Author: Marketforces Africa

Dangote Pledges Petrol Price Stability Despite Rising Crude Oil Prices Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to maintaining stable petrol prices, even as global crude oil prices continue to fluctuate. The affirmation is contained in a statement issued on Monday in Lagos, the Group Chief Branding and Communications Officer of the company, Mr Anthony Chiejina. Chiejina stated that the company has consistently reduced the price of Premium Motor Spirit (PMS), underscoring its dedication to supporting the Nigerian economy and easing the financial burden on consumers. “This decision reflects our commitment to delivering affordable, high-quality petroleum products without…

FGN Bond Yield Rises to 19.06% Ahead of Interest Rate Decision The average yield on federal government of Nigeria (FGN) bonds climbed slightly in the secondary market ahead of the outcome of the Central Bank monetary policy committee decision. Trading activity was largely muted, with yields remaining broadly unchanged across maturities as most players stayed on the sidelines ahead of the monetary policy committee rate decision. In the secondary market, Nigerian bond yields expanded at the short end, mid segment, and long end of the curve by 7bps, 2bps, and 2bps, respectively. Consequently, the average yield on FGN Bonds climbed…

Funding Rates Steady ahead of N1.14 trillion OMO Inflows Ahead of settlement for Sukuk, the short-term benchmark interest rates were steadied amidst tight liquidity levels in the money market ahead of N1.14 trillion inflows from OMO bills maturities on Tuesday. Money market rates hovered around 26.5% level in the absence of significant pressures on liquidity levels in the financial system.  Interbank rates are expected to hold steady at 26.5%, supported by anticipated system liquidity from ₦1.14 trillion in OMO maturities. The Nigerian Interbank Offered Rate (NIBOR) for the overnight tenor held steady at 26.83% on Monday, reflecting mild liquidity inflows…

Fidelity Bank Faces N225bn in Damages Ordered by Supreme Court Fidelity Bank has admitted it is in a deep multibillion-dollar debt that could force it into bankruptcy after the Supreme Court ordered the commercial bank to pay more than N225 billion to Sagecom Concept Ltd after a years-long business dispute. This followed an exclusive report by Peoples Gazette detailing how the Lagos-based banking group is scrambling to save the company after the apex court on April 11, 2025, ruled that it must pay Sagecom N225 billion in damages over assets sold to the latter. “Our attention has been drawn to the…

Dollar Falls against Euro, Sterling in Forex Market The US dollar fell against its major trading partners early Monday as the focus turned to April’s home sales data and a string of appearances by Federal Reserve officials. A quick summary of foreign exchange activity heading into Monday USDEUR rose to 1.1277 from 1.1151 at the Friday US close and 1.1202 at the same time Friday morning. Eurozone consumer prices rose as expected in April, according to data released earlier Monday. The next European Central Bank meeting is scheduled for June 4-5. GBPUSD rose to 1.3386 from 1.3276 at the Friday…

Lekki Garden Opens N5bn Commercial Paper for Subscription One of West Africa’s leading master developers, Lekki Gardens Estate Limited, has opened up to N5 billion in Series 4 Commercial Paper Notes for investors’ subscriptions, according to an offer document released by FSDH Capital Limited. The offer for subscription priced at a 23.1956% discount rate is expected to close on Thursday, 22 May 2025, for 270-day tenor borrowing instruments. FSDH Capital Limited told investors in a note that the company will use the proceed from the commercial paper to finance working capital requirements and complete on-going projects “Lekki Gardens Estate Limited…

DBN Targets N1.8trn Loan Expansion to Boost MSME Growth The Development Bank of Nigeria (DBN) says it is expanding its support for Micro, Small, and Medium Enterprises (MSMEs) by growing its outstanding loan portfolio to over N1.8 trillion. Its Managing Director, Mr Tony Okpanachi, told newsmen in Lagos that the move aligns with the bank’s five-year strategic plan, meant to further drive economic development as job creation across Nigeria. To ensure this increase in lending, he said that DBN was working to attract N3 trillion in debt and equity. According to him, this funding initiative will empower the bank to…

Transcorp Hotels Hits Highest Value Ever in Stock Market Transcorp Hotels Plc has continued to blaze through strings of 52-week highs as investors continue to increase bets on the hospitality industry-linked stock. The hotelier stock attracts investors amidst capacity expansion and hope for a stronger earnings performance in the first half of 2025. The company share price climbed by more than 6% to N163 week on week, the highest value it has reached ever since it became listed in the Nigerian Exchange, from N153.5 at the beginning of the week. The one-day rally shot Transcorp Hotels Plc.’s market value to…

Moody’s Affirms MTN’s Ba2 Rating with Stable Outlook Moody’s has affirmed MTN Group Limited’s (MTN) Ba2 long-term corporate family rating (CFR), Ba2-PD probability of default rating (PDR), and Aa1.za national scale long-term CFR, according to a latest rating note. “We have also affirmed the Ba2 backed senior unsecured rating of the $500 million notes due 2026 issued by MTN (Mauritius) Investments Limited. The outlook on all entities remains stable”, the rating agency said in a note. Moody’s said the rating action reflects the expectation that MTN’s financial and operating performance will improve over 2025 and the company will maintain solid…

Fitch Affirms Angola at ‘B-‘ with Stable Fitch Ratings has affirmed Angola’s credit ratings with the outlook accorded as stable. Angola’s credit rating reflects weak governance indicators, high inflation, high levels of foreign-currency-denominated government debt, and one of the highest levels of commodity dependence among Fitch-rated sovereigns. “These factors are balanced by international reserves higher than peers and current account surpluses that provide some buffer against a more challenging oil price environment and limited sources of financing”, Fitch said. The global ratings agency analysts expect Angola to run current account surpluses of 1.3% of gross domestic product in 2025 and…