Company Report
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Geregu Power declares 8.85% drop in profit to N12.29bn
Geregu Power Plc has announced 8.85 per cent drop in profit before tax to N12.29 billion in unaudited result and accounts for the half year (H1) ended June 30, 2023 from N13.49 billion reported in half year (H1) 2022. The company reported N34.7 billion revenue in H1 2023 result and accounts, a growth of 2.6 per cent from N33.8billion reported…
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Capacity building: DBN empowers over 1,000 MSMEs in North
The Development Bank of Nigeria (DBN) in continuation of its capacity development training programmes for Micro, Small and Medium Enterprises (MSMEs) in Nigeria, has organised a one-day training for over 1,000 small businesses across six states in the North-East and North-West. The MSMEs were spread across Gombe, Borno, Adamawa, Katsina, Sokoto and Kebbi states. The capacity training programme, which was…
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Ecobank warns FBN Holdings not to accept Otudeko’s share purchase over N13.5bn indebtedness
In a new twist to the jostle for control of FBN Holdings, Kunle Ogunba and Associates, the receiver manager acting on behalf of Ecobank Nigeria Limited, has written a letter to FBN Holdings PLC, urging the company not to recognize shares transferred to Barbican Capital Limited. The letter, dated July 7, 2023, comes in the wake of a Supreme Court…
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Dangote Cement announces commencement of 168.73m Tranche I share buy-back programme
Dangote Cement Plc has announced on the Nigerian Exchange Limited (NGX) the commencement of the Tranche I shares buyback programme. The Tranche I share back program entails that up to 168,735,593 fully paid-up ordinary shares of 50kobo each, representing one per cent of the entire current issued shares will be repurchased. The programme is scheduled to commence on the 17th…
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CSR: Dangote granite mines offers scholarships to 60 host communities’ students
It was an atmosphere of excitement at the weekend as Dangote Granite Mines, Ijebu Igbo, a subsidiary of Dangote Group, awarded multi-million Naira scholarships to 60 students from the host communities in various schools in the country. The scholarship award is part of the company’s Corporate Social Responsibility (CSR) to foster educational development in its host communities. The company also…
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FMDQ Holdings owns 21.6% equity stake in CSCS
FMDQ Holdings currently owns 21.6 per cent equity stake in Central Securities Clearing System Plc (CSCS) after purchasing 1,080,641,902 units of the company that is listed on the NASD OTC Plc. Company Secretary/General Counsel, Charles Ojo in a signed statement, said the two major shareholders of CSCS, Artemis Limited and ZPC Leadway Insurance Prem. Coll & Invest, who previously held…
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Investors responding positively to FG’s policies, says NGX CEO
The Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola has expressed optimism around the recent policies by the Federal Government since the inauguration of President Bola Tinubu, saying that investors are responding positively with bullish sentiments in the market. Popoola said this during a monitored programme (NewsDay) on BBC News recently, just as he remained hopeful that the current…
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TAJBank sets new record, pays dividend in 3 years
….as non-interest lender’s PBT surges by over 300% in FY 2022 TAJBank Limited, Nigeria’s fast-growing and technology-driven non-interest banking services provider, has set a new record in the nation’s banking system with the payment of dividend to its shareholders just three years of its operations. It would be recalled that TAJBank made history early this year as the first corporate…
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21 days of Y’ello care: MTN hosts exhibition for 50 SMEs
MTN Nigeria held a bazaar and trade fair for small and medium enterprises on Wednesday at its corporate head office in Lagos. The trade fair is part of the ongoing annual MTN employee volunteerism initiative – 21 Days of Y’ello Care. Attended by the First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu, the exhibition had more than 50 local entrepreneurs…
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Devaluation of Naira to negatively impact $1.5m derivative instruments, says Airtel Africa
Airtel Africa Plc Tuesday announced that the devaluation of the naira would have a negative impact on its $1.5million derivative instruments. The telecommunication giant on the Nigerian Exchange Limited (NGX) also said the currency devaluation sensitivity analysis revealed in the recent results for the financial year 2022/23, highlighted that the devaluation would have a negative impact of $22million on revenues,…
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