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The Association of Securities Dealing Houses of Nigeria (ASHON) has expressed concern over the Central Bank of Nigeria’s (CBN’s) recent circular temporarily suspending dividend payments by banks. Mr Sam Onukwue, Chairman of ASHON in a statement on Tuesday, said that the directive, issued June 13, was said to ensure compliance with regulatory forbearance and Single ...
The Naira closed the trading week on a weaker footing on Friday, settling at N1,549.35 to the US Dollar at the official market, according to data published on the Central Bank of Nigeria’s website. This reflects a decline of N9.62k from the previous close, amounting to a 0.6 per cent depreciation when compared to the ...
More than 2,000 students representing 500 schools from across Nigeria are expected to participate in the 2025 EcoBank National School Team Chess Championship, scheduled to take place from 26 to 28 June at the EcoBank Pan African Centre, Victoria Island, Lagos. This was confirmed by the Vice President of the Nigeria Chess Federation, Adeyinka Adewale, ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has instructed all banks to temporarily halt the payment of dividends to shareholders, postpone the disbursement of bonuses to directors and senior management, and suspend investments in foreign subsidiaries or the launch of new offshore ventures. This directive was issued through a circular dated 13 June ...
The Nigerian equities market extended its bullish trend last week, recording a notable ₦513 billion gain over just three trading sessions, as the Eid-el-Kabir and Democracy Day holidays shortened the trading week. Market capitalisation rose to ₦72.788 trillion from ₦72.275 trillion in the previous week, while the All-Share Index (ASI) increased by 0.71 per cent, ...
The Nigerian stock market closed the trading week on a positive note on Friday, posting a gain of ₦486 billion in capitalisation despite a shortened trading window due to the Eid Kabir and Democracy Day public holidays observed on Monday and Thursday. Market capitalisation climbed by ₦486 billion or 0.67 per cent, finishing at ₦72.788 ...
Stories by Seun Ibiyemi The Chairman of Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, has praised China’s economic strides and called for stronger collaboration between China and Africa to drive mutual growth and global influence. Kwairanga made the remarks while speaking at the China-Africa Economic and Trade Expo, currently taking place from June 11 to ...
Nigeria’s equities market continued its rally on Wednesday, as bargain hunters furthered their activities in June. This month, the market has risen by 2.61 percent, pushing the return this year to a new high of 11.40 percent. Futureview analysts had said in their June 10 note that they “expect the equities market to maintain bullish ...
Fitch Ratings for the tenth consecutive year reaffirmed Stanbic IBTC Holdings PLC with its ‘AAA(nga)’ rating and Stable Outlook underscoring the Group’s financial strength and commitment to Nigeria’s economic development. The company in a statement said, “Fitch’s latest rating action reflects the strength of Stanbic IBTC’s operating model, the Group’s prudent risk management practices, and ...
Keystone Bank Limited has been named the “Most Friendly SME Bank of the Year 2024” at the Champion Newspapers Annual Awards held over the weekend in Lagos, in recognition of the bank’s support and strategic interventions in Nigeria’s small and medium enterprises sector. The award, presented by the Chairman of the Nigerians in Diaspora Commission, ...
By Seun Ibiyemi In furtherance of its long-standing commitment to education and youth development, leading financial institution, Fidelity Bank Plc, has donated a wide range of relief and academic materials to Government Junior Secondary School, Elekahia, Port Harcourt, Rivers State. The donation was made possible by the unwavering dedication and generosity of a class of ...
Nigeria's downstream oil sector is on the cusp of a monumental transformation, as Aliko Dangote, President of Dangote Group and the visionary behind the colossal Dangote Petroleum Refinery, signals an imminent "shakeup." Following President Bola Tinubu's recent visit to the landmark $20 billion Lekki-based facility, Dangote revealed that a significant announcement is forthcoming, one he ...
Global economic growth is expected to slow to 2.3 per cent in 2025, driven by rising trade tensions and ongoing policy instability, according to the World Bank’s latest Global Economic Prospects report. In a briefing issued on Tuesday through the bank’s Online Media Briefing Centre, officials confirmed that the revised outlook marks a drop of ...
Global economic growth is projected to slow to 2.3 per cent in 2025 due to mounting trade tensions and persistent policy uncertainty, according to the World Bank’s latest Global Economic Prospects report. A statement from the bank’s Online Media Briefing Centre on Tuesday noted that the new forecast was nearly half a percentage point lower ...
By Matthew Denis The United States Ambassador to Nigeria, Richard Mills Jr, has disclosed that the United States and Nigeria have come in deepening our people-to-people ties, the foundation of our relationship. He made the disclosure on Thursday at the Fireside Chat held at the Lagos Business School under the theme ‘Toward a Robust US-Nigeria ...
The Kogi State Government has announced that it has successfully cleared N98.8 billion in debt inherited from previous administrations, achieving this milestone within just 15 months of Governor Ahmed Usman Ododo’s tenure. The debts repaid include N8 billion in bonds from the Idris Wada administration, N50.8 billion in salary bailout loans from the immediate past ...
By Seun Ibiyemi The Debt Management Office (DMO), acting on behalf of the Federal Government, has opened a new offer for subscription to two Federal Government of Nigeria (FGN) Savings Bonds, available at N1,000 per unit. In a statement released on Monday in Abuja, the DMO announced that the first is a two-year FGN Savings ...
The Securities and Exchange Commission (SEC) has called for urgent mobilisation of African capital markets to address the continent’s vast financing shortfall for climate adaptation initiatives. Speaking in Lagos during the recently concluded African Development Bank (AfDB) Annual General Meeting, the Director-General of the SEC, Dr Emomotimi Agama, made this appeal in a presentation titled ...
By Seun Ibiyemi Despite forecasts pointing to a mixed week for equities, Nigeria’s stock market began June on a strong footing, posting a 0.26 per cent gain on Monday, equivalent to N179 billion in market capitalisation. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose from 111,742.01 points to 112,026.24 points. Market Capitalisation followed suit, ...
Honeywell Flour Mills Plc has reported a pre-tax profit of N21.39 billion for the financial year ended 31 March 2025, marking a significant turnaround from the N8.5 billion loss recorded during the same period in 2024. The recovery was largely driven by a sharp drop in exchange losses and a substantial increase in revenue. The ...
The Managing Director of Globalview Capital Ltd., Mr Aruna Kebira, has said that President Bola Tinubu’s administration has positively influenced Nigeria’s capital market, despite persistent economic difficulties. Speaking in an interview with journalists over the weekend, Kebira pointed out that a raft of reforms introduced under Tinubu’s leadership has strengthened investor confidence and spurred robust ...
The Nigerian stock market wrapped up the trading week on a downbeat note on Friday, with key performance indicators posting a marginal decline of 0.07 percent. Market capitalisation dropped by ₦48 billion, settling at ₦70.462 trillion compared to the ₦70.510 trillion recorded on Thursday. Similarly, the All-Share Index (ASI) slipped by 76.07 points, or 0.07 ...
By Seun Ibiyemi Investors on the Nigerian Exchange traded a total of 3.794 billion shares worth ₦119.394 billion in 89,636 transactions this week, marking a significant uptick in market activity compared to the previous week. This comes as the Nigerian equities market rebounded strongly from last week’s downturn, racking up a remarkable ₦1.711 trillion in ...
