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JenneteUgo Anya
- November 1, 2024
MTN Nigeria Reports N514.9bn Nine-Month Loss
MTN Nigeria has revealed a staggering nine-month loss of N514.9 billion, primarily due to significant foreign exchange losses. Though it reported a modest profit after tax of N4.1 billion for the third quarter ending September 2024, a slight reprieve amid its broader financial turmoil. According to MTN Nigeria’s recent financial statement, its adjusted profit after […]
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- November 1, 2024
Moniepoint Secures $110m Funding To Boost Digital Payments, Financial Inclusion
Moniepoint Inc. has secured $110 million in equity financing. The investment aims to empower millions of businesses and their customers across Africa and its diaspora, propelling the continent’s financial infrastructure to new heights. Founded in 2015 by Mr. Tosin Eniolorunda and Mr. Felix Ike, Moniepoint, formerly known as TeamApt, has built a formidable reputation in […]
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- November 1, 2024
FG Gets N2.8bn Grant From Google To Boost Startups, Advance AI
The federal government has secured a N2.8 billion grant from Google to bolster AI talent development and innovation. This was revealed by Honourable Minister of Communications, Innovations, and Digital Economy, Mr. Bosun Tijani, at a recent press briefing in Abuja. This grant is a significant part of Google’s $5.8 million commitment to supporting digital skills […]
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- October 31, 2024
Wema Bank’s Profit Soars To N30bn In Q3, Nine-Month Pre -Tax Earnings Reach N60.6bn
In its third-quarter results for 2024, Wema Bank has reported a pre-tax profit of N30.05 billion, up sharply from N10.06 billion in the same quarter last year. This significant growth has lifted the bank’s pre-tax earnings for the first nine months to N60.62 billion, underlining its success in generating revenue across multiple income lines and […]
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- October 31, 2024
GTCO Reports 161% Surge In Net Income, N1trn Net Profit After Tax In Nine Months
Guaranty Trust Holding Company (GTCO), a tier-one financial institution in Nigeria, has reported a net profit of N1.08 trillion after-tax for the first nine months of 2024, marking a 161 percent increase compared to the same period in 2023. Recent data released by the Nigerian Exchange Group (NGX) revealed that GTCO’s interest income soared by […]
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- October 31, 2024
BoI Rolls Out Application Portal For Federal Government’s N75bn MSMEs Intervention Fund
The Bank of Industry (BoI) has opened the application portal for the federal government’s N75 billion micro, small, and medium enterprises (MSMEs) Intervention Fund. The fund, aimed at empowering MSMEs across the country, offers a unique lifeline with affordable, collateral-free loans to boost small businesses and enhance economic resilience. The announcement was made during a […]
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- October 30, 2024
SEC Proposes New Rules Needing VC Fund Managers To Partake In Investee Companies
The Securities and Exchange Commission (SEC) has proposed new rules that mandate venture capital (VC) fund managers to participate actively in the management of their investee companies. This initiative is part of a broader revision of the SEC’s regulations governing VC and private equity (PE) funds in Nigeria. The shift marks a departure from previous […]
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- October 30, 2024
Norrenberger Lists Islamic, Turbo Funds On Nigerian Exchange
Norrenberger, a leading asset management firm, has listed its Islamic Fund (NIF) and the Norrenberger Turbo Fund (NTF) on the Nigerian Exchange Limited (NGX). Both funds, which are collective investment schemes (CIS) registered with the Securities and Exchange Commission (SEC), aim to provide investors with structured options within fixed-income investments. The Norrenberger Islamic Fund, launched […]
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- October 29, 2024
SEC To Review Applications For Capital Market Operators
The Securities and Exchange Commission (SEC) has revealed that the commission will focus on applications from aspiring capital market operators and other relevant stakeholders in its third registration meeting for 2024. The meeting scheduled for October 29 to November 1, was announced in a recent circular, stating that the meeting will focus on applications from […]
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- October 29, 2024
PenCom Suspends All Pension Fund Investments In Commercial Papers
The National Pension Commission (PenCom) has mandated that Licensed Pension Fund Administrators (LPFAs) and Custodian Funds halt all investments in commercial papers managed by non-banking capital market operators. This directive was issued in a recent circular (Reference: PENCOM/TECH/ISD/2024/402) dated October 23, 2024, signed by A.M. Saleem, Head of PenCom’s Surveillance Department, and addressed to the […]
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