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Daily Business News Brief – June 21st, 2024

21
Jun

GTB Vs Afex: Court adjourns case to June 27 – Punch
Federal High Court sitting in Lagos on Thursday fixed June 27, 2024, for further hearing of the contempt suit initiated by Guaranty Trust Bank Plc against the directors of AFEX Exchange Commodities Limited over a N17.81bn loan.
Justice Chukwujekwu Aneke who presided over the court fixed the date after hearing the argument and submission of the plaintiff lead counsel, Mr Ade Adedeji (SAN), and the respondent/ defendant counsel,  Prof Olawoyin.. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Fidelity Bank commences N127bn capital raise – Punch
Fidelity Bank Plc opened its N127.10bn rights issue and public offer on Thursday, becoming the first bank to go public following the recapitalisation directive of the Central Bank of Nigeria issued in March.
Fidelity Bank on Thursday commenced its public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share and rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share..   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Sterling Bank unveils platform for N5 billion SMEDAN fund – Guardian
Sterling Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a platform called Databanc.
The platform will serve as a single source of data on businesses in Nigeria to guide personalized interventions and support from decision-makers who serve the MSME ecosystem. The platform will provide insights that will be utilised by SMEDAN to deliver its mandate on policy formulation, delivery of intervention programmes…. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Sterling Bank, SMEDAN partner on data platform – Punch
Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria have launched a platform called Databanc that provides data on businesses in Nigeria and N5bn worth of single-digit loan programme.
A statement from the bank on Wednesday said that Databank provides insights which will be utilised by SMEDAN……… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Femi Otedola increases stake in First Bank Holdings, buys 546.7 million units of shares – Vanguard
Mr Femi Otedola, has increased his stake in FBN Holdings, with the additional purchase of N546, 674, 034 units of shares valued at N12.01 billion.
Information from the Nigerian Exchange Limited, NGX on Thursday revealed that Otedola bought the shares through Calvados Global Services Limited for N21.97 per share at the Exchange..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Veritas Kapital Insurance Sets New Industry Performance Benchmark – Independent
Veritas Kapital Insurance’s per­formance in 2023 has shown a remarkable shift in its premi­um income generation posting N7.10billion from N5.05billion recorded in 2022.
According to statistics ob­tained by Daily Independent, the company’s performance index also revealed that it’s profitabil­ity has grown by over 1101pwr cent to N2.3billion in 2023 from a meagre N194million…,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
SEC Ready To Adapt Capital Market Regulations, Innovation – Agama – Independent
The Securities and Exchange Commission (SEC) has affirmed willingness to adapt capital market regulations to meet the needs of emerging financial technologies and innovations. 
Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama said SEC was aware of the new financial products and services that are emerging due to technology and is committed to adapting its.,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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