Author: Julius Alagbe

Equities Investors See N152bn Gain as NGX Rebounds Equities investors saw about N152 billion gain as the Nigerian Exchange (NGX) rebounded on Friday. The local bourse closed the week on a positive note, pushing the market performance indicators higher by 0.23%. The modest rebound was largely driven by bargain hunting in large and mid-cap stocks such as NAHCO, CADBURY, PRESCO, and others, as investors continued to respond to the Q1’2025 financial results released by listed companies. Stockbrokers reported that the market’s recovery effectively reversed the losses recorded in the previous trading sessions prior to the Worker’s Day holiday. The Nigerian Exchange…

Naira Depreciates by 0.34% against US Dollar in FX Market The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar. Spot FX data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49. This represents a 0.34 percent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30, before the Workers’ Day holiday on Thursday, May 1. The Naira had remained relatively static for three trading days, from Monday, April 28, to Wednesday, April 30, when it traded at N1,599.95, N1,599.71, and N1,596.69, respectively. The local currency, which…

Nigeria’s Future Lies in Industrialisation – Adesina Dr Akinwumi Adesina, president of the African Development Bank (AfDB), says Nigeria must industrialise rapidly to compete globally and lift millions out of poverty by 2050. Adesina in a statement on Thursday, made the call while delivering a keynote address at the 20th anniversary dinner of Chapel Hill Denham in Lagos. Adesina lamented Nigeria’s economic decline over the decades, with current per capita income lower than it was at independence. He warned that Nigeria’s slow growth and high poverty levels posed a major challenge to Africa’s development, as the country remained the continent’s…

Nigerian Exchange Drops by N81bn as Investors Exit Positions The Nigerian Exchange (NGX) market capitalisation reduced by more than N81 billion on Wednesday as investors exited positions in some listed stocks. The local bourse ended the trading session on a bearish note on Wednesday, with data showing that key market performance indicators declined by 0.12% each. Despite a positive market breadth, the overall market sentiment was weighed down by sell pressure in some key stocks, such as CADBURY, DANGSUGAR, GTCO, and others. The downward movement reflected cautious investor sentiment amid lingering uncertainty. This marks the second consecutive session of losses,…

Naira Stabilises Around N1600, FX Spread Sinks to N10 The naira exchange rate gravitated around N1600 in the foreign exchange market as the central bank continued to monitors forex market dynamics with the intention to protect the local currency. Exchange rate volatility reduced in the week, thanks to the CBN’s sustained FX intervention sales to local banks and two times OMO bill auctions at a higher rate to attract foreign investors. This kept the rate stable, underpinned by healthy liquidity levels and a moderate increase in foreign exchange demand, analysts at AIICO Capital Limited said. The US dollar – naira…

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…