Author: Julius Alagbe

Access Holdings Plc.’s market value rose to N1.287 trillion in the equities market after the financial services group listed additional shares from a successful completion of rights issue offer to shareholders.

FG, States, Local Govts. Share N1.424Trn Revenue for December A total sum of N 1.424 trillion, being Dec. 2024 Federation Account Revenue has been shared to the Federal Government, states, and the Local Government Councils (LGCs). This is according to a statement by Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF). Mokwa said that the revenue was shared at the January Federation Account Allocation Committee (FAAC) meeting on Friday in Abuja. Meanwhile, a communiqué from the FAAC meeting said that the N1.424 trillion total revenue comprised statutory revenue of N386.124 billion, and…

Equities investors gain N541 billion in portfolio value on the back of bargain hunting on the Nigerian Exchange (NGX) trading platform on Friday. The positive drive lifted key performance indicators higher by 17 basis points.

The Executive Board of the International Monetary Fund (IMF) has approved a total of $2.767 billion as loans to boost the Democratic Republic of Congo’s economy amidst global uncertainties.

$9.6bn P&ID Scam: I’ve No Witness to Call, Briton Tells Court The British national, Mr James Nolan, who jumped bail in the ongoing trial linked to the alleged 9.6 billion-dollar Process and Industrial Development (P&ID) Ltd scandal on Thursday, said he does not intend to call any witness. Nolan told Justice Obiora Egwuatu of a Federal High Court in Abuja through his lawyer, Michael Ajara. The Economic and Financial Crimes Commission (EFCC), in the 20-count charge, named Micad Project City Services Limited and Nolan as 1st and 2nd defendants in the money laundering offences. Nolan and Micad Project, a company…

Eterna Names Olumide Adeosun CEO as Lawal Resigns Eterna Plc has announced the appointment of Olumide Adeosun as its new Chief Executive Office and Managing Director as Abiola Lawal resigned. The company told the Nigerian Exchange Limited that the appointment takes effect from 3rd February 2025. Mr. Adeosun succeeds Mr. Lawal, who has resigned from the company with effect from 31st January 2025, according to an official statement. Mr. Adeosun has over 25 years of experience in the finance and energy sectors; a seasoned thought leader and accomplished executive. He began his career as a Business Analyst under the PricewaterhouseCoopers…

Oil prices slid as pressure in the global commodities market eased following the announcement of a ceasefire agreement

Transcorp Power Plunges by 10% ahead of Earnings Transcorp Power Plc plunged by about 10% in the equities market as investors exited their positions in the power-generating company’s stock ahead of the fourth quarter earnings release. The activities of the sell-side actors reduced Transcorp Power Plc to N324 midweek from N359.90, losing 9.97% of its market value in one day. The huge price decline occurred over about 267,000 shares that exchanged hands in the Nigerian bourse on Wednesday. The significant price decline dragged the power-generating company’s market value to N2.430 trillion, according to data obtained from the Nigerian Exchange. Stockbrokers…

Equities Investors Lose N930bn as Dangote, Transcorp Power Plunge Equities investors on the Nigerian Exchange (NGX) trading platform have become casualties of the latest stock market rout, losing more than N930 billion on Wednesday as inflation rate spiked. The market faced significant sell pressure as investors sold down interest as inflation altered investors sentiment. The stock market bled profusely as the statistics office reported that inflation rate surged to 34.80% in December. Data from the Nigerian Exchange showed that key performance indicators declined by 1.47% while year-to-date return moderated further. Stockbrokers said the downturn was fuelled by significant sell-offs in…

Dangote Cement Slumps by 10% to N7.344 Trillion Dangote Cement Plc lost about 10% of its market value in the equities market as investors dumped the cement stock ahead of its fourth quarter of 2024 earnings release. The company share price nosedived by 9.98% on the day to settle at N431 as more than 170,000 shares of the cement stock exchange hands in the local bourse on Tuesday. Hence, the market value of the company’s 17.040 billion shares outstanding fell to N7.344 trillion, losing its position as the most valuable brand on the Nigerian Exchange to Airtel Africa and BUA…