Business

The equities market segment of the Nigerian Exchange Limited (NGX) commenced in the first trading week in May 2023 positive as the All-Share Index rose 0.12 per cent week-on-week (W-o-W) to close at 52,465.31 basis points. As a result, market capitalisation expanded N34 billion to close the week at N 28.568 trillion. Across the sectors last week, performance was bullish…

Five Domestic-Systemically Important Banks (D-SIB) of the Central Bank of Nigeria (CBN) resisted domestic and external economic challenges to declare impressive 2022 financial performance that led to dividend payout to shareholders. The five big banks comprise of Access Holdings Plc, Zenith Bank Plc, Guaranty Trust Holding Company Plc, Ecobank Transnational Incorporated (ETI) and United Bank for Africa generated N1.1trillion profit…

Guaranty Trust Holding Company Plc (GTCO) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of N74.1billion, representing an increase of 36.5per cent over the N54.3billion recorded in the corresponding period ended March 2022. The Group’s…

The Board of Trustees of Aliko Dangote Foundation (ADF) has resolved to be fully involved in the evacuation and resettling of thousands of Nigerians that are stranded in Sudan. Managing Director and Chief Executive Officer of ADF, Zouera Youssoufou said she has been in contact with the management of Air Peace and the Federal Government to indicate the Foundation’s readiness…

The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan has commended the judiciary and Nigerian Bar for collaborating with the Corporation in the diligent and timely prosecution of failed bank cases. Hassan gave the commendation in Abuja at the sensitization seminar for external solicitors of the Corporation with the theme: “The role of NDIC external solicitors…

The Securities and Exchange Commission (SEC) on Monday said it has blacklisted six online trading platforms in its latest crackdown on illegal and unregistered firms purporting to offer investment and finance services and products. The blacklisted firms include Prime Invest and “Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC and Trust Fund- Mining Global Pty…

Group Managing Director, Access Holdings Plc, Mr. Herbert Wigwe has announced on the floor of the Nigerian Exchange Limited (NGX) that he mop-up N11.35billion shares to become the highest direct and indirect shareholder of the Pan-African financial institution. This is coming on the heels of Transcorp Incorporated Plc’s tussle between Mr. Femi Otedola and Mr. Tony Elumelu that eventually favoured…

For the umpteenth time, the Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON) Mr Ahmed Kuru has reminded stakeholders to view the AMCON recovery as an important national mandate Kuru made the call at the weekend in two separate engagements with AMCON External Solicitors, and Receivers as well as Asset Management Partners (AMPs) in Lagos. He said the call has…

Fidelity Bank Plc has released its latest audited financial statement and accounts to the investing public. A major highlight of the report is a recommendation of a 42.9 per cent increase in dividend payout by the board of directors of the bank. In one of the highest return growths in the stock market, Fidelity Bank, which set a personal record…

Shareholders of United Bank for Africa (UBA) Plc have approved the Board’s proposal to pay a dividend of N1.10 per share for the financial year ended December 31, 2022. The shareholders gave their approval at the bank’s 61st Annual General Meeting (AGM) which was held virtually on Thursday. The bank had earlier paid an interim dividend of 20 kobo per…