Author: Julius Alagbe

Nigerian Bonds Rally as Tax Exclusion Boosts Investors’ Appetite Trading activity on Nigerian government was subdued in the secondary market, though with mildly bullish sentiments at the short (-1bp) end of the curve. Federal tax authority’s deliberate exclusion of local bonds from withholding tax lifted investors’ appetite on Thursday. Investors rotate back into local bonds after previous sell pressures in reaction to downward spot rate adjustments at the Debt Office Auction for October. The benchmark bonds yield came behind headline inflation which printed at 18.02% for Sept, with real interest rate of about 9%. Broadstreet investment analysts anticipate inflation to…

Oando Profit Grows by 164% as Group Recognises N182bn Tax Credit Oando Plc’s profit after tax skyrocketed by 164% year-on-year, reaching N201.3 billion in the first nine months of the 2025 financial year, compared to N76.3 billion in the same period of 2024, its unaudited financial statement revealed. The significant profitability growth was supported by a stronger underlying performance from the E&P segment and favourable tax-related adjustments, which resulted in about N182 billion in tax credit recognition. Reflecting its bumper bottom line performance, earnings per share increased by 167% to N16/share from N6/share in the comparable period. Oando gross profit…

MTN Nigeria Grows Profit by 245%, Declares Interim Dividend Telecommunication giant MTN Nigeria Plc profit grew by more than 245% year on year to N750.185 billion in the third quarter from about N515 billion lost after tax in the equivalent period. After a long holiday for dividend payment, MTN Nigeria’s board of directors declared an interim profit distribution of N5 per ordinary share payment to shareholders. Details from its 9-Month financials showed that the telecom company’s total revenue increased by 57.4% year on year to N3.731 trillion from N2.370 trillion in the comparable period in 2024. Breakdown showed that data…

Nigeria to Refinance $1.12 bn Eurobonds Expiring in November LAGOS, NIGERIA: Nigeria is poised to replace its $1.118 billion sovereign Eurobond due to settlement in November as the lawmakers approve $2.85 billion in external borrowing for President Bola Tinubu. Without refinancing, the government will be obligated to settle foreign investors with approximately $1.2 billion, which could shake the nation’s external reserve balance significantly and undo the naira rally. Some analysts said the refinance borrowing note will probably attract lower rates considering the country’s improving macroeconomic indicators and global central bank monetary easing traction. “You cannot rule out foreign investors’ sentiment…

Naira Soars to N1,436 on Broad-Based US Dollar Selloffs Naira gained an additional upsurge advantage against the US dollar at the official currency market on Thursday as the dollar index slipped after the US Federal Reserve axed the interest rate by 25 basis points. In 10 trading sessions, the naira has gained N39 against the US dollar at the official window in the absence of FX pressures, details from the Central Bank of Nigeria (CBN) daily FX update revealed. The supply side has been boosted by foreign portfolio investors’ inflows, supported by contribution from the exporters, non-bank corporate and individuals.…

Nigerian Exchange Index Shrinks as Investors Lose N371bn The Nigerian Exchange (NGX) All-share index shrank further on Thursday as equity investors’ portfolio value declined by about N371 billion. Bears maintained tight grip in the local bourse for fourth consecutive trading session despite corporate earnings release. There were buckets of bargain hunting but not as strong as selloffs in some overpriced stocks. Investors continue to dump some of recently appreciated medium and high-cap stocks resulting in a negative market breadth, and the cooling-off period continued. This week, stock market has lost ₦1.25 trillion in investors’ wealth. The NGX market index or…

Aradel Profit Soars by 122% in Q3, Declares Interim Dividend Aradel Holdings Plc grew profit by about 122% year on year to N245.124 billion at the end of the third quarter of financial year 2025 from N110.579 billion in the equivalent period in 2024. The oil company’s revenue surged to N538.809 billion in the same period, up by 42.7% year on year from N377.580 billion in the comparable period in 2024. With the bumper earnings harvest for the period, Aradel Holdings Board approved an interim dividend payment of ₦10 per share for the period ended 30th September 2025, subject to…

First Bank Redeems $350m Eurobonds Priced at 8.625% First Bank Limited has announced the successful redemption of its $350 million Eurobond upon maturity on October 27, 2025, the group said in a disclosure on the Nigerian Exchange. According to First Bank, the Eurobond was issued in October 2020 as Senior Notes at an 8.625% coupon rate with semi-annual interest payments. The dollar-priced bonds was 70% oversubscribed at issuance, reflecting First Bank’s strong market reputation and the enduring confidence of international investors in the institution’s stability and governance. First Bank said the proceeds from the issuance were deployed to support strategic…

Zenith Bank: Investment Firm Sets N88.8 Target Price Ahead of Q3 Ranking among top picks in the banking sector, Zenith Bank Plc’s share price closed at N63.70 kobo, up from N63.40 on the Nigerian Exchange (NGX) ahead of the third quarter of 2025 earnings release. The Tier-1 lender is anticipated to release its financial scorecard, though the market and investors are anticipating surprises given developments in the banking sector, and hopes for better results linger. A notable performer among key rivals, Zenith Bank has delivered about 48% year-to-date return to investors at a reference price of N67.20. The banking stock…

Investors Take Profit in Nigerian Bonds, Rates Cut Stokes Sell-Off The average yield on Nigerian government bonds rose in reaction to sell pressures seen across the belly and long-tenor papers at the secondary market. Investors’ interest in the local borrowing papers was subdued as the market anticipates returns to continue to thin out after the Debt Office cuts spot rate on reopening bonds at the primary market auction. MarketForces Africa reported that the authority reduced spot rate on 5-Year reopened local papers to 15.832% from 16% for Sept auction. Also, Debt Office reduced spot rate on 7-year bonds to 15.85%,…