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Nigeria unveils 10-year capital market plan, national savings scheme to drive $1tn economy
Nigeria has unveiled a 10-year capital market development roadmap and a national savings plan designed to mobilise domestic resources, attract international investment and strengthen the country’s capacity to finance its ambition of building a $1 trillion economy by 2030. The…
After listing, Airtel Money makes muted London trading debut
Airtel Money, the digital financial services arm of Airtel Africa, has commenced conditional trading on the Main Market of the London Stock Exchange (LSE), with an offer price of £1.96 per share valuing the company at approximately £5.3 billion. The…
Elumelu raises Seplat stake by $71m ahead of board chairmanship
Nigerian businessman and investor Tony Elumelu has increased his interest in Seplat Energy Plc, with Heirs Energies, a company he controls, acquiring an additional six million shares in the Nigerian energy producer ahead of his scheduled assumption of the company’s…
Dangote’s US listing to put refinery on global valuation template
Sopuruchi Onwuka Dangote Refinery’s planned listing on a United States stock exchange could become the next major test of investor confidence in Africa’s biggest private industrial project, following its $1.6 billion Initial Public Offering (IPO) on the Nigerian Exchange. In…
Lagos gov., Sanwo-Olu, others advocate alternative financing as Nigeria’s growth engine at AltBank’s ‘Beyond Interest’ forum
From left): Korede Demola-Adeniyi, Executive Director, The Alternative Bank (AltBank); Babatunde Raji Fashola, former Governor of Lagos State & former Federal Minister of Works and Housing, and Abubakar Suleiman, Non-Executive Director, Sterling Financial Holdings Company Plc at AltBank’s ‘Beyond Interest’…
CBN mops up N1.06trn excess liquidity from banking system, repays N2.21trn via maturing OMO bills
Central Bank of Nigeria (CBN), Wednesday, disclosed that it mopped up excess liquidity from the banking system, raising N1.06 trillion at its Nigerian Treasury Bills (NTBs) auction after the repayment of N2.21 trillion in maturing Open Market Operation (OMO) bills injected…
BOI appoints capital firm to manage $170.6m iDICE Fund for Nigerian Startups
Bank Of Industry (BOI) has appointed the Kuramo Capital Management as Fund Manager of the $170.6 million iDICE Fund. The iDICE Fund of Funds is a landmark investment vehicle aimed at expanding venture capital financing for technology and creative start-ups across…
FMDQ welcomes new Board, appoints Akaraiwe as CEO
Africa’s first vertically-integrated financial market infrastructure, the FMDQ Group Plc has announced the appointment of Mr. Zeal Akaraiwe as its Group Managing Director/Chief Executive Officer subject to the approval of the Securities and Exchange Commission (SEC). The Group has also strengthened…
FG to issue fresh N729bn bond for GenCos settlement, as legacy debt rises to N6.8trn
Nigerian government has disclosed that it is pushing ahead with the second tranche of about N729 billion bond issue to settle part of the power sector’s legacy debt to Electricity Generation Companies (GenCos). The Nigerian Bulk Electricity Trading Plc (NBET) confirmed…
SpaceX shares crash by $600bn in market value in one week, as Musk loses trillionaire status
SpaceX shares had peaked at $225.64 on June 16, but less than a week after the largest IPO in history, shares crashed to $147.11 briefly dipping below the opening price before recovering again to close at around $156. The slide wiped…
