Author: Julius Alagbe
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.
CBN Hikes Interest Rate on Nigerian Treasury Bills to 17.95% The Central Bank of Nigeria (CBN) has increased its spot rate on Nigerian Treasury bills with 364 days maturity again, details from its ad hoc primary market auction on Wednesday revealed. The authority floated N700 billion worth of local treasury bills across standard tenors with the usual subscription pattern. Total subscription came at N1.69 trillion, significantly above the previous week’s subscriptions. With expectations of rate repricing, the authority offered to sell 91 days treasury bills worth N100 billion to investors at the main auction on Wednesday. Total subscription for the…
Lasaco Assurance Shareholders Approve N25bn Capital Raise Shareholders of Lasaco Assurance Plc have approved a N25 billion capital-raising plan to boost the company’s financial capacity and enhance its competitiveness in the insurance industry. The approval was granted at an Extraordinary General Meeting (EGM) held at Lasaco House, where shareholders voted in favour of a combination of private placement and rights issue to increase the firm’s capital base. This is according to a statement by the company on Wednesday. According to the resolutions passed, all new shares to be issued will rank pari passu with existing ordinary shares, ensuring equal rights…
Alleged N2.4bn Fraud: FG Arraigns Ex-Aviation Minister Stella Oduah The Federal Government on Wednesday arraigned a former Minister of Aviation, Stella Oduah, in an Abuja High over alleged fraud of N2.4 billion. She is arraigned alongside Gloria Odita on a five-count charge bordering on alleged fraud, obtaining by false pretence, and criminal breach of trust. The prosecution alleged that the defendants were conspired in January 2014 to obtain a total of N2,469,030,738.90 from the Federal Ministry of Aviation through Broad Waters Resources Nigeria Ltd and Global Offshore Marine Ltd under alleged fraudulent claims. The prosecution further alleged that Oduah and…
FCMB Group Forecasts N62.55 billion Profit for Q1-2026 FCMB Plc is targeting to deliver N62.55 billion profit after tax in the first quarter of financial year 2025, the group said in its earnings forecast released on the Nigerian Exchange. Gross earnings is projected to reach N293.812 billion for operations covering the first three months in 2026 amidst increasing rivalry in the banking sector. The group projected that its net interest income will settle at N137.851 billion amidst expectations that the Central Bank monetary policy committee will commence expansionary policy that will bring the policy rate downward next year. FCMB projected…
Geregu Power Targets N12.026bn Profit for Q1-2026 Geregu Power Plc is targeting N12.026 billion profit after tax for the first quarter of financial year 2026, according to its latest earnings forecast release. The power-generating company projected that its total revenue from January to March 2026 will settle at N57.111 billion. The company estimated costs of sales will amount to N34.239 billion, leaving gross profit at N22.878 billion. Geregu Power anticipates impairment on financial assets will fall below fair value and hence made a provision of N2.250 billion for charges for the purpose. Also, the management targets to spend N2.509 billion…
AfDB Boosts São Tomé’s Economic Resilience With $7.5m Grant The African Development Bank (AfDB) Group has approved a $7.5 million supplemental financing grant from the Nigeria Trust Fund (NTF) to support São Tomé and Príncipe’s economic reform programme. The AfDB, in a statement on its website, said the sum brought the total bank’s support for the initiative to about $20 million over two years. The bank said the additional funding would close a critical financing gap in the island nation’s 2025 national budget while advancing fiscal and energy sector reforms central to its economic recovery efforts. “Economic projections show output…
Alleged Terrorism Financing, Abacha Loots: EFCC Detains Ex-AGF Malami The Economic and Financial Crimes Commission (EFCC) has detained a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, following his inability to meet the bail conditions granted to him. A source from the commission who confirmed the development, said that Malami was still in the custody till 10.00p.m on Tuesday for failing to meet the bail requirement. The former minister has been asked by the anti-graft agency to clear himself of issues relating to money laundering, especially operation of suspicious accounts. ”We have detained him over terrorism…
Naira Skids as Foreign Payments Eclipse Total Forex Supply The naira worsened across the Nigerian foreign exchange markets on Tuesday, reflecting the negative impacts of increasing demand for international payments amidst tight supply. The Nigeria Naira depreciated against the US dollar as demand pressure deepened despite the Central Bank of Nigeria (CBN) intervention and Foreign Portfolio Investors (FPIs) inflow. The last lap of 2025 has witnessed a tremendous increase in foreign transaction payments and deal settlements funded by the Apex Bank. In its daily FX update, the CBN reported that the official rate weakened to N1454 per dollar amidst continual…
NNPC E&P Limited Hits Record 355,000 bpd Production NNPC E&P Limited (NEPL), the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline. The figures show genuine transformation: average daily production surged 52%, rising from 203,000 barrels per day in 2023 to 312,000 in 2025. This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management,…
CBN Rejects N1.3 trn OMO Bills Subscription from Investors The Central Bank of Nigeria (CBN) snubbed N1.3 trillion in total subscription staked against the open market operation (OMO) bills floated at the main auction on Tuesday. The monetary authority auctioned N600 billion worth of OMO bills across standard maturities, recording significant subscription from foreign portfolio investors and banks – the eligible market players. The split showed that OMO bills with 98 days maturity and 140 days tenors worth N300 billion were offered for subscription amidst rising liquidity levels in the financial system. The offer was meant to replace huge OMO…