Business

Leading banks in Nigeria, Zenith Bank Plc, Guaranty Trust Holdings Plc (GTCO), Access Holdings Plc, Ecobank Transnational Incorporated (ETI) and United Bank for Africa Plc (UBA) have incurred an impairment loss running into billions of Naira in 2022 due to Ghana’s debt crisis and its restructuring by the government. The debt restructuring has added to several pressure points on the…

The Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr Temi Popoola has said that the market would see a renewal in Exchange Traded Fund listings as four new ETFs were in the pipeline. This was echoed by Popoola at the ETFs conference with the theme “ETFs in the Nigerian Capital Market: Opportunities and Challenges” held on Wednesday. Giving his remarks,…

The African Securities Exchanges Association (ASEA) has signed a Memorandum of Understanding ( MoU) that will further advance cross-border payments and settlement of securities transactions in Africa. This is sequel to a similar MoU signed between Nigerian Exchange Limited (NGX) and Pan-African Payments Settlement System (PAPSS) It would be recalled that PAPSS and Nigerian Exchange Limited (NGX) signed an agreement…

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday return back to positive position by N3 billion gain as the market traded 1.820 billion shares. The NGX All Share Index (ASI) rose by 11.54 absolute points, representing a gain of 0.02 per cent to close at 51,138.92 basis points. Accordingly, investors gained N3 billion in value as market…

Justice Inyang Ekwo of the Federal High Court in Abuja has reinstated Ifeanyi Ararume as the non-executive Chairman of the Nigerian National Petroleum Corporation Limited (NNPCL). The judge also nullified and set aside all decisions and resolutions of the Board of the NNPCL made in the absence of Ararume from  January 17th, 2022 till date. The court further awarded the…

The equities market of the Nigerian Exchange Limited (NGX) carried on last week’s bearish sentiments, as losses in MTN Nigeria Communication Plc (-6.7per cent) and Zenith Bank (-0.5per cent) triggered a 1.5per cent decline in the benchmark index. Thus, the All-Share Index settled at 51,120.94 basis points points. Accordingly, the Month-to-Date and Year-to-Date returns printed -5.7per cent and -0.3per cent,…

The Asset Management Corporation of Nigeria (AMCON) has taken over the assets belonging to Glano Nigeria Limited over an indebtedness of N2.4billion, following an order of Justice I. N. Buba of the Federal High Court Lagos Division. AMCON, established to recover bad debt on behalf of the Federal Government has been in an endless court battle with Glano Nigeria Limited…

Investors weak sentiments continue to reverberate in the equities market of the Nigerian Exchange Limited (NGX) with the absence of positive triggers to turn the tide for the market. As a result of the sustained lacklustre performance on the Exchange, All-Share Index posted another decline by 2.08 per cent week on week (W-o-W) to 51,893.94 basis points amid sell pressure…

Nigeria’s annual inflation rate rose to 22.04 per cent in March from 21.91 per cent in the previous month, the National Bureau of Statistics (NBS) said Saturday. The statistics office said the March inflation rate showed an increase of 0.13 per cent when compared to February 2023 headline inflation rate. According to the latest inflation report, the food inflation rate…

Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments. Speaking at the 14th Annual General Meeting (AGM), of the company in Lagos, Dangote said the prospects for the cement company remain bright as the…