Author: Julius Alagbe

Naira Trades at N1526, External Reserves Hit $41.42 Billion The naira traded steadied against the US dollar as data showed that Nigeria’s gross balance in the nation’s external reserves reached $41.422 billion on September 1, updated FX data from the Central Bank (CBN) revealed. At the Nigerian foreign exchange market (NFEM),  the official spot FX rate held steady, with the naira trading between ₦1,523.0/$ and ₦1,528.50/$ during the day.  The local currency appreciated, closing at ₦1,526.0565/$ from N1526.0940 the previous day.  The naira is expected to continue to trade within CBN acceptable range as the authority continues to make FX…

Lafarge Africa Shrinks Amidst Legal Tussle Lafarge Africa Plc lost about 10% of its market value on the Nigerian Exchange on Tuesday as investors’ sentiment weakened amidst an ongoing legal tussle. The bearish grip on the cement company extended while equity analysts estimates show potential upside in the cement company stock on increase volume drive, and capital spending. But the ongoing legal tussle with a minority shareholder over transactions involving Holcim and Chinese investors appears to have put a lid on bargain hunting. Trading details from the Nigerian bourse showed that the cement company has seen sharp price depreciation, put…

Wema Bank Slumps by 10% as Investors Exit Positions Stock market value of Wema Bank Plc plunged as some investors exited positions on Tuesday following sharp year to date return, trading data from the Nigerian Exchange (NGX) showed. In the stock market, the bank share price fell by 10% to close at N20.7 on Tuesday as more than 5 million units valued at N107.361 million exchange hands. The negative transaction pull by sell side actors dragged Wema bank market value down by 10% to N467.177 billion. MarketForces Africa reported that Wema Bank outperformed its peers in the banking sector, with…

Rates Hike Anticipated as CBN Sets to Auction Treasury Bills Market anticipates spot rates hike as the Central Bank of Nigeria (CBN) is set to launch its midweek primary market auction for Nigerian Treasury bills. The CBN is set to conduct its first Treasury Bills auction for the month on Wednesday across standard tenors -91-day, 182-Day and 364-day. The midweek auction will be led by the Debt Management Office (DMO), and some fixed interest securities analysts are expecting rates repricing to match the CBN energy on juicy rates offered to foreign portfolio investors on its OMO bills. Amidst unattractive yields…

UK Commits $7.5 million to Boost Food Security, Climate Resilience The British International Investment (BII), the UK’s development finance institution, has committed $7.5 million to Nigerian agri-tech platform, Babban Gona. The British Deputy High Commissioner in Lagos, Mr Jonny Baxter, disclosed this during a news conference on Tuesday in Lagos. He said this was to strengthen food security and climate resilience for smallholder farmers in Northern Nigeria Baxter said the investment would address key challenges facing smallholder farmers, including poor access to finance, quality inputs, agronomic training, and reliable markets. He said although northern Nigeria produced up to 60 per…

Shea Export Ban to Boost Local Supply The Managing Director of the Nigerian Export-Import Bank (NEXIM), Abba Bello, has commended the Federal Government’s recent six-month ban on shea nut exports. He described the move as a strategic step to support local processors and reduce production costs. Speaking at an interactive session with All progressives Congress (APC) youth members in Abuja on Tuesday, Bello noted that although Nigeria supplied 40–60 per cent of global shea, it had no industrial processing plants until 2018. “When we came on board in 2018, not one industrial plant was processing shea in Nigeria. “Since then,…

NPA Announces Plans to Revitalize Delta Ports, Boost Economy The Nigerian Ports Authority has announced plans to revive Delta Ports as part of a broader strategy to boost Nigeria’s economy and decongest Lagos ports. This move aims to generate employment and support economic growth in the region. According to Senator Adedayo Adeyeye, Chairman of the NPA Board, President Bola Tinubu is committed to revitalizing Nigeria’s port infrastructure. During a four-day working tour of the Delta Ports, Adeyeye and his delegation met with traditional rulers, port stakeholders, and community leaders, including Delta State Governor Sheriff Oborevwori, the Orodje of Okpe, and…

Nestlé CEO Laurent Freixe Fired Over Romantic Relationship with Subordinate Nestlé’s CEO, Laurent Freixe, has been dismissed from his position due to an undisclosed romantic relationship with a direct subordinate, which breached the company’s code of business conduct. The decision was made after an investigation overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla, with the support of external counsel. Freixe, who joined Nestlé in 1986 and took over as CEO in September 2024, will not receive an exit package. The investigation was triggered by a whistleblower report via Nestlé’s compliance channel, and external counsel confirmed a conflict…

Top 10 Stock to Buy in September – CSL Stockbrokers Picks Spotting value in stocks isn’t an easy task, and going to the stock market blindly is even more dangerous unless you have the expertise. Investors without such expertise rely on stockbrokers, and this reduces the risk of losing the investment significantly. In August, the Nigerian Exchange experienced significant fluctuation as bargain hunting faded versus previous trend in the local bourse. This suggests price corrections have made stock companies cheaper, and then resulting in an increase in upside potentials. For September, equity investors at CSL Stockbrokers Limited have selectively picked…

TotalEnergies Awarded 2 Offshore Exploration Permits in Nigeria TotalEnergies (80%, operator), together with its partner South Atlantic Petroleum (20%), have signed the Production Sharing Contract (PSC) for the PPL 2000 and PPL 2001 exploration licenses offshore Nigeria, which were awarded following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. PPL 2000 & 2001, covering an area of approximately 2,000 square kilometers, are located in the prolific West Delta basin. The work program includes drilling one firm exploration well. “TotalEnergies is honored to be the first international company to be awarded exploration licenses in a bid round…