Prime Business Africa

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

ALEX Tops NGX Gainers’ List, Tantalizers Among Losers

On Wednesday, December 31, the Nigerian Exchange (NGX), also known as the stock market, closed with N99.37 trillion market capitalisation. Also, the all-share index (ASI) settled at 155,613.03 ASI. Over 1.22 billion shares were exchanged in 27,884 deals, valued at N35.12 billion

January 1, 2026

Business·Top Stories

VFD Group Takes Out N6.82bn From Investment In Abbey Mortgage Bank

VFD Group has reduced its stake in Abbey Mortgage Bank Plc from 33.82 percent to 22.98 percent. The majority shareholder reduced its stake after selling 1.10 billion shares on Wednesday, December 24, 2025, to take out N6.82 billion from its investment in

January 1, 2026

Business·Top Stories

May & Baker Generates N29.52bn Revenue After Spending N19.41bn On Drug Production

May & Baker Nigeria recorded N29.52 billion revenue in the first nine months of 2025, compared to the N21.82 billion turnover reached in the same period in 2024, representing a 35.30 percent growth. The drug manufacturer said it spent N19.41 billion on

January 1, 2026

Naira vs Dollar: What To Expect This Week (24th-30th, March 2025)

Business·Top Stories

Dollar Sells For N1,429/$ In Official Window, USD Rate Unchanged In Black Market

The foreign exchange (FX) rate of the United States dollar (USD) remained unchanged in the black market on Wednesday, as the American greenback traded flat at N1,478 per $1. Data obtained from Naira Rates, a black market rate aggregator, showed that the

December 31, 2025

UNGA: What Tony Elumelu Says About President Tinubu’s NASDAQ Bell Ringing-VIDEO

Business·Top Stories

Tony Elumelu’s Heirs Energies Pays $500m To Acquire Majority Stake In Seplat

Heirs Energies Limited, an oil company owned by Tony Elumelu, the chairman of United Bank for Africa (UBA), has acquired a substantial stake of 20.07 percent held by Maurel & Prom S.A. in Seplat Energy Plc for $500 million. The stake, announced on

December 31, 2025

Business·Top Stories

Vitafoam’s Profit Surged By 1,426% To N14.53bn In Nine Months

Vitafoam Nigeria reported a 35 percent growth in its revenue for the period between January and September 2025, overshadowing the N82.63 billion recorded in the first nine months of 2024. In the company’s consolidated and separate financial statements for the year ended

December 31, 2025

Naira Rises To N1,500/$ At Official Market

Business·Top Stories

Naira Depreciates Against Dollar As USD Rate Rises To N1,478/$ In Black Market

The naira on Tuesday, December 30, depreciated by 0.47 percent after the foreign exchange (FX) rate of the United States dollar (USD) increased to N0.7 kobo in the black market. According to Naira Rates, the parallel market rate aggregator, the USD exchange

December 30, 2025

Business·Top Stories

Yemi Odubiyi Increases Stake In Sterling Financial Holdings After Acquiring N1.15bn Shares

The chief executive officer (CEO) of Sterling Financial Holdings Company Plc, Yemi Odubiyi, has increased his stake in the company from 1.39 percent to 1.71 percent on Monday, December 29. In a share dealing by an insider document obtained from the Nigerian

December 30, 2025

Business·Top Stories

Mutual Benefits Assurance Records N60.85bn Revenue, Profit Hits N15.28bn

Over N60.85 billion was generated as revenue by Mutual Benefits Assurance Plc between the first quarter (Q1) and the third quarter (Q3) of 2025, exceeding the N44.34 billion recorded in the same period in 2024, representing a 37 percent growth. The company’s

December 30, 2025

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today

Business·Top Stories

Dollar Rate Rises To N1,471/$ In Black Market, Drops To N1,446/$ In Official Window

The black market recorded a N3.01 increase in the foreign exchange (FX) rate of the United States dollar (USD) on Monday, December 29. In the black market data obtained from Naira Rates, the USD rate increased to N1,471 per dollar, from the

December 29, 2025

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Prime Business Africa

ALEX Tops NGX Gainers’ List, Tantalizers Among Losers

VFD Group Takes Out N6.82bn From Investment In Abbey Mortgage Bank

May & Baker Generates N29.52bn Revenue After Spending N19.41bn On Drug Production

Dollar Sells For N1,429/$ In Official Window, USD Rate Unchanged In Black Market

Tony Elumelu’s Heirs Energies Pays $500m To Acquire Majority Stake In Seplat

Vitafoam’s Profit Surged By 1,426% To N14.53bn In Nine Months

Naira Depreciates Against Dollar As USD Rate Rises To N1,478/$ In Black Market

Yemi Odubiyi Increases Stake In Sterling Financial Holdings After Acquiring N1.15bn Shares

Mutual Benefits Assurance Records N60.85bn Revenue, Profit Hits N15.28bn

Dollar Rate Rises To N1,471/$ In Black Market, Drops To N1,446/$ In Official Window

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