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VFD Group PLC has returned to the Nigerian debt market with the launch of its N15 billion Series 1 Commercial Paper (CP). This issuance, comprising Tranche A and Tranche B, is part of the company’s broader N50 billion Commercial Paper Issuance Programme. The offer officially opened on Monday, February 16, 2026, and is set to ...
Femi Otedola, billionaire investor and Chairman of First HoldCo, has projected a major recovery for the Nigerian currency, suggesting the naira could strengthen to below N1,000 per dollar by the end of 2026. This optimistic outlook hinges on the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day. Otedola stated on ...
Bitcoin (BTC) has entered a period of intense volatility, dropping more than 40% from its October high of approximately $127,000. This downturn has contributed to a broader crypto market contraction, with nearly $2 trillion in total market value erased since the peak, according to data from CoinGecko. Despite the recent slump, Bitcoin saw a modest ...
Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, has called on global leaders and African governments to prioritize youth entrepreneurship as the primary engine for transforming rural economies. Speaking on Wednesday at the 49th Governing Council of the International Fund for Agricultural Development (IFAD) in Rome, Elumelu emphasized that agriculture ...
Falcon Corporation Limited, a prominent player in Nigeria’s indigenous gas sector, has secured an "A" long-term and "A1" short-term corporate credit rating from Agusto & Co. The premier Pan-African rating agency accompanied the scores with a stable outlook, citing the company’s formidable financial standing and its strategic role in Nigeria’s evolving energy landscape. According to ...
Nigeria’s fiscal outlook is set for a historic surge as the Nigeria Revenue Service (NRS) announced a projected revenue target of ₦40.7 trillion for the 2026 fiscal year. This ambitious figure, revealed during the 2026 NRS Leadership Retreat in Abuja, indicates that the Service expects to significantly outperform the Federal Government’s budgeted revenue estimate of ...
Access Holdings Plc has provided a strategic update regarding its proposed acquisition of South Africa’s Bidvest Bank, clarifying that while the initial timeline for the deal has lapsed, the group remains committed to the transaction. In an official communication to the market, the financial powerhouse revealed that the long-stop date, the deadline by which all conditions for the ...
The Nigeria Revenue Service (NRS) has given reasons why it was necessary to enact a new set of tax laws for the country. In a series of FAQ released on Monday, the NRS noted that the unveiling of the Nigeria Tax Act, No: 6 2025 by the Nigeria Revenue Service (NRS) marks a decisive end ...
The Nigerian naira continued its resilient performance on Monday, February 9, 2026, marking a market-wide appreciation against the U.S. dollar. Data released by the Central Bank of Nigeria (CBN) confirmed that the local currency gained 0.88% at the official window, closing at ₦1,354.26/$ after trading as strongly as ₦1,352 during intraday sessions. This sustained gain ...
By Seun Ibiyemi The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that ongoing monetary reforms and currency stabilisation are positioning Nigeria as a more attractive destination for foreign direct investment (FDI). Speaking at the National Economic Council (NEC) Conference in Abuja on Monday, Cardoso highlighted that restored stability in the ...
The Nigerian upper legislative house, the Nigerian Senate has vowed to translate numbers into outcomes as the public hearing on the 2026 Appropriation Bill commenced on Monday. The Deputy President of the Senate, Senator Barau Jibrin, representing Senate President Godswill Akpabio, officially declared open the public hearing organized by the Senate Committee on Appropriations. The session served ...
Oliver Alawuba, the Group Managing Director and CEO of United Bank for Africa (UBA) Plc, has identified security, infrastructure, and investment-ready projects as the essential pillars for the South-East region’s long-term economic transformation. Speaking at the South-East Vision 2050 Regional Stakeholder Forum held at the International Conference Centre in Enugu, Alawuba emphasized that the region’s ...
The Central Bank of Nigeria (CBN) has initiated a reverse foreign exchange intervention to moderate the rapid appreciation of the local currency, purchasing $72 million from the official market to maintain stability. The move came after the Naira surged to an intra-week low of ₦1,358 per dollar, representing an ₦87 gain since late December. Following ...
The Nigerian Naira experienced a slight setback in the official foreign exchange market on Thursday, depreciating by ₦7.77 to close at ₦1,366.05/US$. This marginal decline from the previous close of ₦1,358.28 highlights persistent pressure from international payment demands, which temporarily outweighed available dollar supply. Data from the Central Bank of Nigeria (CBN) indicated that trading ...
The Nigerian Naira extended its winning streak against the US Dollar on Wednesday, reaching a significant multi-period high of ₦1,358.28 in the official market. This 1.08% appreciation reflects a substantial influx of dollar liquidity at the Central Bank’s FX window, which effectively met international payment demands and bolstered confidence in the local currency. This positive ...
The Nigerian Exchange (NGX) witnessed a significant bullish reversal on Wednesday, with market capitalization expanding by ₦1.37 trillion as investors capitalized on recently devalued stocks. The 1.28% surge, which pushed the All-Share Index (ASI) to 168,030.18 points, was primarily fueled by bargain-hunting activities across key sectors as market participants reacted to fresh corporate earnings announcements. ...
In a decisive move to sharpen its corporate identity and accelerate its long-term growth trajectory, FBNQuest Merchant Bank has officially rebranded as Quest Merchant Bank Limited. The transition, which follows the successful acquisition of all requisite corporate and regulatory approvals, represents a new chapter for the institution as it seeks to reinforce its independent market ...
The Nigerian Naira continued its upward trajectory in the official foreign exchange market on Tuesday, strengthening to close at N1372 against the US Dollar. The local currency’s appreciation comes on the heels of a significant intraday rally, signaling a cooling of the intense liquidity pressures that have historically plagued the Nigerian Autonomous Foreign Exchange Market ...
Ripple’s native token, XRP, faced a sharp decline on Tuesday, sliding to $1.59 and significantly underperforming the broader cryptocurrency market. While the total crypto market capitalization saw a modest 0.92% dip, XRP’s losses were nearly three times steeper, driven by a combination of technical breakdowns and a massive capital rotation into Bitcoin. This downward spiral ...
Nigeria’s banking sector is preparing for a transformative year in 2026 as tighter regulatory oversight, increased capital requirements, and a shift in interest rate dynamics converge to test the industry’s fortitude. According to the latest Nigerian Banking Outlook 2026 by S&P Global, while these headwinds will likely compress profit margins and challenge asset quality, the ...
Transactions on the Nigerian Exchange Limited (NGX) declined by 22.5 per cent in the week ended January 31, 2026, as investor activity slowed across the market. A total of 3.087 billion shares worth ₦81.51 billion were traded in 222,185 deals during the week, compared with 3.748 billion shares valued at ₦99.87 billion exchanged in 237,179 ...
Stanbic IBTC Holdings Plc has reported a pre-tax profit of ₦552 billion for the year ended December 31, 2025, representing an 81.6 per cent increase from the ₦303.8 billion recorded in 2024. The bank disclosed this in its unaudited financial statements, released on January 31, 2026, attributing the strong performance to higher interest income, growing ...
..says earnings drop reflects balance-sheet reset, not weak operations By Sodiq Adelakun Chairman of First HoldCo Plc, Mr Femi Otedola, has explained that the group’s sharp profit decline in 2025 was caused by a deliberate one-off impairment of ₦748 billion, taken to wipe out legacy bad loans and strengthen the bank’s balance sheet. Otedola made ...
