Author: Julius Alagbe

Dangote Cement Valued at N7.4trn Ahead of N30 Dividend Payment Dangote Cement Plc market value steadied at N7.424 trillion in the equities market ahead of June 23 dividend payment, details from the Nigerian Exchange (NGX) rtrading platform evealed. The cement company said in a regulatory filing that “if shareholders at annual general meeting approved the dividend recommended by the directors, dividends will be paid on June 23, 2025”. The cement company’s board of directors proposed to pay shareholders N30 per share as dividend for 2024 earnings performance. The huge part of the total dividend proposed will be paid to Dangote…

Reduced European Gas Prices to Prompt Storage Refill –Fitch Reduced Title Transfer Facility (TTF) gas prices should support the replenishment of European inventory ahead of the next winter season, benefitting some energy-intensive industries such as chemicals and steel, Fitch Ratings says. The pause in new US-China tariffs might provide some support to prices, but Fitch analysts continue to expect the TTF spot price to average USD12 per thousand cubic feet (mcf) in 2025. The price has averaged USD13.4/mcf so far this year, according to the commentary note released. TTF prices fell to USD12.5/mcf this week from a peak of USD18/mcf…

Oil Market Closed Negative on Increase Supply Concerns Oil prices are on track for a weekly decline in the global commodity market, pressured by reports suggesting the OPEC+ alliance may raise production, rising US crude inventories, and the resumption of nuclear negotiations between the US and Iran. The international benchmark Brent crude was trading at $63.85 per barrel on Friday, marking a fall of around 1.7% from last week’s closing price of $64.93. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $60.92 per barrel, down approximately 1.5% from last Friday’s close of $61.88. Despite the modest daily gains,…

Oil Prices Decline Amidst Supply, Demand Concerns In the global commodity market, prices of crude oil continue to pull back due to concerns over increased output from the Organisation of Petroleum Exporting Countries and allied members amidst a weak demand outlook. International benchmark Brent crude decreased by around 0.2%, trading at $63.50 per barrel, down from $63.63 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) fell by about 0.2%, settling at $60.58 per barrel, compared to $60.69 in the prior session. The OPEC+ group is expected to consider an output hike at its June 1 meeting.…

Naira Rises on CBN FX Swap Arrangement with Banks The naira appreciated at the official market, buoyed by the Central Bank of Nigeria (CBN) liquidity intervention through FX swap arrangements with domestic banks, analysts said in a note without mentioning the total amount that passed through the system. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira strengthened by 0.38% to close at N1,584.50 per US dollar, according to Cowry Asset Management Limited. In the parallel market, the local currency declined by 0.31%, ending the day at N1,620 per dollar. The CBN FX spot rate slipped slightly to 1584.95…

Funding Rates Diverge Amidst Treasury Bills Auction Debit The funding rates diverged due to liquidity fluctuation following the Nigerian Treasury bills midweek auction settlement. Money market rates have been relatively steady following huge inflows worth N1.14 trillion from OMO bills maturities. This caused rates on short term financing to hover behind 27%, though some banks were in the Central Bank standing lending facility earlier in the week to borrow to fund operations. Liquidity stayed positive despite debit for Nigerian Treasury bills and OMO bills offered on Tuesday. At the close of trading session on Thursday, the Nigerian Interbank Offered Rate…

Naira Trades at N1,584 as External Reserves Reach $38.544bn The naira traded at the N1584 per US dollar at the Nigerian foreign exchange market (NFEM) as additional inflows boost the external reserves. The exchange rate fluctuated between N1,582 and N1,588.50 in the official market. By the close of trading, the Naira weakened slightly, depreciating by 3 basis points to settle at N1,584.9542 per greenback. The naira closed flat at N1,625 and N1,582.86 in the parallel market and FMDQ FX window, respectively. Data from the Central Bank showed that the gross balance in the external reserves reached $38.544 billion as inflow…

Equities Investors Lose N274bn as Dangote, Fidelity Bank Dip The Nigerian Exchange (NGX) all-share index plunged as equities investors lost about N274 billion due to profit-taking activities in the local bourse. Profit-taking activities continued on Thursday in the Nigerian equities market, with TRANSCORP (-4.4%), FIDELITYBK (-7.0%), and DANGSUGAR (-5.9%) weighing down the bourse. Consequently, the NGX All-Share Index declined by 0.4% to 109,183.02 points, with the month-to-date and year-to-date returns settling at +3.2% and +6.1%, respectively. The market downturn was primarily driven by sustained sell pressure in key stocks across major sectors, reflecting cautious investor sentiment amid ongoing response to…

Nigeria Spends $2.01bn to Service External Debts in 4-Month The Federal Government of Nigeria external debt servicing payment increased by more than 51% year-on-year, according to the latest international payment data released by the Central Bank of Nigeria (CBN). The CBN report revealed that Nigerian government spent about $2.01 billion on external debt repayment between January and April 2025, compared to the $1.33 billion recorded during the same period in 2024. The nation’s debt servicing alone accounted for 77.1 per cent of Nigeria’s total international payments within the four months, a sharp rise from the 64.5 per cent share recorded…

Dangote Refinery to Commence Polypropylene Export The Dangote Petroleum Refinery and Petrochemicals has revealed plans to partner with an international petrochemicals distribution company, Vinmar Group, to export Dangote polypropylene to global markets. The refinery began 25kg bag polypropylene production in March for the local market. Nigeria currently imports 90% of its annual polypropylene requirements, amounting to 250,000 metric tonnes per year. “We’re pleased to partner Vinmar to introduce Dangote Polypropylene to the global markets,” an executive director at Dangote Group, Fatima Aliko Dangote, said at the launch of the facility on Wednesday. The Dangote facility seeks to not only meet…