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Jennete Ugo Anya
- July 23, 2024
Nigerian Startups Shine At NSIA Innovation Prize, Winning $220
In a boost to Nigeria’s burgeoning tech scene, three startups have emerged victorious at the NSIA Prize for Innovation, taking home a total of $220,000. Sycamore, a fintech platform, claimed the top prize of $100,000, followed by ed-tech company Kunda Kids with $70,000, and PaveHQ, a learning and career ecosystem, with $50,000. The winners were […]
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- July 23, 2024
Corporates Pull Back From Capital Market As Debt Costs Soar
In response to a series of aggressive interest rate hikes by the Central Bank of Nigeria (CBN), Nigerian corporates have significantly scaled back their participation in the capital market. Between January and May 2024, the CBN raised the monetary policy rate (MPR) by an unprecedented 750 basis points, pushing it to 26.25 percent. This surge […]
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- July 23, 2024
Stockbrokers Report Surge In Investors’ Interest For Bank Rights Issues, Public Offers
Stockbrokers in the Nigerian capital market are observing a remarkable surge in investors’ interest regarding the ongoing public offerings and rights issues by major banks. This heightened engagement comes as Nigerian banks seek to bolster their capital reserves in response to the Central Bank of Nigeria’s (CBN) new minimum capital requirements. These regulatory measures are […]
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- July 22, 2024
United Capital Unveils N10bn Fund For Infrastructure Projects
United Capital Plc, a prominent investment management and financial services group, has announced the launch of its Infrastructure Fund Series III Issuance, aiming to raise up to N10 billion under its N150 billion Shelf Programme. This follows the successful reception of the first two issuances, which saw substantial subscriptions and positive feedback from investors. The […]
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- July 22, 2024
Nigerian Firms Raise N583.86bn Via Commercial Papers
In the first half of the year 2024, 31 companies have collectively raised N583.86 billion through the issuance of Commercial Paper (CP) to bolster their working capital needs. CP is a widely-used unsecured, short-term debt instrument, typically utilised by corporations to finance payroll, accounts payable, inventories, and other short-term liabilities. The maturity period for CP […]
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- July 16, 2024
Nigerian Stocks Lose N334bn In Market Cap As Bears Take Over In July
The Nigerian Exchange (NGX) began the second half of 2024 on a bearish note, experiencing a notable decline of 0.39 percent over the past two weeks. This downturn has resulted in a substantial loss of N334 billion in market capitalisation. By the close of the week ending July 12, 2024, the NGX’s All-Share Index (ASI) […]
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- July 16, 2024
NGX Lists Wema Bank’s Rights Issue Of 8.572bn Shares
The Nigerian Exchange Limited (NGX) has officially listed Wema Bank Plc’s Rights Issue of 8.572 billion ordinary shares on its platform. This listing was detailed in the recent NGX weekly report and marks a significant step in Wema Bank’s recapitalisation efforts. According to the NGX report, the additional shares arose from Wema Bank’s Rights Issue […]
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- July 15, 2024
SEC Approves NGX’s Investment Platform
The Securities and Exchange Commission (SEC) has granted approval to the Nigerian Exchange Group (NGX) for its new digital investment platform, ‘NGX Invest’. This innovative platform is set to streamline public offerings and rights issues, significantly enhancing the efficiency and accessibility of primary market transactions in the Nigerian capital market. According to a press statement […]
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- July 15, 2024
Stakeholders Urge SEC To Develop Comprehensive Crypto Rule
Stakeholders across various sectors have called on the Securities and Exchange Commission (SEC) to develop a comprehensive regulatory framework for crypto assets in Nigeria. This appeal was made during the recent first annual conference of the Association of Capital Market Academics of Nigeria (ACMAN), where experts from academia, legislature, capital markets, banking, and ancillary sectors […]
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- July 11, 2024
GTCO’s N400.5bn Public Offer: A Strategic Move For Expansion, Stability
Guaranty Trust Holding Company Plc (GTCO) has announced an ambitious plan to raise N400.5 billion through a public offer, signalling a bold step towards enhancing its capital base and expanding its international footprint. This initiative, disclosed by GTCO Group Managing Director (MD), Mr. Segun Agbaje during the ‘Facts Behind the Offer Presentation,’ underlines the strategic […]
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