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Daily Business News Brief – April 23rd, 2024

23
Apr

Foreign investment in stock market rises 168% to N118.92bn – Vanguard
Foreign portfolio investment, FPI, into the stock market rose by 167.8 percent, Year-on-Year (YoY), to N118.92 billion in February 2024 from N44.52 billion in the corresponding period in 2023 buoyed by improved liquidity in the foreign exchange (FX) market following reforms by the Central Bank of Nigeria, CBN.
The Nigerian Exchange Limited (NGX) disclosed this in its Domestic and Foreign Portfolio Investment report for February 2024, which showed a 0.3 percentage point increase to 11.78 per cent in share of FPI in the total equities transaction of N1.009 trillion during the period……………………………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Analysis: Nestle Nigeria clever move to reverse negative shareholder funds – Nairametrics
In accounting, as in anything in life, cash is king. It doesn’t matter if your company has been posting consistent profits or owns the largest fleet of assets; without cash, it is as good as bankruptcy. 
In contrast, a company that posts perennial losses, has limited assets but boasts a huge cash pile, can continue to thrive if cash is available. 
Nestlé and its board of directors know this too well, and as such, the N79.4 billion loss, which effectively wiped out what remained of the company’s shareholders’ funds, is not as damaging as it seems……………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Recapitalisation: Access Bank confident of raising $300m- Aig-Imoukhuede – Dailytrust
Mr Aigboje Aig-Imokhuede, Chairman of Access Holdings Plc, says he’s confident that the bank would raise 300 million dollars in capital for Access Bank, considering the bank’s strong market position and shareholders’ support.
Aig-Imokhuede said this in an interview on the sideline of Access Holdings’ second Annual General Meeting(AGM) held in Lagos…. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
TotalEnergies Investors Call For Split of CEO, Chair Roles – Thisday
A group of TotalEnergies investors has called for the French oil and gas major to split the roles of chief executive officer and chairman, which they say could speed up its shift away from fossil fuels.
The resolution to be proposed for inclusion at TotalEnergies’ annual general meeting on May 24 was put forward by 19 international investors holding around 20 million shares, together with Swiss pension fund investor group Ethos Foundation and the French Sustainable Investment Forum (FIR). . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
International Breweries shareholders approve $379.9m loan-to-equity conversion – Punch
The shareholders of International Breweries have approved a loan of $379.9m from its majority shareholder, AB InBev Nigeria Holdings BV, to enable the company to repay a loan obtained from Citibank Abu Dhabi.
At its recently held Extraordinary General Meeting, whose resolutions were filed with the Nigerian Exchange Limited, the shareholders also approved the conversion of the loan to equity in the planned rights issue of the brewer, which is one of the largest breweries in the world.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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