Nigerian stock market, tracked by the All-Share Index (ASI), concluded the trading day on January 9, 2025, with a significant milestone. The ASI gained 1,300.01 points, closing at an all-time high of 105,530.74.

Breaking the 105,000 Barrier

This robust performance not only broke through the 105,000-point barrier but also marked a 1.25% increase from the previous day’s close of 104,230.73. The index dismantled the resistance level of 104,562, which had held firm since March 2024.

Decline in Trading Volume

Despite the bullish price action, trading volume experienced a sharp decline of 23.4%. The number of shares exchanged dropped from 639 million to 489 million, reflecting reduced market participation.

Surge in Market Capitalization

Market capitalization climbed to N64.3 trillion, a significant increase from the previous session’s N63.5 trillion. This was fueled by rising stock prices across 13,010 transactions.

Top Performers

MTNN and HONYFLOUR led the gainers with impressive increases of 10.00% and 9.89%, respectively. These performances underscored growing investor confidence in these nigerian stocks.

Top 5 Gainers:

• MTNN: Up 10.00% to N242.00
• HONYFLOUR: Up 9.89% to N9.11
• UNIVINSURE: Up 9.86% to N0.78
• TRANSCOHOT: Up 9.78% to N127.35
• IKEJAHOTEL: Up 9.31% to N13.50

Notable Decliners

On the flip side, RTBRISCOE recorded the steepest decline, dropping 10.00%, followed closely by SUNUASSUR with a 9.99% decrease.

Top 5 Losers:

• RTBRISCOE: Down 10.00% to N2.34
• SUNUASSUR: Down 9.99% to N8.11
• TIP: Down 9.68% to N2.52
• UPDC: Down 9.50% to N1.81
• GUINEAINS: Down 8.08% to N0.91

Market Activity Highlights

Trading Volume

Market trading volume declined to 489 million shares, a drop of 23.4% from the previous session. Key highlights include:

• UNIVINSURE: 97.2 million shares traded
• AIICO: 54.2 million shares
• SOVRENINS: 24.9 million shares
• FBNH: 16.2 million shares
• GUINEAINS: 14.6 million shares

Trading Value

In terms of trading value, SEPLAT dominated with transactions totaling N4.5 billion. Other significant contributors included:

• MTNN: N1.1 billion
• PRESCO: N673.6 million
• TRANSCORP: N643.5 million
• ARADEL: N638.8 million

SWOOT and FUGAZ Stocks Performance

SWOOT Stocks

MTNN led the SWOOT category with a remarkable 10% surge.

FUGAZ Stocks

The FUGAZ stocks—FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK—had mixed outcomes:

• ZENITHBANK: Up 4.49%
• ACCESSCORP: Up 0.82%
• UBA: Up 0.59%
• FBNH: Down 1.27%
• GTCO: Unchanged

Market Outlook

The All-Share Index has surpassed the 105,000-point mark, reflecting strong bullish sentiment despite the drop in trading volume. With sustained momentum in mid- and large-cap stocks, the index appears poised to challenge the 106,000-point barrier in the coming sessions.

Market Summary

• Current ASI: 105,530.74 points
• Previous ASI: 104,230.73 points
• Day Change: +1.25%
• Year-to-Date Performance: +2.53%
• Volume Traded: 489 million shares
• Market Cap: N64.3 trillion

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Auction Overview

On January 6, 2025, the CBN disclosed plans to issue Treasury Bills across three tenors: 91, 182, and 364 days. The total offering included:

• N50 billion for the 91-day bills
• N80 billion for the 182-day bills
• N385 billion for the 364-day bills

Subscription Results

The auction results revealed a mixed demand across the tenors:

• 91-day bills: Subscriptions totaled N22.94 billion, with a stop-out rate of 18%.
• 182-day bills: Subscriptions amounted to N20.81 billion, with a stop-out rate of 18.5%.
• 364-day bills: Subscriptions soared to N1.47 trillion, with a stop-out rate of 22.62%.

Pricing and Maturity Details

Investors were offered Treasury Bills at N1,000 per unit, with a minimum subscription of N5,000 and increments of N1,000 up to a maximum of N50 million. The maturity dates for the bills are as follows:

• 91-day bills: April 10, 2025
• 182-day bills: July 10, 2025
• 364-day bills: January 8, 2026

Allocations were finalized on January 9, 2025, with the following allotments:

• 91-day bills: N21.30 billion
• 182-day bills: N20.48 billion
• 364-day bills: N473.20 billion

Surge in T-Bill Demand Amid Rising Interest Rates

The significant oversubscription for the 364-day bills reflects heightened investor interest in longer-term securities. Comparatively:

• Interest in the 364-day bills surged by 2,723%, reaching N1.47 trillion.
• Interest in the 91-day bills increased by 725.4%, totaling N22.9 billion.
• Interest in the 182-day bills declined sharply by 77.9%, falling to N20.8 billion.

This trend aligns with rising interest rates, as investors seek high-yield instruments to hedge against inflation.

Monetary Policy Impact

In November 2024, the Central Bank of Nigeria raised its Monetary Policy Rate (MPR) by 25 basis points, bringing it to 27.50%. This marked the seventh consecutive hike aimed at combating inflation, which stood at 33.88% in the same month.

The series of rate increases has steered investors toward government-backed securities, like Treasury Bills, which offer attractive returns in a high-inflation environment.

Conclusion

The oversubscription for the 364-day Treasury Bills underscores robust investor confidence in government securities as a viable investment option. With rising interest rates and persistent inflationary pressures, Treasury Bills remain a preferred choice for investors seeking stability and high yields.

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African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has approved a $10 million anchor investment in the ARM-Harith Successor Infrastructure Equity Fund. This catalytic funding aims to leverage additional capital from both local and international investors, as ARM-Harith targets raising $200 million for sustainable infrastructure and energy transition projects across West Africa, with a particular emphasis on Nigeria.

SEFA, a multi-donor special fund managed by the Bank, provides catalytic financing to unlock private sector investments in renewable energy and energy efficiency. This investment underscores SEFA’s commitment to fostering a sustainable energy future for Africa.

Addressing Equity Financing Gaps

The ARM-Harith Successor Infrastructure Equity Fund, managed by ARM-Harith Infrastructure Investments Limited (ARMHIIL), is a groundbreaking initiative addressing the acute shortage of equity financing in West Africa’s infrastructure sector. The Fund’s innovative structure allows it to raise capital in both US dollars and Nigerian Naira, attracting a diverse pool of investors, including local pension funds. This dual-currency approach significantly enhances the Fund’s capacity to drive impactful projects.

Building on the successful strategy and strong track record of ARMHIIL’s inaugural fund—which also received catalytic support from the African Development Bank in 2015—the successor fund is well-positioned to scale up investments in critical infrastructure projects.

Transformative Impact on Communities and Environment

The Fund’s investment strategy prioritizes innovation and first-of-a-kind developments, ensuring significant environmental, economic, and social benefits. Expected outcomes include:

• Adding 200 MW of renewable energy capacity.
• Reducing 800,000 tons of CO2 emissions.
• Creating 10,000 jobs.
• Improving energy access for 100,000 households.

These outcomes align with the Bank’s broader mission to foster sustainable development and improve quality of life across Africa.

Strategic Collaboration for Sustainable Growth

Wale Shonibare, African Development Bank Director for Energy Financial Solutions, emphasized the importance of the partnership: “This investment in the ARM-Harith Successor Infrastructure Equity Fund represents a significant step forward in our collective effort to build sustainable infrastructure across Africa. The partnership with ARM-Harith, coupled with SEFA’s catalytic role, demonstrates the power of collaboration in mobilizing private sector investment (including local currency) and achieving lasting positive impact for communities across the continent.”

Rachel Moré-Oshodi, Managing Director and CEO of ARM-Harith, echoed this sentiment: “We at ARM-Harith are privileged to partner with the African Development Bank on this strategic initiative. This collaboration sets a new standard for innovation and impactful investing, aligning perfectly with our vision of a thriving and self-sufficient continent. This crucial support is mobilizing domestic capital for infrastructure development and exemplifies the significant impact of strategic partnerships in channeling resources toward sustainable development across Africa.”

Advancing AfDB’s High Five Priorities

The Bank’s investment in ARM-Harith aligns with its High Five priorities, particularly:

• Light Up and Power Africa
• Industrialize Africa
• Improve the Quality of Life for the People of Africa

It also supports the New Deal on Energy for Africa, the Climate Change and Green Growth Action Plan 2021-2025, and the Mission 300 initiative, which aims to bring electricity to 300 million Africans by 2030.

Driving Private Sector Investment

The Fund’s focus on mobilizing private investment aligns with the African Development Bank’s recently approved Ten-Year Strategy (2024-2033) and SEFA’s mandate to drive private sector investments in emerging renewable energy markets. By fostering collaboration and innovation, this initiative sets the stage for transformative progress in Africa’s energy and infrastructure sectors.

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Strong Financial Results Drive Confidence

On October 29, MRS Oil released its third-quarter earnings report, showcasing a remarkable pre-tax profit of N6.2 billion, a 108.9% increase from N3 billion in 2023.

Revenue also experienced significant growth, rising by 141.90% to N169.5 billion for the quarter. Year-to-date revenue totaled N248.7 billion, with Premium Motor Spirit (PMS) sales accounting for over 85% of this figure.

Following the earnings release, the stock saw little movement in November. However, December marked a turning point as bullish activity resumed, leading to four consecutive days of gains and positioning MRS Oil among the top performers on the Nigerian Exchange for the third week of the month. Chevron’s

Market Trends: A Year of Ups and Downs

January to February:

• The stock began 2024 positively, opening at N105 per share in January and climbing to N126 with a trading volume of 2 million shares.
• By February, the stock closed at N135, solidifying its position in the N130 range.

March to November:

• Market activity slowed significantly, resulting in limited price movement during the second and third quarters.

December Revival:

• In mid-December, MRS Oil regained momentum, closing strongly for four consecutive days. This resulted in a month-to-date trading volume of 4.1 million shares as of December 20, 2024. Chevron’s

Key Drivers of Bullish Momentum

Several factors contributed to the resurgence in MRS Oil’s stock price:

1. Outstanding Earnings Performance:
   • The October 29 earnings report highlighted a robust financial performance, with significant growth in both pre-tax profit and revenue, largely driven by PMS sales.
2. Federal Government Oil Bid Success:
   • MRS Oil was among the winners in the Federal Government’s inaugural oil bid under the Petroleum Industry Act 2021. Alongside TotalEnergies and Sifax, the company secured Petroleum Prospecting Licenses, granting it the rights to explore and develop hydrocarbons in both onshore and offshore blocks.
3. Competitive Pricing Strategy:
   • In December, MRS Oil reduced the pump price of petrol to N935 per liter in Lagos outlets, compared to the N1,000 price earlier in the month. This competitive pricing likely bolstered consumer confidence and reinforced the company’s market position.

Outlook

With strong financial performance, strategic gains in the oil sector, and a renewed focus on competitive pricing, MRS Oil Nigeria Plc is well-positioned for continued growth as it heads into 2025.

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A Bold Vision Rooted in Innovation

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is redefining cross-border payments in Africa using stablecoin technology. The fintech, headquartered in Africa, aims to provide fast and affordable financial transactions across borders. Despite operating under the radar, Juicyway claims to have processed over $1.3 billion in transactions without launching any marketing campaigns or public-facing products.

Organic Growth and Strong Partnerships

Juicyway’s strategy of growing organically has paid off. With over 25,000 transactions completed, the startup boasts a user base of 4,000 businesses, including prominent names in fintech, energy, and other sectors. Some of its major partnerships include companies like Bolt, IHS, Mocoh SA, PiggyVest, Bamboo, and Afriex. This network underscores Juicyway’s ability to meet the financial needs of diverse industries.

The Stablecoin Advantage

Juicyway leverages stablecoins, such as USDC and USDT, to disrupt traditional cross-border payment systems. By purchasing stablecoins through U.S. bank accounts, businesses can bypass the inefficiencies and high costs of fiat-to-fiat currency conversions. These digital assets are sent to digital wallets, where users can either hold them or convert them into local currencies.

This approach is particularly beneficial for remittance services. Businesses can inject liquidity and set favorable exchange rates, offering more flexibility and control over financial transactions. By addressing the inefficiencies of traditional payment platforms, Juicyway is helping businesses save time and reduce costs.

Navigating Regulatory Challenges

To operate in multiple jurisdictions, Juicyway has secured money transmitter licenses in the U.S., U.K., Canada, and Nigeria. These licenses ensure compliance amid the global regulatory uncertainty surrounding cryptocurrencies and stablecoins. As Juicyway expands, it plans to obtain similar licenses in other African countries to strengthen its position as a trusted cross-border payment platform.

Revenue Streams and Future Plans

Juicyway’s business model is built on processing and payment fees, with rates ranging from 0.2% to 10% per transaction. Looking ahead, the company intends to diversify its revenue by earning interest on customer balances. These initiatives align with Juicyway’s goal of becoming the preferred platform for seamless currency conversion across Africa.

With a solid foundation and innovative technology, Juicyway is poised to revolutionize cross-border payments in Africa, empowering businesses and individuals with greater financial control and efficiency.

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Outpacing the Competition

ByBit, the second-largest exchange, saw $8.13 billion in deposits during the same period. Other notable exchanges, including OKX, Bitmex, and Robinhood, followed with deposits of $5.36 billion, $3.44 billion, and $2.31 billion, respectively.

Regulatory Challenges Amidst Success

Despite its impressive growth, Binance has faced significant regulatory hurdles in various jurisdictions. In the United States, the company was fined $4.3 billion for violating anti-money laundering regulations.

Nigeria, a key market for Binance, has also presented challenges. The company and its employees faced allegations of money laundering, tax evasion, and currency manipulation. Yemi Cardoso, the Governor of the Central Bank of Nigeria, claimed that Binance generated $26 billion from Nigeria. However, Binance CEO Richard Teng refuted this claim.

Global Dominance and Market Insights

Binance’s global dominance is evident in its market share. China remains its largest market, contributing 20% of its volume with 900,000 active users. The Chinese market represents an $80.6 billion futures market and a $9.4 billion spot market for the exchange.

South Korea is another significant market for Binance, contributing $56.9 billion in futures volume and $1.39 billion in spot volume.

The increasing deposit sizes, with average BTC deposits rising from 0.36 BTC to 1.65 BTC and USDT deposits surging from $19.6k to $230k, indicate growing institutional and individual interest in cryptocurrencies. However, the lack of a comprehensive regulatory framework poses challenges for exchanges worldwide.

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SpaceX Sale Boosts Musk’s Wealth

The recent surge in Musk’s wealth was driven by an insider share sale at SpaceX, his privately held aerospace company. The transaction, which saw SpaceX’s valuation climb to $350 billion, added approximately $50 billion to Musk’s net worth. This deal, involving the purchase of $1.25 billion worth of shares from employees and other insiders, further cements SpaceX’s position as the most valuable private startup globally.

A Remarkable Recovery

Musk’s financial fortunes have seen a dramatic turnaround since late 2022, when his net worth had plummeted by over $200 billion. The rebound can be attributed to multiple factors, including political shifts and market trends favoring Musk’s ventures.

Tesla and the Trump Administration’s Influence

The election of Donald Trump last month marked a pivotal moment for Musk. As a prominent political donor and advocate for Trump, Musk has benefited from market optimism surrounding the new administration. Tesla’s stock has surged by approximately 65% since the election, driven by expectations of favorable policies such as streamlined regulations for self-driving cars and the elimination of tax credits for Tesla’s competitors.

Musk’s influence in Washington has also grown, as he assumes a role as co-head of the newly created Department of Government Efficiency. This position provides Musk with a direct line to the Oval Office, further enhancing his impact on policies affecting his businesses.

xAI’s Rising Valuation

Another significant contributor to Musk’s wealth is the success of his artificial intelligence startup, xAI. The company’s valuation has more than doubled since its last funding round in May, reaching $50 billion. Renewed interest in xAI following Trump’s election victory has positioned the startup as a leader in the AI space.

SpaceX and U.S. Government Contracts

SpaceX’s financial growth is heavily tied to its contracts with the U.S. government, which are expected to expand under the Trump administration. President-elect Trump has praised Musk’s vision of sending astronauts to Mars and even attended a SpaceX launch in Texas shortly after the election. Additionally, Jared Isaacman, Trump’s nominee for NASA head and a key SpaceX investor, has expressed strong support for the company, further solidifying its partnership with the federal government.

Challenges Ahead

Despite his soaring wealth, Musk faces legal and financial challenges. A Delaware judge recently struck down his 2018 Tesla pay package, valued at over $100 billion. While Tesla plans to appeal the decision, Musk has publicly criticized the ruling as “absolute corruption.” Even if the compensation award is ultimately rescinded, Musk’s position as the world’s richest person remains secure by a significant margin.

The Road Ahead

Elon Musk’s journey to $400 billion underscores his unparalleled influence across multiple industries, from electric vehicles and artificial intelligence to space exploration. As he continues to expand his empire, Musk’s vision and ventures remain pivotal in shaping the future of technology and innovation.

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Finalization of the Acquisition

In a statement dated December 9, 2024, Chief Executive Officer Roger Brown confirmed that the transaction will be finalized on December 12, 2024. This acquisition is poised to more than double Seplat’s production capacity, increasing output to approximately 120,000 barrels of oil equivalent per day.

Describing the acquisition as a transformative milestone, the statement emphasized Seplat Energy’s strengthened potential for accelerated growth and enhanced profitability.

“This transaction, which is expected to be completed on December 12, 2024, is transformative for Seplat Energy, more than doubling production to around 120,000 barrels of oil equivalent per day. It provides the company with a significant opportunity to drive growth and profitability while making meaningful contributions to the Nigerian economy,” the statement read.

High-Quality Asset Portfolio

The assets being acquired are recognized as high-quality additions to Seplat’s portfolio, including equity in 11 blocks, 48 producing fields, five gas processing facilities, and three export terminals. These assets offer substantial opportunities for short-term oil gains, in-fill drilling, and multi-Tcf gas projects.

Key Financial Details

Seplat Energy’s $800 million MPNU acquisition is structured as follows:

• $672 million payable at closing.
• A $128 million deposit already paid in 2022.
• A deferred payment of $257.5 million due by December 2025 for decommissioning and joint venture (JV) costs.

Notably, no new equity issuance is required for this transaction. The acquisition significantly elevates Seplat’s financial and operational metrics:

• Pro forma 2P reserves increase by 86% to 887 MMboe.
• Production jumps by 148% to 119,800 boepd.
• Revenue grows by 245% to $1.456 billion.
• Adjusted EBITDA surges by 199% to $800 million.

Strategic Asset Additions

Through this acquisition, Seplat Energy will gain a 40% operated interest in OMLs 67, 68, 70, and 104. It will also secure stakes in the Qua Iboe export terminal, Yoho FSO, and Bonny River Terminal. Additionally, the acquisition transfers approximately 1,000 staff and 500 contractors to Seplat’s workforce.

MPNU’s oil and gas reserves, totaling 409 MMboe, will significantly enhance Seplat Energy’s 2P reserves to 887 MMboe. Furthermore, production is expected to rise by 148%, driven by MPNU’s contributions.

Funding and Completion Timeline

Initially announced on February 25, 2022, and effective from January 1, 2021, the MPNU acquisition was originally valued at $1.283 billion. This included up to $300 million in contingent payments over five years and standard adjustments. Following adjustments, the final consideration is set at $800 million, with $128 million already paid as a deposit.

The remaining $672 million will be funded through credit facilities and cash, with an additional $257.5 million deferred until December 2025 for decommissioning and JV costs.

The transaction is scheduled to close on December 12, 2024, with Seplat’s shares expected to be readmitted to the UK Financial Conduct Authority’s Official List the following day.

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The NBS report did not specify the products imported from Malta, but the increase follows allegations by Aliko Dangote, chairman of Dangote Industries Limited, against the Nigerian National Petroleum Company Limited (NNPCL). Dangote accused NNPCL and its partners of operating a blending facility in Malta to produce finished motor gasoline.

No Imports in Earlier Quarters

Interestingly, Nigeria recorded no imports from Malta in the first and second quarters of 2024. However, in Q3, Malta became Nigeria’s fifth-largest import partner. The top import sources for Q3 2024 were:

• China: N3.57 trillion (24.36%)
• India: N1.66 trillion (11.33%)
• Belgium: N1.63 trillion (11.13%)
• USA: N1.02 trillion (6.98%)
• Malta: N766.81 billion (5.23%)

Highest Import Value on Record

The Q3 2024 figure is the highest value of imports from Malta ever recorded, surpassing the cumulative import value of N1.03 trillion in 2023.

The N766.81 billion imported in Q3 2024 alone accounts for 74.1% of the total imports from Malta in 2023. Analysts suggest that the devaluation of the naira contributed to this spike by inflating the value of imports in naira terms.

Trends from 2023: A Sharp Contrast

A review of 2023 trade data reveals an emerging pattern in Nigeria-Malta trade relations:

• Q1 2023: No imports recorded.
• Q2 2023: Imports reached N181.55 billion (3.17% of total imports).
• Q3 2023: Imports soared to N561.37 billion (6.64% of total imports), marking a 209.20% increase from Q2.
• Q4 2023: A sharp decline to N291.98 billion (2.07% of total imports).

Overall, Malta accounted for approximately 3.5% of Nigeria’s total imports from Q2 to Q4 2023.

Speculation Around the Spike in Trade

The dramatic rise in imports from Malta has fueled speculation and controversy.

Aliko Dangote alleged that the NNPCL and certain oil traders have set up a blending facility in Malta. This facility reportedly combines oxygenates with motor gasoline and other components to produce finished motor gasoline, despite lacking refining capabilities.

What to Watch

The unexpected trade growth with Malta, a nation not renowned for significant oil market activity, raises questions about transparency and strategic trade partnerships. Ongoing scrutiny into these developments will likely continue as stakeholders seek clarity on the nature and purpose of these imports.

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Expanding Walmart’s Portfolio

This acquisition not only brings a prominent TV brand under Walmart’s umbrella but also grants the retail giant access to Vizio’s advanced SmartCast OS platform. With 19 million active accounts, SmartCast OS collects vast amounts of user data, which has become the cornerstone of Vizio’s business model. The majority of Vizio’s revenue stems from its advertising platform, making this acquisition a strategic move for Walmart.

A New Frontier in Advertising

The integration of Vizio is expected to intensify competition for advertising revenue. Combined with Walmart’s existing smart TV brand, Onn, this acquisition positions the company to capitalize on the growing demand for targeted advertising. Vizio’s technology and data capabilities will enable Walmart to offer advertisers a powerful platform to reach consumers, potentially reshaping the advertising landscape.

The Road to Finalization

Walmart initially announced its plans to acquire Vizio in February, following months of speculation about the deal. With the acquisition now finalized, Walmart is set to integrate Vizio’s technology into its operations. This move underscores Walmart’s commitment to expanding its digital and advertising capabilities while strengthening its foothold in the competitive smart TV market which is a very welcomed development that scales up more business.

Implications for the Industry

Industry analysts anticipate that Walmart’s acquisition of Vizio will disrupt the advertising market. By leveraging Vizio’s data-driven advertising platform alongside its retail and online ecosystem, Walmart aims to enhance its advertising strategies and unlock new revenue streams. This development not only solidifies Walmart’s presence in the smart TV space but also challenges existing players in the advertising industry.

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