Kayode Tokede  

Rank Capital, has been named the 7th fastest-growing financial technology company, the 6th in Nigeria and the 12th overall fastest-growing company in Africa on the Financial Times’ annual “Africa’s Fastest Growing Companies” list.

The annual ranking, compiled by the Financial Times in collaboration with Statista, identifies the top 100 African companies that have shown the highest compound annual growth rate (CAGR) in revenues.

 Rank Capital’s high placement underscores its rapid growth and the viability of its unique community-powered model in the Nigerian financial services sector. It also places it among an elite group of African startups that have maintained high-velocity growth despite global economic headwinds.

CEO and Co-Founder of Rank, Femi Iromini said, “Rank Capital’s ranking is a powerful validation of our mission to make prosperity common. By blending modern technology with the age-old power of social trust, we are proving that community-powered wealth-building is not just viable – it is the future. This milestone belongs to our users and partners who believe that we can rise faster when we rise together” 

The recognition follows a transformative period for the wider company, which recently rebranded from ‘Moni’ to Rank and completed the strategic acquisitions of AjoMoney and Zazzau Microfinance Bank (now Rank MFB). 

Kayode Tokede  

Zenith Bank Plc and seven others Deposit Money Banks (DMBs) spent an estimated N993.34 billion as Asset Management Corporation of Nigeria (AMCON) and Nigeria Deposit Insurance Corporation (NDIC) expenses in 2025 amid rising operating expenses in the  financial sector.

This is about 38.62 per cent increase over N716.5 billion spent by the eight  banks in the 2024 financial year. 

The banks are: Zenith Bank Plc, First Holdco Plc,  FCMB  Group Plc,  Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), Wema Bank Plc, Stanbic IBTC Holdings Plc, and Access Holdings Plc.

Analysis of the banks’ audited/unaudited results for the year ended  December 31 showed that AMCON levy stood at N646.88 billion, representing an increase oof 44.11  per cent increase when compared to N448.87 billion in 2024, while Deposit Insurance Premium moved from N267.65billion in  2024, up by 29 per cent to N346.46 billion in 2025.

The banking sector resolution cost represents the AMCON levy, which is applicable on the total balance sheet size of the Bank. The current applicable rate based on AMCON Act of 2015 is 0.5 per cent of total assets plus total off balance sheet assets.

Owing to the importance of the financial services sector, involving public funds, there is a need for buffers to protect public funds in case of bank failure or liquidation, hence, the need for deposit insurance.

Deposit insurance and AMCON levy are part of layers put in place to protect public funds and ensure the stability of the banking sector.

Deposit Insurance Premium is a statutory payment by deposit-taking banks that ensures that NDIC as an insurer guarantees the payment of deposits up to the maximum limit (Now N5 million) in accordance with its statute in the event of failure of an insured financial institution.

Typically, banks with the largest deposits pay the most premium to NDIC in terms of absolute numbers. However, some banks pay higher relative to their deposits based on a pricing mechanism.

������Ƶ analysis showed that Access Holdings paid the highest AMCON levy, while Zenith Bank paid the highest Deposit Insurance Premium in the period under review.

According to the audited 2025FY performance,  Access Holdings, with a total assets of N51.56 trillion, paid AMCON levy of N154.33 billion, up 37.5 per cent from N112.23 billion in 2024. Access Holdings paid NDIC Insurance Premium of N73.7 billion in 2025, representing an increase of 54.7 per cent from N47.67 billion in 2024.

For Zenith Bank, it paid NDIC’s premium of N77.39 billion in 2025, up by 39.1 per cent from  N55.7billion in 2024, while its AMCON levy  closed 2025 at N142.59 billion, about 55 per cent increase over N92.2 billion in 2024.  

Further findings by  THISIDAY  revealed  that First  Holdco  joined the top  three  Tier-1 banks to incur high AMCON and NDIC levy in 2025.

Specifically, First Holdco declared N113.36 billion AMCON levy in its unaudited results for 2025, representing an increase of 51.4 per cent from N74. 9 billion in 2024, as NDIC Insurance Premium jumped from  N47.7 billion in 2024 to N67.76 billion in 2025. 

AMCON was established in 2010 in a bid to stabilise the Nigerian banking system by efficiently resolving the non-performing loan assets of the banks in the economy.

Currently, it is being funded by a combination of loan recoveries, contributions from the Central Bank of Nigeria (CBN), sales of pledged assets, and a sinking fund assessed to the banks.

The federal government established AMCON with a 10-year mandate in response to the mounting bad loans and the requirement to prevent the banking sector’s impending collapse. The AMCON Act 2019 (Amended) gives the corporation broader authority to pursue obligors for unpaid debts.

Additionally, helping eligible financial institutions efficiently dispose of eligible bank assets in compliance with the Act’s rules is one of the key objectives of the Act.

Initially, banks were required to pay 0.3per cent of all assets into the sinking fund. In 2013 it was raised to 0.5per cent  of total assets (and 0.3per cent of contingent liabilities).

Stakeholders have expressed mixed feelings over the 0.5 per cent AMCON levy on banks.

The Investment Banker & Stockbroker, Mr. Tajudeen Olayinka had in a chat with ������Ƶ said the operations of AMCON is long overdue.

“The fact that AMCON continues to place yearly levies on banks in the country in an endless manner, is an indication that AMCON is unable to pay its debts, and that its birth as a failure resolution option was unnecessary or absolutely misplaced at the time it was conceived.

“Those failed banks could have been better managed with more robust failure resolution options outside AMCON arrangement. And I blame the governor of CBN at that time, Sanusi Lamido Sanusi, for the error,” Olayinka explained.

Kayode Tokede 

Despite gradual decline in inflation rate to 15.51 per cent and stability in the foreign exchange market, a total of 20 listed companies on the Nigerian Exchange Limited (NGX) declared N19.81 trillion total operating expenses in 2025. This represents about a 13.8 per cent increase over N17.4 trillion operating expenses reported in  2024.

Operating expenses is mostly considered to include cost of sales, administrative and distribution expenses. 

The 20 companies  are spread across oil & gas, manufacturing, telecommunications, Fast-Moving Consumer Goods (FMCG), Power generation, among others.

The significant increase in the operating expenses was against the backdrop of inflationary pressure, exchange rate volatility, and rising input costs.

Aside from inflationary pressure, the plummeting of the naira at the foreign exchange market, the other key factors contributing to these companies’ operating expenses include: high cost of power, transportation of goods and services, among others.

The average price of naira at the Nigerian Foreign Exchange Market (NFEM) appreciated to N1,436.31 against the dollar in 2025 from N1,536.51 against the dollar in 2024, fueled by the government’s decisions to remove the subsidy on petrol and the Central Bank of Nigeria (CBN) policy on the Naira at the foreign exchange market.

The prolonged Russia-Ukraine war induced strain in the global supply chain and has continued to cause an increase in the cost of raw materials for manufacturers, particularly as both countries rank among the top 10 producers of wheat.

������Ƶ analysis of their results showed that Oando Plc, followed by Seplat Energy Plc and Dangote Cement Plc recorded the highest operating  expenses by value in the period under review.

Oando, thus declared N3.46 trillion total operating expenses in 2025, down by 23.7 per cent from N4.54 trillion reported in 2024. 

On the other hand, Seplat Energy reported N3.17 trillion total operating expenses in 2025, an increase of 133 per cent from N1.36 trillion in 2024, while Dangote Cement reported N2.58trillion total operating expenses in 2025, about 3.8 per cent increase over N2.48 trillion in 2024. 

While these companies have largely returned to profitability after grappling with foreign exchange losses in the previous year, their earnings improvements remain modest for the most part.

The prevailing macro economic headwinds, particularly persistent inflation and a weak naira, continue to exert downward pressure on margins.

Although there is some level of stability in foreign exchange, the impact of 2023 and 2024 currency depreciation continues to impact input prices and supply chains.

Many of the firms continue to feel the ripple effects of high import costs and elevated raw material expenses, which are yet to fully ease despite improved FX liquidity and clearer monetary policy direction.

Analysts told ������Ƶ that the hike in the inflation rate, among others, contributed to operating expenses, not only affecting manufacturing companies’ profit generation, but also dividend payout.

The CEO of, Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, stated that inflationary pressures remain a key concern in the Nigerian economy, both for businesses and the citizens.

He highlighted that the implications of a high inflation rate include escalation of production and operating costs for businesses, leading to erosion of profit margins, drop in sales, decline in turnover, weak manufacturing capacity utilisation, and high food prices, which adversely affect citizens’ welfare and aggravate poverty.

Kayode Tokede  

The Nigerian Exchange Limited All Share Index (NGX ASI) yesterday gained by 645.19 basis points, or 0.42 per cent to close at 155,034.72 basis points on investors’ demand for BUA Foods Plc. 

Thus, the NGX  ASI in its Month-to-Date and Year-to-Date returns settled higher at +8.0per cent and +50.6per cent, respectively.

Also, market capitalisation gained N411 billion to close at N 98.843 trillion.

Market sentiment was bullish, with 46 advancing stocks outweighing 24 declining counters. Guinea Insurance, Honeywell Flour Mills and Julius Berger recorded the highest price gain of 10 per cent each to close at N1.32, N21.45 and N152.90 respectively, per share.

Austin Laz & Company appreciated by 9.94 per cent to close at N3.87, while Multiverse Mining & Exploration up by 9.88 per cent to close at N13.35, per share.

On the other hand, Union Dicon Salt and LivingTrust Mortgage Bank led the losers’ chart by 10 per cent each to close at N6.30 and N3.42 respectively, while First HoldCo followed with a decline of 9.94 per cent to close at N44.40, per share.

Veritas Kapital Assurance depreciated by 7.47 per cent to close at N1.61, while Mutual Benefits Assurance declined by 7.46 per cent to close at N3.10, per share.

Also, the total volume traded increased by 223.84 per cent to 4.684 billion units, valued at N38.865 billion, and exchanged in 34,852 deals. Transactions in the shares of Cornerstone Insurance topped the activity chart with 3.670 billion shares valued at N18.535 billion. FCMB Group followed with 302.352 million shares worth N3.326 billion, while Wema Bank traded 97.390 million shares valued at N1.865 billion.

Access Holdings traded 75.072 million shares valued at N1.634 billion, while Chams Holding Company sold 47.539 million shares worth N169.483 million.

Imperial Asset Managers Limited said, “at the equity market session today, near-term sentiment remains cautiously optimistic, supported by strong year-to-date performance, sustained interest in fundamentally sound and liquid stocks, and ongoing portfolio rebalancing ahead of the year-end.

“However, trading activity is expected to remain selective and range-bound, as investors lock in profits in outperforming sectors while awaiting clearer cues from macroeconomic developments, liquidity conditions, and early positioning ahead of the new trading year.”

Kayode Tokede 

On the back of excess liquidity in the financial sector, total subscription to the Open Market Operation (OMO) conducted by the Central Bank of Nigeria (CBN) in 2025 increased to N60.33 trillion, representing a significant increase of 246 per cent when compared to N17.45 trillion in 2024.

OMO is a monetary policy tool used by CBN to regulate money supply and liquidity through buying or selling government securities at the secondary market.

OMO bills also play a central role in helping the CBN influence short-term interest rates and absorb excess cash from the system. By issuing these high-yield bills, the apex bank is able to sterilise liquidity, reduce inflationary momentum, and guide market expectations ahead of its next monetary policy decision.

The total subscription in 2025  is against the U.S. investment bank, J.P. Morgan report that called on investors to exit long positions in Nigerian OMO bills, warning that global risks, driven by falling oil prices and renewed trade tensions, could deepen Nigeria’s macroeconomic vulnerabilities. 

According to financial data released by CBN, the total amount offered to be raised in 2025 stood at N17.44 trillion, which is about 59.2 per cent increase over N10.95trillion in 2024.  

The total successful amount raised in the year under review stood at N26.85 trillion, which is about 98.14 per cent growth over N13.55 trillion raised in 2024.  

Analysis of the CBN data it raised N4.57 trillion in the first quarter of 2025 and about N7.42 trillion in the second quarter 2025.

Throughout Q2 2025, the CBN initiated eight OMO auctions designed to absorb surplus cash from the system and stabilise short-term interest rates. 

Despite offering a total of N4.5 trillion across its standard tenors, demand significantly outpaced supply, reflecting heightened investor appetite for high-yield fixed income instruments.

Parthian Limited in its Q2 2025 financial markets noted that the increased demand for OMO was largely fueled by elevated yields that have made OMO bills  increasingly attractive, particularly to Nigerian banks seeking to bolster their earnings amid lower lending activity.

Major lenders, buoyed by ample liquidity, have been allocating substantial funds—some averaging over N1 trillion—to money market instruments. This trend reflects a broader strategy to leverage favorable interest rates while minimizing credit risk.

However, the strong investor turnout, especially for longer-dated instruments such as OMO, indicates that financial institutions are willing to tie down capital in longer-term securities to capitalise on high yields while guarding against inflation.

Yields in 2024 was more attractive than that of 2025 as the CBN reduced yields to lower government borrowing costs, manage inflation, and align monetary policy with broader economic goals. High yields mean the government pays more to borrow, so cutting them helps reduce debt servicing burdens and encourage lending to the real economy.

The OMO auction comes at a time when Nigeria’s broad money supply (M3) continues to rise sharply, undermining the CBN’s efforts to reduce liquidity through tools like the cash reserve ratio (CRR)–the highest in the world.

According to data released by the CBN, Nigeria’s broad M3 reached N119.04 trillion in October 2025, up from N117.78 trillion in September 2025. This marks one of the highest levels ever recorded, reflecting rapid liquidity expansion despite the CBN’s tight monetary stance

The CBN has been scaling back on elevated discount rates offered on the OMO and NTBs  due to strong demand and the fact that the benchmark interest rate has raced ahead of the country’s headline inflation that has seen decline in recent months. CBN Governor Mr. Olayemi Cardoso had emphasised that OMO is central to Nigeria’s monetary tightening strategy in 2025. He views OMO as a tool to absorb excess liquidity, stabilize the naira, and curb inflation, while assuring investors of Nigeria’s economic.

When the inflation rate was elevated, Cardoso insisted that OMO auctions are necessary to tighten monetary conditions. He has linked OMO directly to the CBN’s broader inflation-targeting framework, alongside the high Monetary Policy Rate (MPR) of 27 per cent. 

Kayode Tokede 

The  banking sector recapitalisation, Federal Government of Nigeria bond and other corporates listings pushed total listings on Nigerian Exchange Limited (NGX) to an estimated N6.34 trillion in 2025. 

The estimated N6.34 trillion listings on the NGX is on the backdrop of banks raising fresh fresh equity to meet the Central Bank of Nigeria (CBN) higher paid-up capital thresholds, listing of the federal  government band raised to bridge budget deficit and corporates listings.

Trading numbers obtained from the NGX showed that in 2025, Nigerian banks raised and listed an estimated N2.25 trillion, while FGN Bonds and other corporate listings on NGX stood at N3.79 trillion and N299.69 billion, respectively. 

The NGX data revealed 10 banks that seek to meet the new capital threshold by 2026 and companies seeking to raise fresh capital listed N2.55 trillion or 40.3 per cent out of the N6.34 trillion total listing during the period under review.

The fundraisings, experts noted, underscore the depth of the Nigerian capital market to cater to large-ticket transactions as well as other categories of issuances from small to mid-tier issuers. 

The 10 banks that have raised money from the capital market so far are: Wema Bank Plc,  FCMB Group Plc,  Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc and  Sterling Financial Holdings Company Plc.

Others are:  United Bank of Africa Plc (UBA),  First HoldCo Plc,  Fidelity Bank Plc, Zenith Bank Plc and  Access Holdings Plc.   

With the support from the capital market community, most listed banks have met the CBN threshold before the  March 2026 deadline. 

A breakdown of the NGX numbers showed that GTCO, Access Holdings and Zenith Bank have listed N369.billion, N351.01 billion and N350.46 billion, respectively during the period under review.   

Other banks listing include: UBA, N239.4billion;  Fidelity Bank, N175.85billion; FCMB Group, N167.67billion; First Holdco, N149.56billion;  Wema  Bank, N147.8billion; Stanbic IBTC Holdings, N148.71 billion and   Sterling Financial Holdings Company,   N101.64billion.  

The banks’ capital-raising efforts were bolstered by NGX Invest, a digital platform launched by the Exchange, which facilitated a seamless process for selling their offerings. The NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

Outside the banking listings, on April 24, 2025, Legend Internet Plc listed on NGX by introduction about N11.28 billion,  while Multi-Trex Integrated Foods Plc had a private placement worth N3.25 billion

Most significant listings were Ellah Lakes Plc listing of 1,104,386,890 ordinary shares of 50 kobo each arising from the conversion of its debt to equity transaction that valued at N3.09billion. Lasaco Assurance Plc had early in the year had a private placement of 9,250,000,000 ordinary shares of 50 kobo each at N1.20 per share, worth N11.1 billion.

ARM Investment Managers Limited listed N100 billion while Chapel Hill Denham Management Limited listed  N15.34 billion  Nigeria Infrastructure debt Fund of N100.00 each arising from Series 11 issued at N109.50 per unit under the N200 Billion Issuance Programme. In addition, Coronation Asset Management Limited listed 87,900,000 units of its  Series 1 of Coronation Infrastructure Fund of N100 each worth N8.79billion as Dangote Cement ,Craneburg EKSG Motorway Company Plc and TAJ Sukuk  Issuance Programme SPV Plc listed N38.2 billion, N38.2 billion and N57.03 billion, respectively.  

Among the  largest FGN bond listings in nine months of 2025 was valued at   N605.03billion when Debt Management Office (DMO)  had  a supplementary listing on NGX April 25, 2025 and  a N368.31 billion new listing around February 18, 2025.  

Analysts attributed the strong demand for FGN Bonds to attractive yields, which offered investors high returns on their investments, stressing  that the oversubscription levels highlighted confidence in the federal government’s ability to meet its debt obligations.

They also  said the capital market has the depth and liquidity to drive the government’s $1 trillion economic agenda. They cited the bullish runs at the primary and secondary markets.

The Group Managing Director, Nigerian Exchange Group (NGX Group) Plc  Temi Popoola said the NGX would continue to leverage technology and innovation to support private and public sector financing.

Popoola said, “We are building an Exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities. Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and subnational economic growth.”

Speaking with ������Ƶ, the Vice President, Highcap Securities  Limited, Mr. David Adnori stated that the capital market was poised to make pivotal contributions to the achievement of the $1 trillion economic target of the government.

He called for supportive policies to encourage more companies and governments to utilise the capital market for their financing programmes.

The performance of the primary market segment further highlighted the bullishness of the Nigerian market, which had recorded a full-year return of 38.65 per cent in nine months of 2025, one of the three highest returns across the global markets.

Measuring the performance by market  capitalisation revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained N35.01 trillion or 55.78 per  cent to close December 23, 2025 at N97.772 trillion. 

Analysts  have attributed the stock market N35.01 trillion average return by investors to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, CBN’s banking sector recapitalisation  and insurance sector reforms have played a critical role in overall stock market performance in the period under review.

Kayode Tokede  

Ellah Lakes Plc stated that the Securities and Exchange Commission (SEC) has approved the extension of its ongoing N235 billion public offer period, allowing more investors to participate in the company’s growth journey.  The company is raising a public offer of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The offer, which was initially set to close on December 5, 2025, will now remain open until December 19, 2025, due to rising investor interest. 

Ellah Lakes aims to raise funds to accelerate its scale, enhance food security, and deliver sustainable long-term value for stakeholders.

The company, in a statement said, “the extension follows rising investor interest, reflecting Ellah Lakes’ commitment to enabling broad participation in one of the largest equity offerings in Nigeria’s agribusiness sector. 

“This additional window is designed to accommodate the growing appetite for the Offer and further underscores the company’s confidence in its’ long-term growth strategy, as well as its’ dedication to giving more stakeholders the opportunity to participate in shaping the future of food security across Africa.”

Ellah Lakes noted that extending the offer period will allow more investors to participate in the Company’s growth journey as it accelerates scale, enhances food security and delivers sustainable long-term value for all stakeholders.

Kayode Tokede 

The  Nigerian  stock market, yesterday depreciated by N310.85 billion over investors  profit-taking in Zenith Bank Plc and 31 others stocks listed on the Nigerian Exchange Limited (NGX).

With 0.77per cent decline to N64.50 per share in stock price of Zenith Bank, and  9.95per cent drop in the stock price of Transcorp Hotel  Plc to N155.60 per share,  the market capitalisation of listed companies on the NGX closed at N93.659 trillion, about  0.33per cent or N310.85 billion drop from N93.969.6 trillion it open  for trading activities.

On this, the NGX All-Share Index dropped by 487.66 basis points or per cent to close at  146,940.29 basis points from 147,427.95 basis points the stock market opened for trading. 

Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns settled lower at +2.4per cent and +42.8per cent, respectively.

The sectoral performance was mixed as the  NGX Insurance Index dropped by  1.5 per cent, NGX Industrial Goods Index down by 0.1per cent, and NGX Banking Index depreciated by  0.1per cent, while the NGX Oil & Gas index gained 0.1 per cent. 

In addition, the NGX Consumer Goods index remained unchanged.

Overall sentiment was bearish as 22 gainers trailed 31 losers. Learn Africa recorded the highest price gain of 9.57 per cent to close at N6.30, per share. MeCure Industries followed with a gain of 8.72 per cent to close at N32.40, while Deap Capital Management and Trust rose by 7.50 per cent to close at N1.72, per share.

International Energy Insurance appreciated by 6.52 per cent to close at N2.45, while R.T. Briscoe (Nigeria) up by 5.96 per cent to close at N3.20, per share.

On the other hand, Austin Laz & Company and Eterna led the losers’ chart by 10 per cent each to close at N2.07 and N31.95 respectively, while Transcorp Hotel followed with a decline of 9.95 per cent to close at N155.60, per share.

Ikeja Hotel depreciated by 9.65 per cent to close at N28.10, while UACN declined by 9.09 per cent to close at N88.00, per share.

Meanwhile, the total volume traded rose by 258.34 per cent to 1.973 billion units, valued at N 30.231 billion, and exchanged in 23,038 deals. Transactions in the shares of eTranzact International topped the activity chart with 1.027 billion shares valued at N7.495 billion. Access Holdings followed with 183.557 million shares worth N3.769 billion, while Cornerstone Insurance traded 115.979 million shares valued at N609.382 million.

Consolidated Hallmark Holdings traded 79.418 million shares valued at N319.320 million, while FCMB Group sold 78.086 million shares worth N850.564 million.

On market outlook, analysts at Imperial Asset Managers Limited noted that “while intermittent profit-taking may persist in recently rallied stocks, overall market resilience is expected to hold, supported by continued interest in blue-chip counters, Year-end portfolio rebalancing, Expectations of strong corporate guidance into 2026. We anticipate a mixed but stable trading pattern in the near term, with bargain hunters likely to re-enter at attractive price levels.”

. N272.31trn deposited with CBN in 11 months

. Borrowed N69.54trn from CBN

Kayode Tokede 

Following high interest rate, concerns about credit risk and economic uncertainty, banks have continued to shy away from lending to the real sector, depositing a whooping N61.57 trillion with the Central Bank of Nigeria (CBN) in November 2025.  

The November deposits however represents a 4.6 per cent drop from N64.55 trillion deposited with the apex bank in October 2025.

Banks and merchant  banks deposit excess cash at CBN’s using the Standing Deposit Facility (SDF). The CBN in turn lends some of the deposit to any bank via its Standing Lending Facility (SLF) window to meet critical overnight obligations. 

Analysis of financial data released by the CBN revealed that so far in 2025, banks deposited more cash than they borrowed.

According to the CBN data, banks and merchant banks’ deposits with CBN between January and November 2025 stood at N272.31 trillion, representing an increase of 792.1 per cent Year-on-Year ((YoY) from N30.52 trillion between January and November 2024.

On CBN’s lending, the data revealed that  banks and merchant banks borrowed an estimated N69.54 trillion from the   apex banks between January and November 2025, a decline of nearly 40 per cent YoY from N115.71 trillion borrowed between January and November 2024.

Earlier in  the year, SLF demand remained relatively high at N24.8 trillion in February 2025, slightly before easing to N16.49 trillion  in March 2025.

That mixed behavior showed that although system liquidity was strengthening, some institutions still required overnight support to rebalance their books.

Analysts attributed the growth to  high credit risk concerns and a preference for the safety of the regulator window rather than lending into the real sector.

“With high benchmark rates for lending and borrowing, and concerns about credit risk and economic uncertainty, banks may prefer the relative safety of the SDF. It offers them a known return rather than extending credit into uncertain territory. While banks eagerly placed excess funds with the apex bank, borrowing from the CBN slowed as pressures in the interbank market relaxed,” said Vice President, Highcap Securities Limited, Mr. David Adnori

The increase, he added, signalled a recovery in liquidity conditions and a more comfortable cash stance heading into 2026.

He explained that  the sharp surge in Nigerian SDF placements with the CBN, therefore, is more than a fleeting statistic.

“It captures a deeper tension between liquidity abundance and lending reluctance in the financial system. Beneath the numbers lies a complex web of caution, policy tightening, and an economy grappling with uncertainty.

“Banks are not acting irrationally. They are responding to signals from an environment marked by high inflation, exchange rate volatility, and weak consumer confidence,”  he added.

Amid drop in MPR to 27 per cent, the CBN adjusted the standing facilities corridor around the MPR to +50basis points/-450basis points from the  previous: +250basis -250basis points.

Cordros Research in a report after the November 24-25 MPC meeting stated that, “Contrary to our expectations of a 100basis points reduction, the MPC retained the MPR at 27per cent, despite the sharper disinflationary outturn in recent months and the appreciation of the naira. 

“According to the MPC, inflation remains elevated at double-digit levels, underscoring the need to keep interest rates high to strengthen the disinflationary trend. However, the Committee signalled an easing bias by adjusting the asymmetric corridor to +50/-450basis points (Previous: +250basis points/-250basis points) around the MPR. 

“This indicates a reduction in interest rates for the SLF and the SDF to 27.5per cent (Previous: 29.5per cent) and 22.5per cent (Previous: 24.5per cent), respectively. The adjustment is expected to ease monetary conditions and strengthen banks’ private sector credit expansion.

“Going into 2026, we expect inflation to continue easing as key drivers unwind, including sustained naira stability, better harvest outcomes and relatively stable petroleum prices. Nonetheless, in line with the MPC’s price stability goal and given that inflation is likely to remain in double digits in 2026, we believe the pace of interest rate cuts will likely remain measured.”

The applicable rates for the SDF and SLF in 2023 increased by 50 basis points to 11.50 and 19.50 per cent, respectively, following the hike in the policy rate by 50 basis points to 18.75 per cent in June 2023.

The interest rate at which these banks borrow from CBN changed in 2024 amid the Monetary Policy Committee (MPC) hike in MPR or interest rate.

In 2024, the MPC members voted to increase interest rate from 18.75 per cent to 27.50 per cent amid its mandate to tackle inflation rate and unstable Naira at the foreign exchange market. However, the MPC members of the CBN towards the end of September 2025 voted to reduce MPR  by 50 basis points to 27per cent, marking a significant shift to an expansionary monetary policy.

This move, which comes amid five consecutive months of sustained disinflation, aims to boost economic activity and address liquidity issues in the banking system.The decision was influenced by the fall in the inflation rate from 24.8per cent in January 2025 to 18.02per cent in September 2025.

The increase in SDF is coming on the backdrop of CBN removal of the cap on the remunerable policy, among others.

The CBN governor, Mr. Olayemi Cardoso had disclosed that the apex bank removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.

CBN had maintained that the strong patronage at the SDF confirmed healthier liquidity in the banking system, stressing that banks and merchant banks were in search of better yields.

The current inflation rate in Nigeria is above yield on Treasury bills (T-Bills) as banks and merchant banks are looking for risk-free investments, which SDF has provided since MPR hike.

On the impact on fixed income, Cordros Research added that, “With the MPC maintaining the MPR, the fixed income market enters the rest of the year with a stable policy anchor that should support a continued, albeit marginal, yield decline.  Precisely, we expect a measured decline across the curve, driven largely by improved liquidity conditions and a slower inflation trajectory. 

“Also, the MPC’s adjustment of the asymmetric corridor to +50basis points and −450basis points from +250basis points and −250 basis points is likely to support improved demand from the banks. 

“Precisely, the lower SDF bound is likely to reduce the incentive for banks to sterilise liquidity at the window, although elevated usage through the year suggests this effect may be gradual. Nonetheless, the lower bound could result in improved demand for treasury issuances, supporting our view of a downward trend in yields.”

Kayode Tokede 

The Nigerian Exchange Limited (NGX) has admitted Chams Holding Company’s 1,955,910,000 ordinary shares of 50 kobo each at N1.87 per share offered through private placement.

The listing, effective November 17, 2025, increases the company’s total issued and fully paid-up shares from 4.696 billion to 6.651 billion, raising N3.66 billion to support equity funding and technical operations.

A press release on the NGX, said “trading licence holders are hereby notified that additional 1.956 billion ordinary shares of 50 kobo each of Chams Holding Company were on November 17, 2025, listed on the daily official list of NGX.

“The additional shares listed on NGX arose from the Company’s private placement of 1.956 billion ordinary shares of 50 kobo each at N1.87 per share. With the listing of the additional shares, the total issued and fully paid-up shares of Chams Holding Company have now increased from 4.696 billion to 6.652 billion ordinary shares of 50 Kobo each.”

Chams HoldCo said, “it planned to channel funds into cross-border digital payment innovations, a critical growth area. By building robust platforms that support seamless and secure transactions across Africa, the company aims to empower individuals, businesses, and governments while fostering financial inclusion and regional commerce. “In addition, the company is preparing to implement next-generation switching infrastructure to enhance transaction speed, reliability, and security.”

Kayode Tokede 

British International Investment (BII) and First City Monument Bank (FCMB), have announced a $50 million credit facility aimed at driving growth and economic inclusion for Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria.

Under the partnership, BII will provide the credit facility to FCMB for onward lending to MSMEs. 70 per cent of the facility is dedicated to financing MSMEs in northern Nigeria, an area that is historically underserved by capital providers. 

The remaining 30 per cent will be directed towards empowering women-owned businesses nationwide.  

Managing Director and Chief Executive Officer, FCMB, Yemisi Edun said: “Our partnership with British International Investment strengthens our ability to channel resources where they matter most, deepen financial access for underserved groups, and create pathways for long-term economic participation across the country. As of September 2025, we provided over N533 billion credit lines to thousands of businesses nationwide.”

British Deputy High Commissioner in Lagos, Jonny Baxter said: “This investment is one of many examples of the UK’s commitment to partnering with Nigeria to drive inclusive growth and mutual prosperity. By empowering Nigerian SMEs, particularly those in underserved regions, we are not only creating jobs and driving inclusion but also strengthening the foundations for deeper UK-Nigeria trade and investment partnerships now and in the future. In addition, by supporting FCMB to innovate its approach to deploying finance, this investment will help catalyse systemic change in how SMEs are financed across Nigeria.”

Managing Director and Head of Africa at BII, Chris Chijiutomi said: “We are delighted to partner with FCMB to directly address long-standing barriers to financial access, empowering Nigerian entrepreneurs who have faced significant challenges in securing affordable financing. Through this investment, we are unlocking opportunities for businesses particularly in Northern Nigeria where our support is needed most. This aligns with our commitment to supporting MSMEs and women-led businesses that are key to creating jobs and accelerating inclusive prosperity across Nigeria.”

Kayode Tokede

Transactions by  foreign and domestic investors on the Nigerian Exchange Limited (NGX) more than doubled in the 10 months of 2025, reaching N9.57 trillion, a 114.01 per cent increase from the N4.47 trillion recorded in the same period of 2024.

According to NGX’s latest Domestic & Foreign Portfolio Participation in Equity Trading, the surge marks a record high for total market activity, buoyed by stronger participation from Pension Fund Administrators (PFAs) and high-net-worth domestic investors.

The report disclosed that Foreign portfolio investors (FPIs) accounted for N2.03 trillion of total trades, a 172.4 per cent year-on-year rise from N744 billion a year earlier.

In contrast, domestic investors contributed N7.54 trillion, up 102.4 per cent from N3.73 trillion in 2024.

According to the report by NGX, the foreign investors represented 21.18 per cent of total market activity during the period, up from 16.65 per cent a year earlier. Domestic investors, while still dominant, saw their share ease slightly to 78.82 per cent from 83.35 per cent.

Within the domestic segment, institutional investors led activity with N4.6 trillion, compared withN1.8trillion in 10 months of 2024, while domestic retail  transacted about N2.9trillion in 10 months of 2025 from N1.9trillion in 10 months of 2024.

In terms of inflow, the report disclosed that foreign inflow stood at N1.12 trillion in 10 months of 2025 from N344 billion in 10 months of 2024, while outflow stood at N909.54billion in 10 months of 2025 from N400.04billion in 10 months of 2024.

The report further stated that, “Over an 18 year period, domestic transactions increased by 33.15per cent from N3.556 trillion in 2007 to N4.735 trillion in 2024; whilst foreign transactions also increased by 38.31% from N616 billion to N852 billion over the same period.

“Total domestic transactions accounted for about 85per cent of the total transactions carried out in 2024, whilst foreign transactions accounted for about 15per cent of the total transactions in the same period. The transaction data for 2025 shows that total domestic transactions are circa N7.5433 trillion, whilst total foreign transactions are circa N2.0273 trillion.”

The Vice Chairman of Highcap Securities Limited, Mr David Adonri , described the retail uptick as a positive signal for market stability. “The growth in retail activity at a time when institutional and foreign investors are slowing down shows that local investors are becoming more confident and more informed. It reflects the impact of technology, easier access, and sustained market education. Retail investors are gradually becoming a stabilizing force in our market,” he said.

Kayode Tokede

The Nigerian stock market yesterday extended its downward trend with a decline of N110 billion amid investors persistent profit taking continued to weigh on overall performance.

Specifically, the Nigerian Exchange Limited  All Share Index (NGX ASI) dropped by 173.26 basis points or 0.12 per cent to close at 144,986.51 basis  points. Also, market capitalisation declined by N110 billion to close at N 92.219 trillion.

Market sentiment remained slightly weak, evidenced by a marginally negative market breadth of 27 gainers against 28 losers. NCR Nigeria recorded the highest price gain of 9.95 per cent to close at N30.95, per share. University Press followed with a gain of 9.80 per cent to close at N5.60, while Tantalizers grew by 9.79 per cent to close at N2.58, per share.

Caverton Offshore Support Group up by 9.57 per cent to close at N5.15, while Union Dicon Salt rose by 9.52 per cent to close at N6.90, per share.

On the other hand, Living Trust Mortgage Bank led the losers’ chart by 9.90 per cent to close at N3.73, per share. McNichols followed with a decline of 9.00 per cent to close at N2.73, while Livestock Feeds declined by 7.75 per cent to close at N6.55, per share.

Regency Alliance Insurance depreciated by 6.56 per cent to close at N1.14, while UPDC declined by 6.14 per cent to close at N5.96, per share.

Meanwhile, the total volume traded rose marginally by 5.72 per cent to 381.234 billion units, valued at N16.717 billion, and exchanged in 21,827 deals. Transactions in the shares of Tantalizers topped the activity chart with 58.777 million shares valued at N145.991 million. Sterling Financial Holdings followed with 31.413 million shares worth N242.418 million, while Universal Insurance traded 28.100 million shares valued at N35.814 million.

Veritas Kapital Assurance traded 25.247 million shares valued at N47.690 million, while Aradel Holdings sold 16.348 million shares worth N9.498 billion.

On market outlook, analysts at Imperial Asset Managers Limited stated that “we anticipate the cautious and defensive tone to persist in the near term. The index is likely to remain under pressure due to the sustained profit-taking in major financial names. Selective bargain-hunting may continue in oversold mid-caps, but the overall market direction is likely to remain defensive, with the index trading in a tight, negative range.”

Kayode Tokede

Bitget, the world’s largest Universal Exchange (UEX),  has said that trading in its US stock-linked futures has passed $300 million  in cumulative volume on the platform, doubling in just two weeks globally.

CEO of Bitget, Gracy Chen, stated that, “Crossing the $1 billion mark in such a short time shows how fast traders are embracing stock futures as part of a unified digital trading experience, it’s a signal that the line between traditional markets and digital assets is disappearing, and our Universal Exchange model is where that convergence is happening first.

“What happened include: Bitget launched USDT-margined perpetual futures on 25 US stocks for example, Apple, Amazon, Meta, Microsoft and later added contracts like NFLXUSDT, JDUSDT and QQQUSDT. The product targets traders who want stocks exposure but prefer a 24/7 crypto interface.”

“The exchange frames the growth as part of a broader “Universal Exchange (UEX)” model that hosts crypto, tokenized/stock-linked products, and on-chain markets in one place. This is necessary because many traders, including those in the African region, have already moved from local fiat to USDT using marketplace sellers on P2P – bank transfer or popular wallets, where supported.”

Kayode Tokede 

Haldane McCall Plc is a Nigerian-based property and hospitality investment company focused on delivering affordable housing and operating budget hotels under the “Suru Express” brand. The company operates primarily in Nigeria and the Republic of Benin, with plans to expand further across West Africa to meet rising urbanization demand. In November 2024, Haldane McCall successfully listed on the Nigerian Exchange Limited (NGX), introducing 3.12 billion shares at N3.84 per share and achieving an initial market capitalization of approximately N11.99 billion. With a dual focus on real estate development and hospitality, the company is strategically positioned to generate both one-time revenues from property sales and recurring income through hotel operations—offering a balanced and scalable business model.

Peep Into FY Financials

Haldane McCall delivered strong financial results for 2024, underscoring the value of its diversified asset base: Revenue: N3.64 billion, a 109per cent increase from N1.74 billion in 2023, largely driven by land and property sales totaling N2.68 billion, Profit Before Tax: N1.01 billion, up 168per cent from N378 million, Profit After Tax: N679.6 million, up 164per cent YoY from N256.96 million and Total Assets: N21.99 billion, reflecting a 22.8per cent increase from N17.91 billion. The board declared a N220.6 million dividend (N7 kobo/share), translating to a payout ratio of 32.5per cent, a signal of management’s commitment to value creation and shareholder returns.

Strategic Development

Haldane McCall continues to invest in scalable infrastructure. The Company delivered 48 housing units in Porto Novo, Benin Republic, and 34 units in Ketu, Lagos. It is currently developing a 1,200-unit housing project in Majidun, Lagos with Ongoing expansion of Suru Express Hotels to strengthen recurring revenue streams. In May 2025, shareholders approved a capital raise of up to N250 billion through a rights issue and debt issuance, enabling accelerated development of housing and hotel assets in underserved urban markets.

Beting on Haldane McCall

Haldane McCall has strong potential for accelerated growth. The high double-digit growth in both revenue and net income shows strong operational and effective capital allocation.  It has a strong asset-backed value. With total assets approaching N22 billion and a deep property pipeline, the company may be undervalued relative to its book value and earnings potential.  There is Rising demand for affordable housing and budget hospitality—driven by urbanisation and a youthful population creates tailwinds for sustainable expansion. It has a consistent dividend policy combined with stock appreciation offers a compelling total return story and its listing on NGX improves transparency, access to capital, and investor confidence.

Investors Takeaway

Haldane McCall presents a unique opportunity for investors seeking exposure to Nigeria’s booming real estate and hospitality markets. Its balance of asset-backed securities, growth potential, and shareholder returns make it an attractive medium-to-long term play. Haldane McCall combines the solidity of real estate with the scalability of hospitality. With a proven ability to execute, growing assets, and plans to scale across West Africa, the company is well-positioned to deliver strong total returns. Investors with a 2–5-year horizon should consider increasing exposure to capitalize on this growth trajectory, while remaining attentive to compliance and balance sheet discipline.

Kyode Tokede narrates how Access Holdings Plc sustained its growth trajectory in its nine-month financial results as well as its agility in execution and the capacity to turn challenges into opportunities

In a year marked by economic headwinds, market volatility, and shifting regulatory dynamics, Access Holdings Plc has once again demonstrated resilience. The Group’s nine-month financial results for 2025 reveal growth in figures and  strength in fundamentals, as well as agility in execution and the capacity to turn challenges into opportunities across its expanding African footprint.

Giving the challenging environment, institutions are becoming more cautious and so is Access Holdings. But the Group continues to move ahead with assurance. Between January and September 2025, it recorded gross earnings of N3.9 trillion, representing a 14.1 per cent year-on-year growth from N3.4 trillion in the corresponding period of 2024. More significantly, compared to its half-year performance, earnings surged by 56.2 per cent, reflecting strong momentum across both banking and non-banking subsidiaries.

Steady Growth Across Segments

The performance was powered primarily by a surge in interest income, which rose 21.1 per cent to N2.9 trillion, driven by expansion in the loan book and disciplined asset optimisation. Net interest income followed the same upward trajectory, climbing nearly 49 per cent to N1.3 trillion.

Complementing this was a solid showing in fees and commissions,  an area that continues to benefit from the Group’s growing digital ecosystem. Net fee and commission income rose 44.3 per cent year-on-year to N476 billion, reflecting rising transaction volumes and deeper customer engagement across digital and alternative channels. When viewed quarter-on-quarter, this figure represents a 100.8 per cent increase from the half-year, signaling renewed consumer confidence and expanding market reach.

While total non-interest income slipped marginally by 8.1 per cent to N872 billion, the Group’s strong core operations ensured overall earnings growth remained robust. Operating income advanced 19 per cent to N2.13 trillion, reinforcing Access Holdings’ ability to balance scale with efficiency.

Navigating Headwinds with Discipline

The broader Nigerian macro-economic environment has remained challenging, characterised by inflationary pressures, currency volatility, and tight liquidity. For Access Holdings, these conditions translated into a rise in loan impairment charges, which increased 141.5 per cent to N350 billion. Even against this backdrop, the Group managed its costs with remarkable discipline. Operating expenses rose by a modest 6.7 per cent, helping the cost-to-income ratio improve to 54.6 per cent, from 60.8 per cent a year earlier.

This operational efficiency underpinned a profit before tax of N616 billion, up 10.4 per cent year-on-year, while profit after tax reached N447 billion. More strikingly, when viewed sequentially, Access Holdings’ profitability accelerated sharply, with profit before tax climbing 91.9 per cent and profit after tax more than doubling (107.9 per cent) compared to the half-year period.

Such performance, analysts say, underscores the Group’s ability to respond dynamically to market realities while sustaining growth. “Access Holdings is showing that strategic diversification works,” noted one Lagos-based financial analyst. “It has built an institution resilient enough to withstand domestic challenges while drawing strength from its growing international footprint.”

Stronger Balance Sheet, Broader Horizon

The Group’s balance sheet expansion remains one of the strongest in the industry. Total assets jumped 25.8 per cent to N52 trillion, propelled by customer deposits, which rose 47 per cent to N33.1 trillion. Loans and advances also grew 19.7 per cent to N15.6 trillion, reaffirming Access Holdings’ commitment to supporting productive sectors and private enterprise across markets.

One of the most remarkable aspects of this growth story is the performance of the Group’s non-Nigerian subsidiaries, which now contribute over half of consolidated results. From Ghana to Kenya, South Africa to the UK, Access Holdings’ pan-African and international operations  through its banking subsidiaries, have become a stabilising force, insulating the Group from the full impact of domestic macroeconomic pressures.

This strategic diversification, both sectorally and geographically, has emerged as a core differentiator in a banking landscape grappling with policy shifts, regulatory tightening, and evolving customer needs. It’s a long-term play that is beginning to pay dividends.

Resilience Rooted in Strategy

Apart from the impressive numbers, Access Holdings’ success is anchored in a clear strategy: build a financial ecosystem that connects individuals, businesses, and markets across Africa and beyond. The Group continues to deepen synergies across its banking, insurance, pension, payments, and asset management businesses, creating a vertically integrated model designed for scale, efficiency, and sustainability.

Even as return on equity (ROE) and return on assets (ROA) moderated slightly to 15.4 per cent and 1.3 per cent, respectively, the Group’s management remains focused on long-term value creation. Its digital transformation initiatives, regional expansion, and robust risk management framework all point toward sustained competitiveness in an increasingly integrated financial landscape.

According to the Group’s management, the focus going forward will be on “deepening market presence, strengthening operational resilience, and delivering long-term value for stakeholders.” That ambition is underpinned by a clear understanding of the shifting financial ecosystem,  where technology, innovation, and trust increasingly define success.

Compelling Proposition for Investors

For investors, Access Holdings remains one of the most compelling plays in Nigeria’s financial services sector. Its earnings momentum, disciplined cost management, and pan-African expansion give it an edge in both growth potential and stability. The Group’s ability to generate consistent returns amid macroeconomic turbulence reinforces its standing as a reliable long-term investment option.

In a year when global uncertainty continues to shape market sentiment, Access Holdings’ trajectory offers a counter-narrative,  one of resilience, adaptability, and focused execution. Its story is no longer just about size or scale, but about strategy and sustainability.

As the Group looks ahead to year-end, the message from its nine-month results is unmistakable: Access Holdings is not merely navigating the storm,  it is building strength within it. In doing so, it continues to define what it means to be a modern African financial institution: resilient, diversified, and future ready.

Kayode Tokede

Standard Chartered Bank Nigeria Limited has announced that it has successfully fulfilled the Central Bank of Nigeria’s (CBN) N200 billion minimum capital requirement for national commercial banks, in advance of the regulatory deadline.

This achievement highlights the bank’s formidable financial foundation and steadfast commitment to deeply contribute to Nigeria’s economic advancement and financial stability.

Chief Executive Officer, Standard Chartered Bank Nigeria Limited, Dalu Ajene in a statement stated that: “Delivering on the CBN’s recapitalization directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy. This achievement reaffirms Standard Chartered’s enduring partnership with Nigeria and our steadfast commitment to foster sustainable growth, support clients, and play a pivotal role in Nigeria’s financial and economic transformation.”

With a distinguished global heritage spanning over 170 years in Africa, and 26 years of dedicated service in Nigeria, Standard Chartered Bank Nigeria Limited continues to harness its global expertise with local insights to provide innovative banking solutions that empower individuals, businesses, and communities to prosper.

Executive Director and Chief Financial Officer, Standard Chartered Bank Nigeria Limited Dayo Omolokun added: The recapitalisation of Standard Chartered Bank Nigeria Limited ahead of the March 2026 deadline reinforces the Group’s commitment to Nigeria, as an important and strategic market on the African continent.

“Since returning to Nigeria to establish a wholly owned subsidiary in 1999, the Bank has supported clients and customers with structured financial solutions running into billions of Dollars, combining differentiated cross-border capabilities with leading wealth management expertise.”  

Kayode Tokede

Caverton Offshore Support Group Plc, Nigeria’s leading provider of marine, aviation, and logistics services to local and international oil and gas companies, has announced its unaudited results for the third quarter ended September 30, 2025, showing continued operational improvement and strong recovery momentum despite a difficult business environment.

The group’s financial figures for Q3, 2025, made available to investors on the Nigerian Exchange Limited, showed that Gross profit rose by 16 per cent to N10.9 billion in the review period compared to N9.4 billion in the same period of 2025.

Operating profit improved to N9.8 billion as against the N34.9 billion loss printed in Q3 2024 while Loss Before Tax scaled down to N4.6 billion compared with N41.6 billion in Q3 2024. 

Earnings Per Share (EPS) though still in the negative, appreciated to-N1.38 up from  -N12.42 in Q3 2024.

Revenue dropped by 66.8 per cent from  N34.2 billion in Q3, 2024 to N20.5 billion in Q3, 2025.

Furthermore, the group’s profitability ratios look more promising with gross margin rising to 55.6 per cent in the review period compared to 15.2 per cent in 2024. Net Profit(loss) Margin stood at  – 18.9.per cent  as against -19.7 per cent in 2024. EBIT/Interest Expense  rose to 28.1.per cent from 23.1 per cent in 2024. Capital Structure ratios showed that Net debt/Equity  recorded -1.1x (2.4x in 2024). Long-Term Debt/Total capitalization is -1.1x (-5.6x in 2024),  Asset turnover is 0.3x (0.3x in 2024) and EBIT/Capital Employed is -0.2% (-0.1% in 2024).

Commenting on the results, Group CEO, Caverton Group,  Olabode Makanjuola noted that the Q3 2025 performance underscores the strength of Caverton’s business fundamentals and the positive trajectory of its turnaround strategy.

“While we acknowledge the current loss position, the significant reduction in pre-tax losses and strong operating profit demonstrate the effectiveness of our strategic initiatives to stabilize operations, enhance cost efficiency, and strengthen earnings quality. Our focus remains on repositioning Caverton for long-term, sustainable growth,” said Makanjuola.

Caverton continues to implement key management initiatives aimed at strengthening business continuity, diversifying revenue streams, and enhancing shareholder value. Notable developments include:

“The Company is advancing plans to launch its air cargo business to capture opportunities in Nigeria’s growing logistics and e-commerce sectors. This follows Caverton’s participation in Nigeria’s presidential state visit to Brazil, during which the Group announced its strategic entry into cargo operations.

“Preparations are at an advanced stage for the launch of Unity Shipping Worldwide, a joint venture between Caverton marine, NNPC and Swedish shipping giant, Stena Bulk. This initiative is expected to diversify the Group’s income base and improve cash flow stability whilst developing indigenous shipping capacity on an international platform for the shipment of petroleum and bulk cargoes.

“Caverton is expanding its boat-building capacity through collaboration with the Nigerian Navy at the Naval Dockyard. The Company’s OMIBUS fleet, designed to address water transportation challenges in Lagos and across Nigeria, recently launched the first-ever 100% electric ferry built in Nigeria. Developed in partnership with Chinese outboard engine manufacturer Explomar and supported by the Naval Dockyard, the ferry has successfully completed sea trials, with full-scale production expected to commence in Q4 2025,” he said.

The management, he added. continues to implement robust cost control measures and process automation across its aviation and marine businesses to sustain profitability improvements.

“The Company remains committed to deepening its relationships with key clients in the oil and gas and logistics sectors while exploring new commercial opportunities within and outside Nigeria. The Group is equally repositioning its helicopter operations, previously accounting for 80% of Group revenue—through renewed strategic operating and leasing partnerships.

“Caverton UAV Solutions is the newest addition to our aviation portfolio at the Caverton MRO and Training Centre. Around the world, Unmanned Aerial Vehicles (UAVs), commonly known as drones, are increasingly becoming an integral part of everyday life. Caverton is developing drone applications spanning agriculture, land surveying, social events such as the recently concluded FIDA Drone Soccer Championship in South Korea, and critical security operations.  

“As part of our ongoing commitment to technological advancement and local innovation, Caverton, in partnership with NASENI, plans to commence the design and development of a range of UAV solutions beginning in Q1 2026.  

“Despite industry headwinds, Caverton remains confident in its long-term prospects. The Company’s proactive management strategies, new business initiatives, and strengthened governance framework are expected to enhance business continuity, improve margins, and support the return to profitability in the near term,” he added.

Kayode Tokede

United Bank for Africa (UBA) Plc, continues to demonstrate its commitment to youth empowerment and leadership development as 700 young professionals joined the bank through the Graduate Management Accelerated Programme (GMAP), signalling a major investment in the next generation of leaders who will continue to drive the continent’s economic and financial transformation.

At the graduation ceremony held in Lagos, the bank celebrated graduates from Nigeria and across African countries where the bank operates.

UBA’s Group Chairman, Tony Elumelu; Deputy Group Managing Director, Chukwuma Nweke, and other Board Members, Executive Management, faculty members, were on ground to receive the newly graduated professionals into the UBA Tribe.

In his speech, Elumelu, who referred to the graduands as “lions and lionesses”, reiterated the bank’s commitment towards raising the next generation of passionate and competent leaders on the continent.

“We are happy to have you as part of this tribe. At UBA, we strongly believe in the transformative power of young people, and that is why we designed this programme that allows us to transfer the baton of knowledge and experience onto others,” he said. “A few decades ago, I started out just like you fresh out of the university, and I am glad that this organisation is providing for you that same opportunity that I got, and I look forward to seeing you guys prove your worth.”

Also speaking at the event, Deputy Managing Director, Chukwuma Nweke, who represented the Group Managing Director, Oliver Alawuba, celebrated the graduates’ perseverance and reaffirmed the bank’s belief in human capital development.

“This ceremony is a celebration of potential, perseverance and purpose. You all are not just graduates; you are our next generation of innovators, leaders, and ambassadors of an enduring legacy. This program reflects our belief that Africa’s future will be shaped not by chance, but by capable and courageous Press leaders like you,” he said.

Nweke elaborated on the rigorous, six-month Graduate Management Accelerated Programme (GMAP), which, according to him, blended classroom learning, digital simulations, field assignments, and mentorship from senior executives.

Kayode Tokede

Nigerian Exchange Group Plc (NGX Group), in partnership with the Lagos State Ministry of Health and Health Emergency Initiative (HEI), has expanded its flagship community nutrition intervention, Project BLOOM (Bringing Life to Our Overlooked Minors), to Ajegunle under Lagos State Health District V, reaching over 120 children with their mothers and caregivers.

The outreach, held at Ajeromi Ifelodun Local Government Secretariat in partnership with the Lagos State Health District V, builds on the success and measurable impact of the pilot held at Yaba’s Aiyetoro Primary Health Centre, where hundreds of children were screened and over 61per cent were found to need urgent medical intervention.

Commenting on the impact, Group Managing Director/CEO of NGX Group, Temi Popoola, said: “Seeing 48.8 per cent of the children identified with malnutrition now in recovery, and others who were once at risk steadily improving, has been truly inspiring. It affirms that our partnership with Health Emergency Initiative and Lagos State Government, is driving real, measurable change in our communities. For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy.”

Executive Director of HEI, Dr. Pascal Achunine, described the expansion as a vital response to the realities revealed by the pilot: “The first outreach showed us the depth of the malnutrition crisis and the power of swift, coordinated intervention. The results prove that when public and private sectors work together with urgency and compassion, we can save lives and restore hope.”

Director Planning Research and Statistics, Dr Oladeinde Ebenezer Oluwaseun  representing the Permanent Secretary of Lagos State Health District V, Dr. Oladapo Ashiyanbi, commended NGX Group and HEI for their “unwavering commitment to restoring hope to vulnerable families,” noting that the initiative aligns perfectly with the Lagos State Government’s ongoing nutrition and child health programmes.

At the Ajegunle outreach, children received Ready-to-Use Therapeutic Foods (RUTFs) and comprehensive health checks, while mothers and caregivers participated in practical nutrition education sessions focused on preparing low-cost, nutritious meals and maintaining proper hygiene. Initial screening results revealed that 69 children were moderately malnourished, 29 were severely malnourished, and another 24 were at risk of becoming malnourished.

Kayode Tokede

Transcorp Power Plc, yesterday published its unaudited nine months ended September 30, 2025 with profit before  tax of N91.1billion, about 12.4 per cent increase over N81.12 billion reported in nine months of 2024.

The power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc posted a profit after tax of N68.42 billion in nine months of 2025, a growth of 17 per cent from N58.4billion in nine months of 2024

The nine months of 2025 performance was driven by an increase in average power generation, reflecting Transcorp Power’s continued investment in improving generation capacity and operational excellence.

The report filed on the Nigerian Exchange Limited (NGX) revealed that revenue from contracts with customers rose 16.59per cent in nine months of 2025  to N102.7 billion, bringing total revenue for the nine-month period to N308.5 billion, a notable 38.01per cent increase from N223.5  billion declared in nine months of 2024. 

Of this, energy delivery accounted for the revenue bulk at N225.6 billion for the nine-month period, followed by capacity charge at N82.9 billion, while ancillary services contributed N13.5 million.

However, the cost of sales climbed to N60.6 billion in Q3, up from N54.6 billion, largely driven by higher natural gas and fuel costs.

Despite this, gross profit surged to N42 billion, compared to N33.4 billion in the corresponding quarter of 2024.

The company also reported other operating income of N107.1 million, while impairment on financial assets rose sharply to N3.8 billion, up 199per cent.

Administrative expenses increased modestly by 13.57per cent to N3.1 billion, yet operating profit still grew to N35.08 billion, up from N29.3 billion.

Although Transcorp Power recorded a foreign exchange loss of N927 million, compared to a N2.4 billion gain in the same period last year, it still achieved a 7.63per cent increase in quarterly pre-tax profit.

On the balance sheet, total assets expanded by 35.26per cent to N536.7 billion, driven mainly by trade and other receivables, which stood at N432.1 billion.

Retained earnings improved to N109.4 billion, up from N78.4 billion, reflecting stronger profitability and reinvestment capacity.

However, total liabilities also rose 39.37per cent to N376.5 billion as of September 30, 2025, with trade and other payables accounting for the largest portion at N260.2 billion.

Commenting on the result and accounts,  Chairman of Transcorp Power, Emmanuel Nnorom, in a statement expressed confidence in the company’s continued momentum, noting that the third-quarter results reflect both strength and consistency.

“Our performance in the third quarter, building on the positive momentum in the first half of the year, demonstrates Transcorp Power’s resilience and capacity to sustain profitability despite economic challenges,” Nnorom said. 

He attributed the performance to efficient operational strategies and prudent cost management, adding that the company’s sustained results will further strengthen investor confidence and reinforce its growth trajectory.

MD/CEO of Transcorp Power, Peter Ikenga, echoed the sentiment, noting that the strong Q3 results reflect higher energy delivery, improved efficiency, and the company’s ongoing commitment to creating value for shareholders and stakeholders.

“The Q3 2025 results are underpinned by further growth in energy  delivered to the grid, and emphasising our strategic approach, that  ensures we deliver ever increasing value to our shareholders and stakeholders.

“These results illustrate our continuous drive to improve our  business operations, eliminating waste and harnessing value. We are confident of finishing the year strong in fulfilment of our mission to improving lives and transforming Africa,” he said. 

Kayode Tokede

United Bank for Africa (UBA) Plc, has reaffirmed its commitment towards delivering sustainable long-term value to its shareholders and stakeholders, as it continues to reap the benefits of its robust investments in strong digital platforms and expanded scope over the past years. 

The Group Managing Director/Chief Executive Officer, Oliver Alawuba, who gave this pledge, stated that that together with its diversified business model and keen ventures into key markets in Africa and beyond, investors of the bank will continue enjoy huge financial benefits and dividends in the current financial year and beyond.

Alawuba who was speaking during the “2025 Half Year Investors” conference call, following the release of its results for the half-year (H1) ended June 30, 2025, explained that its diversification model remains a key growth strategy as seen from the huge contribution of its subsidiaries into the business in the first half.

He said, “As you may very well know, UBA is present in 20 countries in Africa, 19 outside Nigeria, and these countries are doing quite well. In a lot of those countries, we are a significantly systemic bank. The contribution of our African business to our profit before tax has risen to 53per cent, and we see this growing as we go along this year.

 “A lot is coming from Africa, and indeed we are positioned to pursue value. We see a lot of opportunities in Africa, and I believe that we are investing in those countries to pursue these opportunities and as a proactive bank, we have tried to expand very solidly in terms of business, products, and services, and also in terms of bringing in talents that will support us in value expansion.”

Responding to an investor’s questions on dividend payment for the full-year, Alawuba said, “on dividend outlook for the rest of the year: we still believe that, based on the numbers we are looking at, we will be able to pay a competitive dividend for the rest of the year.”

At the end of the first two quarters of the year, UBA’s gross earnings grew by 17.28 per cent, rising from N1.371 trillion in June 2024 to N1.608 trillion in the period under review.  Interest income also increased by 32.89 per cent from N1.004 trillion in June last year to N1.334 trillion, while total assets went up by 9.71 per cent to N33.3 trillion up from N30.3 trillion recorded in December 2024.

Total deposits, also leapt by 11.96 per cent in the same period to close at N27.6 trillion up from N24.7 trillion recorded at the end of 2024.

During the call, Alawuba pointed out the bank’s ongoing investments in technology and innovation as critical enablers for efficiency and competitiveness, adding that by leveraging digital channels and solutions, UBA aims to strengthen its income streams, enhance customer experience, and reinforce its leadership as the preferred financial partner for over 45 million customers globally.

Echoing the sentiments of the GMD, UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said the bank will continue to leverage technology and innovation to drive efficiency, expand digital income streams, and deliver superior customer experiences.

“Our diversified African and interconnected operations remain a strong buffer against local shocks, reinforcing UBA’s position as Africa’s global bank,” Nwaghodoh noted as he pointed out that the bank’s growth strategy is firmly anchored on resilience, innovation, and value creation, reinforcing its mission of empowering customers, supporting communities, and driving economic progress across Africa and beyond.

Kayode Tokede

The market capitalisation of all listed companies on the Nigerian Exchange Limited (NGX) crossed the N90 trillion yesterday amid investors’ demand for MTN Nigeria Communication Plc, BUA Cement Plc and 23 others. 

As the stock price of MTN Nigeria appreciated by 0.71 per cent to close at N423.00 per share, BUA Cement gained 5.40per cent to close at N160 per share, the market capitalisation gained N154.76 billion in opened trading activities this week  to close at N90.115 trillion from N89.960 trillion the stock market closed for trading last week.

Consequently, the NGX All-Share Index  gained 0.17per cent to close at 142,377.56 basis points from 142,133.03 basis points, to bring the  year-to-date (YtD) return inched up to 38.33 per cent from the 38.09per cent recorded in prior week.

Despite the index gain, market sentiment was bearish with 36 declining stocks outnumbering 24 gainers. Thomas Wyatt Nigeria recorded the highest price gain of 10 per cent to close at N3.63, per share.  Living Trust Mortgage Bank followed with a gain of 9.90 per cent to close at N5.66, while Eterna rose by 9.86 per cent to close at N30.65, per share.

Caverton Offshore Support Group increased by 9.28 per cent to close at N6.83, while Fidelity Bank up by 8.13 per cent to close at N19.95, per share.

On the other hand, AXA Mansard Insurance led the losers’ chart by 10 per cent to close at N14.40, per share. University Press followed with a decline of 9.85 per cent to close at N5.40, while Learn Africa declined by 9.72 per cent to close at N6.50, per share.

Julius Berger depreciated by 8.70 per cent to close at N136.50, while Cornerstone Insurance declined by 7.42 per cent to close at N5.86, per share.

Meanwhile, the total volume traded declined by 25.97 per cent to 383.945 million units, valued at N11.618 billion, and exchanged in 28,114 deals. Transactions in the shares of First Holdco topped the activity chart with 47.494 million shares valued at N1.472 billion. Ellah Lakes followed with 24.462 million shares worth N290.869 million, while Veritas Kapital Assurance traded 21.872million shares valued at N44.660 million.

Zenith Bank traded 18.746 million shares valued at N1.307 billion, while Chams Holding Company sold 16.164 million shares worth N56.563 million.

This week, United Capital Plc said, “we expect the market to rebound given the rate cut decision. Macroeconomic stability will boost investors’ confidence. Expectations of Q3, 2025 earnings release should lift the market. There are strong buy opportunities in the banking, industrial, Agric and insurance sectors.”

Kayode Tokede 

The Nigerian stock market yesterday closed on a positive note with a gain of N309 billion on renewed appetite for Dangote  Cement  Plc and 25 others

Amid 0.98per cent appreciated  in Dangote Cement to N516.20 per share, the Nigerian Exchange Limited All Share Index (NGX ASI) gained by 489.45 basis points or 0.35 per cent to close at 142,036.23 basis points with the Month-to-Date (MtD) and Year-to-Date (YtD) returns settled at +0.1per cent and +38per cent, respectively.

Also, market capitalisation rose by N309 billion to close at N89.865 trillion.

Sectoral performance was mixed as the  NGX Oil &Gas Index advanced by  2.6per cent, NGX Consumer Goods gained one per cent, and NGX Industrial Goods increased by 0.1 per cent, while the NGX Insurance index depreciated by 1.6per cent and NGX Banking declined by  0.2per cent.

Market sentiment was subdued, reflected by a negative breadth with 26 stocks advancing against 32 decliners. Chellarams recorded the highest price gain of 9.77 per cent to close at N14.60, per share. Austin Laz & Company followed with a gain of 9.67 per cent to close at N2.95, while The Initiates Plc (TIP) up by 8.08 per cent to close at N12.97, per share.

Sovereign Trust Insurance grew by 7.37 per cent to close at N3.06, while Aradel Holdings rose by 6.97 per cent to close at N583.00, per share.

On the other hand, Guinea Insurance led the losers’ chart by 9.70 per cent to close at N1.49, per share. Cornerstone Insurance followed with a decline of 8.68 per cent to close at N6.52, while Legend Internet declined by 7.27 per cent to close at N5.10, per share.

Deap Capital Management & Trust depreciated by 7.06 per cent to close at N1.58, while Thomas Wyatt Nigeria declined by 6.49 per cent to close at N2.45, per share.

Also, the total volume advanced by 142.09 per cent to 1.005 billion units, valued at N24.655 billion, and exchanged in 23,281 deals. Transactions in the shares of Abbey Mortgage Bank topped the activity chart with 401.065 million shares valued at N2.727 billion. Fidelity Bank followed with 254.810 million shares worth N5.274 billion, while United Bank for Africa (UBA) traded 23.221 million shares valued at N1.095 billion.

First Holdco traded 22.529 million shares valued at N699.630 million, while Access Holdings sold 17.476 million shares worth N473.992 million.

Kayode Tokede

The Nigerian stock market sustained its downward trend in early September 2025, dropping by N985.72 billion in the first two days trading activities on  investors’ profit-taking in  large-mid capitalised companies.

The market capitalisation that opened trading in September 2025 at N88.769 trillion, dropped by N985.7 billion or 1.11 per cent to close yesterday at N87.784 trillion.

In the first day trading activities in September 2025, the market capitalisation dropped by N362.8 billion or 0.41 per cent to close at N88.407 trillion on investors profit-taking in Lafarge Africa Plc, Zenith Bank Plc and 31 others.

The following day, the market capitalisation depreciated by N622.95 billion or 0.7 per cent to close at N87.784 trillion amid profit-taking in Lafarge Africa Plc, Guaranty Trust Holding Company Plc (GTCO) and 46others.  

With the second consecutive decline, the investors in Lafarge Africa have lost 14.7per cent of their investment as the cement producing company stock price plunged to N110.85 per share as of September 2, 2025 from N130 per share it closed for trading in August 2025. 

On this, the Nigerian Exchange Limited All-Share Index plunged by 1,557.86 basis points or 1.11per cent to close at 138,737.64 basis points from 140,295.50 basis points it closed for trading August 2025.

Major sectors such as NGX Banking Index fell by 1.93 per cent to close at 1,499.06 basis  points while the NGX Oil & Gas depreciated by 0.36per cent to close at 2,372.94basis points.

On market outlook for this week, analysts at United Capital Plc had  stated that “equity market could be cautiously optimistic, driven by expectations of a potential interest rate cut from the Central Bank of Nigeria due to moderating inflation, alongside a relatively stable Naira and an increase in foreign reserves.”

On market outlook, Afrinvest Limited said, “we expect a cautious trading session as lingering profit-taking and weak investor sentiment exert pressure on key sectors, likely extending the market’s downward trend.”

Cowry Asset Management Limited noted that “we anticipate a mixed performance in the Nigerian equities market, with cautious sentiment likely to dominate amid tight liquidity and lingering macroeconomic pressures. Sell pressure in the Banking and Industrial Goods sectors may persist, while bargain-hunting in oversold counters, particularly within Consumer Goods and Insurance could drive mild recoveries.

“Overall, the market is expected to trade range-bound with a slight bearish bias, barring any major policy pronouncements or corporate catalysts. However, we continue to advise investors to position in stocks with strong fundamentals.”

In the near term, analysts at Cordros Research added that,  “the absence of clear catalysts is likely to keep sentiment cautious, with selective interest concentrated in fundamentally strong equities.

“Over the medium term, sentiment will likely be shaped by macroeconomic developments — including growth, inflation, and policy direction — as well as movements in fixed income yields, which could further influence asset (re)allocation decisions between equities and debt instruments.”