Capital Market
Ecobank grows profit to $407m
Ecobank Transnational Incorporated grew its profit after tax by 11 per cent year-on-year to $407m in 2023 from $367m in the previous year. This was indicated in its financial results filed with the Ni...
2nd May 2024
FCMB’s digital revenue hits N60bn
FCMB Group Plc has revealed that its digital revenue improved by 62.4 per cent in 2023 to N60.3bn from N37.1bn in the previous year. The lender disclosed in its 2023 audited financial, which was filed...
2nd May 2024
Agama assumes office as SEC DG
The newly-appointed Director General of the Securities and Exchange Commission, Dr Emomotimi Agama, assumed office at the commission’s Head office in Abuja on Tuesday. President Bola Tinubu announce...
2nd May 2024
Abiodun woos more investors to Ogun
Ogun State Governor, Dapo Abiodun has called on investors across the globe to tap into the enormous investment opportunities in the state, assuring them that his administration is committed to creatin...
2nd May 2024
Guinness optimistic despite N81bn FX loss
Guinness Nigeria Plc has improved its operating profit by 27 per cent to N2.21bn in the first quarter of 2024 despite N81bn foreign exchange loss. This was revealed in the unaudited financial results ...
2nd May 2024
Banking stocks dominate trading as investors gain N196bn
Banking stocks were the toast of investors on Tuesday as the Nigerian equity market reversed the previous loss. The top five traded stocks on the local bourse at the close of trading were Guaranty Tru...
1st May 2024
Dangote declares naira depreciation biggest challenge in 2023
The President of Dangote Industries Limited, Aliko Dangote, has said that the depreciation of the local currency was the company’s biggest challenge in 2023. He stated this on Tuesday during his rem...
1st May 2024
$2.4bn forex claims fictitious, says CBN
About $2.4bn out of the claimed backlog of $7bn forex claims were fictitious, the Deputy Governor of Corporate Services at the Central Bank of Nigeria, Mohammed Bello, has said. He made this statement...
30th April 2024
Fintech can lift millions out of poverty, experts declare
Some experts have said that leveraging financial technology to promote financial inclusion could lift millions of Nigerians out of poverty. This was asserted at the maiden Nigeria Fintech & Financ...
30th April 2024
Dangote Sugar, CAP drag equity market to N154bn loss
Investors lost N154bn on Monday on the back of the decline suffered by Dangote Sugar, Secure Electronic Technology, CAP and 17 other stocks. Bearish trading followed the prevailing sentiments in the m...
30th April 2024
Oando staff charity reached 37,550 in four years
An independent charity powered by Oando employees, The Aggregator Programme for the Alleviation of Hunger, has revealed that it has impacted 37,550 people in 33 communities in Lagos since it was estab...
30th April 2024
$4tn needed annually to achieve SDGs, says Adesina
African Development Bank Group President, Dr Akinwumi Adesina, has disclosed that about N4tn is needed annually to achieve the Sustainable Development Goals by 2030. He stated this at the Islamic Deve...
30th April 2024
S’West SSGs to attend Odu’a Investment AGM
The secretaries to the governments of the South-West shareholder states of Odu’a Investment Company are expected at the firm’s 42nd Annual General Meeting. The six South-West shareholder states of...
29th April 2024
Investors lose N785bn as equity market sustains downtrend
There was no respite for equity market investors in the past week, as they saw a N785bn reduction in their net value. This marked the fourth consecutive week of negative trading on the Nigerian Exchan...
29th April 2024
International Breweries plans debt reduction to boost profitability
International Breweries has stated that it would be able to return to profitability on the back of its rights issue as well as the shareholder loan approved at its recently held extraordinary general ...
26th April 2024
Stanbic IBTC seeks improved investment in energy
Stanbic IBTC Holdings has canvassed for improved investment in energy and infrastructure in the country to boost economic activities. The Chief Executive Officer of the group, Dr Demola Sogunle, state...
26th April 2024
Over 80% of Nigerian farmers poor – AFEX
Pan-African commodities player, AFEX, has stated that over 80 per cent of farmers in Nigeria are below the poverty line. This was revealed in its second impact report covering its activities over the ...
26th April 2024
Fast Credit redeems Series 4 commercial paper
Fast Credit Limited has announced the successful payout of Series 4 of its commercial paper. A statement from the firm on Thursday said the commercial paper issuance attracted widespread attention fro...
26th April 2024
BII, Citi to support African SMEs with $100m
The United Kingdom’s development finance institution and impact investor, British International Investment, has announced the signing of a $100m risk-sharing facility with Citi to support the trade ...
25th April 2024
Stanbic IBTC Holdings to raise N550bn via debt, rights issue
Stanbic IBTC Holdings Plc has revealed plans to raise about N550bn through a debt issuance programme and a right issue. This was disclosed in a notice of its annual general meeting filed with the Nige...
25th April 2024
PZ Cussons repatriated £35m from Nigeria in 10 months
Multinational consumer goods company, PZ Cussons, has disclosed that it successfully repatriated £35m from Nigeria in the first 10 months of the current financial year. The firm, in a trading update ...
25th April 2024
Transcorp Hotels to expand operations – MD
The Managing Director/Chief Executive Officer of Transcorp Hotels, Dupe Olusola, has said that the hospitality group is aiming to expand its operational footprints across the country and even to the A...
22nd April 2024
SEC brings N2.36tn special funds into custody
The Securities and Exchange Commission has revealed that it has brought about N2.36tn in discretionary and non-discretionary funds under custody following updates to the guidelines for Collective Inve...
22nd April 2024
Equity market suffers N1.6tn loss in one week
The Nigerian equity market was in the red zone throughout last week, as investors lost N1.57tn. According to analysts, the pullback in the domestic equity market, which has persisted for some weeks, r...
22nd April 2024
NB completes Distell Wines acquisition June, Heineken shuts two plants
Nigerian Breweries aims to acquire an 80 per cent stake in Distell Wines & Spirits Nigeria Limited by the end of the first half of the year. The Managing Director/Chief Executive Officer of NB Plc...
18th April 2024
Signature Bank opens new branch in Asaba
One of the newly licensed banks in Nigeria, Signature Bank, has expanded its operations with the establishment of a new branch in Asaba, Delta State. In a recent statement announcing the opening, the ...
18th April 2024
Tinubu committed to conclusion of Seplat-ExxonMobil deal – Lokpobiri
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has said that President Bola Tinubu is committed to the closure of the acquisition of Mobil Producing Nigeria Unlimited from ExxonMob...
17th April 2024
SEC to boost market confidence at CMC meeting
The Securities and Exchange Commission of Nigeria has announced the virtual Capital Market Committee meeting for the first quarter of 2024. The meeting, which is scheduled for Thursday, April 18, will...
16th April 2024
Seplat Energy shareholders got $575m dividends in 10 years – CFO
Shareholders of indigenous energy company, Seplat Energy, have received $575m as dividends since it was listed on the Nigerian Stock Exchange and the London Stock Exchange a decade ago. The firm’s d...
16th April 2024
Listed firms seek FG intervention in manufacturing sector
Nigerian Exchange Group and some listed companies have sought the intervention of the Federal Government to ease the challenges faced by the manufacturing sector in the country. This was the fallout o...
16th April 2024
Investors undersubscribed Royal Exchange rights issue by over 24%
Life assurance, health insurance and credit financing group, Royal Exchange Plc, failed to record the full subscription of its rights issue as it closed at 75.83 per cent. This was indicated in the we...
15th April 2024
