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Daily Business News Brief – September 13th, 2023

13
Sep

MTN gets additional 2.6GHz spectrum to deepen services
. Market capitalisation plunges by N294 billion – Guardian
Technology firm, MTN Nigeria Communications Plc has announced the approval of its purchase of 2.6GHz spectrum by the Nigerian Communications Commission (NCC).
MTN in a statement, signed by the Company Secretary, Uto Ukpanah and made available on the Nigerian Stock Exchange, yesterday, disclosed that the license of the 2.6GHz spectrum is for 10 years which would run from September 7, 2023 till April 16, 2033 when it can be renewed…….. …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

NGX to Sanction Capital Oil, 22 Others for Late Filing of 2022 Results – Thisday
Capital Oil Plc and 22 other companies are to face the Nigerian Exchange Limited (NGX) sanction for late filing of 2022 audited result and accounts to investing public.
The 22 other companies are: International Energy Insurance Plc, C&I Leasing Plc, Afromedia Plc, Pharmadeko Plc, RAK Unity Petroleum Plc, Greif Nigeria Plc, Niger Insurance Plc, African Alliance Insurance Plc, Ekocorp Plc, Premier Paints Plc, Medview Airline Plc and Oando Plc. ……….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Inflation, Regulatory Charges Jerked 10 Banks’ OPEX by 26% to N1.19tn in H1 – Thisday
Galloping inflation rate backed by regulatory charges, amongst others, pushed 10 banks’ total operating expenses by 26 per cent to N1.19 trillion in half year (H1) ended June 30, 2023, from N943.23 billion in the half year ended June 30, 2022, THISDAY analysis of the banks’ results has revealed.
The 10 banks are: Ecobank Transnational Incorporated, FBN Holdings Plc, Zenith Bank Plc, and Guaranty Trust Holding Company Plc (GTCO)…….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

UAE visa ban lifting’ll transform stock exchange — Otedola – Vanguard
Billionaire businessman, Mr Femi Otedola, yesterday, commended President Bola Tinubu for resolving the United Arab Emirates, UAE, visa ban on Nigerians.
While commenting on the efforts by Tinubu to resolve the impasse between Nigeria and UAE, Otedola, in a statement, said the resolution of the dispute proved the president’s strong leadership qualities…….,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

UBA records 371 per cent growth, posts N404b PBT in H1 – Guardian
The United Bank for Africa (UBA) Plc delivered an impressive performance for the half year ended June 30, 2023, as announced in its audited financial report.
The results released to the Nigerian Exchange Limited (NGX) yesterday, showed that the Group recorded double and triple-digit growth across its major income lines, as it continued to show substantial progress in increasing the contribution and market share from its subsidiaries in Africa and globally…… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Dangote to cut dependence on fuel by 25% – Punch
The Head of Sustainability, Dangote Cement Plc, Obajana Plant, Dr Eseosa Ighile, says Dangote plants are set to cut dependence on fossil fuels by 25 per cent by 2025.
She stated that so far, the plants had initiated several innovative strategies to cut emissions of Green House Gas, and part of its commitment to Sustainable Development Goals 12 is to adopt alternative fuels. .,.  ……. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Fidelity Bank: Paving the Path to Prosperity Through Capital Infusion – Thisday
In a significant stride towards fortifying its position in the Nigerian banking sector, Fidelity Bank Plc has embarked on a transformative journey with its recently approved Capital Raising Exercise. This endeavor, approved by the bank’s shareholders, marks a pivotal moment in the institution’s history, as it seeks to leverage this infusion of capital to accelerate growth and secure a brighter future.. .,.  ……. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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