- Iran Plans to Restore 3mbpd Oil Production in 60 Days
- Aradel Grows Profit by 192%, Declares N23 as Final Dividend
- Dangote Cement Sells 64% of Production Volume to Nigerians
- Naira Tumbles as Interbank FX Turnover Drops by 43%
- XRP Rises as HKIMR Recognises Ripple for Cross-Border Payment
- ETC- Ethereum Classic Gains 6% on Listing Speculation
- Bitcoin Climbs, JP Morgan Says BTC Trades Below Mining Costs
- Equities Investors Lose N939bn as Banking Index Tumbles
Author: Julius Alagbe
Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.
FBN Holdings Names Wale Oyedeji Group Managing Director FBN Holdings Plc has announced the appointment of Adebowale (Wale) Oyedeji as the Group Managing Director (GMD) with effect from November 13, 2024. In a regulatory filing on the Nigerian Exchange, the board said Oyedeji appointment is subject to the approval of the Central Bank of Nigeria and ratification of the Shareholders at the Annual General Meeting of the Company. Wale is expected to replace Nnamdi Okonkwo who will be retiring from the Company after the completion of his term. The group told the Nigerian Exchange that Wale holds a Bachelor of…
There are only two ways to make money: you can earn it by working or you earn it by investing in people, businesses, or any other window that allows you to share profits.
Ogun Workers to Receive N77, 000 as Minimum Wage –Official Gov. Dapo Abiodun of Ogun has approved N77, 000 as the minimum wage for the lowest worker in the state, with the payment taking immediate effect. This was disclosed in a statement by the Chief Press Secretary to the Governor, Lekan Adeniran, on Monday in Abeokuta. According to the statement, the decision was revealed after a meeting of the state government led by the Secretary to the State Government (SSG), Mr Tokunbo Talabi, and the leadership of the organised labour in the state. The organised labour at the meeting comprised…
OPEC Slashes Global Demand Forecast as Daily Output Falls The Organisation of Petroleum Exporting Countries (OPEC) has forecasted a slowdown in global demand for crude oil as the group reported a 2.1% decline in its own output for Sept. 2024. In its monthly report, the oil group revealed that output decreased by 2.1%, or by 604,000 barrels per day (bpd), in September to average 26.04 million bpd, according to OPEC’s monthly oil market report released on Monday. Crude oil output rose mainly in Iran, while production experienced the biggest fall in Libya. Production in Iran increased by 21,000 bpd, whereas…
Aradel Holdings Plc listed 4.34 billion shares on the Main Board of the Nigerian Exchange Ltd.(NGX) to leverage the capital market for future growth and expand its operations.
Nigerian Bond Yield Steady at 19.10% Ahead Inflation The average yield on Nigerian government bond was steady due to thin transactions recorded in the secondary market at the beginning of the week. Investors are repositioning their portfolio as the Debt Management Office (DMO) has reduced bond supply at the primary market auctions. The debt office has achieved 80% of the borrowing targets from bond sales as part of efforts to provide funds for the government to finance the 2024 budget deficit. At the end of trading session on Monday, fixed interest securities traders said in their separate notes that the…
Transcorp Power Plc grew profit by 186% year on year to N58.5 billion at the end of the third quarter of financial year 2024, from N20.4 billion in the comparable period in 2023.
Moody’s Upgrades Ghana’s Ratings, Changes Outlook to Positive Moody’s Ratings has upgraded Ghana’s long term local and foreign currency issuer ratings to Caa2 from Caa3 and Ca and changed the outlook to positive from stable. In a rating note, Moody’s stated that the main driver of the upgrade to Caa2 is Ghana’s extensive debt treatment that has provided meaningful relief to the government’s finances. “Since seeking relief through the G20 common framework for debt treatment in 2022, the government of Ghana restructured local currency debt and debt owed to bilateral official-sector creditors and concluded the exchange of eurobonds on 9…
Money market rates rose further on the back of liquidity stress in the financial system.
Naira Appreciates Slightly as FX Liquidity Shortage Eased The naira exchange rate improved slightly in the forex market amidst rumour, expectation that the Central Bank of Nigeria (CBN) may not resume retail Dutch auctions again. Spot data from the FMDQ platform showed that the Naira appreciated by 0.16%, closing at ₦1,622.57 per US dollar at the official market. In the Parallel market, the Naira closed at ₦1,675 to the US dollar. Demand for foreign currency continues to overshadow FX liquidity, leaping exchange rate movement tight across the markets. The gap between official and parallel market rates had crossed N120 in…