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Business
Kwairanga calls for regional collaboration to unlock West Africa’s trade, investment potential
The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, has called for stronger regional cooperation to harness the untapped potential of West Africa’s trade and commodity markets. Speaking at the inaugural West Africa Economic Summit (WAES) 2025 held under the theme “Unlocking Trade and Investment Opportunities in the Region”, he highlighted the critical role of capital markets…
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Business
NNPCL spokesperson, Femi Soneye resigns after 20 months in office
The Chief Corporate Communications Officer of the Nigerian National Petroleum Company Ltd (NNPCL), Mr. Femi Soneye, has resigned from the corporation after 20 months in office. NNPCL had announced the appointment of Olufemi Oladapo Soneye as Chief Corporate Communications Officer on October 18, 2023. Soneye announced this via a post on his Facebook page on Saturday, highlighting his decision to…
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Business
SEC bans independent directors from becoming executive directors
The Securities and Exchange Commission (SEC) has prohibited Independent Directors from transitioning into Executive Director roles within the same company or group. In a circular to public companies and capital market operators titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors,” the Commission stated that the practice of…
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Business
Domestic, foreign, transactions on NGX rise to N700.50bn in May 2025
The domestic and foreign investors flow into the Nigerian Exchange Limited (NGX) equities market section stood at N700.50 billion (about $441.64 million) in May 2025, the latest report by the Exchange has revealed. According to the “domestic & foreign portfolio participation in equity trading” report for May 2025, the total transactions of domestic and foreign investors at the nation’s bourse…
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Business
50% CRR deposit with CBN constrains banking sector’s profitability, says Fitch
Fitch Ratings has expressed that 50 per cent Cash Reserve Ratio (CRR) with Central Bank of Nigeria (CBN) constrained banking sector’s profitability Speaking during a recent webinar co-hosted by Fitch and Renaissance Capital, Tim Slater, Director for African Banks at Fitch Ratings, said the sector continues to face regulatory hurdles, most notably the CRR, which requires banks to deposit 50%…
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Business
NGX, IFC strengthen Nigeria’s sustainable finance drive with labelled bond workshop
Nigerian Exchange Limited (NGX), and the International Finance Corporation (IFC), have co-hosted a technical capacity-building workshop to advance labelled bond issuance in Nigeria, supporting the real sector and accelerating the country’s sustainable finance objectives. The workshop, themed “Unlocking Sustainable Capital for the Real Sector: A Deep Dive into the Labelled Bonds Issuance Process”, brought together issuers, market operators, institutional investors,…
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Company Report
CBN sanctions Sterling Financial Holdings N379m in 2024FY
The Central Bank of Nigeria (CBN) has imposed a N379 million sanction on Sterling Financial Holdings in the 2024 financial year. The lender was in 2023 sanctioned N28.75 million for falling to comply with two market rules and regulations. In the 2024FY, the CBN imposed sanction on the Holdings for failing wiith comply wiith five market infractions that comprise of…
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Business
Zenith Bank, GTCO, other banks clear 95% of USSD debt, says ALTON
Zenith Bank Plc, Guaranty Trust Holding Company Plc, among other commercial banks in the country have now cleared 95per cent of the debt owed to telecom operators for Unstructured Supplementary Service Data (USSD) services. The Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) Engr. Gbenga Adebayo revealed this on Thursday during a virtual chat with the media…
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Business
Equities market gains N678bn on investors demand for Beta Glass, 42 others
The Nigerian equities market on Thursday closed trading session on a positive note as gains in Beta Glass Plc and 42 others pushed the overall capitalization up by N678 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 1,074.26 points, representing a gain of 0.92 per cent to close at 117,861.13 points. Also, market capitalisation rose by N678 billion…
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Business
FCCPC seals Visa Application Centre in Abuja over alleged investigation obstruction
The Federal Competition and Consumer Protection Commission (FCCPC) has sealed a visa application centre, TLSContact, over alleged obstruction of the Commission’s investigation into a consumer complaint. The operation occurred at the TLSContact office in Abuja, in the company of police officers and other security operatives, and was monitored by Nairametrics. FCCPC officials targeted the office, asked staff to leave, and…
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