The Debt Management Office (DMO) has listed a triple-tranche of $4 billion Eurobonds, $1.25 billion Eurobonds and N250 billion Sukuk on Nigerian Exchange Limited (NGX) The Chief Executive Officer, NGX, Mr. Temi Popoola while speaking on the listing said that  despite the economic challenges, Nigeria’s capital market has remained stronger. Popoola noted that under the Director-General, DMO, Ms. Patience Oniha, ...

Amidst rising inflation and economic challenges, the Central Bank of Nigeria (CBN) has said that non-remittance of dollars to foreign reserves by the Nigeria National Petroleum Corporation (NNPC) is responsible for the fall of the Naira. Theadvocate.ng gathered as at Thursday evening, the local currency  naira traded for N700/$1 at the parallel market and N415.96/$1 at the official market. The ...

Despite current macroeconomic challenges confronting the Nigerian economy, the financial sector has remained resilient, strong and profitable, President, Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara has said. He said that 13 commercial banks in Nigeria increased their earnings by 25 per cent in the first quarter of 2022 recording a total of N1.54 trillion. The ...

FCMB Group Plc has announced its Unaudited Group Results for the first half ended 30 June 2022. According to the announcement, the bank recorded N15.4 billion in Profit Before Tax for H1 2022 – a 73% Year-on-Year Growth The report added that the gross revenue of ₦126.2 billion for the six months ended June 2022, a 34.0% growth from ₦94.2 ...

Sustained sell pressure witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange has resulted in shareholders of MTN Nigeria Plc losing about N417 billion in a day of trading on Tuesday. It was gathered that  that the telecom stock dropped by 9.62% to N192.50 per share from N213 the previous day. Further analysis showed MTN Nigerian closed ...

The exchange rate between the naira and the US dollar has fallen to a record low at N685.5/$1 at the peer-to-peer (P2P) forex market, from cryptocurrency P2P exchange market shows. The dollar which was traded at N667/$1 yesterday has now fallen further by 2.8% to N685.5/$1, as demand for foreign exchange remains elevated amidst sustained scarcity. The P2P market often ...

As parts of the move to sanitize the financial sector, the House of Representatives, on Tuesday, passed for second reading a bill to stop the governor, deputy governors and directors of the Central Bank of Nigeria ( CBN) from  engaging in partisan politics. It was gathered that the bill  is sponsored by the chairman, House Committee on Water Resources, Sada ...

Determined to ameliorate the harsh economic crunch on the youth, indigenous technology conglomerate, the Zinox Group, has offered employment to a batch of unemployed graduates who scaled through its internship. The successful graduates, numbering over 50 out of over 5,000 qualified applicants drawn from various parts of the country, were among the second batch of participants who passed through a ...

Ecobank Transnational Incorporated (ETI) has posted a profit before tax of $261 million for the first half of the year ended June 30, 2022. This was contained in the group’s half year results released on the Nigerian Exchange (NGX) Limited, yesterday. The results showed a growth of 24 per cent in its profit before tax to $261 million from $210 ...

Dangote Group is set to complete its $2bn petrochemical plant in Lagos which when fully operational will position Nigeria as one of Africa’s largest petrochemicals hubs and boost non-oil export earnings for the country. Dangote Group President, Aliko Dangote, said this at the 2022 Zenith Bank International Trade Seminar on Non-oil Export recently in Lagos. He said the refinery and ...