Author: Marketforces Africa

NNPCL Grows Profit by 64% to N5.4trn in FY2024 The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared a Profit After Tax (PAT) of N5.4 trillion on a revenue of N45.1 trillion for its financial performance for 2024. Mr Bashir Ojulari, Group Chief Executive Officer, NNPC Ltd. disclosed this on Monday in Abuja while briefing newsmen on its 2024 Financial Highlights. Ojulari said the results, which were released during an earnings call with analysts, were driven by a revenue surge to N45.1 trillion, representing 88 per cent year-on-year increase. Ojulari disclosed a 64 per cent rise in PAT, while…

UK Finance Minister Risks National Backlash on Inheritance Tax Squeeze Rachel Reeves will cement her deep unpopularity and won’t be forgiven by the public if she tinkers inheritance tax allowances, warns the CEO of one of the world’s largest independent financial advisory organisations. Nigel Green of deVere Group is weighing in on the growing speculation ahead of the UK Chancellor’s critical Budget on Wednesday. “Altering the thresholds now would trigger a backlash unlike anything the Treasury has faced in years. “Families across the UK are already stretched by frozen thresholds, rising asset values, and steadily increasing fiscal drag, and that…

Nigerian Treasury Bills Yield Dips to 17% The average yield on Nigerian Treasury bills declined slightly due to sustained demand for the naira in the secondary market. The changing market dynamics continue to fuel rate cut expectations. Hence, investors have been increasing bets on Treasury bills paper despite huge auction sales. Banks are taking positions, analysts told MarketForces Africa, as the need to boost earnings via interest yield assets becomes necessary. The significant rally on Treasury bill papers was also enhanced due to excess liquidity in the financial system. Fixed-income market analysts anticipate the yield on Nigerian Treasury bills to…

The Initiates Rally Amidst Dual Capital Raising Offers The stock market value of waste management company The Initiates Plc’s (TIP) 889.981 million outstanding shares inched close to N10 billion on the Nigerian Exchange (NGX) on investors’ improved sentiment. Waste management services provider The Initiates is in the capital market to raise capital to fund strategic expansion projects and strengthen its business fundamentals. Stock market data showed that the company’s share price rose to N11.20 on Friday as 1.448 million units valued at N16.435 million were traded in the local bourse. Trading at about 37% below its highest value reached in…

U.S. State Budgets Tested by Slower Revenue Growth, Federal Policy Shifts U.S. state budgets are well-positioned to address slower revenue growth and increasing economic and policy uncertainty in fiscal 2026, according to Fitch Ratings in its latest annual report. State budgets remain fiscally sound following several years of strong post-pandemic economic and revenue performance, according to Senior Director Karen Krop. ”However, states now face the highest level of uncertainty since the early pandemic months, driven in part by economic unease and federal policy changes. Despite these pressures,“ said Krop, ”Fitch expects states credit quality to remain robust, supported by prudent…

Fidelity Bank Posts N212 Billion as Profit in Q3 Fidelity Bank Plc reported a net profit of N211.727 billion for the first nine months of the 2025 financial year, bolstered by a significant year-on-year growth in revenue. Details from its earnings scorecard showed that gross earnings increased by 44.21% year-on-year to N1.114 trillion at the end of 9M-2025 from N772.465 billion in the equivalent period in 2024. The bank’s net interest income grew to N565.254 billion in the period, up by 20.14% year on year from N470.49 billion. This was spurred by significant year-on-year growth in income derived from the…

EURUSD Slips to $1.15 as Investors Weigh PMI Data The European single currency, the euro (EURUSD), slipped to $1.15 against the US dollar at the global forex market,   its weakest level since early November in 2025. The single currency depreciated against the firmer US dollar as investors weighed the latest purchasing manager index (PMI) data and dovish signals from a Federal Reserve official The dollar index strengthened as market price in December rate cut. The dollar is mostly firmer, but for a change, the yen is the strongest currency, with the explicit threat of material intervention spurring some, albeit limited…

XRP Rebounds amidst Crypto Market Bloodbath Ripple (XRPUSD) stages a rebound amidst a cryptocurrency market bloodbath spurred by negative investors’ sentiment in digital assets. The altcoin appears to have hit an oversold level, fueling the ‘refueling buying the dip’ sentiment. XRP price is climbing at the press time, up by 1.04% in the last 24 hours to $1.91. XRP trading volume has declined by approximately 18% to $6.98 billion, with market capitalisation settling at $115.51 billion. The market is seen bargain hunting, but analysts worry about XRP’s ability to keep the current seller market. The market has expected a significant…

Exposure to 5G, Radiation Depreciates Human Wellness – Firm QNET, a global direct selling and wellness company, says radio waves, exposure to technology devices, and 5G network are depreciating human health and wellbeing. Mr Bernieg Gaksch, Regional Strategy and Marketing Manager of QNET, said this on Friday in Abuja at a product workshop. Gaksch decried that with over 15 billion connected devices to the internet, radiation from mobile networks, Wi-Fi devices, microwaves and many others were reducing human health. “There is no way one can say 5G cannot cause cancer or some sickness in the body, 5G is a type…

Oil Prices Fall as Hope for U.S Fed Rate Cut Dims In the global commodity market, the price of crude oil fell on Friday as expectations for a diplomatic breakthrough in the Russia-Ukraine war and fading prospects of a US Federal Reserve (Fed) rate cut in December pressured markets, even as new US sanctions on Russian oil majors Rosneft and Lukoil came into force. International benchmark Brent crude was trading at $62.12 per barrel, down 0.8% from the previous close of $62.60. US benchmark West Texas Intermediate (WTI) also decreased by about 1% to $58.09, compared to $58.66 in the…