Author: Ogochukwu Ndubuisi

AXA Mansard Drops Hint on Earnings Report, Dividend Top Insurer, AXA Mansard Plc., has dropped a hint about its 2024 earnings release which is expected to be published after regulatory approval. The insurance company told the Nigerian Exchange that at the 101st Board meeting held on 28 February 2025, directors unanimously resolved to published Auditor’s reports for the financial year ended December 31, 2024. The insurance company also revealed the board proposed dividend payment which is also subject to approval of the National Insurance Commission (NAICOM). The proposal followed 118% year on year surge in earnings per share which printed…

Dangote Cement Unclaimed Dividend Jumps to N5.2bn Dangote Cement Plc. has revealed that its shareholders unclaimed dividend has increased by about 10.64% year on year to N5.2 billion as of Dec, 2024. In its audited financial statement for the year, the cement company drop a hint in its note to the account that total unclaimed dividends outstanding as of 31st December 2024 reached ₦ 5.2billion from ₦4.7 billion in 2023. The company said shareholders with unclaimed share certificates or dividends should address their claims to Coronation Registrars Ltd registrars. Its board of directors announced N30 dividend for 2024 earnings season,…

EBID, EIB Support Environmental Projects in ECOWAS Region with €100m The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports economic development, climate action, and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction. This…

Equities Investors Gain N91bn as Oil Stocks Rally Equities investors gained about N91 billion in the market as oil stocks rallied on Friday. The Nigerian Exchange ended trading session for the week on a positive note as key market performance indicators rose by 0.14%. The local bourse bullish performance was driven by renewed buying interest in some medium- and large-cap stocks, fueled by demand in OANDO, ARADEL, and others. As a result, the Nigerian Exchange All-Share Index increased by 145.93 basis points to close at 107,821.39. Equities market activities were up as the total volume and total value trades increased…

Tinubu Signs N54.99trn 2025 Budget into Law Bola Tinubu, President of the Federal Republic of Nigeria, on Friday signed the N54.99 trillion 2025 Appropriation Bill into law at the State House, Abuja. The bill, which was passed by the National Assembly on Feb. 13, after increasing it from the initial N49.7 trillion submitted by President Tinubu, was signed in a brief ceremony in the president’s office. The 2025 Appropriation Act represents a 99.96 percent increase from the 2024 Budget of N27.5 trillion. The 2025 budget has a total expenditure component of ₦54.99 trillion, statutory transfers of ₦3.65 trillion, and recurrent…

Kenya, Afreximbank Ink Deal to Promote Industrialisation African Export-Import Bank, Kenyan government, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing. The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of…

I’m Pro-business, Tinubu Tells Airtel Chairman President Bola Tinubu said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure. Tinubu spoke at a meeting with an Airtel delegation led by Mr Sunil Mittal, Chairman, at the State House. “I am pro-business, and I will continue to be that. I can give you that assurance. “The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. “It is for the good…

Nigerian Exchange Shrinks as Equities Investors Lose N77bn Nigerian Exchange, NGX, shrank as equities investors lost about N77 billion due to renewed sell pressures on small cap stocks in the local bourse. The domestic bourse reversed the previous session’s gain, closing today’s trading on a bearish note, caused key market performance indicators to reduce by 0.11% on Wednesday.  The downturn was driven by profit taking in some small, and medium cap listed stocks, stockbrokers said. The Nigerian Exchange All-Share Index reduced by 123.53 basis points to close at 107,675.46. However, the market activities were up as the total volume and…

Nigeria’s Rig Count to Reach 50 Year End – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the country’s rig count will hit 50 by the end of 2025. It said the country’s rig count had increased from eight in 2021 to 40 in 2025. The Chief Executive, NUPRC, Gbenga Komolafe said this on Wednesday in Abuja at the ongoing 2025 Nigeria International Energy Summit (NIES). Komolafe said crude oil production increased by 70 per cent from one million barrel per day (bopd) in 2021 to the current production of 1.75 million bopd. He recalled that between 2023 and…

North Korea Behind $1.5bn Cryptocurrency Heist, Says FBI The U.S. Federal Bureau of Investigation (FBI) on Thursday said that North Korea is behind the theft of about 1.5 billion dollars in digital assets from a cryptocurrency exchange. The company said hackers stole about 1.5 billion dollars in digital assets from Dubai-based crypto exchange Bybit on Feb.19, marking the biggest cryptocurrency heist ever recorded. The FBI warned that the assets will be laundered and eventually converted into currency. “FBI refers to this specific North Korean malicious cyber activity as ‘TraderTraitor,’ the FBI said in a public announcement. “Trader Traitor actors are…