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LCCI advocates stronger Nigeria-Taiwan-Africa business partnerships

DailyTimesNGR DailyTimesNGR 14 November 2024 0

BY TEMITOPE ADEBAYO President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa has emphasised the need for enhanced business collaborations between Taiwan, Nigeria, and other African nations to shape the future of trade and development. Speaking at the 2024 Taiwan-Africa

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Unitrust Insurance pays N3.2bn claims to policyholders in 2023

DailyTimesNGR DailyTimesNGR 27 October 2024 0

BY MOTOLANI OSENI Unitrust Insurance Company Limited’s policyholders received N3.2billion as compensation on their insured risks, having suffered mishap in 2023. The company reported Insurance Revenue of N6.9billion, resulting in 30% increase compared to N5.3billion recorded in 2022, stating that, the growth is attributed to improvement in service delivery, customer, and

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SEC affirms commitment to fund SMEs for economic growth

DailyTimesNGR DailyTimesNGR 27 October 2024 0

BY MOTOLANI OSENI The Securities and Exchange Commission SEC, has expressed its readiness to support Small and Medium Enterprises (SMEs), offer shares to investors through online platforms, allowing backers to receive equity and participate in the company’s growth and profits. Agama who stated this in a Goodwill Message at the 2024 National MSME Conference, said […]

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FBNHoldings launches N150bn Rights Issue to boost First Bank’s growth

DailyTimesNGR DailyTimesNGR 27 October 2024 0

BY TEMITOPE ADEBAYO FBN Holdings Plc. (FBNH) officially launched a N150 billion Rights Issue on October 25, 2024, aimed at strengthening its commercial banking arm, First Bank of Nigeria Limited. The offering, signed at the company’s headquarters at 35 Marina, Lagos, enables existing shareholders to purchase 5,982,548,799 new ordinary shares at N25.00 per share, on […]

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SMEDAN, investors to raise N100bn fund for Nigeria’s SMEs

DailyTimesNGR DailyTimesNGR 27 October 2024 0

BY MOTOLANI OSENI The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) through partnership with investors, is spearheading a N100 billion impact fund aimed at transforming the financial landscape for small and medium-sized enterprises (SMEs) across the country. This initiative, presented at a recent meeting between vice president, Kashim Shettima and key

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Naira rises to N1,600/$ as FX liquidity boosts official market

DailyTimesNGR DailyTimesNGR 27 October 2024 0

Increased US dollar liquidity in the foreign exchange market has strengthened the naira, which appreciated by 0.07 per cent, closing at N1,600 per dollar in the official market this week. The currency gained momentum as demand for foreign currency eased ahead of the Central Bank’s November test run of its new automated FX trading platform. […]

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NGX index up 1.41% as investors gain N835bn in robust week

DailyTimesNGR DailyTimesNGR 27 October 2024 0

BY MOTOLANI OSENI Equities investors on the Nigerian Exchange (NGX) saw significant gains over the past trading week, as strategic investments drove the NGX All-Share Index up by 1.41 per cent to close at 99,448.91 points. This momentum translated to a notable N835 billion increase in market capitalisation, which ended the week at N60.261 trillion. […]

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PFAs to deepen pension funds investment in sharia-compliant instruments

DailyTimesNGR DailyTimesNGR 24 October 2024 0

The Pension Fund Administrators (PFAs) are set to further deepen investment of the pension funds into Sharia-compliant and ethical instruments in a move to explore investment options available under Retirement Savings Fund (RSA) Fund VI. To expand this investment outlet, the Pension Fund Operators Association of Nigeria (Penop), along with the National Pension Commission

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ALX Africa inspires innovative products development with impactful masterclass session

DailyTimesNGR DailyTimesNGR 24 October 2024 0

BY GODWIN ANYEBE Award-winning career and entrepreneurship accelerator, ALX Africa, furthered the course for innovative products creation by recently organizing an exclusive product management masterclass for its community members. The masterclass was designed for learners on the ALX Founders Academy. This comprehensive entrepreneurship program offers participants insights

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Insurance sector allocates 54% of income to claims in 2023, says NIA Chairman

DailyTimesNGR DailyTimesNGR 24 October 2024 0

BY MOTOLANI OSENI In the 2023 financial year, the insurance industry in Nigeria recorded over N1 trillion in Gross Premium Income, with insurers disbursing N536.5 billion—representing 54 per cent of their income—towards claims paid to policyholders. This figure underscores the industry’s commitment to fulfilling its obligations, according to Mr. Kunle Ahmed, Chairman

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CBN’s FX backlog clearance boosts naira stability- IMF

DailyTimesNGR DailyTimesNGR 24 October 2024 0

..As Edun calls for increased oil production to ease forex challenges BY MOTOLANI OSENI The International Monetary Fund (IMF) has highlighted that recent policy actions by the Central Bank of Nigeria (CBN), particularly the clearance of a significant foreign exchange (FX) backlog and ongoing interest rate hikes, have brought much-needed stability to the naira. This […]

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Transcorp Power revenue soars to N223.6bn in Q3 2024

DailyTimesNGR DailyTimesNGR 15 October 2024 0

BY MOTOLANI OSENI Transcorp Power Plc has reported a remarkable revenue increase of N223.6 billion for the third quarter of 2024, reflecting a substantial growth of 153 per cent compared to N88.4 billion in the same period last year, according to its unaudited results filed with the Nigerian Exchange (NGX). This surge underscores the company’s […]

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Interbank rates fall as FGN coupon payments enhance liquidity

DailyTimesNGR DailyTimesNGR 15 October 2024 0

BY TEMITOPE ADEBAYO Interbank rates in the money market declined following inflows from Federal Government of Nigeria (FGN) bond coupon payments, which significantly boosted liquidity in the financial system. Analysts noted that the FGN coupon payment totaling N28.22 billion helped saturate a financial landscape that had recently plunged into negative territory. As a

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Nigeria considers disconnecting Neighbours over $5.79m unsettled electricity bill

Ihesiulo Grace 15 October 2024 0

Nigeria is contemplating a drastic measure to disconnect its neighbouring countries from its electricity grid due to their substantial unpaid debts to the nation’s power sector. According to the Nigerian Electricity Regulatory Commission (NERC), international customers have failed to settle a debt of $5.79 million for electricity supplied in the second quarter of

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Aradel Holdings boosts NGX market cap by N3.05trn with landmark listing

DailyTimesNGR DailyTimesNGR 15 October 2024 0

BY MOTOLANI OSENI Aradel Holdings Plc, an integrated energy company, has made a significant entry onto the Nigerian Exchange Limited (NGX) Main Board, listing 4.34 billion shares at N702.69 per share on Monday, October 14, 2024. The listing, executed through a “Listing by Introduction,” increased NGX’s market capitalization by N3.05 trillion, marking a pivotal

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SEC’s proactive approach enhances banking recapitaliation process, says DG Emomotimi Agama

DailyTimesNGR DailyTimesNGR 23 September 2024 0

BY MOTOLANI OSENI The guidelines released by the Securities and Exchange Commission SEC prior to the banking recapitalization exercise has been described as one of the steps that has made the process more transparent and easily accessible for Nigerians to participate in. Director General of the SEC, Dr Emomotimi Agama stated this at the Commission’s […]

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Investors gain N455bn as bullish sentiment drives equities market higher

DailyTimesNGR DailyTimesNGR 23 September 2024 0

BY TEMITOPE ADEBAYO In a holiday-shortened week, investors enjoyed a bullish rally on the Nigerian Exchange (NGX), securing a significant N455 billion increases in market capitalization, which closed at N56.457 trillion. The All-Share Index (ASI) also advanced by 0.81 per cent week-on-week (W-o-W), finishing at 98,247.99 points as three out of four trading sessions

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Emerging assets gain as traders react to flurry of rate moves

DailyTimesNGR DailyTimesNGR 23 September 2024 0

BY GODWIN ANYEBE Developing-nation assets ended the day higher as traders adjusted to a spate of interest-rate decisions from some of the biggest emerging-market economies following the Federal Reserve’s first interest-rate cut in four years. MSCI’s index for developing currencies rose 0.2%, capping a seventh session of gains for the longest winning streak since July. […]

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Nigeria set for capital inflows as Fed rate cut bolsters emerging markets

DailyTimesNGR DailyTimesNGR 23 September 2024 0

BY GODWIN ANYEBE Nigeria and other emerging markets are poised to benefit from the recent decision by the U.S. Federal Reserve to cut interest rates by 50 basis points, marking the first reduction in four years. This move is expected to trigger significant foreign capital inflows into Nigeria as global investors seek higher-yielding opportunities outside […]

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Stakeholders call for national policy on fact checking, advocate control of AI

DailyTimesNGR DailyTimesNGR 17 September 2024 0

BY TEMITPOPE ADEBAYO Stakeholders and professionals in the field of communication have advocated for the control of Artificial Intelligence (AI) to guide against abuse in digital communication. The stakeholders also addressed the need for a national policy on AI, verification and fact-checking would address misinformation and disinformation and improve elections and good