Nestlé Nigeria reports N7.36bn loss in Q3’24 as cost, currency pressures linger

Onome Amuge Nestlé Nigeria, one of the country’s leading food and beverage companies, saw its third-quarter earnings impacted by ongoing cost pressures and foreign exchange fluctuations, revealing potential short-term drawbacks, as shown in its unaudited financial results for the third quarter of 2024. Based on these factors,  the company reported a loss after tax of […]

Moniepoint  lands $110m capital boost to scale digital payment, banking solutions

Onome Amuge L-R: Tosin Eniolorunda, founder and Group CEO of Moniepoint Inc. and Felix Ike, co-founder, Moniepoint Inc.  Moniepoint Inc, recognised as Africa’s fastest-growing financial institution, has successfully secured a $110 million in equity financing, with the aim of empowering millions of businesses and their customers across Africa and the diaspora to achieve their dreams […]

Transcorp streamlines capital structure with 75% share reduction

Onome Amuge Transnational Corporation Plc has successfully completed a share capital reconstruction, reducing its total issued shares by 75 percent from N40.6 billion to N10.2 billion, Owen Omogiafo, the group president, announced in a statement on Monday. Omogiafo stated that the share capital reconstruction was executed with the long-term interests of shareholders in mind, as […]

FBN Holdings unveils N150bn rights issue

Onome Amuge FBN Holdings Plc has opened a rights issue, offering 5.983 billion ordinary shares at 50k each to existing shareholders at N25 per share, in a bid to raise additional capital totaling N150 billion. The offering, based on a one-for-six ratio (one new ordinary share for every six shares held), is available to shareholders […]

Dangote backs Tinubu’s CNG drive, invests over $280m in trucks, infrastructure

becomes largest operator of CNG trucks in Nigeria In a demonstration of its support for President Bola Ahmed Tinubu’s CNG Initiative, which aims to provide cheaper and cleaner fuelling alternatives for all Nigerians, Dangote Cement Plc has made significant investments exceeding $280 million in compressed natural gas (CNG) technology and infrastructure. President Tinubu, whose commitment […]

Canon celebrates excellence, honours top African partners

Joy Agwunobi Canon, a renowned global leader in imaging solutions, recently held its annual dealer conference at the Hilton Habtoor City in Dubai, where it honoured its top-performing partners in the African imaging market. Themed “ICE: Innovation, Customer, and Experience,” the conference brought together 144 channel partners, system integrators, and value-added resellers to explore growth […]

Caverton Group records 9% revenue growth in FY 2023

…Suffers huge FX loss Bamidele Famoofo The operations of Caverton Offshore Support Group Plc was affected substantially by the fluctuations in exchange rate and high cost of doing business in Africa’s most populous nation in the financial year ended December 31, 2023. Despite the tough terrain, the group recorded a revenue of N31.99 billion, representing […]

NGX RegCo suspends trading in Oando shares amid financial reporting issues

Union Bank, Oando exit NGX-30 index, as Wema Bank, BUA Foods join

Business a.m. The regulatory arm of the Nigerian Exchange Group, NGX RegCo, has suspended trading in the shares of Oando PLC effective today. This was disclosed in a notice to trading licence holders signed by the Head, Issuer Regulation Department, Godstime Iwenekhai, on Thursday. The Johannesburg Stock Exchange suspended trading in Oando shares in March […]

First Bank fixes October 26 for system migration

First Bank launches fully automated self-service branch in Lagos

Joy Agwunobi First Bank has announced plans to transition to a new cloud-based procurement and financial platform as part of its ongoing strategy to improve operational efficiency and service delivery. The migration, scheduled to begin on Saturday, October 26, is expected to result in temporary service disruptions, the tier one lender with over 42 million […]