Business

NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking. The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy. At the meeting, the company’s Board of Directors took time to unveil their…

The Central Bank of Nigeria (CBN) has released an updated list of Bureau de Change (BDCs) dealers approved in the country. According to the list published by the apex bank, the total number of approved BDC operators reduced to 2,991. The document titled ‘Approved BDCs’, revealed that the licences of 2,698 BDCs had been withdrawn. In 2022, the Central Bank…

…Dangote Cement to roll out new plants in Nigeria, Cote d’Ivoire & Ghana. Dangote Cement has concluded plans to expand its production capacity through the construction of a new 6Mt integrated cement plant in Itori, Ogun State. According to the Group Managing Director, of Dangote Cement, Mr. Arvind Pathak, the new plant on completion, will strengthen local production of Dangote…

There is a severe need for funding in the upstream and midstream segment of the energy sector in Nigeria, and relevant success stories from the country will facilitate these investments, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, has said. He said attracting the necessary funding will be dependent on regulatory reforms, fiscal terms restructuring and several other…

The bears continued to dominate the equities market of the Nigerian Exchange Limited (NGX) on Thursday as the overall capitalization succumbed to a second successive loss with a decline of N707 billion. The All-Share Index (ASI) shed 1,297.99 basis points or 2.03 per cent to close at 62,748.94 basis points. As such, market capitalisation declined by N707 billion to close…

The Central Bank of Nigeria (CBN) has named 62 International Money Transfer Operators (IMTO) in Nigeria for seamless remittances of dollar into the country. The new list increased to 62 from the previous 47 names. The Director, Trade & Exchange Department, CBN, Dr. O. S Nnaji in a circular titled; “Payout option in Nigeria for receipt of proceeds of diaspora…

President, Association of Capital Market Academics of Nigeria (ACMAN), Prof. Uche Uwaleke has called on the Federal Government to utilise the N1.1 trillion fuel subsidy removal palliatives on sustainable jobs across the 774 local government areas in the country.  President Bola Tinubu on Wednesday in a letter to the National Assembly proposed amendment of 2022 Supplementary Appropriation Act with the…

Nigerian Exchange Limited (NGX) says it plans to work with the government on the introduction of fiscal category incentives as well as advocacy for listed companies on their challenges. Temi Popoola, Chief Executive Officer, NGX, disclosed this during a Closing Gong Ceremony held in honour of the new Chief Executive Officer, Dangote Cement Plc, Mr Arvind Pathak in Lagos on…

The equities market of the Nigerian Exchange Limited on Wednesday succumbed to selling pressure as the overall market capitalization shed N882 billion, ending its five-day winning streak. The All-Share Index (ASI) lost 1,622.36 basis points or 2.47 per cent to close at 64,046.93 basis points. Also, market capitalisation declined by N882 billion to close at N34.874 trillion. The downturn was…

Naira on Monday appreciated by 4.4per cent to close at N744.07 against the dollar at the Investors & Exporters (I& E) foreign exchange window. Analysts attributed the trend in the foreign exchange market to heightened dollar demand and Central Bank of Nigeria (CBN) FX policies. Money market rates advanced on Monday as Open Buy Back and Overnight rates increased slightly…