Author: Marketforces Africa

Port-Harcourt Refinery Up, Running, NNPC Insists The Nigerian National Petroleum Company Limited (NNPC Ltd.) has insisted that the Old Port Harcourt Refinery is up and running, with loading operations in full swing. The Group Chief Executive Officer, Mr. Mele Kyari, gave the confirmation at the commissioning of the NUPENG Towers in Lagos on Wednesday. In a goodwill message at the event, Kyari extended invitation to human rights activist and lawyer, Mr. Femi Falana, and all those in doubt, to join the NNPC Ltd on a tour of the refineries in Port Harcourt, Warri, and Kaduna to verify their status. He…

French Politics to Keep Euro Subdued The political turmoil in France will keep Euro subdued against its major trading partners. France’s lower house of parliament Wednesday started debating two no-confidence motions in a session widely expected to topple the minority government of Prime Minister Michel Barnier in a historic vote. The ousting of the Barnier government after just three months in office would deepen the country’s political crisis and present President Emmanuel Macron with the unenviable choice of picking a viable successor with over two years of his presidential term left. 331 MPs from the left and far right voted…

Bitcoin Smashes $100,000, Brief Sell-off Expected Bitcoin has soared past the $100,000 mark for the first time, driven by expectations of a crypto-friendly regulatory environment under Donald Trump’s incoming presidency. While this milestone represents a seismic moment for the digital asset, Nigel Green, CEO of deVere Group, one of the world’s largest financial advisory and fintech organizations, predicts a short-term sell-off before Bitcoin rallies further to hit $120,000 in the first quarter of 2025. “This $100,000 breakthrough was inevitable,” says Green, who forecast last month that Bitcoin would reach this historic level following Trump’s election victory. “However, with such a…

TCN Expanding Transmission Nationwide With $200m World Bank Project The Transmission Company of Nigeria (TCN) says it is expanding its capacity nationwide with a $200m World Bank project to ensure sufficient electricity supply. The Managing Director, TCN, Mr Sule Abdulaziz, disclosed this on Wednesday when he visited the TCN substations in Lagos and Ogun States. The World Bank is one of the primary donor agencies supporting the Project Implementation Unit (PIU) within Nigeria’s Transmission Company (TCN). The World Bank had, on Dec. 28, 2023, pledged substantial assistance for the implementation of critical transmission projects across the country. Particular emphasis being…

The House of Representatives has urged the Ministry of Solid Minerals Development to focus on lithium production to increase revenue g

Shell to Prioritise Contracts Awards to Indigenous Companies Shell companies in Nigeria on Wednesday restated their commitment to the development of Nigerian companies through contract awards and capacity building. Shell’s Media Relations Manager, Mr Gladys Afam-Anadu, restated this commitment in a statement made available to newsmen on Wednesday. He said that Shell companies in Nigeria were participating at the 13th Practical Nigerian Content Forum in Yenagoa with a strong message of support for Nigerian companies. More than 700 oil and gas companies are participating in the 13th edition of the ongoing content forum in Yenagoa. The four-day conference has the…

The equities market capitalisation of the Nigerian Exchange (NGX) expanded by more than N286 billion as investors trading highs and lows in the local bourse took positions in growth and value stock.

Zenith Bank Wins Bank of the Year, Nigeria in Banker Award 2024 Zenith Bank Plc has emerged as ‘Bank of the Year, Nigeria’ in The Banker’s Bank of the Year Awards 2024. The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony held in London on December 4, 2024, is in recognition of the bank’s strong management, sound business model and strategy, and approach to sustainability and ESG banking practices. The Banker’s ‘Bank of the Year’ accolade is among the most coveted and widely regarded awards in the banking industry. Often contested…

Namibia Central Bank Cuts Interest Rate to 7% The Bank of Namibia’s (BON) monetary policy committee (MPC), in a unanimous decision, voted to cut key policy or interest rate by 25 basis points to 7.00%, an official statement said. At the Monetary Policy Committee’s (MPC) sixth and final meeting of 2024, held on 2 and 3 December, the Bank of Namibia Governor, Johannes !Gawaxab revealed the repo rate has been slashed by 25 basis points, bringing it down to 7%. The rate-cut decision is to stimulate economic growth while maintaining the peg between the Namibian dollar and the South African…

Stock Hits All-Time High as Lafarge Africa Reaffirms Commitment to Nigeria Stock market price hits all-time high during intraday trading session as Lafarge Africa Plc has reaffirmed commitment to the Nigerian market following notice of divestment by Holcim, a Swiss parent company. Ticker: WAPCO hit a 52-week high of N76.95 per share this after investors continue to increase their stakes ahead of the mandatory takeover offer from the new majority shareholder. Trading data showed seven days ago, WAPCO was priced at N53. On December 1, 2024, the Holcim Group announced that it had signed an agreement to sell its 83.81%…