Nigeria: Sterling Bank Gets CBN's Nod to Restructure to Holding Company, Start Non-Interest Bank

Nigeria: Sterling Bank Gets CBN’s Nod to Restructure to Holding Company, Start Non-Interest Bank

It got an approval-in-principle to start a non-interest banking unit to be known as Alternative Bank Limited. Sterling Bank obtained the Central Bank of Nigeria (CBN) ‘s go-ahead to transform to transform to a holding company subject to meeting certain conditions outlined by the regulator. It also got an approval-in-principle for a permit to start […]

Unity Bank, Dangote Sugar Among List of Companies Stocks Underperforming on the Nigerian Exchange

Unity Bank, Dangote Sugar Among List of Companies Stocks Underperforming on the Nigerian Exchange

According to the Nigerian Exchange, there are over 156 listed firms with a total market capitalization of over N21 trillion While some companies’ stocks have made billions for shareholders, many are left to count their losses As the year draws to a conclusion, many people’s prospects of recovering are dwindling, while others will just have […]

Investors’ wealth dips further by N25b in bearish trading

Investors’ wealth dips further by N25b in bearish trading

Nigerian Exchange Group (NGX) Following sustained sell-off in the shares of most highly capitalised stocks, the Nigeria Exchange Limited (NGX), extended losses to three consecutive trading sessions yesterday, as investors’ wealth depreciated further by N25 billion. At the close of trading yesterday, the All-Share Index (ASI), dipped by 46.77 absolute points, representing a decline of […]

Nigeria: Banks Reduces Provision for Bad Loans As NPLs Ratio Shrink in H1 Amid Ease in Covid-19 Lockdown

Nigeria: Banks Reduces Provision for Bad Loans As NPLs Ratio Shrink in H1 Amid Ease in Covid-19 Lockdown

With stability in the Nigerian economy following ease in Covid-19 lockdown, some banks Non-Performing Loans Ratio (NPL) dropped in half year ended June 30, 2021, leading to the reduction of provision for bad loans (Impairment losses on financial instruments losses) by the banks. The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele had at the […]

Nigerian Stock Exchange resumes week with N34 billion loss

The market loss was driven by price depreciation in large and medium capitalised stocks [Reuters/Akintunde Akinleye] Specifically, the market capitalisation which opened at N19.626 trillion lost N34 billion to close at N19.592 trillion. Also, the NGX All-Share Index dropped by 73.01 points or 0.19 per cent to close at 37,585.25, from 37,658.26 achieved on Friday. […]