Economy
Elumelu Targets Listing of More Heirs Holdings Subsidiaries
By Adedapo Adesanya
The Chairman of Heir Holdings, Mr Tony Elumelu, has disclosed that the group would list more of its subsidiaries in Nigeria and Africa as part of his vision to spread wealth and leave a lasting legacy.
Speaking at a media parley to mark the 14th anniversary of Heirs Holdings on Wednesday in Lagos, the businessman stated that the group would be considering the listings when the environment is right, alluding to the current operating environment on the continent.
“In 2010, we embarked on a bold journey to invest across key strategic sectors and catalyse Africa. Our vision was clear: to establish a role model company that embodies African aspirations and values, one that endures and champions Africa on the global stage. We committed ourselves to building a lasting legacy.
“All our businesses in African countries are privately owned. We would like to democratise prosperity by listing them in those markets. Where we have listed, people have benefited significantly from the listing. So, we will initiate public offering in those markets, but at the right time to do so,” he stated.
Business Post reports that Heirs Holdings subsidiaries span the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors.
Currently, there are seven businesses owned by Mr Elumelu listed on the Nigerian Exchange (NGX) Limited and they are Transcorp Hotels, Transcorp Plc, United Bank for Africa, Afriland Properties, United Capital, and Africa Prudential.
“Our journey has been defined by unwavering tenacity, enabling us to seize opportunities and uphold our vision and principles. Most importantly, our efforts have fostered significant social impact, improving the lives of millions and driving inclusion within communities. For us in our Group, it is about three visions, execution, enterprise and excellence,” he explained.
On her part, the Group CEO of Transnational Corporation Plc, Mrs Owen Omogiafo, noted that Transcorp Group is Nigeria’s largest listed diversified conglomerate, with investment in strategic sectors of power, hospitality, energy, etc.
“As of today, we account for about 15 per cent of Nigeria’s power generation. With our investment in distribution, we actually cover a landscape of over 130,000 square kilometres. We have two power companies. Transcorp Power and Trans-Afem Power, which are direct investments; and we have an indirect investment in Abuja Electric Distribution.
“Our hospitality business is a leader in the country’s hospitality sector,” she stated.
She added that Transcorp’s energy business includes OPL 281 and significant oil and gas assets and noted the company’s commitment to energy sufficiency and exploration of renewable energy opportunities.
“There’s more coming. We are firmly rooted in the principle of Africapitalism, balancing doing well with doing good. Transcorp Group has three out of seven listed companies, reflecting our principle of wealth distribution. We will continue to transform Nigeria, transform Africa, and improve lives,” she said.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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