Author: Julius Alagbe

FG to Finalise N1.5trn Road Concession Project- Edun The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government will soon finalise N1.5 trillion road concession project. Edun made the statement during a meeting with some private sector investors in Abuja on Wednesday. He said that the government was on the verge of finalising the landmark N1.5 trillion road concession project, launched in 2021 under the Highway Development and Management Initiative (HDMI). The minister said that the initiative aimed to involve private sector partners in the reconstruction and management of nine major highways across…

First Holdco Profit Plunges by 18% in Q1-2025 FBN Holdings now First Holdco Plc.’s net profit fell by about 18% year on year in the first quarter of 2025 as the financial service company’s non-interest income underperformed expectations. In what appears to be a negative start to the year, the elephant-branded financial company’s key metrics plunge sharply year on year, raising questions about the group’s competitive position among its immediate rivals. As a result of below-the-belt, non-interest-related earnings, the group’s aggregate revenue struggles to grow compared with its immediate rivals in the financial services industry. According to details from First…

Zenith Bank Promises to Boost Dividend Payment, Distributes N196bn Zenith Bank Plc has assured shareholders a quantum leap in future dividend payments as the financial services company distributed about N196 billion for financial year 2024 operations. Shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion. The founder and chairman of Zenith Bank Plc, Jim…

MTN Nigeria Halts Negative Earnings, Profit Soars by 134% MTN Nigeria Plc has halted its negative earnings performance in the first quarter of 2025, as the telecom company’s profit soared by 134% to N133.638 billion year on year. A review of its audited financial scorecard showed that the telecom company’s revenue surged by 40.5% year-on-year to close at N1.057 trillion from N752.983 billion in Q1-2024, supported by higher data tariffs pricing allowed by the regulator. Data and voice remain the company’s major revenue drivers, growing by 51.5% and 27.7% to close at N529.44 billion and N407.412 billion in the first…

GCR Keeps FBNQuest Merchant Bank on Rating Watch Negative African-focused rating agency GCR has affirmed FBNQuest Merchant Bank Limited’s national scale long- and short-term issuer ratings of BBB (NG) and A3 (NG), respectively, with the outlook maintained as Rating Watch Negative. According to the rating note, the affirmed ratings balance FBNQuest Merchant Bank Limited’s good risk profile, stable funding, and strong liquidity against a modest competitive position, as well as a low capitalisation assessment. In its report, GCR said the negative ratings watch reflects potential non-applicability of group support uplift upon the completion of FBN Holdings Plc’s divestment from the…

CBN Closed Interest Rate on OMO Bills Offer at 22.73% The Central Bank of Nigeria (CBN) has issued fresh OMO bills at the primary market across two tenors to banks and foreign portfolio investors at spot rates of 22.73% for longer tenor and 22.69% for lower duration. The monetary authority opened N500 billion on Tuesday to eligible market participants—banks and offshore investors-—after it successfully raised about N1.01 trillion on Friday. The CBN priced rates higher as part of efforts to keep the naira assets attractive and draw foreign portfolio investors’ money into Nigeria, causing the auction to outperform its target…

NGX Lost N116bn as Investors Exit Positions in MTN, INTBREW The Nigerian Exchange (NGX) lost N116 billion as investors exited positions in MTN Nigeria, International Breweries Plc and other lightweight stocks on Tuesday.  The downturn was driven by selling pressure in some large- and medium-cap stocks. Despite positive market breadth, the equities market closed the trading session on a negative note, with key performance indicators dropping by 0.17%, which effectively reversed the previous day’s gains. Notable losers included LIVESTOCK, MTNN, FTNCOCOA, INTBREW, and others, which collectively contributed to a loss of approximately N116 billion in investors’ wealth. According to data…

Afreximbank Launches $3bn Revolving Intra-African Oil Import Financing Support To address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of US$30billion annually in petroleum import costs due to inadequate refining, the African Export-Import Bank (Afreximbank) has launched a US$3 billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and Caribbean oil buyers. As a revolving facility, the bank said it expects this to finance about US$10 billion to US$14 billion of intra-African petroleum imports. This programme seeks to leverage the growing refining capacity that Afreximbank has helped…

Nigeria’s Debt Office Sells 9-Year Bonds at 19.99% The Debt Management Office (DMO) kept spot rates on the Federal Government of Nigeria (FGN) bonds tight at an auction that reflected weak investors’ interest in shorter duration. At the auction, the DMO offered a total of N350 billion across two reopened instruments: N200 billion for the APR 2029 bond and N150 billion for the FEB 2031 bond. Apart from non-competitive allotment, investors’ total subscription settled at N495.95 billion, reflecting relatively weak demand for Nigerian local bonds compared with treasury bills and OMO bills papers. The DMO allotted Nigerian reopened bonds worth…

MTN, Jaiz Bank Drive Intraday Loss in Equities Market The Nigerian Exchange (NGX) All-Share Index is tracking lower during the intraday trading session as equities investors sell down interest in telecommunication company MTN Nigeria Plc, Jaiz Bank, and others. International Breweries is experiencing sell pressures, according to stockbrokers, reversing its non-stop rally that started last week.  The local bourse is, however, poised to reverse the trend in the absence of significant profit-taking activities that could drag the local bourse downward. At midday, the NGX All Share Index posted a slight loss of -0.02%, Alpha Morgan Capital Limited told investors in…