Author: Olu Anisere
Access Holdings to Raise N40bn in Private Placement Access Holdings Plc has revealed a plan to raise N40 billion via private placement, according to details from its emergency meeting notice sent to shareholders. The financial services group with shares outstanding totalling 53.317 billion valued at N1.119 trillion on the Nigerian Exchange (NGX) seeks to raise its capital. Details from its emergency shareholders meeting revealed that the group plans to increase its issued share capital from N26,658,919,216.50 to N27,646,573,537 by the creation and addition of 1,975,308,641 shares. That the Board of Directors seeks authorisation to allot the new ordinary shares created…
GCR Upgrades AIICO Insurance Financial Strength Ratings GCR Ratings has upgraded AIICO Insurance Plc’s international and national scale financial strength ratings to B and AA+(NG) from B- and AA(NG), respectively – both ratings were maintained on stable outlooks. The ratings upgrade reflects the sustained improvement in AIICO Insurance’s liquidity position, GCR said, supported by the substantial liquid assets relative to technical liabilities and short-term obligations. The ratings also balance the insurer’s strong competitive position, robust risk-adjusted capitalisation and its intermediate earnings assessment. “We consider AIICO Insurance the core operating entity within the wider AIICO group, comprising the insurer, AIICO Multishield…
Excess Liquidity Keeps Rates Steady, Banks’ Placements Surge In the money market, funding rates closed steady as market liquidity remained in excess despite outflow for Nigerian bonds settlement on Wednesday. The financial system recorded a ₦583.52 billion bond auction settlement, which exerted mild pressure on system balances. The market liquidity opened the day with a surplus balance of ₦2.3 trillion, representing a marginal increase of ₦30.6 billion from the previous level, AIICO Capital said in a note. This improvement followed a rise in Deposit Money Banks’ (DMBs) placements at the Central Bank of Nigeria (CBN) Standard Deposit Facility (SDF) window.…
Central Bank Supports Naira with $36.6m FX Intervention The Central Bank of Nigeria (CBN) sold US dollars to authorised dealers and banks at the Nigerian foreign exchange market to boost forex supply. The Apex Bank kept to its FX intervention policy to reduce pressures on the naira, selling $36.60 million to stabilise market demand Tuesday, according to updated FX data obtained. The latest FX injection came in addition to $40 million supplied last week. Official daily FX update showed the Naira appreciated by 23 basis points, or N3.40 to close at N1,442.9201/$ on Wed, trading within a range of N1,445.00/$…
Nasarawa: Sule Presents N517.5bn 2026 Budget Proposal to Assembly Gov. Abdullahi Sule of Nasarawa State, on Wednesday, presented a budget proposal of N517.5 billion for the 2026 fiscal year to the state House of Assembly for approval. Sule, while presenting the appropriation bill tagged “Budget of Strategic Consolidation” before the Assembly in Lafia, commended the legislature for their consistent support in passing appropriation bills. He explained that the theme of the 2026 budget was in line with his administration’s development agenda to consolidate on ongoing infrastructure projects, enhance connectivity and economic competitiveness among others. According to the governor, the sum…
Naira Climbs to N1,442/$ in Forex Market The naira climbed against the US dollar, trading at N1442 at the Nigerian foreign exchange market due to enhanced US dollar volume available for international payments. Analysts said the recent FX intervention sales by the Central Bank have strengthened forex market liquidity, with the local currency recording its third daily gain week to date. At the unofficial FX market, Bureau de Change (BDC) operators are seeing inflows from remittances to support market supply. The market-wide improved FX supply reduced stress on the naira, and the market reported inflows from international oil companies and…
Money Market Rates Crash as CBN Adjusts MPR Band Money market rates crashed significantly on Tuesday as the monetary policy committee of the Central Bank of Nigeria (CBN) adjusted the band around its monetary policy rate (MPR). This happened amidst a flood of inflows into the financial system, reducing the liquidity mop up effects of the latest round of monetary actions in the money market. The CBN had gone fast and furious with aggressive open market operations and treasury bills auction to reduce excess funds in the financial system last week. Huge naira take out for $400 million FX intervention…
Investors Bet on Nigerian T-Bills With 16.85% Yield Vs Inflation The average yield on Nigerian Treasury bills declined as investors ramped up naira assets in the secondary market a week after the Central Bank maintained rates across standard tenors at the main auction. Investors hunt for Treasury bills in the secondary market, seeing that the average yield has remained above 16.05% and annual inflation has sufficiently covered their price fluctuation exposures. Banks are betting hard to boost earnings amidst low appetite for lending due to rising default risks and the need to cover significant provision for expected credit losses against…
Akwa Ibom Eno Presents N1.39 Trillion Budget for 2026 Gov. Umo Eno of Akwa Ibom on Tuesday presented a budget of N1.39 trillion for the 2026 financial year before the state House of Assembly. Speaking at the presentation, Eno said that recurrent expenditure stood at N354.87 billion, while N1.035 trillion would be used for capital expenditure. The governor said that the 2026 budget represented a decrease of 16 per cent in the 2025 revised budget of N1.65 trillion. He further said that the total capital receipts and expenditure for 2026 was estimated at N1.15 trillion, as against the revised provision…
Nigeria Recorded N2.06trn VAT in Q2 2025, says NBS The National Bureau of Statistics (NBS) said the aggregate Value Added Tax (VAT) stood at N2.06 trillion in Q2 2025. This is according to the VAT Q2 2025 Report released in Abuja on Tuesday. The report shows a decrease of 0.03 per cent on a quarter-on-quarter basis from N2.06 trillion recorded in Q1 2025. The report also showed that local payments recorded were N1.09 trillion while foreign VAT payments contributed N459.95 billion, while import VAT contributed N508.55 billion in Q2 2025. On a quarter-on-quarter basis, the report showed that real estate…