Author: Julius Alagbe

Oando Profit Soars 267% to N220bn on NAOC Integration Oando Plc’s profit after tax soared by 267% year on year in financial year 2024 to N220 billion following the consolidation of Nigeria Agip Oil Company’s assets and liabilities into the group. In its regulatory filing, the indigenous energy company revealed that its revenue jumped up by 44% to ₦4.1 trillion from ₦2.9 trillion in 2023, driven by higher upstream output and FX gains. Profit after tax up 267% to ₦220 billion from ₦60 billion, while the company’s Capital expenditure totalled ₦19 billion, a significant decline from ₦45 billion in 2023…

Zenith Bank Recognised as Nigeria’s Best Bank Zenith Bank Plc has been named “Best Bank in Nigeria” in the Global Finance Best Banks Awards 2025, winning the award for the fifth time in six years. The Bank was among winners from 36 countries in Africa recognised by the prestigious Global Finance in its 32nd Annual Best Bank Awards. The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success. Winning organizations managed their assets and liabilities in a savvy way despite…

Equities Investors Gain N260bn as NGX Hits Historic High The Nigerian Exchange (NGX) sustained its positive momentum, hitting a new historic high of N70.89 trillion; the equities market capitalisation appreciated by about N260 billion. The sustained bargain hunting lifted the All-Share index to 112,427 points, up by 37 basis points amidst renewed interest in some bellwether stocks. Driving the uptrend, the market recorded positive price appreciation in DANGCEM (+2.27%), alongside strong performances in FIRSTHOLDCO (+8.82%) and INTBREW (+3.11%). The upward trend was driven by continued buying interest in medium- and large-scale stocks, including HONYFLOUR, FIRSTHOLDCO, and DANGCEM, among others. Stockbrokers…

Naira Trends Vs. Dollar as Companies Scale Back FX Demand The foreign exchange market value of the Nigerian naira improved in the currency market in the absence of pressures associated with increased demand for dollars. On Tuesday, the local currency extended its gains, buoyed by enhanced dollar liquidity—with the Central Bank of Nigeria (CBN) acting as responsible party driving US dollar volume on the supply side. The naira recorded positive movement for five straight days, according to CBN data.   MarketForces Africa gathered from inside sources that corporate demand for dollars has reduced, while exporter FX inflows remain strong in…

CBN Sets to Open N450bn Treasury Bills Auction for Subscription The Central Bank of Nigeria (CBN) is set to conduct its first Treasury Bills auction for the month midweek with a total offer size of ₦450 billion, split across three maturities, according to a market update. The auction, which has been projected to be oversubscribed, will effectively reduce the amount of liquidity level available in the financial system, and probably push money market rates higher in the absence of additional supporting inflows. According to investment experts, the auction will be conducted by the Debt Management Office (DMO) on behalf of…

CBN Sells N1.51trn OMO Bills, Rates Settle at Over 24% The Central Bank of Nigeria (CBN) allotted N1.51 trillion to foreign portfolio investors and local deposit money banks—the eligible market participants—at the open market operation (OMO) bills auction on Monday. The CBN opened N600 billion OMO bills for subscription across mid tenors as part of an effort to regulate liquidity levels in the financial system. Investor subscription, however, came in stronger, reflecting sustained appetite for the naira assets in a high-yield, fixed interest income environment. The N600 billion OMO bills floated was split into N300 billion across a 106- and…

Equities Investors Gain N173bn as Market Movers Move Equities investors’ portfolio value increased by about N173 billion in the stock market as MTN Nigeria, First Holdco, Oando, and Dangote Sugar Refinery rallied. The Nigerian Exchange (NGX) kicked off the new month on a positive note, as key market performance indicators advanced by 0.25% as investors engaged in bargain-hunting activities. The bullish posting stemmed from price upticks in MTNN (+3.18%), FIRSTHOLDCO (+2.00%), OANDO (+2.65%), and DANGSUGAR (+3.02%), as well as buy interests in ETI (+1.43%). The upswing helped reverse the losses incurred in the previous trading sessions before the weekend break. Specifically,…

Unity Bank, AfriGo Explore Collaboration to Deepen Access to ePayments Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider AfriGo to boost card usage across its retail customer segments. This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos on Friday with AfriGo’s executive management team. Speaking during the session, Unity Bank’s Managing Director/CEO, Mr. Ebenezer Kolawole, stated, “We are committed to making the AfriGo Card a primary delivery channel for Unity Bank. As a national domestic card scheme,…

Heated Geopolitical Tensions Drive Oil Prices Up Oil prices increased in the global commodity market amidst rising tensions after Ukraine targeted several military air bases in Russia, as Kyiv and Moscow prepared for peace talks in Istanbul. Price surge in a combat between forces of demand and supply after OPEC+ members agree to increase output, causing prices to dip while increasing geopolitical tensions nudge prices higher. International benchmark Brent crude increased by around 2.61%, trading at $64.24 per barrel, up from $62.60 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) rose by about 2.88%, reaching $62.02…

Sterling Plc Shrinks amidst Missed Regulatory Filing The market value of Sterling Financial Holdings Plc shrank by more than 5% in the equities market as investors, shareholders anticipate the release of its audited financial statement for year 2024. The share price closed lower at N5.65 in the equities segment of the Nigerian Exchange on Friday as investor sentiment waned. The financial services holding company that harbors Sterling Bank is trading at about a 12% discount to its 52-week high. Data obtained from the Nigerian Exchange put N256.832 billion as the market value of Sterling Financial Holdings Plc’s 45.457 billion shares…