Business

Stanbic IBTC Holdings has successfully concluded its Rights Issue, raising an impressive N148.7 billion to surpassed the Central Bank of Nigeria (CBN) recapitalisation requirements. This achievement comes alongside an extraordinary oversubscription rate of 21.9per cent, reflecting the firm belief and support from existing shareholders. This strategic initiative not only ensures that the company meets the stringent recapitalisation requirements mandated by…

The Central Bank of Nigeria (CBN) has directed commercial banks in the country to submit a capital restoration plan. The apex bank noted that the requirement is part of regulatory efforts to support the exit from the forbearance regime. CBN Director of Banking Supervision, Olubukola Akinwunmi, made this known in a circular published on its website on Monday. CBN explained…

The Nigerian National Petroleum Company Limited (NNPCL) has handed over 35 hybrid Compressed Natural Gas (CNG)-powered buses to the Presidential Initiative on Compressed Natural Gas (Pi-CNG).  During a brief ceremony held at the NNPC Towers on Monday, the Group CEO, NNPC Ltd., Engr. Bashir Ojulari reiterated the Company’s commitment to support the Federal Government’s gas aspirations.  The GCEO, who stated…

By Boye Oyeyemi The Nigeria Data Protection Commission (NDPC) has slammed a fine of ₦766,242,500 on Multichoice Nigeria for breaching the Nigeria Data Protection Act (NDPA). The development was made public in a press statement sighted by Western Post on the official NDPC handle on X, formerly Twitter. According to the Commission, the sanction followed a detailed investigation that began…

Guaranty Trust Holding Company (GTCO) Plc, said it has successfully priced its new $105 million primary equity offering on the London Stock Exchange’s (LSE) main market for listed securities. The announcement is coming a day after it announced in a regulatory filing the  plans to raise $100million new ordinary shares, proposed cancellation of Global Depository Receipts (GDRs) and admission of…

The Federal High Court in Abuja on Friday affirmed the legality of the Nigeria Inter-Bank Settlement System Plc’s (NIBSS) management of the Bank Verification Number (BVN) database across Nigeria, in line with the Central Bank of Nigeria (CBN) Act and other relevant banking laws. Justice James Omotosho delivered the judgment in a case filed by Wolemi Esan, SAN, lead counsel…

9mobile has confirmed a national roaming agreement with MTN Nigeria, with a full nationwide rollout of the service expected in July 2025. The deal, signed with Emerging Markets Telecommunications Services Limited, will allow 9mobile subscribers to use MTN’s extensive network infrastructure across the country. Speaking at a press briefing, 9mobile CEO Obafemi Banigbe said the company is currently testing the…

The stock price of Guaranty Trust Holding Company Plc (GTCO) on Thursday closed for trading at N82.75 per share on the Nigerian Exchange Limited (NGX), gaining 3.44per cent or N2.75per share from N80 per share it opened for trading. Investors on the Exchange reacted to news the lender is planning to raise $100 million new ordinary shares and and proposed…

The Nigerian equities market on Thursday sustained its bullish momentum with a gain of N403 billion. The Nigerian Exchange Limited All-Share Index (NGX  ASI) gained 637.27 basis points or 0.53 per cent to close at 120,977.20 basis points. Also, market capitalisation rose by N403 billion to close at N76.583 trillion. Investor sentiment remained firmly upbeat, underscored by a robust market…

Nigerian Exchange Group (NGX Group), on Thursday said it has signed a multi-million-naira funding agreement with DEG Impulse gGmbH, a subsidiary of the German Development Finance Institution, DEG – Deutsche Investitions-und Entwicklungsgesellschaft mbH, part of KfW Bankengruppe, to commence the implementation of its flagship NGX Net-Zero Programme (N-Zero). The recently signed agreement in Cologne, Germany, marks a major step forward…