CFG AM Naira Fixed Income Fund is registered and regulated by the Securities and Exchange Commission and is currently valued at N1,194.89 per unit

OAK HEIRS LTD/AIR LIQUIDE NIGERIA PLC BID INFORMATION

Author: CFG Africa Team

CFG AFRICA MACROECONOMIC HIGHLIGHTS 13062025

FG to revoke dormant oil licences with new policy – The Nigerian Upstream Petroleum Regulatory Commission has told oil producers that it is set to implement the ‘drill or drop’ policy. The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja recently. According to a statement by the NUPRC, Komolafe emphasised that oil and gas producers must either begin production within a specified timeframe or relinquish their licenses. He stated that the policy aimed to revitalise the oil sector, ensure optimal use of assets, and boost government revenue…..(Read More)  Oil production shrinks again, threatens 2mbpd target – Efforts by the Federal Government to ramp up oil production to over two million barrels per day suffered another setback last month, The PUNCH reports. This was as Nigeria’s daily oil production declined again in May, falling from 1.68 million barrels per day in April to 1.65mbpd last month. According to data from the Nigerian Upstream Petroleum Regulatory Commission, crude output dropped from 1.48mbpd in April to 1.45mbpd in May. Recall that the crude production rose from 1.40mbpd in March to 1.48mbpd in April, signaling a boost for the country’s ambitious 2.1mbpd oil target….(Read More) Aliko Dangote Steps Down As Chair Of Dangote Sugar – Africa’s richest man, Aliko Dangote has stepped down as Chairman of the Board of Dangote Sugar Refinery Plc, marking the end of a two-decade leadership that transformed the company into a dominant force in Nigeria’s sugar industry. According to a corporate disclosure on Wednesday by the company’s Secretary, Temitope Hassan, Dangote’s retirement from the sugar company’s board takes effect from June 16, 2025. Dangote has chaired the board since 2005, overseeing its significant growth and transformation, including major expansion projects and implementing best practices in corporate governance……(Read More) Two banks have met N500bn recapitalization target – Report – Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 bn share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed. The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025’, stated that Zenith Bank leads with a share capital and share premium of N614.65bn, followed by AccessCorp at N594.90bn. Other Tier 1 banks, including Ecobank Transnational Incorporated and Guaranty Trust Holding Company, are trailing behind with N353.51 bn and N345.30 bn, respectively…..(Read More) Ekiti grows IGR to N2.3 billion – The Chairman, Ekiti State Internal Revenue Service, EKIRS, Mr Ola Iran Olatona, has disclosed that the state Internally Generated Revenue, IGR, has increased from N600/N650 million to N2.3 billion. Olatona gave the figure at the presentation of cash support to 30 businesses recently affected by rainstorm in Ado-Ekiti. The EKIRS boss during the presentation of the cheques to the affected business owners, said the revenue service is standing with the people, most especially in times of adversity. He said, “The innovative relief assistance transcended a simple financial gesture, saying this expressed the very essence of compassionate governance and showed……(Read More) Oil soars more than 6% after Israel’s strike on Iran alarms market – Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $4.60, or 6.63%, to $73.96 a barrel by 0612 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $4.99, or 7.33%, at $73.03 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike……….(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 04062025

Investors gain N1.9tn on NASD in one week – Investors on the NASD Over-the-Counter Securities Exchange recorded a N1.90tn gain last week as the market capitalization rose by 1.86 per cent. According to the NASD weekly report for the week ended May 30, the NASD OTC market capitalization increased from N1.87tn in the previous week to N1.90tn, while the NASD All-Share Index rose from 3,188.76 to 3,248.00 points. The report showed that the oil and gas sector dominated the week’s trading activity, accounting for 81.37 per cent of the total transactions. A total of 506.19 million shares worth N4.18bn were exchanged in 21 deals in the sector……(Read More) BDCs await CBN’s move as recapitalization deadline elapses – The Central Bank of Nigeria (CBN) is yet to communicate its next moves on the planned recapitalisation of the Bureau de Change (BDC) operators as the deadline of June 3, 2025, elapsed yesterday. The CBN had introduced a new recapitalization regime for BDC operators, with two tiers: Tier One requiring a minimum capital of N2 billion and Tier Two requiring N500 million. Under the new deal, Tier One BDCs will be licensed to operate nationwide, while Tier Two will be limited to a single state…….(Read More) NBCC unveils center to deepen UK-Nigeria trade relationship – The Nigerian British Chamber of Commerce (NBCC) has launched the Nigerian British Trade Centre, a strategic initiative designed to boost exports, attract investment and expand market access between Nigeria and the United Kingdom (UK). Country Director at the UK Department for Business and Trade, Mark Smithson, highlighted opportunities under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) and Developing Countries Trading Scheme (DCTS), which he said currently offers low or zero tariffs to over 2,000 Nigerian products entering the UK………(Read More) With $4bn Market Size, Nigeria’s Islamic Finance Industry to Surge In H2 – Fitch Ratings forecasts a boom in Nigeria’s Islamic finance sector from the second half of 2025 through 2026, driven by rising sovereign sukuk issuances and expanding Islamic banking assets following new regulatory measures and liquidity tools introduced by the Central Bank of Nigeria (CBN). Following the introduction of liquidity tools for non-interest financial institutions in the country by the CBN and the success of the government Sukuk issuance, Fitch Ratings says it expects Islamic financing to boom in the country from the second half of this year….(Read More) Asian stocks rise, dollar wobbles as trade uncertainty persists – Asian equities rose on Wednesday lifted by technology shares and the dollar drifted as higher U.S. duties on steel and aluminum took effect, marking the latest chapter in the trade war that has rattled the markets for much of the year. Investor focus has been on the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for U.S. trading partners to submit their proposals for deals that might help them avoid Trump’s hefty “Liberation Day” tariffs from taking effect in five weeks.…(Read More) UK to be spared 50% steel and aluminum tariffs imposed by Trump on other countries – The White House has signaled that the UK will be spared the 50% steel and aluminum tariffs which came into effect on Wednesday. In a statement, the US president, Donald Trump, said he had decided to “provide different treatment” to the UK after a deal that was struck between Washington and London last month. The executive order signed by Trump on Tuesday evening will still raise import taxes for US firms buying from other countries……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 02062025

FX pushed cost of imported raw materials to N6.64trn in 2024 – The cost of imported raw materials surged by 118 per cent to N6.64 trillion in 2024 alone due to the depreciation of the exchange rate, Manufacturers Association of Nigeria (MAN) has disclosed. The Director General of MAN, Segun Ajayi-Kadir, disclosed this while delivering a keynote address at the BusinessDay Manufacturing Conference in Lagos. Ajayi-Kadir highlighted how unstable exchange rate, inadequate power supply/ high cost of energy, high inflation, insecurity, multiplicity of regulatory agencies and high regulation costs, high interest rate, among others are constraining the manufacturing sector in Nigeria….(Read More) Equities gain N1.7 trillion as investors jostle for blue chips – Renewed investor confidence, supported by strong macroeconomic fundamentals, propelled the Nigerian equities market to new heights last week, adding a substantial N1.7 trillion to its market capitalization. The bullish momentum pushed several stocks to fresh 52-week highs and drove the all-share index (ASI) up by 2.49 per cent week-on-week, closing at 111,742.01 points. The rally reached a symbolic milestone midweek as the ASI broke through the psychological barrier of 112,000 points for the first time in history, peaking at 112,237.26 points before mild profit-taking moderated the gains. Market capitalization also rose by 2.49 per cent to an unprecedented N70.46 trillion…..(Read More) Nigeria risks losing N3.43tr to gas flaring – NEITI – The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed concern over the volume of gas flared in 2023, amounting to 183.408 billion standard cubic feet (SCF). The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, stated this at a high-level policy dialogue in Abuja. He also said the lost gas had an estimated economic value of $458.52 million or N685.95 billion.. Orji emphasised that such losses, if sustained, could amount to over $2.29 billion or N3.43 trillion in five years, and were funds that could support education, health, infrastructure and climate resilience for host communities…….(Read More) Dangote Refinery Sustains US Crude Purchase With 5m Barrels– To sustain refining operations, the Dangote Refinery has placed import order of at least five million barrels of US West Texas Intermediate (WTI) crude oil in July, thus extending its buying spree after a potential record tally for June. The giant new 650,000 barrel per day capacity oil refinery is set to import around 161,000 bpd of WTI in July after awarding tenders in recent days, off the back of a record 300,000 bpd booked in its June tenders. Final totals for the month could change should the refinery make more purchases, according to Reuters….(Read More) Asia shares, dollar slip as tariff tensions darken mood –  Asian share markets and the dollar made a soft start on Monday as U.S.-China trade tensions continued to simmer, while investors turned defensive ahead of key U.S. jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump’s threat late Friday to double tariffs on imported steel and aluminium to 50%, beginning on June 4, a sudden twist that drew the ire of European Union negotiators..…(Read More) Trump says China ‘totally violated’ tariff truce after US warns trade talks have ‘stalled’ – as it happened – Donald Trump has accused China of breaking the tariff truce the two nations agreed in Geneva just a few weeks ago. Both countries had agreed to temporarily pause their escalating tariffs, which at one point hit 145%. The president wrote on his social media platform Truth Social: “I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!….(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 28052025

 Airtel, insurance stocks push market cap beyond N70tn – The Nigerian Exchange closed on a bullish note on Tuesday as the equities market capitalisation surged past the N70tn mark, following renewed investor interest in heavyweight stocks like Airtel Africa and key players in the insurance sector. At the close of trading, the All-Share Index rose by 1,721.29 points, representing a 1.57 per cent increase to settle at 111,606.22 basis points. This rally pushed the market capitalisation up by N1.09 tn to close at N70.38 tn, compared to N69.29 tn recorded in the previous session. The market performance was largely driven by buying interest in Airtel Africa….(Read More)  Fresh $24bn borrowing may balloon Nigeria’s debt to N183tn – Nigeria’s public debt is set for another significant jump as President Bola Tinubu has requested the National Assembly’s approval to secure fresh foreign loans amounting to about $24.14bn. At the prevailing official exchange rate of N1,583.74/$1, the proposed borrowing would add approximately N38.24tn to the existing debt stock, potentially pushing Nigeria’s total public debt from N144.67tn at the end of 2024 to over N182.91tn by 2026. The fresh borrowing is composed of $21.54bn, €2.19bn, and ¥15bn. Using the latest market exchange rates—€1 to $1.1381 and ¥1 to $0.0068—the euro component converts to approximately $2.5bn while the Japanese yen translates to $102m………(Read More) Sugar ‘crisis’: Analyst warns FG against punitive taxes – A Lagos-based public affairs analyst, Omonaye Okoro, has cautioned the federal government against what he called punitive taxes following the current debate on the call for increased taxation on Sugar-Sweetened Beverages (SSBs). Led by internationally funded advocates such as the Corporate Accountability and Public Participation Africa (CAPPA), some analysts have argued that taxing SSBs will reduce non-communicable diseases (NCDs) like obesity and diabetes. In his opinion piece titled “Nigeria’s Sugar “Crisis” Is a Myth – And Our Economy May Pay the Price for Believing It,” Okoro noted that the CAPPA’s recent report, “Junk on Our Plates,” attempted to portray the tax hike as a bold step toward public health reform……(Read More) Dangote targets N11.2bn daily revenue from fertiliser export – The President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote, has disclosed that DIL will be generating $7 million, (N11bn) daily as revenue from the export of fertiliser from Dangote Industries Limited in the next two years. This is coming just as the Nigerian Ports Authority (NPA) is partnering Dangote Industries Limited to expand the nation’s export operations. Similarly, the NPA revealed that 57 vessels belonging to Dangote Refineries were treated monthly under the naira-for-crude initiative since October 2024 when the programme started. Speaking on Monday, during a courtesy call to the NPA headquarters in Lagos, President of DIL, Aliko Dangote explained that as the biggest customer to the NPA, it is important that the interaction between NPA and DIL is sustained….(Read More) Chinese trade truce lifts US consumer confidence –  Consumer confidence in the United States improved significantly in May following a truce in the ongoing trade war between Washington and Beijing. This marks a positive turn after five consecutive months of declining sentiment. According to Reuters, the Conference Board, a global economic research group, reported on Tuesday that its consumer confidence index rose by 12.3 points to reach 98.0 in May. This figure exceeded economists’ expectations, who had predicted a more modest increase to 87.0. Reuters added that about half of the survey responses were collected after May 12, when the White House announced a temporary deal to reduce tariffs on Chinese imports from 145 per cent to 30 per cent for 90 days.…(Read More) Britain is still hoping to slash Donald Trump’s 10% tariffs on UK goods, says Peter Mandelson – Britain is hoping to negotiate down Donald Trump’s 10 per cent ‘baseline’ tariffs on UK good sold to America, Lord Mandelson said today. The Labour peer, who is the UK’s ambassador to the US, outlined how work is ongoing to ‘address’ the ‘reciprocal’ tariffs the US President has imposed. Earlier this month, Prime Minister Sir Keir Starmer and Mr Trump announced an agreement to provide UK relief to American tariffs on cars and steel. But a 10 per cent baseline tariff on most UK goods, described by Mr Trump as a ‘reciprocal’ tariff, still remains in place despite the trade deal…….(Read More)

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