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Daily Business News Brief
(Source: GlobalView Capital Limited, Date: 13-May-2024)

Daily Business News Brief 

May 13th, 2024
 Equity market dips 1.36% on PZ Cussons, McNichols losses - Punch

The Nigerian capital market declined by 1.36 per cent last week on the back of losses by PZ Cussons, McNichols, Secure Electronic Technology and 39 other equities.
The All-Share Index depreciated by 1.36 per cent to 98,233.76 point and market capitalisation shed 1.35 per cent to close the week at N55.56tn................................................... ............................................................................ ........................... .. . .,.. ............ ........ ..................... ... .. ...... ..  .... . ........... .......... ............. . ..... . ... ........................Read-More

NGX lists N4.08bn AVA Infrastructure Fund - Punch

The Nigerian Exchange Limited has listed N4.08bn of the AVA Infrastructure Series 1 Fund on its trading platform.
AVA Infrastructure Series 1 Fund's 4,075 units were listed on the Main Board of NGX at N1m each as a closed-end fund and a naira-denominated unit trust scheme
The notice of the listing of the AVA Global Asset Managers Limited's AVA Infrastructure Series 1 Fund... ........................................................................... ........................... .. . .,.. ............ ........ ..................... ... .. ...... ..  .... . ........... .......... ............. . ..... . ... ........................Read-More

Wema Bank unveils digital solution for cooperative societies - Punch

Wema Bank has launched a new digital solution for Cooperative Societies called CoopHub.
The platform was unveiled at the bank's 79th-anniversary celebration on Friday.
According to the lender, CoopHub is designed strategically to transform the way cooperative societies operate by providing tailored solutions that bridge the gaps in the traditional framework of cooperative societies.. ... .. .,.... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Aradel Holdings eyes NGX listing in 2024 - Punch

The Chairman of Aradel Holdings, Ladi Jadesimi, has disclosed that the company is aiming to maintain its growth track and successfully list on the Nigerian Exchange's main board this year.
Jadesimi said this in the integrated indigenous energy company's newly-released annual report and accounts for 2023.. .... . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

FCMB Group profit surged by 192% in Q1 - Punch

FCMB Group's profit before tax jumped by 192.6 per cent to N31.3bn in the first quarter of 2024.
According to the financial results of FCMB for Q1, filed with the Nigerian Exchange Limited, all of the group's business segments demonstrated significant growth.
Investment banking led the group growth, improving by 228.1 per cent, followed by consumer finance, banking group, . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Nigerian shareholders in limbo as MTN pays dividend - Dailytust

South African telecom giant, MTN Group Limited, paid a dividend on the 22nd of April, 2024 with investors receiving ZAR3.30 per share.
Despite the economic headwinds in the country, the group paid the sum which amounted to N253.41 in Nigerian local currency.
However, it was the lowest dividend payout to shareholders by the group in recent years, down from the annual ZAR8.73 (N670.39).. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Mastercard partners Access Bank to extend transactions across Africa - Dailytrust

In a bid to foster seamless cross-border transactions across the African continent, Mastercard has launched a new partnership with Access Bank to extend the financial services of Access Africa to other countries across Africa.
This partnership will ensure secure and near real-time international payments through Access Bank branches and digital platforms beyond the 14 African countries where Access Africa currently has presence...,.. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

UBA Upgrades Mobile App for Better Control, Convenience - Thisday

Africa's Global Bank, United Bank for Africa (UBA) Plc, has said that it has upgraded and enhanced its mobile banking application, with exciting new features designed to empower its customers with increased control, convenience, and ease in conducting their transactions.
...With the upgrade, customers are now armed with more tools to carry out transactions with ease...,.. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Transcorp Poise to Sustain Profitability with Six Strategic Pillars - Thisday

The management of Transnational Corporation Plc (Transcorp), has highlighted six strategic pillars to sustain its growth momentum in 2024 financial year and beyond.
The Group in its unaudited first quarter (Q1) ended March 31, 2024, results declared N199.99 billion gross earnings, a growth of 47.32 per cent from N133.72 billion reported the previous year..,.. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Caverton Offshore Announces Late Submission of Financial Statement - Thisday

Caverton Offshore Support Group Plc has announced that due the delays in completing the audit process, its Audited Financial Statements for the year ended 31 December 2023 has not been filed.
The Company Secretary, Amaka Obiora said in view of the above, the Audited Financial Statements for the year ended 31 December 2023 and the Unaudited Financial Statements for the period ended 31 March, 2024 would be filed on or before Monday May 20, 2024..,.. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

UAC reports N9.1 billion gross profit in Q1 - Guardian

UAC of Nigeria PLC has announced a noteworthy gross profit of N9.1 billion for the first quarter ending on March 31, 2024, showcasing an exceptional year-on-year (YoY) surge.
According to the company's unaudited consolidated financial statements for Q1 2024, the company achieved a revenue of N40.6 billion, marking a robust 65 per cent rise from the previous year..,.. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Nigerian banking operations account for GTCO's 77.5% profit - Guardian

Guaranty Trust Holding Company (GTCO) has said its Nigerian banking operations account for GTCO's 77.5% profit 
Reviewing its performance at the third yearly general meeting of the bank held in Lagos at the weekend, the Group Chief Executive Officer, Segun Agbaje, said while the Nigerian banking operation accounts for 77.5 per cent of the group's profitability, West African operations constitute 17.5 per cent...,.. , . ...... .  . ... .......... .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

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