Investors lost N188 bn on the Nigerian Exchange Limited recently due to declines in the share prices of Ikeja Hotel, Honeywell Flour, and Seplat Energy. Ikeja Hotel shed 9.29 per cent to close at N6.35 PZ, Honeywell flour lost 8.41per cent to N3.16 and Seplat Energy declined by 8.30 per[Read More…]
Business
Zenith Bank seeks NGX approval to sell 5bn shares through rights issue
Zenith Bank Plc has sought approval from the Nigerian Exchange (NGX) Limited to sell 5.23 billion shares through rights issue to raise N188.37 billion. According to a statement recently signed by Godstime Iwenekhai, head of the issuer regulation department at NGX, the qualification date for the rights issue is July[Read More…]
Fitch Revises Outlooks on FBN Holdings, First Bank of Nigeria
Fitch Ratings has revised the Outlooks on FBN Holdings Plc’s (FBNH) and its main operating subsidiary First Bank of Nigeria Ltd.’s (FBN) Long-Term Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at ‘B-‘. The revision of the Outlooks mirrors the recent sovereign outlook revision and reflects[Read More…]
Investors have warned that amending the Finance Act 2023 could undermine confidence and negatively impact Nigeria’s investment climate if enacted
Some foreign investors who spoke to THISDAY on Thursday on condition of anonymity, have expressed concerns over move by the Senate to retroactively amend the Finance Act 2023, and impose a one-time windfall tax on banks’ foreign exchange gains realised in their 2023 financial statements. This comes as the Minister[Read More…]
Dangote Refinery 45% completed, not yet licensed – NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday said the 650,000 barrels per day Dangote refinery is still at the pre-commissioning stage and has not yet been licensed. The NMDPRA Chief Executive, Farouk Ahmed, disclosed this while speaking to the state house correspondents on Thursday. Mr Ahmed[Read More…]
Dangote Group targets $30bn revenue to strengthen naira
The President of Dangote Group, Aliko Dangote, has said that his businesses’ $30bn revenue target by the end of 2025 will boost the naira. Dangote said this on Sunday during a tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited by media executives, indicating a plan to attain[Read More…]
Von-Kemedi: Cost of Production Main Reason for Food Inflation, Not Insecurity
Dimieari Von-Kemedi, Managing Director of Arila, has addressed the complex causes of the current food crisis in Nigeria, emphasising that while insecurity is a factor, it is not the decisive reason for the soaring food inflation. Speaking on the issue, Von-Kemedi in an interview with ARISE NEWS on Thursday, pointed[Read More…]
Dollar Bonds, Debt Servicing, FX Volatility Pose Risks to Nigeria’s Economic Recovery, Expert Warns
CEO of Sonora Capital & Investment Limited, DR. Kunle Alonge, has shared his insights on the federal government’s plan to issue dollar bonds, aimed at enhancing Nigeria’s purchasing power and attracting diaspora investment, pointing out both the advantages and potential drawbacks. According to Alonge in an interview with ARISE NEWS[Read More…]
Golden Guinea wins N10bn eight-year suit against AB InBev
Golden Guinea Breweries Plc has won an eight-year-long N10 billion suit against International Breweries Plc and Anheuser-Busch InBev (AB InBev). The Umuahia Abia State-based brewer had approched the Federal High Court in 2016 demanding general damages in the sum of N10 billion from Pabod Breweries Limited, a company which AB[Read More…]
Firstbank Unveils Digital Lending Solution
First Bank of Nigeria (FirstBank) has introduced FirstCredit as a groundbreaking digital lending solution designed to meet the demands of Nigerians. With the increasing penetration of mobile phones and internet access, more Nigerians are embracing digital solutions for their financial needs. This trend has been further amplified by the COVID-19[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…]