Author: Marketforces Africa

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…

Fitch Revises Outlook on Rwanda to Negative Fitch Ratings has revised the outlook on Rwanda’s long-term foreign-currency issuer default rating (IDR) to negative from stable and affirmed the IDR at ‘B+’. The revision of the outlook of Rwanda’s IDRs reflects high risk to external funding, escalating regional tensions and government debt, according to the rating note. According to Fitch, the escalation of the armed conflict in the eastern Democratic Republic of Congo (DRC) could significantly reduce Rwanda’s access to concessional external funding, potentially pressuring external and fiscal metrics and economic growth. “While our baseline assumes only a small impact from…

US Dollar Slides Against Euro, Sterling Shifts Amidst Concerns The US dollar slid against the euro and Japanese yen but rallied versus British sterling on Friday in the forex markets amidst a twist in global trade.  The exchange rate was quoted at 1.0961 dollars per euro. This week the euro gained 1.23% versus the dollar. The greenback also lost against the Japanese yen in the global currency market, quoted at 146.99 Japanese yen per dollar on Friday. This week the dollar lost 1.90% vs. the Japanese yen. After the U.S. slammed a 10% tariff on the UK, the British pound…