Business

The World Bank in its latest Commodity Markets Outlook report disclosed that global commodity prices are expected to decline in 2023 at the fastest clip since the onset of the COVID-19 pandemic, clouding the growth prospects of almost two-thirds of developing economies that depend on commodity exports. The report stated that the drop in prices, however, is expected to bring…

Transnational Corporation Plc (Transcorp) has informed the Nigerian Exchange Limited (NGX) and the investing public of the 25.58 per cent acquisition of new shares by HH Capital Limited. HH Capital is a company (Special Purpose Vehicle) owned by billionaire investor Tony Elumelu and appears to be an acronym for Heirs Holdings. A public search of the company reveals the directors…

Transnational Corporation Plc on Thursday disclosed that billionaire businessman, Mr. Femi Otedola  has purchased 228,384,959 of its ordinary shares. Acting company Secretary, Transnational  Corporation, Funmi Olofintuyi in a  statement on the  Nigerian Exchange Limited ((NGX) did not disclose the value of the shares. Otedola was alleged to have emerged largest single individual shareholder at Transcorp, a publicly traded diversified conglomerate chaired by Tony Elumelu. The billionaire,…

MTN Nigeria Communication Plc on Thursday announced N155.78billion profit before tax in  its  unaudited first quarter ended  March  31, 2023, an increase of  8.5 percent from N143.6billion reported  in  first  quarter (Q1) of  2022. The telecommunication giant on the Nigerian Exchange  Limited  (NGX) disclosed  N101.3billion profit  after tax in Q1 2023, up 4.6percent from N96.82billion in Q1 2022. In the period under review, MTN Nigeria…

Nigeria’s Inter-Bank Settlement System (NIBSS) has disclosed that the number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria rose to 1.8 million in March 2023. The report by NIBSS said the figure represents a 75per cent increase compared with the number of deployed terminals in the same period last year, which was 1.04 million. The…

In line with its mandate of deposit guaranty and reimbursement of depositors in the event of bank failure, the Nigeria Deposit Insurance Corporation (NDIC) has commenced verification of insured depositors of Peak Merchant Bank in-liquidation towards payment of their insured sums. The Director, Communication and Public Affairs, NDIC, Bashir Nuhu in a statement said the verification exercise would enable depositors…

As part of its initiatives to reduce poverty and alleviate hunger in society, leading financial institution, Fidelity Bank Plc, recently launched a Corporate Social Responsibility (CSR) scheme tagged the Fidelity Food Bank. Through the initiative, the bank would partner with carefully selected charity organizations across Nigeria to provide food items to members of the society monthly. At an event held…

The UK government, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), among other agencies where it operates sanctioned Guaranty Trust Holding Company Plc (GTCO) N4.21billion for committing various market infractions in 2022. GTCO with its head office in Nigeria, and subsidiaries in UK, Ghana, Kenya andTanzania was sanctioned by N4.2billion by regulating bodies in these countries Notably, GTCO…

The Securities and Exchange Commission (SEC) has said that the Investments and Securities Bill 2023, recently passed by the National Assembly is geared to improve the capital market and provide more opportunities for investors. Chief Economist (SEC) Dr. Okey Umeano stated this in an interview in Abuja on Thursday. He said the ISB 2023 has updated the powers of the…

Wema Bank Plc has announced N11.35billion profit after tax in its audited result and accounts for the full year ended December 31, 2022, an increase of 27.17per cent from N8.93billion reported in 2021 financial year. Profit before Tax (PBT) increased by 19per cent to N14.75 billion from N12.38 billion in FY 2021. Amid impressive performance in profits, the management of…