Author: Marketforces Africa

The Nigerian Exchange (NGX) is trading negative due to sell pressure in Seplat Energy and Access Bank Plc, among others.

The average yield on Nigerian Eurobonds decreased slightly following a moderate buying interest by offshore investors in the market. The yield contracted as foreign portfolio investors increased their position amidst uncertainties in the Nigerian economy.

The prices of crude oil in the global commodities market increased on Friday as the US dollar weakened amidst a ceasefire

Local investors in the Nigerian bond market scaled back as portfolio rebalancing efforts persisted. Investors trimmed their positions or holdings in FGN bonds in the secondary market. Notably, sell-side action transactions outpaced moderate buying experience.

$4.5bn Alleged Fraud: How I Collected $400,000 on Behalf of Emefiele – Witness The seventh prosecution witness, Mr John Adetola, in the ongoing trial of ex-governor of Central Bank, Godwin Emefiele, narrated how he collected the sum of $400,000 on behalf of the ex-governor. Adetola, who was the former personal assistant to Emefiele, made the revelation on Thursday while giving evidence before an Ikeja Special Offences Court. Emefiele is standing trial for alleged abuse of office and $4.5 billion and N2.8 billion fraud, while in office. He is being prosecuted by the Economic and Financial Crimes Commission (EFCC), alongside his…

Tax Reform Bills Propose New Sharing Formula The Senate, on Thursday, resumed its debate on the Tax Reform Bills. The bills are a set of four legislative proposals to increase Value-Added Tax (VAT) distributable to the sub national governments to 55 per cent while reducing the federal government’s share to 10 per cent. These far-reaching initiatives were contained in the lead debate of the Leader of the Senate, Sen. Opeyemi Bamidele on the Tax Reform Bills presented during plenary. Bamidele said that the new legislative regimes also proposed zero VAT on exports and essential consumptions by the masses. Leading the…

GCR Affirms Fidelity Banks Ratings with Stable Outlook GCR Ratings has affirmed Fidelity Bank Plc’s national scale long- and short-term issuer ratings of A(NG) and A1(NG) respectively, with a stable outlook. Fidelity bank Plc rating affirmation balances a sound competitive position, good capitalisation, stable funding structure, and liquidity, against pressured risk profile due to the adverse impact of Naira devaluation, the rating note said. According to GCR, Fidelity Bank’s competitive position is a positive rating factor, underpinned by long track record, strong domestic franchise, and market share, being the sixth largest banking group in Nigeria. With a balance sheet size…

The equities market capitalisation of the Nigerian Exchange (NGX) swelled by about N306 billion as Aradel Holdings and Oando Energy Plc surged, in addition to a boost from other lightweight gainers

Crude oil prices continue to trade softly as Middle East pressures eased ahead of the Organisation of Petroleum Exporting Countries and Allies’ meeting. Brent crashed to $71.92 per barrel while the US benchmark West Texas Intermediate decreased by to $68.26 per barrel on Thursday.

Litigation Claims against Access Holdings Plc Hit N11.3Trn Access Holdings Plc. reported quite a huge litigation portfolio of N11.3 trillion—probably the highest—at the end of the third quarter of the financial year 2024. In a detailed review of the group financial reports, the Nigerian top lender increased its litigation claims provision by 112% with 9-month to N8.118 billion from N3.838 billion in Dec 2023. “The Group is a party to numerous legal actions arising out of its normal business operations,” Access Holdings Plc. said in its latest unaudited financial statement. The Directors believe that, based on currently available information and…