Capital market

Showing: 11 - 20 of 284 Articles
Capital market Money market

NDIC to pay depositors of failed Heritage Bank within a week

Abuja, June 5, 2024 – The Nigerian Deposit Insurance Corporation (NDIC) says it will pay all the 2.3 million depositors of the failed Heritage Bank their insured benefits within one week. Bello Hassan, its Managing Director, who gave the assurance in a media briefing in Abuja on Wednesday. He said the NDIC had already commenced the process of paying them. Hassan said that 99 percent of Heritage Bank’s depositors had total balances under N5 million. The Central Bank of Nigeria (CBN) revoked the licence of Heritage Bank on Monday, June …

Business Planning Foreign General News

Unemployment is critical issue in Africa – AfDB President

Nairobi, May 31, 2024 – Dr Akinwumi Adesina, the President, African Development Bank (AfDB), says an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in Nairobi. The AfDB president dismissed the pursuit of GDP growth, adding that the quality and impact of growth on job creation are paramount. “We have to ensure that our growth also gives …

Business Planning Capital market Money market

Amendment of CBN Laws: CIS, ASHON express concerns

Lagos, May 28, 2024 – Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN). The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the …

Capital market Money market

Shareholders throw weight behind Fidelity Bank’s recapitalisation plan

Lagos, May 27, 2024 – Shareholders of Fidelity Bank Plc have expressed their readiness to massively support and mobilise themselves for the ongoing recapitalisation exercise. They said this was due to the commendable and impressive performances of the bank over the years. The shareholders were unanimous that Fidelity Bank has shown strong resilience over the years and demonstrated its investors’ friendliness with significant dividends and capital gains. The shareholders, under the auspices of Nigeria’s leading shareholders’ associations, said they would buy into any share offering by Fidelity Bank as the …

Business Planning Foreign

India to emerge global economic superpower

 New Delhi (India), May 24, 2024 – While the risk of global recession has receded, concerns of inflation are still there which re-ignites the risks of global financial stability. International organisations and rating agencies have predicted further slow-down in global growth this year. Downside risks include an escalation of the recent conflict in the Middle East, financial stress, persistent inflation and slowdown in international trade. A potential debt crisis is looming over the global economic landscape. The International Monetary Fund’s (IMF’s) Global Debt Monitor reported total global debt, private plus …

Business Planning General News

Original contractors of Ajaokuta Steel Mill ready to return to site – minister

Abuja, May 23, 2024 – The federal government has secured the agreement of the original builders of Ajaokuta Steel Mill to return to site and complete the project. Shaibu Audu, the Minister of Steel Development, disclosed this on Thursday at the Ministerial Briefing on one year anniversary of President Bola Tinubu. He said the contractors were ready to put down $2 billion needed to fund the project which has been in comatose in the last 40 years. “We have initiated a discussion with the original builders of the steel plant to …

Capital market Money market

BOI records N154bn profit before tax, grows loans by 41.5%

Abuja, May 23, 2024 – The Bank of Industry (BOI) recorded N153.81 billion profit before tax in its last financial year, the highest in its history. The figure represents an increase of 117.69 percent over the N70.7 billion profit before tax recorded in the preceding year. Its loans and advances also rose by 41.5 percent to N1.14 trillion and N803.6 billion, respectively during the year due to increased interventions and disbursements to enterprises. Speaking at the 64 Annual General Meeting of the bank in Abuja on Wednesday, Mallam Muhammed Bala, …

Business Solutions Manufacturing/Industry

Fubara urges investors to take advantage of economic opportunities in Rivers

Port Harcourt, May 22, 2024 – Siminilayi Fubara, the Rivers State Governor, has called on local and foreign investors to take advantage of numerous economic opportunities in the state. He made the call in Port Harcourt on Wednesday at the Rivers State Investment Summit 2024 where he assured investors that the state was safe and ready to do business in spite of the ongoing political crisis. The governor said his administration believed in the growth and development of Rivers first and ahead of any political rivalry. “This event we tagged …

Business Solutions Foreign General News

Tinubu calls for stronger regional bodies in Africa to drive integration

Abuja, May 22, 2024 – President Bola Tinubu has called for stronger regional bodies to drive integration and trade ties among African nations. Tinubu made the call in Abuja on Wednesday at the Summit on the State of Democracy in Africa. He also called for the revitalisation of sub-regional blocs like ECOWAS, EAC, and SADC to usher in an era of robust intra-African commerce, economic growth, and job creation. The President, who was represented by Vice President Kashim Shettima, said the immense potential of the African Continental Free Trade Area …

Capital market

UK underlines commitment to Nigeria’s capital market through MOBILIST programme

Lagos, May 22, 2024 – The UK Government is keen to support development of Nigeria’s capital market through its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme. Nigeria’s capital market can help contribute to the delivery of the country’s economic goals, including the ambition to transition to clean energy solutions, but needs around USD 10 billion in financing per year to meet the Sustainable Development Goals (SDGs) by 2030.  At the two MOBILIST events hosted by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC) in Lagos …