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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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Fuel subsidy: Abdulrahman inaugurates 12-man committee on palliative distribution
The governor of Kwara State, Abdulrasaq AbdulRahman, on Tuesday inaugurated a 12-man committee on distribution of the N5bn federal government’s palliatives in the state, charging them to be transparent. It would be recalled that the state government set up the committee at the weekend a day after the federal government announced the nationwide palliatives which include N4bn worth of rice…
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Equities market gains N263bn in market cap
The domestic equities market on Monday started the week in positive territory as the overall capitalization advanced by N263 billion. The All-Share Index (ASI) gained 481.32 points, representing a gain of 0.74 per cent to close at 65,202.41points. Also, market capitalisation rose by N263 billion to close at N35.685 trillion. As measured by market breadth, market sentiment was positive, as…
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Elumelu’s Transcorp acquire 60% majority stake in AEDC
n another remarkable strategic maneuver that solidifies Transcorp’s dominant position in Nigeria’s power sector, Christopher Ezeafulukwe, the intelligent and astute Managing Director/CEO of Transcorp Power Limited, has been entrusted by the Board of the Abuja Electricity Distribution Company (AEDC) to lead the charge as the new Managing Director/CEO of AEDC. This pivotal announcement closely follows the acquisition of a substantial…
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Group urges NLC to shelve planned strike, protest over fuel subsidy removal
….says Tinubu should be given more time A group of online media practitioners under the umbrella of Professional Online Media Executives of Nigeria (POMEN) has called on the leadership of Nigeria Labour Congress (NLC) and the Civil Society Organisations (CSOs) to shelve the planned industrial action and protest. The professional group in a statement issued on Monday by its President,…
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H1 2023: MTN Nigeria declares 25.4% decline in PBT to N200.4bn
MTN Nigeria Communications Plc (MTN Nigeria) has announced its unaudited results for the half year (H1) ended June 30, 2023 with a decline of 25.4 per cent to N200.4billion from N268.64 billion in H1 2022, attributable to foreign exchange loss. The telecommunication giant listed on the Nigerian Exchange Limited (NGX) disclosed that its profit for H1 2023 stood at N128.7…
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CBN increases interest rate to 18.75%, retains other ratios
The Monetary Policy Committee (MPC) members of the Central Bank of Nigeria (CBN) on Tuesday voted to increase its Monetary Policy Rate (MPR) to 18.75 per cent from 18.50 per cent. The members at the end of the two-day meeting in Abuja voted to adjust the asymmetric corridor to +100/-300 basis points around the MPR; retain the CRR at 32.5…
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NGX, PenCom collaborate to launch Pension Broad Index
Nigerian Exchange Limited (NGX), in collaboration with the National Pension Commission (PenCom) has announced the launch of the NGX Pension Broad Index (NGXPENBRD). The NGX Pension Broad Index tracks the performance of equity securities that meet the profitability and dividend payment criteria, with no limit or cap on the number of stocks that can be included. The index, which currently…
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Opinion: After rainfall, by Kola Amzat
Global history is replete of today’s great countries that had it quite horrible and disastrous at the beginning of their existence. In-fact, some nearly went into extinction during their process of growth and development. The world is accustomed to the oppressed and frustrated story of the Americans in the captivity of the Great Britain and France in the 16th Century.…
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Access Bank acquires Standard Chartered shareholdings in five African countries
Access Bank Plc and Standard Chartered Bank have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria. The announcement was…
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