- Economy
First HoldCo to seek shareholders’ approval to raise N253bn fresh capital
First HoldCo Plc, the parent company of First Bank of Nigeria will be seeking shareholders’ approval to raise up to N253.099 billion in fresh capital, as the group pursues an audacious target of reaching a N1 trillion paid-up capital base comprising share capital and share premium. The fundraising plan is contained in the notice for the group’s 14th Annual General…
Read More » - Perspectives
Despite odds, Tinubu is hugely projected for re-election, by Kola Amzat
As Nigeria moves closer to another election cycle, the eclipse is beginning to give way, clearing the uncertainty that has characterized the political horizon in the last couple of months particularly with respect to the likelihood of would-be the torch-bearer of the key political parties. From the on-set when Alhaji Atiku Abubakar led his goons to hijack the hitherto obscure…
Read More » - Business
Fidelity Bank reports N242bn profit after tax in 2025FY
Fidelity Bank Plc said it recorded a profit after tax (PAT) of N242.4 billion for the 2025 financial year, driven by growth in interest income and fees-based earnings. In its audited financial results released on the Nigerian Exchange Limited (NGX) , the bank said the performance was underpinned by a 38.7 per cent year-on-year increase. “Interest and similar income increased…
Read More » - Economy
State governments now controlling nearly 78% of federation’s capital expenditure in 2025, says Analyst
The director of Quartus Economics, David Adeoye has revealed that state governments have become a significant force in Nigeria’s economy, controlling nearly 78 per cent of the federation’s capital expenditure (capex) in 2025. Adeoye was speaking on the role of states in the central bank’s inflation-targeting plans on Channels Television on Monday. The economist said states have moved from being…
Read More » - Business
Ecobank Group partners Proparco to scale up agricultural value chains, support women entrepreneurs in Africa
On the occasion of the Africa Forward Summit, co-organised by France and Kenya in Nairobi this week, Proparco and Ecobank Group marked a new milestone in a long-standing partnership, entering a new phase of strategic cooperation to support Africa’s private sector. The two institutions signed a Memorandum of Understanding (MoU) to accelerate financing across agricultural value chains, positioning Ecobank as…
Read More » - Economy
Equities market crosses N160trn mark over investors demand for MTN Nigeria, 58 others
The equities market extended its bullish streak to open trading for the week as market capitalisation crossed the N160 trillion mark after investors gained N3.2 trillion in value. The Nigerian Exchange Limited All-Share Index (NGX ASI) gained by 5,709.71 points, representing a growth of 2.33 per cent to close at 250,485.54 points. Similarly, the overall market capitalisation value rose by N3.162…
Read More » - Business
First Holdco, four other banks provision for bad loans raise to N2.4trn in 2025
Five listed Nigerian Tier-1 banks, have released their full-year audited 2025 results for the period ended December 2025, reporting a combined impairment charges on loans to customers of N2.4 trillion compared to N1.44 trillion booked in 2024. This represents a 64per cent YoY growth and marks the highest provision on loans and advances to customers in the last three years.…
Read More » - Business
The Alternative Bank addresses Nigeria’s medicine security crisis
Africa bears roughly a quarter of the global disease burden yet imports nearly 97 per cent of its pharmaceutical commodities, a vulnerability starkly exposed during the COVID-19 pandemic. This severe import dependence leaves Nigeria’s medicine security inherently weak. To address this, The Alternative Bank (AltBank) is stepping in as the financing answer, deploying asset-acked, risk-sharing capital to fund local pharmaceutical…
Read More » - Economy
Nigeria Mortgage Refinance Company lists N11.50bn fixed rate bond on FMDQ Exchange
FMDQ Securities Exchange Limited has approved the listing of Nigeria Mortgage Refinance Company Plc’s N11.50 billion 10-Year 17.25% Series 1 Fixed Rate Bond under its N440.00 billion Medium Term Note Programme. This milestone highlights the Exchange’s pivotal role in enabling long-term capital formation and supporting the advancement of the Nigerian housing finance ecosystem. Nigeria Mortgage Refinance Company is a licensed…
Read More » - Economy
GTCO, UBA, five other banks report N1.27trn profit after tax in Q1 2026
A total of seven Deposit Money Banks (DMBs) commenced this year on a positive momentum, generating an estimated N1.27 trillion profit after tax in the first quarter (Q1) ended March 31, 2026 amid domestic and global uncertainties. From the Q1 2026 unaudited financial statements of the remaining seven DMBs: Ecobank Transnational Incorporated (ETI), Access Holdings Plc, Guaranty Trust Holding Company…
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