Author: Julius Alagbe

LCCI Seeks Policy Interventions to Tackle Structural Weaknesses The Lagos Chamber of Commerce and Industry (LCCI) has urged policy interventions to address structural weaknesses undermining the economy and to balance capital importation. LCCI Director-General, Dr Chinyere Almona, said this in a statement on Thursday in Lagos. Almona said that while headline inflation eased for the fourth consecutive month to 21.88 per cent in July from 22.22 per cent in June, month-on-month inflation rose to 1.99 per cent from 1.68 percent, showing persistent price pressures. She noted that in spite of increased capital inflows in Q1 2025, structural imbalances continued to…

Champion Breweries Moves to Acquire Bullet Champion Breweries Plc, a subsidiary of enJOYcorp, has entered into an agreement for the acquisition of all brand assets and intellectual property of the Bullet range of ready-to-drink (RTD) alcoholic and energy beverages from Sun Mark International Limited. The brewer disclosed in a regulatory filing submitted to the Nigerian Exchange that the transaction is structured as an asset carve-out, with the assets to be held in a newly incorporated company in the Netherlands. Post-acquisition, Champion Breweries Plc will hold a majority interest in the new business, while Vinar N.V, a Belgian entity and the…

Nigeria Bonds Yield Falls Amidst Widening Real Interest Rate With mild bargain hunting across the mid, belly, and long end of the curve, the average yield on Federal Government of Nigeria (FGN) bonds fell slightly in the secondary market ahead of Debt Management Office (DMO) fresh supply at the August primary market auction. Trading activity was largely quiet, albeit with a bullish undertone. Fixed income market traders and analysts at CardinalStone Securities Limited saw selective buying interest at the short end (-1 bp) and mid-segment (-2 bps) of the curve. Traders reported that investors showed particular interest in Nigerian government…

Repo, Overnight Rates Sink as Huge OMO Inflow Boosts Liquidity Money market rates—repo and overnight lending rates—sank sharply as liquidity balance in the financial system increased strongly. According to updated data by the Central Bank of Nigeria (CBN), system liquidity surged to N1.015 trillion from about N95 billion deficit on the back of massive inflows totalling N1.110 trillion. FMDQ platform data highlighted that money market rates trended downward, with the open repo rate (OPR) falling 580 basis points to 26.50% and the overnight rate declining 570 basis points to 27.00%. The financial system experienced a significant intraday surge in liquidity…

Naira Falls While Nigeria’s External Reserves Cross $41bn The naira fell against the US dollar at the Nigerian foreign exchange market as trading data revealed a significant surge in foreign currency payments by eligible players. An FX data update from the Central Bank of Nigeria (CBN) showed the local currency fell to N1536.7346 per dollar at the official window on Wednesday over intense demand for the greenback. The spot rate hit an intraday high of N1538.5000, a significant reversal from N1535.5000 in the previous, reflecting looming pressures at the official window in the absence of dollar support from the CBN.…

CBN Selectively Hikes Interest Rates on Nigerian Treasury Bills The Central Bank of Nigeria (CBN) repriced spot rates on Nigerian Treasury bills with 91-day and 364-day maturities at the primary market auction on Wednesday, details from the primary market auction conducted on Wednesday revealed. Meanwhile, the discount rate on treasury bills with 182 days to maturity was steadied amidst significant subscription record Offer The authority floated N230 billion worth of Nigerian Treasury bills across standard tenors to replace maturing papers. The Apex bank offered 91-day treasury bills worth N50 billion for subscription at the main auction. For mid-tenor, or 182-day-to-maturity…

Eno Inaugurates Task Force on Illegal Mining in Akwa Ibom Gov. Umo Eno of Akwa Ibom has inaugurated a committee to address the menace of illegal mining across the state. Eno, while inaugurating the committee at the Government House in Uyo on Wednesday,  announced that the committee would chaired by Mr Nsikak Ekong, the Commissioner for Environment and Mineral Resources. He frowned at the rise in illegal mining activities in the state particularly across the coastlines. The governor noted that the composition of the committee was all encompassing, to ensure effective service delivery. “The Ministry of Environment cannot do this…

Banking, Oil Stocks Drive Intraday Loss in Nigerian Market With sell pressures in banking, oil stocks, and the Nigerian Exchange (NGX), the all-share index headed south during the intraday trading session on Wednesday. The local bourse has shed 33 basis points in equity portfolio value at noon amidst the latest round of market correction. The market is bleeding profusely again after investors lost N1.33 trillion the previous day as sell-side actors’ activities plunged key performance indicators lower. The buying momentum has eased significantly due to downbeat investor sentiment with the slowdown in corporate earnings release. Stockbrokers told MarketForces Africa in…

Nvidia Slide Exposes Risks in Tech-Driven Rally A sudden stumble in Nvidia, the stock most emblematic of the artificial intelligence boom, has shaken Wall Street out of its summer calm, sending the Nasdaq 100 down 1.4% in one of its sharpest drops since April. The selloff highlights both the enduring power of the AI story and the fragility of markets built on a handful of names. In a note shared with MarketForces Africa, Nigel Green, chief executive of global financial advisory giant deVere Group, says the pullback is not a rejection of AI’s future but a warning sign for investors…

Alleged Fraud: Court Freezes Bank Accounts Linked to Ex-NNPC Boss, Kyari The Federal High Court in Abuja on Tuesday ordered the temporary freezing of four Jaiz Bank accounts linked to Mr Mele Kyari, the immediate-past Group Managing Director (GMD) of Nigerian National Petroleum Company Limited (NNPCL), over allegations bordering on fraud. Justice Emeka Nwite made the order after the Economic and Financial Crimes Commission (EFCC)’s lawyer, Ogechi Ujam, moved an ex-parte motion to that effect. Ujam had told the court that investigations were ongoing on the matter and that the commission would need some time to conclude its findings. Justice…