Author: Marketforces Africa

The Nigerian National Petroleum Company Limited has restated plans to issue its Initial Public Offer (IPO)

The Nigerian Exchange (NGX) equities segment recorded more than N580 billion daily gain

Ecobank Nigeria Limited has written FBN Holdings Plc, the parent company of First Bank of Nigeria Limited …

CardinalStone Sees 47% Upside in Ecobank Equities research analysts at CardinalStone Partners Limited have estimated a 47% upside potential in Ecobank Transnational Incorporated (ETI) on an expected spike in earnings per share and steady dividend payment in 2023. Following a rally in the stock market on Monday, the Pan African lender (Ticker: ETI) crossed N310 billion at N16.9 per share spread over more than 18.349 billion shares outstanding. In its latest update on the banking industry, CardinalStone is expecting the group earnings per share to hit $1.3 in the financial year 2023, higher than its actual performance in 2022. With…

After significant downward pricing, the Nigerian naira saw a sharp appreciation on Monday against the dominant USD

A vessel conveying 800,000 litres of suspected stolen crude oil has been intercepted by a private security contractor

AfDB Backs Nigeria’s FX Rates Unification African Development Bank (AfDB) on Monday in Abuja commended President Bola Tinubu’s administration for unifying the naira exchange rate saying it would breathe an air of transparency into foreign exchange (Forex) markets. The bank’s president, Dr Akinwumi Adesina, said this on Monday in Abuja at the 2nd Edition of Nigeria Employers’ Summit with the theme: “Trade and Non-Oil: Changing the Narratives for Rapid National Development“. Adesina was represented by Mr Lamin Barrow, Director-General, Nigeria Country Department of AfDB. “The unification of the exchange rate management system is an important reform by the new administration…

The price of the world’s largest cryptocurrency Bitcoin could round the $50,000 mark by the end of this year

FBNH Hits N800bn over Another Unusual Volume Trade FBN Holdings Plc’s market value rose sharply on Monday as investors traded more than 198 million shares worth N4.42 billion in the local bourse. At the close of the trading session, FBNH market valuation jumped above N800 billion as a result of heavy bargain hunting, 9.85% above its opening value in the week. Oba Otudeko, through 26 companies, made a strategic move to return as the single largest shareholder in the financial services group. Recall that Otudeko was sacked as chairman of the group last year by the suspended governor of the…

Nigeria’s federal revenue authority has extended the due date for submitting companies’ income tax returns