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Daily Business News Brief – August 10th, 2023

10
Aug

Negative sentiment persists on NGX as index dips by N621 billion – Guardian
For the second consecutive session, the Nigerian Exchange Limited (NGX) closed on a downward note, yesterday, as virtually all the highcap stocks depreciated, causing market capitalisation to dip further by N621 billion.
The all-share index (ASI) lost by 1,142.26 points, representing a decrease of 1.75 per cent to close at 64,167.39 points. Also, market capitalisation declined by N621 billion to close at N34.919 trillion……………….. … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

SEC, PENCOM, NGX Reiterate Commitment to Deepening Securities Lending in Capital Market – Thisday
With the aim of enhancing investor participation and securities lending transactions, the Securities and Exchange Commission (SEC), National Pension Commission (PENCOM) and Nigerian Exchange Limited (NGX) have reaffirmed their commitment to further developing the securities lending landscape in the Nigerian capital market.
This commitment was reiterated during the NGX Securities Lending workshop held yesterday, in collaboration with Central Securities Clearing System Plc (CSCS)…, . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FBN amends AGM agenda, to raise N150bn capital – Punch
First Bank of Nigeria Holdings has amended its agenda for its upcoming Annual General Meeting scheduled to hold next Tuesday.
In a July notice to shareholders and the Nigerian Exchange Limited, the affected portions of the agenda referred to the resolution on raising capital and that shareholders would waive their preemptive rights to unsubscribed shares…. .. .. …,….. ………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Otudeko, Otedola intensify battle for control of FBN Holdings – TheNation
The billionaires’ battle for control of Nigeria’s oldest financial services group, FBN Holdings (FBNH) Plc has intensified between  Oba Otudeko and  Femi Otedola.
The two business moguls are digging further into the multi-layered intrigues that have gripped the Tier-1 banking group.
Against allegations of attempts to frustrate next week’s annual general meeting of the group, the board of directors yesterday reaffirmed all arrangements for the meeting….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Stanbic IBTC Highlights Trade Export, Financing Benefits – Thisday
Stanbic IBTC Bank Plc, recently participated in an Export Capacity Building Programme for registered exporters organised by the Nigerian Export Promotion Council.
Manager, Trade Finance, Stanbic IBTC Bank, Olatunde Oladejo, in his speech discussed how effective trade export strategies can open doors to new markets, drive revenue growth, and strengthen business relationships………. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Shareholders differ on Seplat legal fee probe – Punch
Eagle Eye shareholders, a group representing shareholders with majority stake in Nigeria’s indigenous energy company, Seplat Energy Plc, has countered calls to probe the affairs of the company over the surge in its legal fees.
It moved against the calls by the Independent Shareholders Association of Nigeria, and a civil society organisation, Make A Difference Initiative…………. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Veritasi plans dual listing on NGX, NYSE – Guardan
Amid economic hardship in the country, Veritasi Homes and Properties Limited has announced plans to list on the Nigerian and New York stock exchanges in the first quarter of 2024.
Founder and Chief Executive Officer of the firm, Adetola Nola, disclosed this as the company opened its new head office in Ikoyi, Lagos, to celebrate its sixth anniversary in the real estate market………….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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