The Central Bank of Nigeria (CBN) has sold a cumulative amount of $148 million to Authorized Dealers. According to a statement on Friday, the transactions, conducted on July 22 and 23, 2024, aim to provide much-needed stability in the FX market. The statement noted that Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, made this announcement in Abuja. She highlighted the transparency of the CBN’s operations, revealing that the foreign exchange was sold to 29 Authorized Dealer banks at exchange rates ranging between N1,470.00$1 and N1,510.00/$1. Mrs. Sidi Ali also specified that the value dates for all…
Author: Oladi Samuel
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Story highlightsThe Corporate Affairs Commission (CAC) has issued new guidelines for the recapitalization, merger, and share increment of banks and financial institutions in Nigeria, emphasizing timely compliance and documentation.For new incorporations, requirements include payment of fees, while increases in share capital need various documents including statutory declarations and affidavits.The Central Bank of Nigeria (CBN) had urged banks to expedite their capital increases to enhance financial stability, aligning with President Bola Tinubu’s $1 trillion GDP target by 2030.The Corporate Affairs Commission (CAC) has announced guidelines for the recapitalization and merger of banks and other financial institutions, among other matters.This was disclosed…
Our attention has been drawn to recent allegations on social and digital media, levelled against Oando PLC (‘Oando’ or ‘the Company’) of being a shareholder, and its Principals of being Board members, in a Maltese company, Raz Hansir Oil Terminal Limited that operates an oil storage and blending facility, and is purportedly responsible for importing adulterated petroleum products into Nigeria.Considering the above, we wish to refute such claims and attest that neither Oando PLC nor its Executives have ever held shares, investments, or interests in the fictitious Maltese company.As part of a comprehensive investigation into the basis of the false…
The federal government through the Ministry of Youth Development has re-opened applications for the Nigeria Youth Investment Fund (NYIF) program. The Ministry of Youth Development announced this in a post on the Ministry’s official X handle where it posted a link to the application. The post, “CALL FOR APPLICATION: NIGERIA YOUTH INVESTMENT FUND”. Are you a young entrepreneur with a vision for the future? The Federal Ministry of Youth Development is delighted to announce the relaunch of the Nigeria Youth Investment Fund (NYIF)” Approval of the NYIF Earlier in May, The Minister of Youth Development, Dr. Jamila Bio-Ibrahim, announced that…
Hope Payment Service Bank, one of Nigeria’s leading payment service banks, recently averted a fraudulent cyberattack targeted at its banking platform, retrieving billions of Naira in the intended attack.Investigations revealed that the digital bank was promptly alerted of the attack and was able to truncate it at the nick of time. Speaking on the development, financial analysts have commended the bank’s robust technology, and the speed with which the situation was arrested.‘Without doubt, the bank has a proactive approach to fraud prevention and detection. They were able to notice and mitigate the attacker’s efforts at a very early stage, before…
Guinness Nigeria Plc has reported a pre-tax loss of N73.6 billion for the financial year ended June 30th, 2024, as forex devaluation impacted bottom lines. The company released its full year earnings showing losses continued into its fourth quarter of the year largely due to the impact of forex depreciation on its foreign currency loans. Guinness reports its year end every June 30th . The brewery giant recently received a new owner as its parent company Diageo Plc sold its majority shared to Tolaram Plc. Details soon…Follow us for Breaking News and Market Intelligence.
The Lagos State Government has announced a postponement in the implementation of its electronic call-up (e-call up) system for the Lekki-Epe corridor, just days before its scheduled launch on August 1, 2024. The decision aims to ensure that all necessary measures are in place for a smooth rollout of the system, which is designed to streamline traffic and enhance road efficiency in the area. This announcement was made in a statement posted on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Friday. “After further consideration of stakeholders’ requests to extend the timeline in order to give adequate…
The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that his company secured a total of $2.7 billion in forex allocations from the Central Bank between 2013 to 2023 to finance the refinery. Dangote made this disclosure in a statement at his mega refinery in Lagos. He explained that the refinery was primarily funded through the company’s own resources, with minimal external assistance. He said that he chose to bypass project financing due to the challenges of securing funds from international creditors. “On the loan that we got, part of the loan was taken by Dangote Industries, which is a…
Dangote Cement Plc, the most capitalized stock on the Nigerian Exchange (NGX), recorded a 9.99% decline on the NGX today, resulting in a N1.12 trillion loss in its market value. The massive decline was responsible for the NGX posting a 1.94% decline, as the All-Share Index closed at 98,201.49 points, its lowest since May 27. The drubbing of Dangote Cement’s stock in the NGX is the latest in a series of events that have pitted the industrialists against the Nigerian government. This is a developing story… Follow us for Breaking News and Market Intelligence.
Guinness Nigeria Plc (NGX: GUINNESS) is pleased to announce its financial results for the twelve months ended 30th June 2024, showcasing a robust performance amidst a challenging macroeconomic environment.In the twelve months ended 30th June 2024, Guinness Nigeria delivered a remarkable +31% year-on-year revenue growth. This strong performance was even more pronounced in the second half of the year, with revenue growth accelerating to 41%, up from 20% in the first half.This achievement is particularly notable given the challenging macroeconomic environment, characterized by declining consumer disposable income due to all-time high inflation, currency devaluation, fuel subsidy removal, and food insecurity.The…