Capital market

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Capital market Investment

Moody’s downgraded banks should expect share price losses – experts

Lagos, Feb. 2, 2023 – The nine Nigerian banks affected by the Moody’s downgrade should expect share prices losses. This is the opinion of some experts who expressed their opinions on the issue in the latest edition of Proshare’s “Analysts Note”. Proshare is a research and information service company in Lagos. The experts, who weighed the implications of the downgrade, said their share prices of the affected banks could drop as “the downgrade slightly waggles investors’ confidence.”  “The international agency downgraded the long-term deposit ratings and senior unsecured debt ratings …

Capital market

NGX traded N13.653bn worth of shares last week

Lagos, Jan. 30, 2023 – A total turnover of 756.769 million shares worth N13.653 billion were traded in 18,248 deals last week by investors on the floor of the Exchange. This was in contrast to the 1.241 billion shares valued at N15.668 billion traded in 18,560 deals in the preceding week. The Financial Services Industry, measured by volume, led the activity chart with 454.718 million shares valued at N4.813 billion traded in 8,214 deals, contributing 60.09% and 35.26% to the total equity turnover volume and value, respectively. The ICT Industry …

Business Planning

Sanwo-Olu signs N1.768trn Lagos budget into law

Lagos, Jan. 28, 2023 – Gov. Babatunde Sanwo-Olu of Lagos State has signed the state’s N1.768 trillion 2023 Budget into law. He said the budget tagged, “Budget of Continuity”, was signed into law on Friday evening. Sanwo-Olu, in a statement on Friday, said the budget would focus on completing ongoing infrastructure projects. He described it as a consolidation of development strides in Nigeria’s commercial capital. The governor said that the funding for the second phase of the Blue Line rail project from Mile 2 to Okokomaiko had been approved in …

Capital market

Nigerian Exchange recorded landmark transactions in 2022 – chief executive

Lagos, Jan. 25, 2023 – The Nigerian Exchange Limited (NGX) made a strong showing with its performance in the year 2022 as it recorded landmark transactions. Speaking at the NGX 2022 Market Recap and 2023 Outlook in Lagos on Wednesday, Temi Popoola, the Chief Executive Officer of NGX, described the performance of the NGX in 2022 in superlative terms. “In 2022, the equities market performance was evidenced by the 19.98 per cent  increase in the NGX All-Share Index, which rose from 40270.72 to 51,251.06, just as the market capitalisation also …

Capital market

Africa Infra Plus Fund lists on NGX

Lagos, Jan. 24, 2023 – Africa Infra Plus Fund (AIPF I), a ₦20.5bn closed-end infrastructure fund, has been listed on the Nigerian Exchange. The NGX said in a statement on Tuesday that Fund was listed on the Nigerian exchange on Tuesday, Jan. 24 2023 and was commemorated with a Closing Gong Ceremony. Co-managed by Africa Plus Partners Plc, and Capitaltrust Investments & Asset Management Limited, AIPF 1, is Nigeria’s first Carbon+ (ESG-focused) naira-denominated infrastructure fund to be listed on the Exchange. AIPF 1’s structure is a pool of equity and …

Business Solutions Politics

FG to realise N11.54tn from highway concession

Abuja, Jan. 20, 2023 – The Infrastructure Concession Regulatory Commission (ICRC) says government will realise N11.54 trillion on the 25-year concession granted for maintenance of some highways in the country. Manji Yarling, the Acting Head, Media and Publicity of ICRC, said this in a statement in Abuja on Thursday. The ICPC said that the approvals came through the Highway Development and Management Initiative (HDMI). It said the goals of the project were to ensure efficient management and development of the country’s federal road network and provide adequate highway services. The …

Business Planning Capital market

Access Holdings to raise capital for its 2023-2027 growth plan

Lagos, Jan. 19, 2023 – Access Holdings is to raise more capital outside of its internally generated capital to fund its strategic five-year (2023-2027) growth plan.  Mr Roosevelt Ogbonna, the Chief Executive of Access Bank, said this during the presentation of the Access Corporation’s corporate strategy 2023-2027.  He said that the corporation needed to work with its DFI partners and international financial markets to achieve the capital raise. Ogbonna said that the capital plan had been done and shared the plan with the central bank, “but we cannot share it …

Business Solutions Manufacturing/Industry

Global unemployment to rise by 5.8% in 2023 – ILO

Lagos, Jan. 19, 2022 – The International Labour Organisation (ILO) says global unemployment rate will rise by 5.8 per cent in 2023. A new report by ILO on ‘World Employment and Social Outlook: Trends 2023 (WESO Trends) published on its website, reported this. It also projected that global employment growth would be only 1.0 per cent in 2023 which will be less than half the level in 2022. ILO said that the moderate size of this projected increase would largely be due to tight labour supply in high-income countries.  “This …

Business Planning Foreign

Africa50 invests in Scanning Systems to boost regional trade

Casablanca/Abidjan, Jan. 18, 2023 – Africa50, the pan-African infrastructure investment platform and Tassec Investment Holdings Africa have announced the completion of Africa50’s equity investment in Scanning Systems. Scanning Systems is a company specialised in the design, financing, and implementation of One-Stop Joint Border Posts (JBPs) in Africa. Africa50 said in a statement on Wednesday that the investment would support Scanning Systems to develop JBPs and deliver efficient border management with modern facilities and tools, facilitate transit and increase traffic across the borders of Africa. “This is expected to significantly reduce transit …

Business Planning General News

Inflation rate drops by 0.13%

Abuja, Jan. 17, 2023 – Nigeria’s inflation rate stood at 21.37 per cent in December 2022 from the 21.47 per cent recorded in November, a drop of about 0.13 per cent . The December 2022 Consumer Price Index (CPI) issued by National Bureau of Statistics (NBS) reported this on Monday. “In December 2022, the headline inflation rate eased to 21.34 per cent compared to November 2022 headline inflation rate which was 21.47 per cent. “Looking at the trend, December 2022 inflation rate showed a decline of 0.13 per cent when …


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