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OAK HEIRS LTD/AIR LIQUIDE NIGERIA PLC BID INFORMATION

Author: CFG Africa Team

CFG AFRICA MACROECONOMIC HIGHLIGHTS 03/10/2025

CBN rate cut to 27% will squeeze banks’ profits – Moody – Global ratings agency Moody’s Investors Service has warned that Nigeria’s banking sector faces fresh profitability risks after the Central Bank of Nigeria cut its benchmark Monetary Policy Rate to 27% from 27.5%. The CBN said the 50-basis-point cut was driven by sustained disinflation, projections of further inflation decline, and the need to stimulate economic recovery. However, Moody’s cautioned that the move could erode banks’ net interest margins unless higher loan volumes offset lower yields…………(Read More) Investors gain N171bn as bullish sentiment persists – The equities market on Thursday sustained its positive trend, with investors gaining N171 billion. Gains in PZ Cussons Nigeria, Eterna, Champion Breweries, Tantalizer, AIICO Insurance and 29 other stocks pulled the market performance up. Specifically, the market capitalisation, which opened at N90.580 trillion, gained N171 billion or 0.19 per cent to settle at N90.751 trillion. In the same vein, All-Share Index also rose by 0.19 per cent or 268.98 points, to close at 142,979.46, against 142,710.48 posted on Tuesday. Also, the market breadth closed positive with 34 gainers and 26 losers on the floor of the Exchange………..(Read More) Naira rallies to N1,455/$; reserves hit $43bn – The positive rally of the local currency against the dollar continued yesterday with the naira exchanging at N1,455 to one dollar even as forex speculation declined, at an all-time low as the gap between the official and parallel market rates has significantly dropped. The naira, which has sustained rally across markets in recent months, trading at N1,455/$ as of yesterday according to the Nigeria Foreign Exchange Market (NFEM) and N1,460 to N1,470,$ at the unofficial black market……….(Read More) Tinubu to inaugurate $400m Rivers crude export terminal – President Bola Tinubu is scheduled to inaugurate the $400m Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8, the first new crude export facility to be built in Nigeria in over 50 years. The facility, developed by Green Energy International Limited, operators of the Otakikpo field in OML 11, Ikuru town, Andoni Local Government Area of Rivers State, is the first wholly indigenous onshore terminal built in Nigeria. The last such facility, the Forcados Terminal, was commissioned in 1971. The inauguration is expected to attract top government officials..…..(Read More) IATA reports domestic airlines boost GDP by $449.7m yearly – Domestic airlines are contributing significantly to the nation’s economy, with a direct impact of $449.7m annually and the creation of 29,900 jobs, according to the International Air Transport Association. The data, contained in IATA’s recent report on The Value of Air Transport to Nigeria’s Economy, highlights the vital role of domestic air travel within the broader aviation sector, which contributes a total of $2.5bn yearly to Nigeria’s Gross Domestic Product, representing 0.7 per cent of the national output. According to the report, the aviation sector in Nigeria directly provides employment for 39,500 people……..(Read More) With the US government dark, alternate sources show a sluggish September for jobs – Alternate data from public and private sources showed the U.S. job market likely remained stalled in September, with sluggish hiring but no change in an unemployment rate economists see as heavily influenced by a decline in the number of foreign-born workers. With the release of numerous official economic indicators delayed by a government shutdown, alternative data, such as a new “real-time” estimate of the unemployment rate issued on Thursday by the Federal Reserve Bank of Chicago, is likely to attract more than the usual scrutiny……..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 30/09/2025

NGX offers stockholders N150m exemption on capital gains tax- Investors in Nigeria’s capital market will benefit from a N150m annual exemption under the new Capital Gains Tax regime, following a high-level stakeholder dialogue convened by the Nigerian Exchange Group on the Tax Reform Act 2024.The provision, which takes effect from January 2026, is designed to protect 99.9 per cent of retail investors from the 30 per cent tax on gains from the disposal of shares. The exemption was clarified by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during the forum, which brought together issuers, investors, intermediaries, and regulators……….(Read More) Investors gain N115bn as banking, oil stocks lift market – Trading activities on the Nigerian Exchange Limited opened the week on a positive note as investors gained N115bn in market value on Monday, driven by strong performances in the banking and oil and gas sectors.At the close of transactions, the market capitalisation of listed equities advanced to N90.1tn from N89.99tn recorded at the previous session, reflecting a gain of N115bn. Similarly, the benchmark All-Share Index appreciated by 244.51 points, or 0.17 per cent, to settle at 142,377.54 basis points……..(Read More) Crude oil production rose to 1.8m bdp — FG  – Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that Nigeria’s oil production rose to 1.8 million barrels per day, from 1 million, adding that the goal is to reach 2.5 million bdp, as American companies are already showing strong interest in investing in Nigerian oil blocks……..(Read More) Foreign portfolio inflow hits N748bn in 4yrs – The value of transactions executed by foreign investors through the Nigerian stock market increased to N1.718 trillion in as at end August 2025, about 541% up from N262.85 billion in the same period in 2021. The domestic and foreign investment report released by the Nigerian Exchange Limited, NGX, shows that Foreign Portfolio Investment inflows during the period was N748.23 billion, about 506%  up from N123.46 billion recorded in the same period of 2021..…..(Read More) Airports Authority Unveils Cashless Policy, Targets 75% Revenue Increase – The Federal Airports Authority of Nigeria (FAAN) has targeted a 75 per cent increase in its revenue as it integrates its new cashless policy in more points across the airports. Speaking during the launch of ‘Operations Go Cashless’ at the Murtala Muhammed International Airport, Lagos (MMIA) on Monday, the managing director of FAAN, Olubunmi Kuku, said the authority had set the first quarter of 2026 as the deadline for the agency to go cashless fully…………(Read More) German unemployment rises more than expected in September – The number of people out of work rose more than expected in September, labor office figures showed on Tuesday, as the job market struggles to recover in a continually weak economy. In seasonally adjusted terms, the jobless figure rose by 14,000 to 2.98 million, surpassing the 8,000 increase forecast by analysts polled by Reuters……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 26/09/2025

After 10 years, oil investments flow again – FG – The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that the country has broken a 10-year drought in oil sector investments, thanks to reforms introduced under President Bola Tinubu’s administration. Lokpobiri disclosed this in a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday. The remarks followed his keynote address at the United States–Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York……..(Read More) Equities market rebounds as investors drive N279bn gain – The Nigerian Exchange reversed previous losses on Thursday, closing the trading session with a gain of N279bn in market capitalisation as investors returned to the equities market. At the close of trading, the market capitalisation of listed equities rose to N89.4tn from the N89.1tn recorded in the previous session. The Index advanced by 432.94 points, or 0.31 per cent, to close at 141,149.04 points. The performance lifted the market to a positive close after days of mixed sentiment, with analysts attributing the rebound to renewed bargain-hunting in large- and mid-cap stocks, particularly in the banking and oil and gas sectors……..(Read More) Inflation decline, fx stability behind CBN’s rates cut – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) reduced the benchmark interest rate by 50 basis points (bps), from 27.5 per cent to 27 per cent. At the end of its 302nd meeting held on September 22 and 23, 2025, the committee voted unanimously to ease monetary policy in a bid to balance price stability with growth. Latest data released by the National Bureau of Statistics revealed that Nigeria’s real gross domestic product surged by 4.23% in the second quarter of the year. Inflation has also been on the decline, and the naira has become less volatile…….(Read More) Otedola, Calvados acquire 64.8m First HoldCo shares worth N2bn – First HoldCo Plc has notified the Nigerian Exchange Limited of insider dealings involving its Chairman, Olufemi Otedola, and his affiliated company, Calvados Global Services Limited, who jointly acquired 64.8m shares of the group valued at over N2bn. In a regulatory filing dated September 24, the company disclosed that Otedola directly purchased 39,313,379 ordinary shares of First HoldCo at N31 per share. In addition, Calvados Global Services Limited, a company related to the billionaire investor, bought 25,565,289 ordinary shares at the same price..…..(Read More) Recapitalisationn: TAJBank surpassed CBN’s capital requirement – CEO – TAJBank yesterday disclosed that the bank has met the Central Bank of Nigeria’s (CBN’s) new minimum capital requirement for national non-interest banks. The Managing Director/CEO of the bank, Mr. Hamid Joda, disclosed this while speaking with journalists on the sidelines of an investment summit in Abuja. With the compliance with the required minimum capital base as directed by the CBN, TAJBank has joined the rank of few banks that had already met or exceeded the CBN’s revised capital thresholds scheduled for enforcement from March 2026 by the apex bank……….(Read More) Asian Pharmaceutical Stocks Slump As Trump Announces 100% Tariffs On Patented Drugs – President Donald Trump announced a new set of tariffs on Thursday evening, including a 100% levy on patented drugs unless a company is building a plant to manufacture in the U.S., triggering a steep decline in Asian pharmaceutical stocks on Friday. In a Truth Social post on Thursday evening, Trump wrote: “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.”….(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 23/09/2025

Oil production raises GDP by 4.23% – Driven by improved crude oil production, Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent, a report by the National Bureau of Statistics (NBS) has disclosed. The report added that the average daily production of crude oil rose to 1.68 million per barrel, a four year quarter high since 2022. This means that Nigeria was able to meet its quota set by the Organization of Petroleum Exporting Countries (OPEC) for the quarter……….(Read More)  Equity market sheds N220bn amid sectoral downturn – The Nigerian Exchange opened the week on a bearish note as Nigerian Breweries and other major stocks dragged the market to a N220bn loss on Monday. The downturn reflected weak investor sentiment in the consumer and industrial goods sectors. At the close of trading, the market capitalization fell to N89.5tn from N89.72tn on Friday, while the All-Share Index shed 347.12 points, or 0.24 per cent, to close at 141,498.20. This represented a one-week loss of 0.11 per cent,……….(Read More) FAAC: NUPRC records N459.6bn revenue shortfall despite 3% rise in monthly remittance – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a revenue shortfall of N459.6 billion against its August 2025 budgetary target of N1.2 trillion, after remitting N745 billion to the Federation Account. In its report to the Federation Accounts Allocation Committee (FAAC) for September 2025, the Commission disclosed that its revenue collection stood at N745.21 billion in August, representing a 61.85 percent performance against the monthly budget benchmark of N1.204 trillion………(Read More) Interest income drives Stanbic IBTC’s profit to N173.4bn – Stanbic IBTC Holdings Plc has announced a profit after tax of N173.4bn for the half year ended June 30, 2025, representing a 49 per cent increase from the N116.4bn recorded in the corresponding period of 2024. The lender’s unaudited financial statement released to the Nigerian Exchange Limited on Monday showed that the profit growth was largely driven by interest income and improved fee and commission revenue………..(Read More) Dangote’s CNG-powered Trucks Make First Fuel Deliveries To Lagos Stations – Dangote Petroleum Refinery & Petrochemicals has commenced delivering petrol to petroleum marketers across Lagos with its compressed natural gas (CNG)- powered trucks. LEADERSHIP can confirm the development by observing the marked truck discharging content at the Conoil filling station opposite the Ikeja General Hospital. The initiative aims to transform Nigeria’s fuel distribution landscape by reducing logistics costs and enhancing customer supply efficiency…….(Read More) Asia stocks ride the AI rush, gold hits another peak – Most Asian share markets built on recent hefty gains on Tuesday as optimism around all things AI sucked money into the tech sector, while wagers on several more U.S. interest rate cuts kept gold on a hot streak. Wall Street had been led to another record as Nvidia (.NVDA), announced it would invest up to $100 billion in OpenAI with the first data centre gear to be delivered in the second half of 2026………….(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 22/09/2025

Falling inflation fuels hopes for monetary policy easing – Analysts have projected that the Monetary Policy Committee of the Central Bank of Nigeria would be considering a 50-75 bps rate cut as they begin their meeting on Monday (today). The anticipated rate cut is driven by the steady decline in headline inflation, which, according to the National Bureau of Statistics reports, fell to 20.12 per cent in August 2025, from 21.88 per cent in July, while food inflation also eased year-on-year. This trend strengthens expectations for rate cuts. This decline marked the fifth month of deceleration of inflation, thus drawing optimism that the MPC would give thought to cutting the rate………(Read More) Union-imposed truck charges cause fuel price hikes – Dangote – Africa’s richest man and the President of Dangote Group, Aliko Dangote, has accused the Nigerian Union of Petroleum and Natural Gas Workers of collecting as much as N50,000 on every truck that loads fuel at the refinery, warning that such charges ultimately push up fuel pump prices and burden consumers. While NUPENG neither confirmed nor denied the allegation, industry experts on Sunday wondered how the oil union became a tax collector, stressing that such actions would definitely raise the pump prices of refined petroleum products……….(Read More) External reserves hit $42bn amidst rise in hydrocarbon revenue – Nigeria’s gross external reserves hit $42 billion last week, the highest level seen since September 2019 with analysts attributing the boost to inflows across different sources. In September, total inflows into external reserves reached $692.28 million, according to data from the Central Bank of Nigeria (CBN). Hydrocarbon export revenue contributed to reserves accretion with analysts saying the positive trend would continue for a while and contribute to boosting investors’ confidence……..(Read More) Crude supply to domestic refineries hit 67.6m barrels – FG – The Federal Government has disclosed that a total of 67,657,559 barrels of crude oil were supplied to local refiners for processing between January and August 2025. This figure, confirmed by the Nigerian Upstream Petroleum Regulatory Commission, highlights ongoing challenges in bridging the crude allocation gap facing indigenous refineries despite Nigeria’s rising production levels. Speaking in Abuja on Sunday, the Head of Media and Strategic Communications at the NUPRC, Eniola Akinkuotu, said the crude allocation was made in line with the Petroleum Industry Act 2021 and the Domestic Crude Supply Obligation policy………..(Read More) Crude oil production drops to 1.43 million barrels in August – Nigeria’s crude oil production dropped to A  1.43 million barrels per day in the month of August, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated. In a statement,  the regulatory agency for the upstream petroleum sector said daily condensate production in August stood at 197,229 bpd, all amounting to 1.63 million barrels. It states that crude oil figure means the country achieved 96% of its 1.5 million bpd OPEC quota…….(Read More) Indian IT stocks crash as Trump’s $100K H-1B visa fee sparks market turmoil – Indian IT stocks slumped on Monday after US President Donald Trump announced an overhaul of the H-1B visa programme, imposing a hefty $100,000 fee on new applications. The surprise move threatens to upend the long-standing outsourcing model that Indian IT majors rely on to serve their biggest market. Shares of Tata Consultancy Services, Infosys, and Tech Mahindra led sharp declines, as investors worried about rising operational costs and shrinking margins. The selloff underscored how vulnerable India’s export-driven IT sector remains to regulatory shocks from Washington, even as firms have tried to reduce their reliance on the controversial visa route over recent years…………(Read More)

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