Author: Marketforces Africa

Authorities Shut Down Cyber Extortion Network Servers International investigators have dismantled the digital infrastructure of a major global cyber extortion network, believed to be behind hundreds of ransomware attacks worldwide. Authorities identified and shut down servers used by the cybercrime group operating as Blacksuit/Royal, police in the German state of Lower Saxony (LKA) said. The takedown disrupted the group’s operations, including malware distribution, internal communications, and its website. Officials reported a total of 184 victims globally, including several in Germany. Damages recorded as of August 2024 exceeded 500 million dollars, according to police estimates. The coordinated operation, a long-term effort,…

Cement: Dangote, BUA, Lafarge Revenue Rises by 31% to N3.2trn Nigeria’s cement oligarchy family boosted their combined revenue, up by about 31% year on year in the first half of 2025 to approximately N3.2 trillion following implementations of price hikes. Further review of the industry revenue performance revealed that rivalry increased sharply, and this caused Dangote Cement’s market share to decline while BUA, Lafarge gained weight. A slew of analysts predicted a fast recovery of cement industry performance after foreign exchange losses negatively impacted performance in 2024. The cement industry delivered an impressive financial results in the first half of…

UK Mortgage Reforms to Support Home Ownership, Limited Risk for Lenders UK mortgage reforms will support homeownership with limited risk for lenders, as the Financial Conduct Authority (FCA) implemented measures to simplify affordability assessments for borrowers seeking to shorten their mortgage term or refinance with a new lender, Moody’s said. In a commentary note, the global ratings agency explained that the new rules give lenders more underwriting discretion and increase flexibility for borrowers, while potentially reducing their borrowing costs. It said the revisions remove the outdated regulatory guidance and align with the principles of Consumer Duty, making it easier for…

United Capital Declares N5.4bn Interim Dividend as Profit Rises by 54% United Capital Plc has reported a profit after tax of N11.9 billion for the first half of 2025. This represents a 54 percent increase from N7.74 billion profit recorded for the first half of 2024. The company announced this in a corporate disclosure on Monday through the Nigerian Exchange Ltd. The profit before tax also grew by 52 per cent, from N9.06 billion in 2024 to N13.79 billion while the gross earnings rose by 57 per cent, from N15.15 billion to N23.76 billion. The net operating income climbed to…

DMO Crashes Rates on Nigerian Government Bonds The Debt Management Office (DMO) crashed spot rates on Nigerian government bonds at the main auction for the month of July amidst tight supply and surging demand. MarketForces Africa reported that the office opened its monthly bonds auction for subscription, where it sought to raise N80 billion across 5- and 7 years reopenings. As planned, the authority offer size the bonds across two tenors, and yield-hunting investors doubled down on their bets on the naira assets at the auction. Auction results obtained by MarketForces Africa showed that aggregate subscription from the competitive bids…

Transcorp Power Grows Profit by 19.8%, Declares Interim Dividend Transcorp Power Plc grew profit after tax by 19.8% year on year to N44.05 billion, its financial statement filed with the regulator has revealed. The company earnings surged amidst uncertainties in the economy, reflecting its escalated cost pressure.  Details revealed that the company’s revenue jumped by 52.0% year on year to N205.8 billion, buoyed by strong growth across key revenue stream. Breakdown revealed that income from its capacity charge surged by 30.8% and energy delivered an uptick of 61.5% year on year.  International sales contributed 28.7% to revenue, up from 22.0%…

Oil Prices Increase as Trade Deals Fuel Demand Optimism Oil prices increased in the global commodity market on Monday as a new trade agreement between the US and the EU eased supply concerns, and fuelled optimism. The markes appear to have price in uncertainty over the Federal Reserve’s interest rate outlook in addition to weak imports in China and OPEC+ supply boost. The international benchmark Brent crude rose around 0.85% to $68.17 per barrel, up from $67.59 at the previous session’s close. The US benchmark West Texas Intermediate (WTI) crude increased by 0.91% to $65.41 per barrel, compared to $64.82…

Foreign Investors Bet on Nigeria Eurobond with Nov Maturity Nigeria’s sovereign Eurobonds rallied on foreign portfolio investors’ positive sentiment, supported by improved local macroeconomic indicators. The yield on the US dollar-denominated borrowing notes fell as its price climbed over increased demand seen across the short and belly of the curve. Lower yields suggest Eurobond costs for the Nigerian government and other African issuers have eased due to improved macros. At the close of the trading session, the average on Nigerian Eurobonds went down, falling by 6 basis points to settle at 8.39%, according to Cowry Asset Limited. Market analysts said…

Debt Office to Open N80bn Bonds for Subscription Nigeria’s Debt Management Office (DMO) is scheduled to open N80 billion worth of local bonds for investors subscriptions at the primary market auction on Monday, according to details from its offer circular. The auction is expected to be oversubscribed, reflecting sustained demand for government borrowing instruments. Analysts said strong appetite for naira assets will afford another spot rate reduction on FGN bonds at the auction, supported by disinflation. The authority has continued to reduce the amount raised from the local debt capital market since the beginning of the year. The shift reflects…

Oil Prices Close Bearish over Global Trade Uncertainties Oil prices fell slightly this week, weighed down by renewed trade tensions, fresh sanctions on Russian energy exports, and volatile signals from US economic policy, despite uncertainties over US and other countries trade agreements. The international benchmark Brent crude was trading at $68.53 per barrel, marking a fall of around 0.9% from last week’s closing price of $68.60 on Friday. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $65.92 per barrel, a decrease of approximately 1.1% from last Friday’s close of $66. Brent crude began the week under pressure, as…