Author: Marketforces Africa

Tax: ‘Big Men’ Remain FCT’s Biggest Problem – Wike The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says big men (rich people) residing in Abuja remain FCT’s biggest problem in voluntary tax compliance for development. Wike stated this during the inauguration of the newly constructed Collector Road CN2 (Zakari A. Kyari Street), in Abuja on Thursday, by President Bola Tinubu to celebrate his second year in office. The road, from Arterial Road N11 (Ahmadu Bello Way) in Mabushi to Katampe District, leading to Judges Quarters and other connecting roads were constructed by the FCT Administration. The minister…

Telecom Services Crucial for National Security- NCC The Nigerian Communications Commission (NCC) says that telecom services are crucial for ensuring national security, particularly in addressing issues that require effective communication. The Executive Vice-Chairman of NCC, Dr Aminu Maida, said this during an interactive session with the Nigeria Information Technology Reporters’ Association (NITRA) on Thursday in Abuja. He said that achieving national security would be impossible without effective telecommunication. Maida was represented at the event by Mrs Nnena Ukoha, Head, Corporate Communications Management, Public Affairs Department. He said NCC had resolved to work with security agencies to arrest and prosecute vandals…

Nigeria, Chinese Firm Sign MoU on Satellite Connectivity The National Space Research and Development Agency (NASRDA) has signed a Memorandum of Understanding (MoU) with Galaxy Space, a Chinese company, to deploy Direct-to-Device satellite communication connectivity for Nigerians. Galaxy Space is a Chinese company focused on developing and manufacturing low-cost and mass production of Low Earth Orbit (LEO) satellites for commercial broadband internet. Dr Matthew Adepoju, Director-General of NASRDA, said at the signing ceremony on Wednesday in Abuja that the collaboration was a milestone in Nigeria’s drive towards advancing space and communication technologies. Adepoju said the collaboration would revolutionise the telecommunications…

Block Trades in Zenith Bank, Seplat Boost Market Index The Nigerian stock market experienced a significant surge due to strong interest in banking names and block trades. Huge transactions occurred on Zenith Bank, Nigerian Breweries, and Seplat Energy, boosting the Nigerian market index, which reached an all-time high. The local exchange saw new bullish momentum that lifted the All-Share Index (ASI) 1.63 % to close at 116,786.87 points. The Exchange has gained 13.47% year-to-date due to bargain hunting, as 37 gainers were recorded against 30 decliners. Despite a balanced breadth, interest in heavyweight stocks drove the rally. Banking stocks surged…

SOL: Fidelity Bank Reaffirms Commitment to Regulatory Compliance Fidelity Bank Plc has assured shareholders and stakeholders of its full compliance with the recent Central Bank of Nigeria (CBN) circular on Regulatory Forbearance for Single Obligor Limits (SOL) and credit exposures. The bank made this known in its response to the CBN through a circular sent to the Nigerian Exchange Ltd. (NGX) on Wednesday. The circular, referenced BSD/DIR/CON/LAB/018/008, granted temporary regulatory relief to banks to strengthen capital buffers and ensure financial stability. The bank said it remains committed to adhering to all regulatory directives aimed at enhancing prudence in the banking…

Investors Return to Position as Banks Douse Forbearance Tensions The banking index surged as investors returned to take positions after riotous selloffs in reaction to the Central Bank of Nigeria’s (CBN) forbearance directive. Deposit money banks’ market valuation rebounded as press releases were issued to address forbearance loans and Single Obligor Limit (SOL) positions, which helped ease initial market concerns. Precisely, GTCO (+4.43%) maintained its positive momentum, while ZENITHBANK (+5.32%), UBA (+5.59%), and ACCESSCORP (+4.49%) garnered heightened investor interest, further bolstering the market’s overall performance. Due to bargain hunting, banking (+3.25%) and insurance (+2.02%) indexes recorded big moves in the…

FG, States, LGs Share N1.65 Trillion Revenue The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion, being May 2025 revenue, among the federal government, states, and the local government councils (LGCs). The revenue was shared at the June meeting of FAAC in Abuja on Wednesday. This is according to a communiqué issued at the end of the meeting, which was made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation. The communiqué said that the N1.659 trillion total distributable revenue comprised statutory revenue of N863.895 billion and Value Added Tax…

DMO to Open N100bn Bonds for Subscription, Rates Outlook Mixed The Debt Management Office (DMO) has revealed a plan to raise N100 billion at its monthly primary market auction on June 24, according to a circular released, with June 23 set as the settlement date. Hence, trading activities in the secondary market heated up with bullish sentiments on the 2033 bonds, following the release of the June offer circular. The debt office has continued to tighten its fist on spot rates amidst efforts to reduce borrowing costs. With the softening inflation rate, analysts said they don’t expect rates to jerk…

Naira Skids as FX Demand Exceeds Dollar Volume The naira skidded off the bull track in the Nigerian foreign exchange market (NFEM) as demand exceeded the US dollar volume supplied on Wednesday. According to data obtained from the Central Bank of Nigeria (CBN) daily forex platform, the naira fell to N1549.20 on Wednesday from N1345.26, which was quoted as the NFEM rate the previous day. The spot rate movement suggests the exchange rate worsened on the day, reflecting higher demand and lower US dollar liquidity. The external reserves has fallen below the $38 billion mark as the apex bank maintained…

Gambia Unlocks Access to $80.5 Million Loans from IMF Gambia has unlocked access to additional loans totaling $80.5 million from the International Monetary Fund (IMF), according to an official statement released by the multilateral lender following a review. The IMF Executive Board approved a new 18-month arrangement under the Resilience and Sustainability Facility (RSF) for The Gambia for an amount equivalent to about US$63.55 million to help the authorities improve macroeconomic resilience and build policy buffers against climate shocks. The Board also completed the third review under the existing Extended Credit Facility (ECF) arrangement, enabling immediate disbursement of about US$16.95…