Author: Julius Alagbe

Senate Dismisses Alleged Move to Impeach Akpabio The Senate, on Wednesday, moved swiftly to quell insulation on the alleged impeachment of President of the Senate, Godswill Akpabio, describing the reports as baseless and misleading. Speaking on the floor of the Senate, the Senate Leader, Opeyemi Bamidele emphasised that the claims had been “quoted out of context” and that there had been no discussion regarding the removal of Akpabio. Bamidele was reacting to Sen. Orji Uzor Kalu’s statement during a press briefing with journalists in Abuja on Tuesday. Kalu at the briefing had dismissed reports on the alleged move for Akpabio’s…

Zenith Bank Soars by 10% in Fresh Rally Zenith Bank Plc.’s market value soared by 10% on Wednesday as investors re-entered positions on the back of an improved sentiment. The Nigerian market recovered part of the huge losses posted in the past weeks as investors begin to reposition in companies with strong fundamentals. Banking index soared by more than 7%, fuelled by interest in Tier-1 names including Zenith Bank share which capped maximum daily gain as a result of increased market activities. Zenith Bank share price surged by 10% to N59.4 as 86.805 units valued at N5.156 billion were consummated,…

GCR Assigns BBB, A3(NG) to Pagatech Limited With Stable Outlook GCR Ratings has assigned to Pagatech Limited a national-scale long and short-term issuer ratings of BBB (NG) and A3 (NG), respectively, with a stable outlook. According to GCR, Pagatech’s ratings derive from the consolidated strengths and weaknesses of Paga Group Limited—a UK-headquartered fintech group with subsidiaries in Nigeria, Ethiopia, and recently, the USA. “Pagatech is the group’s flagship business as well as primary earnings generator currently; as such, the ratings assigned reflect the group’s creditworthiness in the absence of any tangible credit insulation”, ratings analysts said in a report on…

MTN Nigeria Plunges by 10% to N9.01trn as Sentiment Fades MTN Nigeria Plc’s stock market value plunged by 10% on Tuesday as investors dumped the telecom company shares again, reflecting negative sentiment ahead of an interim dividend payment in Nov. Trading data from the Nigerian Exchange (NGX) showed that MTN Nigeria (Ticker: MTNN) fell to N429.3 per share as 2.059 million units of the telecom company shares valued at N888.872 million were traded in the local bourse. The telecom company whose share price peaked at N520.1, its highest value in 52 weeks, has now lost approximately 17.5% after earnings fuelled…

SoftBank Sells Interest in Nvidia for $5.83bn, Dives into AI SoftBank has exited Nvidia for about $5.83 billion after reporting a €14 billion quarterly profit and said it will redirect capital into AI investments. Japanese multinational investment company SoftBank said it had sold its remaining stake in Nvidia for $5.83 billion (€5bn) as it pivots towards AI investments. SoftBank also reported stronger-than-expected earnings for the three months to 30 September, posting a net profit of ¥2.5 trillion or €14 billion, more than double the ¥1.18 trillion or €6.6 billion recorded a year earlier. The company’s earnings jump was fuelled by…

British Pound Weakens Amidst Oversold FX Projection The British pound, or the sterling, weakened to $1.31 on Tuesday after weaker-than-expected labour market data strengthened expectations of a Bank of England interest rate cut next month. In its most recent prediction, Standard Chartered anticipates that the GBP/USD exchange rate will rebound to $1.35. The bank believes the currency remains undervalued, which allows for additional increases as international investors close their short positions. It sees scope for gains to the 1.3500 area, but expects notable selling interest above this level, especially with ongoing concerns surrounding fiscal policy. The sterling came under pressure…

Nigeria’s Economy Stable, Attracting Investors, Accolades – Shettima Vice-President Kashim Shettima says the reforms undertaken by President Bola Tinubu’s administration are already stabilising the economy, inspiring investor’s confidence and attracting commendation from independent observers. Shettima said this on Tuesday in Abuja when he declared open the Digital Nigeria International Conference and Exhibition 2025. He also said that the administration of President Tinubu has succeeded in putting an end to the regimes of volatility and unpredictability that once characterised Nigeria’s economy. According to him, global economic uncertainties, “shocks, shifting alliances, and the rapid displacement of traditional jobs by emerging technologies” have…

Oil Prices Decrease over Demand, Supply Uncertainties Uncertainties in the global commodities market refuse to fizzle out, and this has resulted in a decline in the prices of crude oil. The oil market activities hang between rising US crude oil inventories and supply tightening following Russian export sanctions. US inventories surge, and floating storage in Asian waters has doubled in recent weeks as tighter Western sanctions curb imports to China and India. Oil prices are tracking lower on Tuesday even after Russia’s Lukoil declared force majeure on its operations in one of Iraq’s biggest oil fields because of the latest U.S.…

Benchmark Yield on Nigerian Bonds Falls to 15.76% The benchmark yield on Federal Government of Nigeria (FGN) bonds fell slightly to 15.76% in the secondary market amidst mixed expectations ahead of inflation, interest rate outlook and November supply. With investors’ interest concentrated at the short end and belly of the curve, the average yield on Nigerian government bonds eased slightly ahead of inflation.  Trading activity was relatively subdued as asset managers, pension fund administrators and other market players search for action points. Local bonds demand was focused on short- to mid-term maturities while Long-dated papers held firm amid limited trading…

Short-term Rates Diverge as Banks’ Placement at SDF Falls by 24% The short-term interest rates diverged in the money market even with excess liquidity levels on record in the financial system on Monday. Deposit money banks’ (DMBs) placement at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF) eased as system liquidity maintained a surplus for the 16th consecutive trading session. In their separate report, investment banking firms reported that liquidity levels opened the week at ₦3.84 trillion, representing a 2% decline from the previous close. The short-term benchmark interest rates moved in a different direction as DMBs placements…