Author: Ogochukwu Ndubuisi

Dangote Cement Opens N100bn Commercial Papers for Subscription Dangote Cement Plc has returned to the debt capital market to raise N100 billion via commercial papers offered to investors, MarketForces Africa gathers from investment banking experts. The cement company opens the offers across Series 1 and Series 2 commercial papers under its N500 billion issuance programme registered with the authority. The company hinted that the net proceeds from the commercial paper offers will be used for working capital purposes. Series 1 commercial paper with 181 days to maturity is priced at a discount rate of 16.1026%, translating to an implied yield…

Banks Place Funds at SDF as Lending Appetite Tightens A growing number of deposit money banks (DMBs) enhance their placement at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF) amidst shrinking lending appetite. The average non-performing loan in the Nigerian banking sector climbed in the third quarter over a slow loans recovery pace, raising concerns of asset quality. With the monetary authority’s expansionary policy focus, analysts said commercial banks are more likely to see their earnings shrinking until the cycle completes. Industry’s net margin has already dropped following downward loan repricing after September benchmark interest rate cut. The…

Money Market Rates Mixed as Excess Liquidity Hits N6trn Money market rates diverged as excess liquidity levels in the financial system hit N6 trillion, reflecting the absence of funding pressures. The short-term benchmark interest rates have been kept behind the average of 25% in the past week to reflect current liquidity conditions. November has been one of the most liquid, as the Central Bank open market operations slowed down. Even with heavy OMO bills totalling N2.6 trillion sold to investors, liquidity remains strong and robust. The condition was helped by activities of deposit money banks (DMBs) parking funds at the…

Pension Delay for Treasury-Funded MDAs Retirees Over – PenCom The National Pension Commission (PenCom) says the era of delayed pension payments for retirees of treasury-funded Ministries, Departments and Agencies (MDAs) is over. Mr Ibrahim Buwai, Head of the Corporate Communications Department in the commission, stated this in an interview with the News Agency of Nigeria (NAN), in Abuja on Sunday. According to Buwai, PenCom has achieved promptness in the remittance of accrued pension rights, following a sustained reforms and improved remittance systems. He said the commission has been paying accrued pension rights as and when due, since July, ensuring that…

Nigeria Adopts New Frameworks at 2025 Health Joint Annual Review Nigeria has, at the close of the 2025 Health Sector–Wide Joint Annual Review (JAR), adopted a new national framework to strengthen accountability, financing, governance, and service delivery in the health sector. This is contained in the communiqué at the end of the three days annual review event read by the Permanent Secretary, Federal Ministry of Health and Social Welfare (FMoHSW), Ms Daju Kachollom. The 2025 JAR assessed national and state-level progress under the Sector-Wide Approach (SWAp) and aligned collective action toward the Nigeria Health Sector Renewal Investment Initiative (NHSRII) and…

Nigeria’s Oct. Inflation Rate Projected to Print Below 18% It is anticipated that Nigeria’s headline inflation rate will register below 18% for October, as forecasts suggest that the consumer price index (CPI) will continue its ongoing decline. The National Bureau of Statistics (NBS) is set to release the October 2025 Consumer Price Index (CPI) on Monday, and Cowry Research projects headline inflation to ease further to 17.83%. In a note, the investment firm highlighted that the lower inflation print projection is supported by continued naira stability, improved FX liquidity, and sustained food supply from the ongoing harvest season. The investment…

GTCO Rises Softly, Investment Firm Sets N110 as Target Price The market value of GTCO’s 36.425 billion outstanding shares in the Nigerian stock market settled at N3.132 trillion on Friday amidst price fluctuation. The financial services company’s share price rose to N86 week on week, with significant trading volume on record on the Nigerian Exchange (NGX) trading platform. GTCO peaked at N88.50 on Thursday after the government announced a plan to adjust capital gain tax.  A significant selloff on Tuesday had plunged GTCO’s share price down by 10% to N78. The market recorded significant offshore participants showing interest in the…

Nigerian Exchange Sinks by N1.5trn Tax Stokes Panic Selloffs The Nigerian Exchange (NGX) market capitalisation sank by N1.5 trillion week on week as the new capital gains tax stoked panic selloffs in the local bourse. The stock market extended its bearish stretch this week, closing at 147,013.59 points, down 1.68% week-on-week, as investors continued to price in the potential repercussions of the proposed 2026 capital gains tax on portfolio valuations. Uncertainty triggered widespread panic on Tuesday, culminating in a historic single-session decline of 5.01% which as more than N4.6 trillion, the steepest daily loss in several years. Sentiment, however, stabilised…

Oil Posts Weekly Price Upticks on Growing Demand Optimism Oil prices surged week on week on positive demand expectations as the US government reopened, while China and India dumped Russian oil following the latest sanctions. The price surge was supported by the International Energy Agency’s (IEA) upward revision to global demand forecasts, easing concerns over a prolonged US government shutdown, and ongoing geopolitical risks stemming from the Russia-Ukraine war. International benchmark Brent crude traded at $64.13 per barrel, up 0.91% from last Friday’s close of $63.55. US benchmark West Texas Intermediate (WTI) was at $60.06 per barrel, rising around 1.53%…

Air Peace Loses $15m to Disruptions As Lessor Withdraws Aircraft Air Peace Ltd. has attributed sudden disruptions in its domestic operations to ‘illegal’ withdrawal of three aircraft by its wet lessor, Smartlynx Airlines. The airline said on Friday that the disruptions cost it 15 million U.S. dollars. The Chief Commercial Officer at Air Peace, Mr Nowel Ngala, disclosed this at a news conference in Lagos. According to Ngala, Air Peace has experienced a number of operational disruptions, resulting in flight delays and cancellations. He said that Air Peace entered a wet-lease agreement with Smartlynx because 13 of its aircraft were undergoing scheduled maintenance abroad. According…