Author: Julius Alagbe

Fitch Affirms the United States of America at ‘AA+’, Outlook Stable Fitch Ratings has affirmed the United States of America’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘AA+’ with a Stable Outlook. According to the rating note, the United States’ sovereign rating benefits from its large economy, high per capita income, dynamic business environment, and exceptional financing flexibility due to the U.S. dollar’s role as the preeminent global reserve currency. However, high fiscal deficits, a substantial interest burden, and high and rising government debt levels—more than double the ‘AA’ rating medians—constrain the rating. The U.S. has not taken meaningful…

Investors Take Profit on Nigerian Bonds Ahead of Fresh Supply The average yield on Nigerian government bonds increased by eight basis points, or 8 bps, ahead of fresh supply at the primary market auction on Monday. Bond trading fluctuated in the secondary market while the authorities mopped up N1.2 trillion via OMO and Treasury bills sales. Trading activities ended on a bearish, though relatively calmer, note, as investors reacted to the higher-than-expected stop rate at the Nigerian Treasury bills auction.Fixed income market analysts saw a mild bearish tone dominating sentiment for most of the week. Activity was largely concentrated on…

UBA Super Savers’ Promo Seeks to Deepen Financial Inclusion Africa’s Global Bank, United Bank for Africa (UBA) Plc, has officially launched the fifth edition of its Supersavers Promo aimed at reinforcing the bank’s commitment towards deepening financial inclusion across Nigeria and empowering citizens to achieve their financial goals through disciplined savings. The nine-month campaign, themed “Season of Progress’, was launched during a press conference which was held at the UBA House, Marina, Lagos, on Friday and is expected to run from September 1, 2025, to May 31, 2026. The promo is designed to reward both new and existing customers while…

Bears Touches ‘Knock Off’ N2.3trn from Nigerian Stock Market The Nigerian Exchange (NGX) lost about N2.3 trillion of its market capitalisation due to some bears touches on key stocks. The equities market extended its bearish run in the just-concluded week, maintaining the negative momentum carried over from the previous week. Key performance indicators were weighed down by widespread declines across major sectors, as persistent bearish sentiment fuelled sustained sell-offs in banking, insurance, oil & gas, and industrial goods stocks. However, in sharp contrast, the Consumer Goods Index bucked the trend, advancing by 0.83% week-on-week, according to a stockbroker’s report released…

Fitch Affirms United Kingdom at ‘AA-‘ with Stable Outlook Fitch Ratings has affirmed the United Kingdom’s credit rating: long-term ability to honor financial obligations at ‘AA-‘ with a stable outlook. The UK’s ratings are supported by its high-income, large, diversified, and flexible economy; credible macroeconomic policy framework; and financing flexibility from deep capital markets and sterling’s international reserve currency status. These factors are set against its high public and external debt and a debt interest/revenue ratio that is more than double the ‘AA’ peer group median. Fitch forecasts GDP growth of 1.2% in 2025 and 2026, partly reflecting further cooling…

Transactions Value on Nigerian Exchange Increases by 7.50% Investors in the Nigerian stock market traded a total turnover of 4.773 billion shares worth N107.426 billion in 152,965 transactions this week on the floor of the Exchange. The Nigerian Exchange Ltd.(NGX) weekly report made available in Lagos, said this was in contrast to 8.564 billion shares valued at N99.936 billion that exchanged hands last week in 177,870 deals. Consequently, the value of transactions traded by investors on the Exchange advanced by 7.50 per cent. The Financial Services Industry led the activity chart with 3.734 billion shares valued at N60.627 billion traded…

Africa’s $100B Refining Opportunity Unlocks as New Capacity Surges Africa is set to add 1.2 million barrels per day (bpd) of new refining capacity by 2030, marking one of the fastest downstream expansions globally, according to the newly released 2025 OPEC World Oil Outlook. This medium-term growth – led by landmark projects in Nigeria, Angola and Uganda – signals a turning point for the continent’s energy sovereignty and investment attractiveness. At the forefront of Africa’s refining expansion is Nigeria’s 650,000-bpd Dangote Refinery, which began operations in 2024 and is already reshaping regional fuel trade dynamics. Further developments include the 200,000-bpd…

Oil Prices Climb as Russia –Ukraine Tensions Escalate Oil prices climbed in the global commodity market on Friday as Russia-Ukraine tensions escalated amidst a larger-than-expected draw in US crude inventories, bolstering market sentiment. Brent crude was trading at $67.22 per barrel, up 0.1% from the previous session’s $67.13. The US benchmark West Texas Intermediate (WTI) gained 0.2% to $63.51. Ukraine’s military reported “one of the largest air attacks of the year,” which killed one person and injured 15, as President Volodymyr Zelensky accused Moscow of showing no readiness for peace talks. He added that Moscow has shown no indication of…

CBN Allots OMO Bills to Investors at The Rate of 25.99% The Central Bank of Nigeria (CBN) offered local banks and foreign portfolio investors 25.99% as a spot rate for OMO bills with 124 days to maturity, details from the primary market auction conducted by the authority revealed. Economic reforms have continued to boost foreign investors’ sentiment about the Nigerian economy and financial market offerings. The CBN achieved FX inflows via OMO sales at relatively high spot rates to attract and keep offshore investors in the economy. The CBN conducted an open market operation on Thursday after more than N1…

eTranzact Trains PoS Agents on Anti-Money Laundering eTranzact International Plc, through its Financial Inclusion Unit, has hosted Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) training for Point-of-Sale agents. This is contained in a statement on Thursday in Lagos by Adeyemi Opene, Head of Corporate Communications at eTranzact International Plc. The virtual training aligned with the Central Bank of Nigeria’s directive mandating licensed Payment Terminal Service Providers to periodically train agents on AML and CFT. It addressed regulatory guidelines on cash-out limits, suspicious transaction patterns, shell company usage, and the need to report any suspicious activity to banks…