Author: Julius Alagbe

SEC Moves to Tax Cryptocurrency Transactions in Nigeria The Nigeria Securities and Exchange Commission (SEC) has announced amendments to regulations that will bring cryptocurrency trading and digitised transactions under the formal tax net. According to a Bloomberg report on Tuesday, the SEC confirmed in an emailed statement that the new measures are designed to ensure all eligible transactions on regulated exchanges are taxed, though it did not specify the expected revenue figures. The SEC also revealed plans to expand the scope of crypto licensing, including issuing permits that will allow residents to trade on centralised exchanges. These platforms will enable…

Naira Rises to N1,510 after $181mn FX Sales to Banks The naira rose moderately against the US dollar to settle at N1,510 following Central Bank of Nigeria’s (CBN) FX sales to banks totaling $181 million. According to FX spot data obtained from the FMDQ platform, the naira appreciated by 0.15% in the official window, closing at ₦1,510.33 per US dollar. The positive exchange rate movement suggests favourable condition in the forex market backed by improved US dollar supply. On Friday, the Central Bank of Nigeria (CBN) intervened in the forex market, selling $114.8 million between the rate of ₦1,497.00/$1 –…

Sell Pressures on Tier-1 Banks Drag NGX Down Sell pressures on banking stock caused the Nigerian Exchange (NGX) all share index to decline during early trading session on Tuesday Equities investors reacted negatively to latest inflation data which saw a significant month on month decline by about 10% to 24.48%, from 34.80% in Dec. due to new computation. Stock holders rush to sell down interest in some companies that recently saw significant capital gain. At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.17%, Alpha Morgan Capital Limietd told investors in a note. Stockbrokers said the…

Fidelity Bank: Investors Pocket 80% Return on Investment Better than many of its peers, Fidelity Bank Plc returned about 80% on investment to shareholders who hold the shares since 2023, Apel Asset Limited said in a stock recommendation note.  Analysts said every N1 million investment has produced N800,000 in return, ranking the bank as one of the best performers in the segment.  Again, Fidelity Bank has been recommended as one of the banking stock investors should buy this week. In its latest update, Atlass Portfolios Limited envisages 28.88% upside potential as analysts sets fair value of Fidelity Bank Plc at…

The board of directors at PZ Cussons Nigeria Plc. has approved to convert $34 million out of more than $40million debt owed

Equities Investors Lose N698bn as BUAFOODS, ARADEL, STANBIC Fall Equities investors lost about N698 billion at the Nigerian market as intense sell pressures halted positive momentum. As a result of the bearish pose, the Nigerian Exchange All-Share Index declined by 1.02% to close at 108,053.95 points. Stockbrokers said the market’s negative performance was driven by intense selling pressure on some mid- to high-capitalized stocks. The top losers include BUAFOODS -10.00%, ARADEL -6.90%, STANBIC -5.43%, NB -2.80%, FIDELITYBK -2.01%, FBNH -1.67%, TRANSCORP -1.64%, FCMB -0.89%, UBA -0.77% and GTCO -0.08%, among others. However, the market activities improved, as the total volume…

Binance Exec Alleges Lawmakers Demand $150m Bribe in Mickey Mouse Operation Tigran Gambaryan, an executive of Binance Holdings Limited, has accused the Nigerian government of demanding citizens’ data from the cryptocurrency firm in a bid to target members of opposition political parties. Gambaryan, who was detained in Nigeria for eight months, said government official sought access to Binance’s database of Nigerian users to implicate certain opposition figures in the depreciation of the Naira. Gambaryan took to social media platform X on Friday to reveal what he called a “Mickey Mouse operation” orchestrated by Nigerian lawmakers and security agencies to divert…

Nigerian Breweries Loss Increases by 36% to N145bn Nigerian Breweries Plc net loss increased sharply over 12 months as the company’s face tough operating challenges that eclipsed its significant revenue surge. Net revenue of the company rose by more than 79% to N1.074 trillion from N599.509 billion in the comparable year in 2023. In its audited financial statement for 2024, Nigerian Breweries revealed that net loss climbed by 36.5% year on year to N144.338 billion from N105.769 billion in the comparable period in 2023. This resulted in a significant loss per share of N12.07 on each shares outstanding. Due to…

Fitch Withdraws All Ratings for Dangote Industries Fitch Ratings has withdrawn Dangote Industries Limited’s (Dangote) National Long-Term Rating and senior unsecured rating of ‘B+ (nga)’, while maintaining them on Rating Watch Negative (RWN). The international rating agency stated that the negative rating watch on the group it recently assigned remains unresolved because of the pending refinancing of the company’s maturing debt. “Fitch will no longer provide ratings or analytical coverage for Dangote and has withdrawn them for commercial reasons.” Dangote is a conglomerate based in Nigeria and West Africa. Its key business segments are cement, fertilizer, oil refining, and food.…

Nigerian Exchange Hits N68trn as Investors Gain N842bn The equities market capitalisation of the Nigerian Exchange (NGX)  hit N68 trillion as investors gained more than N842 billion on the day. The Nigerian market closed trading activities for today on a bullish note, as key market performance indicators surged by 1.25%. The push experienced came from strong buying interest across major market sectors, particularly the Industrial sector. The Nigerian Exchange All-Share Index increased by 1,349.29 basis points today, representing a rise of 1.25% to close at 109,171.82. However, the market activities were down as the total volume and total value traded…