Wema Bank eyes N200bn in fresh capital through Rights Issue, special placement
Post AMUGE
January 22, 2025
Business a.m. Wema Bank recently made a major announcement pertaining to its capital raise strategy, stating that it will undertake a combination of a Rights Issue and Special Placement exercise, commencing on April 1, 2025, with the intention of securing N200 billion in fresh capital. With the second and final tranche of its capital raising […]
Exchange rate volatility to challenge Nigeria’s economy in 2025- Cowry Asset
Post AMUGEJanuary 20, 2025
Onome Amuge Johnson Chukwu, CEO, Cowry Asset Management Ltd. Nigeria’s foreign exchange market improved in 2024, driven by an uptick in foreign portfolio inflows, federal government foreign currency borrowing, and increased remittance inflows, resulting in the country’s foreign reserves surpassing the $40 billion mark. Despite the encouraging developments in 2024, Cowry Asset Management Limited, predicted […]
UBA,ZENITH Bank, First Bank, 6 others face N1.35bn CBN sanction for cash hoarding
Post AMUGEJanuary 13, 2025
Onome Amuge The Central Bank of Nigeria (CBN) has levied fines totalling N1.35 billion on nine Deposit Money Banks (DMBs) including , Zenith Bank Plc, United Bank for Africa Plc (UBA), Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, and Sterling Bank Plc, for failing […]
CBN halts extension for export proceeds repatriation
Post AMUGEJanuary 9, 2025
Onome Amuge The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, affecting both oil and non-oil export transactions. The CBN, in a circular dated January 8, 2025, stated that the decision is in compliance with existing foreign exchange regulations, and aims to ensure that […]
SEC moves to review framework on govt., corporates borrowing
Post AMUGEJanuary 9, 2025
Bamidele Famoofo The Securities and Exchange Commission has said it would improve the regulatory framework on borrowing by governments and corporates. Emomotimi Agama, director general of the commission, said this has become important given the Supreme Court order on direct subvention from the federal government to the 774 local government areas He noted the critical role borrowing […]
GTCO raises N209bn in first tranche of equity offering
Post AMUGEJanuary 7, 2025
Onome Amuge Segun Agbaje, Group CEO, Guaranty Trust Holding Company Plc Guaranty Trust Holding Company Plc (GTCO) has successfully completed the initial tranche of its equity capital raise programme. The total amount raised from the offer stood at N209.41 billion, with all the shares applied for being fully allotted. The development follows the successful completion […]
SEC vows crackdown on Ponzi scheme operators
Post AMUGEJanuary 6, 2025
Bamidele Famoofo The Securities and Exchange Commission (SEC) has pledged to continue protect investors in the capital market from hawks who are out to plunder them. SEC noted that protecting investors remains a cornerstone of its mission assuring that the Commission will intensify efforts to stamp out Ponzi and pyramid schemes while paving the way […]
FDI boost of $50bn key to achieving 5% inflation in Nigeria in 2025, says economist
Post AMUGEDecember 30, 2024
Onome Amuge Investing beyond borders is a core pillar of foreign direct investment (FDI), which involves buying a controlling stake in assets such as businesses, real estate, or productive resources in a foreign country, granting the investor direct influence over these assets. In Nigeria, FDI has proven to be a vital source of capital importation, […]
Turnover in fixed income market soars on high yields as investors inject N59trn in November
Post AMUGEDecember 30, 2024
Bamidele Famoofo Investment in the fixed income and currency market maintained a bullish run in 2024 with transactions in the twilight of the year (November) recording a 111.8 per cent growth year on year (N31.16trn) higher than the turnover in November 2023. On month on month basis, investments in the secondary market of the FIC […]
Mergers & Acquisitions in Nigeria hit 10-year high with $3.8bn deals in 2024
Post AMUGEDecember 30, 2024
Renaissance dominates with $2.4bn SPDC acquisition Onome Amuge Nigeria’s merger and acquisition (M&A) market rose to a 10-year high $3.8 billion in the first nine months of 2024, establishing the country as the second-largest M&A hub on the African continent, trailing only South Africa. DealMakers Africa, a leading M&A intelligence firm, made the disclosure in […]