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Daily Business News Brief – May 18th, 2023

18
May

Equities market rises further by 0.31% – Businessday
Nigeria’s stock market’s benchmark performance indicators – the All-Share Index (ASI) and its equities market capitalisation – rose further by 0.31 percent and N81 billion on Wednesday.
The ASI and equities market capitalisation increased from the preceding day’s low of 52,432.61 points and N28.549 trillion respectively to 52,580.86 points and N28.630 trillion……,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Banks’ assets grows to N78tn, says CBN – Punch
Total assets of the Nigerian banking industry rose by 25.12 per cent in one year to N77.59tn as of the end of February 2023.
The Central Bank of Nigeria disclosed this in the personal statement made by the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, at the last Monetary Policy Committee meeting. 
She said, “Key industry aggregates also continued year-on-year upward trajectory with total assets rising by 25.12 per cent to N77.59tn in February 2023 from N62.01tn in February 2022, while total deposits rose to N49.36tn from N39.38tn over the same period. ……….. ………. …………. . ….. . … …………….……..Read More

Acquisition Of Minority Shareholders: Union Bank To Convene Court-Ordered Meeting – Dailytrust
Union Bank Plc has received a Federal High Court order to convene a meeting to consider and approve (with or without modification) a Scheme of Arrangement between Union Bank of Nigeria Plc and the holders of its fully paid ordinary shares.
Recall that Union Bank last year announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.
This was just as the bank announced board changes that resulted from the resignation and subsequent retirement of the directors of its board and the appointment of new ones…. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

ETI Shareholders Approve $500m Capital Raising Exercise – Thisday
The shareholders of Ecobank Transnational Incorporated (ETI), yesterday in Togo approved the management’s plans to raise $500million senior-ranked debt in the international market.
The shareholders of the Pan-African financial institution at Extra Ordinary General Meeting (EGM) approved the resolution authorising to raise senior-ranked debt, and additional Tier 1, Tier 2-qualifying subordinated debt…. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Seven banks fined N1bn for forex offences – Punch
Seven Deposit Money Banks paid a total of N1,088,334,000 as fines to the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, Pension Commission and others in the 2022 financial, according to findings.
This was disclosed in the financial statements of the banks for the year 2022, which were filed on the Nigerian Exchange Limited. 
The financial services firms included in this report are Access Holdings Plc, Wema Bank Plc, Union Bank of Nigeria, Guaranty Trust Holding Company, FCMB Group Plc, Fidelity Bank Plc, and Stanbic IBTC Holdings…. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Stanbic IBTC’s financial technology subsidiary starts operation – Guardian
Stanbic IBTC Holdings Plc has announced the commencement of operations of its wholly-owned financial technology subsidiary. Having received all required regulatory approvals and licenses to commence operations, the subsidiary will operate under the name Stanbic IBTC Financial Services Limited, the bank said.
“It will function primarily as a payment solutions provider (PSP), focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings…. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Appeal court suspends order against Seplat board – Punch
The Court of Appeal sitting in Abuja has lifted an order which barred Seplat Energy’s Board of Directors from discharging its official functions.
A Federal High Court in Abuja had last week granted an ex-parte order suspending the managing director of Seplat, chairman and other members of the company’s board from office.
The energy firm, in a statement signed by its chairman, Mr Basil Omiyi on behalf of the members of its board, the appeal court suspended the ex parte Interim Orders issued on May 11, 2023, by Hon. Justice I.E. Ekwo of the Federal High Court, Abuja, in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

MTN activates 5G in 13 cities, says no plan to shut down lower networks – Guardian
The adoption of the Fifth Generation (5G) network is fast expanding as MTN disclosed that it has activated over 700 sites across 13 cities since its launch in August 2021.
Connected cities, according to MTN, include Lagos, Abuja, Port Harcourt, Kano, Owerri, Ibadan, Maiduguri, Abeokuta, Ife, Warri, Enugu, Ife and Ifo. Speaking with journalists, yesterday, on the journey so far, MTN Nigeria’s Chief Technical Officer, Mohammed Rufai, said Nigerians are currently enjoying the benefits of 5G….. .., … .. .,……. .. …… . ….. . … …………….……..Read More
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