Author: Marketforces Africa

Debt: MTN Gets Approval to Disconnect Exchange Telecommunications The Nigerian Communications Commission (NCC) has approved the disconnection of Exchange Telecommunications Ltd. from MTN Nigeria network due to the non-settlement of interconnect charges. The commission made this known in a public notice signed by Mr Reuben Muoka, the Public Affairs Director at NCC, on Friday. The Exchange Telecommunications is a local and international interconnect carrier. “The Nigerian Communications Commission hereby notifies the public that approval has been granted for the disconnection of Exchange Telecommunications Ltd. (Exchange) from MTN Nigeria Communications Ltd. (MTN) as a result of non-settlement of interconnect charges,” NCC…

Equities Investors Lose N32bn as Top Banking Stocks Plunge Equities investors lost about N32 billion in the stock market as top banking stocks prices plunged. The equities segment of the Nigerian Exchange (NGX) ended the trading session after the holiday and for the week on a negative note with nosediving key performance indicators. The market index or All-Share Index reduced by 52.73 basis points in today’s trading session, reflecting a 0.05% decline to close at 102,133.40. Stockbrokers attributed the local bourse downturn to profit-taking in some banking stocks and medium-scale equities.  Despite this daily decline, the market posted a positive…

Naira: Investment Firm Sets N1804/s Exchange Rate for 2025 The naira outlook appears pessimistic, at least, to investment experts at Afrinvest, who set the weighted average exchange for the local currency at N1,804 per US dollar in 2025. In its exchange rate projection for next year, Afrinvest deployed fundamental, technical, and relative approaches in arrival at the weighted average rate of N1804.45 per greenback. Despite the fact that the Central Bank of Nigeria’s (CBN) foreign reserves climbing above $40 billion level in the fourth quarter of 2024, analysts at Afrinvest anticipate that exchange rate volatility would persist next year –albeit…

Ondo Raises Concerns over State Assets in Private Hands The Ondo State Attorney General and Commissioner for Justice, Dr Olukayode Ajulo, has raised concerns over the continued retention of state assets in the hands of former political office holders. Ajulo, a Senior Advocate of Nigeria, in a statement on Friday in Akure, said “one year after the untimely passing of former Gov. Oluwarotimi Akeredolu, a significant portion of the state’s assets has been unlawfully transferred into private hands.  “We denounce this as completely unacceptable, and we are calling for a united stand against the misappropriation of public resources. “During a…

FBN Holdings Rights Issue to Close in 3 Days Diversified financial services group, FBN Holdings Plc., rights issue of 5,982,548,799 ordinary shares at 50 kobo each, priced at N25.00 per share, would be closed on 30 December. In a bid to recapitalise, the group launched its rights issue to allow shareholders to increase their stake and eliminate earnings dilution often associated with public offers. Its rights issue was offered for subscription on the basis of 1 new ordinary share for every 6 existing shares held as at the close of business on Friday, October 18, 2024 was extended to give…

Gombe Workers Salaries to Gulp N32bn in 2025 The Gombe state government says it will spend N32.24 billion on payment of workers salaries in the 2025 fiscal year. Malam Muhammad Magaji, Commissioner for Finance and Economic Development, stated this during the 2025 budget breakdown exercise on Tuesday in Gombe. Gov. Inuwa Yahaya on Monday assented to the N369.9 billion Appropriation Bill passed by the state’s legislature. Magaji said the amount was 10.31 per cent higher than the 2024 personnel cost of N29.22 billion, adding that the increase in the personnel cost to the tune of N3 billion would FastTrack…

Abuja Chamber Advocates Business-friendly 2025 Budget The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to ensure the 2025 budget prioritises business-friendly policies that foster economic growth and stability. Its President, Dr Emeka Obegolu, in his Christmas message in Abuja, emphasised the need for provisions that addressed the challenges faced by businesses in the country. Obegolu listed some of the challenges to include access to affordable financing, infrastructure development, and tax incentives to promote entrepreneurship and innovation. “The business community is the engine of economic growth. The 2025 budget must reflect this by creating a conducive…

Watch All DStv Stations Free for 72hrs – MultiChoice All DStv customers will have free access to all DStv channels from Dec. 27 to 29, regardless of their current subscription package. This is contained in a statement on Thursday by MultiChoice Nigeria. The seasonal offer is open to all DStv subscribers. The statement read in part: “No Subscription, No Problem! Switch on your DStv decoder for a gift like no other this festive season: 72 hours of all content, all channels, all on us! “As we wind down the year and celebrate the holidays, DStv is happy to announce that…

CBN to Offer N332bn Treasury Bills for Subscription on Friday The Central Bank of Nigeria (CBN) will offer Treasury bills worth more than N332 billion to investors in the primary market on Friday. The Debt Management Office, DMO, on behalf of the CBN is expected to offer N332.52 billion across standard maturities to market participants—banks and other asset managers. The auction has been predicted to be well received despite liquidity constraints in the money market, which forced banks to borrow from standing lending facily. Ahead of the auction, trading activities in the secondary market softened on Tuesday with a mild…

The Nigerian Exchange has size-by-size stocks for investors. It is easy to find where ones belong. There are stocks that are priced to take out low-profile investors from potential intrusion—influential shareholders and perhaps some others with significant influence hate it when a moneybag tries to intrude. Did you see how Tony Elumelu doubled down bets on Transcorp Plc when Femi Otedola made a move?