Author: Marketforces Africa

UK Borrowing Crisis Makes Pension Tax Raid ‘Almost Inevitable’ -deVere The sharp rise in UK government borrowing has created a fiscal squeeze that makes a tax raid on pensions in next month’s budget increasingly likely, warns Nigel Green, chief executive of global financial advisory giant deVere Group. The warning comes as official figures show public borrowing reached £20.2 billion in September, the highest for that month in five years. It brings total borrowing for the first half of the fiscal year to nearly £100 billion, significantly above forecasts, underscoring the growing challenge facing Chancellor Rachel Reeves as she prepares for…

World Bank Unveils Plan to Boost Private Investment, Job Growth The World Bank is developing the International Finance Corporation (IFC2030) strategy to strengthen private capital mobilisation, its President Ajay Banga said this on Friday in Washington DC. Banga, who was speaking during the plenary of the annual meeting of the bank, said that such reforms were the foundation towards achieving the overall mission of job creation. According to him, most jobs, nearly 90 per cent, ultimately come from the private sector. “But they don’t all begin there. Countries move along a continuum: Early on, the public sector drives job creation;…

Wema Bank Completes N50 Billion Private Placement Tier-2 lender Wema Bank Plc has completed its second tranche of its N50 billion capital raise through a fully subscribed private placement. The latest round follows the earlier conclusion of a N150 billion rights issue in September, bringing the bank’s total qualifying capital to N264.87 billion. The figure is above the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion for commercial banks with national authorisation. In a statement on Thursday, the bank said it had secured all requisite regulatory approvals for the fresh capital injection, describing the development as a…

Short-Term Rates Diverge as OMO Inflows Flood Money Market The short-term benchmark interest rates closed the trading session on a mixed note as inflows from expired OMO bills boosted liquidity level in the financial system on Tuesday. The market liquidity opened the day with a surplus of about ₦2.2 trillion even with the Central Bank of Nigeria’s (CBN) aggressive liquidity actions that drain the system by more than N5.3 trillion. The liquidity surge witnessed kept interbank rates movement tight, and banks’ activities at the standing deposit facility window remained active. The financial system increased to N2.153 trillion, according to data…

CBN Sells N5.32trn OMO Bills, Foreign Investors Chase Rates The Central Bank of Nigeria (CBN) raised about N5.32 trillion across three open market operations conducted last week.  The auctions floated attracted substantial subscription as elevated rates continue to attract foreign portfolio investors into Nigerian markets. Based on reports reviewed by MarketForces Africa, Nigerian OMO bills totalling N5.318 trillion were sold to banks and foreign portfolio investors across short-term tenors as part of efforts to mop up excess liquidity and drive FX inflows into the market. The authority also floated treasury bills paper worth N570 billion for subscription at its midweek…

Dangote Cement Jumps by 9.5%, Analysts Set Higher Target Price In a race towards a higher target price, Dangote Cement Plc saw a spike of 9.5% in its market value, driven by investors’ positive bets on the company shares.  According to trading data obtained from the Nigerian Exchange, the cement company’s share price surged to N575 on Friday as 2.023 million units valued at N1.145 billion were traded. The positive price movement lifted the cement company’s market value higher by 9.50% week on week, nearing its highest valuation in 52 weeks. At the close of trading session on Friday, the…

What You Should Know Before You Buy Companies’ Shares If your share price has not gained 41% year to date, you might have invested wrongfully because the Nigerian Exchange is in its boom moment, and many companies have seen significant re-rating. People buy shares randomly. Oftentimes, they don’t know anything about the shares they are buying other than the name of the CEO and the fact that they are banking, industrial or oil-linked stocks. The question is why do you buy shares? If it’s not for you to create wealth, then bonds, Treasury bills and other money market placements will…

Emefiele: Court Admits WhatsApp Conversation in Alleged $4.5bn Fraud An Ikeja Special Offences Court on Thursday admitted into evidence the WhatsApp conversation indicting the former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, of $4.5 billion fraud and abuse of office. Justice Rahman Oshodi overruled the objections of the defence and admitted the WhatsApp conversation presented by the Economic and Financial Crimes Commission (EFCC) into evidence. Oshodi admitted and labeled the documents as exhibit “G”. The court also admitted some phones into evidence. Emefiele is facing a 19-count charge bordering on receiving gratification and corrupt demands. His…

China’s Foreign Reserves Reach Highest Level in Decade China’s foreign exchange reserves rose by $17 billion to $3.339 trillion in September 2025, up from $3.322 trillion in August, marking the highest level since November 2015. The increase came as the dollar weakened against other major currencies across forex markets amidst global economic uncertainties. Gold reserves stood at 74.06 million fine troy ounces at the end of September, up from 74.02 million ounces at the end of August, with the central bank purchasing the precious metal for the eleventh consecutive month. The country’s foreign exchange reserves increased for the second month…

CBN to Auction N570 billion Worth of Nigerian Treasury Bills The Central Bank of Nigeria (CBN) will begin its final quarter treasury bills auction on Wednesday, details from the auction calendar revealed.  The CBN will open N570 billion worth of Treasury bills for subscription to investors across standard maturities. The first auction offers in the fourth quarter are expected to be oversubscribed as demand for naira assets continues to court investors’ attention. The huge subscription level and rejection provide signals into market expectations on Wednesday, fixed income market analysts told MarketForces Africa in a phone call. The total offer size…