Fakoyejo Olalekan

FBN Holdings Join Fidelity Bank To Raise New Capital

Like Fidelity Bank, FBN Holdings Moves To Raise New Capital

The board of directors of First Bank Nigeria (FBN) Holdings have resolved to raise more capital in the stock market by way of Rights Issue. FBN Holdings will sell part of the company’s stake to existing shareholders at a discounted price determined

July 24, 2023

Business

New PoS Charges: PoS Operators Risk N10m Fine, Imprisonment

Point of Sale (PoS) operators risk N1 million to N10 million fine, as well as three months imprisonment should they collectively increase the price of their transactions. This was disclosed in a statement by the Executive Vice Chairman and Chief Executive Officer

July 24, 2023

Business

How To Identify Fake Travel Agencies Operating In Nigeria

How do you identify a fake travel agency out of the thousands operating in Nigeria and what do you need to do to avoid falling victim and not be exploited by them? A fake travel agency can cause you not just your

July 24, 2023

Business

Cameroonian, Alain Nkontchou, Now Owns 5.13% Of Ecobank After Parting With N917.54m

Alain Nkontchou, the chairman of Ecobank Transnational Incorporated (ETI), has acquired new shares to increase his controlling stake in the financial institution. Prime Business Africa gathered that Nkontchou acquired 62.33 million shares through his investment vehicle, Enko Opportunity Growth Fund, between June

July 24, 2023

Business·Currency

Dollar Sold As High As N855 In Official Forex Market

The official market dollar rate was up by N9.82 kobo on Friday as FMDQ Exchange reported it ended trading at N777.82/$1. Prime Business Africa had reported that the naira exchanged for the United States Dollar at N768/$1 rate on Thursday. Although during

July 24, 2023

Business·Markets

Stock Market Nets N584bn, GTCO Top Gainers’ List, Academy Leads Losers

Nigerian stock market capitalisation appreciated on Friday to N35.39 trillion. The bourse’s valuation rose by N584.08 billion from N34.81 trillion reported on Thursday. The All-Share Index gained 1,072.67 basis points to settle at 65,003.39 ASI, above the previous day’s 63,930.72 ASI. About 770.79 million shares

July 21, 2023

Naira Ends Week With Marginal Gain Against Dollar

Business·Currency

Official Dollar Rate Now N768, Black Market USD Rate Hits N859

The foreign exchange aggregator, FMDQ Exchange, disclosed that the official forex market closed trading with N768.16/$1 rate on Thursday, 21 July. A report released on Thursday showed the naira to dollar rate fell below the closing price of N793.70/$1 posted on the

July 21, 2023

External Reserves Fall To Two-Year Low, To Affect Tinubu’s N200/$1 Rate Ambition

Business·Insights

External Reserves Fall To Two-Year Low, To Affect Tinubu’s N200/$1 Rate Plan

The Central Bank of Nigeria (CBN) has reported that Nigeria’s foreign reserves dropped to $33.98 billion on Wednesday, 19 July. This is the lowest level since August 2021 when the external reserves climbed to $34.01 billion during President Muhammadu Buhari’s tenure. Recall that

July 21, 2023

Money Supply In Nigeria Rises By N600bn, Currency In Circulation Drops To N2.59trn

Business

House Of Reps To Probe CBN Over Handling Of Excess Crude Account Investments

The Central Bank of Nigeria (CBN) will be probed by the House of Representatives for its handling of the excess crude account and other investment vehicles. In their plenary session on Thursday, the lower chamber set up an ad-hoc committee to investigate

July 21, 2023

Business

FIRS Fails To Meet Oil Tax Revenue Projection, Records N3.76trn Non-oil Tax Income

The Federal Inland Revenue Service (FIRS) didn’t achieve its projection for tax revenue from the oil sector in the first half of 2023 but surpassed that of the non-oil sector. FIRS had projected N2.3 trillion in tax revenue from the oil sector

July 21, 2023

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Fakoyejo Olalekan

Like Fidelity Bank, FBN Holdings Moves To Raise New Capital

New PoS Charges: PoS Operators Risk N10m Fine, Imprisonment

How To Identify Fake Travel Agencies Operating In Nigeria

Cameroonian, Alain Nkontchou, Now Owns 5.13% Of Ecobank After Parting With N917.54m

Dollar Sold As High As N855 In Official Forex Market

Stock Market Nets N584bn, GTCO Top Gainers’ List, Academy Leads Losers

Official Dollar Rate Now N768, Black Market USD Rate Hits N859

External Reserves Fall To Two-Year Low, To Affect Tinubu’s N200/$1 Rate Plan

House Of Reps To Probe CBN Over Handling Of Excess Crude Account Investments

FIRS Fails To Meet Oil Tax Revenue Projection, Records N3.76trn Non-oil Tax Income

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