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Daily Business News Brief – May 27th, 2024

27
May

Investors shun equities, jostle for debt instruments
• FGN bonds rises by 3 per cent to N626b in one month – Guardian
As investors continue to offload their portfolios in the equities market for alternative investments, especially fixed assets, the demand for sovereign securities has continued to rise with the Debt Management Office (DMO) selling N626.8 billion federal government bonds in April.
This amounts to a 2.95 per cent or N17.95 billion month-on-month (MoM) increase over N608.86 billion sold in the previous month………………………………………………………………………………………………………………………………………. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
CBN’s rate hikes seen hurting economy in Q2 – Businessday
The jumbo interest rate hikes by the Central Bank of Nigeria (CBN) since February is expected to take a toll on economic growth in the second quarter, according to multiple economists and analysts.
The National Bureau of Statistics (NBS) reported on Friday that Africa’s most populous nation saw its Gross Domestic Product (GDP) rise to 2.98 percent in real terms in the first quarter of 2024 from 2.3 percent in the same period of 2023.  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Manufacturers call for balance between inflation, economic growth – TheNation
Manufacturers Association of Nigeria (MAN) has said achieving a delicate equilibrium between addressing macroeconomic challenges and fostering growth and resilience of the manufacturing industry is crucial for meaningful economic development.
MAN’s latest charge to fiscal and monetary authorities came against the background of the latest increase in the benchmark interest rate by the Central Bank of Nigeria (CBN)., …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
SEC to issue framework on recapitalisation soon –Ag. DG – Dailytrust
The Securities and Exchange Commission has said that it will soon issue a framework that will guide the capital market in the proposed recapitalisation exercise by banks.
Acting Director General of the SEC, Dr. Emomotimi Agama disclosed this during a meeting with the executives of the Institute of Capital Market Registrars in Abuja weekend…… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Abbey Mortgage Bank grows profit by 15% – Punch
Abbey Mortgage Bank’s pre-tax profit rose by 15 per cent year-over-year to N951m in 2023, from N827m in the prior period.
This was stated in release by the bank ahead of its 32nd annual general meeting, which is scheduled for May 30. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FX loans crucial to Nestle’s survival, says chair – Punch
The Chairman of Nestle Nigeria Plc, Gbenga Oyebode, has said that the foreign exchange loans from its parent company, Nestlé S. A. Switzerland, were necessary to keep the company running.
Oyebode said this during the firm’s 55th Annual General Meeting, which was held in Lagos recently…….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NAHCO grows revenue by 70%, targets N100bn in 5 years – Dailytrust
The Nigerian Aviation Handling Company (NAHCO) Plc grew its revenue to N28.4 billion in the 2023 financial year performance, an increase from N16.7 billion in the previous year, indicating 70 per cent increase when compared to the 2022 financial year’s performance.
This is just as the group is targeting N100bn in the next five years…….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
2024 Q1: VFD Group reports N1.2 billion in pre-tax profits – Nairametrics
VFD Group Plc, a leading proprietary investment company, has released its financial statements for the first quarter of 2024.
The company reported a revenue of N12.4 billion up from N11.57 billion reported in the same period in 2023. his increase in revenue indicates a positive trend in the company’s ability to generate income……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Bank recapitalisation: FCMB plans to raise N150 billion by end of September 2024 – Nairametrics
Bank (FCMB) has disclosed plans to raise N150 billion between now and September 2024.  
The Chief Executive Officer (CEO) of FCMB Group Plc, Ladi Balogun, stated this on the sidelines of the company’s Annual General Meeting (AGM) in Lagos during an interview with Nairametrics………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Airtel Africa Completes $550m Bond Repayment – Independent
Airtel Africa, telecommunica­tions and mobile money services provider, has revealed that its subsidiary, Bharti Airtel Inter­national (Netherlands) B.V., has repaid in full its $550m bond.
This was disclosed in a cor­porate filing with the Nigerian Exchange Limited (NDX) signed by G Simon O’Hara, group com­pany secretary, on Monday……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Alawuba explains UBA’s growing profitability – Guardian
The United Bank of Africa (UBA) achieved a new height in profit as the global bank recorded N2.1 trillion profit before tax and declared an N2.80 kobo dividend to its shareholders for the 2023 financial year, a feat the Group Managing Director of the UBA Group, Oliver Alawuba, said the bank would sustain.
Speaking at the 62nd yearly general meeting (AGM) of the bank in Abuja, Alawuba said the bank soared above prevailing economic circumstances to deliver excellent results…….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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