Business Market Stock Lafarge WAPCO and Others Propel Equity Market with N136bn Gain November 20, 2024 Ekemini The Nigerian equity market recorded a significant boost on Tuesday, gaining N136 billion in market capitalization. The All-Share Index rose by 0.23% to close at 97,972.33 points, with year-to-date growth…
Banking Business Finance CBN Refutes Allegations Of Withholding Foreign Currency Transfers November 20, 2024 Ekemini The Central Bank of Nigeria (CBN) has denied allegations that it withholds foreign currency transfers into Nigerians’ accounts. The bank clarified that it neither provides correspondent banking services for foreign…
Banking International Stock NGX banking index records 17.4% year-to-date growth November 19, 2024 Ekemini The Nigerian Exchange Limited (NGX) banking index has shown a strong growth of 17.38% year-to-date, reflecting the increasing value of banking stocks. Key players like AccessCorp, FCMB, GTCO, UBA, and…
Business FBN Holdings Rebrands to First Holdco Plc November 19, 2024 Ekemini FBN Holdings Plc has officially rebranded to First Holdco Plc following shareholder approval at its 12th Annual General Meeting (AGM). The virtual meeting also saw amendments to the company’s Memorandum…
Business investment Nigeria’s Investment Appetite Grows as Mutual Funds Rise 89.5% to N3.8trn November 19, 2024 Ekemini Nigerian investors’ preference for secure, high-yielding opportunities has driven the Net Asset Value (NAV) to N3.781 trillion in early November 2024, marking an 89.5% increase from N1.995 trillion in the…
Business Market Stock Investors’ Interest in Zenith Bank Boosts Nigerian Stock Market November 19, 2024 Ekemini The Nigerian stock market opened the week with a slight gain of 0.03%, fueled by renewed investor interest in Zenith Bank and 28 other stocks. The Nigerian Exchange Limited All-Share…
Business Local Market Decline in Commercial Paper and Corporate Bond Issuances Amid Rising Borrowing Costs November 19, 2024 Ekemini In the first half of 2024, the Nigerian capital market saw a significant drop in commercial paper and corporate bond issuances, with rising interest rates and macroeconomic instability contributing to…
Business Market UK Urges Nigeria to Tackle Market Distortions by Government Agencies November 19, 2024 Ekemini The United Kingdom has called on Nigeria to accelerate its economic reforms, particularly by addressing market-distorting practices linked to state-owned enterprises. This request was made by Simon Manley, the UK’s…
Business Finance Zenith Bank Tech Fair Showcases Future of Digital Finance and AI November 19, 2024 Ekemini The Fourth Edition of the Zenith Bank Tech Fair, themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives The Impact of AI,” is set to take place at the…
Business foreign Nigeria’s foreign debt servicing soars to N3.8trn in 8 months November 19, 2024 Ekemini Nigeria’s foreign debt servicing costs have risen sharply by 107.7%, reaching N3.8 trillion in just eight months, far exceeding the N1.83 trillion projected in the 2024 budget. This escalation, alongside…
Finance investment Local Nigeria’s Economy Stable and Ready for Investment November 19, 2024 Ekemini Nigeria’s Finance Minister, Wale Edun, has declared the country’s macroeconomic environment stable and conducive to investment. Speaking at the National Council on Finance and Economic Development conference in Bauchi, he…
Banking Business Unity Bank Boosts Savings Culture with Financial Literacy App November 19, 2024 Ekemini Unity Bank Plc has unveiled plans to launch a financial literacy app targeted at children and teenagers to cultivate a robust savings culture among young Nigerians. This announcement was made…
Business foreign Market Naira drops to 1690.37/$ as dollar supply falls November 19, 2024 Ekemini The naira fell 2.31% on Monday at the National Autonomous Foreign Exchange Market (NAFEM), closing at ₦1,690.37/$, down from ₦1,652.25/$ the previous week. Turnover dropped by 42% to $173.14 million,…
Business International Foreign inflow on NGX drops to N11bn November 18, 2024 Ekemini Foreign inflows into the Nigerian Exchange Limited (NGX) experienced a notable decline in September 2024, dropping to N11.26 billion, the lowest of the year. This follows a steady decrease from…
Business Dangote Refinery signs 60 million litres weekly petrol deal with marketers November 18, 2024 Ekemini The Dangote Petroleum Refinery has finalized a major agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to supply 60 million litres of petrol weekly. This arrangement, expected to…
Business Stanbic IBTC Capital Becomes Issuing House For N40bn Multi-Instrument Issuance Programme November 18, 2024 Ekemini Stanbic IBTC Capital Limited has been appointed as the lead issuing house for RMB Nigeria’s ₦40 billion multi-instrument issuance programme, with RMB Nigeria also collaborating with RMB Nigeria Capital as…
Business Finance UBA Achieves Record N2.4 Trillion Earnings in Q3 2024 November 18, 2024 Ekemini United Bank for Africa (UBA) Plc has recorded a historic N2.4 trillion in gross earnings for the first nine months of 2024, reflecting an 83.2% growth from the same period…
Agriculture Business Stanbic IBTC Seeks to Increased Agriculture Funding November 18, 2024 Ekemini Stanbic IBTC Bank has reaffirmed its dedication to transforming Nigeria’s agricultural sector by improving access to finance, technology, and capacity building. Speaking at the 2024 Agribusiness Breakfast Summit themed Driving…
Finance African Experts Discuss Growth of Takaful and Non-Interest Finance November 18, 2024 Ekemini Finance experts from across Africa gathered in Lagos for the second African Takaful and Non-Interest Finance Conference, organized by Noor Takaful Insurance Limited. The event focused on strategies to deepen…
Banking Business Access Bank Named Nigeria’s Sole Firm on Forbes 2024 World’s Best Employers List November 18, 2024 Ekemini Access Bank PLC has been recognized as the only Nigerian company on Forbes’ 2024 World’s Best Employers List, reflecting its dedication to fostering an inclusive, empowering workplace culture. The bank,…
Business Naira Volatility Deters South African Investors from Nigeria November 18, 2024 Ekemini South African investors are increasingly hesitant to explore Nigeria’s market potential due to the naira’s unpredictable devaluations. Between 2004 and 2024, the currency lost over 12 times its value against…
Business Rising Inflation Concerns Amid Energy and Currency Pressures in Nigeria November 18, 2024 Ekemini Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% in September, driven by rising energy costs, and currency volatility, and food supply disruptions. Analysts project further increases,…
Business Finance LAPO advocates financial inclusion for underserved communities November 18, 2024 Ekemini LAPO Microfinance Bank is championing financial inclusion across Nigeria, focusing on underserved communities. The institution highlighted its efforts in bridging the gap in access to formal financial systems, particularly for…
Business Stock Investors gain N295bn as stock market turns bullish November 18, 2024 Ekemini The Nigerian stock market rebounded strongly last week, with investors gaining N295 billion following two weeks of losses. The All-Share Index rose by 0.50% to 97,722.28 points, buoyed by buying…
Business InfraCredit Secures $30m Co-financing Facility from BII to Support Renewable Energy Projects in Nigeria November 14, 2024 Ekemini InfraCredit has secured a $30 million investment from British International Investment (BII), the UK’s development finance institution, to support Nigeria’s transition to clean energy. The financing comprises a $20 million…
Banking Business Market Renewed Interest in UBA, Zenith Bank, 28 Others Lift Stock Market November 14, 2024 Ekemini The Nigerian Exchange Limited (NGX) closed positively on the previous trading day, recording a 0.16% gain, driven by renewed investor interest in stocks like United Bank for Africa Plc (3.5%…
Business insurance EFCC, NAICOM partner to boost insurance sector November 14, 2024 Ekemini The Economic and Financial Crimes Commission (EFCC), led by Chairman Mr. Ola Olukoyede, has pledged to enhance its efforts in protecting Nigeria’s insurance sector from fraudulent activities. During a meeting…
Business Local Federal Government working on industrial relations policy November 14, 2024 Ekemini The Federal Government, through the Minister of Labour and Employment, Muhammadu Dingyadi, is developing a national policy on industrial relations to address challenges in the industrial sector. Dingyadi, represented by…
Business Technology Minister pledges support for indigenous tech firms November 14, 2024 Ekemini The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has pledged government support for indigenous technology companies to help them scale through collaboration. During a visit to the Imose…
Business investment Nigeria’s Power Sector Set to Seek $10 Billion in Private Investment for 24-Hour Electricity Supply November 14, 2024 Ekemini The Nigerian government aims to bridge a $10 billion investment gap in the power sector through Public-Private Partnerships (PPP) over the next decade, according to recent discussions between Dr. Jobson…
