Author: Julius Alagbe

Total Energies and Marketing Nigeria Plc’s profit declined by about 20%, according to details from its financial statement as higher funding costs damaged positive impacts of healthy revenue growth.

In the secondary market, there was strong sell-side trade on Nigerian Treasury bills as the local currency, the naira, lost its shine on Monday. The yield curve shifted upward in reaction to Nigeria’s market conditions. 

Dangote Cement Plc has crossed N13 trillion in market valuation, the first of its kind on the Nigerian Exchange

Crown Takaful Insurance Obtains NAICOM Approval to Begin Operation Crown Takaful Insurance Ltd. has received an operating licence from the National Insurance Commission (NAICOM) to begin business, Managing Director, Mr Abubakar Song, confirmed this in a statement on Monday in Abuja. Song said the licence was coming barely a few weeks after the issuance of approval-in-principle by the NAICOM on Dec. 18, 2023. He said Crown Takaful Insurance was entering the risk-underwriting market as a solution provider. Song said flagging off the company’s operations could not have come at a better time than now when the world was grappling with…

EC, AfDB Unlock New Funding for African Infrastructure Projects On the sidelines of this week’s Italy-Africa Summit, the European Commission (EC) and the African Development Bank Group have formalised a new Financial Framework Partnership Agreement to boost investments in infrastructure projects in Africa. The European Union’s contribution to co-finance operations with the African Development Bank has significantly increased over the last two years, now amounting to €972 million in blending operations and guarantees. This figure will further increase after the signing of the new Financial Framework Partnership Agreement. Signed by European Commission President Ursula von der Leyen and African Development…

The average yield climbed as the Central Bank of Nigeria (CBN) increased spot rates on Nigerian Treasury Bills auctioned …

The market value of Unity Bank Plc tumbled by 16.6% as the Nigerian small lender’s shareholders offloaded…

Cadbury Nigeria Loses 21% as Profit, Shareholders Turn Red Cadbury Nigeria Plc shed about 21% of its market valuation as shareholders, stock traders offloaded the consumer goods company’s stock after its earnings disappointment. The company, which is a major player in the fast moving consumer goods sector, posted N27.63 billion loss in its unaudited financial statement for 2023. Its shareholders’ funds also plunged. Though revenue climbed by more than 45%, 2023 could be the worst year ever for Cadbury Nigeria Plc, a company that has seen both the red and green sides of the local operating conditions in the market.…

Willie Obiano in Court for Arraignment Over Alleged N4bn Fraud The Economic and Financial Crimes Commission (EFCC) has brought the former governor of Anambra, Willie Obiano to the Federal High Court, Abuja for arraignment. Obiano arrived the court escorted by some EFCC operatives. At the time of filing this report, the courtroom was filled as lawyers, litigants and newsmen awaited the arrival of the trial judge, Justice Inyang Ekwo. Obiano is standing trial on a 9- 9-count corruption charge bordering on alleged N4 billion filed against him by the Federal Government through EFCC. #Willie Obiano in Court for Arraignment Over…

FG Warns Against Employing Underage House Helps The Minister of Women Affairs, Mrs Uju Kennedy-Ohanenye, has cautioned parents against giving out their children as domestic helpers or for adoption. Kennedy-Ohanenye gave the warning on Tuesday, at a New Year party to celebrate school children and to encourage them on the path to greatness in Abuja. According to her, the warning is necessary to avoid cases of child molestation, domestic abuse and other forms of abuse. The minister said that the adoption of children should be within the confines of the law and closely monitored to ensure they were not molested…