Author: Julius Alagbe

Transcorp Power Grows Profit by 165% in 2024, Declares Dividend Transcorp Power Plc grew profit by 165% year on year to N30.2 billion in financial year 2024, the company said in a regulatory filing on Thursday. According to the company’s audited results, revenue grew by 115% year on year to N305.9 billion in 2024 from N142.1 billion in the comparable period. In an official statement, the company said its performance demonstrates strong operational leadership and strategic execution. For the year, the Board of Directors has proposed a final dividend of N3.50k per ordinary share. MarketForces Africa reported that Transcorp Power…

NAHCO Signs Handling Contracts with Afrijet, Air Sierra Leone The Nigerian Aviation Handling Company (NAHCO) has been chosen by two regional operators, Afrijet and Air Sierra Leone (ASL), to handle their ground operations in Nigeria. The Head of Corporate Communications, NAHCO, Mr Tayo Ajakaye, said this in a statement on Thursday in Lagos. According to him, the contracts between the parties will see NAHCO provide excellent service for Afrijet’s flights into Port Harcourt and Lagos. He said the company would also handle Air Sierra Leone’s flights into Lagos. Ajakaye added that the contract with Afrijet was for a three-year period,…

Despite six consecutive FX sales to banks totalling $364 million, the naira slumped further in the official market

FG, West Indian Cable Company Launch Fibre-to-Home Internet Connectivity  The Ministry of Communications, Innovation, and Digital Economy, in partnership with the West Indian Ocean Cable Company (WIOCC), is set to commence the first batch of Fibre-to-home internet connectivity in the country. The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani made this known after the signing of Memorandum of Understanding (MoU), between the Ministry and WIOCC group on Wednesday in Abuja. Tijani said that the project was worth ten million dollars. According to him, the initiative will boost the nation’s digital economy and Nigerians will have option of…

Nigerian Bonds Yield Climbs to 20.4% Ahead of Q1 Auction The average benchmark yield on Nigerian government bonds increased further as riskoff sentiment nudged yield above 20.4% in the secondary market ahead of the first auction to be conducted by the Debt Management Office (DMO) next week. Uncertainties in the fixed income market have increased after the headline inflation rate increased to 34.80% while the monetary authority put up series adjustments that put the benchmark interest rate at 27.50% in 2024. The current market equation revealed that the real return rate printed higher immediately after Nigeria’s inflation rate surged by…

GTCO Hits All-Time High on Earnings Outlook Optimism GTCO Plc share price climbed to close at an all-time high of N59 in the stock market as investors’ appetite for Tier-1 banking group increased. The banking group gained attention on new optimism and surged to N59 per share ahead of 2025 earnings. Investors bet on GTCO on the expectation that the financial services group would continue to deliver results and boost shareholders returns. According to trading data, GTCO’s share price rose to N59 on Tuesday after more than 4 million shares were traded on the Nigerian Exchange platform, up from N58…

Naira Plunges as Banks Resume FX Sales to Customers The naira plunged in the official foreign exchange (FX) market on Tuesday on the back of an increased demand for US dollars for payments. According to data from the FMDQ platform, the naira depreciated by 0.31% in the official window, closing at N1,552.78 per dollar. Deposit money banks (DMBs) informed customers in a series of emails that foreign currency sales for personal and business use have been restored. At the beginning of the week, exchange rates worsened by N2.47 to close at N1,550.05 in the official market. “We are excited to…

NPA, NLNG Collaborate to Boost Nigeria’s Export Growth Abubakar Dantsoho, the Managing Director, Nigerian Ports Authority (NPA), has reaffirmed the authority’s commitment to strengthening its partnership with the Nigerian Liquefied Natural Gas (NLNG) to boost exports. A statement by the NPA said that Dantsoho made the pledge when he received the NLNG’s Chief Executive Officer, Dr Philip Mshelbila, at its headquarters in Lagos on Tuesday. Speaking during the visit, Mshelbila expressed the Nigeria LNG’s appreciation for the NPA’s continued support, and solicited increased synergy. He said that the company was expanding its LNG production capacity to take advantage of increased…

Equities Investors Gain N10bn as Nigerian Exchange Rebounds Equities investors gained N10 billion on the Nigerian Exchange (NGX) as investors sentiment improved at the beginning of the week. The local bourse resumed trading activities for the new week on a positive note, as the market performance indicators saw marginal growth of +0.02%. This slight upturn was attributed to bargain hunting in some medium and large-cap stocks, such as CAVERTON, NASCON, and TRANSCORP, among others. Stockbrokers at Atlass Portfolios Limited said these gains helped lift the bourse out of the red zone. The market lost N1.45 trillion last week due to…

Ban: Trump Wants 50% U.S. Ownership of TikTok U.S. President-elect Donald Trump on Sunday told his supporters that he wants Chinese-owned short-form video app TikTok to be at least 50 percent owned by U.S. investors. On the eve of his swearing-in, Trump told a rally in Washington that he would allow the app to continue operating in the U.S., “but let the United States of America own 50 per cent of TikTok.” “TikTok is worth nothing, zero without an approval,” to operate, Trump said. “If you do approve, they’re worth like a trillion dollars, they’re worth some crazy number. “I’m…