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…]
Business
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concerns over the recent trend of high foreign liquidation in the Nigerian Exchange with N311.41bn worth of investments withdrawn in the first half of this year.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…]
Honeywell, Seplat drag equity market to N188bn loss
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…]
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…]
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…]