Jaiz Bank to Sell N3.3bn Shares Through Private Placement

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

Agriculture is not just an industry; it’s the lifeblood of nations. It fuels economies, nourishes communities and sustains livelihoods. Access Bank, a leading financial institution in Africa, understands the vital role agriculture plays in the nation’s prosperity. In a bold move that underscores its unwavering commitment to fostering agricultural growth and ensuring food security in Nigeria, Access Bank is proud to announce the grand relaunch of its Agriculture Desk. The enhanced desk is aimed at empowering farmers, agribusinesses and the agriculture sector as a whole. For years, Access Bank has been at the forefront of supporting agriculture and agribusiness in

By Dipo Olowookere For politics in Nigeria to be robust, there is a need for more women and youths to participate in the development of the nation. This call was made by the only federal female lawmaker from Oyo State, Mrs Tolulope Akande-Sadipe, when she had a chat with journalists in Ibadan, the Oyo State capital, on Wednesday. The congresswoman representing Oluyole Federal Constituency at the National Assembly urged the leaders of the ruling All Progressive Congress (APC) to make provisions for more women to participate in politics. According to her, women are known to have great leadership skills, which

By Dipo Olowookere Moulders of blocks in Nigeria have raised the prices of blocks by between 11 per cent and over 30 per cent, following the recent increase in the prices of cement. The new price regime for blocks is expected to come into effect immediately after the moulders called off their five-day strike on Friday. The announcement came on Thursday just as the Chairman, Cement Company of Northern Nigeria Plc, Mr Abdulsamad Rabiu, said the high cost of doing business in Nigeria was a major reason for the hike in the prices of cement. The price of cement had

By Dipo Olowookere Candidate of the All Progressives Congress (APC) in the governorship election in Lagos State, Mr Babajide Sanwo-Olu, has been declared winner of the exercise. He was announced winner of the poll by the Independent National Electoral Commission (INEC) on Sunday night. According to INEC, Mr Sanwo-Olu emerged winner of the exercise after garnering a total of 739,445 votes to defeat his closest rival, Mr Jimi Agbaje of the Peoples Democratic Party (PDP), who polled 206,141 votes. The gubernatorial poll in Lagos State was conducted by the electoral body on Saturday, March 9, 2019.

By Investors Hub European stocks have fallen on Monday as an unexpected decrease in Chinese exports and concerns surrounding the ongoing U.S. government shutdown kept investors on the sidelines. Chinese exports and imports declined at the worst rates in two years in December, raising fresh concerns about global growth. Brexit concerns also lingered ahead of Tuesday’s key Commons vote. While the U.K.?s FTSE 100 Index has slumped by 1 percent, the French CAC 40 Index and the German DAX Index are down by 0.7 percent and 0.6 percent, respectively. Denmark’s Pandora has moved sharply lower on the day after Morgan Stanley slashed

By Modupe Gbadeyanka The Nigerian currency on Thursday depreciated against the British legal tender at the foreign exchange market. The Naira, which closed at N499 to the Pound Sterling on Wednesday, finish the next day at N500 at the parallel market, indicating a N1 loss. However, the local currency remained stable against the two other foreign currencies; the Dollar and the Euro, closing at N410 and N435 respectively. But the Naira gained 50k against Dollar at the official CBN window. The Nigerian currency close at N306.5k per Dollar on Thursday compared with N306.10k it end the previous day. Also, the

By Investors Hub The major U.S. index futures are pointing to a modestly lower opening on Friday following the lackluster performance seen in the previous session. Trading activity on the day may be somewhat subdued, with a lack of major U.S. economic data keeping some traders on the sidelines. Uncertainty about the near-term outlook for the markets may also contribute to choppy trading following the recent move to record highs by the major averages. Earnings news is likely to attract attention, however, with several big-name companies recently releasing the quarterly results. Stocks showed a lack of direction over the course

By Dipo Olowookere Those who trade Nigerian stocks gained N22 billion on Monday despite the Nigerian Exchange (NGX) Limited witnessing low trades. The market appreciated by 0.10 per cent on the first trading session of the new week on the back of bargain hunting by investors, who cherry-picked equities that could yield gains in the coming days, weeks and months. As a result of the buying interest, 21 shares ended on the gainers’ chart while 11 shares finished on the losers’ table, indicating a positive market breadth and investor sentiment. Neimeth recorded the biggest price appreciation with 9.82 per cent

By Dipo Olowookere The rights issue and public offer of NPF Microfinance Bank have been extended by one month, a notice from the stock exchange has disclosed. The NPF MfB rights issue and public offer were initially scheduled to come to an end on Wednesday, June 30, 2021, but the Securities and Exchange Commission (SEC) has approved the request by the firm to shift it to Friday, July 30, 2021. The small lender is 2,286,657,766 ordinary shares of 50 kobo each at N1.50 per share in the rights issue on the basis of one new ordinary share for every one