Author: Marketforces Africa

U.S. SEC Sues Elon Musk over Twitter Takeover The U.S. Securities and Exchange Commission (SEC) on Tuesday said it was suing tech billionaire Elon Musk. It alleged that Musk failed to disclose in a timely manner, his ownership of more than five per cut of Twitter stakes ahead of taking over the company in 2022. The SEC alleged that Musk began buying up Twitter shares in early 2022, and crossed the five per cut mark on March 14, 2022. By law, he should have disclosed this fact publicly within 10 calendar days but he didn’t announce that he already held…

Ghanaian Banks’ Prospects Improve as Sovereign Restructuring Nears Completion -Fitch Ghanaian banks have brighter prospects as solvency recovers from the sovereign default and operating environment pressures reduce. These factors come as the sovereign external debt restructuring nears completion and the economy begins to stabilise, says Fitch Ratings in a new special report. These themes underpin our improving outlook for the Ghanaian banking sector in 2025. The sector’s strong profits in 2023 and 2024 were a result of high yields on Treasury bills. High profits are driving a recovery in capital after the Domestic Debt Exchange Programme (DDEP) imposed large losses…

Oil Prices Climb over Positive Demand Outlook in U.S Oil prices rose on Wednesday, driven by a stronger demand outlook in the US, the world’s largest oil consumer, while reports of a potential cease-fire between Israel and Hamas continued to put downward pressure on prices. The international benchmark Brent crude increased by 0.2%, trading at $79.70 per barrel. The US benchmark West Texas Intermediate (WTI) rose by 0.26%, reaching $76.91 per barrel, compared to its prior session close of $76.70. The American Petroleum Institute (API) reported a drawdown in US commercial crude oil inventories for the week ending Jan. 10.…

Interbank Rates Ease as Remita, OMO Inflows Boost Liquidity Interbank rates slid as liquidity balance in the finance system improved, though still in deficit following latest inflows from Remita and OMO bills repayment. The deficit eased by 95%, according to TrustBanc Financial Group Limited, opening the day with a negative balance of ₦20.24 billion. Analysts attributed liquidity adjustment experience in the financial market OMO repayments worth ₦253 billion which was credited into the system. The banking system also witnessed substantial Remita inflows, which supported the liquidity boost. Despite these, the short-term benchmark rates remained elevated. Specifically, the Overnight Policy Rate…

Nigeria Customs Exceeds 2024 Revenue Target by 20.2 % The Nigeria Customs Service (NCS) says it has exceeded its 2024 revenue target of ₦5.1 trillion by 20.2 per cent. The Comptroller-General (C-G) of NCS, Adewale Adeniyi, disclosed this while briefing newsmen in Abuja. Adeniyi said that NCS recorded a total revenue of ₦6.1 trillion in 2024, surpassing its target by ₦1.03 trillion. He described the achievement as significant, representing an increase of 90.4 per cent from its 2023 collection of ₦3.2 trillion.” “This growth is historic as it marks the highest year-on-year increase recorded by the service in recent times.…

CBN Sanctions 9 Banks for Failing to Dispense Cash via ATMs The Central Bank of Nigeria (CBN) says it has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance for cash flow disruptions. The affected banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.…

First Bank Tackles Nduka Obaigbena over Soured Loan Deal First Bank of Nigeria Limited has explained its side of the story over busted deal entailing series of credit facilities with Nduka Obaigbena’ General Hydrocarbon Limited. The oldest listed financial institution valued at N1.024 trillion in the stock market latest reaction revealed a decision not to give up its pursuit for debt recovery in a busted sweetheart deal. The Federal High Court sitting in Lagos restrained commercial banks in Nigeria from releasing or dealing with all monies and assets up to $225.8 million due to Obaigbena from any account maintained by…

Naira Depreciates Across FX Markets, Spread Hits N113 The naira has continued to pullback in the foreign exchange market due to a sustained shortfall in FX liquidity amidst rising demand for the US dollar. According to data from the FMDQ platform, the naira depreciated by 0.06%, closing at ₦1,547.67 per US dollar in the official market. The local currency has continued to face intense pressures in the FX market as a result of lower FX liquidity in the official market. Meanwhile, in the parallel market, the naira closed at N1,660 per dollar, losing N5 per US dollar amidst a bearish…

Wike Signed 5,481 Certificates of Occupancy in 16 Months – Official The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has signed 5,481 Certificates of Occupancy (Cs of O) between August 2023 and December 2024. The minister’s Senior Special Assistant on Public Communications and New Media, Mr Lere Olayinka, made the disclosure in a statement in Abuja on Tuesday. Olayinka said that the figure was 2,919 less than the 8,400 C of O signed by the FCT Administration in 13 years from 2010 to 2023. “From May 2010 to May 2015, a total of 5,655 C of O…

Irregular Migration into EU Dropped Significantly in 2024 No fewer than 239,000 people attempted to enter the EU irregularly in 2024, down 38 percent from 2023, the EU border protection agency Frontex said. This was the lowest figure since 2021, when migration movements were restricted by the coronavirus pandemic, the agency said on Tuesday in Warsaw. The Frontex annual report cites one main reason for the downward trend. “In spite of persistent migration pressure, intensified EU and partner cooperation against smuggling networks has significantly reduced crossings at Europe’s external borders,’’ it said. The number of unauthorised entries through the Western…