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The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to step up diplomatic engagement through the appropriate ministries to address the recent imposition of tariffs by the United States on Nigerian goods. Speaking during a press briefing on Thursday in Lagos at the chamber’s quarterly review of the economy, LCCI ...
Nigerian Breweries Plc has released its financial results for the first quarter ended March 31, 2025, reporting a pre-tax profit of N69.9 billion. This is a notable recovery from a pre-tax loss of N65.5 billion in the same quarter of 2024, primarily due to increased revenue and a significant reduction in foreign exchange losses. Net ...
The naira held its ground at the official foreign exchange (FX) market on Tuesday, buoyed by improved liquidity conditions across trading platforms. At the close of trading, the naira strengthened marginally against the US dollar, appreciating by N5.53 to settle at N1,598.95 per dollar. This represents a 0.4 percent gain compared to Monday’s closing rate ...
The Nigerian Exchange Limited (NGX) recorded its steepest drop of the week on Wednesday, as the All-Share Index (ASI) fell by 0.68 percent. The downturn was largely driven by losses in key stocks, with Industrial & Medical Gases Nigeria Plc (IMG) topping the list of major decliners. At the close of trading, investors saw a ...
…Proposes N2.50 dividend amid strong lending gains Access Holdings Plc has published its audited financial statements for the 2024 fiscal year, revealing a pre-tax profit of N867.02 billion, an increase from N729.00 billion recorded the previous year. Gross earnings rose sharply to N4.878 trillion, almost doubling the N2.594 trillion reported in 2023. After-tax profit stood ...
Access Holdings Plc. says it generated N642.22 billion as profit for the year ended Dec. 31, 2024. This is a 3.7 per cent increase from the N619.32 billion it generated in 2023. The company made this known in a corporate disclosure through the Nigerian Exchange Group on Wednesday in Lagos. It also proposed a final ...
Nigeria’s stock market recorded a modest gain on Tuesday, edging up by 0.03 percent, as investor demand increased for Unilever Nigeria Plc and other attractively priced equities. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose slightly from 104,529.62 points to 104,560.02 points, while the overall market capitalisation improved from N65.685 trillion to N65.704 trillion. ...
The Nigerian Exchange Group (NGX Group) has paid tribute to its retired directors, whose visionary leadership and far-reaching decisions have helped define the landscape of Nigeria’s capital market over the decades. The celebration followed the group’s 64th Annual General Meeting (AGM) held in Lagos, where the organisation restated its commitment to carrying forward a legacy ...
By Seun Ibiyemi Banks across Nigeria are urging the Federal Government to introduce tax incentives and reliefs for financial institutions that channel funds into infrastructure and mining projects—drawing on models already adopted in countries such as China and Brazil. The appeal was made by Mr Oliver Alawuba, Chairman of the Body of Banks’ Chief Executive ...
The Securities and Exchange Commission (SEC) says it is working to broaden access to market-based financing instruments for Small and Medium Enterprises (SMEs). Dr Emomotimi Agama, the Director-General of SEC, said this during a meeting with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on Tuesday in Abuja. Agama said the commission would ...
By Seun Ibiyemi The Securities and Exchange Commission (SEC) has issued a firm warning to Nigerians over the use of CBEX, a digital asset trading platform operating in the country, stating that any such platform not registered with the Commission is considered illegal. This declaration follows widespread concern over the weekend, when several users reported ...
By Seun Ibiyemi The Nigerian stock market kicked off the week on a subdued note on Monday, as key performance indices edged down by 0.03 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) saw its market capitalisation decline by ¦ 21 billion, slipping to ¦ 65.685 trillion from ¦ 65.706 trillion recorded on Friday. Likewise, ...
By Seun Ibiyemi Investors in Nigeria’s equities market witnessed a substantial loss of N440 billion over the just-concluded trading week at the Nigerian Exchange (NGX), following a turbulent series of sessions marked by more downswings than gains. This decline comes on the heels of the previous week’s performance, where investors had recorded a modest profit ...
By Seun Ibiyemi The Nigerian stock market rounded off the trading week on a downbeat note, as key performance indicators edged lower on Friday due to renewed selling pressure from investors. Specifically, the market capitalisation of the Nigerian Exchange Ltd. (NGX) declined by N141 billion, or 0.21 per cent, to settle at N65.706 trillion, a ...
VFD Microfinance Bank has reported a 39.8 per cent increase in revenue, rising from N3.2 billion in 2022 to N4.5 billion for the year ending December 31, 2023. This announcement was made by the bank’s Board Chairman, Mr Collins Chikeluba, during the company’s 3rd Annual General Meeting, which took place on Thursday in Lagos. The ...
The Securities and Exchange Commission (SEC) says Nigeria will soon exit the Financial Action Task Force (FATF) grey list with the inclusion of digital assets regulation in the recently signed Investments and Securities Act (ISA 2025) by President Bola Tinubu. Nigeria was placed on the FATF “grey list” on Feb. 24, 2023, alongside other jurisdictions. ...
…Proposes N42 final dividend Presco Plc has announced a pre-tax profit of N113.2 billion for the financial year ending 31 December 2024, according to its newly released audited financial statements filed with the Nigerian Exchange (NGX). This marks a remarkable increase of 128.74 percent compared to the N49.4 billion posted in the previous year, fuelled ...
By Seun Ibiyemi Nigeria’s equities market edged up on Tuesday, recording its first positive close of the week with a gain of 0.15 percent, equivalent to around N101 billion. The rebound was largely driven by renewed investor interest in banking and oil & gas stocks, which helped steer the market in a more positive direction. ...
By Seun Ibiyemi Ahead of dividend payment, Guaranty Trust Holdings Company (GTCO) Plc’s market value climbed by 8.3 percent to approximately N2.4 trillion in the equities market following the group’s strong earnings performance for financial year 2024. Its share price inched near its all-time high of N70 as markets salivated at the orange-branded financial services ...
It’s been a bleak start to the week for global markets, as equities across continents plummeted in response to the latest tariff announcement by U.S. President Donald Trump. The decision has reignited fears of a full-scale trade war, shaking investor confidence and triggering a global sell-off. In the United States, markets opened sharply lower on ...
...As UACN leads losers’ chart By Seun Ibiyemi Stock market investors on the Nigerian Exchange Ltd traded 1.183 billion shares worth N28.868 billion across 42,397 transactions this week. This marks a stark contrast to the previous week, where 7.521 billion shares valued at N398.949 billion changed hands in 61,312 deals. As a result, the value ...
Nigeria’s leading banks have paid a total of N751.796 billion in income tax to the Federal and State Governments, as well as various agencies, for the 2024 financial year, which concluded on December 31, 2024. This sum represents a substantial 189.9% increase compared to the N395.79 billion paid during the 2023 financial year. The audited ...
The Central Bank of Nigeria injected $197.71 million into the foreign exchange market on April 4, 2025, as part of its ongoing efforts to ensure adequate liquidity and stabilize the market. This was disclosed in a statement by the Director of the Financial Markets Department,Dr. Omolara Omotunde Duke, who reaffirmed the Bank’s commitment to maintaining ...
