Business
Foreign Portfolio Investments Drop 49% In 2 Months Of 2023
Published
2 years agoon
By
Editor
There are indications that foreign investors are not yet comfortable with Nigeria’s external sector position as well as the political environment as Foreign Portfolio Investments, FPIs, declined by a significant 48.7 percent in the first two months of this year when compared to the corresponding period of 2022.
The foreign investors had renewed their divestment measures some months before the general elections, a development which signaled lack of confidence.
Vanguard findings from the latest data released by the Nigerian Exchange Limited, NGX, revealed that the value of FP1s for the two months of the year stood at N44.52 billion as against N86.74 billion in the corresponding period of 2022.
In January 2023, the FPIs declined by 39.7 % to N24.9 billion as against N41.31 billion in the corresponding period of 2022. In February 2023 it dropped by a whopping 56.8 % to N19.62 billion as against N45.43 billion in the corresponding period of 2022.
READ ALSO: Naira Depreciates Against Dollar At Investors’ Window
Economy experts and analysts have attributed the decline on FPIs to foreign exchange volatility, inconsistent government policies, and market regulations among others.
In the absence of the foreign investors, the domestic counterparts have filled the gap and in February 2022 they accounted for 88.41 percent of the total value of transactions recorded in the bourse.
The total value of transactions recorded by the Exchange for the two months period stood at N384.01 billion.
Analysis from the latest figure released by the Exchange showed that foreign investors accounted for only 11.59 percent of the total value of transactions.
A review of the transactions showed that in January 2023 domestic investors outperformed the foreign investors accounting for 87.24 percent or N170.20 billion of the total transaction valued at N195.10 billion.
READ ALSO: Stock Investors Record N13bn Loss In Seven Days Over Interest Rates Hike
In the month of February 2023 the domestic investors also outperformed foreign investors accounting for 89.61 percent of the total value of transactions worth N188.91 billion.
Findings revealed that institutional investors dominated the domestic investments in the two months period representing 79.2 percent of the domestic investments worth N339.49 billion.
Experts’ comment
Many financial analysts believe FPIs commitment in Nigeria is on downward trend because of the exchange rate volatility and the political situation in the country.
Commenting, analyst and Executive Vice Chairman, David Adonri, said: “There is a foreign exchange rate risk attendant to foreign portfolio investment. Persistent depreciation of the Naira in recent past is capable of heightening exchange rate risk leading to loss on investments.
“Secondly, foreign portfolio investors’ confidence was eroded by their inability to remit proceeds of their investments.
READ ALSO: CCB Opens Investigation into Atiku’s SPV Saga, Invites Keyamo
“Finally, FPIs are sensitive to socio-political events. Few of the investors who have taken the risk arising for the political tension are investing in Fixed Income, FI.
“The political tension in Nigeria even with the conclusion of the general election is still not over and it continued to threaten the safety of their investments, hence their low confidence in the economy.
“If the new administration is able to make the market attractive we would begin to see foreign investors back to the market.”
Tajudeen Olayinka, CEO of Wyoming Capital and Partners, said: “The Foreign Portfolio Investment in equity is declining because of the exchange rate management.
“A situation of multiple exchange rate regime cannot give room for proper allocation of resources in the economy. This is one of the macroeconomic factors that have made it difficult for Nigeria’s economy to adjust to full employment output and external balance over the years.
READ ALSO: 100,000 May Stall Investigation Of Murdered Enugu House Help– Group
“This situation may improve in the coming years with an administration that has preference for private sector dominance.”
Also commenting, Prof. Uche Uwaleke, Economy expert and President Association of Capital Market Academic of Nigeria, said: “Until we begin to see changes in the monetary policies such as exchange rate, improved market regulations the FPIs will continue to fall.”
Reacting to the decline in FPI, analyst/ Head of Research and Investment, Fidelity Securities Limited, Victor Chiazor, said: “We have constantly seen reduction in foreign portfolio investments year-on-year, YoY, and it is likely that the situation may change once the new administration get things right in the Nigerian economic management system.”
He added, “Issues around exchange rate, capital importation and corporate governance amongst others continue to discourage foreign inflow.
“Until foreign investors see concrete policies and effort to correct some of these anomalies, domestic investors will continue to carry the market.
“Moreso, over the years we have seen investors confidence reduce which has led to the drop in Foreign Portfolio Investment.
“Issues around unavailability of foreign exchange, corporate governance, weak market regulation and oversight function and inconsistent government policies have weakened foreign participation in the equities market and until all of these issues are addressed the market will continue to be dominated by domestic participants.”
VANGUARD
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Business
Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop
Published
1 week agoon
July 24, 2025By
Editor
Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.
The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.
This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.
From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.
This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.
However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.
Business
French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Published
1 week agoon
July 23, 2025By
Editor
French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.
The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.
For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.
MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.
Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.
In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.
It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.
This represents an N5 per litre downward price review when compared to its earlier N895 pump price.
NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.
READ ALSO: First Bank: Controversy Trails Multi-billion Naira Shares Deal
The latest adjustment comes barely a week after the company implemented a retail price slash.
While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.
The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.
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