdown, month-on-month inflation rose to 1.22% in November, up from 0.93% in October, suggesting residual cost pressures likely from logistics,…