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Nigerian Breweries PLC has delivered a significant net profit rebound, successfully moving away from previous loss positions to a positive Profit After Tax in the first quarter of 2026. Operating profit grew by triple digits during the quarter, supported by healthy high-single-digit margins that reflect a more resilient business model. The earnings were largely influenced ...
The Federal High Court in Abuja has ruled in favour of the Federal Competition and Consumer Protection Commission (FCCPC) affirming the Commission's powers to investigate financial institutions. The suit filed by United Bank for Africa (UBA) Plc sought to determine whether the FCCPC could validly exercise jurisdiction over a commercial bank licensed by the Central ...
Access Holdings PLC has issued an official disclaimer following the unauthorized circulation of projected financial results on various social media platforms. In a statement filed with the Nigerian Exchange Limited (NGX) on Tuesday, the Company Secretary, Sunday Ekwochi, categorically distanced the corporation from the leaked figures, describing them as speculative and unauthorized. The company clarified ...
The Central Bank of Nigeria (CBN) has announced plans to auction local Treasury bills worth ₦750 billion on Wednesday. The auction, which features three standard tenors, comes at a time when investor interest in long-term government securities remains high. According to the offer details, the apex bank will raise ₦100 billion through 91-day bills and ...
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) that both organisations said would safeguard consumers against fraud while opening opportunities for them to leverage the potentials of the telecommunications and financial sectors. The MoU was signed as NCC and CBN inaugurated a Joint Committee ...
By Taiye Olayemi The Nigerian Exchange Ltd. recorded a strong weekly performance, with investors gaining N8.661 trillion amid heightened trading activity. The Newsmen reports market capitalisation rose by 6.60 per cent to N139.827 trillion from N131.166 trillion. The NGX All-Share Index climbed by 6.57 per cent to 217,167.57 from 203,770.43 recorded in the previous week. ...
By Damilare Adeleye The Central Bank of Nigeria has introduced the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market, aimed at strengthening monetary policy transmission and enhancing market transparency. In a release issued Friday by Hakama Sidi Ali, Acting Director, Corporate Communications, the apex bank said the initiative was ...
By Fredrick Ameh The Islamic Financial Services Board (IFSB), Ghiath Shabsigh, has expressed readiness to support the Central Bank of Nigeria (CBN) through technical assistance, capacity building, and policy guidance. The Bank made this known on the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C. Speaking, the CBN Governor, Olayemi Cardoso who held ...
By Damilare Adeleye The naira extended its winning streak to eight consecutive sessions on the Nigerian Foreign Exchange Market on Thursday, with the official NFEM rate strengthening to N1,342.3037/$. The closing rate for April 16, 2026, settled stronger at N1,341.0100/$, the best close in 14 days and N0.98 firmer than Wednesday’s N1,341.9900/$. At the official ...
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider has announced an equity investment in Dhamana Guarantee Company Limited (Dhamana). As a credit enhancement facility, Dhamana was established to unlock long-term, local-currency financing for infrastructure projects throughout East Africa. This investment is part of AFC's approved commitment of up to US$20 million in capital, ...
By Damilare Adeleye The International Monetary Fund (IMF) has warned countries against providing fuel subsidies despite the global rise in energy prices. Rodrigo Valdes, the IMF’s fiscal affairs chief, issued this guidance on Wednesday during the IMF and World Bank Spring Meetings in Washington, D.C. He urged nations to move away from subsidies and instead ...
By Fredrick Ameh Nigeria's headline inflation has risen to 15.38% per the latest data released by the National Bureau of Statistics (NBS). Up from 15.06% in February, the uptick signals a persistent rise in the cost of living that continues to strain household purchasing power and business operations nationwide. This is as inflationary pressures intensified significantly on the Consumer ...
By Nana Musa The International Monetary Fund (IMF) has endorsed Nigeria’s ongoing bank recapitalisation drive.It said that stronger capital buffers are cushioning the financial system against external shocks and strengthening resilience amid intensifying global uncertainties.Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF, said this during the Global ...
...as Tinubu unveils new NRS headquarters after over 20 years of delay By Damilare Adeleye Nigeria's revenue collection has surged by 322.06% to reach a record ₦28.7 trillion by the end of 2025, the Nigerian Revenue Service (NRS) has revealed. Speaking at the official commissioning of the corporate headquarters of the NRS in Abuja yesterday, the Executive Chairman of ...
The Nigerian equities market maintained a bullish trajectory on Tuesday, with the market capitalization of the Nigerian Exchange (NGX) crossing the ₦132 trillion threshold. This positive momentum was largely propelled by significant rallies in high-cap stocks, most notably Ecobank Transnational Incorporation (ETI) and Stanbic IBTC. By the close of the trading session, the All-Share Index ...
The Federal Government has provided an update on online marketplace, Temu's infractions following an investigation by the Nigeria Data Protection Commission (NDPC). The Commission noted that the investigation is ongoing noting that Temu has requested an extension of time to appear before the commission. National Commissioner of the NDPC, Mr Vincent Olatunji in an interview with the ...
...set to pay N2 interim dividend By Damilare Adeleye Guinness Nigeria PLC has achieved a landmark milestone, surpassing the ₦1 trillion mark in market capitalisation on the Nigerian Exchange (NGX), underscoring strong investor confidence and a sustained track record of value creation. As of April 10, 2026, the company’s market capitalisation stood at approximately ₦1.01 ...
By Damilare Adeleye Ecobank Group has announced a robust financial performance for the year 2025, recording the sum of N904.7 billion profit after tax. This was disclosed in the bank’s audited financial statement released on Friday, April 10, 2026 by its Chief Executive Officer Jeremy Awori and its Executive Director and Chief Financial Officer, Ayo ...
The Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), Segun Agbaje will earn ₦490 million ($359,000) in dividends from his minority stake, according to recent corporate filings. This payout follows GTCO’s 2025 final dividend recommendation, a decision reached even as the financial institution faced earnings pressure across its primary lending operations. Agbaje’s ...
Access Bank Plc has been named Nigeria’s Most Valuable Brand for the fifth consecutive year by Brand Finance, reinforcing its leadership position in the country’s financial services sector. Brand Finance announced this in its Nigeria 25 2026 report, which ranks the country’s strongest brands based on brand value, brand strength, and underlying business performance. According ...
Zichis Agro-Allied Industries Plc has denied reports that it is on the verge of launching an Initial Public Offering (IPO). In a regulatory filing released on Monday, April 13, 2026, the company stated that while it has not made any official announcement regarding a public offering at this time, it is preparing to seek shareholder ...
The Nigerian Naira demonstrated notable stability in the official foreign exchange market on Monday, April 13, 2026, as the Central Bank of Nigeria (CBN) continues its strategic efforts to manage liquidity and curb excess volatility. Trading at the Nigerian Foreign Exchange Market (NFEM) opened the new week with the local currency pegged at a central ...
The United Arab Emirates has been selected to host the 2029 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). Following an announcement on April 10, 2026, the global financial summit is scheduled to take place in Abu Dhabi. This decision marks a significant milestone for the UAE, as it ...
