Author: Marketforces Africa

Naira Mixed as Gross External Reserves Reach $40.962bn The naira traded on a mixed note across the foreign exchange markets as Central Bank of Nigeria (CBN) updated data showed that the gross balance in the nation’s external reserves climbed to $40.962 billion on Monday. The local currency exchange rate worsened at the Nigerian Foreign Exchange Market (NFEM), while a channel check revealed that the spot rate at the parallel market appreciated slightly on Tuesday. FX traders said they observed intermittent fluctuation at the official window due to unanticipated demand and supply movements. The spot FX rate fell to N1534.9346 per…

Nigeria Spends $10bn Annually on Food Imports—Minister The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, says Nigeria spends $10 billion annually on agro-imports, including wheat and fish. Kyari disclosed this at the First Bank of Nigeria Ltd., 2025 Agric and Export Expo, on Tuesday in Lagos. The minister who decried the rising rate of agro-imports stressed the need for more financing of agro activities to boost local exports. The minister was represented at the event his Special Adviser, Mr Ibrahim Alkali. Kyari harped on the importance of increasing financing for the nation’a agriculture sector to boost food export…

Stanbic IBTC, Oando Drive Intraday Loss in Nigerian Market Stanbic IBTC Holdings, Oando Plc, and a number of tier-1 banks are currently driving the Nigerian Exchange (NGX) all-share index downward during early trading session in the local bourse. The market index has plunged sharply as investors begin to take profit on financial services stock as corporate earnings release slowdown. Sell pressure was also observed in energy stock as stockbrokers anticipate a negative close for the day. Apart from NEM Insurance with lower marker value, Stanbic IBTC has seen highest intraday loss of 2%, followed by Oando as market continues to…

GCR Upgrades Coronation Merchant Bank Ratings Outlook to Stable GCR Ratings has affirmed Coronation Merchant Bank Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG), respectively, and revised the outlook to stable from negative. According to the rating note, Coronation Merchant Bank Limited’s ratings balance the company’s sound risk profile and strong liquidity against modest competitive position and capitalisation assessments. GCR Ratings analysts stated that the merchant bank’s capitalisation has improved steadily over the past two years, underpinned by equity injection, earnings accretion, and cautious risk-weighted asset growth. In 2024, the combined effect of the reduced cash…

Heirs Energies CEO Urges Africa to Shape Energy Future Mr Osa Igiehon, Chief Executive Officer of Heirs Energies, has urged Africa to define its energy future by leveraging its hydrocarbons and renewable resources. In a statement on Monday, Igiehon affirmed Heirs Energies’ commitment to Africa’s energy sufficiency through active participation in global energy forums and strategic industry collaborations. He cited the company’s impactful presence at two landmark events: the U.S.–Africa Energy Forum (USAEF) in Houston, Texas, and the Namibia International Oil & Gas Conference 2025. At both events, Heirs Energies showcased its responsible strategy to harness Africa’s natural resources, ensuring…

Tinubu Commissions WAGL’s 40,000 CBM LPG Vessel in South Korea President Bola Tinubu has commissioned a 40,000 cubic meters (CBM) Liquefied Petroleum Gas (LPG) vessel, christened “MT Iyaloja (Lagos),” in Ulsan, South Korea to deepen LPG availability and affordability. The President, at the commissioning of the 40,000 CBM LPG vessel on Monday, said Nigeria was poised to deliver clean and sustainable energy solutions not just in-country but also across Africa and beyond. The vessel owned by WAGL Energy Limited (an NNPC Ltd./Sahara Group joint venture) is a dual-fuel, fully refrigerated LPG carrier. This latest addition brings WAGL’s total LPG vessel…

OVH Energy Deal: Group Files Suit Seeking N140bn Refund to FG The Incorporated Trustees of Legal Defence Against Injustice Initiative has filed a suit seeking the refund of over N140 billion into the coffers of the Federal Government (FG) The fund is said to be connected to the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited (NNPCL). The originating summons, marked:CV/3104/2025, was filed by the plaintiff’s lawyer, Mr Festus Ugo, at the Abuja High Court. The group sued NNPCL’s Chief Financial Officer and its former Executive Vice President, Downstream, Mr Adedapo Segun; the Economic and Financial Crimes…

RMAFC Begins Review of Revenue Allocation Formula The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has begun the review of the revenue allocation formula to produce a fair, just, and equitable revenue sharing formula for the nation. Dr Mohammed Bello, Chairman of the commission announced this at a news conference on Monday in Abuja. Bello said that the aimed of the review was to produce a fair, just and equitable revenue sharing formula that reflects the current responsibilities, needs and capacities of the three tiers of government, in line with constitutional roles. He said that the aim was also align…

Naira Falls Against U.S Dollar, Total FX Inflow Rises to $788m The trading value of the Nigerian naira fell on Monday as demand for the US dollar overwhelmed the supply side despite Central Bank of Nigeria (CBN) intervention in the currency market late last week. FX data from the CBN showed the spot rate closed at N1533.67 per dollar at the beginning of the week, losing less than N1 on the day from N1532.51 at the close of the trading session on Friday. The spot rate hit an intraday high of N1535, reflecting a possible one-off increase in demand at…

UBA Drops Hints on First Half Earnings, Interim Dividends Pan-African lender United Bank for Africa (UBA) Plc has dropped a fresh hint about its anticipated earnings release for the period ended June 30, 2025, saying the audited financial statement has been approved. Reflecting market expectations, UBA has revealed a plan to pay interim dividends to its shareholders following the first half year earnings release, subject to the Apex Bank approval. Pan African financial services group said the board of directors has transmitted the audited financial statement to the Central Bank, the industry regulator, before it can be released on the…