Author: Marketforces Africa

Sanwo-Olu Flags Off FNITCC 2025 at Georgia State Capitol The Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, officially launched the 2025 edition of the Fidelity Nigeria International Trade and Creative Connect (FNITCC) at the Georgia State Capitol in Atlanta, Georgia, USA, in September 2025. In his keynote address, Governor Sanwo-Olu reaffirmed Lagos State’s readiness to collaborate with corporate organizations and sub-national governments across the globe to unlock the state’s vast economic potential. He spotlighted Lagos as a powerhouse of non-oil revenue, noting that in 2024 alone, the state attracted $5.95 billion in foreign capital inflows—over two-thirds of Nigeria’s total.…

Market Watches as Stanbic IBTC Group CEO Inherits N50mn Fine In what would typically have been a week of celebration and renewed optimism for Stanbic IBTC Holdings Plc, Nigeria’s leading financial services group, the landscape quickly shifted from jubilation to regulatory turbulence. On October 2, 2025, the financial markets received with enthusiasm the formal announcement of Mr. Chukwuma Nwokocha as the substantive Group Chief Executive of Stanbic IBTC. His appointment, effective immediately, marks a strategic leadership transition that is widely seen as aligning with the bank’s long-term growth ambitions and operational deepening in Nigeria’s evolving financial ecosystem. Mr. Nwokocha, a…

NDPC, Meta, Opt for Settlement in $32.8m Data Privacy Sanction The Nigeria Data Protection Commission (NDPC) and Meta Platforms, Inc., on Friday, agreed to settle out of court over the dispute on the $32.8 million fine imposed against the latter by the regulatory agency. Counsel for the parties told Justice James Omotosho of the Federal High Court in Abuja shortly after the matter was called for ruling. Justice Omotosho had, on July 16, fixed today for ruling on NDPC’s preliminary objection against the suit filed by Meta, the parent company of Facebook and Instagram. The judge had also scheduled today…

Crude Oil Prices Edge Higher Ahead of OPEC+ Meeting Oil prices edged higher in the global commodity market on Friday ahead of the Organisation of Petroleum Exporting Countries (OPEC) and allies members (OPEC+) meeting scheduled for October 5. The price uptick was basically supported by concerns over the war in Ukraine and the risk of fresh sanctions on Russia, though expectations of an upcoming OPEC+ output hike capped gains. Brent crude was trading at $64.61 per barrel, up 0.7% from the previous close of $64.19. US benchmark West Texas Intermediate (WTI) increased by 0.7% to $60.89 from $60.48 in the…

FCMB Delivers 16% YTD Return to Shareholders in 9 Months Based on its share price movement since the beginning of the year, FCMB Group Plc has so far delivered a 16% return to its shareholders in the first nine months. Compared with its immediate rivals in the banking sector with similar fundamentals, the capital appreciation is the second-lowest performance, reflecting confidence and expectations. FCMB beat only Fidelity Bank with a 5.4% return on investment. On Tuesday, the Nigerian Exchange placed N464.073 billion as the market value of FCMB Group’s 42.771 billion shares outstanding. The financial services group continues to trade…

Wema Bank YTD Return Falls Below 98% over Selloffs Tier-2 lender Wema Bank Plc market value fell over negative investors’ sentiment amidst additional shares listing on the Nigerian Exchange. The small lender has lost more than 17.27% of its market value in the stock market in the last seven trading sessions. This week, its market price has crashed by 5.56% to N17. The price retreated as investors traded 13.180 million units valued at N232.583 million; transactions were apparently driven by sell-side actors seeking to ghost Wema Bank. The sustained sell pressures have reduced Wema Bank’s year-to-date return. MarketForces Africa reported…

OMO Bills Yield Drop as CBN Fails to Float Auction OMO bills yield declined due to sustained buying interest in the absence of the Central Bank of Nigeria (CBN) open market operations. Eligible investors’ – banks and foreign portfolio investors – appetite for the naira assets via secondary market transactions heated up as the authority failed to replace expired OMO bills. The CBN inaction fuelled a significant spike in liquidity level in the financial system, crossing N4 trillion at the close of the trading session in the money market last week. With the recent rate cut, the market anticipates rates…

Wema Bank Drops by 12% as Investors Exit Huge Positions Wema Bank Plc’s market value fell by more than 12% in the equities segment of the Nigerian Exchange (NGX), driven by significant share sell-offs. The tier-2 lender market value shrank as record trading data showed a huge volume of Wema Bank shares were traded in the local bourse. With the benchmark interest rate cut, the Central Bank has begun to shorten the carrot, and the earnings outlook for the industry has been projected to be affected. With pre Q3 earnings sell pressure, Wema Bank’s share price declined sharply to N18…

Pension Regulator Hikes PFAs Capital Requirement by 900% The National Pension Commission (PenCom), the industry regulator, has raised the minimum threshold for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) by 900% from ₦2 billion to ₦20 billion. In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of ₦500 billion and above must now maintain a capital base of ₦20 billion plus 1% of the excess AUM beyond ₦500 billion. It said that the move is aimed at strengthening financial stability and…

New Capital Gains Tax regime to Ease risks, Boost Investment –Oyedele The Presidential Committee on Fiscal Policy and Tax Reforms says the new Capital Gains Tax (CGT) regime on shares is designed to reduce business risks, strengthen investor confidence, and create a fairer tax system. The Chairman of the committee, Mr Taiwo Oyedele, disclosed this during a virtual market engagement with the Nigerian Exchange Group (NGX) on capital gains tax. He explained that the reform seeks to lower entry costs for startups, improve cash flow for businesses, and protect the country’s tax base, while easing compliance for individuals and companies.…