Markets
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Investors gain N795bn as GTCO lists N4.706bn shares
The Nigerian stock market opened the week on a positive note to add N795 billion to the portfolios of investors. The performance was driven by the listing of 4.706 billion ordinary shares of Guaranty Trust Holding Company Plc (GTCO) at N44.50 per share. Accordingly, the market capitalization, which opened at N63.645 trillion, increased by N795 billion to close at N64.440…
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Lagos Court Orders Arrest of Access Bank Acting Managing Director Over Alleged Property Theft
LAGOS, Jan 27 – A Lagos State High Court has ordered the arrest of Bolaji Agbede, Acting Managing Director of Access Bank, along with three other defendants, over allegations of conspiracy, fraud, and theft involving property worth ₦1.356 billion belonging to MOB Integrated Services. The court, presided over by Justice Ibironke Harrison, issued the warrant following a suit filed against…
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Market loses N152bn as Tier-one stocks pull indices down
The domestic bourse on Tuesday broke its winning streak with a loss of N152 billion, following investors’ sell-offs of Tier-one banking stocks. Notably, losses in Zenith Bank, United Bank for Africa (UBA), Access Corporation, Oando Plc, Dangote Sugar, Nigerian Breweries, and other declined equities dragged the market down. The market capitalisation, which opened at N63.203 trillion, shed N152 billion, or…
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2024: Stock market thrives amid banking reforms, new listings
The Nigerian stock market experienced impressive growth in 2024, driven by key macroeconomic developments. These include banking sector recapitalisation, new listings, and increased crude oil revenues, which helped to reduce the country’s fiscal imbalance. Notable listings, such as Geregu Power Plc, Transcorp Power Plc, Aradel Holdings, and BUA Foods, energised trading activities, offering investors a broader range of blue-chip stocks.…
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IIF, Kuramo launch fund to support MSME financing
Lagos, Oct. 29, 2024 (NAN): The Impact Investors Foundation (IIF), in collaboration with Kuramo Capital Management, on Tuesday introduced the Wholesale Impact Investment Fund (WIIF) to Pension Fund Administrators (PFAs) alongside other pension stakeholders and regulators. Mr. Afolabi Oladele, Chairman of IIF, said this at a roundtable for PFA investors on the Nigerian WIIF in Lagos. The News Agency of…
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Morocco, France sign historic partnership deal
Rabat, Oct 28, 2024 (NAN) The Kingdom of Morocco and the French Republic on Monday signed a landmark “Reinforced Exceptional Partnership” declaration to significantly bolster bilateral relations. The two countries signed the agreement during a 3-day official visit to Morocco by the French President Emmanuel Macron. The News Agency of Nigeria (NAN) reports that while Macron signed for France, Morocco’s…
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Nigeria’s Battle Against Petroleum Smuggling: A Complex Struggle for National Stability
Nigeria, a nation blessed with abundant natural resources, has long faced the daunting challenge of securing its borders from the illicit smuggling of petroleum products. With borders stretching over 4,000 kilometers and numerous porous entry points, the country remains vulnerable to economic sabotage, criminal syndicates, and insurgent activities. The smuggling of crude oil and refined products siphons off enormous sums…
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Nigeria Excluded from Top 11 African Growth Projections for 2024: AfDB Report
Addis Ababa, Ethiopia, February 19, 2024: Nigeria, Africa’s most populous nation and largest economy, is conspicuously absent from the list of 11 African countries expected to experience robust economic growth in 2024, according to the latest report from the African Development Bank Group (AfDB). Released during the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa,…
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Equities: Investors gain N2.11trn to end week’s session
Lagos, Feb. 16, 2024 (NAN) The equity market of the Nigerian Exchange Ltd. (NGX) ended the week on a positive note, with a gain of N2.11 trillion week-on-week. Specifically, the market capitalization gained N2.11 trillion week-on-week and on Friday closed at N57.849 trillion with a gain of N888 billion, or 1.56 percent, as against N56.961 trillion recorded on Thursday. Similarly,…
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UK Economy Enters Recession Amidst Rising Inflation and Political Turmoil
London, February 15, 2024: Official data released on Thursday confirms that the United Kingdom’s economy has slipped into recession after experiencing two consecutive quarters of negative economic growth in the latter half of the previous year. According to Reuters reports, the UK’s Gross Domestic Product (GDP) contracted by 0.3 percent in the fourth quarter of 2023, following a 0.1 percent…
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Duegi publishing house opens in Abano Terme old railways station
Abano Terme, Italy On Saturday, January 27th, 2024, a momentous occasion unfolded as the new offices of the Duegi Editrice publishing house were inaugurated within the historic confines of the old railway station in Abano Terme, located in the province of Padua, Italy. Founded in 1987 by Gianfranco Berto, Duegi Editrice has established itself as a leader in rail transport-related…
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Chinese Yuan Weakens Against the Dollar in Central Parity Rate Adjustment
Beijing, January 12, 2024: The central parity rate of the Chinese currency, the renminbi, commonly known as the yuan, exhibited a 32-pip weakening against the dollar on Thursday, reaching 7.1087, as reported by the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is permitted to fluctuate within a two percent range, either appreciating or depreciating from…
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CBN dissolves boards, management of Union, Keystone, Polaris banks
Abuja, Jan. 10, 2024 (NAN) The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. Mrs. Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja. According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks…
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United Bank for Africa (UBA) Achieves N1 Trillion Market Capitalization Milestone
LAGOS, Jan 8 – The United Bank for Africa (UBA) PLC has crossed the N1 trillion market capitalization threshold, reaching N1,022,562,698,843, solidifying its position as the third most capitalized financial institution in Nigeria. This achievement follows a remarkable surge from N283.8 billion at the beginning of 2023. With 34,199,421,366 shares in issue, UBA’s ascent to the N1 trillion market capitalization…
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Dangote Group Ready to Cooperate with EFCC Investigation
Lagos, Nigeria – January 7, 2024: Dangote Group has addressed concerns from stakeholders following a visit by officials from the Economic and Financial Crimes Commission (EFCC) to its Lagos Head office. The management assured its readiness to assist the EFCC in its ongoing investigations. In a statement, Dangote Group revealed that it received a letter from the EFCC on December…
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Record-Breaking Bullish Streak on Nigerian Bourse
Nigeria's domestic equities market has set a new record with an overall capitalization of N40 trillion, according to the Nigerian Exchange Limited All Share Index (ASI). The increase was driven by gains in medium and large capitalized stocks, including Airtel Africa, Presco, Stanbic IBTC Holding, Transcorp Hotels, and Northern Nigeria Flour Mills. Market sentiment was positive, with 37 stocks recording…
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Naira: Persistence of Cash Scarcity Raises Concerns
Lagos, December 5, 2023: Despite the CBN’s directives allowing the use of both old and redesigned naira banknotes, some banks rationed the supply of cash to customers, causing dissatisfaction among those seeking withdrawals. The banking regulator’s recent Supreme Court-backed order affirmed the legal tender status of old versions of N200, N500, and N1,000 banknotes, easing concerns about potential bans on…
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