Author: Marketforces Africa

Moniepoint Refutes Claims of Hacker Intrusion on Its Platform Moniepoint Microfinance Bank has denied its payment system was hacked, claiming there was no dark web operation anywhere in its digital platforms, its officer told MarketForces Africa. In an official statement, the microlender countered the position that its payment system was hacked with more than N1 billion stolen by Sunday Ozimede who invaded the vault via a dark web operation. “Our attention has been drawn to recent false, malicious, and misleading reports in the media and on social platforms alleging that Moniepoint Microfinance Bank has been hacked or is facing operational…

Reps Investigate Sterling Bank for Money Laundering The House of Representatives Committee has received a money laundering petition against Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum in Abuja. The petition was submitted to the House Committee on Public Petitions during a hearing in Abuja. The petition was filed by Maiden Systems Ltd. Voice of Nigeria reported that the Nigerian police initiated an investigation into Sterling Bank, focusing on allegations of money laundering, unauthorised deductions, and other financial irregularities involving some of its staff. Maiden System Ltd. had petitioned the committee on alleged mismanagement, fraudulent debit, and…

US 10-Year Yield Dips to 4.63% as Trump Urges Rates Cut The yield on the 10-year US Treasury note dropped to around 4.63%, reversing a two-day surge after President Donald Trump urged the Federal Reserve to lower interest rates. The markets expect the Federal Reserve to keep rates unchanged at next week’s policy meeting, with markets anticipating a rate cut in July and possibly another reduction later in the year. Trump also said that he will discuss with Federal Reserve Chair Jerome Powell his view on rates “at the right time,” which probably suggests the government’s pressure shouldn’t be felt…

Guinness Nigeria Plc net loss moderated by more than 94% in the first half of its financial year 2025, according to an unaudited report posted on t

Oil Prices Fall after U.S President Trump’s Davos Speech Oil prices came under pressure after President Donald Trump’s virtual address at the World Economic Forum at Davos, where he called for lower oil prices. Brent crude fell to $77 per barrel at the last look. The US benchmark West Texas Intermediate (WTI) decreased to $75 per barrel range. The U.S president said he would ask Saudi Arabia and the Organisation of Petroleum Exporting Countries (OPEC) members to bring prices down by increasing output. Trump said that lower oil prices could be used as a way to pressure Russia and help…

GTCO Inches Near N1.8Trn after Equity Capital Raise Tranche GTCO Plc market value has surged near N1.8 trillion following a successful first tranche equities capital raise on the Nigerian Exchange for recapitalisation of its banking arm. Investors have been taking positions in the financial services warehouse over stronger earnings expectations. According to data from the Nigerian Exchange, GTCO reached N61 per share in the market in a steady daily capital appreciation that started after it told the exchange about its first tranche of equities capital raise was successful, with N209 billion raised already. The positive price movement lifted its market…

Nigerian Bonds Face Sell Pressure Ahead of N450bn Auction Benchmark yield on Nigerian government bonds rose to 20.80% due to sell pressures in the secondary market ahead of first supply in 2025. The market anticipates the launch of the first monthly bond auction sales by the Debt Management Office on Monday. The Debt Office released the January 2025 FGN Bond Offer Circular, announcing a total offer of ₦450 billion across three bond issues. This includes ₦100 billion for the reopened April 2029 bond, N150 billion for the reopened February 2031 bond, and N200 billion for the new January 2035 bond.…

Funding Rates Rise as T-Bills Auction Debit Squeezed Liquidity The money market funding rates heightened as outflows relating to Nigerian Treasury bills auctioned by the Debt Management Office squeezed the liquidity balance in the banking system. Banks maintained borrowing culture from the Central Bank of Nigeria (CBN) in an effort to meet their daily liquidity demand in a day money market. The financial system showed a marginal improvement but continued to operate at a deficit, affected by the net Treasury bills auction settlement debit of around N518.93 billion. The liquidity constraint in the money market caused an adjustment to the…

Naira Volatility Eased on CBN Successive Appearances in FX Market The naira exchange rate volatility eased as the Central Bank of Nigeria (CBN) sustained its aggressive forex market interventions. Spot FX data revealed that the naira strengthened by N3.99 against the US dollar in the official window to close at N1,548.59 as liquidity improved. Intraday transactions were consummated between N1,548 and N1,558 per greenback, according to FX traders amidst sustained intervention. The CBN has continued to make daily appearances in the forex market to defend the local currency, though its series of FX auctions have started to impart the gross…

NGX Index Falls as Investors Exit Positions in MTNN, Dangote The Nigerian Exchange (NGX) index, market capitalisation shrank as investors exited positions in MTN Nigeria, Dangote Sugar, and Aradel Holdings stocks. The trading session closed on a negative note on Thursday, with key performance indicators reflecting mixed results. The Nigerian Exchange All-Share index declined by 0.05% on the day, but equities market capitalisation surged marginally due to new listings.  Today, the market listed Lasaco Assurance Plc’s private placement of 9,250,000,000 ordinary shares at ₦1.20 per share. The NGX index dropped by 47.93 basis points in today’s trading session, reflecting a…