Business

Fresh funds have been injected into one of the leading banks in Nigeria, Access Bank Plc, for the execution of its African expansion strategy. The capital, worth $300 million, was brought in by the parent company of the tier-1 financial institution, Access Holdings Plc. Access Holdings, in a notice signed by its scribe, Mr Sunday Ekwochi, and filed to the…

The Federal Competition and Consumer Protection Commission (FCCPC) has approved 173 digital lending applications to operate in the country. Of the 173, 119 have full approvals and 54 have conditional approvals. Following harassments of Nigerians by loan apps, the FCCPC began a registration drive to protect citizens from the atrocities of the apps. The Commission released a ‘Limited Interim Regulatory/…

forbes has released its list of world’s billionaires for 2023. ‘ The list, which came out Tuesday has a couple of surprises. This is more so since the last year has been full of falling stocks, wounded unicorns and rising interest rates which translated into a down year for many of the world’s richest people. One of the surprises however…

Shareholders of Capital Hotels Plc have approved the company’s delisting from the Nigerian Exchange Limited (NGX). The company secretary, Capital Hotel, Mr. Alex Ugwuanyi in a statement said the board of directors had approved the decision by shareholders of the company. He noted that shareholders and other stakeholders at a Board of Directors’ meeting held in March approved the company’s…

With the retirement of Mr. Ademola Adebise, Mr. Moruf Oseni from today (April 1, 2023) begins his tenure as the Managing Director and Chief Executive Officer of Wema Bank Plc. After serving in acting capacity since January 1, 2023, Oseni succeeded Adebise, following approval by the Central Bank of Nigeria (CBN). Oseni’s journey with Wema Bank began in 2012 when he joined…

As the market closed for the quarter on Friday, the All Share Index of the Nigerian Exchange Limited returned 5.81per cent for investors, consolidating gains made from the previous year. Within the period, the ASI rose from 51,251.06 basis points to 54,232.54 basis points. Market capitalisation of listed companies also closed higher at N2.54trillion. Despite the uncertainties posed by the…

United Bank for Africa (UBA) Plc on Thursday released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices. The 2022 financials, filed by the bank on the floor of the Nigerian Exchange Limited (NGX), showed that despite the highly challenging global economic and business environment, UBA recorded a laudable profit before…

Ikeja Hotel Plc on Thursday announced a N3.94billion loss in 2022 financial year as against N180.6million loss reported in the corresponding period of 2021 amid hike in total operating expenses and finance cost. The hospitality company listed on the Nigerian Exchange Limited (NGX) saw its loss before tax at N3.36billion in 2022 from N200.9million profit before tax in 2021. The…

Ecobank Transnational Incorporated (ETI) on Thursday announced N156.55billion profit in 2022 financial year, an increase of seven per cent from N146.33billion reported in corresponding period of 2021. The Pan-African bank on the floor of the Nigerian Exchange Limited (NGX) announced N230.56billion profit before tax in 2022 an increase of 18 per cent from N195.72billion reported in 2021 financial year. The…

 The equities market of the Nigerian Exchange Limited (NGX) on Wednesday recorded its first positive performance this week as buying interest in Dangote Cement Plc and 21 others drove the All-Share Index 0.90 per cent higher. The All Share Index (ASI) rose by 479.17 basis points or 0.90 per cent to close at 53,603.80 basis points. Accordingly, investors gained N261…