Author: Olumide Kolawole

United Capital Plc has released its unaudited result and accounts for half year (H1) ended June 30, 2024 with N9.06 billion profit after tax, about 63 per cent increase from N5.54 billion reported in half year ended June 30, 2023. The company on the Nigerian Exchange Limited (NGX), yesterday in its profit & loss figures declared N7.74billion profit after tax, representing an increase of 65 per cent as against N4.69 billion declared in H1 2023. Gross earnings stood at N15.15billion in H1 2024, a growth of 38 per cent when compared to N11.01 billion reported in H1 2023, and it…

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The Federal Government has obtained $751.88m out of the recently approved $1.5bn loan by the World Bank. The loan under the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project was disbursed on June 28, 2024, documents from the global financial institution seen by The PUNCH indicated on Wednesday. This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations. The $1.5bn loan comprises two separate agreements between Nigeria and the World Bank: An International Development…

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President Bola Tinubu has sought the approval of the National Assembly to increase the 2024 budget by N6.2tn, bringing the total budget to N34.9tn from an initial N28. 7tn budget the president signed into law on January 1. The request, which was contained in a letter to the Senate President Godswill Akpabi, on Wednesday, also sought to amend the 2023 Finance Act to impose a one-time windfall tax on banks’ foreign exchange gains. “Under section 58 (2) of the Constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the…

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Trading activities in the Nigerian Equities market closed negative at the end of today, Wednesday (17/07/2024), as the NGX-ASI decreased to 100,032.32 from 100,075.59 recorded at the close of the previous trading day; indicating a YTD return of +33.78%. Similarly, The market capitalization also decreased by N24.00 billion to N56.646 trillion from N56.670 trillion recorded at the close of the previous trading day. The market turnover increased to N10.076 billion from N7.425 billion. The market breadth was positive at 2.00X as 28 stocks advanced and 14 stocks declined, while 72 stocks remained unchanged. UCAP the gainers’ list with +10.00%, while…

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Jaiz Bank, a non-interest financial institution, is poised to grow its capital base to N70 billion by the end of this year. Jaiz Bank and other non-interest banks hoping to achieve national status have till 31st March, 2026 to record N20 billion capital base as directed by the Central Bank of Nigeria (CBN) under its ongoing banking system recapitalization. This disclosure was made by the Chairman of the Board of Directors, Mustapha Bintube, during a send-off ceremony held in Abuja for 11 retired board members, including the bank’s pioneer chairman, Alhaji Umar Abdul Mutallab. In his remarks, Alhaji Bintube noted…

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Guaranty Trust Holding Company Plc (GTCO) has launched its public offer for subscription of 9 billion ordinary shares at N44.50 per share, starting on Monday, July 15. The offer, which aims to raise N400.5 billion, will remain open until August 12, according to the notice filed on the Nigerian Exchange Limited (NGX). The offer has also been admitted on the Exchange’s newly launched digital platform; NGX Invest. According to the notice, the allocation of the 9 billion units of shares will be evenly split between institutional and retail investors, with each category receiving 4.5 billion shares. However, GTCO has reserved…

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Oil held its ground on Monday, with political uncertainty in the U.S. and the Middle East supporting prices, offsetting downward pressure from a stronger dollar and weak demand in top importer China.Brent crude futures slid 13 cents, or 0.2%, to $84.90 a barrel by 06:40 GMT after settling down 37 cents on Friday. U.S. West Texas Intermediate crude stood at $82.15 a barrel, down 6 cents, or 0.1%.The dollar, which firmed after a failed assassination bid on U.S. presidential candidate Donald Trump, weighed on oil prices. A stronger dollar tends to lower oil prices as buyers using other currencies have…

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Banks are increasing lending to the private sector with an average monthly N1.6 trillion facility over the past two months. The N1.6 trillion pushed credits to the private sector to N74.31 trillion. Latest data from the Central Bank of Nigeria (CBN) indicates that credit to the private sector (CPS) rose by 65.9 percent or N29.52 trillion to N74.31 trillion last May compared to N44.79 trillion recorded in the same period last year. A month-on-month breakdown shows sustained growth in lending over the past two months with additional credits of N1.39 trillion and N1.71 trillion in May and April 2024 respectively.…

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U.S. Treasuries slipped and the dollar firmed on Monday as investors wagered the attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.A holiday in Japan made for thin trading in Asia and action was confined to a modest rise in the dollar, gains for bitcoin and selling U.S. bonds. Benchmark 10-year Treasury yields were up almost five basis points in early London trade. Investors have tended to react to the prospect of a Trump win by pushing Treasury yields higher, in part on the assumption his…

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Chairman of Dangote Group, Mr Aliko Dangote, on Sunday, announced that the Nigerian National Petroleum Company (NNPC) Ltd no longer holds a 20 per cent share in the Dangote Refinery as it has been reduced to 7.2 per cent. During a press briefing at the refinery in Lagos on Sunday, Dangote explained the reduction of NNPC Ltd’s stake to 7.2 per cent was due to its failure to pay the balance of their share, which was due in June. According to him, despite promises to provide the funds, the NNPC has not met its financial obligations, resulting in a decreased…

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