Ecobank Group says 2020 profit impacted by Oceanic Bank acquisition

Ecobank Group on Friday said it has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7.0 percent growth compared with N586.9 billion posted in the corresponding period of 2019, the banking group said in a filing with the Nigerian Stock Exchange (NSE). The pan-African banking... Read More

Nigeria’s Ecobank to target MSMEs with N50 bln 10-year bilateral credit ~CEO

Ecobank Nigeria on Wednesday said it plans to target Micro, Small and medium scale enterprises (MSMEs) and small corporates in the country with the N50 billion bilateral credit it secured recently. Managing director of the bank, Patrick Akinwuntan has said the fund will deploy to further generate and bolster activities in the sector thereby... Read More

UACN Property to repay N4.35 bln bonds to holders by April ahead of 2023 due date

By Samuel Bankole   Nigeria’s UACN Property Development Company on Monday said it plans to liquidate its N4.35 billion bond due on April 29, 2021, ahead of the April 26, 2023 due date. In a regulatory filing to the Nigerian Stock Exchange (NSE), the company said it will also cancel the listing of the... Read More

Ecobank Nigeria gets N50 bln 10-year bilateral loan to boost balance sheet

By Samuel Bankole   Ecobank Nigeria has secured N50 billion in 10-Year bilateral subordinated loan to help boost the lender’s capital adequacy ratio by 300 basis points. In a regulatory filing with the Nigerian Stock Exchange (NSE), the West Africa banking group, Ecobank Transnational Incorporated (ETI) said the loan will also provide medium-term liquidity... Read More

How Federal Government raises N2.36 trln, Corporates N192 bln via capital market in 2020 ~NSE CEO

By Samuel Bankole The Nigerian Stock Exchange (NSE) on Tuesday said the bull run in 2020 on the local bourse was largely driven by the “unattractive fixed-income yields and better-than-expected corporate earnings of listed companies.” The country’s equity market had emerged as the best-performing index in the world, surpassing the S&P 500 16.26 percent,... Read More

Ardova rises after acquisition plans as Market index climbs 1.52%

By Samuel Bankole Ardova Plc, formerly Forte Oil share gained 9.3 percent on Thursday after the fuel retailer announced plans to acquire Enyo Retail and Supply, helping to push up the market index. The fuel retailer share closed at N21.85 as the All Share Index increased by 1.54 percent to close at 40,963.14 points.... Read More

Dangote Cement repurchases 0.24% of its shares at N9.77 bln

By Samuel Bankole   Nigeria’s Dangote Cement on Monday said it has completed the first tranche of its share buy-back programme which resulted in the repurchased of N9.77 billion worth of the company’s shares. In a regulatory filing on Monday, the cement firm majorly owned Africa’s richest man, Aliko Dangote said the exercise resulted... Read More

NSE sets up Claims Review Panel ahead of demutualisation

By Samuel Bankole   The Nigerian Stock Exchange (NSE) on Friday said it has empaneled its Claims Review Panel in preparation for its imminent demutualisation of the Exchange. In a statement and, the NSE said the action, done on December 21, was in pursuant to the provisions of the Demutualisation of The Nigerian Stock... Read More

Nigeria’s equity market gains as Dangote Sugar, NB push up index

By Samuel Bankole The Nigerian equity market rose marginally by 0.31 percent on Thursday as the rally in the shares of Seplat, Dangote Sugar and FCMB pushed up the index. The All Share Index closed at 40,590.85 points from 40,394.37 points the previous day. The market capitalisation of equities listed on the NSE increased... Read More

Nigeria’s Access Bank concludes acquisition of Cavmont Bank in Zambia, to streamline operations with local unit

By Samuel Bankole Nigeria’s Access Bank on Wednesday said its Zambian unit has concluded the acquisition of Cavmont Bank Limited after regulatory approvals in the East African country. In a regulatory filing, Access Bank said the merger of Cavmont Bank into Access Bank Zambia “is expected to take place before the end of January.”... Read More