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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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Uncategorized
2024FY: Sterling Financial Holdings Company declares N43.68bn profit, shareholders get N0.18 kobo
Sterling Financial Holdings Company Plc on Thursday declared N43.68 billion profit after tax in 2024 financial year ended December 31, 2024, about 102.4 per cent growth from N21.58billion profit after tax reported in the full year ended December 31, 2023. The lender on the Nigerian Exchange Limited (NGX) announced N45.86billion profit before tax in 2024FY, about 102.1 per cent growth…
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Business
Fidelity Bank to exit CBN forbearance H1 2025, paving way for dividend payout
Fidelity Bank has announced its commitment to exit Central Bank of Nigeria (CBN) forbearance arrangements by the end of the first half (H1) of 2025, ensuring compliance with regulatory requirements and positioning itself for a dividend payout to shareholders for the 2025 financial year. CBN issued a directive instructing banks under regulatory forbearance to suspend dividends, defer executive bonuses, and…
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Business
First HoldCo commits to dividend payment, complying with CBN’s forbearance guidelines
First HoldCo Plc on Thursday expressed commitment to paying a dividend in the 2025 financial year and complying with the Central Bank of Nigeria (CBN) forbearance prudential guidelines. The Company Secretary, First Holdco, Adewale Arogundade, disclosed in a statement by the lender on the platform of the Nigerian Exchange Limited (NGX). The HoldCo is one of the banks impacted by…
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Business
Agusto & Co upgrades Wema Bank rating to A-
Agusto & Co has upgraded Wema Bank’s credit rating from BBB+ to A-, citing improved profitability, stronger operational efficiency, a solid liquidity profile, and substantial shareholder support. The rating upgrade underlines Wema Bank’s strengthened business risk profile, driven by sustainable earnings growth and strategic financial positioning.One of the key factors contributing to the enhanced rating is the bank’s successful rights…
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Business
Dangote Refinery, an industrial revolution liberating Nigeria, says C’tee on domestic crude oil sales
The $20 billion Dangote Petroleum Refinery & Petrochemicals has been hailed as a symbol of industrial revolution, driving Nigeria’s economic emancipation. This commendation was made by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative during a tour of the facility on Tuesday. Members of the Technical Committee of the One-Stop…
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Economy
Tinubu committed to food security, revitalising MSMEs, says Bagudu
Minister of Budget and Economic Planning, Senator Abubakar Bagudu on Wednesday said President Bola Tinubuv is committed to supporting the vulnerable by ensuring food security and aiding the recovery of micro and small enterprises (MSMEs), as outlined in his government’s Renewed Hope Agenda. Bagudu spoke in Abuja during the stakeholders’ meeting concerning the Nigeria Community Action for Resilience and Economic…
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