Author: Marketforces Africa

MTN Nigeria Plc net loss grew by more than 192% year on year to N400 billion at the end of financial year 2024

Oando Plc Halts Losing Streaks, Soars by 10% Oando Plc bucked the negative trend in the equities segment of the Nigerian Exchange, NGX, with 10% price appreciation as investors traded more than 3.4 million units valued at about N181 million on Thursday.  The indigenous oil company with strong expansion focus and strategy lost its allure in the recent past weeks. Its share price has been on successive declines due to sell pressures amidst its share distribution plan. Investors’ negative sentiment has dragged Oando Plc’s market value quiet lower in 2025 after impressive stock market record performance last year. The company’s…

Trading steady against the US dollar, the naira continues to enjoy the support of the Central Bank of Nigeria ….

NAFDAC Discontinues Registration of Artemether-Lumefantrine Oral Suspension The National Agency for Food and Drug Administration and Control (NAFDAC) has discontinued the registration of Multi-Dose Anti-Malarial (Artemether/Lumefantrine) dry powder for oral suspension. The announcement was made in a public alert No. 01/2025, released on the agency’s website Thursday. According to the alert, the decision was made due to the instability of the reconstituted formulations, which can lead to a loss of efficacy over time. It said the suspension applies to all locally manufactured and imported Multi-Dose Artemether/Lumefantrine dry powder for oral use. NAFDAC will no longer accept new applications, renewals, or…

Lafarge Africa Grows Profit by 96% to N100bn in 2024 Lafarge Africa Plc grew profit by 96% to N100.145 billion in 2024, details from the cement company audited result has revealed. The surge was driven by a better year on year top line performance amidst increased rivalry in the cement market. The cement company’s sales hit N697 billion, Mr Lolu Alade-Akinyemi, the Chief Executive Officer, Lafarge Africa, said in the company audited report released on the Nigerian Exchange. He said its net sales in 2024 was up by 72 per cent year-on-year due to improved volume and that in the…

FG, States, LGs Share N1.703trn Revenue for January  The Federation Accounts Allocation Committee (FAAC) has shared the sum of N 1.703 trillion in revenue among the federal government, states, and local government councils (LGCs) for January. This is according to a communiqué made available to newsmen at the end of FAAC meeting by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF) on Thursday in Abuja. According to the communiqué, the N1.703 trillion total revenue comprised statutory revenue of N749.727 billion Value Added Tax (VAT) revenue of N718.781 billion. It also comprised…

EIB Invests $75m to Drive Digital Powered Businesses in Africa The European Investment Bank (EIB Global) has announced a $75 million investment in Helios Investors V, L.P. (Helios Fund V). The announcement was made by EIB Vice-President Ambroise Fayolle at the ongoing Finance in Common Summit in Cape Town, South Africa. The fund manager, Helios Investment Partners, is the world’s largest Africa-focused private investment firm. Helios Fund V will focus on companies in sectors like digital infrastructure, financial services and technology, and tech-enabled business services, in alignment with the EU-Africa Global Gateway Investment Package priorities. The fund will support the…

Yield on Nigerian Bonds Drops as Investors Boost Holdings The benchmark yield on Nigerian bonds declined as due to buying momentum in the secondary market where investors remained focused on the short-to-mid tenors. A number of investors who lost their bids at the primary market auction are now battle-ready to boost their portfolio holdings via secondary market purchases. This will drive yield down, according to analysts. Investors interest in local borrowing papers picked up significantly on the back inflation cover on naira assets investment. Nigeria’s benchmark interest rate, which recently surpassed inflation, ended negative interest yield investors have been earning…

Nigeria’s Gas Flare Commercialisation Programme to Unlock $2.5bn Investment – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the Nigeria Gas Flare Commercialisation Programme (NGFCP) has the potential to unlock 2.5 billion dollars investment in oil and gas sector. The commission is also set to hold its first Nigeria Upstream Oil and Gas Decarbonisation Forum in March, to align its upstream operations with global decarbonisation goals and carbon monetisation. Gbenga Komolafe, the Chief Executive, NUPRC, stated this during the African Upstream Forum at the ongoing 2025 Nigeria International Energy Summit (NIES), on Wednesday in Abuja. Komolafe, who spoke in…

Naira Rises to N1499, FX Supply Declines by 46% The naira rose against the US dollar in the foreign exchange (FX) market to settle at N1,499 in the official window on Wednesday. The local currency rallied as forex market supply remained sufficient to meet aggregate demand from eligible FX users in the official window. FX inflows fell by 46% in the forex market last week, and the naira has remained steady with minimal fluctuations which suggests low demand pressure. Analysts said FX trading has been enhanced by a transparency, liquidity and foreign investors’ confidence. According to information obtained from the…