Author: Julius Alagbe

Reps Push For Lower Air Fares, Target Airport Charges, Taxes The House of Representatives (Reps) has called on the Federal Government to slash airport charges by 50 per cent and offer tax breaks to aviation companies to make flights cheaper during the festive season. The call was sequel to the adoption of a motion by Rep. Obinna Aguocha (LP-Abia) at plenary on Thursday. Aguocha had earlier moved the motion, stating that airline ticket prices have skyrocketed, affecting not just travellers but also air ambulance costs and, by extension, people’s lives. He noted that the steep rise in airline ticket prices…

CBN Sells N1.3trn OMO Bills, Offers 19.49% for 215-Day Tenor The Central Bank of Nigeria (CBN) priced OMO bills with 215 days to maturity at the rate of 19.49%, barely 24 hours after the authority hiked the rate on one-year Treasury bills to 17.95%. The Apex Bank floated an OMO bills auction offering N600.0 billion across Nigerian OMO bills with 180-day and 215-day maturities. The long-dated tenor courted investors’ attention amidst expectations of interest rate cut outlook. MarketForces Africa reported that the Apex Bank had turned down about N1.3 trillion in aggregate subscription at earlier OMO auction – with zero…

PZ Drops Plan to Exit Africa, Cites Economic Recovery in Nigeria PZ Cussons has announced plans to retain its Africa business with ambitious growth plans, citing growth in its core business in Nigeria in particular. In April 2024, the fast-moving consumer goods (FMCG) company announced plans to strategically review its Africa operations, stating its readiness to sell its 50% equity interest in PZ Wilmar Limited, its non-core edible oils business in Nigeria. In April 2024, PZ Cussons announced plans to conduct a strategic review of its Africa operations. As part of the review, the Group announced the sale of its…

Investors Take Profit on Bonds as Treasury Bill Rate Rises The average yield on Nigerian government bonds rose in the secondary market as investors’ sentiment waned amidst rising spot rates in the treasury bills segment, up by 1.91% in two weeks. Not minding disinflation, the Apex Bank increased its discount rate on Nigerian Treasury bills with a one-year tenor to 17.95% at the main auction conducted on Wednesday. The successive spot rate adjustment for the short-term investment securities from 16.04% two weeks ago disrupts investors’ sentiment in the bonds’ secondary market space. The market experienced sell pressures at the short…

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…