WorldStage Newsonline– Trading on the Nigerian Exchange reversed its previous session’s gain on Monday, recording a loss of N404 billion or 0.72 per cent for equity market investors. The market’s decline was primarily driven by losses in major stocks, including BUA Cement and Tier-one banks such as Zenith Bank and[Read More…]
Business
Nigeria Approves First Banking Merger Under New Capital Rules
The Central Bank of Nigeria approved its first bank merger since increasing capital requirements four months ago and ordering lenders to consider equity offers and business consolidation to comply. The Abuja-based regulator sanctioned a tie-up between Providus Bank Ltd. and Unity Bank Plc. It said the merger was “contingent upon[Read More…]
FG issue $500m denominated bonds, target 200% subscription rate
FG has introduced Series I Domestic USD Bond, aiming to raise at least $500 million from both local and international investors. However, this launch occurs amid a challenging backdrop where five of Nigeria’s Eurobonds have been ranked among the worst performers in a Bloomberg index of emerging and frontier sovereign[Read More…]
Guinness Nigeria records 31% revenue growth
Guinness Nigeria Plc has announced 31 per cent revenue growth for the financial year ended June 30, 2024. A statement by Guinness said the strong performance was even more pronounced in the second half of the year, with revenue growth accelerating to 41 per cent, up from 20 per cent[Read More…]
Experts Discuss Wealth Transfer Strategies to Gen Z at Cordros Summit
At the recent Cordros Summit in Lagos, leading financial experts gathered to explore innovative strategies for transferring wealth to Generation Z. As this demographic begins to come of age and accumulate wealth, understanding effective methods for asset transfer becomes increasingly crucial. The second edition of Cordros Summit with theme: “Wealth[Read More…]
Zenith Bank Set to Raise N290bn Capital Through Rights Issue and Public Offer
Zenith Bank Plc is set to raise N290bn through a combination of a Rights Issue and a Public Offer in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN). This announcement was made during the Zenith Bank Rights Issue/Public Offer[Read More…]
Naira devaluation: Breweries, others report N532.98bn loss in H1 2024
In the latest half year(H1) ended June 30, 2024 unaudited result and accounts, International Breweries Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc and Nestle Nigeria Plc have reported another worst performance, attributable to foreign exchange loss and challenging business environment. No respite for investors as rising costs of production shrink[Read More…]
NGX, ETI mull partnership on sustainability, market development
Nigerian Exchange Limited (NGX) and Ecobank Transnational Incorporated (ETI) have expressed mutual interest in partnering on sustainability initiatives and overall market development. This was stated at the Closing Gong Ceremony introducing the new Group Chief Executive Officer (GCEO) of ETI to the capital market held at the Exchange on Tuesday,[Read More…]
Analysts warn of naira depreciation amid N311bn equity sell-off
Financial analysts have expressed concerns over the recent trend of high foreign liquidation in the Nigerian Exchange with N311.41bn worth of investments withdrawn in the first half of this year. This has sparked fears of naira devaluation and its potential impact on the Nigerian economy. According to the NGX, in[Read More…]
Investors gain N263bn as equity market rebounds
The Nigerian Exchange Limited reversed the previous trading session’s loss driven by investors’ demand for some of the small and mid-cap stocks leading to a gain of N263bn. Consequently, the All-Share Index rose by 0.47 per cent to close at 100,503.21 points, reflecting robust buying interest across various counters. Similarly,[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]