Business

Access Holdings Plc on Sunday announced that it has received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue. This marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to $1.5 billion. The Rights Issue is strategically structured to bolster Access Holdings’ financial position…

The Group Chief Executive Officer, NNPC Ltd, Mr. Mele Kyari on Friday paid a courtesy visit to the Comptroller General of Nigeria Customs Service (NCS), Mr. Bashir Adewale Adeniyi. During the visit, Kyari particularly commended the rapid impact of the NCS’ “Operation Whirlwind” in reducing the smuggling of Premium Motor Spirit (also known as petrol) across Nigeria’s border communities, with…

In May 2024, the Nigerian pension industry maintained its uptrend, reaching an all-time high of N20.23 trillion. This marks an impressive N4.12 trillion increase over the past year. Data from the National Pension Commission (PenCom) indicates that the total pension assets in the industry surged to N20.23 trillion in May 2024, up from N16.11 trillion in May 2023, representing a…

The Central Bank of Nigeria (CBN) has threatened to sanction Deposit Money Banks (DMBs) for rejecting over circulated /mutilated banknote in circulation. The Acting Director, Currency Operations Department, CBN, Mr. Solaja Mohammed in signed circular COD/DIR/INY/CI/001/018 dated June 28, 2024 that was posted on the apex bank’s website on Wednesday stated that t has received several report of rejection of…

The Chairman of the Dangote Group, Aliko Dangote, has criticised the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). The CBN has increased Monetary Policy Rate (MPR) or interest rate to 26.25 per cent as of May 2024  from 18.75 per cent early  in the year as its drive to tackle inflation…

President of the Dangote Group, Aliko Dangote, has advocated for policies that safeguard domestic industries and cultivate them into indigenous champions capable of generating jobs and fostering prosperity in the face of current global economic woes. The foremost entrepreneur told the gathering of manufacturers and investors in Abuja while delivering a speech on ‘Rethinking Manufacturing in Nigeria’ as the keynote…

Access Holdings Plc on Tuesday held a formal signing ceremony as part of the arrangements to raise a total of N351.01  by way of a Rights Issue  to existing shareholders. The Offer is part of the Group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries. The Signing Ceremony with respect…

The Central Bank of Nigeria (CBN), has threatend to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars. This was contained in a circular issued by the Ag. Director of Currency Operations Department of CBN, with reference: COD/DIR/INT/CIR/001/017 The apex bank said its market intelligence had revealed the continued rejection of…

By Innocent Raphael The Imo State Government has officially handed over an electronically-powered tollgate at the Sam Mbakwe International Cargo Airport, Owerri, to the Federal Airport Authority of Nigeria (FAAN). Governor Hope Uzodimma, who led the ceremony, highlighted that the new facility would enhance FAAN’s ability to provide quality services to both Imo residents and other Nigerian travelers. During the…

The Nigerian capital market is strategically positioned to drive the ongoing bank recapitalization exercise, leveraging advanced technology to facilitate the capital-raising efforts mandated by the Central Bank of Nigeria’s new requirements. Nigerian Exchange Group Plc (NGX Group) and its subsidiaries are spearheading this initiative, working in close collaboration with the Securities and Exchange Commission (SEC) to ensure a seamless and…