Author: Julius Alagbe

Tinubu Sacks NNPC Group CEO Mele Kyari President Bola Tinubu has sacked the board of the Nigerian National Petroleum Company (NNPC) including its Group Chief Executive Officer, Mele Kyari and board chairman Pius Akinyelure. The decision, effective April 2, 2025, was announced in a statement by presidential spokesperson Bayo Onanuga. President Tinubu cited the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC as the driving forces behind the decision. Invoking his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021, he reconstituted the board with new leadership aimed at repositioning NNPC Limited…

Central Bank’s Net FX Reserve Position Hits 3-Year High The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to the CBN, NFER stood at $23.11 billion, the highest level in over three years, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward…

Nigeria’s Private Sector Sees Fastest Growth Since January 2024 Following Nigeria’s economic reforms, private sector growth accelerated fastest since January 2024, Stanbic IBTC Purchasing Manager Index (PMI) released by S&P Global says. The report stated that February data pointed to improved growth momentum in the Nigerian private sector. According to Stanbic IBTC, rates of expansion in output, new orders and purchasing activity all quickened as demand picked up and inflationary pressures showed signs of moderating. That said, the PMI report hints that with costs continuing to rise sharply, some companies were reluctant to hire additional staff and employment increased only…

US Dollar Rises Against Sterling, Euro in FX Markets Amidst rising protectionism policy stance in America, the US dollar strenghtened against its major trading partners on Friday except for a decline versus the yen, before the release of personal income, spending and price data for February. With so much uncertainty about the current US administration’s policy, FX analysts in the market are on the lookout for new narratives. Before dollar picked up against trading pairs, ING analyst Chris Turner asked could the ongoing rally in gold be telling the market about investor preferences away from the US dollar. The forex…

GTCO Profit Grows by 89% to N1.02trn, Declares N7.03 Dividend Guaranty Trust Holding Company Plc (GTCO) grew profit by about 89% year on year on 2024 to N1.02 trillion from N539.65 billion in 2023. The mouth-watering earnings performance was driven by the strong growth in both interest and non-interest income lines. Hence, the group earnings per share printed at N35.44 in 2024 following its impressive performance from N19.07 in 2023. The board proposed a final dividend of N7.03/share, a significant 160% increase from N2.70 paid in 2023. This bring the total dividend for 2024 to N8.03/share from N3.20/share in 2023.…

Nigeria Customs Waive Import Duty on Pharmaceutical Raw Materials The Nigeria Customs Service (NCS) has waived import duty and Value Added Tax (VAT) on critical raw materials essential for pharmaceutical production for a period of two years. Its Spokesperson, Abdullahi Maiwada, made this known in a statement on Wednesday in Abuja. Maiwada explained that the waiver aligned with the Presidential directives to enhance local healthcare product manufacturing, reduce costs of medical equipment and consumables, and stimulate local investments. He said that the waiver was part of the comprehensive guidelines approved by Mr Wale Edun, the Minister of Finance and Coordinating…

Short-term Interest Rates Shift as Banking Deficit Expands The short-term benchmark interest rates expanded as liquidity condition in the financial system worsened following Nigerian government bonds auction settlement. Due to N271 billion debit for Bond auction, the banking deficit climbed by 54% to N354.51 billion from N56.8 billion the previous day amidst Nigerian Treasury bills auction sales at the primary market. The deficit conditions in the financial system pushed rates higher, with the Overnight Policy Rate (OPR) rising 492bps to 32.42% and the Overnight Rate (O/N) climbing 450bps to 32.83%. The banking system is expected to see N808.73 billion Treasury…

NGX Dips Intraday as Investors Dump Banking Stocks The Nigerian stock market trading negatively during intraday trading session as investors began to exit position in banking stocks. The sell pressure has however remain tight as the Nigerian Exchange All-share index is only down by a basis point, according to trading data obtained. Tier-1 banks were the casualty of investors seeking to take profits. At mid-day, the NGX All Share Index experienced a slight decline of -0.01%, Alpha Morgan Capital Limited told investors in an emailed note. Stockbrokers said ina phone call with MarketForces Africa that banking index is more likely…

DMO Priced Down Rate on Nigerian Bond as Auction Underperforms The Debt Management Office, DMO, priced down interest rate on Nigerian government re-opening local bonds at the primary market auction at the beginning of the week, according to results obtained by MarketForces Africa. At the auction, the DMO offered N300 billion to investors across two maturities 5 and 9-year tenors. The DMO offered 19.30% FGN APR 2029 worth of N200 billion while N100 billion worth of 19.89% FGN MAY 2033 was offered. Authorised market participants at the auction submitted bids worth N530.13 billion across the Apr-29 and Feb-33 maturities. According to…

In the money market, the short term benchmark interest rates declined due to strong inflows that reduce liquidity pressures in the banking system. Hence, the Nigerian Interbank Offered R