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By Opeyemi Abdulsalam Femi Otedola, a prominent billionaire businessman, has made a significant move by acquiring additional shares in FBN Holdings. This development was made public through a corporate filing on the Nigerian Exchange Group (NGX) on Monday. The acquisition adds 2.22 percent to Otedola’s existing stake in the company, solidifying his position as a ...
The Nigerian Exchange Limited (NGX) has fined nine quoted companies N76.8 million for failure to file their audited financial statements after the regulatory due date. An investigation showed that the companies were sanctioned for their inability to meet the regulatory requirements for the year-end 2022 and 2023 financials. The companies include African Alliance Insurance Plc, ...
The Nigerian Securities and Exchange Commission (SEC) has launched a new program aimed at speeding up the registration process of Virtual Assets Service Providers (VASP). According to the regulatory body, the new program will serve as an amendment to existing rules and is targeted at improving the current regulatory framework to fit the existing complexities ...
By Seun Ibiyemi Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (GTCO), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial ...
By Opeyemi Abdulsalam The Securities and Exchange Commission (SEC) has introduced a comprehensive framework to support the Central Bank of Nigeria’s (CBN) bank recapitalisation program. This framework aims to ensure a seamless, transparent, and efficient process for banks and holding companies to raise capital. The framework serves as a guide for banks and market participants, ...
Investors in the Nigerian equities market ended the week’s trading with a N56 billion loss on Friday. This followed the dip in the share price of stocks like MULTIVERSE, RTBRISCOE, and SUNUASSUR amongst others on the trading floor today. After five hours of trading at the capital market, the equity capitalisation crashed to N56.42 trillion ...
...Experts warn of looming public health emergency, call for improved hygiene practices ...As street food vendors put consumers at risk ...Lassa Fever: Diagnosis and prompt treatment essential — WHO By Sodiq Adelakun Nigeria is facing a dire public health crisis as a widespread outbreak of cholera and other diseases has affected over 20 states, posing ...
By Ifeoluwakitan Afolabi Shareholders of Total Nigeria Plc have praised the company for its consistent dividend payment despite the challenging operating environment. At the company’s Pre-Annual General Meeting (AGM) held in Lagos, stakeholders commended Total’s entrenched safety culture, innovation, and good corporate governance for its impressive performance. Mrs. Ifeyinwa Chinwe, a stakeholder, attributed the company’s ...
The equities market resumed from the Eid-El-Kabir holiday with investors losing N47 billion at the end of trading session on Wednesday. This followed a dip in the share price of stocks like Caverton, ABC Transport, and NB amongst others on the trading floor today. After five hours of trading at the capital market, the equity ...
The naira, Nigeria’s currency on Wednesday traded flat at N1,490 on the parallel market, popularly called the black market, following improved dollar liquidity in the foreign exchange (FX) market. When compared to last week’s rate of N1,495, the naira recorded a marginal gain of 0.33 percent per dollar on the black market. A total of ...
Investors in the Nigerian equities market ended the week with a N52 billion gain on Friday. This followed an increase in the share price of Guinness, etranzact, and Unity bank amongst others on the trading floor today. After five hours of trading at the capital market, the equity capitalisation increased to N56.527 trillion from N56.474 ...
Wema Bank says it has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue. Its Managing Director, Mr Moruf Oseni, disclosed this in a statement made available on Friday in Lagos. Oseni said as a forward-thinking and pioneering bank, the ...
Ecobank Transnational Incorpora ted (ETI) will raise $600 million through senior secured debts and tier-2 debts over the next year. This was one of the resolutions from the group’s Annual General Meeting which took place in Lome, Togo on June 6, 2024. In the notice containing the AGM resolutions, it was contained “The General Meeting ...
...Total dividend yields hit 13.6% Shareholders at the 31st Annual General Meeting (AGM) of Presco Plc, approved a final dividend of N24.30 per ordinary share of 50 Kobo, totaling N24.3 billion, as recommended by the Board of Directors for the financial year ended December 31, 2023. This is in addition to an interim dividend of ...
Investors in the Nigerian equities market went home with N49 billion at the end of trading on Friday. This followed an increase in the share price of CHAMS, ETI, and INTENEGINS, amongst others on the trading floor. After five hours of trading at the capital market, the equity capitalisation surged to N56.12 trillion from N56.08 ...
By Opeyemi Abdulsalam Oando Plc has announ ced the resumption of its stock on the Johannesburg Stock Exchange. This is coming less than three months after the equity was suspended from listing on the JSE. In a corporate notice signed by Ayotola Jagun, Oando’s company secretary, the company received confirmation from JSE that its stock ...
By Ifeoluwa Adebayo Nigeria, Africa’s economic giant has been facing a lot of troubling exodus as six multinationals exited in 10 months. These multinationals are Kimberly-Clark, Procter & Gamble (P&G), GlaxoSmithKline Consumer (GSK) Nigeria, Equinor, Sanofi, and Bolt Food. Within 10 months, the harsh business climate caused by fuel subsidy removal and currency devaluations has ...
Investors extended sell-off on Nigerian equities market on Tuesday leaving the market marred with losses. The trading day witnessed selloffs in UBA (-4.11 percent), FBNH (-1.57 percent), ZENITHBANK (-3.03 percent), and ETI (-1.41 percent). Meanwhile, the All-Share Index (NGX-ASI) declined by 0.07 percent to 99,051.02 points while the Market Capitalisation fell to N56.03trn, and year-to-date return ...
The naira ended the week on a negative note, depreciating further against the dollar at the official foreign exchange market. FMDQ data showed that the naira depreciated to N1485.99 per dollar compared to N 1484.75 traded on Thursday. This represents a marginal N1.24 loss. According to available data, this is the second time the naira has depreciated ...
Dangote Cement Plc has announced an increase of 50 per cent on dividend payout to the shareholders, from N20.00 per share paid in the 2022 financial year to N30.00 for the last financial year 2023. This is as the Cement company achieved double-digit growth in revenue of ¦ 2,208.1 billion, while Group EBITDA (Earnings before Interest, ...
The Senate Committee on Capital Markets has confirmed Emomotimi Agama as the Director-General of the Securities and Exchange Commission. The committee approved the appointment of Frana Chukwuogor as SEC’s Executive Commissioner of Legal and Enforcement, Bola Ajomale as Executive Commissioner of Operations, and Samiya Usman as the Executive Commissioner of Corporate Services. According to a ...
For the second time this week, Nigeria’s equities market increased on Tuesday by 0.53 percent as investors bought shares of Dangote Sugar Refinery, Nascon, PZ Cussons and Transcorp. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further to 98,383.04 points and N55.653 trillion respectively as against preceding day’s lows of ...
The Securities and Exchange Commission has announced plans to release a framework that will guide the capital market in the proposed recapitalisation exercise by banks. The acting Director General of the SEC, Emomotimi Agama, disclosed this during a meeting with the executives of the Institute of Capital Market Registrars in Abuja on Friday. He stated ...
