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Daily Business News Brief – April 5th, 2024

5
Apr

Nigerian Stocks extend bearish run with 251.74bn loss – Dailytrust
The Nigerian equity market extended its bearish trend yesterday for the third time since the beginning of the week with investors losing another N251.74bn.
The bearish run started on Tuesday, the first working day of the week after the Easter Holiday with the All Share Index (ASI) dropping to 104,518.14 points to the previous session’s 104,562.06 points…………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Transcorp posts N197bn revenue in 2023 – Dailytrust
Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate, yesterday announced its financial results for the year ended December 31, 2023, showing the group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.
In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution…………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
AXA Mansard launches new Life Insurance Policy – TheNation
AXA Mansard, a member of AXA, a global leader in Insurance and Asset Management has launched a new life insurance product, Endowment Plan, which will pay policyholders 100 per cent of their sum insured at the end of the tenure if the policyholder is still alive.
Also, the underwriter assured customers of payment of any unfortunate demise of the policyholder before the end of the tenure, the company will pay the beneficiary of the policy the sum insured…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp Power declares N23.5b dividends – TheNation
Transcorp Power Plc will be distributing about N23.5 billion to shareholders as cash dividends in the first audited report after the listing of the power generation company.
Shareholders will receive a dividend per share of N3.13 per share, with the board of the company deciding to plough back significant increase in earnings into further investments….. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UBA launches complaint portal – Punch
The United Bank for Africa has introduced a new portal to hasten the resolution of customers’ complaints.
A statement from the bank on Thursday revealed that the Quick Response solution called the ‘Scan to Resolve Complaint’ was aimed at enhancing satisfaction and swiftly addressing customers’ disputes…… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Stanbic IBTC upgrades mobile app – Punch
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, unveiled an enhanced version of its mobile app on Thursday, optimised specifically for businesses.
In her opening remarks at the event in Lagos, the Head of Partnerships at Stanbic IBTC Bank, Omolara Osunsoko, said that the enhanced mobile app offered a range of new features designed to streamline and simplify digital banking for business owners……. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Dangote Sugar expands backward integration projects with 120,000ha land – Punch
Apart from the National Sugar Master Plan initiated in 2012, Dangote Sugar Refinery has crafted its own master plan geared towards ensuring that Nigeria achieves its broad national sugar objectives, according to company papers.
Entitled, “Dangote Sugar for Nigeria Master Plan,” the vision is targeted at ensuring that the company produces 1.5 million metric tonnes per annum (MT/PA) of refined sugar from locally grown sugarcane……. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp Hotel plans 5,000-capacity event centre launch – Punch
The Managing Director/Chief Executive Officer of Transcorp Hotels, Dupe Olusola, has revealed that the hospitality business is planning to launch its 5,000-capacity event centre in the second half of the year.
Olusola said this in a statement accompanying the release of Transcorp Hotel  2023 results, which was filed with the Nigerian Exchange Limited recently…….. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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