Author: Marketforces Africa

Banks Levy: Shareholders Want Authority to Wind up AMCON Shareholders have kicked against the N436.5 billion paid to the Asset Management Corporation of Nigeria (AMCON) by seven banks as banking sector resolution costs in 2024. Some of the shareholders, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said that the levy had negative consequences on shareholders’ funds. Mrs Bisi Bakare, the national coordinator of the Pragmatic Shareholders Association, said that AMCON should have wound down by now. According to her, AMCON saw free opportunity and loopholes and keyed into it – the hard-earned money of…

GCR Affirms Development Bank of Nigeria AAA (NG)/A1+(NG) Ratings GCR Ratings (GCR) has affirmed Development Bank of Nigeria Plc’s (DBN or the Bank) national scale long and short-term issuer ratings of AAA(NG) and A1+(NG) respectively. Also, GCR has affirmed DBN’s Series 1 N23.0 billion Senior Unsecured Bonds national scale issue rating of AAA (NG), maintained stable outlook on the ratings. According to the report, the ratings are underpinned by DBN’s robust capitalisation, good risk profile, stable funding base, adequate liquidity structure and the progressive delivery of its mandate to address financing constraints of Micro, Small and Medium Enterprises (MSMEs). DBN,…

Oil Prices Edge Higher Amidst U.S Sanctions on Iran Oil prices increased in the global commodity market on Thursday as the U.S. slammed fresh sanctions on Iranian exports amidst an imbalance between crude supply and demand. The market expects China to keep on a growth track after a report showed higher imports ahead of the oil group’s plan to ramp up output in May. In the US, crude oil inventories expanded above expectation, according to the Energy Information Administration. Brent crude above $66 a barrel after the U.S. imposed fresh sanctions aimed at curbing Iranian oil exports as part of…

Equities Analysts Raise UBA Target Price, See Upside With the expectation of sustained earnings growth, analysts have raised UBA’s target price to N43.94 ahead of the first quarter of 2025 financial scorecard. On the Nigerian Exchange, UBA’s share price climbed by 15 kobo on each of the 34.199 billion outstanding shares in the equities market. The stock bucked the negative trend in the local bourse after seven analysts formed a consensus about the Pan African lender market outlook. UBA share price target increased by 11% to N43.94 per share from N39.53. According to the equities analysts’ note reviewed, the new…

Mali Gets $129 Million Loan Approval from IMF The International Monetary Fund (IMF) Executive Board approved today Mali’s request for disbursement under the exogenous shock window of the Rapid Credit Facility (RCF), allowing for an immediate disbursement of US$129 million (SDR 93.3 million). The IMF emergency financing will help address urgent balance of payment needs from the floods, while the 11-month SMP aims to reinforce macroeconomic stability, strengthen resilience, protect the vulnerable, and improve governance, serving as an anchor for the government’s macroeconomic policy priorities. The RCF is accompanied by an 11-month Staff Monitored Program (SMP), an agreement between member…

N200bn Intervention Fund Lifeline for MSMEs- Minister Sen. John Owan-Enoh, the Minister of State for Industry, Trade and Investment, has described the N200 billion intervention fund for Micro Small and Medium Enterprises (MSME) as a financing pipeline for businesses. Owan-Enoh stated this at a town hall meeting on the presidential grant and loan scheme for MSMES in Calabar on Wednesday. The minister who described the scheme as a financing pipeline for businesses, stated that the fund had ‘democratised financing for overlooked businesses’ He said that the town hall meeting was to sensitise the business community in Cross River to take…

US Dollar Slides as Trade Tensions Cloud Sentiment The US Dollar Index remained under pressure on Wednesday, struggling to maintain the 100 threshold as markets cautiously awaited today’s key speech from Federal Reserve Chair Jerome Powell. The greenback hovered near multiple-year lows, weighed down by trade and policy uncertainty and rising speculation over additional Fed rate cuts. Trade-related risks escalated further after President Trump ordered a new investigation into tariffs on all critical mineral imports, many of which are sourced from China. Such a move could further weigh on investor sentiment as global economic growth concerns rise, benefiting traditional safe…

Naira Up Against Euro, South Africa Rand, Sterling Rally The naira traded mixed in the foreign exchange (FX) market with some wins and losses against bellwether economies currencies highly in demand for foreign payments. Data from the CBN showed the naira gained against the US dollar in the Nigerian Foreign Exchange Market (NFEM). There were also swings in rates for the euro, British pound, and yuan, reflecting demand patterns observed at the official window. Market players required less of a naira unit to purchase euros and South African rands for international payments, but more local currency was needed to buy…

Naira Falls as External Reserves Dip Amidst Huge FX Injection The naira weakened against the US dollar in the foreign exchange market despite the Central Bank of Nigeria (CBN) FX supply to banks, amidst declining external reserves. The external reserve was at $38 billion, though the CBN claimed the net FX reserves for Nigeria is $23 billion, a sharp growth from 2023 – a development supported by reforms. Offshore investors rotating out from the naira assets in the financial markets triggered higher demand for the US dollar in the country in the last few weeks. This happened at the FX…

JAMB Releases Results of Mock Exams The Joint Admissions and Matriculation Board (JAMB) has released the results of the 2025 Mock UTME, conducted on Thursday. This is disclosed in a statement made available to newsmen in Abuja on Sunday by JAMB’s spokesperson, Dr Fabian Benjamin. Benjamin urged candidates to check their results by sending “MOCKRESULT” to either 55019 or 66019 using the phone number (SIM) registered for the examination. He said the optional mock examination was designed to test the board’s annual innovations and provide candidates with an opportunity to experience the Computer-Based Test (CBT) environment. According to him, the…