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Daily Business News Brief – May 28th, 2024

28
May

Investors count losses as brewery sub-sector wobbles under high OpEx, FX volatility – Guardian
The effect of the harsh operating environment has continued to impact negatively on the operations of the nation’s brewery industry, as prolonged inflation, unemployment and overall hardship impact negatively on consumer disposable income, resulting in shrinking demands for product.
The development, exacerbated by uncertainty, foreign exchange volatility and rising insecurity in the Northern part of the country has caused the bottomline of industry’s quoted companies………………………………………………………………………………………………………………………………………. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
NGX retail transactions dip by 54.89% – Report 
Retail transactions on the Nigerian Exchange Limited dropped by 54.89 per cent to N100.77bn in April, from N223.37bn in the previous month.
This was revealed in the latest Domestic and Foreign Portfolio Investment Report of the NGX.
Despite decreasing by 43.58 per cent to N124.63bn in April, institutional transactions outperformed retail by 10 per cent..  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Senate Committee Clears Agama as SEC DG – Thisday
The Senate Committee on Capital Market has cleared Dr. Emomotimi Agama as the Director-General of the Securities and Exchange Commission (SEC).
The Committee chaired by Senator Osita Izunaso, also approved the nomination of Frana Chukwuogor as Executive Commissioner (Legal and Enforcement); Mr Bola Ajomale as Executive Commissioner (Operations), and Mrs. Samiya Usman as Executive Commissioner (Corporate Services).., …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ………, … .. .,……. .. …… . ….. . … …………….……..Read More
Banks generated N438bn from digital transactions in 2023 – Punch
In 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown.
Compared to the previous year, the banking groups’ earnings from electronic transactions rose by 37.54 per cent from N318.64bn.
E-business income includes revenue from electronic channels, card products, and related services. …… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
International Breweries to raise N161bn via rights issue – Punch
International Breweries Plc, a member of AB InBev, is raising N161.17bn fresh capital through a rights issue.
The firm disclosed in a release that the rights issue was tradable on the floor of the Nigerian Exchange Limited for the duration of the issue, ensuring liquidity and accessibility for shareholders. . .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Zenith Bank GMD bows out Friday, wins best CEO award – Punch
The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr Ebenezer Onyeagwu, has been named the Best Banking CEO of the Year in Africa at the International Banker 2024 Banking Awards for the second consecutive year.
The award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with Onyeagwu’s completion of his five-year tenure on Friday……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
VFD Group reported N2.62bn profit in Q1 – Punch
Proprietary investment company, VFD Group Plc, has reported N2.62bn as profit after tax for the first quarter of 2024.
This was revealed in its Q1 unaudited financial results filed with the Nigerian Exchange Limited.
During the period under review, the company’s balance sheet improved as total assets hit N261.91bn from N219bn reported in 2023. 
……,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FBN Holdings Maintains Impressive Performance, Posts N238.53bn PBT in Q1 2024 – Thisday
FBN Holdings Plc yesterday declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2per cent growth from the N56.1 billion reported in Q1 ended March 31, 2023.
The Q1 2024 results was a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.  ……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Shareholders Throw Weight Behind Fidelity Bank’s Recapitalisation Plan – Thisday
Shareholders have expressed readiness to massively support and mobilise for the ongoing recapitalisation of Fidelity Bank Plc amid commendations for the impressive performance of the bank over the years.
Shareholders were unanimous that Fidelity Bank has shown strong resilience over the years and demonstrated its investors’ friendliness with significant dividends and capital gains……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FBN Holdings shareholders to share N14.3bn dividend for FY 2023 – Dailytrust
Shareholders of FBN Holdings Plc. will receive a total dividend of N14.35 billion for the financial year ended December 2023, representing a total dividend of 40 kobo per share declared by the group.  
This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX).
The company also recently released its 2023 full year results after a prolonged period of delay due to regulatory approvals……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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