Author: Marketforces Africa

UBA Names Chukwuma Nweke Deputy Managing Director The pan-African financial services group, United Bank for Africa Plc (UBA), has announced the appointment of Mr. Chukwuma Nweke as Deputy Managing Director, effective from October 01, 2024. In an official statement, the pan-African lender said the appointment is subject to regulatory approval by the Central Bank of Nigeria. Mr. Nweke holds a bachelor’s degree in Accountancy and an MBA from the University of Nigeria, Nsukka. According to UBA, the appointee is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an honorary member of the Chartered Institute of Bankers…

Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, today announced the issuance of an inaugural domestic dollar bond

Selloffs Provoke Yield Surge in Nigerian Bond Market The average yield on the Federal Government of Nigerian (FGN) bond increased in the secondary market due to the latest selloffs. The investors reduce interest in naira assets on long dated instruments amidst expectation that an increase in fuel pump price would halt disinflation. In July, inflation rate decline for the first time in about 30 months simply due to base effects. Consumer price index has remained relatively stubborn at 33.40% despite increase in policy rate. Real return on bond investors improved after the inflation slowdown with the Debt Management Office cutting…

Zenith Bank Extends Subscription Deadline for Public Offer, Rights Issue Zenith Bank Plc has obtained regulatory approval to extend its public offer, and rights issue by two weeks, according to its regulatory filing on the Nigerian Exchange. The bank told the regulator that its combined offers to sell shares to investors, new and existing shareholders, which were scheduled to close on 9 Sept, 2024 has been extended to Sept 23. Zenith told the regulator that the nationwide protest that started on August 1, the same day that the offers were opened, disrupted business operations. The Nigerian lender said the decision…

Equities Investors Lost N111bn in Nigerian Stock Market Equities investors lost about N111 billion in the Nigerian stock market on Monday due to selloffs. Profit taking activities resume after negative performance witnessed on the Nigerian Exchange (NGX) platform last week. According to data from the local bourse, year-to-date returns moderated as key performance indicators declined by 0.24%. In a note, Atlass Portfolios Limited told investors there is a discrepancy between the market indicators due to the listing of Japaul Gold & Ventures 8 billion ordinary shares of 50 Kobo each at ₦2.50 per share through a private placement on the…

Custodian Announces Interest in FBNQuest Merchant Bank Acquisition Custodian Investment has given an update over the company’s interest in a deal to purchase FBNQuest Merchant Bank.  Last week, FBN Holdings announced a plan to divest its merchant lending business to a consortium ahead of the Central Bank of Nigeria’s recapitalisation deadline. In line with regulatory demand, Custodian Investment also notify the Nigerian Exchange Limited (NGX) and the investing public that the company through EverQuest Acquisition LP has entered into a share sale and purchase agreement to purchase 100% equity stake in FBNQuest Merchant Bank Limited. EverQuest, a special purpose vehicle…

Galatasary Fans have welcomed Victor Osimhen in Istanbul, at the late hours of 3am as he finished his loan move from Napoli.

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…