Author: Julius Alagbe

AIICO Targets N14bn Profit for Nine Months Operation One of Nigeria’s top insurance companies, AIICO Plc, has forecasted N14 billion as net profit for 9 months of financial year 2025, details from its regulatory filing on the Nigerian Exchange (NGX) revealed.  The company disclosed that 2025 projections is made based on seasonal trends of premium receipt with a consideration of actual premium receipt for the month of January 2025, while 2024 is actual premium cash flows. AIICO Insurance added that its earnings forecast was prepared using IFRS 17, the new insurance reporting format. AIICO Insurance estimated that its gross written…

US Dollar Rises in FX Market on Trade Talks Optimism The dollar rose against its major trading partners early Tuesday, ahead of a light data release day on US-China trade talk optimism, which fuels sentiment across markets. Earlier Tuesday, the National Federation for Independent Business reported that small business sentiment improved modestly but that uncertainty remains. Taxes were cited as the largest problem by 18% of respondents, above labour quality and inflation for the first time since December 2020. Weekly Redbook same-store sales are due to be released. Federal Reserve officials are in their ‘quiet period’ ahead of the next…

MRS Oil Forecasts N3.95 Billion Profit for Q3 MRS Oil Plc has forecasted a N3.95 billion profit after tax expenses for the third quarter of 2025, according to its regulatory filing in the Nigerian Exchange (NGX) on Tuesday. The company estimated ₦393.58 billion as revenue for the period with a cost of sales that is expected to settle at ₦378.93 billion. In the earnings forecast, MRS Oil anticipates achieving ₦14.65 billion in gross profit. The company expects spending on distribution, Admin. & other expenses to reach ₦8.91 billion. In the third quarter, operating profit is expected to settle at ₦6…

Oil Prices Dip as US-China Trade Talk Boosts Optimism Oil prices fell slightly on Tuesday as growing optimism regarding trade negotiations between the US and China supported market sentiment. International benchmark Brent crude decreased by around 0.1%, trading at $66.68 per barrel on Tuesday, down from $66.75 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) fell by about 0.26%, settling at $64.37 per barrel, compared to $64.54 in the prior session. Trade talks between the US and China, launched on Monday in London to resolve long-standing tariff disputes, have drawn global investor attention as the world’s…

Fraud Case against Fidelity Bank CEO Dropped, AGF Gives Reasons The Office of the Attorney General of the Federation and Minister of Justice has officially withdrawn criminal charges against Dr. Nneka Onyeali-Ikpe, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, following a legal review that found no direct connection between her and the allegations in question. In a statement released on Monday by Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity in the Office of the Attorney-General of the Federation, the AGF clarified that the decision to discontinue the case was made in accordance…

Euro Rebounds to $1.14 after ECB Rates Cut The euro is gaining against the US dollar in the forex market early on Monday. The euro rebounded above the $1.14 level, edging closer to the six-week high of $1.149 reached on June 5—after the European Central Bank (ECB) rates cut last week. The ECB cuts interest rates by 25 basis points to boost economic growth amidst uncertainties over trade direction with the United States. The Central Bank said the decision to lower the deposit facility rate—the rate through which the Governing Council steers the monetary policy stance—is based on its updated…

Oando Soars by 26%, NAOC Consolidation Boosts Investors Confidence The indigenous oil company Oando Plc’s market value soared by about 26% in the equities segment of the Nigerian Exchange (NGX) as consolidation of Nigeria Agip Oil Company (NAOC) in the group earnings boosted investors’ confidence. According to data obtained from the Nigerian Exchange, Oando’s share price rose sharply to N56.85 at the close of the trading session on Thursday, when 21.208 million units valued at N1.204 billion were traded in the local bourse. The energy stock experienced an all-week rally that lifted the market value of the indigenous oil company…

May & Baker Shareholders Approve N690.09m Total Dividend for 2024 The shareholders of May & Baker Nigeria Plc have endorsed a total dividend of N690.09 million for the financial year ended Dec. 31, 2024 The shareholders gave the approval at the company’s 74th Annual General Meeting (AGM) on Thursday in Lagos. The dividend subject to the applicable withholding tax translated to 40k for every 50k share. Speaking at the meeting, the Chairman, Board of Directors of the company, Sen. Daisy Danjuma, told the shareholders that the dividend would be applied to every shareholder whose name appeared in the register of…

Oil Prices Rise as U.S Inventories Ease, Raising Demand Outlook Oil prices climbed on Thursday as data showed a decrease in US crude oil inventories, suggesting a positive import demand outlook amidst the Federal Reserve’s uncertain interest rate outlook. Brent crude increased by around 0.4%, trading at $64.96 per barrel, while US benchmark West Texas Intermediate (WTI) rose by about 0.4%, reaching $62.45 per barrel, compared to $62.18 in the prior session The modest gains follow a larger-than-expected draw in US commercial crude inventories, which declined by 4.3 million barrels to 436.1 million barrels last week, according to data from…

MTN Nigeria Hits N6.09trn at 52-Week High MTN Nigeria PLC’s market value hit N6.09 trillion in the equities segment of the Nigerian Exchange as investor sentiment improved ahead of the second quarter of 2025 earnings period. The telecom company share price has climbed to N290, reflecting investors’ expectation that the company will continue to recover from the naira devaluation shock. The current market value of the telecom company is the highest it has attained in the last 52 weeks in the local bourse. The latest rally has pushed the market value of MTN Nigeria’s 20.996 billion shares outstanding to N6.092…