Author: Marketforces Africa

Audit Query: NNPC GCEO Bayo Ojulari Shuns Senate for 4th Time Mr Bayo Ojulari, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPC), on Tuesday failed to appear before the Senate Committee on Public Accounts for the fourth time to respond to the audit query raised against the company. Ojulari’s non-appearance on a fourth invitation infuriated all the members of the committee, chaired by Sen. Aliyu Wadada. The committee threatened to sanction the GCEO should he refuse to appear before the panel on Wednesday by 3 p.m. The committee had earlier sent three invitations to Ojulari…

International Traders Frustrate Refineries in Africa – Dangote Alhaji Aliko Dangote, president of the Dangote Group, says the international traders are frustrating the establishment of refineries and the efficient operation of existing ones in Africa due to dubious interests. Dangote said the international traders maintained the offshore Lomé floating market, where more than two million tonnes of petroleum products were stored in vessels offshore and sold to African countries at inflated prices. Dangote disclosed this on Tuesday in Abuja at the inaugural Global Community Insights Conference on West African Refined Fuel. The conference was organised by the Nigerian Midstream and…

FG Initiates Palm Oil Traceability System to Boost Quality, Exports The Federal Government (FG) has inaugurated the National Palm Oil Traceability System (NaPOTS) Framework and inaugurated a 16-member Inter-Agency Committee to implement it. NaPOTS aims to improve product quality, promote sustainability, support climate-smart practices, and position Nigerian palm oil for competitive markets both domestically and internationally. Speaking at the inauguration on Tuesday in Abuja, Sen. Abubakar Kyari, Minister of Agriculture and Food Security, called the inauguration a major milestone in Nigeria’s agricultural transformation. Represented by Dr Marcus Ogunbiyi, Permanent Secretary of the ministry, Kyari emphasised that the inter-agency committee would…

Naira Falls as CBN Direct Interventions Ease, FX Supply Rises The naira fell against the US dollar to N1,535 at the Nigerian foreign exchange market (NFEM) as Central Bank direct interventions eased. FX update from the CBN platform showed that the naira depreciated to N1,535.23 per dollar on Tuesday from the official spot rate of N1,532.54 the previous day. The local currency regained strength against the dollar amidst reforms that boosted foreign investors’ confidence and sentiment. Elevated yields on government borrowing instruments have been a major driver of hot money into the economy as the authority has mortgaged significant hydrocarbon…

Nigerian Exchange Roars as Equity Investors Gain N395bn The Nigerian Exchange (NGX) market capitalisation soared to about N83.8 trillion on Tuesday, marking the second day of another monster rally that pushed the all-share index to a new high. The key market indicators continue to break new highs, with year-to-date return climbing to 28.69% as buy-side actors remained active in the local bourse. The bullish momentum drove the NGX All-Share Index (ASI) higher, up by 0.47% to close at 132,451.73 points, highlighting sustained investor optimism and growing confidence in the resilience. Consequently, market capitalization expanded by ₦395 billion, settling at ₦83.79…

UK Borrowing Blow Makes Tax Hikes ‘Inevitable’ UK government borrowing came in higher than forecast in June, a setback for Chancellor of the Exchequer Rachel Reeves that has markets jittery and households bracing for tax hikes. “Gilt yields climbed on the news—and so should awareness among individuals with UK assets. The time to protect your wealth is now,” says Nigel Green, CEO of global financial advisory giant deVere Group. In a sharp warning, he responds to today’s ONS data showing public sector borrowing reached £20.7bn last month—£3.5bn more than expected and the highest June figure outside of the pandemic era.…

Oil Prices Drop Below $68 as Markets Brace for US Tariffs In the global commodity market, prices of crude oil dropped below $68 per barrel amidst demand and supply uncertainties. The markets are bracing for President Donald Trump’s US tariffs to take effect, with ratings agencies estimating that the global economy will underperform expectations. Also, persistent geopolitical tensions continued to weigh on sentiment while the OPEC+ group planned to supply; despite a weak demand outlook in China. The international benchmark Brent crude fell around 0.5% to $67.99 per barrel, down from $68.35 at the previous session’s close. The US benchmark…

Nigeria T-Yield Falls to 17.76% Ahead of Rate Decision The Nigerian Treasury bill yield fell to 17.76% ahead of the benchmark interest rate decision and midweek auction. On behalf of the Central Bank of Nigeria (CBN), the debt office is scheduled to float N290 billion worth of Nigerian Treasury bills on Wednesday. Spot rate expectations will depend on the outcome of the CBN monetary policy committee meeting, several fixed income market analysts told MarketForces Africa. The Treasury Bills market started the week subdued as traders awaited the monetary committee meeting and Wednesday’s Treasury bills auction. Trading activities were limited as…

CAC Postpones New Fees, Penalties Implementation to Sept. 1 The Corporate Affairs Commission (CAC) has announced the postponement of the implementation of new fees and penalties for document downloads on its upgraded registration portal to Sept. 1. The CAC, in a public notice released on Monday in Abuja, said the decision to delay the rollout followed transitional challenges being experienced by users on the portal. The enforcement, which was initially scheduled to commence on Aug. 1, affects charges for documents not downloaded within seven days of approval. The commission listed some problems encountered by users, including difficulties with downloading documents,…

Nigeria’s GDP Grows by 3.13% in First Quarter of 2025 – NBS The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) grew by 3.13% on a year-on-year basis in real terms in the first quarter of 2025. The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made the announcement at a news briefing on the Rebased GDP Results released by the National Bureau of Statistics (NBS) on Monday in Abuja. Adeniran said this growth rate was higher than the 2.27 per cent recorded in the first quarter of 2024. He said the performance of the GDP in Q1…