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Naira appreciates to ₦1,408/$ in parallel FX market

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AXA Mansard hits N11bn from FX profit
Business

AXA Mansard hits N11bn from FX profit

Axa Mansard has reported second-quarter earnings that increased pre-tax profits by 597% to N12.8 billion. The increase in profitability helped push half-year pre-tax earnings to N14.7 billion from just N1.3 billion during the same period last year. The performance of Axa Mansard in the second quarter was boosted by a foreign currency gain of N11.1 billion […]

NDDC reiterates dedication to stakeholders' collaboration
Opinion

N’Delta most peaceful region for investment – NDDC boss

The Managing Director of the Niger Delta Development Commission, Samuel Ogbuku, has said the Niger Delta, by current realities, has become the most peaceful region in Nigeria suitable for investments.   Ogbuku, who asserted the appraisal during interaction in Port Harcourt, Rivers State, with ex-militants engaged in Phases 1, 2, and 3 of the Niger […]

How PenCom invested N130bn pension fund in infrastructure
News

PenCom denies Covid-19 Estacode payment allegations

The National Pension Commission has referred to reports that its Director-General, Mrs. Aisha Dahir-Umar, received millions of dollars in salary as estacode during the Covid-19 lockout in 2020 as blatant fabrication and fiction. According to Nairametrics, the commission’s response was prompted by online rumours that it had spent as much as Estacode in 2020 and […]

Ogun cargo airport to employ 25000 youths on completion - Dapo Abiodun
Ports and Airports

Ogun cargo airport to employ 25000 youths on completion – Dapo Abiodun

The recently finished Gateway International Agro-Cargo Airport project will open up employment prospects for some 25,000 unemployed youths in the state according to Ogun State Governor, Dapo Abiodun. According to Nairametrics, he claimed that in addition to the airport project, additional growth initiatives would be included, such as the Special Agro Processing Zone that is situated in the city. […]

MTN internet subscription declines over NIN-SIM linkage
Business

MTN reports 39.3% drop in fintech clients in H1 2023

MTN Nigeria recorded a 39.3% drop in fintech users for the first six months of 2023, bringing the number of users to 7 million by the end of June. This information was provided by the corporation in its just-released H1 2023 financial results. MTN claimed that 3.1 million of its 7 million fintech customers, or […]

NASCON Allied Industries to merge with Dangote sugar refinery
Business

NASCON Allied Industries to merge with Dangote sugar refinery

The Board of Directors of NASCON Allied Industries Plc authorized a merger plan with Dangote Sugar Refinery Plc. and Dangote Rice Limited on Thursday, July 28, 2023, subject to regulatory and shareholder clearances. According to Nairametrics, the announcement followed a previous report from a planned annual general meeting to discuss the proposed merger. The Unaudited Financial Statements […]

Wema Bank, NYSC collaborate on youth empowerment
Banking

Wema reports half year increase

Wema Bank said that its unaudited results for the six-month period ending June 30th, 2023, showed increased performance, including gross earnings of 89.09 billion, a 49% rise from the prior year (H1 2022: 59.59 billion). While non-interest income increased 32% year over year to $12.98 billion (H1 2022: $9.85 billion), recorded interest income increased 53% […]

Banking

Wema reports half year increase

Wema Bank said that its unaudited results for the six-month period ending June 30th, 2023, showed increased performance, including gross earnings of 89.09 billion, a 49% rise from the prior year (H1 2022: 59.59 billion). While non-interest income increased 32% year over year to $12.98 billion (H1 2022: $9.85 billion), recorded interest income increased 53% […]

X: Twitter reinstates Kanye West’s account
News Tech

Twitter reinstates Kanye West’s account

Kanye West’s Twitter account has now been unbanned after being suspended for almost eight months due to inflammatory messages. The rapper’s account currently displays his most recent tweet dated December 1, a day before X, Twitter’s new name suspended the rapper’s account. The Wall Street Journal reported on Saturday, citing X, that West, who legally […]

How increased electricity access will drive investment - Seplat
Business featured

Seplat Energy announces interim dividend payment to shareholders

The interim dividend for the half-year ending June 30, 2023, will be paid to shareholders of Seplat Energy Plc at the rate of US3 cents per ordinary share of N0.50k. According to Nairametrics, this information was gotten from the company’s corporate action statement to the Nigerian Exchange Limited. The shareholders whose names appear in the Register of Members as […]

UAC returns to profitable ways, reports N12.7bn profit in 2023
Business

UAC reports N3.5bn FX gain, 87.5% profit

UAC Plc published its 2023 half-year figures, showing pre-tax profits of N4 billion compared to a pre-tax loss of N966 million during the same period last year. The result of the second quarter contributed to the first half of the year’s profits increasing to N3.1 billion. The profitability was mostly due to an increase in finance […]

Elon Musk’s xAI in talks to raise $10bn at $75bn valuation
News Tech

X rolls out creators’ ads revenue sharing programme

X, formerly known as Twitter, has announced its “Ads Revenue Sharing” program from now open to all qualified creators worldwide. Elon Musk, the owner of X, stated in posts that the program’s goal is to give $5 million to creators in the first round. From the month of February onward, this would add up. As […]

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