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The Nigerian Exchange (NGX) has delisted three companies-Niger Insurance Plc, Resort Savings and Loans Plc and RAK Unity Petroleum, for failure to meet the required standards expected of publicly quoted companies. In a circular over the weekend, NGX stated that it delisted the companies “on the grounds that they are operating below the listing standards ...
The Group Managing Director/CEO of Nigerian Exchange Group, Temi Popoola, has highlighted the Group’s leadership in digital innovation, particularly as banks and other institutions embark on capital-raising exercises. In a recent television interview, Popoola emphasised that this innovation is the result of several years of planning to transform the market into a digitally-driven exchange. He ...
Nigeria’s first Sukuk bond of N100 billion, which was issued on September 26, 2017, is set to mature on September 26, 2024. This is according to the 2023 Annual Activity Report of the Financial Markets Department of the Central Bank of Nigeria (CBN). However, Nigeria has been paying rentals at a rate of 16.47 ...
Investors in the Nigerian equities market enjoyed a bullish run on the floor of the NGX following a profit making of N320.84bn in the just ended trading week. The bourse recorded gains in four of the five trading days, losing on just one trading day. The market capitalisation rose by N320.84 billion to N56.93 trillion ...
Seplat Energy Plc, leading Nigerian indigenous energy company, has concluded the second phase of its media training programme for journalists and media practitioners in Nigeria. The second phase of the programme covers forty-five (45) Capital Market Editors/Correspondents as well as some Judiciary and Business writers. The media training programme, which was organised in partnership with ...
By Esther Agbo United Capital reported a 65 percent increase in post-tax profit, reaching N7.74 billion in the first half of 2024, up from N4.69 billion in the same period in 2023, according to its half-year financial statement filed with the Nigeria Exchange Limited on Wednesday. The company’s gross earnings rose by 37.5 percent to ...
By Esther Agbo The Chartered Risk Management Institute of Nigeria has endorsed the Securities and Exchange Commission’s recent directive for capital market operators to adopt an Enterprise Risk Management (ERM) framework. In June, the SEC mandated that capital market operators establish a board-approved risk management policy by September 30, 2024, and an annual risk profile ...
Nigeria’s equities market failed to stay in the negative territory after rising by 0.47 percent or N263 billion on Thursday. This happens as corporate announcements like interim dividend and bonus shares are strengthening further buy-side action by investors. Expectedly, shares of United Capital Plc which recently proposed 90 kobo interim dividend and bonus of 2 ...
The Central Bank of Nigeria on Thursday sold dollars to eligible Bureau De Change operators at the rate of N1450/dollars. This was disclosed in a statement signed by the acting director of the Trade and Exchange Department at the CBN, AA Mahdi, on Thursday. This comes days after the apex bank sold $123m to authorised ...
Investors in the Nigerian equities market lost N24 billion at the close of trading on Wednesday. This followed the dip in the share prices of RT Briscoe, FTN Cocoa, and Tantalizer, amongst others on the trading floor today. After five hours of trading at the capital market, the equity capitalisation crashed to N56.64 trillion from ...
By Esther Agbo The Federation Accounts Allocation Committee (FAAC) distributed N1.354 trillion in revenue for June among the Federal Government, states, and Local Government Councils (LGCs). This distribution occurred during the July FAAC meeting in Abuja, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. A communiqué from the FAAC ...
By Esther Agbo The Federal Government, through the Office of the Accountant General of the Federation, has directed all Ministries, Departments, and Agencies (MDAs) to remit five percent retention fees deducted from contractors’ payments to the Central Bank of Nigeria (CBN). This mandate, detailed in a memo signed by the Accountant General, OluwaToyin Madein, tagged ...
By Esther Agbo Nigeria’s data centre market is anticipated to expand significantly, growing from $131.6 million to $288.8 million by 2027. According to the Enterprise Sales Director for Central Africa at Vertiv, Gbenga Adebowale, this forecast highlights a major recovery and adaptation within the sector post-pandemic. Adebowale emphasised the expected rise in market value from ...
By Esther Agbo The eagerly anticipated spot Ethereum Exchange Traded Funds (ETFs) are scheduled to commence trading on July 23, following the United States Securities and Exchange Commission (SEC) granting preliminary approval to several proposed issuers. The SEC, led by Gary Gensler, has given initial approval to three out of eight asset managers planning to ...
By Esther Agbo AXA Mansard Plc has announced it will pay shareholders a total dividend of N3.6 billion for the fiscal year ending December 2023, equating to 40 kobo per share. This information was detailed in the company’s updated corporate action announcement to the Nigerian Exchange Limited (NGX). The Board of Directors has approved a ...
By Esther Agbo The Sterling One Foundation has announced its partnership with the African Export-Import Bank (Afreximbank) for the third edition of the Africa Social Impact Summit (ASIS), scheduled for July 25-26, 2024, in Lagos, Nigeria. This collaboration aims to enhance private sector participation in achieving the Sustainable Development Goals (SDGs) across Africa. The event ...
Investors in the Nigerian capital market gained N62 billion at the close of trading on Tuesday. This followed an increase in the share prices of stocks like Ucap, Cutix and Sunu Assurance amongst others on the trading floor today. After five hours of trading at the capital market, the equity capitalization increased to N56.67 trillion ...
By Esther Agbo The attempted assassination of former US President Donald Trump has led to different reactions across global stock exchanges, mostly bearish. As markets opened on Monday, July 15, significant declines were observed in both European and Asian markets. In the UK, the FTSE All-Share Index, which tracks stocks listed on the FTSE, fell ...
The equities market got off to a positive start on Monday July 15, 2024 as investors gained N172bn at the end of the trading session. This follows an increase in the share prices of stocks like Cutix, Ikeja Hotel and Royalex amongst others on the trading floor. After five hours of trading at the capital ...
President of Dangote Group, Aliko Dangote, on Sunday stated that his company’s aim is to become the leading supplier of foreign exchange in the FX market soon, as it targets $30 billion in revenues by the year 2025. During a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited with media executives ...
The equities market reversed four days of consecutive losses this week with investors posting a N172 billion gain at the close of trading on Friday. This followed the growth in share prices of Cutix, Learn Africa, and Caverton, amongst others on the trading floor today. After five hours of trading at the capital market, the ...
Access Bank has revealed its ambitious plans to position its UK subsidiary, Access Bank UK, among the top 20 banks in the United Kingdom, targeting an annual profit of $1 billion by 2027. This was disclosed by Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, during the “Facts Behind the Rights Issue” presentation ...
By Esther Agbo The Securities and Exchange Commission (SEC) has given the green light to the Nigerian Exchange Group’s digital investment platform, NGX Invest, designed to simplify public offerings and rights issues in the capital market. The NGX in a statement highlighted that the platform is now live, offering a more efficient, convenient, and seamless ...
