Author: Marketforces Africa

NAICOM Gives Insurers Dec.31 Deadline to Settle Outstanding Claims The National Insurance Commission (NAICOM) has given insurance companies Dec.31 deadline to clear all outstanding claims. The Head, Communication and Stakeholders Management Sub-committee of the Insurers Committee, Mrs Ebelechukwu Nwachukwu, made this known while addressing a news conference after a meeting of management in Lagos. The meeting marked the first gathering of the Insurers Committee with Mr Segun Omosehin, as the Commissioner For Insurance. Nwachukwu, also Managing Director, Rex Insurance Ltd., said the commissioner charged insurance companies CEOs at the meeting to ensure that no outstanding claims is captured at the…

The Eurobond market beamed with buying interest in Nigeria’s Eurobond in the international capital market…

Nigeria’s Gross External Reserves Cross $40 Billion Nigeria’s gross external reserves increased by $7 billion from the beginning of the year to date, according to data from the Central Bank. Data shows that gross balance in the external reserves crossed $40 billion from $33.016 billion at the beginning of the year. This surge was supported by improved remittances from Nigeria’s in diaspora and sustained yields attraction in the fixed income market. Data from the CBN does not showed sources of the inflows but analysts believe accretion came from foreign portfolio investors, remittances and oil deals. Market expectation of resurgence in…

Benchmark yield on Nigerian government bonds rose a bass points to 19.47% in the secondary market amidst quiet trading activities.

FBN Holdings Plc’s N150 billion rights issue went live on Wednesday on the Nigerian Exchange Group’s (NGX) digital platform, NGX Invest, for subscription.

Import Licence: Oil Marketers Ask Court to Dismiss Dangote Refinery’s Suit Three oil marketers have prayed a Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals. The oil marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024 filed in response to Dangote Refinery’s originating summons, told Justice Inyang Ekwo that granting that application would spell doom for the country’s oil sector. According to them, the plan to monopolise the oil sector is a recipe for disaster in the country. The three marketers; AYM Shafa Limited, A. A. Rano Limited and Matrix Petroleum Services Limited,…

Ecobank Bags Digital Jurist ‘Best Web Portal’ Award Ecobank Nigeria has bagged the Phillips Consulting Digital Jurist’s Best Web Portal” Award in Nigeria, ahead of 22 other commercial banks. The digital jurist award was created by experts at Phillips Consulting to assess the performance and effectiveness of digital platforms across various industries, including banking, telecommunications, and government. The evaluation covers websites, web portals, mobile apps, and social media, with focus organizations that have excelled in digital transformation. Mr Kola Adeleke, Executive Director, Commercial Banking, Ecobank Nigeria, in a statement on Wednesday, in Lagos, said that the recognition highlighted Ecobank’s leadership…

Treasury Bills Market Rally Ahead of CBN Midweek Auction The average yield nosedived as trading activities on Nigerian Treasury bills ended on a bullish note in the secondary market ahead of the midweek auction. The average yield declined at the short (-1 bp), mid (-1bp) and long (-2bps) segments, driven by demand for the 79-day to maturity (-1bp), 142-day to maturity (-2 bps), and 212-day to maturity (-2 bps) bills, respectively, Cordros Capital Limited said in a note. The Central Bank of Nigeria (CBN) is schedule to sell treasury bills worth N513.43 billion across 91, 182, and 364-day papers at…

Money market rates rose sharply due to a strained liquidity level after a huge OMO auction debit against the balance in the financial system. The Nigerian interbank offered rate (NIBOR) rose across all maturities, indicating tight liquidity in the banking system

Local deposit money banks (DMBs) and foreign portfolio investors (FPIs), along with other authorized dealers, placed huge stake totaling approximately N1.45 trillion on Nigeria’s OMO bills during the Central Bank of Nigeria’s (CBN) primary market auction on Tuesday.