Author: Julius Alagbe

CBN Raises N1.44 trillion from Treasury Bills Auction in Feb The Central Bank of Nigeria, CBN, raised a total sum of N1.44 trillion from investors that participated in its Treasury bills offers in February 2025. The Apex Bank pulled out the huge sum as part of an effort to manage liquidity levels in the economy and provide short-term funds for the government. Despite a huge amount of bids rejected at its primary market auctions last month, a total sum of ₦1.44 trillion was sterilised. The latest Treasury bill sales by the authority was above January raise by 13.62%. The CBN…

FCMB Drops Hint on Earnings Release, Dividend FCMB Group Plc has hinted investors and market regulators about its 2024 earnings, which is expected to be released after the Central Bank of Nigeria (CBN) approval. In a regulatory filing, the financial services group told the Nigerian Exchange, NGX, that the group’s audited financial statements for the year ended December 31, 2024, has been approved at the board meeting on Friday. FCMB also stated that its board of directors approved payment of dividends, subject to the approval of the CBN. It said details of the results and the dividend payments, as well…

Moniepoint, AfriGO to Distribute 5m Cards to Customers In a significant move to further enhance the availability of digital payment services to Nigerians, Moniepoint Inc has announced a strategic partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to further enhance the government’s digital payment agenda, by driving tap-to-pay solutions as well as accelerating the adoption of AfriGO Card, Nigeria’s National Domestic Card Scheme nationwide. This collaboration will also leverage Moniepoint’s extensive reach and robust infrastructure to avail an innovative solution which allows users to make payments by tapping or hovering their contactless…

Oil Prices Rise as U.S Revokes Venezuela Agreement Oil prices rose as US President Donald Trump revoked an exemption on oil sales to Venezuela, with data showing a decline in US crude inventories and ongoing concerns about American tariff policies. Prices continued to trend lower yesterday amid uncertainty over the outlook for tariffs, a dynamic overshadowing sanction risks. After imposing additional sanctions on Iran’s oil industry, the Trump administration is now eyeing Venezuela, ending Chevron’s licence to operate in the South American nation. Previously, Chevron was allowed to operate there and, despite sanctions, export crude to the US. This development…

Transcorp Hotels Grows Profit by 138% to N14.9 billion Transcorp Hotels Plc grew profit by more than 138% to about N14.9 billion in 2024, details from the company’s audited financial statement revealed. Due to its strong earnings growth in the period, its board of directors has declared intention to pay shareholders 64 kobo as final dividend for the year, according to its official statement.  According to its financial scorecard, the hospitality company’s profit after tax surged by 138% year on year to N14.895 billion in 2024, from N6.253 billion in the comparable year in 2023. The strong bottom line performance…

Nestlé Nigeria Net Loss Expands by 107% to N165bn Nestlé Nigeria Plc net loss increased sharply in 2024, according to earnings results, on the back of lingering pressures in the consumer sectors. The consumer goods company’s loss after tax climbed to N164.595 billion in 2024, up by 107% year on year from N79.473 billion in the comparable period in 2023 despite huge tax credits. Details from Nestle Nigeria’s financial scorecard showed that revenue increased by 75% year on year to N958.814 billion in 2024, from N547.118 billion in 2023. But costs of sales rose faster than revenue growth, dragging margin…

Liquidity: Bonds Payment Stokes Pressure on Interbank Rates Interbank rates rose as Nigerian bonds auction settlement dragged liquidity in the financial system. The money market experience huge outflow relating to settlement of bonds auction sales by the Debt Office on Monday. FGN bond auction settlement of approximately N910.30 billion dragged liquidity level lower on Wednesday as market anticipates inflows from FAAC disbursement. Hence, the Nigerian Interbank Offered Rate (NIBOR) trended upward across all tenors, indicating tight liquidity conditions in the banking system. Similarly, key money market indicators showed an upward movement, with the open repo rate (OPR) increasing by 1.71%…

Bitcoin Falls Below $89K as Sell Pressures Hit Cryptos Sustained sell pressures have sank the market value of all cryptocurrencies below $3 trillion, with Bitcoin trading below $89,000 during trading hours on Wednesday. Ethereum also experienced a significant price decline, just like other top digital assets where investors booked profit. The global crypto market cap settled at $2.94 trillion, trending below $3 trillion mark on the back of stronger retail selloffs. However, there was a touch of early rally, and fluctuation in prices has become more pronounced in the crypto market amidst uncertainties. According to data from CoinMarketCap.com, the total crypto…

Transcorp Power Shareholders to Get N3.50 Final Dividend Transcorp Power Plc shareholders have approved a final dividend of N3.50 per share in respect of the 2024 earnings period at its 12th annual general meeting held on Tuesday in Abuja. The company’s dividend decision followed its impressive earnings performance for the financial year 2024. Transcorp Power grew profit by 165% year on year to N30.2 billion in financial year 2024, bolstered by increased business activities and rising prices. Details from the power generating company showed that annual revenue expanded by 115% year on year to N305.9 billion in 2024 from N142.1…

Interbank Rates Fall as OMO Bills Credit Boosts Liquidity Pressures on the short-term benchmark interest rates eased as huge OMO bill inflows or credit boosted liquidity levels in the banking system ahead of the bond auction settlement. In the absence of a significant shortage, the Nigerian Interbank Offered Rate (NIBOR) trended downward across all tenors ahead of Federal Account Allocation Committee disbursement this week. Similarly, key money market indicators showed an upward movement, with the open repo rate (OPR) decreasing by 2.40% to 30.00% and the overnight lending rate decreasing by 2.33% to 30.57%. The banking system rebounded from a…