CAPITAL MARKET NGX Group to List 1.96bn Shares Today, NGX Announces Board Member Resignation The Nigerian Exchange Group Plc (NGX Group) has received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX today. NGX Group will undergo a Listing by Introduction with 1,964,115,918 shares admitted to trading under…
CAPITAL MARKET SEC partners EFCC on capital market fraud The Securities and Exchange Commission announced on Wednesday that it had engaged the staff of the Economic and Financial Crimes Commission on capital market training in a bid to tackle financial crimes in the market. SEC described the training, tagged ‘Enlightenment programme on the capital market…
CAPITAL MARKET FG to auction N150bn bonds in October The Debt Management Office said on Tuesday that the Federal Government will offer N150bn bonds for subscription in October. A circular by the DMO on its website showed that the breakdown of bonds consisted of three bonds worth N50bn each. They are 10-year re-opening bond to…
CAPITAL MARKET NGX Group Upholds Global Best Practices Ahead of Planned Listing by Introduction In line with its commitment to uphold best global practices, Nigerian Exchange Group Plc’s (NGX Group or The Group) leveraged the Facts Behind the Listing of Nigerian Exchange Limited (NGX or The Exchange) to engage stakeholders yesterday ahead of the Listing…
CAPITAL MARKET Stockbrokers to Unfold New Strategy for Economic Development As the Nigerian economy is in dire need of capital injection, stockbrokers are warning up to unfold new strategy that will enable the federal government source long-term fund from the capital market. The federal government’s budget deficit currently stands at N6.25 trillion. Despite mounting agitation…
CAPITAL MARKET AfricInvest acquires minority stake in Royal Exchange General Insurance Royal Exchange General Insurance Company on Wednesday announced the acquisition of a minority stake in the company by AfricInvest, a Pan-African asset management company. It said in a statement that the investment was made through its evergreen private equity fund, FIVE, in the form…
BANKING NDIC pays N11.76b to 535,815 depositors of defunct banks The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, yesterday, disclosed that the Corporation has paid N11.76billion as insured sums to 535, 815 depositors of closed banks. Hassan, who disclosed this in Abuja, at an event to mark the corporation’s special day at the…
CAPITAL MARKET Airtel Africa to Buyback 8.27% Minority Shareholdings in Nigeria Subsidiary Airtel Africa Plc yesterday on the Nigerian Exchange Limited (NGX) announced plans to buy back 8.27 per cent minority shareholdings at an offer price of N55.81 per share from its subsidiary, Airtel Networks Limited (Airtel Nigeria). The company in a statement hinted that:…
BANKING Fitch Affirms Union Bank’s Long-term Issuer Rating at ‘B-, Stable Outlook Following a comprehensive rating process, Fitch Ratings has affirmed Union Bank’s Long-Term Issuer Default Rating at ‘B- with a stable outlook. The lender’s Long Term National rating was also upgraded from ‘BBB- (nga)’ to ‘BBB (nga), with its Short-Term National Rating upgraded to…
CAPITAL MARKET Guinness Nigeria Announces N1.01bn Final Dividend For 2021 FY Guinness Nigeria Plc Monday in Lagos declared a final dividend of N0.46k per 50 kobo ordinary share, translating to N1.01 billion for the financial year ended June 30, 2021. The company’s secretary, Rotimi Odusola in a statement on Nigerian Exchange Limited (NGX) explained that,…