Author: Julius Alagbe

Africa’s Debt Crises Require Urgent Reform—ECA The Executive Secretary of the UN Economic Commission for Africa (ECA), Mr Claver Gatete, says Africa’s public debt crisis is a deeper development crisis requiring urgent reform. Gatete said this in a statement on the commission’s website on Wednesday. He spoke in Lomé, Togo, at the inaugural African Union Debt Conference attended by over 500 delegates, including heads of state, finance ministers, central bank governors, and development partners. The three-day meeting, with the theme “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability”, was convened by the African Union Commission in partnership with…

120m Nigerians Now Captured in Database- NIMC DG The National Identity Management Commission (NIMC) says that no fewer than 120 million persons have so far been captured in the ongoing nationwide National Identity Number (NIN) enrollment since its inception. The Director General of NIMC, Mrs. Abisoye Coker-Odusote, disclosed this at a media conference on Wednesday in Abuja. She said the enrollment would still continue at both the rural and urban communities. “We have enrolled many Nigerians and still counting, so we are definitely going to continue to ensure that we enroll more Nigerians before the end of this year. ”…

Oando Jumps by 10% as Investors Take Fresh Positions Oando Plc’s market value soared by about 10% in the equities market amidst anticipated share distribution to shareholders. Data from the Nigerian Exchange showed that the going market rate is the highest Oando Plc has seen in the last seven trading sessions. The indigenous energy company stock, which was among the top performers in 2024, has seen significant sell pressures that plunged its market value down by half before its latest rally. Investors began to take positions in Oando amidst the anticipated earnings release. The company had told the Nigerian Exchange…

Naira Rises Against Dollar, Sterling, Euro in FX Market The naira rallied against the currency majors—the United States dollar, British sterling, and euro—at the Nigerian foreign exchange market, details obtained from the Central Bank spot FX data revealed. The local currency gained against the US dollar, closing at N1600.43 in the official market from the previous CBN spot FX quote of N1606. Spot FX data showed that the naira appreciated by N28 on the day against the euro to close at N1780 at the CBN window yesterday, from N1808. Also, the local currency strengthened against the British pound to close…

MTN Nigeria Slides amidst Substantial Cross Deals MTN Nigeria pulled back from its fresh 52-week high in the equities market due to sell-side activities that reduced the telecommunication company’s market value by more than 2%. Data from the Nigerian Exchange (NGX) showed that MTN Nigeria’s share price declined to N279 as a strong volume of the telecom company’s units, totaling 16.096 million, were traded in the local bourse. Ticker: MTNN, which fell 2.07%, was the biggest drag on the All-Share Index (ASI), despite strong crossing activity, according to AIICO Capital Limited. The telecom shares totaling 10 million units were priced…

Nigerian Exchange Shrinks by N167bn as Investors Exit Positions Nigerian Exchange (NGX) market capitalisation plunged as equities investors lost about N167 billion to negative trading activities by sell-side actors. The market opened the week on a negative note, as key market performance indicators declined by 0.24% due to sell-side pressure. Stockbrokers saw profit-taking activities in recently appreciated medium- and large-cap stocks in some major market sectors.  Notable large-cap decliners included NB, MTNN, and DANGSUGAR, among others. According to data obtained from the Nigerian Exchange, the All-Share Index decreased by 265.42 basis points today, representing a drop of 0.24% to close…

Nigerian Bonds Yield Rises Ahead of April Inflation The average yield on Nigerian government bonds increased as investors trimmed interest in the secondary market ahead of inflation data for the month of April. The disinflation occurrence in March reduced real return on investment, and the market expects the monetary policy committee of the Central Bank to maintain the status quo at the next meeting. The statistics office is scheduled to release inflation figures in the latter part of the week with mixed expectations after a surprise surge in the consumer price index in March. Last week, trading activities in the…

‘Nigeria’s Exit from IMF Debt List Critical Signal to Global Financial Markets’ Analysts have applauded Nigeria’s exit from the International Monetary Fund (IMF) debt list, saying the development has sent a positive signal about the country’s ability to manage its external affairs without stress. The repayment of the IMF loan has sent positive signals to global financial markets, and this is expected to affect the country’s credit ratings positively. Nigeria officially exited the IMF debt list following the full repayment of its $3.35 billion emergency loan secured during the height of the COVID-19 pandemic. The financing, drawn under the IMF’s…

Multiverse Jumps by 58% on Hope of Improve Mining Operation Multiverse Mining and Exploration Plc skyrocketed in the equities market with about a 58% price uptick that pushed the mining company’s market value to N4.261 billion. In its first-quarter earnings scorecard, Multiverse’s earnings performance went down sharply due to reduced business activities that affected its sales and profitability. But investors appear to have started to take positions in the exploration company after rapid selloffs that pulled Multiverse down from its highest valuation in 52 weeks. With 48.90% free float, stock market activities were relatively strong all through the week, reflecting…

Stockholders’ Wealth Boosted by N1.69 trillion Gain on NGX Stockholders’ wealth was boosted by a N1.69 trillion gain recorded in the Nigerian Exchange (NGX) trading platform week on week, stockbrokers said. The local bourse sustained its bullish momentum during the week as investor sentiment turned increasingly positive, fueled by strong first-quarter 2025 earnings results. The All-Share Index (ASI) rose by 0.27% week-on-week to close at 106,042.57 points, driven by strong buy-side activities that lasted for four out of five trading sessions. According to stockbrokers, investors’ interest was seen particularly within the consumer goods sector. In line with the index movement,…