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Daily Business News Brief – June 6th, 2023

6
Jun

Geregu leads trading as NGX sheds N7bn – Punch
The Nigerian Exchange Limited on the first trading day of the week shed seven billion naira, bringing to a halt a six-day of rally in the market, as Geregu Power equities dominated trading activities.
NGX All-Share Index depreciated by 0.03 per cent to settle at 55,806.71 while the market cap dropped to N30.387tn, representing a 0.02 per cent drop. The year-to-date returns also slowed to 8.89 per cent on Monday from 8.92 per cent on Friday….. ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Acquisition: Ardova Shareholders Approve N17.88 Transfer  of Shares Scheme – Thisday
The shareholders of Ardova Plc will receive N17.88 per share as a consideration for the share transfer scheme following the planned acquisition of their shares by Ignite Investments & Commodities Limited.
The transfer scheme is subject to the Securities and Exchange Commission (SEC) and Court approval.
This was part of the resolutions passed at the Court Ordered Meeting of the Company held recently in Lagos…. ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Unity Bank gross earnings hit N57bn in 2022 – Punch
Nigerian lender, Unity Bank Plc, grew its gross earnings by 13.1 per cent to N57bn from N50.2bn in the corresponding period of 2021.
This was disclosed in its audited full-year financial statement submitted to the Nigerian Exchange Limited.
Unity Bank also posted a Profit Before Tax of N1.1bn and a Profit After Tax of N941.4m. .. . … .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

M&B assures shareholders of improved performance – Guardian
May& Baker Nigeria Plc has assured shareholders that the company has embarked on new investments that would boost performance, shareholders’ value and profitability.
Chairman of the company, Daisy Danjuma, while speaking at the company’s 72nd yearly general meeting in Lagos, said the firm is raising its investment to increase production capacity for the pharmaceutical industry…  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Wema Bank plans to lead in digital operations – Punch
Wema Bank has said it is committed to making the bank the best financial institution in digital operations.
The Managing Director/Chief Executive Officer of the bank, Mr Moruf Oseni, spoke during the bank’s 2022 annual general meeting in Lagos.
“The present management is poised to make the bank the best financial house digitally,” he said…. ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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