Report shows grim 5-year outlook for Nigeria’s informal businesses

Details stages of struggles to stay afloat  Onome Amuge A worrying trend has been exposed in Nigeria’s informal sector, with a new report revealing that most businesses within this sector fail to survive beyond five years, reflecting the harsh reality facing these businesses which contribute over half of Nigeria’s gross domestic product. The 2024 Informal […]

CBN to pursue dovish interest rate hike in H2’24, say analysts

ONOME AMUGE IN LAGOS Financial analysts at Cowry Asset  have suggested that the Central Bank of Nigeria (CBN) is expected to implement a moderately dovish interest rate hike, ranging from 25 basis points to 75 basis points in the second half of 2024, against the consecutive hawkish rate hikes witnessed in the first half of […]

Global ambition seen in Access Bank’s $1bn UK goal with rights issue on tap

*Eyes being among Top 20 UK banks by 2027 *Among top 5 African banks, leading banks globally *Targets 125m customer base *Ambitious $1.5bn capital raising programme on PHILLIP ISAKPA IN LONDON & ONOME AMUGE IN LAGOS Access Bank, the  arrowhead of Access Holdings Plc, Nigeria’s largest financial institution by assets and customer size, and Africa’s […]

Zenith Bank Solidifies Status as Nigeria’s best commercial bank, best corporate governance leader in World Finance 2024 Awards

Zenith Bank announces retirement of Ahmed, Olisa as executive directors 

Zenith Bank Plc has yet again proved its dominance in the financial sector, as it emerged best commercial bank, Nigeria in the World Finance Banking Awards 2024, retaining the position for four consecutive years. In another laudable achievement, Zenith  was named Best Corporate Governance, Nigeria, in the World Finance Corporate Governance Awards 2024 for the […]

CAC threatens to cancel certificates of over 4000 BDCs with revoked CBN Licences

Don't come to our offices, CAC tells customers

Joy Agwunobi  The Corporate Affairs Commission (CAC) has ordered the 4,173 affected BDCs in Nigeria to modify their registered business names within three months or face license revocation. This move follows the CBN’s decision to revoke their licenses, effectively rendering them unable to carry out currency exchange services. The CAC, in an official statement released […]

Access Holdings shareholders  vote confidence in N351bn rights issue

Business a.m. L-R: Morounke Olufemi, group chief financial officer, Access Holdings Plc; Temi Popoola, group CEO, NGX Group; Bolaji Agbede, acting group managing director /CEO, Access Holdings Plc; Umaru Kwairanga, group chairman, NGX Group; Aigboje Aig-Imoukhuede, chairman, Access Holdings Plc; Ahonsi Unuigbe, chairman, Nigerian Exchange Limited; and Roosevelt Ogbonna, group managing director/CEO, Access Bank Plc, […]

UBA’s Alawuba appointed chairman CIBN Body of Banks’ CEOs

Business a.m. Oliver Alawuba, group managing director and chief executive officer of United Bank for Africa (UBA) Plc, has been appointed chairman of the Chartered Institute of Bankers of Nigeria (CIBN) Body of Banks’ CEOs Alawuba’s appointment, according to the organisation, underscores his extensive experience and visionary leadership in the banking sector, as well as […]

GTCO eyes business expansion with proposed N400.5bn public offer

GTCO shareholders to get N3.10 per share in dividend on N214bn FY PBTs

Cynthia Ezekwe Guaranty Trust Holding Company (GTCO) Plc, one of Nigeria’s top financial services institutions, has unveiled plans to raise N400.5 billion to fund expansion initiatives across its business groups, including a recapitalisation of its banking subsidiary. To achieve this objective, the holding company plans to offer nine billion ordinary shares of 50 kobo each […]

Analysts forecast gloomy second half for Nigerian economy in 2024

  Slow growth, high inflation  Tight monetary policy Challenging exchange rate Low capital, high recurrent spendings   PHILLIP ISAKPA IN MANCHESTER, UK A team of financial, economic and markets analysts, after a detailed review of the first six months of the year and examining government policy direction, especially on monetary and fiscal policies, as well […]