Company Report
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Investigation: Dangote Cement not on sale in Benin Republic
… Cement sells at an average price of N6,216 in Benin despite the regulation The allegation that went viral on social media last week that Dangote Cement Plc was selling a bag of 50kg cement to Nigerians at an exploitative rate of N5,200 while it sells the same quantity of cement at N1,500 in the Republic of Benin was not…
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Fidelity bank records PBT of N76.3bn, declares N0.25 interim dividend
Fidelity Bank Plc has recorded an impressive 204.4per cent growth in Profit Before Tax for the first half of 2023 to N76.3billion according to the bank’s recently issued financial result. A review of the results published on the Nigerian Exchange Group (NGX) showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing…
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Market infractions: CBN, others sanction GTCO, 2 others N32.5m
For contravening market rules, the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX) and National Pension Commission (Pencom) sanctioned three banks N32.5million in half year ended June 30, 2023. The three banks are Guaranty Trust Holding Company Plc, Fidelity Bank Plc, and Stanbic IBTC Holdings Plc. GTCO was the most sanctioned bank among the…
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Tax: FG earns N412.9bn from Dangote Cement in three years
Dangote Cement Plc, a subsidiary of Dangote Industries Limited, (DIL), paid a total of N412.9 billion into the coffers of the Federal Government as tax for three consecutive years. A total of N97.24 billion was paid by Dangote Cement in 2020, N173.93 billion in 2021 and N141.69 billion in 2022. This huge tax payment from only one of the conglomerate’s…
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Ecobank remodels branches for enhanced customer experience, service delivery
Ecobank Nigeria has started the remodeling of its branches across the country. This effort will see the bank turn its existing banking halls into modern smart banking arenas designed to offer a cozy experience to customers and other stakeholders of the bank who visit the branches. Speaking on the branch transformation exercise, Titi Olarinde , Head, Branch Network, Ecobank Nigeria…
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GTCO declares 217.09% increase in PBT to N327.40bn
Guaranty Trust Holding Company Plc (GTCO) on Friday announced N327.40billion in audited half year ended June 30, 2023, an increase of 2217.09 per cent from N103.25billion reported in prior half year ended June 30, 2022. The lender on the Nigerian Exchange Limited (NGX) also announced N280.48billion profit after tax in H1 2023, an increase of 261.63 per cent from N77.56billion…
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Job Creation: Lagos NUJ honours Dangote with excellence award
It was a night of accolades for Africa’s foremost business conglomerate, Dangote Industries Limited, (DIL), as journalists in Lagos State conferred an award of excellence on the Group for its outstanding contributions to the economic development of Nigeria and Africa in general. The award, according to the journalists, was because of Dangote’s aggressive employment generation drive, which has seen thousands…
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Dangote Sugar, NASCON merger to be completed via scheme of consideration
Dangote Sugar Refinery Plc, in an announcement to the Nigerian Exchange Limited, has disclosed that its planned merger with NASCON Allied Industries Plc and Dangote Rice Limited would be completed via a “scheme of consideration”. In a press release signed by Company Secretary, Mrs. Temitope Hassan, the company disclosed the condition under which the merger would be completed. According to…
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MTN Nigeria raises N125bn via CP
MTN Nigeria Communications Plc on Wednesday notified Nigerian Exchange Limited and the investing public of the successful completion of its Series 6 & 7 Commercial Paper Issuance under its upsized N250billion CP Issuance Programme. Company Secretary, MTN Nigeria Communications, Uto Ukpanah in a statement said it sought to raise N100billion, and the offer recorded 146 per cent subscription with N125billion…
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Flour Mills of Nigeria declares 5.3% increase in profit to N29.5bn
Flour Mills of Nigeria Plc has announced N29.5billion profit after in its 2023 audited result and accounts for full year ended March 331, 2023, a 5.3 per cent increase from N28.02billion reported inn corresponding period of 2022. The agro-allied company in its filing on the Nigerian Exchange Limited (NGX) declared N39.78billion in 2023, an increase of 1.45 per cent from…
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