Nigerian bourse: Equities value down N246bn as bullish run ends

Nigeria’s equities market lost 2.6% of its value Wednesday as bearish trading makes a comeback after five straight days of bullish trading. Analysts attributed the drop in value to profit taking as major banking stocks closed below their opening prices. Investors lost N345.6 billion as market capitalization fell to N11.6 trillion from its Tuesday’s level […]

NAFEX watch forces MSCI to delay Nigeria’s index reclassification

The Central Bank of Nigeria’s (CBN) introduction of the investors/exporters FX window popularly referred to as NAFEX and the consistent supply of FX to the market, which has significantly improved liquidity across major segments of the foreign exchange market may have influenced the postponement of the Morgan Stanley Capital International’s (MSCI) Frontier Market Index reclassification […]

Atlas Mara raising $200m to increase Union Bank stake

Atlas Mara Ltd., the company co-founded by former Barclays Plc head Bob Diamond, plans to sell a 35 percent stake to Canada based Fairfax Africa Holdings Corp. so as to increase its stake in Union Bank Nigeria Plc. Atlas Mara will raise $200 million selling new shares to existing shareholders and Fairfax Africa and by issuing […]

Debt saga: NCC assures Etisalat subscribers of network integrity

The Nigerian Telecommunications Commission (NCC) says it is taking proactive steps to cushion the impact of the takeover of Etisalat by creditor banks, assuring subscribers of the network integrity of the company. In a statement signed by Tony Ojobo, its head of public affairs, the NCC assures subscribers and indeed stakeholder in the telecommunications industry […]

Etisalat debt saga: GTB owed $138m, Access $131m, Fidelity $56m, Stanbic $24m

A consortium of banks finally pulled the plug Tuesday on Etisalat Nigeria Limited, Nigeria’s fourth biggest mobile phone company, following protracted negotiations over an outstanding $1.2 billion debt dating back to 2013. But amid the confusion over the exposure of Nigerian banks in the syndicated loan transaction, it has emerged that Guaranty Trust Bank appears […]

Shell Nigeria makes final investment decision on gas project in Niger Delta

Shell is considering whether to invest in a gas project in the Niger Delta region of Nigeria, the managing director of the local unit said on Tuesday. Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf). According to Reuters’s report, Osagie Okunbor, managing director of Shell Petroleum Development Company […]

Nigerian stocks risk downgrade on naira value as MSCI reclassifies markets

Equities, Investment Destination

The value of Nigeria’s local currency, the naira, could be a strong factor in Morgan Stanley Capital International’s (MSCI’s) index decision whether to downgrade Nigeria from a frontier nation to a standalone market or not. The index provider is set to release the result of its annual peer review Tuesday, June 20. Earlier in June, […]

Update: Etisalat Nigeria moves to effect name change, restructuring of shareholding as debt talks fail

Etisalat Nigeria has commenced changes to its shareholding structure after talks to restructure a $1.2 billion loan failed, the company said on Tuesday. Services to its subscribers will not be affected by the changes, Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria said in a statement, reports Reuters. The telecom company said discussions […]