Author: Marketforces Africa

Jaiz Bank Plc has forecasted N5.517 billion in profit for the third quarter of 2024, according to the Islamic lender’s regulatory filing submitted to the Nigerian Exchange, NGX.

Dangote Sugar Refinery Plc has successfully raised N42.78 billion from the local debt capital market via commercial paper sales to pension and non-pension asset managers.

Investors reacted negatively, trimmed their Nigerian treasury bills (NTB) holdings in the secondary market following successive spot rates cut at the Central Bank of Nigeria’s (CBN) primary market auction last week.

The Nigerian local currency, the naira, closed the week on negative note as heavy forex demand continues to exert pressure on the exchange rate in the official window. Though there has been accretion into external reserves, the apex bank appears to have gone on holiday from conducting a US dollar sales auction.

$Davido Meme Coins Purely Speculative, Risky – SEC Warns Tagged as highly speculative, risky, the Securities and Exchange Commission, Nigeria (SEC) on Friday warned Nigerians against investing in Meme Coins, known as “$Davido,” allegedly linked to popular Nigerian singer David Adeleke, known as Davido. In a statement on its website, SEC said that it does not recognise $Davido as an investment product or investable asset class under its regulatory purview. The regulator noted that, consequently, individuals who invest in it do so at their own risk. “Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. “They are often…

MeCure Industries Plc’s has opened its ₦6.5 billion series 12 commercial paper for subscription for interested investors at 23.3627% coupon rate, FSDH told investors via email. The working capital raised under the company’s ₦20 billion commercial paper is scheduled to close on Wednesday, June 19, 2024, according to transaction details.

Fitch Ratings has confirmed Wema Bank PLC’s Long-Term Issuer Default Rating (IDR) of ‘B-‘ and its Viability Rating (VR) of ‘b-‘. Fitch has also confirmed Wema’s National Long-Term Rating as ‘BBB’ (nga) with a stable outlook.

The apex bank priced Nigerian Treasury bills’ spot rates lower Thursday at the just-concluded primary market auction held ahead of inflation data. The recent spot rate pricing indicates that the monetary authority is leading efforts to reduce balance-sheet funding costs.

Guaranty Trust Holding Company Plc (GTCO) has filed a preliminary “red herring” prospectus with the Securities and Exchange Commission (SEC) to raise a proposed offering of N500 billion gross proceed.

As part of its transition to a national commercial banking license, Nova Merchant Bank Limited said that it has submitted its capital raising plan to the Central Bank of Nigeria (CBN).