Author: Julius Alagbe

Transcorp Power Falls by 10% as Investors ‘Unplugged’ Transcorp Power PLC declines strongly in the equities market as investors off the light that has been shining on the company shares. After listing, its directors were offloading to create liquidity, and the share value surged. Gradually, the market has started correcting the company’s relatively huge market value in spite of thin trading activities when compared with about 8 billion outstanding shares. The power generating company plunged by more than 9.99% in the equities segment of the Nigerian Exchange (NGX) at the very beginning of trading session this week. Its price fell…

Naira Exchange Rates Mixed 31-day After FX Auction The Nigerian naira exchange rates for obtaining one US dollar ended on a mixed note across the foreign currency markets ahead of the September auction. Naira plunged ahead of N1,600 range at the official window due to increasing demand, which failed to be tamed the devaluation policy. With the signal that FX demand has eased in terms of volume, the level of supply has persistently threatened the exchange rate across the informal and official currency markets. At the official window, one US dollar note was exchanged for N1,580.46 as pressure eased at…

Japaul Gold Lists 8bn Shares after Private Placement Japaul Gold & Ventures Plc has listed additional 8 billion ordinary shares on the platform of the Nigerian Exchange. The company’s supplementary shares totaling 8,000,000,000 ordinary shares of 50 Kobo each at N2.50 per share were offered through private placement, according to details obtained, The authority told trading license holders that the additional shares listed on NGX arose from Japaul’s private placement of 8bn ordinary shares of 50 Kobo each at N2.50 per share. With the listing of the additional ordinary shares, the total issued and fully paid up shares of Japaul…

FCMB Group Plc has lauded key financial regulators, as well as the Nigerian Exchange Group (NGX Group) following the successful completion of the initial

Unity Bank Projects N27b in Q4 Earnings, Targets N4b Profit Unity Bank Plc has projected gross earnings of N27 billion and a profit after tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group. Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion. An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected…

NUPRC Secures over N60bn, $100m for Host Community Development The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has successfully secured over N60 billion and 100 million dollars for the oil and gas host community development trust fund. Gbenga Komolafe, Commission Chief Executive of NUPRC, disclosed this during the inauguration of the Body of Neutrals at the Upstream Alternative Dispute Resolution (ADR) Centre in Lagos. Komolafe emphasised the commission’s ongoing efforts to effectively implement the Petroleum Industry Act’s robust provisions. He said that the funds were intended to add value to host communities and facilitate a conducive operating environment for…

The Bauchi State Emergency Management Agency (SEMA), has said that more than N7.81 billion farmlands and properties were destroyed to flooding in 16 local

Linkage Assurance Forecasts N3.8bn Insurance Revenue in Q4 Linkage Assurance Plc has forecasted insurance revenue to reach about N3.8 billion in the fourth quarter of 2024, details from its regulatory filing show. The Insurance Company revealed in its earnings forecast that profit after tax will rest at N103 million in the final quarter of 2024 as a result heavy cost load on its operations. Insurance service expense is expected to consume more than 64% of Linkage Assurance revenue in the last quarter of the year. Also, the allocation of reinsurance premiums is expected to gulp about N1.43 billion in the…

China’s Deflation Crisis Puts Global Markets at Risk As China faces growing economic challenges, global investors are being urged by one of the world’s largest independent financial advisory and asset management organisations to reassess their strategies in light of increasing deflationary pressures in the world’s second-largest economy. The message from Nigel Green, the CEO of deVere Group, comes as recent data from the National Bureau of Statistics indicates that China’s industrial producer prices fell by 1.8% year-on-year in August, marking the steepest decline in four months. This decline comes on the back of weakening sectors such as steel and agriculture…

Coach Augustine Eguavoen says his squad “is on a momentum” as they prepare for Tuesday’s 2025 Africa Cup of Nations (AFCON) qualifying match against Rwanda