Business

Nestlé Nigeria Plc on Tuesday said significant increase in cost of sales and financial costs obstructed robust profit and dividend payout to shareholders. The company declared 32.3per cent increase in cost of sales to N291.05 billion in 2022 from N219.99 billion, while finance cost rose significantly by 70.02per cent to N20.53 billion from N12.08 billion reported in 2021. Raw materials…

Dangote Cement Plc on Monday said its revenue increased to N1.62trillion in 2022, a growth of 17 per cent from N1.38trillion reported in 2021, driven by price increases to offset heightened inflation. According to the company, its volumes sold by Dangote Cement’s core Nigerian operations decreased by 4.1per cent to 17.8Mt, elevated by the high base of 2021. “The decrease…

The domestic equities market of the Nigerian Exchange Limited (NGX) opened trading on a positive note on Monday as overall market capitalisation crossed N30 trillion. Consequently, the NGX All Share Index (ASI) rose by 379.21 basis points, representing a gain of 0.69 per cent to close at 55,328.42 basis points. Consequently, investors gained N206 billion in value. Market breadth closed…

The Central Bank of Nigeria (CBN) has revised the regulatory requirements for the tenure of Executive Management and Non-executive Directors (NEDs) of deposit money banks (DMB) and financial holding companies (HoldCos). The apex bank, which disclosed this in a circular to all banks dated February 24, 2023, titled: “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit…

The Nigerian equities market on Thursday sustained its bullish run and added N180billion in market capitalisation driven by the share price appreciation of Geregu Power Plc and 27 others. The All Share Index (ASI) rose by 330.85 basis points or 0.61 per cent to close at 54,646.38 points. Accordingly, investors gained N180 billion in value as market capitalisation went up…

The Central Bank of Nigeria (CBN) has reported that the Federal Government’s fiscal deficit increased to N746.30 billion in November 2022. This is a 40.6 per cent increase when compared to N530.87billion recorded in the month of October 2022. The apex bank in its November 2022 Economic Report noted that the increase in the fiscal deficit reflected the 9.1 per…

The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the National Pensions Commissions (Pencom) on areas that would assist in further deepening the commodities ecosystem. Director General of the SEC, Mr. Lamido Yuguda stated this when the management of the Commission along with the Lagos Futures and Commodities Exchange (LFCE) held a meeting with Pencom in…

Few days to go before Nigeria’s highly anticipated general elections, domestic investors in the local bourse are scooping up positions in stocks, shunning potential risks from the impacts of voter’s choices. Nigerian Exchange Limited (NGX) All-Share Index (ASI) is up 5.80per cent already in 2023 as at close of market on February 20, maintaining a bullish run from September 2022.…

The Central Bank of Nigeria (CBN) on Tuesday denied receiving presidential orders to reissue the old N200, N500 and N1000 naira notes. The denial was a reaction to an alleged press statement purportedly from the apex bank circulating on social media. The press release reads: “Due to the current and unpleasant situation happening in Nigeria, in line with Mr. President…

Commercial banks on Saturday allowed their customers to deposit their old N500 and N,1000 notes in an apparent disobedience to the directive of the Federal Government and Central Bank of Nigeria (CBN), according to findings by Western Post. The CBN on Friday in line with President Muhammadu Buhari’s directive authorized the banks to suspend the collection of the old N500…