Author: Julius Alagbe

Nigerian Exchange Shrinks as Equity Investors Lose N357bln Equity investors lost N357 billion on Thursday as investors sold down interest in some listed companies on the Nigerian Exchange (NGX) trading platform. As a result of the activities of sell-side actors, the NGX All-Share Index dropped by 39 basis points to close the day at 145,300.01 points—driving other key performance indicators southward. In their separate notes, stockbrokers said today’s negative outing was largely influenced by sell-side pressure on some mid- to high capitalised stocks. Hence, the year-to-date return moderated to 41.17%, still strongly ahead of the annual inflation rate. On the…

Ajaokuta Steel Spends N1bn Annually in Pensions, Salaries The non functional Ajaokuta Steel Company Limited (ASCL) is costing the country more than N1 billion annually in pensions, salaries, taxes, and administrative costs. Prof. Linus Asuquo, Director-General (D-G) of the National Metallurgical Development Centre, Jos, stated this in his presentation at a panel discussion at the maiden edition of the National Steel Summit on Thursday in Abuja. The discussion was titled “Dissecting the Current Policy Framework: Identifying Gaps and Building a Robust Institutional Regulation”. According to a 2024 report by BudgIT’s accountability platform, Ajaokuta’s financial burden has continued to grow, with…

Interbank Rates Cross 32% as Banks Ramp Up Borrowings Interbank rates surged sharply, trending above 32% apiece, the highest in the third quarter, as financial system liquidity switched to negative territory, tightened by deposit money banks’ activities at the standing lending facility window. The money market rates have been fluctuating since the Central Bank of Nigeria (CBN) aggressively mopped up liquidity via open market operations that knocked off N2.12 trillion from the system. To meet their funding needs, banks have returned to the CBN standing lending facility to access cash needed to meet their operation demands.  The system liquidity retreated…

Insurance Companies Fuel Intraday Rally on Nigerian Exchange AXA Mansard, AIICO, and Custodian Insurance, among other industry players, are driving the intraday rally on the Nigerian Exchange (NGX) trading platform on Wednesday. The local bourse uptrend is noted to be minimal, driven by lightweight stocks dominating the ongoing bull runs during the trading hours. In anticipation of the recapitalisation in the insurance sector, investors have shifted attention to underpriced insurance names in the local bourse. All the listed insurance companies had a combined market capitalization of less than N700 billion at the beginning of the month. The latest rally has…

Soludo Backs Tinubu’s Bold Economic Reforms Gov. Charles Soludo of Anambra has reaffirmed strong support for President Bola Tinubu’s bold economic reforms aimed at stabilising and reviving Nigeria’s economy. Soludo spoke to State House correspondents after meeting Tinubu on Tuesday at the Presidential Villa, Abuja. The former Central Bank governor stressed the urgency of structural reforms to accelerate national development. He said his support for Tinubu transcends party lines because the reforms aim to return Nigeria to a sustainable growth path. Soludo said, “The President is in high spirits, hale and hearty. It was a pleasure meeting him; indeed, it…

Naira Falls, Spot Rate Touches N1543 as FX Demand Heats Up The naira depreciated at the Nigerian Foreign Exchange Market (NFEM) due to increased demand for foreign currency amidst a persistent decline in supply. According to data obtained from the Central Bank, the official rate weakened to N1537.90 on Tuesday from N1535.92 per dollar, suggesting demand eclipsed US dollar volume available. FX data showed there was demand pressure on the naira at the official window, with the spot rate touching its highest in months, according to FX update released by the Central Bank today. A review of the fx data…

Naira Drops as Data Confirms FX Inflows Declines for Weeks The naira dropped against the US dollar at the Nigerian Foreign Exchange Market (NFEM) as data showed foreign currencies were in short supply last week. The declining FX supply forced the authority to conduct FX interventions twice last week. Liquidity has not improved, reflecting in slight depreciation of the local currency at the official window. According to FX data update from the Central Bank of Nigeria (CBN), the spot rate fell to N1535.92 per greenback, a mild depreciation from the opening rate of N1533.56. FX market update revealed that the…

Money Market Rates Mixed as CBN Sterilised N2.3trn Money market rates closed in mixed direction after the Central Bank of Nigeria (CBN) open market operation and Treasury bills auctions drained excess liquidity in the financial system. The CBN raised about N2.3 trillion across primary market auctions conducted in two consecutive days as part of an effort to tighten excess cash available in the banking system last week. These market actions tightened funding profile despite significant inflows from maturing Treasury bills and Open Market Operations (OMO) instruments totalling N258 billion and N600 billion, respectively. While some inflows were completely recapitalised at…

21 Companies in Trillion Naira Valuation Club on NGX BUA Foods Plc was valued at N10.348 trillion in the Nigerian Exchange (NGX) following a bumper earnings performance in the second quarter of 2025. The consumer goods company ranks as the most valuable brand among all listed companies. Telecommunication company MTN Nigeria, with a total market value of N9.66 trillion, is the second most valuable in the equity market as of Friday. It just lost the NGX leadership baton to BUA Foods. Dangote Cement Plc is third on the rank, valued at N9.736 trillion after its earnings results. The cement company…

Dangote Petroleum Refinery Denies Operations Shutdown The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable. In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads. The refinery also clarified that the intermittent sale…