Business

The Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has urged stakeholders in the capital market to embrace innovation as a catalyst for growth, increased efficiency, heightened transparency, and resilience.  He stated this as the keynote speaker at the 2024 Capital Market Solicitors Association Annual Business Summit held in Lagos recently with the theme “Revolutionising the Nigerian Capital…

By Innocent Raphael  Guinness Nigeria Plc has firmly denied recent speculations suggesting the company plans to exit the Nigerian market.  In a recent statement, the company emphasized its unwavering commitment to Nigeria and outlined plans for a new phase of growth and innovation. Operating in Nigeria since April 1950, Guinness Nigeria has integrated deeply into the country’s cultural and economic…

By Innocent Raphael  In preparation for the upcoming Eid-el-Kabir celebrations, the Federal Airports Authority of Nigeria (FAAN) has issued a stern warning against bribery and extortion at airports nationwide. The authority has assured travelers of a seamless journey during the festive period. FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah conveyed this message in a statement released on…

Wema Bank plc said it has successfully concluded the first tranche of its recapitalisation exercisce having secured all relevant regulatory approvals for the allotment of its N40billion Rights Issue which was initiated in December 2023. In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital…

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…