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By Seun Ibiyemi Investors in the Nigerian equities market lost N34 billion on Wednesday following declines in key stocks, including Chams Plc, Haldane MCall, and UAC Nigeria. The All-Share Index (ASI) dropped to 146,862 points from 146,940.29 recorded the previous day, while market capitalisation fell slightly to N93.6 trillion from N93.64 trillion. Market activity showed ...
The Alternative Bank has reiterated the need for targeted support and provision of critical technology resources to Nigeria’s youth, emphasizing the role of innovation in driving sustainable economic growth. Speaking at the Jericho Businessmen Club’s (JBC) third Annual Socio-Economic Summit, the non-interest lender highlighted that deliberate investment in human capital and ecosystem support for young ...
The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians against investing in an online platform known as Glorious Wealth Fund (GWF), describing its operations as illegal and potentially fraudulent. In a statement on Thursday, the Commission said GWF, which operates via the website gloriouswealthfund.com, is neither registered nor licensed to offer any ...
By Seun Ibiyemi United Bank for Africa (UBA) has unveiled a major strategic partnership with Lions Group, a leading entertainment and lifestyle company, to deliver exclusive benefits to customers and visitors during the highly anticipated ‘Welcome to the Detty Side’ festive campaign. The collaboration, designed to elevate December celebrations with premium entertainment experiences, will grant ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, lit up the atmosphere of the Lagos Marina on Monday, with thousands of bright, colourful lights and serenading carols to ring in this year’s yuletide season. The beautifully organised ceremony had in attendance the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, the Deputy Managing Directors, ...
Nigeria’s private sector maintained its expansion in November, driven by rising customer demand, new product launches, and easing inflationary pressures, according to the latest Stanbic IBTC Purchasing Managers’ Index (PMI) report. The headline PMI stood at 53.6, signaling continued improvement in business conditions for the 13th consecutive month, despite a slight dip from October’s 54.0 ...
plBy Seun Ibiyemi International Energy Insurance Plc (IEI) has announced its financial projections for the first quarter of 2026, forecasting a profit after tax of ₦868.48 million, driven by strong premium growth and improved operational performance. In a statement signed by Uyi Osagie, Chief Financial Officer, and Joyce Odiachi (PhD), Acting Managing Director, IEI expressed ...
Stories by Seun Ibiyemi The Central Bank of Nigeria (CBN) has reported significant progress in the ongoing banking sector recapitalization exercise, with 27 banks raising capital through public offers and rights issues. This was disclosed by the Governor, Mr. Olayemi Cardoso at the CIBN Annual Bankers’ Dinner recently in Lagos. According to Mr. Cardoso, 16 ...
First HoldCo Plc has announced the successful completion of its full divestment from FBNQuest Merchant Bank Limited, marking a major strategic shift within the group’s operations. The company disclosed that it has transferred 100 per cent ownership of the merchant banking subsidiary to EverQuest Acquisition LLP. In a notification issued to the Nigerian Exchange Limited ...
Ecobank Nigeria Limited has announced a tender offer for the remaining US$150 million of its US$300 million 7.125 per center Senior Note Participation Notes due in February 2026. The offer, which opened on Friday, 28 November 2025, allows eligible noteholders to tender their securities before the bond’s original maturity date of 16 February 2026. Investors ...
Stories by Seun Ibiyemi The Naira closed the week stronger in the official foreign exchange market, appreciating by N7.10. This rally was driven by a historic surge in foreign capital inflows, which totaled approximately $21 billion between January and October 2025 setting a new record for the country. The currency’s performance reflects renewed investor confidence, ...
The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for strengthened collaboration with the Nigerian Institution of Estate Surveyors & Valuers (NIESV), noting that the Corporation depends heavily on the professional accuracy of valuers in determining the true worth of assets of failed banks. Mr. Sunday made ...
By Sofiyyah Layole Sovereign Trust Insurance Plc has secured approval from its Board of Directors to raise N5 billion through a Rights Issue, marking the first phase of its recapitalization drive under the new Nigerian Insurance Industry Reform Act (NIIRA). The announcement, made in Lagos, comes after shareholders at the company’s 30th Annual General Meeting ...
By Seun Ibiyemi VFD Group Plc has announced that the Securities and Exchange Commission (SEC) has approved an extension of its ongoing ₦50,673,964,000 Rights Issue, allowing the offer to remain open until 26 December 2025. The extension follows strong investor interest and increasing participation from retail shareholders, institutional investors, and members of the diaspora. According ...
First Ally Capital Limited, a company associated with Ebenezer Olufowose, chairman of First Bank of Nigeria Limited, has acquired 64,516,129 shares of First Holdco Plc in a transaction executed on November 25 at the Nigerian Exchange Limited (NGX). The shares were purchased at N31.05 each, according to an insider dealing notification filed by First Holdco ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) is witnessing a major lift in foreign exchange (FX) market confidence following a series of reforms aimed at diversifying inflows and improving liquidity under the leadership of Governor Olayemi Cardoso. A key driver of this improvement has been the bank’s strategic work to strengthen diaspora remittances, ...
By Sofiyyah Layole Conoil Plc has proposed a ₦3.50 per 50 kobo share dividend for the 2024 financial year. In a corporate disclosure on Monday, the oil company said the dividend, subject to shareholder approval, will be paid electronically on December 23 to shareholders whose names appear in the company’s Register of Members as at the ...
By Seun Ibiyemi The Nigerian capital market is poised for a transformative shift as regulators and operators finalize the adoption of a T+2 settlement cycle. Scheduled for implementation by the Central Securities Clearing System (CSCS) Plc on November 28, 2025, this new system ensures securities transactions are concluded just two business days after a trade. ...
By Sofiyyah Layole Renowned economist, Dr. Abidemi Adegboye has attributed Nigeria’s economic struggles specifically weak wages, sluggish growth, and declining revenue to a critical lack of investment in productivity drivers, warning that the economy cannot achieve meaningful progress without urgent structural reforms. Speaking in Lagos at the World Stage Economic Summit 2025, themed "Tackling the ...
The United Bank for Africa (UBA) has called for sustained vigilance and a strong culture of fraud prevention as it concluded its 2025 Fraud Awareness Week, emphasizing the need for proactive measures in the fight against financial crime. The week-long activities, themed “Combating Fraud-Risk & Cybertheft in Digital Banking,” culminated over the weekend at UBA ...
The Independent Media and Policy Initiative (IMPI) has linked Nigeria’s steady rise in the Purchasing Manager’s Index (PMI) to the country’s persistent decline in inflation over the past seven months. In a statement issued over the weekend in Abuja, IMPI Chairman, Dr. Omoniyi Akinsiju, said the group’s analysis showed a clear inverse relationship between inflation ...
Stories by Seun Ibiyemi FCMB Group Plc has once again revised its capital-raising target upward, seeking shareholder approval to increase the ceiling from N370 billion to N400 billion. The latest adjustment, contained in a filing with the Nigerian Exchange (NGX) on Friday, has sparked renewed concern among investors and shareholder groups who say the bank’s ...
By Sofiyyah Layole The Nigerian Exchange (NGX) closed today’s trading session on a mildly negative note, with the All-Share Index (ASI) dipping by 0.32% to settle at 144,187.03 points. Despite the slight decline, market participation remained solid. Investors executed 18,753 deals, exchanging 349.3 million shares valued at ₦9.3 billion. Market capitalization stood at ₦91.71 trillion ...
