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Daily Business News Brief – May 15th, 2024

15
May

Selloff persists as capitalisation dips further by N133 billion Guardian
Despite price gains that outweighed losses, trading on the nation’s bourse continued on a downturn yesterday, as capitalisation declined further by N133 billion, amid sell pressure in many blue chip stocks.
At the close of transactions yesterday on the Nigerian Exchange Limited (NGX), the All-Share Index declined by 234.76 points, representing a loss of 0.24 per cent, to close at 97,473.98 points. Similarly, the overall market capitalisation value shed N133 billion to close at N55.132 trillion ………………………………………….. …………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
SEC  to Work With EFCC on Foreign Exchange Trading Manipulations – Thisday
The Securities and Exchange Commission (SEC), yesterday pledged to work with the Economic and Financial Crimes Commission (EFCC) in a bid to ensure that trading manipulations are reduced in the virtual space.
Acting Director General of the SEC, Dr. Emomotimi Agama stated this when he received a team from the EFCC led by the Executive Chairman Mr. Ola Olukoyede in Abuja… ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Banks’ earnings more than triple to N1.1trn on CBN’s rate hikes – Businnessday
The earnings of some of Nigeria’s biggest banks more than tripled in the first three months of 2024 as a result of the record hike in the benchmark interest rate by the Central Bank of Nigeria (CBN). 
This development marks a turnaround from when the devaluation of the naira led to huge foreign exchange gains for the banks and boosted their fortunes. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Beta Glass gets new directors – Punch
Beta Glass Plc, a member of Frigoglass Group, has announced that new members have joined its board of directors.
A statement by the company said Mr Vitus Ezinwa, who will take over as chairman of the board (following the untimely demise of the former Board Chairman, Abimbola Ogunbanjo), is a seasoned business leader with over 27 years of experience in diverse global corporations across 15 African countries…. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
As Zenith Bank’s Onyeagwu Ignites Zenpay Fintech, Partners AfCFTA – Thisday
Weighing the evolving fintech ecosystem’s future, critical in the financial services sector, Dr. Ebenezer Onyeagwu, the outgoing MD/CEO of Zenith Bank Plc, now chairman of Zenpay Limited, a Zenith Bank subsidiary, initiates a smart partnership with AfCFTA to ease trade within the continent, Louis Achi writes
Under the nimble guidance of Dr. Ebenezer Onyeagwu, the outgoing Managing Director/Chief Executive Officer of Zenith Bank Plc, Zenpay Limited, a wholly owned subsidiary of Zenith Bank which he chairs… , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Sterling Bank, AI Nigeria partner to launch maiden report – Dailytrust
Sterling Bank, in partnership with AI in Nigeria, has unveiled the “Nigeria AI Landscape and Startup Report” offering a comprehensive view of Nigeria’s AI ecosystem and startup scene.
The report underscores the pivotal role of AI in driving innovation and economic growth in Nigeria, while providing insights into the challenges and opportunities within the AI landscape…,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
MTN Nigeria contribution to Group revenue falls by 52.8% as South Africa overtakes largest contributor – Nairametrics
MTN Group’s service revenue from South Africa surpassed that of Nigeria, traditionally its largest market by revenue. South Africa’s revenue increased modestly by 3%, reaching 10.4 billion rand in Q1 2024, up from 10.1 billion rand in Q1 2023.  
Conversely, MTN Nigeria Plc experienced a significant decline in revenue, plummeting by 52.8% to 10.2 billion rand in Q1 2024, down from 21.7 billion rand in Q1 2023….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
fake richard mille
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