Author: Ogochukwu Ndubuisi

Access Holdings Profit Grows by 14.7% in Q1-2025 Nigeria’s largest lender by total assets, Access Holdings Plc, profit after tax increased by 14.7% year on year in the first quarter of financial year 2025, details from the group’s unaudited results revealed. Details obtained from its unaudited financial statement showed that profit after tax settled at N182.75 billion in Q1 as against N159.29 billion recorded in the first quarter of 2024. Net interest income slumped by 10% year on year to N220.206 billion in Q1 as against N275.719 billion in the comparable period in 2024. Following a year-on-year moderation in the…

We’ve Paid N72bn of Inherited Debt- Otti Gov. Alex Otti of Abia has disclosed that his administration has paid N72 billion from the N138 billion debt it inherited from past administrations on assuming office. Otti made this known during a monthly media briefing on Wednesday at the Government House, Umuahia. He said that going by Debt Management Office (DMO) figures, as of December 2024, that State Government was able to reduce its debts to 66 billion and have not borrowed. “So that being, by their own numbers, we have paid down N72 billion of inherited debt and we have added…

ECOWAS, Ecobank Invest in Alternative Energy Solutions Empowerment The Economic Community of West African States (ECOWAS), in collaboration with Ecobank Nigeria and the World Bank, have trained no fewer than 100 entrepreneurs in Nigeria on Off-Grid solar energy system. This is through a specialised programme focused on small and medium-sized enterprises (SMEs) in the off-grid photovoltaic solar energy sector. This initiative forms part of the Regional Off-Grid Electricity Access Project (ROGEAP), which seeks to promote the development of a regional market for standalone solar energy systems. ROGEAP is funded by the World Bank, with additional support from the Clean Technology…

Naira Rises as External Reserves Pick Up Again The Nigerian local currency, the naira, experienced a soft rally against the US dollar in the official foreign exchange market as data showed that gross external reserves picked up this week. At the Nigerian foreign exchange market (NFEM), the naira appreciated by 0.01% to close at ₦1,599.71 per dollar as successive FX intervention sales by the Central Bank bolstered the supply side. MarketForces Africa reported that the CBN has sold more than $1.3 billion in an aggressive mood to authorised dealer banks to ensure the exchange rate traded within the target range.…

May & Baker Declares 40k Final Dividend for 2024 May & Baker Nigeria Plc has declared a dividend of 40k for the year ended Dec. 31, 2024. The company disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. on Monday. “The audited financial statement for the year ended 31st December 2024 was approved at the Board meeting held on March 27, 2025 and it will be laid at the Annual General Meeting. “A dividend of 40 kobo per share, subject to shareholders’ approval and appropriate withholding tax, will be paid to the shareholders whose names appear in the…

NGX Rises by N228bn Gain as INTBREW, LENGENDINT Rally The Nigerian Exchange (NGX) market capitalisation grew to about N66.7 trillion on Monday as equities investors gained more than N228 billion on latest round of rally. The stock market opened the week on a positive note. Year to date return increased as key performance indicators surged by 34 basis points. The uptrend was fuelled by renewed buying interest in averagely priced key stocks across major market sectors. Equities investors are reacting strongly to first quarter corporate earnings release. The market index or All-Share Index added 363.13 basis to close at 106,116.18…

Zenith, FCMB, Fidelity Bank Set to Pay Dividend Zenith Bank, FCMB, Fidelity Bank Plc are scheduled to pay their dividends this week. These top lenders market value was lifted following bargain hunting that lifted their individual market value higher. According to MarketForces Africa’s dividend calendar, Zenith will be paying N4 per share on April 29. FCMB Group will pay shareholders 55 kobo the same day. Fidelity Bank shareholders are expected to receive N1.25 per share on April 29.  #Zenith, FCMB, Fidelity Bank Set to Pay Dividend#  GTCO, NB Plc Drive Intraday Gain in Equities Market

Money market rates dropped as liquidity levels in the financial system closed strong despite huge outflows for OMO bills

MTN Suffers Cyber Attack, Customers Data Exposed MTN Group has announced that the telecom suffered a cybersecurity breach that exposed personal data of some customers in certain markets, but its core networks, billing systems, and financial platforms remain secure. An unidentified third party claimed to have accessed parts of MTN’s systems, the company said in a statement posted on its website. The company has nearly 300 million subscribers across 20 countries and an annual revenue surpassing $11 billion. While the scope of the breach is still under investigation, MTN reassured stakeholders that there is no indication that customer accounts or…

Nigerian Exchange Expands as Equities Investors Gain N966bn The Nigerian Exchange (NGX) expanded as equities investors gained about N966 billion amidst first quarter of 2025 earnings season. The equities market maintained its upward trajectory, buoyed by renewed investor confidence, robust earnings releases for Q1 2025, and continued dividend declarations. Strong appetite for financial and consumer goods stocks drove key performance indicators upward in the holiday shortened week. The All-Share Index (ASI) appreciated by 1.46% on a week-on-week basis, closing the week at 105,752.61 points. Stockbrokers said this positive performance was underpinned by solid market internals, marked by a significant uptick…