Author: Marketforces Africa

TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies Lagos has reiterated its position that a tax clearance certificate, TCC, from the internal revenue service’s remains a pre-qualification requirement for its free education policy. In a statement, Lagos State Internal Revenue Service (LIRS) said free West African Examinations Council (WAEC) registration for SS3 students in state-funded secondary schools is a vital policy of the government. According to LIRS, free education policy from kindergarten to SS3 is still in operation, saying that the initiative, part of the THEMES PLUS agenda, is included in the government’s broader efforts to provide…

Foreign Investors Hunt Nigerian Top Banks with Attractive Valuations With improved confidence in Nigeria’s foreign exchange market, offshore investors have begun to return to the equities market, and bank stocks were their first targets, MarketForces Africa gathered from investment bankers and several investors notes. Hunting after attractive earnings expectations, foreign investors increased bets on Nigerian banks in January. Top banks were the major targets, with some interest seen in consumer goods names. The surge in interest lifted top banks’ valuations higher, with GTCO market valuations crossing N1.8 trillion, Zenith Bank surpassed N1,6 trillion, and Access Holdings was above N1 trillion…

BUA Foods Plc bolstered net income by 145.1% year on year to N274.946 billion in 2024 as the company sales increased significantly. In 12 months, BUA Foods revenue rose by more than 109% year on year to N1.526 trillion from N729.443 billion.

Stanbic IBTC Grows Profit by 43.7% in 2024 Stanbic IBTC Holdings Plc posted a 43.7% year-on-year increase in profit after tax (PAT) in financial year 2024, according to its earnings release. In its regulatory filing, Stanbic IBTC reported that its net income rose to N202.1 billion from N140.6 billion in 2023. Its improved profitability was supported by its gross earnings growth in the same period. According to Stanbic Financials, gross earnings climbed by 78.2% year on year to close at N802.9 billion from N450.6 billion in the comparable period. The surge in gross earnings was fuelled by a 2.1x jump…

Nigerian Bonds Yield Climbs after First Auction The Nigerian bonds yield climbed as traders created short positions by selling down their naira assets after the first auction in 2025. The local bond market opened quietly as attention shifted to the Debt Management Office’s first auction in the year, where N450 billion was offered across April 2029, February 2031, and a new January 2035 bond. The oversubscribed bond auction attracted higher rates amidst changing market dynamics spooked by an inflation surge. There is expectation that the monetary authority will hike Nigeria’s policy rate in February meeting. The bond market continues to…

CBN to Open N670bn Treasury Bills for Subscription The Central Bank of Nigeria (CBN) is expected to conduct a primary market auction to raise N670 billion from Treasury bills as part of its liquidity management efforts. The amount will be offered across three tenors: 91-day, 182-day, and 364-day, as old naira assets are expected to mature in the same week. According to market updates, a total sum of N955.369 billion in Nigerian Treasury bills would mature this week, part of which is expected to be refinanced with the amount the authority seeks to raise. Due to the robust liquidity level…

The short-term benchmark interest rates tightened in the money market after a huge outflow relating to OMO auction conducted by the Central Bank of Nigeria (CBN) last week.

Nigeria Prize for Science to focus on AI, Digital Technologies – NLNG In a move to promote innovation and creativity, submissions for the 2025 awards for the Nigeria Prize for Science and Literature have been opened. Nigeria LNG Ltd. said this in a statement signed by its Corporate Communications and Public Affairs Manager, Anne-Marie Palmer-Ikuku, on Sunday. It said that this year, the Science Prize would be for innovations in Information and Communication Technology (ICT), Artificial Intelligence (AI), and Digital Technologies that could drive development. According to the statement, the Literature Prize on the other hand, is calling for entries…

Access Bank Names Uche Orji as Non-Executive Director Access Holdings Plc has announced the appointment of Mr Uche Orji, as an Independent Non-Executive Director of its subsidiary, Access Bank Plc. A statement on Saturday night by the bank says the appointment took effect from Jan. 7, following the approval of the Central Bank of Nigeria (CBN). The statement said the appointment reflected the bank’s commitment to enhancing governance practices and ensuring a diverse and experienced board. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert, with three decades of professional and board experience. He is the…

Nigeria on Alert as Uganda Confirms Ebola Outbreak – NCDC The Nigeria Centre for Disease Control and Prevention (NCDC) has placed the country on high alert following the confirmation of an Ebola Virus Disease (EVD) outbreak in Uganda. Dr Jide Idris, the Director‐General, said this on Sunday in an interview with the News Agency of Nigeria (NAN) in Abuja. EVD is a rare but severe illness caused by viruses of the genus Ebolavirus. First identified in 1976 near the Ebola River in what is now the Democratic Republic of the Congo, the disease has led to multiple outbreaks across Africa.…