Author: Julius Alagbe

Telco’s Tariff Increase and NCC’s Patriotism In the heart of Nigeria’s digital economy, a story of patriotism and resilience unfolds. The telecommunications sector, a driving force behind the country’s growth, has been facing unprecedented challenges. Despite its significant contributions to Nigeria’s social and economic development, the sector has been struggling to keep up with the rising costs of operations. For nearly a decade, telecom tariffs in Nigeria remained unchanged, while the demand for data and voice services skyrocketed. The cost of operations, however, surged due to rising energy costs, inflation, currency devaluation, and increased costs of importing telecom equipment. These…

Nigeria Sovereign Eurobonds Yield Falls to 9.3% -MarketNews Nigeria’s sovereign Eurobond yield declined to 9.34% as foreign investors boosted their portfolio across African papers. On the back of an elevated yield, offshore investors’ appetite for African bonds has increased as US Fed fund rates steadied. Following damaging inflation and worsening exchange rates, African sovereign US dollar bonds has continued to attract offshore investors. Hence, trading appetite for the Nigeria Eurobond remained upbeat as market reacted to US Federal Reserve decision to keep fed funds rates. Bargain hunting was spotted across the short, mid, and long ends of the yield curve,…

FBN Holdings Grows Profit by 139% to N734bn in 2024 FBN Holdings Plc doubled down on profitability in the financial year 2024 with strong performance across core and non-core banking operations. Its net income increased by 138.86% year on year to N736.734 billion at the end of 2024, from N308.433 billion 12 months before. The significant surge in bottom line was supported by higher revenue due to a strong increase in net interest income. In 2024, FBN Holdings grew net interest income to N1.391 trillion, up by 155% year on year from N546.288 billion posted in 2023. Net fees and…

NNPCL, Partners Launch 5 Mini LNG Plants in Kogi The Federal Government on Thursday began the construction of five Mini Liquefied Natural Gas (LNG) Plants in Ajaokuta, Kogi State. The plants are to facilitate rapid access to gas to deepen its utilisation among Nigerians. The plants are being developed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) in partnership with PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG and LNG Arete. The project will be constructed on 33,000 hectares of land, with a combined capacity of 97.5 million standard cubic feet of gas per day, and a 500 million…

Geregu Power to Pay Shareholders N8.50/s in March Geregu Power Plc has announced that the company will pay its shareholders their final dividend for 2024 in March, 2025. The company told the Nigerian Exchange that a final dividend of N8.50 per ordinary share. The dividend is however, subject to appropriate withholding tax, and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 13th of March, 2025. The company also said the shareholder register will be closed 14th March, 2025 two weeks after which a dividend sum will…

50 Million in West Africa Face Food Insecurity – FAO The Food and Agriculture Organisation (FAO) on Thursday said the number of people facing food insecurity in West Africa has risen to 50 million. FAO Country Representative, Kofi Dominic, who gave the alarming statistic at panelist session in the ongoing 5th Lake Chad Governors’ Forum in Maiduguri. Dominic said that the figure indicated a sharp increase of 35 million in just five years. The envoy, therefore, called for urgent intervention to prevent further deterioration of the region’s food crisis. “In 2020, there were 15 million people in food insecurity across…

FG, Ogun State Launch $12 Million Agrochemical Plant The Federal Government (FG) and Ogun State have reaffirmed their commitment to easing the process of doing business in the country. This is as they unveiled the Springfield Agro Limited Crops Protection Chemical Plant in Sagamu. This significant investment, worth $12 million, is a testament to the government’s efforts to create a conducive environment for businesses to thrive. Vice President Kashim Shettima, represented by the Minister of State for Agriculture, Sen. Sabi Abdullahi, emphasised the importance of expanding industrial capacity across the value chain to guarantee food security in Nigeria. He noted…

Interbank Rates Increase Ahead of Liquid February Interbank rates increased as liquidity balance in the financial system dropped as a result of outflows relating to the settlement of Federal Government of Nigeria (FGN) bonds sold at the beginning of the week. Rates are projected to close higher ahead of heavy inflows in February, where a sum of N3.5 trillion is expected to boost the financial system’s iquidity profile. Atiku Audu, Chief Investment Officer at ARM Pension Managers, revealed in a LinkedIn post. In the absence of additional inflows, the money market rates increased, as confirmed by data from the FMDQ…

Oil Prices Fall, European Gas Ticks Up Amidst U.S Tariff Threats Brent crude oil futures fell toward $77 per barrel on Wednesday as traders assessed the impact of potential US tariffs on Canada and other oil suppliers, alongside concerns over rising stockpiles. WTI crude oil futures fell below $73.5 per barrel on Wednesday as traders assessed the impact of potential US tariffs on Canada and other oil suppliers, alongside concerns over rising stockpiles. President Trump’s plan to impose 25% tariffs on Canada and Mexico, set to begin on February 1, added pressure, with Canada being a major US crude supplier.…

Investors Dump Reopened, New FGN Bonds 24 Hours after Auction Nigerian reopened, and new auctioned bonds across 5-Year, 7-Year, and 10-Year maturities faced sell pressures in the secondary market as investors’ sentiment declined. MarketForces Africa reported that Nigeria priced local bonds higher at the auction, where it offered N450 billion to investors and allotted a lot more due to oversubscription. On Tuesday, the bond market displayed a bearish trend following the bond auction, where the marginal yields for the April 2029, February 2031, and newly issued January 2035 bonds were recorded at 21.79%, 22.50%, and 22.60%, respectively. The auction papers…