Fakoyejo Olalekan

Bulls Charge Ahead As NGX Shatters Records As Market Cap Surpasses N50trn

Stock Market Cap Shrinks To N28.40 trillion, Ardova, MRS Report Gains

Over N26.03 billion was lost on Thursday, 11 May, following -0.09 per cent decline in the stock market capitalisation, which contracted to N28.40 trillion, from N28.42 trillion posted on Wednesday, 10 May. The All-Share Index moved downward from 52,209.06 ASI, after losing

May 11, 2023

Naira Appreciates At Official Market As Dollar Supply Rises On Friday

Business·Currency

Naira Falls To Dollar, As Exchange Rate Hits N463.02/$1

The official market ended foreign exchange (forex) trading on Wednesday, 10 May, at N463.02/$1, as the Dollar rate increased by N0.77 kobo. This contrasted with the N462.25 kobo/$1 foreign exchange rate FMDQ Exchange reported at the close of trading the previous day. FMDQ

May 11, 2023

Business

Like Elumelu, Wigwe, Ebenezer Onyeagwu Acquires More Shares In Zenith Bank

The Group Managing Director and Chief Executive Officer of Zenith Bank, Ebenezer Onyeagwu, has acquired 8 million shares in the company. He parted with N191.80 million to acquire the shares, which increased his stake in Zenith Bank from 0.26 per cent to

May 11, 2023

Business

Minority Shareholders Reject Union Bank, Oando Acquisition Arrangement

The President of the New Dimension Shareholders Association, Patrick Ajudua, has spoken against the proposed offer tendered by Titan Trust Bank Limited and Ocean and Oil Development Partners Limited (OODP) to buy out Union Bank and Oando minority shareholders. Titan Trust Bank

May 11, 2023

CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

Business·Currency

CBN’s RT200 FX Programme Increases Repatriation Of Non-oil Export Proceeds

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, revealed that the RT200 FX programme has led to an increase in foreign exchange repatriation. Emefiele said the rebate programme attached to the RT200 FX, which offers exporters N65 for every

May 11, 2023

Elumelu Confident In Naira Regaining Stability Amid CBN Leadership Change

Business

Tony Elumelu Increases Investment In UBA To N19.48 billion Amid Otedola Dispute

The Chairman of United Bank for Africa (UBA), Tony Elumelu, has bought N560 million worth of shares in the commercial bank through his investment company, HH Capital Limited. He made the acquisition on Tuesday, 9 May, according to a document released on

May 10, 2023

Business

Femi Otedola Sells Geregu Shares After Plan To Acquire Transcorp Fails

Serial investor, Femi Otedola, has sold some of his shares in Geregu Power Plc, where he is the majority shareholder and chairman. According to a document filed with the Nigerian Exchange Limited (NGX) on Wednesday, Otedola sold 2.82 million shares to take

May 10, 2023

Naira Opens Week With Gain Across FX Markets

Business·Currency

Investors, Exporters Buy Dollar At N462.25, USD Crunch Affect Forex Supply

Traders in the official market exchanged the Naira for Dollar at N462.25 kobo/$1 at the end of the session on Tuesday, 10 May. Although during trading, investors and exporters exchanged the United States currency at a high of N466/$1 and a low

May 10, 2023

Business

El-Rufai Moves Against Postponement Of Fuel Subsidy Removal

The Governor of Kaduna State, Nasir El-Rufai, has revealed why he is in support of the removal of fuel subsidy, stating that the country spends more on subsidising petrol than building infrastructure. El-Rufai said in 2021, the Federal Government budgeted N200 billion

May 10, 2023

Business·Insights

Top Five Best Performing Nigerian Banks

Between January to December 2022, the Nigerian banking industry post double-digit growth of 26.92 per cent year-on-year, with the sector generating a combined N5.43 trillion in total revenue from 11 commercial banks. In the banking industry, there are 13 publicly listed commercial

May 10, 2023

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Fakoyejo Olalekan

Stock Market Cap Shrinks To N28.40 trillion, Ardova, MRS Report Gains

Naira Falls To Dollar, As Exchange Rate Hits N463.02/$1

Like Elumelu, Wigwe, Ebenezer Onyeagwu Acquires More Shares In Zenith Bank

Minority Shareholders Reject Union Bank, Oando Acquisition Arrangement

CBN’s RT200 FX Programme Increases Repatriation Of Non-oil Export Proceeds

Tony Elumelu Increases Investment In UBA To N19.48 billion Amid Otedola Dispute

Femi Otedola Sells Geregu Shares After Plan To Acquire Transcorp Fails

Investors, Exporters Buy Dollar At N462.25, USD Crunch Affect Forex Supply

El-Rufai Moves Against Postponement Of Fuel Subsidy Removal

Top Five Best Performing Nigerian Banks

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