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Jennete Ugo Anya
- August 7, 2024
CBN Approves Merger Between Unity Bank, Providus Bank
The Central Bank of Nigeria (CBN) has officially approved the merger between Unity Bank Plc and Providus Bank Limited. This landmark decision marks the first merger under the new CBN mandate for banks to bolster their capital bases, aiming to fortify the stability of Nigeria’s financial system. The merger is now pending approval from the […]
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- August 6, 2024
NGX Loses N93bn As Global Equity Markets Fall
The Nigerian equity market experienced a significant loss on Monday, shedding N93 billion, reflecting a broader decline observed in global markets. The Nigerian Exchange (NGX) saw its All-Share Index and market capitalisation fall by 0.17 percent, closing at 97,582.41 points and N55.40 trillion, respectively. Monday’s trading session was marked by 9,738 transactions, totalling N6.217 billion, […]
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- August 6, 2024
CBN To Implement FX Dutch Auction System To Stabilise Market
In a strategic move to address the persistent foreign exchange (FX) fluctuations in Nigeria’s forex market, the Central Bank of Nigeria (CBN) has announced the introduction of a Retail Dutch Auction System. The system is scheduled to commence on Wednesday, 7 August 2024. This decision comes in response to the significant increase in demand for […]
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- August 6, 2024
SEC Says Bank Recapitalisation Is Key To Nigeria’s Trillion-dollar Economy
Director- General (DG) of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said the bank recapitalisation is for Nigeria’s aspiration to achieve a trillion-dollar economy. Speaking at a recent forum, on the ongoing bank recapitalisation efforts in Abuja, Dr. Agama outlined the crucial steps needed to unlock the nation’s economic potential. Dr. Agama […]
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- August 2, 2024
EDC, IEI Launch Initiative For SMEs Risk Management
The Enterprise Development Centre (EDC) and International Energy Insurance (IEI) have forged a strategic partnership to bolster the support system for small and medium enterprises (SMEs) in Nigeria. This collaboration aims to provide critical risk management and insurance knowledge, enhancing the sustainability and growth potential of SMEs across the nation. The partnership will develop a […]
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- August 1, 2024
FCMB Launches N110bn Public Offer To Strengthen Capital Base
First City Monument Bank (FCMB) Limited Group has initiated a public offer to raise N110 billion, issuing 15,197,282,219 ordinary shares at N7.30 per share. This capital raise is part of a broader strategy to meet the Central Bank of Nigeria’s (CBN) new capital requirements for banks, which have significantly increased after almost two decades. The […]
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- July 31, 2024
Swedfund Invests $30m In Access Bank To Boost MSMEs
Swedfund, a Swedish state-owned development finance institution, has invested $30 million in Access Bank Plc, one of Nigerian leading commercial banks. This is to enhance financing for micro, small, and medium enterprises (MSMEs) in Nigeria. This investment aims to provide long-term capital and capacity building to underserved MSMEs, supporting sustainable private sector development and inclusive […]
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- July 31, 2024
New Listing Boosts NGX Market Cap By N105bn Despite Market Slump
The recent listing of 2,418,099,300 ordinary shares of 50 Kobo each per share of Notore Chemical Industries Plc on the Nigerian Exchange (NGX) has significantly boosted the market capitalisation of the local bourse by N105.79 billion, raising it to N55.72 billion. This development occurred despite a subdued trading session on Monday, July 29th, with the […]
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- July 30, 2024
Access Holdings Taps Influencers For N350bn Rights Issue
Access Holdings, one of Nigeria’s largest financial services companies, has enlisted social media influencers to promote its substantial N350 billion rights issue. As competition for capital intensifies, Nigerian banks are increasingly shifting from traditional marketing strategies to influencer marketing to drive their public offers. A review of the marketing strategies by Access Holdings, GTCO Holdings, […]
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- July 30, 2024
Wema Bank Launches ALATPay
Wema Bank has introduced a new payment gateway called ALATPay, specifically designed for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Unveiled recently in Lagos, ALATPay aims to provide a secure and seamless shopping experience for customers while ensuring instant settlement for merchants through a unique ALATPay link. According to a statement released by the […]
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