Author: Marketforces Africa

Oando Appoints Igbokwe, Bello as Independent Non-Executive Directors Oando PLC has notified shareholders and other stakeholders about the appointment of new independent directors. In a statement, the company told the Nigerian Exchange the board has appointed Mr. Ken Igbokwe and Mr. Bashir Bello as independent non-executive directors of the company in accordance with Article 88 of the company’s articles of association, effective November 25, 2024. Ken Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil & gas, financial services, and the public sector. During his distinguished career at PwC…

MTN Nigeria Plc has announced a plan to raise an additional N50 billion from the debt capital market as the telecom company seeks to shore up working capital.

The crude oil prices dipped amidst ceasefire talks in the Middle East. There are reports of significant progress towards an Israel-Hezbollah deal.

Trump Says Will Impose Tariffs on China, Mexico, Canada U.S. President-elect Donald Trump on Monday said that, once he returns to the White House, he will impose high import tariffs on all goods from Mexico and Canada as well as additional tariffs on Chinese imports. Trump said on Truth Social, the social media platform he co-founded, that he would sign an executive order to that effect on his first day in office. “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 per cent Tariff on…

The benchmark yield on Nigeria’s sovereign Eurobonds shrank in the international market as investors’ demand increased amidst solid economic ….

Interbank Rates Slide as Financial System Deficit Eased Interbank rates declined slightly to reflect moderate liquidity improvement in the financial system on Monday. The short-term benchmark interest rates had adjusted much higher over the previous week due to tight funding profiles. Liquidity balance in the money market is expected to improve; analysts anticipate inflows from the Federal Allocation Account Committee to hit the financial systems’ FAAC recently disbursed N1.41 trillion to three tiers of government from federally collected revenue. According to investment analysts, a chunk of the amount is expected to hit the financial system; boost the liquidity positions in…

No Disparity Between NNPC, NUPRC Oil Production Figures—Official The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said that its crude oil production figures tallied with that of the Nigerian Upstream Petroleum Regulatory Company (NUPRC). Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. stated this in a statement on Monday. Soneye gave the clarifications against the backdrop of reports insinuating that the 1.54 million barrels per day (mbpd) for September cited by NUPRC was far below the 1.8mbpd for November cited by NNPC Ltd. He said the seeming disparity was as a result of the difference in the period…

Equities Investors Lose N123bn as GTCO, FBNH, STANBIC Plunge Equities investors lost about N123 billion on Monday as sell pressures hit banking names including GTCO, FBN Holdings, and Stanbic IBTC among others. The activities of sell-side traders plunged key performance indicators lower by 0.21%. Though some lightweight stocks rally, losses in large cap like GTCO (-3.39%), STANBIC (-3.09%) and FBNH (-1.57%) as well as WAPCO (-1.85%) and DANGSUGAR (-2.71%) outweighed. The All-Share Index nosedived by 202.75 basis points to close at 97,626.27. However, market activities inched higher as the total volume and total value traded for dropped by 83.09% and…

Nigeria’s economy grew by 3.46% year on year in the third quarter of 2024, the statistics office said in a new report.

Since the U.S. presidential election, the crypto market capitalisation has increased by more than $1 trillion, a review of trading data showed.