Author: Julius Alagbe

MTN Nigeria Exits Investors Relegation, Gains 21% in Fresh Rally MTN Nigeria Plc gained 21% in the equities market in a two-day rally driven by investors’ improved sentiment on telco shares in the local bourse. The stock, which had earlier entered relegation, began to attract investors’ attentions after the management localised its loan via deal renegotiation with service providers. Then, a successful clamour for a tariff hike has raised investors’ hope that the telecom giant would bounce back from delivering negative arnings. According to data from the Nigerian Exchange, the telecommunications company share price inched higher by 21% last week…

Rebasing to Drive Nigeria’s $1trn GDP, Lower Inflation Targets – Analysts Nigeria’s plan to rebase the nation’s gross domestic products (GDP) and consumer price index (CPI) that measure headline inflation is expected to make key macroeconomic indicators look good in 2025, analysts said in a note. The programme, which analysts think is overdue to reflect most recent economic data, was last conducted in 2014. The exercise at the time lifted Nigeria’s gross domestic product by about 89% to $510 billion. However, the economic size has reduced sharply due to exchange rate weakness, and an an unstable price level has nudged…

Oil Prices Surge on Tight Supply from OPEC+ Members Oil prices surged in the global commodities market due to tight supply from the Organisation of Petroleum Exporting countries and allies (OPEC+); expectations of higher global demand from cold weather and a drop in US heating oil inventories. The international benchmark Brent crude rose by 0.4% to $77.24 per barrel. The US benchmark West Texas Intermediate (WTI) increased by 0.4% to $73.95 per barrel, compared to its prior session close of $73.67. Oil prices climbed on Friday, supported by market players’ anticipations that there will be an increase in oil demand…

Sanwo-Olu Signs N3.36 Trillion Budget for 2025 into Law Gov. Babajide Sanwo-Olu of Lagos on Thursday signed into law the state’s 2025 Appropriation Bill of N3.36 trillion. The budget tagged “Budget of Sustainability” was presented to the Lagos State House of Assembly (LAHA) on Nov. 21, 2024. Sanwo-Olu signed the bill at the Lagos House, Ikeja, in the presence of his Deputy, Dr Obafemi Hamzat; the Secretary to Lagos State Government, Mrs Abimbola Salu-Hundeyin; and other top officials of the state. He said: “On Nov. 21, 2024, I stood before the Lagos State House of Assembly to present the appropriation…

Expatriate Tax: Court Summons Interior Minister, Attorney-General Expatriate Tax: A Federal High Court in Abuja on Thursday ordered the Minister of Interior, Dr Olubunmi Tunji-Ojo, and the Attorney-General of the Federation (AGF), Mr Lateef Fagbemi, SAN, to appear before it in three days. The order is for the Interior Minister and AGF to show cause why the implementation of the proposed expatriates taxation regime should not be stopped. Justice Inyang Ekwo, in a ruling on a motion ex-parte moved by counsel who appeared for the plaintiff, Patrick Peter, ordered that the minister and the AGF be served with the motion…

British Pound Sinks to 1-Year Low amidst Bonds Selloffs The British pound or the sterling lost its strength as UK gilt selloffs deepened while yields continued to pop higher. The sterling fell to $1.22566, its lowest since November 2023, as concerns over the UK’s fiscal and inflation outlook pressured investor sentiment. This drop came despite UK bond yields surging due to strong selloffs, with the 30-year yield at its highest since 1998 and the 10-year yield at levels unseen since 2008. The global bond market selloff has spread to U.K. government bonds and prompted investors to trim overweight sterling positions,…

Naira Plummets as FX Demand, Supply Remains Imbalance The naira plummeted in the foreign exchange market on Wednesday as demand and supply sides remained imbalanced in the absence of FX intervention. Spot data revealed that the naira depreciated by 0.34%, closing at ₦1,539.40 per US dollar in the official market. The Central Bank has slowed down its aggressive FX sales to banks. This has reduced the supply-side strength in the official market amidst rising demand for foreign payments and related transactions. The Nigerian foreign exchange market maintained a stable position today, supported by enhanced liquidity. The market was fully bid…

Oil Prices Retreat on Bearish EIA Report Crude prices today fell back from a three-month high and are moderately lower in the global commodities market amidst a flood of uncertainties. Ahead of U.S. President Donald Trump’s inauguration and his tariff threats, the dollar index has strengthened; this creates a bearish outlook for energy consumption with a sustained slowdown in China. On Wednesday, crude oil prices slumped following a bearish weekly EIA report that showed crude inventories fell less than expected last week and gasoline and distillate supplies rose more than expected. US crude oil stocks, including those in the Strategic…

Telecom Tariffs Hike Will Not Be By 100%, Say Minister The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, says telecom tariffs will soon increase, but not by 100 percent. Rising from a stakeholders meeting with Mobile Network Operators (MNOs) on Wednesday in Abuja, Tijani said that consultations and engagements were ongoing on the issue. MNOs are proposing a 100 percent increase in tariffs. According to the minister, very soon the Nigerian Communications Commission (NCC) will approve and make the new tariffs public to Nigerians. “You have seen over the past weeks that there has been agitation from…

ICE Acquires the American Financial Exchange Intercontinental Exchange, a leading global provider of technology and data, today announced that it has acquired the American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions. ICE has acquired 100% of AFX from 7RIDGE. The acquisition is not expected to have a material impact on ICE’s 2025 financial results or on ICE’s deleveraging or capital return plans. “AFX becoming part of ICE marks an extraordinary opportunity for AFX and we are confident that ICE’s leadership will amplify AFX’s success and its purpose to serve regional…