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Daily Business News Brief – May 9th, 2023

9
May

Gains in NB, NGX, others raise capitalisation by N62b – Guardian
Positive sentiments persisted in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as gains recorded by some blue-chip stocks lifted market capitalisation by N62 billion.
The all-share index (ASI) gained 114.21 points, representing a growth of 0.22 per cent to close at 52,579.52 points, while market capitalisation rose by N62 billion to close at N28.63 trillion……….. .. ………. …………. ……………..……..Read More

Ex-Unilever Côte d’Ivoire MD takes over as head of Nigerian operation – Guardian
The board of Unilever Nigeria PLC has approved the resignation of Carl Cruz as managing director of the company with effect from May 4, 2023 as well as the appointment of Tim Kleinebenne as a replacement.
“On behalf of the board of directors, management, and staff of Unilever Nigeria, we would like to wish Cruz all the very best in his future endeavours and would like to express our sincere gratitude to him for his outstanding work,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

United Capital joins Africa’s fastest-growing companies – Guardian
Financial Times has named United Capital Plc, a foremost Nigerian investment bank, as one of Africa’s fastest-growing companies for the second consecutive year.
The announcement was made in a report compiled by Statista, a global market research and data analytics company titled ‘FT ranking: Africa’s Fastest Growing Companies 2023’……. ………. …………. . ….. . … …………….……..Read More

PZ Cussons Nigeria Announces Dimitris Kostianis as New CEO – Thisday
The Board of Directors of PZ Cussons Nigeria Plc has approved the appointment of Mr. Dimitris Kostianis as a member of the Board and as the Chief Executive Officer (CEO) of the Company with effect from June 1, 2023.
He has spent more than 25 years at PZ Cussons, 13 years of which were in senior leadership roles for PZ Cussons Africa and until his appointment, served as PZ Cussons MD for Asia.. .. .. .,……. .. …… . ….. . … …………….……..Read More

Titan Trust to buy Union Bank minority shares – Punch
Titan Trust Bank Limited, the core investor in Union Bank, has announced its plans to acquire the shares of minority shareholders in the bank.
This was disclosed in a corporate filing on the Nigerian Exchange Limited on Monday. 
The notice signed by the Company Secretary, Somuyiwa Sonubi, said “The transaction will be implemented by way of a Scheme of Arrangement between the bank and the bank’s shareholders (“the Minority Shareholders”), … .. .,……. .. …… . ….. . … …………….……..Read More

FCMB projects business growth with tech – Punch
The Group Chief Executive, FCMB Group Plc Mr Ladi Balogun, has said that purpose, culture and technology will boost its performance.
A statement said he spoke during the 10th annual general meeting of the FCMB Group in Lagos, while mentioning the company’s plans to achieve a robust performance in the 2023 financial year.
He told shareholders at the AGM that the company aimed to prioritise purpose, culture and technology to achieve this goal.,….,…. .,……. .. …… . ….. . … …………….……..Read More

Jaiz Posts N9.9bn Earnings In 1st Quarter – Dailytrust
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has declared gross earnings of N9.88 billion in the first quarter of 2023.
In a statement yesterday, the bank’s unaudited results indicates  that it had recorded 44.55 per cent profit growth in its pre and post-tax, showing that the gross income had risen by 38.3 per cent as at end of the first quarter on March 31, 2023.,….,…. .,……. .. …… . ….. . … …………….……..Read More
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