The tale of two Children’s Day in the life of UBA shares
Post AMUGE
July 22, 2024
PHILLIP ISAKPA In London, UK There is an interesting tale to be told about two Children’s Day periods in the lives of both the United Bank of Africa (UBA) Plc and its millions of shareholders in Nigeria and across the world. It is an instructive tale, especially for those who make certain decisions on the […]
Analysts upbeat on stock, fixed income markets outlook for H2’24
Post AMUGEJuly 22, 2024
Phillip Isakpa In London, UK Analysts at Lead Capital are upbeat about the outlook for the capital and fixed income markets for the second half of the year. In a note sent to Business a.m. titled “Nigeria in the First Half of 2024 and Outlook for the Second Half of the Year”, analysts at Lead […]
CBN injects $106.5m into FX market to counter demand surge
Post AMUGEJuly 22, 2024
Business a.m. In a move to curb volatility in the foreign exchange market, the Central Bank of Nigeria (CBN) said that it sold a total of $106.5 million to authorised dealers over two days. The transactions, which took place on Thursday, July 18, and Friday, July 19, 2024, were aimed at stabilising the Naira and […]
Tinubu’s sneaky FX windfall tax unsettles Nigerian banks
Post AMUGEJuly 22, 2024
ONOME AMUGE IN LAGOS, NIGERIA Faced with a persistent fiscal shortfall, the Nigerian government has devised a daring strategy to shore up revenue by imposing a windfall tax on the nation’s banking sector, seeking to capture an estimated N1.35 trillion in revenue from some banks if all their foreign exchange (FX) profits are realised. However, […]
Open Society Foundations pledges $400m for climate, economic resilience in Global South
Post AMUGEJuly 18, 2024
Business a.m. The Open Society Foundations, the world’s largest private grant-making network, has committed $400 million over eight years to support the development of green industrial policies that contribute to economic growth in the Global South—significantly scaling up its support of economic development. The new economic and climate prosperity programme is expected to fund efforts […]
Tinubu seeks N6.2trn budget boost, amendments to finance act in 2024
Post AMUGEJuly 17, 2024
Business a.m. President Bola Tinubu has officially communicated his request to the National Assembly for an upward adjustment of the 2024 appropriation act by N6.2 trillion. The President’s request was revealed in a letter read by Senate President Godswill Akpabio during the upper legislative chamber’s plenary session on Wednesday. Tinubu’s recent request to increase the […]
Nova Bank anchors commercial banking entry on digital-first focus
Post AMUGEJuly 17, 2024
Tags self ‘Phygital’ institution Targets Ikeja, Apapa, Abuja, Port Harcourt Joy Agwunobi Nova Bank Limited launched its maiden voyage into Nigeria’s commercial banking with the recent opening of its first branch in Victoria Island, Lagos, after years as a merchant bank. The bank’s entry marks a transformative shift in the sector, as Nova Bank […]
Access Bank secures N442bn FMO capital in historic Tier II facility agreement
Post AMUGEJuly 16, 2024
Business a.m. Michael Jongeneel, chief executive officer, FMO; and Roosevelt Ogbonna, managing director/chief executive officer, Access Bank Plc at the signing of a N442.5bn (USD295 million) syndicate Tier II Facility agreement in Hague, Netherlands… recently. Access Bank PLC, a leading financial institution in sub-Saharan Africa with the largest customer base, has achieved a significant milestone […]
British International Investment commits $50m to Access Bank for Nigeria SME support
Post AMUGEJuly 16, 2024
Business a.m. The British International Investment (BII), in collaboration with FMO, has pledged a $50 million commitment to Access Bank as part of a $295 million loan package designed to boost the bank’s capital base and provide essential support to underserved Small and Medium Enterprises (SMEs) in Nigeria. The strategic investment, especially in the face […]
New cement pricing regulations brews storm in Ghana’s construction sector
Post AMUGEJuly 16, 2024
Isaac AIDOO, in Accra, Ghana Ghana’s construction industry faces a potential crisis as the Chamber of Cement Manufacturers, Ghana (COCMAG), voices strong objections to the newly proposed Ghana Standards Authority (Pricing of Cement) Regulations, 2024 (L.I.). Despite Alex Dodoo, a professor and director-general of Ghana Standards Authority (GSA), and certain parliament members advocating for the […]