Business

Guaranty Trust Holding Company Plc (GTCO), has filed a preliminary “red herring” prospectus with the Security & Exchange Commission (SEC) in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital to raise gross proceeds of up to N500 billion. The Group is complying with the Central Bank of Nigeria (CBN) directive…

Multichoice Group, has blamed Nigeria’s harsh economic condition as active DStv subscribers in the country declined by 18per cent. The company stated this in its financial result for the year ended March 31, 2024. It said the decline in Nigeria affected its overall subscriber database leading to a nine per cent decline for the year. While the total subscription figure…

By Innocent Raphael  Aliko Dangote, the founder of the Dangote Group, has revealed that he has repaid approximately $2.4 billion of the $5.5 billion borrowed to construct his $19 billion refinery near Lagos.  Speaking at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas, Dangote highlighted the challenges faced, including sabotage attempts from various…

Nigeria’s foremost Engineering, Procurement, Construction, Installation, And Commissioning (EPCIC) giant, Oilserv Group yesterday, confirmed their participation as a key sponsor of the Afreximbank Annual Meeting, AAM 2024, scheduled to be held from June 12th to 15th, 2024, in Nassau, the Bahamas. The company, in a statement, said the event will offer more opportunities to showcase its competence in EPCIC from…

Access Bank Plc) has announced the successful completion of its acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania), in line with its strategic expansion goals. This milestone follows the Bank’s initial announcement in July 2023 and marks yet another step in its journey to become the world’s most respected African Bank. With the successful acquisition of BancABC Tanzania by…

Unity Bank Plc has projected a Profit After Tax of N5.2 billion in third quarter (Q3), 2024, according to its latest earning forecast released to the Nigerian Exchange Limited. The lender projects a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion in gross earnings during the quarter, an 8.2per cent increase from the Q2, 2024 projection…

The Nigerian National Petroleum Company Limited (NNPC Ltd.)  on Monday debunked media reported over an alleged N3.3 trillion inflated subsidy claims. The corporation in a statement stated that it conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government, stressing that all previous subsidy claims…

By Innocent Raphael The price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to fall to around N300 per litre once large-scale production begins at the Dangote Petroleum Refinery and other local refineries, according to the Crude Oil Refinery Owners Association of Nigeria (CORAN). This announcement came on Sunday, with officials highlighting the importance of adequate crude…

Nigerian Exchange (NGX) Limited has urged investors to leverage on its new USSD platform for enhanced capital market access. NGX stated this at its Investor Education Series, partnered with Meristem via a zoom meeting held recently with the theme, ‘Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access’. Speaking at the event, Head, Trading & Products of NGX, Abimbola Babalola…

 Amidst domestic and global economic headwinds, Nigerian Exchange Limited market capitalisation gained N15.25 trillion in value in the first five months of 2024 as investors continued to invest in fundamentally sound quoted companies on the bourse. The N15.25 trillion market capitalisation growth is coming amid the spate of rising insecurity, inflation, hikes in Central Bank of Nigeria’s (CBN) monetary policy…