Business

Oando Plc has announced a N34.7billion profit after tax in its 2021 financial year compared to a loss after tax of N140.7billion in 2020 financial year. The indigenous petroleum company listed on the Nigerian Exchange Limited (NGX) announced 51 per cent turnover increase to N722.5 billion compared to N477.1 billion in the 2022 financial year. Revenue for the period was…

Zenith Bank Plc grew its assets by 30.03per cent from N9.45trillion in 2021 financial year to N12.29trillion in the corresponding period of 2022, mainly driven by growth in customer deposits. The bank disclosed this in a statement on Tuesday on its audited results for the year ending December 31, 2022. It said that its customer deposits increased by 39 per…

The equities market of the Nigerian Exchange Limited (NGX) on Monday commenced on a negative note to sustain negative momentum into the new week as its overall capitalisation plunged by N622 billion. The NGX All Share Index (ASI) fell by 1,141.76  basis points or 2.08 per cent, to close at 53,750.77 basis points , while  investors lost N622 billion in…

As part of activities commemorating Global Money Week, Nigerian Exchange Limited (NGX), in partnership with social media leading voices on finance and investment, organised a Twitter Spaces on money management and sustainable investing. The forum which was hosted via a Twitter Spaces session recently featured Head, Product Development, NGX, Chidinma Chukwueke-Okolo; Founder and Chief Executive Officer, MoneyAfrica and Ladda.ng, Tosin…

The global economy’s “speed limit”—the maximum long-term rate at which it can grow without sparking inflation—is set to slump to a three-decade low by 2030, according to the latest report by World Bank. The report noted that an ambitious policy push is needed to boost productivity and labour supply, ramp up investment and trade, and harness the potential of the…

The Industrial Training Fund (ITF) has conferred the award of “Best Contributing Employer in Human Resources Development” for the year 2022 on the Nigeria Deposit Insurance Corporation (NDIC). The award was presented to the Corporation by the Director General, ITF, Sir Joseph Ari, who was represented by the Abuja Area Manager and Deputy Director, Mrs Hauwa Mohammed. The ITF boss…

Access Holdings Plc on Friday announced that the merger between Access Bank Zambia Limited and African Banking Corporation Zambia Limited would be completed in the third quarter (Q3) of 2023. It stated that regulators in both countries have approved the merger. Company Secretary, Access Holdings, Sunday Ekwochi in a statement on the Nigerian Exchange Limited (NGX), announced that the group…

The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The apex bank has also directed all commercial banks to open for operation on Saturdays and Sundays. Acting Director, Corporate Communications Department of the…

The equities market on Thursday relapsed by 0.02 per cent halting two days of successive rally on the local bourse. The All-Share Index declined by 12.03 per cent or 0.02 per cent, to close at 54,924.08 basis points. Consequently, the overall market capitalisation value lost N6 billion to close at N29.921 trillion. The market breadth was negative as 17 stocks…

The stock price of Seplat Energy Plc remained flat at N1,200 per share amid controversies rocking the Nigerian independent oil and gas company listed on both the London and Nigerian Stock Exchanges. The Federal High Court in Lagos had restrained the Chief Executive Officer of Seplat Energy, Mr Roger Brown, from parading himself as the firm’s CEO over unlawful, discriminatory,…