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The African Export-Import Bank (Afreximbank) and its subsidiaries (the Group) recorded a 30 per cent increase in net income to 534.7 million dollars in the first half of 2026. The bank disclosed this in a statement issued by Vincent Musumba, Communications and Events Manager, Afreximbank, on Wednesday, on its financial results for the six months ...
ThriveAgric has completed an oversubscribed debut commercial paper issuance, raising about N5.3 billion after strong institutional demand pushed the company above its initial N5 billion target. The technology-driven agricultural company said the Series 1 issuance marks its first foray into Nigeria’s debt capital markets and follows approval from the Securities and Exchange Commission for its ...
Three insurance equities accounted for 4.168 billion shares valued at N9.249 billion in 1,660 deals on the Nigerian Exchange Ltd. (NGX) during the week under review. The equities, Fortis Global Insurance Plc, Lasaco Assurance Plc and Consolidated Hallmark Holdings Plc, were among the most actively traded stocks during the period. The activity reflected continued investor ...
FTN Cocoa Processors Plc has notified the Nigerian Exchange Limited (NGX), its shareholders, and the investing public of the passing of its Board Chairman, High Chief (Sir) S.O. Oguntimehin, and the subsequent appointment of Otunba Wale Jubril as Interim Chairman. According to a regulatory filing by the agro-allied company, Oguntimehin passed away on March 30, ...
Pharmaceutical manufacturer, May & Baker Nigeria Plc has disassociated itself from a fraudulent online investment scheme titled “M&B Equity Stake” currently circulating across social media and messaging platforms. In a regulatory disclosure released through the Nigerian Exchange Limited (NGX), the company warned that unauthorized entities are soliciting funds from members of the public by promising ...
...as NAICOM appoints liquidator, revokes license Universal Insurance Plc has failed to meet the revised minimum capital requirement for non-life insurers. This is as the National Insurance Commission (NAICOM) announced the revocation of the company's operating licence and appointed a receiver and provisional liquidator to take over the company. The regulatory intervention took effect on August 14, 2026, following an official notice issued to the board of Universal Insurance pursuant ...
The Naira on Tuesday further appreciated at the official market, trading at N1,343.32 to the US dollar. Data from the Central Bank of Nigeria (CBN) showed that the currency gained N6.21 against the dollar. The latest rate represents a 0.4 per cent appreciation compared with Monday’s rate of N1,349.53 per dollar. The appreciation underscores the ...
Airtel Africa plc has continued the execution of its share buy-back programme, announcing the purchase of 658,401 ordinary shares from Citigroup Global Markets Limited across the London Stock Exchange and alternative trading venues. According to a corporate filing submitted to the Nigerian Exchange Limited (NGX), the transactions were carried out pursuant to pre-set instructions issued ...
The Bank of Industry Limited (BOI) has revealed that its ₦250 billion Series 1 Fixed Rate Bond was oversubscribed within five days. The bank issued the bond through its BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme. BOI Chief Executive Officer Olasupo Olusi said the bond's oversubscription indicates investors’ confidence in the bank and Nigeria. “The strength of the investor response is a vote of confidence not ...
The equities market opened the week on a negative note on Monday as indices dipped by 0.07 per cent due to profit-taking in medium and large-capitalised stocks. This marked the 5th consecutive session of bearish rally. Market capitalisation fell by N107 billion, or 0.07 per cent, closing at N156,517 trillion, compared with N156,623 trillion recorded ...
By Precious Mark The Federal Government on Friday inaugurated the newly appointed board of the National Salaries, Incomes and Wages Commission (NSIWC), charging members to provide strategic leadership that ensures fair remuneration, enhanced productivity, and industrial harmony across the country. The inauguration ceremony was performed in Abuja by the Secretary to the Government of the ...
The National Pension Commission (PenCom) has given reasons why it may not be able to hit its Personal Pension Plan (PPP) target of achieving a 30% funded account ratio by the fourth quarter of 2026. The commission cited widespread funding deficits and an entrenched gap between registration and active contributions. According to the latest Nigerian Pension Industry Quarterly Report, only ...
The Nigerian Exchange (NGX) is set to commence the implementation of a revised pricing methodology for equities trading on Monday, August 17, 2026. The new methodology introduces a tiered minimum trading volume thresholds that could significantly alter how the market’s most expensive stocks respond to buying and selling pressure. The Exchange described the change as designed to strengthen price discovery by ensuring that ...
By Precious Mark The Central Bank of Nigeria (CBN) has announced the commencement of Cohort 2 of its Regulatory Sandbox Programme, opening the application window from August 12, 2026, until August 31, 2026, for eligible financial institutions, fintechs, Virtual Asset Service Providers (VASPs), and technology companies. Disclosing the development in a statement issued on Wednesday, ...
By Firdaus Jibril The Central Bank of Nigeria (CBN) has widened participation in its Open Market Operations (OMO), allowing individuals, corporate organisations and non-bank financial institutions to participate in the market through Deposit Money Banks. The change is part of a review of the apex bank’s money-market operations aimed at improving liquidity management and strengthening ...
The Nigerian Exchange Ltd. (NGX) equities market on Tuesday reversed its four-session bullish run, losing N1.166 trillion in market capitalisation amid sell-offs in key stocks. Market capitalisation fell by 0.73 per cent from N160.421 trillion to N159.255 trillion, while the All-Share Index (ASI) shed 1,806.18 points to close at 246,723.57. The market’s year-to-date return also ...
The Chartered Institute of Bankers of Nigeria (CIBN) has called for a stronger collaboration with the Lagos State Government to boost Micro, Small, and Medium Enterprise (MSME) growth, financial inclusion, and banking innovation. The President and Chairman of the Council of the CIBN, Dr. Dele Alabi, made the call during a courtesy visit to Governor ...
Heirs Life Assurance has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026. The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria. Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent among the lowest globally highlighting the need to expand financial ...
Billionaire investor, Femi Otedola has increased his direct and indirect equity stake in First HoldCo Plc to 26.17 percent following a fresh share acquisition worth ₦18.1 billion. The transaction was disclosed in a regulatory filing made to the Nigerian Exchange Limited (NGX). According to the disclosure, Otedola acquired additional units of First HoldCo’s ordinary shares through his investment vehicles, pushing his aggregate holdings higher and consolidating his position as the single largest ...
The equities market recorded N235 billion gain on Friday at the close of trading, reflecting sustained bullish sentiment among investors. This marked the 3rd consecutive bullish session in the week. The performance underscored renewed investor confidence in the stock market, driven by increased demand for blue-chip stocks and sustained positive market momentum. Market capitalisation rose ...
Shareholders of Nigeria’s leading pharmaceutical manufacturer, Fidson Healthcare Plc, have approved a dividend payout of ₦1.50 per 50 kobo ordinary share, totaling ₦3.6 billion, during the company’s 27th Annual General Meeting held virtually on Thursday, July 30, 2026. The dividend highlights a historic performance period in which the company recorded ₦119.06 billion in annual revenue, ...
Beta Glass Plc, West and Central Africa’s leading glass container manufacturer, has declared a Profit After Tax of ₦16.16 billion for the six months ended June 30, 2026, according to its Unaudited Interim Financial Statements released by the Board of Directors. The company recorded a solid financial performance in the second quarter of 2026, generating ...
Sunbeth Global Concepts Limited has been assigned national scale investment-grade credit ratings by SEC-regulated rating agencies Agusto & Co. and Intelligence Africa, affirming the company’s financial stability, operational resilience, and long-term expansion strategy. Agusto & Co. assigned Sunbeth an A2 Short-term rating and a Bbb Long-term rating.Meanwhile, Intelligence Africa issued a first-time rating on July ...
