Author: Marketforces Africa

GTCO Soars to N2.4trn Ahead of Dividend Payment Ahead of dividend payment, Guaranty Trust Holdings Company (GTCO) Plc’s market value climbed by 8.3% to approximately N2.4 trillion in the equities market following the group’s strong earnings performance for financial year 2024. Its share price inched near its all-time high of N70 as markets salivated at the orange-branded financial services company’s best-in-class earnings performance for 2024. Investors will receive dividend payment from the group mid-April, stockbrokers said. In the stock market, GTCO share price settled at N69.40 on Friday as 20.862 million units valued at N1.451 billion exchanged hands amidst rising…

Nigerian Exchange Drops by N109bn as Investors Take Profits The Nigerian Exchange (NGX) market capitalisation was knocked down as bear and bull fight for attention in the equities segment of the market by sell side actors’ activities. Despite the release of Tier-1 banks earnings, market direction was stuck in bear region with selloffs across sectoral indexes. The NGX gravitates both side but closed negative as three inactive stocks were delisted for their inability to meet regulatory requirements in the just conclusive week. The Nigerian market opened April on a bearish note, extending the negative momentum from March, which ended with…

Ibile Microfinance Bank Eyes Regional License in 2025 Ibile Microfinance Bank Ltd. says it has begun its upgrade from a state to a regional banking license that will cover the entire southwest of the country in 2025. The chairman of the bank, Mr Kolawole Taiwo, made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. The acronym IBILE represents the five divisions in Lagos State: Ikeja, Badagry, Ikorodu, Lagos Island, and Epe. Ibile Microfinance Bank Ltd. was established in 2017 to ensure financial inclusion by serving the poor, rural farmers, the middle class,…

ISA Recognises Cryptos as Securities Under SEC Oversight—DG  The Securities and Exchange Commission (SEC) says the Investment and Securities Act (ISA, 2025) formally recognises virtual assets like cryptocurrencies as securities, which brings it under regulatory oversight of the Commission. Dr Emomotimi Agama, the Director-General of SEC, said in a statement on Sunday that the Act expanded the definition of securities to cover investment contracts, ensuring the digital asset operators, exchanges, and service providers complied with investor protection standards. Agama said that key reforms introduced in 2025 were aimed at boosting investors’ confidence, strengthening market oversight, and aligning Nigeria’s financial markets…

CBN Boosts FX Market Liqudity with $197.71 Million The Central Bank of Nigeria (CBN) supplied a total of 197.71 million dollars to the foreign exchange market through sales to authourised dealers. The apex bank’s Director of Financial Markets Department, Dr Omolara Duke, disclosed this in a statement on Saturday in Abuja. She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning. According to Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market. She said the decision was largely influenced by…

Eno Empowers 500 Petty Traders with N50m Grant Gov. Umo Eno of Akwa Ibom provided N50 million grant for 500 petty traders in Eket in the effort to assist them make a difference in their businesses. Eno, at inaugurated a 5000-capacity Conference Hall in Eket Local Government Area of the state, explained that the beneficiaries were petty traders under the Eket ARISE Empowerment Initiative. The governor, who was represented by Mr Frank Archibong, Commissioner for Local Government and Chieftaincy Affairs, further explained that each of the 500 petty traders would receive the sum of N100,000. According to him, the money…

TotalEnergies Declares N40 Dividend as Profit Rises by 113% Downstream operators in Nigerian oil and gas industry, TotalEnergies Marketing Nigeria Plc, grew profit by 113% year on year to N27.496 billion in the financial year 2024, according to its audited report. Details from the company’s earnings scorecard revealed that net income soared sharply due to petrol product price adjustment as Nigeria battles high inflation, reaching N27 billion from N12 billion recorded in 2023. With its strong performance, TotalEnergies board of directors proposed a dividend payment of N13.6 billion to shareholders for 2024, translating to N40 per share. This represents a…

FCMB Approves 55k Final Dividend First City Monument Bank has approved a final dividend payment of 55 kobo per share, subject to withholding tax and the approval of shareholders. The announcement was made in a corporate disclosure filed with the Nigerian Exchange Ltd. on Friday. According to the statement, a final dividend of 55 kobo per 50 kobo ordinary share will be paid, pending shareholder approval and appropriate withholding tax. Eligible shareholders must be listed in the Register of Members by the close of business on Wednesday, April 16. The Register of Shareholders will be closed on Thursday, April 17.…

Guinness Nigeria Extends MTO Offer to April 18 Guinness Nigeria Plc has extended its majority shareholder’s mandatory takeover offer (MTO) to April 18, according to a regulatory filing on Friday. This suggests the volume of shares taken up from the total offer has not met the company’s target, with a thin gap between the offer and the market price. Last month, N Seven, the new single largest shareholder of Guinness Nigeria, offered to take out minority interest at N81.60. The move followed its successful acquisition of a 58.02% controlling stake in Guinness Nigeria Plc. The company share price has been…

Moody’s Affirms Botswana A3 Ratings, Downgrades Outlook Moody’s Ratings has changed the outlook on the Government of Botswana to negative from stable and affirmed the local and foreign currency long-term issuer ratings at A3. The outlook change to negative reflects increasing risks to Botswana’s credit profile due to a prolonged downturn in the diamond industry, a key pillar of the economy, according to the global rating agency. “This downturn will affect government revenue and deplete fiscal buffers, leading to a rapid increase in government debt and a weakening of debt affordability. “In response, we expect the government to implement fiscal…