Business

The Nigerian stock market staged a formidable rebound on the last trading day last week, as the All-Share Index (ASI) climbed 0.22per cent to close at 105,660.64 points, effectively halting a four-week losing streak. This resurgence propelled market capitalization by an equivalent 0.22% to an impressive N66.26 trillion, injecting N147billion into investors’ portfolios. The week’s rally was largely fueled by…

The Nigeria Deposit Insurance Corporation (NDIC) has  hinted  that  depositors at the defunct Heritage Bank with balances exceeding the N5 million insurance cap are set to begin receiving partial refunds in April 2025.  The development follows months of uncertainty for customers who held significant balances at the lender before its abrupt closure. The Central Bank of Nigeria (CBN) revoked Heritage…

In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu, has assented to the Investments and Securities Bill  (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Securities Act 2025. This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces…

Guaranty Trust Holding Company Plc (GTCO) on Friday announced N1.27 trillion profit before tax, about 107.8 per cent increase over N609.31 billion declared in 2023 financial year. The Group on Nigerian Exchange Limited (NGX) disclosed a profit after tax of N1.02 trillion, representing an increase of 88.6 per cent from N539.66 billion in 2023. For GTCO to report N1.27 trillion…

MRS Oil Nigeria Plc that worth N59.97 billion shares on Friday announced plans to voluntary delist from the Nigerian Exchange Limited (NGX) and subsequent admission to the NASD OTC Securities Exchange (NASD). The company  currently  trading  at  N174.90 per  share  and 342,884,708.00 outstanding shares  on NGX.  The Company Secretaryy,   MRS Oil Nigeria ,  Mrs. O. M. Jafojo in a signed …

The chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, has been appointed by the International Monetary Fund (IMF) to its Advisory Council on Entrepreneurship and Growth. He was convened by IMF Managing Director, Kristalina Georgieva. Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship…

Ecobank Transnational Incorporated (ETI), on Thursday announced its 2024 financial year result and accounts with N980.7 billion profit before tax, about 160 per cent growth over N376.49billion reported in 2023 financial year. The Pan-African financial institution on the Nigeria Exchange Limited (NGX) also disclosed a profit after tax of N735.9 billion in 2024,  up by 179 per cent from N263.52…

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it is now in the final stages of preparing for its highly anticipated listing on the capital market, by the provisions of the Petroleum Industry Act 2021. An IPO is a public offering in which shares of a company are sold to institutionalinvestors. The PIA provides for the NNPC The…

Nigeria’s two largest telecommunications companies, MTN Group and Airtel Africa, have signed a major network-sharing agreement aimed at expanding service coverage and reducing operational costs in Nigeria and Uganda. The deal, announced on Tuesday, aims to accelerate internet penetration, particularly in underserved and rural areas, while optimizing infrastructure investments. MTN and Airtel will share mobile network infrastructure such as towers,…

The Managing Director, Nigerian Railway Corporation (NRC), Dr Kayode Opeifa and his team visited the Moniya Freight Yard in Oyo State to assess its operations. The Corporation in partnership with APM Terminals, has expanded cargo movement from the Apapa Port in Lagos to NRC’s freight yard in Moniya Ibadan.  During the flag-off ceremony of the standard gauge rail in Apapa,…