Business

The shareholders of FBN Holdings (FBNH), yesterday approved the management decision to raise N150billion via rights issue. At the just concluded virtual 11th Annual General Meeting (AGM), the shareholders also approved increase in authorised share capital and a proposed N150 billion rights issue, with mandates to the board of directors to dictate the terms and conditions of the rights as…

The National Bureau of Statistics (NBS) on Tuesday disclosed that Nigeria’s inflation rate rose to 24.08per cent in July, 2023, about 1.29 per cent increase from 22.79 per cent reported in June 2023. The reported 24.08 per cent is the highest since 2005 when the inflation rate reached 24.30 per cent. According to NBS, on a year-on-year basis, inflation rate…

FBN Holdings Plc has announced that it will go ahead with its 11th Annual General Meeting (AGM) scheduled for August 15, 2023, despite being served with an ex parte order of interim injunction by the Federal High Court in Lagos. FBN had initially denied receiving a court order stopping it from holding the Annual General Meeting (AGM) scheduled for August…

 Activities in the Nigerian equities market kicked off the week on Monday on a bearish note as sell pressures in Okomu Oil Plc and 22 others led the overall capitalisation lower by N157bn Consequently, the All Share Index (ASI) down by 289.00 points or f 0.44 per cent to close at 65,036.37 points. Also, market capitalisation declined by N157 billion…

Nigerian Exchange Limited (NGX), along with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON), have demonstrated their willingness to collaborate with the Federal Government through the Ministry of Finance Incorporated (MOFI) in facilitating market development and listings. This was disclosed during the Closing Gong Ceremony, held in honour of MOFI’s engagement with capital…

In the last trading session of the week, the equities market of the Nigerian Exchange Limited (NGX) ended the week on a positive note as the All-Share Index closed 0.18 per cent stronger to settle at 65,325.37 basis points. About 1.05 per cent gain in MTN Nigeria Communication Plc alongside, 1.85 per cent gain in Dangote Cement Plc and 1.94…

The Central Bank of Nigeria (CBN) said it generated N127.06 billion sinking fund from banks’ operation in 2022 from N113.67 billion generated in 2021. The banking sector resolution sinking cost fund represents the annual contribution of the CBN to the banking sector and is administered by Asset Management Corporation of Nigeria (AMCON) The apex bank in its 2022 financial statement…

The naira depreciated to another record low of N930 against the dollar at the parallel market on Thursday as the demand for dollar by importers and other end-users far outstrips supply. This is further compounded by apparent non-intervention by the Central Bank of Nigeria (CBN) and the lack of a price control mechanism. The naira has now weakened by 18.7per…

The equities market of the Nigerian Exchange Limited (NGX) on Thursday bounced back from losses earlier in the week with N565 billion gain due to buying interest in Dangote Cement Plc and others. Hence, the All-Share Index gained by 1,037.43 points or 1.62 per cent to close at 65,204.82 basis points. Similarly, the overall market capitalisation value appreciated by N565…

Nigerian Exchange Limited (NGX) has disclosed that it is working with the Central Securities Clearing System (CSCS) Plc and Euroclear to create a dollar settlement platform that will enable tech startups to raise capital in dollars. The Exchange stated that this would create opportunities for domestic investors to have access to their shares and at the same time, contribute to…