Author: Olu Anisere

Equities Market Index Rises Intraday as SEPLAT, WAPCO Rally The Nigerian Exchange (NGX) all-share index spiked by 51 basis points during early trading hours in the equities segment due to demand for Seplat Energy and Lafarge Africa stocks. The two companies’ stock price has climbed strongly as investors ramped up their shares. Lafarge Africa shares become attractive as the market expects a mandatory takeover offer from Xuaxin Cement following a $1 billion acquisition deal with Holcim. The Chinese cement company revealed a plan to make an offer to minority shareholders in order to take Lafarge Africa private. The notice has…

South Africa Eyes Nigeria’s Lithium for Electric Vehicles President Cyril Ramaphosa has expressed South Africa’s interest in collaborating with Nigeria to harness lithium to drive the green energy transition and support the development of electric vehicles (EV) batteries. Ramaphosa said this on Tuesday in Cape Town, South Africa, at the Nigeria -South Africa Business Roundtable. He proposed leveraging Nigeria’s vast lithium reserves as a cornerstone for industrialisation efforts in the EV sector, Mr Bayo Onanuga, Special Adviser to the President, Information and Strategy, said in a statement. Ramaphosa urged the private sector and development finance institutions to collaborate in building…

The prices of crude oil increased further in the global market ahead of the Organisation of Petroleum Exporting Countries and Allies producers (OPEC+) meeting on Thursday. 

AFC Leads €2bn Syndicated Facility for Bank of Industry Africa Finance Corporation (AFC) said it acted as global coordinator, lead co-arranger, underwriter, Bookrunners, and guarantor in the successful syndication of an up to €2 billion facility for Bank of Industry (BOI). Bank of Industry, Nigeria’s largest and most impactful development finance institution, sought to deepen small and medium-scale enterprise financing to drive economic growth. According to AFC, the transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa. Proceeds of the facility will…

Kano Rejects Tax Reform Bills Before National Assembly The Kano State House of Assembly on Monday rejected the Tax Reform bills currently under consideration at the National Assembly. At a plenary, presided over by the Speaker, Isma’il Falgore, the lawmakers kicked against the bills after extensive deliberation. The Majority Leader, Lawan Husseini (ANPP-Dala) introduced a motion of ‘urgent public importance,’ emphasising the need for northern lawmakers and the Conference of Speakers to prevent the passage of the bills. Husseini argued that if passed into law, the bills would not benefit the Northern States. He condemned the Senate’s decision to approve…

Kenyan Equities Struggle with Inflationary Pressures Kenyan equities are facing a challenging outlook, with the NSE20 index likely to maintain its downward trend following a nearly one percent decline on Friday, Pepperstone Daniel Wesonga said in a comment note made available to MarketForces Africa. The recent inflation data, which showed an increase to 2.8% year-on-year in November, up from 2.7% in October, along with a rise in monthly inflation to 0.3% from 0.2%, signals some pressure on the economy. Despite this, Kenya’s inflation target remains within the 2.5% to 7.5% range. The market will closely monitor the Central Bank of…

Tinubu Vows to Stabilise ECOWAS President Bola Tinubu has reiterated his resolve to stabilise the Economic Community of West African States (ECOWAS) and contribute to peace in Africa. Tinubu stated this during the closing ceremony of the African Military Games 2024 in Abuja, Mr Stanley Nkwocha, Senior Special to the President on Media and Communications, Office of the Vice-President, said in a statement. Tinubu, represented by the Vice-President Kashim Shettima, also reiterated his administration’s determination to root out all forms of security threats and violent crimes in Nigeria. The President, who is the Chairman of ECOWAS Authority of Heads of…

Experts Urge FG to Liberalise Power Sector for $10bn Investment Some experts have called on the Federal Government to fully liberalise the electricity sector to unlock 10 billion dollars in private sector investments and ensure reliable power supply. They said this in separate interviews with the News Agency in Lagos on Sunday. They also said that further liberalisation of the sector by the government would attract substantial investments. The Chief Executive Officer of Economic Associates, Dr Ayo Teriba, urged the government to relinquish its monopoly and open up the industry to more private sector participation across its value chain. “Just…

Privatise Oil, Gas Pipelines for Energy Security- PETAN Chairman Mr Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria (PETAN), has called for the privatisation of Nigeria’s oil and gas pipelines. He described it as a “commonwealth solution” to ensure the efficiency and sustainability of the nation’s critical oil and gas industry. Ogunsanya said this in a statement on Saturday after the just concluded Nigeria International Pipeline and Security Conference (NIPITECS) held in Abuja. He explained that the “commonwealth solution” offers an opportunity for private investors to hold 51 per cent ownership of the nation’s pipelines. Ogunsanya said oil…

NAICOM Issues Operational Licence to NPF Insurance Company The National Insurance Commission (NAICOM), has issued operational licence to Nigeria Police Force Insurance Company Limited. A notice by NAICOM in Abuja on Friday, said the issuance of the licence would enable NPF insurance to commence general insurance operations in the country. The Commission said the company had successfully fulfilled all registration requirements. It said the Commissioner for Insurance, Mr Olusegun Omosehin, formally handed over the licence to NPF Insurance. #NAICOM Issues Operational Licence to NPF Insurance Company# Sule Presents N382.57bn 2025 Budget to Nasarawa Assembly