Author: Julius Alagbe

IMF Keeps Sub-Saharan African Economic Growth Forecast at 3.6% The International Monetary Fund (IMF) says economic growth in Sub-Saharan Africa (SSA) remains subdued and uneven, with projected growth at 3.6 percent in 2024. Abebe Selassie, Director, African Department, IMF, said this at a news briefing on the IMF’s Regional Economic Outlook for SSA titled “Reforms amid Great Expectations” released in Washington DC. Selassie, however, said growth was expected to pick up to 4.2 per cent in 2024. “This pace is not sufficient to significantly reduce poverty or to recover ground lost in recent years, let alone address the substantial developmental…

Equities Market Rises to N60.26trn as Investors Gain N157bn The Nigerian equities market closed the week on a positive note on Friday, with investors gaining N157 billion. Specifically, the Nigeria Exchange Ltd. (NGX) market capitalisation, which opened at N60.104 trillion, gained N157 billion, or 0.26 percent, to close at N60.261 trillion. The All-Share index also added 0.26 percent, or 259 points, to close at 99,448.91, against 99,189.95 reported on Thursday. Consequently, the year-to-date (YTD) return increased to 33 percent. Demand for Aradel Holdings, United Bank for Africa (UBA), Stanbic IBTC, FCMB, Unilever, among other advanced stocks, drove the market up.…

Oando Energy Plc has announced that its 2023 audited financial statement will be published latest by November 1, 2024

Guinness Nigeria Holds 2024 AGM amidst Transition, Growth Guinness Nigeria Plc, a leading Total Beverage Alcohol company, has held its 2024 Annual General Meeting (AGM), welcoming shareholders for an event that highlighted both resilience and progress. In a statement, the company said this year’s AGM is particularly significant as it follows the recent transition to a new majority shareholding, marking a new chapter in the company’s history. During the AGM, Guinness Nigeria presented its financial results for the fiscal year ending June 30, 2024. Despite the challenging macroeconomic environment, the company reported strong topline growth, underscoring its ability to navigate…

Fitch Ratings has revised the outlook on Seplat Energy Plc’s (Seplat) Long-Term Issuer Default Rating (IDR) to positive from stable …

Oil Keeps Uptrend over Middle East Worries Oil prices stay on positive track on Friday, heading towards weekly gain as uncertainties in the global commodities market persist. This week, crude oil complex has seen both positive and negative movement amidst China’s weak demand outlook and increasing supply risks on account of Middle East conflicts. Brent crude rose to $74.31 per barrel while the US benchmark West Texas Intermediate surged to $70.35 per barrel. Israel’s public broadcaster KAN claimed Wednesday that Israel is on the verge of attacking Iran, despite US pressure to ease the offensive. Oil traders are now waiting…

FirstBank Denies Shutting Down Transactions Platforms First Bank of Nigeria Ltd. has clarified that its scheduled transition to a new cloud-based procurement and financial platform will not affect banking operations. This is contained in a statement issued by Folake Ani-Mumuney, Group Head Marketing and Corporate Communications, FirstBank. ”There is no plan for systems upgrade for customers applications which are fully operational. ”The bank is not experiencing service disruptions and its banking systems, customer transactions and other channels, will not be affected by the planned enhanced supplier platform. “We wish to address a misleading report circulating in the media regarding a…

GCR Ratings has downgraded FBNQuest Merchant Bank Limited’s national scale long and short term issuer ratings

FBN Holdings PLC (Ticker: FBNH) has re-entered the category of listed stocks worth more than N1 trillion on the Nigerian Exchange

The Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500 and N1,000 banknotes.