Fakoyejo Olalekan

Over N97.57bn Lost To Selloffs In UAC Nigeria, Champion Brew

About N97.57 billion was lost in the Nigerian stock market on Friday, dragging the market capitalisation down to N34.06 trillion, from Thursday’s N34.16 trillion. This followed the 179.21 basis points drop in the All-Share Index, which fell to 62,569.73 ASI, from 62,748.94 ASI. Over

July 14, 2023

Access Bank Raises N351bn, Emerges First Nigerian Bank To Meet CBN’s N500bn Capital Requirement

Business

Standard Chartered Sells Subsidiaries In Four African Countries To Access Bank

Access Holdings’ banking division, Access Bank, has agreed to acquire the subsidiaries of Standard Chartered in four African countries, amid its expansion drive. Access Bank offered to purchase Standard Chartered’s subsidiaries in Angola, Cameroon, Gambia and Sierra Leone, after the latter announced its

July 14, 2023

Business·Insights

Oba Otudeko’s Hostile Takeover: Understanding Problems Facing FBN Holdings

What began as a blessing in disguise for FBN Holdings’ shareholders and the company might end up becoming a nightmare that would cost stakeholders billions of naira, Prime Business Africa has learnt. In the first week of July, when reports began to

July 14, 2023

Naira Ends Week With N59.71 Gain At Official Market

Business·Currency

Official Naira To Dollar Rate Slumps, Black Market Sells USD At Higher Price

The naira to dollar rate in the investors’ and exporters’ window closed at N746.2/$1 on Thursday, as the value of the United States currency dropped by 4.63 per cent. Prime Business Africa learnt that authorised dealers were willing to drop the price

July 14, 2023

Business·Oil & Gas

Oil Marketers Accuses Petrol Drivers Of Sabotaging Distribution With N23,000 Illegal Levy

The National Public Relations Officer (PRO) of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Yakubu Suleiman, has accused the Petroleum Tanker Drivers (PTD) association of sabotaging fuel distribution. Suleiman said petroleum tanker drivers illegally imposed N23,000 levy on fuel distribution, charging

July 14, 2023

Shareholders Remember Wigwe, Others At Access Holdings Annual General Meeting

Business

Montepio Holding Finally Sells Majority Stake In Finibanco To Access Bank

Montepio Holding SGPS S.A has completed the sale of its stake in Finibanco Angola S.A to Access Bank, the subsidiary of Access Holdings. Access Bank acquired 51 per cent, which is a majority stake in Finibanco Angola, giving the Nigerian lender access

July 14, 2023

Business·Markets

Fidelity Bank, Stanbic IBTC, Others Lose N706.77bn, As Investors Dump Shares

Nigerian stock market valuation depreciated to N34.16 trillion on Thursday, from N34.87 trillion, losing N706.77 billion by the close of trading. The All-Share Index dropped from 64,046.93 ASI to 62,748.94 ASI, shedding 1,297.99 basis points. Nigerian bourse recorded N10.44 billion transaction, as 798.46 million shares were

July 13, 2023

Nigeria's September Oil Production Hits 1.5 Million Barrels, Bolsters OPEC Output

Business·Oil & Gas

OPEC Ranks Nigeria Ahead Angola, Algeria, As Crude Output Rises To 1.29mbpd

Nigeria increased its daily crude oil production by 21,000 barrels in June to remain Africa’s largest crude oil producer, according to the Organization of the Petroleum Exporting Countries (OPEC). While Nigeria raised its production slightly, OPEC reported in its Monthly Oil Market

July 13, 2023

Business·Currency

Official Dollar Rate Surpasses N800, USD, Pound, Euro Prices Rise In Black Market

FMDQ Exchange, the official market aggregator, reported the naira to dollar exchange rate closed at N782.49/$1 on Wednesday. The United States Dollar was sold at a lower rate compared to the N788.42/$1 rate the American greenback cost on Tuesday. While this indicates

July 13, 2023

SEC Step In, As Otudeko, FBN Holdings’ Majority Shareholders, Ecobank Disagree Over Acquisition

Business

SEC Steps In, As Otudeko, FBN Holdings’ Majority Shareholders, Ecobank Disagree Over Acquisition

The acquisition of 4.77 billion shares in FBN Holdings by Oba Otudeko is being investigated by the Securities and Exchange Commission (SEC). On Wednesday, some media reports revealed that the deal is facing the SEC’s scrutiny, as some majority shareholders of FBN

July 13, 2023

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Fakoyejo Olalekan

Over N97.57bn Lost To Selloffs In UAC Nigeria, Champion Brew

Standard Chartered Sells Subsidiaries In Four African Countries To Access Bank

Oba Otudeko’s Hostile Takeover: Understanding Problems Facing FBN Holdings

Official Naira To Dollar Rate Slumps, Black Market Sells USD At Higher Price

Oil Marketers Accuses Petrol Drivers Of Sabotaging Distribution With N23,000 Illegal Levy

Montepio Holding Finally Sells Majority Stake In Finibanco To Access Bank

Fidelity Bank, Stanbic IBTC, Others Lose N706.77bn, As Investors Dump Shares

OPEC Ranks Nigeria Ahead Angola, Algeria, As Crude Output Rises To 1.29mbpd

Official Dollar Rate Surpasses N800, USD, Pound, Euro Prices Rise In Black Market

SEC Steps In, As Otudeko, FBN Holdings’ Majority Shareholders, Ecobank Disagree Over Acquisition

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