Author: Julius Alagbe

Interest in Undervalued Stock to Fuel Rally in Nigerian Market Buying interest in undervalued stocks is expected to fuel a rally in the Nigerian Exchange (NGX) equities market this week, a slew of stockbrokers said in their separate updates. The market extended its winning streak for the sixth straight week, supported by positive investor sentiment. The NGX All-Share Index (ASI) gained 1.35% to close at 148,977.64 points, while market capitalization rose 1.36% to ₦94.56 trillion. The momentum boosted year to date (YTD) return to 44.74%, a minimal level of price appreciation recorded by many listed companies in the local bourse.…

Wema Bank Falls, Investors Rotate Positions Ahead of Earnings Wema Bank Plc lost about 5% of its market value in the stock market as investors rotated their positions ahead of the lender’s third quarter of 2025 earnings release. The bank share price went down by 4.7% to close at N19 last week amidst huge trading volume executed by both buy and sell side investors. Wema Bank Plc told the market about the completion of its N50 billion special private placements, which has lifted its capital base above N200 billion ahead of the regulatory deadline. MarketForces Africa recalled that the bank…

BUA Foods, Cement Surpass N17trn in Market Value, 18% of NGX The combined market value of BUA Group’s listed companies surpassed N17.118 trillion at the Nigerian Exchange (NGX), driven by a significant spike recorded by its food producer. This suggests that the combined market value of BUA Group’s two listed companies in the local bourse accounted for more than 18% of the Nigerian stock market, which printed at N94.56 trillion on Friday. Even if that’s justified, it’s a level of concentration worth noting. Two leading investment firms downgraded BUA names and told investors to sell down, which are considered relatively…

Actionaid, Partners Launch Movement to Eradicate Poverty ActionAid Nigeria, in collaboration with other stakeholders, has launched the Movement for the Transformation of Nigeria (MOTiON), aimed at promoting collective action to address social and institutional poverty in the country. MOTiON brings together Nigerians from mass democratic and workers’ organisations, pro-democracy movements, social justice advocates, women and youth groups, among others. The movement was unveiled on Friday in Abuja during a nationwide #PotsAndPan protest held to mark the International Day for the Eradication of Poverty, observed annually on Oct. 17. The theme for 2025 is “Ending Social and Institutional Maltreatment by Ensuring…

France Deepens Partnership with Nigeria on Technology, Others France’s Minister for Europe and Foreign Affairs, Mr Jean-Noël Barrot, says his country is deepening collaboration with Nigeria in technology, innovation, and the creative industries. Barrot said the partnership aims to drive sustainable development and cultural exchange across Africa. He disclosed this on Friday in Lagos during the second edition of the Forum Création Africa, which promotes creative and cultural industries across the continent. The minister said the forum showcased exceptional talents from 42 African countries in video games, extended reality, webtoons, and digital design. He said: “We are seeing strong participation…

Nigeria Gains Global Investors’ Confidence, Says Uzoka-Anite The Minister of State for Finance, Dr Doris Uzoka-Anite, says the country has gained global investors’ confidence. Uzoka-Anite disclosed this to journalists on the sidelines of the 2025 International Monetary Fund (IMF)/World Bank Group (WBG) meetings, in Washington on Friday. She that the investors’ interest in the country’s economy had been revived by ongoing reforms and policy clarity. “At the investor conference, there is strong interest in the country, many investors were asking when Nigeria would return to the Eurobond market. “Such interest shows confidence, when investors buy your bonds, it is a…

US Dollar Falls Versus GBP, EUR as Markets Price Rate Cuts The dollar declined as markets priced two US Federal Reserve rate cuts in three months amidst the lingering government shutdown and related uncertainties – with workers getting no paycheck. The USD decline against trading rivals was also spurred by uncertainty surrounding the US-China relations and the ongoing government shutdown. USD/JPY is down 0.6% on the day now to 149.48 on Friday. The British pound settled at 1.3427 dollars, with sterling gaining 0.53%. The euro also gained 0.29% to $1.1655 In the months following US Tariffs announcements, the dollar switched…

SunTrust Bank MD Trial: I Received, Paid $3m into Aisha Achimugu’s Account –Witness Mr Trinity Usman, an Economic and Financial Crimes Commission (EFCC)’s witness on Friday, told the Federal High Court in Abuja that he received and transferred three million dollars into Mrs Aisha Achimugu’s company account. Usman, the 2nd prosecution witness (PW-2), told Justice Emeka Nwite while being led in evidence by the EFCC’s lawyer, Ekele Iheanacho, SAN. The PW-2, a Bureau De Change (BDC) operator, spoke in the ongoing trial of Halima Buba, Managing Director of SunTrust Bank, and her co-defendant, Innocent Mbagwu, the Executive Director/Chief Compliance Officer…

Nigeria’s Forex Market Turnover Rises by 56% to $8.6bn—CBN Nigeria’s foreign exchange market (forex) turnover has grown by 56.4%, reaching $8.6 billion in 2025, up from $5.5 billion in 2024, according to Mohammed Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN). He said the increase reflects ongoing monetary and fiscal reforms aimed at boosting liquidity, transparency, and investor confidence. “Average net FX flows between January 2023 and July have doubled,” Abdullahi noted at the Nigeria Investors Forum during the IMF/World Bank Meetings. CBN reforms, including an order-based quotation system and remittance policy changes, have raised…

GCR Affirms Airtel Nigeria AAA/A1+ Ratings, Outlook Stable GCR Ratings has affirmed Airtel Networks Limited’s national scale long- and short-term issuer ratings of AAA (NG) and A1+ (NG) respectively, adding that the outlook on the ratings remains stable. According to GCR, the ratings affirmation of Airtel Networks Limited is anchored on its strong earnings and cash flows, as well as the ongoing strategic support from its parent, Airtel Africa Plc. Ratings analysts said the company’s elevated debt level – including lease liabilities – has resulted in weak leverage metrics and a moderated financial profile. However, GCR Ratings analysts indicated they…