Author: Olu Anisere

Benchmark Yield on FGN Bonds Steadies at 20.34% Nigerian bonds benchmark yield steadies at 20.34% in the secondary market as investors shifted attention to OMO bills auction. Also, investors have started trading cautiously ahead of inflation data release this weekend as market anticipate the rebased consumer price index would alter market dynamics. Investors have been a bit bullish in the bond market this week, anticipating potential spot rates repricing at the Debt Management Office primary market auction for February. “If inflation comes down, there is likelihood that the monetary policy committee will switch from hawkish to dovish – which could…

LAMATA Increases BRI Scheme by 18% The Lagos Metropolitan Area Transport Authority (LAMATA) has increased its entire Bus Reform Initiative (BRI) scheme fare by 18 per cent. The agency disclosed this on its official social media platform on Thursday. The statement read thus, “Please be informed that there will be an 18 per cent increase in the bus fare on all Bus Reform Initiative scheme. “The fare rise is because of the increase in the cost of operations and the need to ensure that buses keep running and guarantee your movement around Lagos. “The new fare will take effect from…

Ex-Google Chief Warns of Extreme Risk of Terrorists Using AI A former Chief Executive of Google, Eric Schmidt has warned about the extreme risk from terrorists or rogue states using artificial intelligence (AI). Schmidt called on governments to have oversight of private tech companies. “The real fears that I have are not the ones that most people talk about AI, I talk about extreme risk,” Schmidt told the BBC. He named North Korea, Iran or Russia as countries which could have an evil goal. Schmidt, who held senior positions at Google from 2001 to 2017, said the technology could be…

Haldane McCall Grows Profit by 164% in 2024 Haldane McCall Plc has reported 164% year on year increase in profitability as the company revenue surged. In an official statement on the Nigerian Exchange, the company’s reported about N680 million as profit while revenue printed at N3.42 billion. Details obtained from its audited financial statement for 2024 revealed that revenue surged by 110% year on year from N1.738 billion. Also, its costs of sales increased strongly in 2024 amidst inflation pressures and other macro uncertainties. Haldane’s costs of sales increased to N1.583 billion, 10% higher than N816.752 million used up in…

Yield on Nigerian Government Bonds Slide to 20.33% The average yield on Nigerian government bonds declined slightly in the secondary market to 20.33%, traders said in separate notes. The yield contracted as local investors, including pension fund administrators and banks ramped up assets amidst uncertainties. Inflation outlook is mixed given the statistics office plan to rebase the consumer price index, and gross domestic products. The secondary market for FGN bonds maintained positive momentum, with the average yield edging down by 0.01% to close at 20.33%. The market witnessed particular interest in the Feb 2031, May 2033, and Jan 2035 maturities. …

Interbank Rates Diverge Amidst Huge Liquidity Deficit The short term benchmark interest rates diverged on the back of relatively lower funding demand as banking system faced huge liquidity deficit. Liquidity challenge in the money market increased due to outflows ahead of OMO bill auction on Thursday. Market participants switched to cautious mode ahead of N600 billion OMO auction. The financial system opened with a negative balance of N668.26 billion, a significant increase from about N573 billion negative balance in the prior day. The financial system liquidity worsened following Remita outflow in the absence of significant inflows from matured instruments. Due…

OPEC Downgrades 2025 Forecast for U.S. Oil OPEC has downgraded the forecast for the U.S. oil and condensate production in 2025 by 50,000 barrels per day. Now it expects an increase of 240,000 barrels per day to 13.47 million barrels per day, according to its new report released on Wednesday. According to the table for the report, the figure in 2024 averaged 13.23 million barrels per day, 290,000 barrels per day more than a year earlier. At the same time, in 2026, according to OPEC’s forecast, oil and condensate production in the U.S. would grow by 170,000 barrels per day…

Equities Investors Gain N426bn as Dangote, Transcorp Rally Equities investors gained more than N426 billion as bullish sentiment resurfaced in the local bourse on Tuesday. Data from the Nigerian Exchange, NGX, showed that Dangote Cement, Transcorp and other value, growth stock bolstered key performance indicators by 65 basis points. DANGCEM (+5.3%) and TRANSCORP (+8.9%) drove the All-Share Index up by 0.7% to 106,574.98 points, according to stockbrokers. At the end of trading session, the month-to-date and year-to-date returns settled higher at +2.0% and +3.5% ahead of inflation figure for January. Stockbrokers spotted buying interest in medium and large-cap stock, including…

MTN Hikes Prices of Data, SMS MTN, Nigeria’s largest telecommunications operator on Tuesday commenced implementation of the Nigerian Communications Commission’s approved tariff hike by increasing its data prices. A check by the News Agency of Nigeria (NAN) using the *312# code on the MTN network showed the revised MTN data prices. For the monthly plans, MTN 1.8GB now goes for N1,500, replacing the previous 1.5GB plan priced at N1,000; the 15GB plan now costs N6,500, a rise from N4,500. The 20GB monthly plan has been adjusted to N7,500, up from N5,500, among others. Text messaging on the network has also…

Court to Arraign FCMB over Alleged Mortgage Fraud An Ikeja High Court on Tuesday fixed March 11 for the arraignment of First City Monument Bank (FCMB) and three others over alleged forgery and mortgage fraud. Other defendants in the case are Okogun Polycarp, Batik Line International Ltd, and Bolaji Adebajo. Justice Ismail Ijelu, adjourned the arraignment due to the absence of the defendants in court. Counsel from the Special Fraud Unit, Mr Daniel Apochi, had earlier informed the court that the defendants were informed about the arraignment. He expressed displeasure over the absence of the defendants. He, however, requested for…