Author: Marketforces Africa

FBN Holdings Plc’s (Ticker: FBNH) market value shrank by about 11% as some shareholders reacted negatively to its board of directors decision to slash final dividend by 20%.

Shareholders of the Central Securities Clearing System (CSCS) on Friday approved total dividend of N7.5 billion for the financial year ending December 31, 2023, as against N6.85 billion paid out in 2022.

Foreign investors trimmed their interest in Nigeria Eurobond in the market midweek amidst uncertainties in the global economy. Nigeria is facing turbulent time as key macroeconomic indicators continue to cast doubts on effectiveness of government policy in about a year.

The naira exchange rates diverged due to imbalance in the volume of foreign currency demanded and supplied in the forex markets. On one side, the naira recorded gain against the US dollar. At the other end, exchange rate worsened.

A raft of selloffs on Nigerian big banks, Zenith and GTCO dragged the equities market capitalisation of the Nigerian Exchange downward by N90 billion midweek following interest rate hike.

The city of Frankfurt will host the Europa League final in 2027, European ruling body UEFA said on Wednesday. 

Dangote Foundation Distributes Rice to Host Communities The Aliko Dangote Foundation’s (ADF) N15 billion National Food Intervention programme has landed in Yewa Land as the Foundation commenced the distribution of 40,000 bags of rice in Ogun State. Yesterday, the 17 host communities of the Dangote Cement, Ibese plant, along with Itori, Igbogila, and Ilaro, received their share. Beneficiaries in Ibese and Araromi were accredited and received one bag each at the palace of Aboro of Ibeseland, Oba Rotimi Mulero.  Ijebu-Igbo, the host communities to Dangote Granite Mines, will soon receive their allocation as the rice for the area has been…

The International Monetary Fund, IMF, said on Wednesday it was releasing a combined $164.6 million in funds

The Bank of Industry (BOI) said its profit before tax increased from N70.7 billion to N153.81 billion, the …

Binance, Executives Tax Evasion Trial Suffers Setback The arraignment of Binance Holdings Limited and its executive, Tigran Gambaryan, by Federal Inland Revenue Service (FIRS), on Wednesday, suffered a setback at a Federal High Court, in Abuja. The matter, which was scheduled for arraignment before Justice Emeka Nwite, could not proceed due to the absence of Gambaryan in court. Gambaryan, who is the second defendant in the four-count charge, is being remanded at the Kuje Correctional Centre. The FIRS, in the amended four-count charge marked: FHC/ABJ/CR/115/2024, dated and filed on May 17, sued Binance, Gambaryan and Nadeem Anjarwalla as 1st to…