Author: Marketforces Africa

EFCC Says Corrupt Politicians Now Hide Loot in Cryptocurrencies Mr Ola Olukoyede, the Chairman, Economic and Financial Crimes Commission (EFCC) has alleged corrupt politicians of now hiding stolen public funds in cryptocurrencies to evade probes. He made the allegation during an AU Anti-Corruption Day event on Thursday in Ibadan. Olukoyede, represented by the Commission’s Acting Zonal Director in its Ibadan office, Hajiya Hauwa Ringim, said that virtual assets were becoming preferred channel for hiding illicit wealth. He described virtual assets as digital monetary representations that could be traded or transferred, stressing that while not criminal, they become dangerous when used…

West African Gas Pipeline Coy Advances Regulatory Alignment, Energy Cooperation West African Gas Pipeline Company Ltd. (WAPCo) has reaffirmed its commitment to regional energy development by pursuing solutions through digital transformation, regulatory reforms, and enhanced stakeholder collaboration. Mr Odey Adamade, General Counsel, WAPCo, gave the assurance in a statement on Thursday. Odey Adamade, was quoted to have highlighted this strategic focus at a recent high-level forum in Abuja, where key players from the oil and gas sector gathered to boost WAPCo’s operational efficiency and long-term viability. Tracing WAPCo’s origins to a 1982 ECOWAS initiative and the subsequent 2003 treaty establishing…

Lekki Deep Sea Port Handles 20% of Projected Cargo The Lekki Deep Sea Port says the facility is currently handling only about 20 per cent of its projected cargo throughput in spite of an installed capacity of 1.2 million TEUs. The Deputy Managing Director of the port, Mr Daniel Odibe, made this known in an interactive session with newsmen in Lagos on Thursday. Odibe attributed the shortfall to prevailing economic challenges that had impacted the port’s operations in recent times. He said the port had initiated efforts to ramp up operations from 54,289 TEUs to 500,000 TEUs by the end…

Nigeria to Hold First National Steel Summit Nigeria is set to host its first National Steel Summit to rebuild and unlock the country’s steel potential. The summit is expected to position Nigeria as a leading steel hub in Sub-Saharan Africa and significantly boost the national Gross Domestic Product (GDP). The Minister of Steel Development, Prince Shuiabu Abubakar, revealed this at a news conference on Thursday in Abuja, ahead of the summit. The summit with the theme `Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness` is scheduled to hold from July 16 to 17 in…

MTN Nigeria Hits N8.18trn, Analysts Positive on Earnings Outlook Telecommunication company MTN Nigeria Plc hit a new high in the equities market due to bargain hunting on telecom stocks ahead of the second quarter of 2025 earnings release. The telecommunication company’s share price inched higher by 9.86% to N390, its new 52-week high, as investors’ sentiment improved following strong earnings performance in the first quarter. Trading details on MTN Nigeria showed that investors transacted 1.739 million shares valued at N640.941 million at the close of the session. Analysts are anticipating the telecom giant will maintain a healthy earnings track record…

UBA Jumps by 10% to N1.625 Trillion on Sharp Rally UBA Plc.’s market value jumped by 10% to N1.625 trillion in the Nigerian equities market, driven by a significant bargain hunting. The Pan African lender’s share price climbed to N39.6 in the stock market, up by 10% from N36 at the close of the trading session yesterday. Explaining what moved the banking stock higher, stockbrokers said some investors increased their bets on UBA following a meeting with all its African markets chief executive at its Lagos headquarters. Data from the Nigerian Exchange showed that 64.505 million shares of UBA valued…

Ecobank Seeks $250m Tier-1 Capital via Private Placement Pan-African lender Ecobank Transnational Incorporated (ETI) is seeking $250 million in additional qualifying instruments (AT1) via private placement over a period of ten days, the group said in its regulatory filing. In a statement submitted on the Nigerian Exchange, the group disclosed that it named Renaissance Capital Africa (RenCap) as transaction advisor, demonstrating its willingness to rely on high-level international financial expertise. The group seeks US$250 million in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes to boost its capital positions across key African markets. The…

NGX Hits N78.73trn as Equities Investors Wealth Rises by N1.76trn The Nigerian Exchange (NGX) market capitalisation expanded to N78.73 trillion on Thursday on the back of a rally that pushed equities investors’ wealth up by N1.76 trillion. The stock market maintained its bullish run to close today’s trading session on a positive note, despite recording mixed outcomes in key performance indicators. The market index surged by 2.01%, adding 2,457.13 basis points to close at a new all-time high of 124,446.80. Stock market capitalization increased by ₦1.76 trillion, representing a 2.28% increase to settle at ₦78.73 trillion following GTCO’s new listing.…

UBA Announces Strategic Expansion into Key African Markets The Pan African financial services group, United Bank for Africa (UBA), has announced the group’s strategic expansion plan across key markets. In a statement, the company said its top senior executives recently concluded the group’s half-year business review at global headquarters in Lagos, Nigeria. Oliver Alawuba, Group Managing Director and Chief Executive Officer, brought together executives responsible for UBA’s twenty-four countries of operation to Lagos for a review session, according to an official statement. “It was an opportunity to restate the Group’s pan-African strategy and commitment to further expanding the Group’s coverage…

UBA, Zenith Bank Drive Intraday Rally in Equities Market UBA, Zenith Bank, Access Holdings Plc and some other heavyweight across sectoral indexes are currently driving momentum in the equities market. Stockbrokers said the intraday rally on the Nigerian Exchange All share index appears so strong, suggesting the local bourse will break into new high at the end of the closing session. Intraday trading records revealed significant interest in banking names, with gains in Tier-1 banking names pushing the index higher on Thursday. At mid-day, the NGX All-Share Index advanced by 0.77%, Alpha Morgan Capital limited told investors in an emailed…