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Femi Otedola Issues New Statement After Reports Of Transcorp Plc Acquisition

Why Femi Otedola’s Investment In First HoldCo Declined After Increasing Stake With N12bn Share Acquisition

August 24, 2026

Femi Otedola, the chairman and majority shareholder in First HoldCo Plc, has acquired 95.69 million shares of the financial institution on Monday, as the billionaire aims for 51 percent controlling stake. In

Business News·Top Stories

NGX Sheds N443bn Amid Sell-Off In Meyer, Fortis Global Insurance

August 18, 2026

The Nigerian Exchange (NGX) said the stock market capitalisation declined by N443.90 billion to N155.97 trillion on Tuesday, below the N156.41 trillion recorded on Monday. This followed a 687.61 basis points loss

Femi Otedola Sells Geregu Shares After Plan To Acquire Transcorp Fails

Business News·Top Stories

Femi Otedola Increases Investment In First HoldCo To N1.68trn After Acquiring N20bn Shares

August 17, 2026

Femi Otedola, the chairman of First HoldCo, the parent company of First Bank of Nigeria (FBN), has acquired more shares in the financial institution, as the businessman strengthens his control over the

40%-171% ROI In Three Months... Investments In Mortgage Banks Boom

Business News·Top Stories

Q2 2026 Industry Review: Mortgage Bank Stocks Crash After Q1 Boom

August 12, 2026

After experiencing a bullish run in the first quarter (Q1) of 2026, the mortgage bank sector on the Nigerian Exchange (NGX), also known as the stock market, suffered a sell-off in the

FBN Holding Appoints Otedola As Chairman Days After Return To Forbes African Billionaires

Business News·Top Stories

Otedola Acquires N18bn First HoldCo Shares, Inches Closer To Triggering SEC’s Mandatory Takeover Rule

August 7, 2026

Femi Otedola, the chairman of First HoldCo, has increased his stake in the financial institution from 25.88 percent to 26.17 percent, after raising his shares in the company by 1.17 percent on

The equity market closed in positive territory for the second time this week as stocks rose by 0.04%. Investors traded N15.07bn worth of shares.

Business News·Top Stories

Nigerian Stock Market Records N1.5trn Gain, First HoldCo Leads Transactions

July 23, 2026

The market capitalisation of the Nigerian Exchange (NGX) settled at N159.82 trillion at the close of trading on Thursday. NGX reported that the market capitalisation increased by N1.55 trillion from the N158.31

Business News·Top Stories

Five Best-Performing Bank Stocks In Q2 2026

July 23, 2026

Only five banks in the banking industry recorded an increase in their shareholders’ investments between April and June 2026, with six financial institutions experiencing a decline during the period under review. According

Why Nigerian Airlines Have Been Unable To Compete With Foreign Operators - Keyamo

Business News·Top Stories

Aviation Industry Review: NAHCO, Caverton Stocks Outperform Skyway In H1 2026

July 17, 2026

Investments in Nigerian Aviation Handling Company Plc (NAHCO) and Caverton Offshore Support Group Plc were more profitable than those in Skyway Aviation Handling Company Plc in the first half (H1) of 2026.

NGX Resumes Trading With N259bn Loss, Records Over N34bn Deals

Business News·Top Stories

NGX Traders Reduce Trading To N18bn Shares, Market Cap Plummet By N982bn

June 26, 2026

At the end of trading on Friday, the market capitalisation of the Nigerian Exchange (NGX) fell to N148.9 trillion, following depreciation in the share value of Aradel, International Energy Insurance, and others.

Stock Market Traders Favoured Ikeja Hotel Over Transcorp Hotels in 2025

Business News·Top Stories

Is Ikeja Hotel Losing Investor Confidence To Transcorp Hotels?

June 23, 2026

Transcorp Hotels shares were the most sought-after by equity traders in the Nigerian Exchange (NGX) in the first quarter (Q1) of 2026, compared to its industry rival, Ikeja Hotel, which struggled to

NGX Market Cap Down By N606bn, Traders Seal N50bn Deals

Business News·Top Stories

NGX Recovers With N751bn Gain, Traders Seal Over 60k Deals

June 22, 2026

The market capitalisation of the Nigerian Exchange (NGX) closed at N152.83 trillion on Monday, up from N152.08 trillion on Friday, representing a N751.96 billion increase. Data obtained from the stock market showed

Business News·Top Stories

Femi Otedola acquires N29bn shares in First HoldCo

June 19, 2026

Femi Otedola, the chairman of First HoldCo, has increased his stake in the parent company of First Bank to 20.42 percent after acquiring N29.6 billion worth of shares through a private placement.

Business News·Top Stories

Oil Stocks Lead NGX in Q1 2026 as Sector Outperforms

June 16, 2026

Oil and gas equities emerged as the Nigerian Exchange’s top performers in the first quarter of 2026, defying broader market weakness and currency pressures. Led by Seplat Energy, Aradel Holdings, and TotalEnergies

Business News·Top Stories

40%-171% ROI In Three Months… Investments In Mortgage Banks Boom

June 15, 2026

Retail and institutional investors holding shares of mortgage banks listed on the Nigerian Exchange (NGX) closed the first quarter (Q1) with a N167.55 billion combined gain, according to Prime Business Africa’s (PBA)

Business News·Top Stories

Six Majority Investors With Highest Investment Growth In Banking Sector In Q1 2026

May 28, 2026

In the first three months of 2026, majority investors in the Nigerian banking industry recorded a combined unrealised gain of N673.77 billion, according to Prime Business Africa’s (PBA) analysis of their investment

Nigeria's Economic Independence Struggle: The Foreign Telecom Giants, Naira's Dilemma

Business News·Top Stories

Holding MTN Nigeria Shares More Profitable Than Owning Airtel Shares

May 27, 2026

In the first quarter (Q1) of 2026, equity traders in the Nigerian Exchange (NGX), also known as the stock market, favoured MTN Nigeria’s shares over its market rival, Airtel Africa. According to

Nigeria Now Leading Cement Exporter In Africa – Dangote

Business News·Top Stories

Aliko Dangote Loses 10% Of His Investment In Sugar Business

May 27, 2026

Aliko Dangote, the founder of Dangote Sugar, has recorded a 10 percent decline in his investment in the company after sell off ended the company’s trillionaire status. According to Prime Business Africa’s

Business News·Top Stories

Investors Reduce NGX Trade To N23bn Shares, Market Cap Declines By N534bn

May 26, 2026

The market capitalisation of the Nigerian Exchange (NGX), also known as the stock market, decreased to N160.44 trillion on Tuesday. According to the NGX, the market capitalisation declined by N534.71 billion from

Business News·Top Stories

Are Foreign Investors Losing Confidence In Access Holdings As They Significantly Reduce Stakes?

May 19, 2026

Foreign investors have reduced their investments in Access Holdings at a time the company’s share is plummeting and the lender is unable to pay dividends to shareholders for their investments. Prime Business

Business News·Top Stories

Femi Otedola Parts With N43bn To Tighten Control Over First HoldCo

May 14, 2026

Femi Otedola, the chairman of First HoldCo, has tightened his control over the financial institution by increasing his shareholding in the company. Otedola spent N43.41 billion to acquire 549.53 million shares of

Abdul Samad Rabiu Outearns Aliko Dangote In Nigerian Stock Market In H1 2026

Business News·FEATURES·Top Stories

BUA’s Rabiu Is Running at Dangote: Cement Wealth Gap Shrinks 74% Since 2025

April 27, 2026

Abdul Samad Rabiu isn’t catching Aliko Dangote in overall net worth yet. $11.2 billion vs $28.5 billion is still a long race. But in cement, the one industry that made both men

Business News·FEATURES·Top Stories

Presco’s Majority Shareholder Investment Crosses N1trn After Surge In Shareholding, Share Price

April 15, 2026

The majority shareholder of Presco Plc, Rasheed Sarumi, has increased his controlling stake in the palm oil producer, raising it from 60 percent at the end of 2024 to 61.20 percent as

Business News·FEATURES·Top Stories

NGX Closes Stock Trading With N706.66bn Gain

April 10, 2026

The market capitalisation of the Nigerian Exchange (NGX) increased by N706.66 billion to N131.16 trillion on Friday, April 10. According to the stock market data, the NGX market capitalisation increased from the

Stock Market Rally Halted As Demand For Ecobank, PZ Cussons Shares Dropped

Business News·FEATURES·Top Stories

NGX Traders Exchange N39.82bn Shares As Market Cap Rises By N54bn

April 9, 2026

On Thursday, April 9, the Nigerian Exchange’s (NGX) market capitalisation increased to N130.45 trillion. The market capitalisation increased by N54.81 billion from the N130.40 trillion recorded on Wednesday, April 8. This was

Business News·FEATURES·Top Stories

Dangote Cement’s Fourth Largest Investor Reduces Stake, Takes Out N71bn From Investment

April 9, 2026

The fourth largest investor in Dangote Cement, GW Grey Pte Ltd, owned by Viswanathan Shankar, has reduced its stake in the manufacturer from 0.76 percent to 0.20 percent in March. Prior to

Business News·FEATURES·Top Stories

Omatek, VFD Group, Others Lift NGX Market Cap Up By N389bn

April 8, 2026

The value of the Nigerian stock market, also known as the Nigerian Exchange (NGX), increased to N130.40 trillion on Wednesday, April 8, from the N130.01 trillion reported on Tuesday, April 7. This

Naira Scarcity: Zenith Bank's Profit Drops To N223.91bn, Faces N967bn Lawsuits

Business News·FEATURES·Top Stories

From 5bn To 5.80bn Shares… Jim Ovia Tightens Control Over Zenith Bank

April 7, 2026

The chairman and non-executive director of the Zenith Bank, Jim Ovia, has increased his shareholding in the financial institution to tighten his control over the lender. According to Prime Business Africa’s analysis

From Millionaire To Billionaire: MTN's Bullish Run Changes Karl Toriola's Net Worth Status

Business News·FEATURES·Top Stories

MTN Nigeria’s CEO Karl Toriola Increases Stake, Now Holds N3.68bn Investment In Telco

April 6, 2026

The group managing director (GMD) and chief executive officer (CEO) of MTN Nigeria, Karl Toriola, has increased his shareholding in the telecommunications company. Toriola increased his shareholding by 761,788 shares in 2025,

Wema Bank In Search Of N25 billion, Target Private Investors

Business News·FEATURES·Top Stories

Wema Bank’s Fourth Largest Investor Exit Lender, Takes Out Billion-Naira Investment

April 6, 2026

Wema Bank’s fourth largest investor has exited the company, taking along billions of naira in investment, according to Prime Business Africa’s analysis of the firm’s shareholding status. In the company’s audited financial

Ellah Lakes Shareholders Stuck With Shares Institutional Investors Don't Want

Business News·FEATURES·Top Stories

New Major Investor Quietly Takes Over Ellah Lakes As CEO, Enotie Ogbebor Offload Shares

April 3, 2026

In 2025, a period Ellah Lakes failed to raise N235 billion through public offering and private placement due to stock traders in the Nigerian Exchange (NGX) snubbing the firm’s offer, major investors

Business News·Top Stories

Stock Market Cap Loses N69bn As Meyer, Linkage Assurance Shares Plummet

Trading closed on a negative note on Wednesday, May 21, after a 0.10 per cent decline in the all-share index (AS) wiped off N69.99 billion from the stock market capitalisation. Following the loss, the market capitalisation fell to N68.89 trillion from N68.96

May 21, 2025

Business News·Top Stories

GTCO, Wema Bank… Five Best-Performing Bank Stocks

At the end of the first quarter (Q1) of 2025, the market valuation of Nigerian banks appreciated by 6.24 percent, according to analysis by Prime Business Africa. The publication gathered that the market valuation increased to N11.22 trillion from N10.56 trillion between

April 29, 2025

Business News·Top Stories

Transcorp Hotels shareholders Gain N198bn As Ikeja Hotel Investors Lose N4.43bn

Transcorp Hotels outperformed Ikeja Hotel in the Nigerian stock market in the first quarter (Q1) of 2025, according to analysis by Prime Business Africa. It was gathered that Transcorp Hotels’ shareholders saw their investments in the company appreciate by 16.68 per cent,

April 24, 2025

Business News·Top Stories

Sunu Assurances, Veritas, Prestige Among Five Worst-Performing Insurance Stocks In Q1 2025

Out of 20 insurance companies listed in the Nigerian stock exchange, 13 insurers recorded a decline in their stock performance in the first quarter (Q1) of 2025. Analysis by Prime Business Africa showed that the 13 insurance companies are Guinea Insurance, International

April 22, 2025

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

Business News·Markets

Over N7.14bn Shares Traded, Cadbury Tops Stock Market Decliners’ List

The Nigerian Exchange Limited (NGX), the capital market authority, reported that the stock market capitalisation settled at N35.74 trillion on Wednesday. According to data obtained from the capital market authority, the All-Share Index settled at 65,687.16 ASI, as over 500.43 million shares

July 26, 2023

Dangote Sugar Refinery, NASCON Allied, Dangote Rice To Merge

Business News·Insights

Aliko Dangote Loses N275.09 billion, Investors Snub Cement, Sugar Businesses

Businessman, Aliko Dangote, lost 6.25 per cent and 7.10 per cent of his investments in Dangote Cement and Dangote Sugar respectively last week. His investment in the cement and sugar businesses depreciated after reports emerged that his company, Dangote Industries Limited (DIL),

April 3, 2023

Business News·Markets

Equity Investors Make N90 billion, As Stock Market Closes High

Nigerian stock exchange closed with N90 billion gain on Monday, 6 February 2023, as the market capitalisation increased from N29.52 trillion to N29.61 trillion. The All-Share Index gained 154.65 basis points on Monday to rise from 54,213.09 ASI to 54,367.74 ASI. Investors traded N4.79 billion for

February 6, 2023

Business News

Top Two Billionaires, Bernard Arnault, Elon Musk, Lose $7.8 billion, As Wealth Drops

The world’s two richest, Bernard Arnault and Elon Musk, lost a whopping $7.8 billion in one day, as their companies suffer losses in the capital market. Musk recorded the biggest loss, with $6.8 billion wiped off from his networth, which dropped to

December 12, 2022

Elon Musk Now Twitter's Biggest Shareholder

Entrepreneurship

Multibillionaire Business Mogul Musk Sells 10% Shares Of Tesla’s Holdings After Twitter Polls

Tesla chief executive Elon Musk late Wednesday night fulfilled his pledge to sell 900,000 shares of his electric car company’s stock for 1.1 billion dollars, about N451,649,000,000.00 (Four Hundred and Fifty One Billion, Six Hundred and Forty Nine Million Naira)

November 11, 2021

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