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Daily Business News Brief – May 6th, 2024

6
May

Equity market rebounds after N3.5tn loss in April – Punch
The Nigerian equity market recorded its first weekly gain after losing N3.54tn in April.
It gained N812bn last week after ensuring six weeks of bearish trades, as investors looked for improved yields on alternative markets.
Many investors were not inspired by corporate announcements explaining their annual general meetings.. …………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
FCMB, Stanbic & Wema push to raise N500bn amid new capital rules – Businessday
Three tier-two banks plan to raise as much as N500 billion in local and foreign currency to meet new capital rules set by the Central Bank of Nigeria (CBN). 
First City Monument Bank (FCMB) Group, Stanbic IBTC and Wema Bank are among the banks to have disclosed plans to raise additional cash to achieve the CBN’s minimum capital requirements. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Interest income drives UBA’s Q1 profit to N142bn – Punch
A significant growth in United Bank for Africa’s interest income propelled its first quarter post-tax profit to rise by 166 per cent to N142.58bn.
UBA interest income surged by 129 per cent to N440.76bn in Q1 2024 from N191.88bn in the corresponding quarter of 2023.
This was disclosed in the Interim Unaudited Consolidated financial statements … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Zenith Bank grows assets by N3.9tn in three months – Punch
The total assets of Zenith Bank Plc have increased by  19.21 per cent or N3.91tn in the first three months of this year to N24.28tn.
When compared to the first quarter of 2023, the banking group has recorded an 81.75 per cent rise in its total assets, which stood at N13.36tn as of March 2023. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp plans share capital reduction – Punch
Transnational Corporation Plc has proposed a reduction in its number of shares in issue through a share capital reconstruction.
According to a corporate announcement filed with the Nigerian Exchange Limited on Friday, the move has received initial regulatory approval from the Financial Reporting Council of Nigeria and the Securities and Exchange Commission…., . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Q1 2024: Fidelity Bank Records 120.1% PBT Growth to N39.5bn – Thisday
In line with its upward growth trajectory, Fidelity Bank Plc, has announced an impressive 120.1% growth in Profit Before Tax from N17.9billion at the end of Q1 2023 to N39.5billion for Q1 2024.
The bank made this known in it’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX).. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Lafarge Africa Shareholders Approve N1.90 Dividend – Thisday
Lafarge Africa Plc, a leading innovative and sustainable building solutions company has announced the successful conclusion of its 65th Annual General Meeting (AGM) held recently in Lagos.
The AGM served as a platform to showcase Lafarge Africa’s resilience, innovation, and commitment to delivering value to shareholders amidst challenging economic conditions.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UAC of Nigeria Reports N40.1bn Revenue in Q1 2024 – Thisday
UAC of Nigeria Plc, has announced a noteworthy revenue of N40.1 billion in first quarter (Q1) ended March 31, 2024, a significant increase of 65 per cent from N24.62 billion reported in first quarter (Q1) ended March 31, 2023. 
The company, with subsidiary and associate companies operating in the Animal Feeds and Other Edibles, Paints, Packaged Food and Beverages, Quick Service Restaurants, Real Estate, and Logistics .. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Wema Bank 79 Years Journey: Then, Now, and Beyond – Thisday
For over 79 years, Wema Bank has been a cornerstone of Nigeria’s financial landscape, evolving from its humble beginnings as Agbonmagbe Bank to becoming a leading force in digital banking and innovation. Founded on May 2, 1945, Wema Bank served as a beacon of hope for many Nigerians seeking financial stability and prosperity. Little did they know that this humble institution would eventually.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
GTCO posts ₦509.3b Q1 profit – Guardian
Guaranty Trust Holding Company Plc (GTCO) posted a profit before tax (PBT) of ₦509.3 billion in its First quarter (Q1), 2024 operations, against N74.1 billion achieved in the corresponding period in 2023.
The Group’s unaudited result showed N509.3 billion, representing an increase of 587.5 per cent over ₦74.1 billion recorded in the corresponding period ending in March 2023.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FCMB grows profit by 192.6% in Q1 – Guardian
FCMB Group Plc announced impressive first-quarter 2024 financial results, with profit before tax rising 192.6 per cent year-on-year to N31.3 billion compared to N10.7 billion in the same period in 2023.
All of the Group’s business segments demonstrated significant growth with investment banking leading at 228.1 per cent, consumer finance at 165.4 per cent, banking group at 157.2 per cent and investment management at 74.3 per cent.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Dangote targets 700,000MT of refined sugar in four years – Guardian
Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).
The Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7b.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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