Author: Ogochukwu Ndubuisi

UBA Grows Profit by 26% to N766.6 Billion in FY2024 United Bank for Africa (UBA) Plc has recorded N766.6 billion as profit after tax for the financial year 2024. This represents a 26.14 per cent increase when compared to N607.7 billion posted same period of 2023. This was made known in the bank’s audited financial results filed with the Nigerian Exchange Ltd. (NGX) on Monday. The increase is driven by the growth in the gross earnings of the bank, which rose by 53.6 per cent to N3.19 trillion. The total assets of the bank also experienced a 46.8 per cent…

Oil Price Rise Ahead of Reciprocal Tariffs Implementation Oil prices rose on Tuesday in the global commodities market ahead of April implementation of U.S. reciprocal tariffs, supply risks that followed sanctions on Iranian crude exports, and geopolitical tensions. Brent crude rose by around 0.3% trading at $72.71 per barrel, up from $72.48 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) increased by 0.4%, reaching 69.30 per barrel, compared to its prior session close of $69.05. On Friday, Trump signalled that there would be ‘flexibility’ regarding the reciprocal tariffs set to take effect on April 2. Addressing…

Zenith Bank Climbs by 5% to N1.967 Trillion Zenith Bank Plc climbed by 5.04% in the equities market as investors rushed Ajose Adeogun-headquartered financial service shares on the Nigerian Exchange (NGX). Its share price surge, in addition to renewed demand in other competing financial services stocks, lifted banking index performance in the local bourse. Market analysts said Zenith latest rally was spurred in anticipation of the group 2024 earnings release, with investors taking positions ahead of the final dividend announcement. By pattern, stockbrokers said they anticipate a spike in demand for Zenith Bank shares when the group announces its profit…

Naira Rallies as FX Inflow Grows by 8.2% to $1.19 Billion The naira rallied across foreign exchange (FX) markets as data revealed that US dollar inflows improved by about 8.2% week on week to $1.19 billion. The spot FX rate faced pressures in the recent past weeks due to a foreign currency shortfall at the official FX window despite sustained intervention by the monetary authority. The Central Bank of Nigeria (CBN) intervened in the forex market eight consecutive trading sessions to keep the supply side strong as thin FX dollars stoked pressure on the naira. According to spot FX data…

Nigerian Exchange Rises by N369bn as GTCO, Zenith Rally Nigerian Exchange, NGX, market capitalisation rose by about N369 billion as banking stocks caught investors’ attention after sell pressure last week. The local equities market kicked off the week on a positive note, fuelled by renewed buying interest in GTCO, Zenith, and other financial stocks. Today, the Nigerian Exchange All-Share index advanced by 56 basis points to close at 105,551.39 points, while the market capitalisation added N369.0 billion to reach N66.19 trillion. Reversing the previous selldown, the release of audited financials and dividend announcement from UBA spurred positive sentiments in the…

Dangote Cement Achieves Higher CDP Ratings for Climate Change Dangote Cement Plc (DCP) has achieved a ‘B’ score in climate change and water security disclosures according to the recently released 2024 CDP results. CDP, formerly Carbon Disclosure Project, is the world’s largest, most comprehensive dataset on environmental action which empowers investors, companies, cities, and national and regional governments to make earth-positive decisions. Dangote Cement has disclosed its environmental practices annually through the CDP since 2018, a platform that provides a voluntary framework for companies to report on Climate, Water Security, and Forests. It rigorously evaluates corporate environmental performance, assigning scores…

The naira lost about N19 against the US dollar as demand for foreign currencies continued to increase in Nigerian markets.

Adeayworld Energy Limited Partners NASENI on CNG Kit Manufacturing Adeayworld Energy Limited says it’s partnering with the National Agency for Science and Engineering Infrastructure (NASENI) on compressed natural gas (CNG) kits manufacturing and distribution in Nigeria. Prince Adeleke, Chief Executive Officer of the organisation, in a statement in Abuja on Sunday, said the partnership was in line with the Presidential Initiative on CNG (P-ICNG). He said that the collaboration would improve fuel efficiency, promote environmentally friendly energy solutions, and advance local capacity in CNG distribution and utilisation. “This partnership will directly support Nigeria’s long-term goals in terms of economic diversification,…

Tony Elumelu Foundation Grants $15m to 3,000 African Entrepreneurs The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries. TEF Founder, Mr Tony Elumelu, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses. Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape. According to Elumelu,…

Enugu to Surpass ₦600bn IGR Target for 2025 Gov. Peter Mbah of Enugu State says his government will surpass the projected Internally Generated Revenue (IGR) target of ₦600 billion for 2025, to fund more development projects. Mbah gave the assurance on Saturday night in Enugu during his investiture as President of the Enugu Sports Club. Governor Mbah inaugurated the newly remodeled clubhouse, as well as the installation of new club patrons by the Chairman of Enugu Sports Club, Chief Nnanna Atuonwu. Mbah recalled that when his administration set a goal to grow Enugu’s economy from $4.4 billion to $30 billion,…