Author: Julius Alagbe

Tinubu Changing Leadership Narrative in Nigeria – Wike The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says President Bola Tinubu is changing the leadership narrative in Nigeria. Wike stated this in Abuja on Saturday, after inspecting some ongoing projects in preparation for the commemoration of Tinubu’s second year in office. He said that Tinubu’s impactful leadership was putting smiles on the faces of Nigerians, adding that the president had given first class infrastructure to residents of Abuja. “I have said before that leadership is a major issue. When you have right leadership, people will benefit from it.…

CSCS Shareholders Approve N8.8bn Total Dividend in 2024 The Central Securities Clearing System (CSCS) shareholders have approved the payment of N8.8 billion final dividend of N1.76 per share for the 2024 financial year. The dividend approval was at the 31st Annual General Meeting (AGM) of CSCS Plc held on Friday, in Lagos. This is an increase from the N7.5 billion of N1.50 dividend paid in the year 2023. Speaking during the AGM, Mr Temi Popoola, Chairman, Board of CSCS, said, “In recognition of our strong performance for the year 2024, the board of directors approves a dividend of N1.76 per…

Nigerian Bond Yield Slides over Bargain Hunting The average yield on Nigerian government bond slide in the secondary market over bargain hunting supported by an improved investors’ sentiment. Improved investor sentiment in the secondary market for FGN bonds led to a slight 3 basis point decline in average yields, bringing them downward. Inflation fear and uncertainties that lie ahead continue to drive portfolio rebalancing efforts. Then, disinflation set in which caused real return on investors to reduce while the monetary authority kept rate at double digit high. But then, investors’ appetite for the naira asset remained strong, with pension fund…

Money Market Rates Mixed as NTB Auction Debit Shakes Liquidity Money market rates headed in mixed direction as outflow for Nigerian Treasury bills (NTB) shake liquidity balance in the financial system. The interbank market liquidity faced ₦598.33 billion outflow for Nigerian Treasury bills auction settlement. In spite of this, the interbank market liquidity remained surplus. Local deposit money banks are still absent at the central Bank of Nigeria (CBN) Standing Lending Facility (SLF) to borrow. According to some analysts, the amount sterilised at Standing Deposit Facility earnings floor rate remained sufficient to keep the market going in the absence of…

First American Pope Elected, Chooses Name LEO XIV Cardinal Robert Prevost has been elected as the new pope. Prevost is a U.S. citizen and native of Chicago, and the first American pontiff in history. He has taken the name Pope Leo XIV. The conclave, which voted for a new leader after Pope Francis’s passing, chose Prevost on the second day of deliberations. The 69-year-old was elected pope at the Vatican City, Italy, on Thursday. The pope has made his first address amidst a cheering crowd. The Cardinals gathered in the Vatican’s Sistine Chapel have elected Cardinal Robert Francis Prevost as…

Tinubu Says Economic Reforms Not to Punish Nigerians President Bola Tinubu on Thursday said that recent government policies are not meant to punish Nigerians, but are necessary interventions to prevent the economy from collapsing. Tinubu made this known at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja. The president was represented by the Minister of Housing and Urban Development, Ahmed Dangiwa. Dangiwa was, in turn, represented by Dr Edna Tobi, Special Assistant for International Cooperation and Partnership in the Ministry. The conference’s theme was, “Transform, Invest, Drive: Optimising Real Estate Finance and…

GTCO Tops N2.3trn in Market Value on Huge Trading Volume Guaranty Trust Holding Company (Ticker: GTCO) Plc topped N2.3 trillion in market value in the equities market, driving near its all-time high record again as investors continue to increase position in the banking group. Details from the Nigerian Exchange showed that the financial services company share price rose to N67.5 in the market as 98.641 million units valued at N6.568 billion exchanged hands on Thursday. Foreign investors have continued to hunt the brand as the group ensures it adds value to shareholders with highest dividend payment among banking giants in…

Transcorp Hotels Drive Intraday Gain in Equities Market Transcorp Hotels Plc, and some banking names are driving intraday gain in the equities market on Thursday. Demand for stocks increased sharply this week amidst first quarter earnings release and dividend payments. Some key stocks are trading at ex-dividend already following mark down by the regulator – and this contributed to the ongoing boom in the Nigerian Exchange trading platform. Investors’ interest in Transcorp Hotels has lifted the hospitality linked stock price to inch near its maximum allowable daily movement. Stanbic IBTC is also attracting investors’ attentions with further surge seen in…

US Federal Reserve Ignores Trump Threats, Keeps Rates The US Federal Reserve’s kept fed fund rates unchanged as the monetary authority highlighted the risk of higher unemployment and inflation. The decision contradicts US President Donald Trump stance on interest rates. Trump had earlier slammed Jerome Powell, the US Fed chair that he is not doing a good job. Powell has refused Trump interest rates cut since the beginning of the year. Federal Open Market Committee minutes reads that, “Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid…

CBN Hikes Rate on Nigerian Treasury Bills, Rejects Excess Bid The Central Bank of Nigeria (CBN) hikes discount rate on local treasury bills with 364-day maturity at the primary market auction on Wednesday. However, the apex bank kept spot rates on 91-day and 182-day tenors unchanged from the previous auction pricing, according to the auction results. The authority opened N550 billion worth of Nigerian Treasury bills for investors’ subscription midweek. Reflecting investors; appetite for the naira asset, and solid investors’ sentiment, the subscription came stronger. Investors sought to park N1.087 trillion into Nigerian Treasury bills, doubling down on the amount…