Author: Marketforces Africa

Transcorp Power Names Christopher Ezeafulukwe Non-Executive Director Transcorp Power Plc wishes to notify the investing public of significant changes to its Board of Directors. Mr. Christopher Ezeafulukwe has been appointed as a non-executive director, according to an official statement. The power generating company said the appointment has been approved by the Nigerian Electricity Regulatory Commission, in accordance with the provisions of the Companies and Allied Matters Act 2020 and the Articles of Association of Transcorp Power Plc. Mr. Ezeafulukwe is a highly accomplished professional with over 20 years of executive management experience spanning multiple sectors, including power, oil and gas,…

MTN Group said it has 288 million subscribers across 18 markets after it exited two countries namely Afghanistan and Guinea Bissau, according

PremiumTrust Bank, NFF Partner to Drive Football Development As part of the deliberate efforts of PremiumTrust Bank to further strengthen its commitment to youth and sports development in Nigeria, the bank recently signed a partnership deal with the Nigerian Football Federation (NFF) in Abuja to drive football development in Nigeria. According to the landmark deal, the Bank also becomes the official banking partner of the NFF and all Nigerian national teams. This strategic partnership underscores PremiumTrust Bank’s vision of fostering growth and empowerment for individuals, businesses, and communities across Nigeria. By supporting the Nation’s football landscape, the bank aims to…

Market Reacts as UBA Plans to Pay Interim Dividend Investors demand for United Bank for Africa (UBA) Plc shares increased on Monday on the Nigerian Exchange as the pan-African lender revealed a plan to distribute part of its profit to shareholders. The United Bank for Africa Plc has hinted at a plan to pay an interim dividend to shareholders following the release of the group’s half year audited financial statement. In a regulatory filing, the pan-African lender told the Nigerian Exchange that sequel to its announcement dated June 28, 2024, the Board of United Bank for Africa Plc at its…

NGX Sees Intraday Gain as Investors Ramp Up BUA, OANDO The equities market flexed up during the intraday trading session on Monday as buy side activities in GTCO, UBA, Fidelity Bank, and Oando boosted the Nigerian Exchange (NGX) record. After losing about N847 billion last week, the local bourse opened positive with strong buy side trading on banking names, and oil stocks. The market witnessed sell pressure on four out of five big banks, though price movement was moderate. At mid-day, the NGX All share Index trended positive, experiencing a growth of 0.40%, according to Alpha Morgan Capital Limited. Stockbrokers…

US Secures 54.7% of Global High Value VC Investments in H1 2024- GlobalData The US was home to majority of the high-value, more than $100 million, venture capital (VC) investments globally, accounting for 54.7% and 55% in terms of deal volume and value, during the first half (H1) of 2024. This trend reflects the country’s strong innovation ecosystem in shaping the competitive investment landscape, reveals GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database revealed that the US is distantly followed by China and these two countries collectively accounted for more than two-thirds of the total…

N5Trn Debt: AMCON Gets Backing to Go After Debtors Irrespective of Status The Asset Management Corporation of Nigeria (AMCON) has gotten backup from the lawmakers to go after all debtors, irrespective of status, according to an official statement. The Chairman, House of Representatives Committee on Banking & Ancillary Institutions, Honourable Eze Nwachukwu Eze; at the weekend in Enugu renewed the campaign for all agencies of the Federal Government to join the debt recovery drive of the Asset Management Corporation of Nigeria (AMCON). Eze said the recovery of the humongous amount of nearly N5 trillion owed AMCON by a few obligors…

R.T. Briscoe Nigeria Tops Performers Chart, Gains 34% R.T. Briscoe Nigeria PLC, a diversified holding company, saw significant price movement in the stock market last week as investors queued to pick up its shares amidst an ongoing earnings release on the Nigerian Exchange.  The share price appreciated by about 34% week on week in the equities market as investors showed interest in diversified, multi-portfolio investment options. The holding company traded against the Nigerian Exchange (NGX) which ended trading session on negative note as investors took profit on stocks irrespective of their individual fundamentals. The company share price increased to N1.70…

Equities Market Falls by N847bn as Investors Exit Positions Equities investors lost about N847 billion due to crunching selloffs on the Nigerian Exchange (NGX) platform in the just concluded week. Investors were seen exiting positions as interim dividend announcements failed to boost buying sentiments. The sell pattern was little different from past bearish tone in the equities market. Data from the Nigerian Exchange showed that All-share index closed down 1.5% week on week to print at 97,100.31 points, and market capitalization settled at N55.13 trillion – while year to date return moderated to 29.86%. There was records of notable profit-taking…

NESG Inaugurates Advisory Council to Champion Economic Reforms The Nigerian Economic Summit Group (NESG) has inaugurated its National Economic Advisory Council to strengthen its mission of fostering an open, inclusive, sustainable, and globally competitive Nigerian economy. In a statement, the group said the Council was launched on Friday, August 16, 2024, at the NESG office in Abuja, and consists of distinguished economic experts with significant research experience in African and Nigerian economic issues. The Advisory Council will convene quarterly to receive briefings on the Nigerian economy, deliberate on key findings and challenges, and provide strategic advice to the NESG on…