Company Report
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Wema Bank surpasses 2023 PBT target, declares N30.46bn
Wema Bank Plc has announced on the Nigerian Exchange Limited (NGX) its unaudited result and accounts for full year ended December 31, 2024 with N30.46billion profit before tax (PBT). This is 105 per cent increase from N14.88billion profit before tax reported in full year ended December 31, 2022. The reported N30.46 billion profit before tax surpassed the management’s N18 billion…
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FX unification cost Guinness Nigeria N5.23bn loss
Amid foreign exchange unifiicaton, Guinness Nigeria Plc has declared N5.23billion loss in second quarter (Q2) ended December 31, 2023 from N4.02billion profit declared in second quarter of 2022. The multinational company declared N4.43billion loss before tax in Q2 2023 from N7.23billion profit before tax in Q2 2022. The losses can be attributable to N23.88billion finance expenses in Q2 2023 from…
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Cost of fuel prices may reduce in 2024, Cardoso reveals
The governor, Central Bank of Nigeria (CBN), Olayemi Cardoso has revealed that fuel costs are expected to reduce in 2024, effectively impacting several segments of the economy. Cardoso spoke on Wednesday at the unveiling of the Nigerian Economic Summit Group’s (NESG) 2024 macroeconomic outlook, in Lagos. “The expected stabilisation or reduction in fuel costs is poised to have far-reaching implications…
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Dangote Cement reaches N10trn in market cap
Dangote Cement Plc shares gained 9.99per cent on Monday to close with a share price of N592.60, thus reaching a market cap of N10.095 trillion, becoming the first Nigerian company to hit the historic milestone. In 2024, Dangote Cement has recorded a remarkable performance in the equities market, with a year-to-date return of 85.2per cent, moving from a share price…
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Cadbury Nigeria offers to sell 402m shares over inability to pay $7.7m debt
Cadbury Nigeria has offered to swap its $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited for more equity. Cadbury Schweppes Overseas Limited, controlled by Mondelēz International Inc, is a major investor in Cadbury Nigeria with 74.97 percent stake. In a statement, Cadbury Nigeria on the Nigerian Exchange Limited (NGX) said it borrowed $23 million from Cadbury Schweppes…
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Access Bank Zambia completes acquisition of Atlas Mara
Access Bank Zambia Limited on Monday announced that it has completed its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia after obtaining all requisite regulatory approvals. Atlas Mara is now a wholly owned subsidiary of Access Bank Zambia. Following this regulatory milestone, the two banks will continue to operate separately until all integration related processes are…
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UBA surpasses N1trn in market capitalisation
Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share. At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from…
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Airtel Africa announces new CEO, as Olusegun Ogunsanya retires
Airtel Africa plc on Monday announced the retirement of Chief Executive Officer Olusegun Ogunsanya and the appointment of Sunil Taldar, who joined Airtel Africa in October 2023 as Director – Transformation, as Chief Executive Officer (CEO). The telecommunication giant in a statement on the Nigerian Exchange Limited (NGX) noted that following a transition period, Taldar will be appointed to the…
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Christmas: Access Bank unveils season of Rewards to excite Customers.
Santa came early for Access Bank customers as the top financial institution unveils exciting rewards and mouth-watering discounts on its products to excite and enhance the joy and spirit of the festive season. The campaign will reward customers with cash prizes up to N1million, Shopping vouchers, huge discounts and exciting freebies from today till the end of December, 2023. Speaking…
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Dangote cement inducts graduate 81 trainees to boost employment
…Awards Outstanding Staff Dangote Cement Plc, last weekend, inducted 81 trainees in its Graduate Trainee programme to boost employment in the country. The company, it would be recalled, since the beginning of the programme, has inducted hundreds of such trainees into its service, across its African operations. The Company also has rewarded its outstanding staff with ‘long Service Award’ and…
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