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Jennete Ugo Anya
- September 2, 2024
How Banks Regulatory Scrutiny Boosts Investors’ Confidence
The formation of a tripartite committee by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigeria Deposit Insurance Corporation (NDIC) to scrutinise the new capital being raised by banks marks a significant development in Nigeria’s banking sector. This action is not just a regulatory necessity but also a critical […]
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- September 2, 2024
African Banks Invest N575.62bn To Boost MSMEs, Retail Sectors
Several leading banks in Africa are set to invest N575.62 billion to support micro, small and medium sized enterprises (MSMEs) across the continent. This move is part of their effort to meet new capital requirements set by the Central Bank of Nigeria (CBN). Access Holdings, Fidelity Bank, Guaranty Trust Holding (GTCO), FCMB Group, and Zenith […]
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- 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
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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- July 29, 2024
Fidelity Bank Extends Offer Period Amid Capital Raise Initiative
Fidelity Bank Plc has announced an extension of its ongoing combined offer, comprising a public offering and rights issue, until August 12, 2024. This extension, approved by the Securities and Exchange Commission (SEC), allows investors additional time to participate in the bank’s capital-raising efforts, initially set to close on July 29, 2024. The combined offer, […]
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- July 26, 2024
NGX Delists 14 Companies For Listing Non-compliance
The Nigerian Exchange Limited (NGX) has delisted 14 companies from its platform due to non-compliance with listing standards. The affected companies, including Goldlink Insurance Plc, Medview Airline Plc, and STACO Insurance Plc, failed to submit their 2023 financial year results, among other regulatory deficiencies. According to a statement by Mr. Godstime Iwenekhai, Head of the […]
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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 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 5, 2024
Fidelity Bank To Issue Additional N78.35bn Shares
Fidelity Bank has announced plans to issue an additional 8.2 billion shares, valued at approximately N78.35 billion, in response to the expected oversubscription of its combined offering. In a corporate disclosure on the Nigerian Exchange Limited’s (NGX) website, the bank issued a notice for an extraordinary general meeting (EGM) scheduled for July 26, 2024. Among […]
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