capital market

MTN appoints Mazen Mroue as Non-Executive Director

Published

2 years ago

May 30, 2022

The board of MTN has approved the appointment of Mazen Mroue as a non-executive director of the company effective from 1st June 2022.

This is according to a disclosure filed on the website of the Nigerian Exchange Group and signed by the Company Secretay, Uto Ukpanah.

The Board at its meeting held on Thursday, May 26, 2022 approved Mroue’s appointment as a non-executive director of the company, effective June 1, 2022.

Mroue has over 25 years of senior and executive management experience in telecommunication, information technology, digital and mobile financial services, gained across various markets in Africa, the Middle East and Europe.

Mroue is currently the Group Chief Technology And Information Officer of MTN, a role he assumed on 1st of February 2022. In this role, he is responsible for technology strategy, governance and implementation.

Prior to that appointment, he was the Chief Operating Officer of MTN Nigeria from August 2018 until 31st January 2022 and also served on the board of MTN Nigeria Foundation Limited by Guarantee.

Mroue began his professional career in 1996 as a system engineer and since joining MTN Group in 1998 he has held various senior positions within the group’s operations.

He was the Chief Information Officer and head of enterprise business of MTN Uganda and COO of MTN Irancell from July 2014 to July 2018 and concurrently served as a non-executive director of MTN Cyprus from 2015 to July 2018.

He holds a Master’s degree in engineering, intellectual Systems and Networks. He is also certified in Leadership Development and Executive Finance from Harvard Business School and INSEAD respectively.

Payment Service Bank (PSB), the fintech subsidiary of MTN Nigeria Plc has commenced commercial operations in Nigeria.

The telecom giant notified its shareholders and the investing public of the commencement of operations via a corporate disclosure signed by the company’s secretary, Uto Ukpanah and filed with the Exchange (NGX).

capital market

Ecobank declares N182.92bn PAT in Q3 2023

Published

2 days ago

December 1, 2023

NewsDirect

Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.

According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.

The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.

According to the results, profit before tax stood at N262.17 billion.

Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.

The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.

capital market

Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%

Published

2 days ago

December 1, 2023

NewsDirect

Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.

As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.

Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.

The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.

At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.

capital market

Naira hits N831.47/$1 in official market

Published

3 days ago

November 30, 2023

NewsDirect

The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.

The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.

The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.

The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.

However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.

The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.

The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.

Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.