₦airaland Forum

deathwing:
Why won't it happen? He has already filed and even gotten underwriters for about $400m of the sum. Current news says the IPO will end in Oct, so I assume Sept/Early October. I'm working with publicly available information.

Are you expecting a positive postulation from Agba, the man that is waiting for GT at N20?
I tire for you oo

KarlTom:
UBA & GTCO also seek extensions for filing H1 '26

These delays will depress the market for a while.
Under normal circumstances some banks would have declared interim dividend by now, which boosts investor confidence and activity in the market.

Oasisblue:
I have heard so many theories: from T1settling scaring off FPI, to FG bonds rate becoming more attractive than NGX to people selling off their stocks to hold the cash for Dang Refinery IPO, to politicians selling off their stocks to invest in 2027 elections, etc

I dont know what to believe, It was most shocking to me when UACN(?) posted record revenue and profits and the market reacted by the stock price dropping.

You have to believe whatever makes sense to you, either positive or negative.
But if you are still not sure, then keep your money and hope/pray for better revelation and opportunity to come your way, and it will. It happens to me too.
You can also formulate your own theory and include all the various theories as input variables in your model.

faoogoke:
I dont think anyone can really explain share price or fall on NGX. None ever convinced me.
People cook up reasons even though many atimes the reasons dont add up.
It is just the unique way the market is.

Yes, it is true the market can always swing.
But every stock market reacts to news and events that affect sectors or industries in the economy. So one can explain(even if not perfectly) some momentary trends in the market (e.g. general fall/rise in prices), based on those events.
The problem is that we might not be fully abreast of the issues or events.

Some time in Nov/Dec 2025, the issue of CGT caused share prices to drop, until when the former Finance Minster re-assured stakeholders.

Most times, we know what makes prices to rise, but not what makes them to fall, except in exceptional cases e.g. Covid, global financial crises etc.

Oasisblue:
Its demoralizing losing millions daily. When will the bleeding stop? I dont even know what is responsible for the dip as companies are posting record revenues and profits. Maybe NGX is BetNaija as someone earlier said.

The banking industry is a key anchor of NGX.
When FBNH was rising, it had effect on the whole market.
Now that some banks e.g. Zenith are postponing/delaying their H1 results, it is also taking its toll on the market.
Another factor is the Insurance sector reporting some casualties in the recapitalization exercise.
Once these things normalize, the bigger market would respond accordignly

dermmy:
America met its match this time. Na Iran matter dey give American president mental problem like this.

How has America met its match? By someone in Iran just typing or saying words that have no effect?
Why don't you ask yourself how many American leaders have been killed by Iran in this war? And how many cities in America have been bombed and destroyed by Iran, instead of taking every word of jokers very seriously?

HacheNoire:
Another propaganda to bring prices down!

These western media think we are all fools. You moving 19 million barrels a day and oil keeps going up and US reserves keeps getting depleted.

The question now is, where is the 10 miliin barrel of oil going? Mars or Venus?

Would high prices make you and your Iran happy?
Is high prices your target or objective? I guess you and your Iran just wanted to disrupt world crude oil trade because you lack the capacity to fight the war. Iran just wanted to create an economic crisis to cover up and divert attention from its failures in the war

FreeStuffsNG:
It is all a game of deceit by the Americans.

The Occupation forces are proxies of the US and on both sides, US is dictating. Why was Turkiye not given when others were being given? Just think about that sir

If care is not taken, you would cry ''occupation forces'' till the end of your life and it will not change anything!
The land of Israel, including Judea and Samaria, Jerusalem (whole of Jerusalem), Bethlehem, Schechem (Nablus), Hebron, Jericho, Galilee, Beersheba etc. belong to Israeli Jews and there is nothing anyone can do about it.
Israeli Jews are owners, not occupiers of the land of Judea and Samaria (aka West Bank)

DoWhatThouWilt:
What is your business?

Jealousy!!!

No go hustle! Dey there dey envy person!

Na grace, pray make God give you your own!


This are the replies you will get from Nigerians if you question his source of wealth when he uploaded that video. That is why Nigeria will [b]NEVER progress. You people will continue to look up to thieves and criminals because inwardly that is who you are.
[/b]

You nailed it!
Most, majority of Nigerians are inherently corrupt and would not hesitate to commit crime or dupe anyone to make money

Redoil:
…OPay’s Growth Sharpens Questions Over Access Capital Allocation as Valuation Lags

Access Holdings Plc’s expansion across Africa and beyond is facing question marks from investors as the lender’s asset growth and cross-border ambitions have yet to translate into a valuation comparable with faster-growing digital-finance rivals such as OPay Ltd.

Access Bank Chief Executive Officer Roosevelt Ogbonna said in July 2024 that the group had invested about $1.2 billion in its African and international banking subsidiaries.

The spending was part of a broader strategy to build a continent-wide bank, with the lender targeting trade, payments and corporate-banking flows across African markets and beyond.

Access rapid push abroad, led to the snapping up of assets from Standard Chartered Plc, Atlas Mara Ltd., and KCB Group Plc, among others, to counter naira weakness and non-performing loans.

The question now is whether the investment has spread Access too thin just as fintechs have intensified their hold on Nigeria’s mass-market payments, transfers, merchant acquisition and consumer-finance businesses.

“We are chasing the money,” Ogbonna said during Access Holdings’ rights-issue presentation at the Nigerian Exchange in 2024, describing southern and eastern Africa as more profitable banking markets than parts of West Africa.

He said Access had shifted from an investment phase into a period of consolidation after years of acquisitions, expansion and technology spending.

Scale vs. Market Value

Access remains Nigeria’s largest bank by assets, but the market is placing a far lower value on the group than on OPay’s prospective $4 billion IPO valuation.

At ₦1.46 trillion, Access’s market capitalization is roughly one-quarter of OPay’s proposed valuation.

That disparity does not make the two businesses directly comparable. Banks carry far larger balance sheets, tighter regulation, credit risk and capital requirements, while fintech valuations are often driven by growth expectations, customer acquisition and payment volumes.

Still, the contrast reinforces investor concern that Access’s rapid asset expansion has not yet produced sufficiently strong returns on shareholder capital. Moreover OPAY is just 8 years old in Nigeria and its growth has coincided with the period that Access went chasing the elusive Golden goose overseas.

OPay’s Growth Spurt

OPay reported 2025 revenue of $536.25 million, up 161% from a year earlier, and net income of $72.47 million (₦101.45 billion) compared with a $50.98 million loss in 2024, according to the latest figures seen by MoneyCentral ahead of its IPO. Opay’s 2025 profit was larger than that of Sterling Bank which reported Profit after tax of ₦76.3 billion in 2025.

Gross transaction value rose 115% to $358 billion, lending increased 285% to $938.3 million, and monthly active users grew 57% to 39.3 million.

The numbers highlight how fintech platforms are monetizing the retail market through high-frequency transactions, merchant payments, wallet balances, credit and digital distribution.

For Access, which acquired Diamond Bank in 2019 in a transaction that significantly expanded its Nigerian retail footprint, OPay’s scale raises questions about whether the group is extracting enough value from its domestic customer base.

Access has argued that its strategy is not centered only on Nigeria. Ogbonna said the lender had built a presence in 15 African countries, alongside operations in the UK, France and the UAE, and was pursuing a globally connected African banking platform. He said the bank had about 60 million customers, making it one of Africa’s largest retail banking franchises by customer count.

Access Returns Under Pressure

Access Holdings reported full-year 2025 profit after tax of ₦743 billion, a 15.6% increase from ₦642 billion a year earlier. Interest income rose 5.4% to ₦3.27 trillion, while net fee income gained 40.9% to ₦585 billion.

The headline profit growth masked balance-sheet pressure. Loan impairment charges increased 209% to ₦287.3 billion, while impairment on other financial assets climbed 463% to ₦258.8 billion. Total comprehensive income fell to ₦459 billion from ₦1.01 trillion, weighed down by a ₦272 billion foreign-currency translation loss and a ₦137 billion fair-value loss on debt securities.

Access’s 0.37-times book-value valuation is the clearest market signal of investor caution. Such a discount can reflect concern about future earnings quality, rising credit costs, capital demands, exposure to foreign-currency volatility and uncertainty over whether overseas expansion will deliver returns above the group’s cost of equity.

Capital Allocation Debate

Aigboje Aig-Imoukhuede, Access Holdings’ chairman, told investors during the 2024 rights-issue event that companies eventually need to consolidate and “sweat the assets” they have built. That challenge has become more urgent as the group balances regulatory capital needs with shareholder demands for better returns.

Access’s expansion has increased its geographic reach, diversification and potential access to higher-growth African markets. But it has also required substantial capital, added regulatory complexity and exposed the group to currency translation effects, varying credit cycles and execution risks across multiple jurisdictions.

It has also led to delays in filing quarterly financial results leading to the inability of investors to get a timely snapshot of its operations and leading to a sense of opacity and lack of clarity about its earnings outlook.

The central issue is not whether Access should have built an African or international platform, as its cross-border franchise provides strategic value in trade finance, remittances, corporate banking and regional payments.

The issue is whether the group can now convert scale into stronger returns on assets and equity, while defending Nigeria’s retail-banking franchise against digitally native competitors.

Opay as the New Bride as old Banking Assumptions Fall Apart

Opay has become the new banking bride as investors including established banks seek a piece of the fast growing fintech ahead of its IPO.

Standard Bank Group Ltd., Africa’s largest lender by assets and parent company of Stanbic IBTC Holdings Plc, is in early-stage negotiations to acquire a equity stake in Nigeria-focused digital payments platform OPay Digital Services Ltd.

The strategic transaction comes as OPay prepares for a New York initial public offering (IPO) that could value the fintech firm at $4.0 billion—double the $2.0 billion valuation achieved during its Series C funding round in 2021.

OPay has retained Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. as lead underwriters for the planned US listing.

Nigerian lenders like Access Bank and Guaranty Trust Holding Company (GTCO) pushed to transform into a Holding Company (HoldCo) model thinking that growth will come from varied non-bank subsidiaries such as Pensions, Asset management and Payments.

So far the lesson has however been that core retail banking and using technology to crack consumer lending like the fintech’s (Opay, Moniepoint) have done has been far more of a growth driver.

What Investors Will Watch

The next phase for Access is less about acquiring new assets and more about proving it can extract higher returns from the ones it already controls. OPay’s rapid move from loss to profitability shows the value investors place on scalable retail payments and digital distribution.

For Access, the challenge is to turn its larger customer base, banking license, deposit franchise and regional network into a similarly compelling shareholder proposition.

All this so-called ''analysis'' on Access bank is because they could not pay dividend due to CBN's regulatory hurdle.
Once they pay dividend, the so called ''market signal of investor caution'' or ''concern'' will vanish into thin air.
Investors are just looking for good dividend (return) on their investment, which then impacts on share price and other valuation metrics. Simple!

BATified2023:
the question I want to ask u is that what do u think is the worst that can even happen if the file is released?

The worst that can happen is that Tinubu did drugs n the proceeds were confiscated, which other thing?

Can it stop his followers from supporting him?

No

So what's d noise about?

Even trump get case, wetin come remain

Some people had been disqualified in the past because of such reports.
If Nigerians are very enlightened, objective, morally sound and politically savvy, such a person should never win an election.
Such a person can never win an election in a place like Ghana, for instance.

ppogba:
CBN approval seems to be come late these days. The FYE of the banks is a pointer to this.

Either maybe the CBN itself has it's hand full or perhaps more scrutiny of the submitted results.

Okay

Agbalowomeri:
Maybe the latest HoldCo rules

What about GTCo

Okay.
I have not read/heard anything from GT

faoogoke:
When Accesscorp released the same statement they got the usual bashing.

Yes, but Access was already missing their deadlines and barred from interim dividend even in FY2025.
I think this is first time Zenith will be missing deadlines in recent time.

Princkez:
I don't think it's their fault, they are awaiting CBN’S approval.

The same CBN approved all prior year results which were released timeously.
CBN approval is not new. I think there may be some knotty regulatory issues to resolve

yMcy56:
That's why I used to complain about these regulators sometimes.
Aren't they supposed to put the stock on suspension since market opens?

Some unsuspecting ones are still buying while the offers are increasing..

They used to put such stocks on suspension, but stakeholders complained that placing such on suspension was indirectly preventing them from trading at their market value and thereby prone to manipulation and abuse

KarlTom:
ZENITH

It is very unusual, and highly suspicious for Zenith (of all banks) to release H1 results in October.

HacheNoire:
.

Keep on deceiving yourselves. How many militaries in the world have fought more wars and emerged victorious than Israel?.
Turkey go collect and the madness in the head of their leader Edorgan go clear.
Israel will teach them a lesson.

ppogba:
And if you see the way they promoted this Universal on this platform ehn... Make I no mention name Sha.
...

Timing is also crucial and should be considered.
I recall Universal was mentioned by some when it was around 0.30kobo and it rose to around N1 before nosediving again.

robobo:
Now you are seeing the good side of my post that it is a "promotion"

Thanks, I appreciate the ''promotion''
Kindly let me know when the ''benefits'' and ''privileges'' of the ''promotion'' will be made available to me.
Once again thanks, and God '''bress'' you for the ''promotion''.
You are ''bressed''

robobo:
Oga Mike. i can only lollllllllllll

Emotional on Oando how many of its post have i commented on, i beg i get better thing to do

i have told you that if someone equates me to Elumelu or Otedola, i will take it as a good humour. does it mean this gentlemen are not being dragged also in the media, dont they come with their own negative baggage?

i am sorry oooo. if you dont see the humour in my equating you to wale

Let's focus of facts. That's how we can educate ourselves to take informed decisions on any stock.
Equating someone here to Elumelu, Otedola or Wale is neither here nor there.
I am even grateful that you ''promoted'' me and equated me with Wale, a billionaire. At least, it is better than alleging that I am always ''defending'' him.

HacheNoire:
Seems the devil has started romancing Israel.

Better not start a beef with Turkey! They armed to the teeth, and even the US won’t bail you out!

You people said the same thing about Hamas, Hezbollah and Iran!
Turkey will learn a bitter learn if they try any nonsense with Israel. Mark this!

robobo:
Oga Mike. Na for where i call you names in my post? I only equates you to Wale via an alias. If anybody alias me as Elumelu or Otedola, i will only laugh and take it as good humour.

You need to be less emotional on Oando.

As for the shade on being able to read AFS, i take it in good faith because i have never denied that i went to night school.

FYI this moniker also is in the Oando boat albeit since several years back and already written off from my books.

Selah

You are the one being emotional, always throwing up allegations, calling one names etc.
Each time an opinion is expressed on Oando that may be contrary to yours, you personalize it right away.
You have even promoted me from ''defending'' Wale, and have now given me his name..

I did not shade you. I only referred to the source of information that formed the basis of my opinion. I was expecting you to say my source is inaccurate or a lie. I cannot conjecture phantom reactionary theories or allegations just because I am not happy about the situation of the stock.
Let's focus on facts, and put the right pressure where it matters.

robobo:
Abeggiiii. Make Wale (alias Mikeapollo) face front

Which huge funds does he need wey wan pass Aradel and Seplat own

did Aradel listed on multiple exchanges to achieve its own

Even Seplat wey list for London na very recently dem list

what has been the benefit of Oando listed in JSE after more than 10 years

that is after listing on Toronto exchange earlier on

The guy is just a confused man all because he wan chop alone

I read the AFS and understand that the company is hugely indebted. They also announced they want to raise fresh capital to settle the debts
If you dont know or understand the above, then I cannot force you to.
My investment decisions/appraisals are not controlled by emotions. Once I lose confidence in the prospects and management of a company, I sell off and have my peace. Anyone can do same, including you.
No need attacking or calling anyone sharing his opinion names. It is petty, amateurish, childish and doesnt make sense
I

Racoon:
https://punchng.com/dont-pressure-adeboye-to-speak-against-tinubu-rccg-overseer/?utm_source=rss.punchng.com&utm_medium=web

Who pressured him to speak against previous governments, if he did?

faoogoke:
It may be a ploy by Wale to keep shareholders hoping for a better tomorrow.

How?
The decision/resolution to raise capital in foreign currency was approved at prior AGM.

KarlTom:
Seems OandO intends to deal in cryptocurrencies and tokens wrt the digital assets mentioned in the Res 3.2
Similarly, OandO is seeking permission to list on another exchange. Are they going to exit the JSE or end up listing on at least three (3) exchanges?

We dey observe

I guess seeking to list on another exchange is to enable them raise equity/debt capital in dollars/euros.
They need huge funds to clear the commercial loans costing billions in finance costs thereby draining profits.

chimex38:
It's not just DR size comparison:
It's communication.
Neimeth also announced and applied for it's RI in same February as OandO.

It has taken-off, completed and shares distributed to shareholders, all within
6-7months!!

Okay, I agree with the communication aspect

erad:
Lol... This one has swallowed propaganda hook, line and sinker.

Simple question... Let's assume Iran has been gravely weakened by USA with all the bombings and all, why has israel not taken advantage to finish the job? We all know Israel loves weak targets, reason they are only deadly against women and children in Palestine and Lebanon.

Israel does not need US to weaken Iran before they attack.

You want Israel to continue the war after agreement was reached for ceasefire after lengthy negotiations and global outcries? Israel reluctantly accept the ceasefire with Iran and Hezbollah after so much pressure from US.

Israel singlehandedly killed Iran's top nuclear scientists, army generals, the Ayatollah and IRGC commanders using female pilots. They neutralized Iran's air defense and anti-aircraft systems. That is why they could fly over 200 warplanes in the skies of Iran without losing a single plane or soldier! You think those planes went to Iran for tourism? They rained destruction on Iran! Why do you thing Iran could not fly their warplanes?

How many Israeli top generals or govt officials or soldiers did Iran kill?

chimex38:
@bolded
Fixed
Dem no get choice

This your ''close marking'' is serious.
No breathing space for Wale

chimex38:
At least DR dey announce postponement from time to time.

OandO Announcement and application since February fah?

If dem no publicize the RI price until closer to take-off date, ee for better sef.

If dem no dey postpone, dey better dey cook better organic sauce wey go make SP fly.

Oando's is a multi-tiered capital raising exercise; different from a straight-forward IPO like DR.
Once regulatory approval has been obtained, the rest would follow when they are ready.

jonnysessy:
Considering the price depreciation, that angle is dead on arrival. To think that i entered this stock at N40 thinking i will make at least N10 for jijo if the right issue scaled through.

When they are ready, they would ''engineer'' the price to the level they want.
Once regulatory approval has been given, it will be done..
They may also want to release some positive news before announcing the take off.
Never say never