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Billionaire investor, Femi Otedola has been appointed as the Chairman of FBN Holdings Plc, a leading financial institution in Nigeria. This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi. Mr. Otedola, a renowned business mogul with significant contributions in various sectors, is expected to ...
The First City Monument Bank (FCMB) Group has reported a 206.86 percent increase in its profit for the financial year ended December 2023 to N95.52bn. This was revealed in the unaudited annual report and financial statements filed in the corporate disclosure of the Nigerian Exchange Limited on Friday. According to the results filed, FCMB’s profit ...
Access Holdings Plc has gotten regulatory nod to acquire a majority stake in ARM Pensions. Access Golf Nigeria Limited (‘Access Golf’), a majority shareholder of Access Pensions Limited (‘Access Pensions’) which is a subsidiary of Access Holdings, has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer ...
The Nigerian Exchange Group Plc (NGX) has said it is targeting onboarding more retail investors and it is reviewing listing rules to attract more investors into the Nigerian capital market. The Group Managing Director and Chief Executive Officer of the NGX, Temi Popoola stated this whilst addressing leaders of exchanges from across the globe at ...
Dangote Cement Plc has promised to increase its rewards to loyal distributors of its products. Speaking at an award ceremony held to reward distributors in Lagos, Group Executive Director, Commercial Operations, Hajia Fatima Dangote, said the distributors must have seen that they have not made a mistake in choosing to do business with the company. ...
The Nigerian Exchange Ltd. on Friday recorded N138 billion growth following continued investors’ buy interest in stocks of Tier-one banks. Specifically, the market capitalisation which opened at N55.900 trillion rose by N138 billion or 0.25 percent to close at N56.038 trillion. Also, the All-Share Index rose by 315.41 points or 0.25 percent to close at ...
Mr Jude Chiemeka, Acting Chief Executive Officer (CEO), Nigerian Exchange Ltd. (NGX), says the stock market facilitated the raising of over N3.85 trillion by government and corporate entities to finance various projects. Chiemeka stated this in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos, while providing an insight on the ...
The Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, has declared that the apex bank is set to wield a rod of discipline to ensure adherence to regulations in the forex market and also tame inflation. The CBN Governor made this known in a keynote address at the launch of the Nigeria Economic Summit ...
The Nigeria exchange continued its impressive run on Wednesday as the All Share Index (ASI) crossed the 100,000 mark. The ASI advanced by 3.0 percent, closing at 101,571.11 basis points, compared to the previous day’s gain of 2.97 percent, which closed at 98,616.97 basis points. Similarly, the market cap now hit N55.8 trillion as it ...
The domestic bourse on Tuesday appreciated further, making the market turnover on the Nigerian Exchange Ltd. ( NGX) to rise by 12.97 percent. Market activities showed that 747.51 million shares valued at N16.28 billion were exchanged in 16,589 deals. As a result, the All-Share Index rose by 2,848.85 points or 2.97 percent to close at ...
The Nigerian stock market opened on Monday with an advancement in the All-Share Index advanced by 1.30 percent, closing at 95,768.12 basis points. Recall that the market had crossed the 90,000 Mark last week closing at 94,538.12 basis points. With the last gain, the NGX-ASI now stands at 28.08 percent. The NGX Market CAP also ...
Dangote Cement Plc has emerged as the first Nigerian company to hit N10trillion in market capitalisation on the Nigerian Exchange. The Cement manufacturer shares gained 9.99 percent yesterday to close with a share price of N592.60, thus reaching a market cap of N10.095 trillion. With a year-to-date return of 85.2 percent, moving from a share ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has continued to elevate its global standing, coveting several prestigious international awards, signaling the Bank’s continuous contributions to the economic development of Africa. The recognition of the bank’s outstanding performance reaffirms its status as a leading player in the financial industry with critical financial intermediation, project ...
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to sustain concessionary credit to private sector to cushion inflationary pressure. Delivering an address recently on the state of the economy for Q1, 2024, Mr Gabriel Idahosa, the President of LCCI noted that the foreign exchange market depreciated in ...
The NGX All-Share Index (ASI) on Thursday crossed the 90,000 mark following gains in large and medium capitalized companies, such as the Nigerian Breweries, Dangote Sugar, Flour Mills of Nigeria, amongst others. Now at 22.90 percent, the NGX-ASI advanced by 2.04 percent, closing at 91,896.97 basis points, compared to the previous day’s gain of 2.38 ...
Access Bank, the flagship subsidiary of Access Holdings Plc, has entered into a transaction with the Ugandan-based Finance Trust Bank Limited and its shareholders for the acquisition of a majority equity stake in FTB. According to a statement signed by the Company Secretary, Sunday Ekwochi, which was filed with the Nigerian Exchange Limited on Wednesday, ...
The NGX All-Share Index (ASI) advanced by 2.38 percent, closing at 90,063.25 basis points on Tuesday. Now at 20.45 percent, the NGX-ASI performed better compared to the previous day’s gain of 3.39 percent. The Nigerian stock market also closed higher by 2,092.88 points, ending the day with a positive market breadth. Similarly, the NGX Market ...
Forex turnover on Tuesday rose by 460.52 percent/ to $147.81. This is as the Nigerian naira advanced against the dollar on Tuesday, January 16th, 2024 in both the official and black markets depreciating to N878.57 The Naira depreciated 4.72 percent at the close of business, based on data from NAFEM where forex is officially traded. ...
The Nigerian stock market on Tuesday recorded 75 gainers, 10 losers, and 35 unchanged. BERGER topped the gainer’s list, while ROYALEX topped the list of losers. This is as NGX Market CAP also recorded a gain of N1.82 trillion in Naira terms. The market closed higher by 3,329.48 points, ending the day with a positive ...
The NGX All-Share Index (ASI) advanced by 1.92 percent on Monday’s trading as investors gained N874.4 billion. This is as the ASI now at 13.20 percent advanced by 1.92 percent, closing at 84,640.89 basis points, compared to the previous day’s gain of 0.54 percent, which closed at 83,042.96 basis points. The NGX Market CAP also recorded ...
....predicts lingering economic challenges in Nigeria, Kenya, Stears, a leading economic analysis and data-driven insights provider, has unveiled its much-anticipated 2024 African Outlook Report, delivering nuanced insights into the continent's economic landscape. Contrary to broad generalisations, the report sheds light on the diverse growth trajectories across Africa, with East Africa emerging as a regional powerhouse. ...
By Dakuku Peterside Nigeria, a country with a rich cultural heritage and abundant natural resources, has grappled with the complex interplay of greed, ethics, and public service throughout its history. The nexus between these elements has had profound implications for the nation’s development, governance, and the well-being of its citizens. The interplay of greed, ethics, ...
Chams Switch, a Fintech subsidiary of Chams Holdco, PLC, has been licensed by Union Pay International, the world’s largest card network to spearhead international payments for UnionPay cards issued by Nigerian banks. A statement from the Company noted that the partnership will reinforce collaboration among businesses and traders, engaged in global commerce, offering a cost-effective ...
