• Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

    Ten months after Flour Mills of Nigeria (FMN) acquired a majority stake in Honeywell Flour, the former is on the verge of losing some assets owned by the latter to Ecobank. Ripples Nigeria had reported that Flour Mills acquired a 76.75 per cent stake in Honeywell through its sister companies, Ecowise Horizon Investment Limited and The post Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

    The Nigerian capital market slumped in equity valuation by 0.18 percent at the close of trading on Friday. This represented a dip in the market capitalization by N51.78 billion from N28.73 trillion to N28.68 trillion after five hours of trading today. Similarly, the All-Share Index dropped by 95.08 basis points to close at 52,657.88, down The post Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Scarcity of new Naira notes hits CBN’s cash swap with banks, First Bank reject PoS agents’ request

    The Central Bank of Nigeria (CBN)’s cash swap programme with the Deposit Money Banks (DMBs) has suffered a setback due to scarcity of the new Naira notes. The CBN had announced its intention to partner with some commercial banks, Super Agents, Mobile Money Operators and Point of Sale (PoS) merchants to increase circulation of the The post Scarcity of new Naira notes hits CBN’s cash swap with banks, First Bank reject PoS agents’ request appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Banks meet Reps committee, counter CBN on new Naira notes

    Commercial Banks on Friday countered claims by the Central Bank of Nigeria (CBN) on the availability of the new Naira notes. The banks defended their position on the matter when they appeared before the House of Representatives ad hoc committee investigating the scarcity of the new notes and the January 31 deadline given by the The post Banks meet Reps committee, counter CBN on new Naira notes appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Eterna Plc loses N69.23m in foreign exchange forward contract

    Domestic oil and gas company, Eterna Plc, recorded a decline in its foreign exchange forward contract, but managed to raise its total revenue for the year ended December 31, 2022. Ripples Nigeria gathered from an overview of Eterna’s Consolidated Financial Statements obtained on Friday that the foreign exchange forward contract dropped by 13.51 per cent The post Eterna Plc loses N69.23m in foreign exchange forward contract appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Nigerians soon to buy shares with USSD short code

    Nigerian Exchange (NGX) has revealed plans to allow Nigerians to buy shares and other securities at the stock market, with the Unstructured Supplementary Service Data (USSD). This was disclosed by Temi Popoola, NGX Chief Executive Officer while speaking during the annual review and preview of the capital market organized by the NGX on Thursday. According The post Nigerians soon to buy shares with USSD short code appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Stanbic IBTC denies flouting PenCom’s order on gifts

    Stanbic IBTC Pension Managers Limited has dismissed reports on the offer of gifts and incentives to Retirement Savings Account (RSA) holders contrary to the National Pension Commission (PenCom)’s directive. In a statement issued on Tuesday by Sunday Edetanlen on behalf of its media consultant, P+ Measurement Services, PFA described the reports as “unfounded, incorrect, and The post Stanbic IBTC denies flouting PenCom’s order on gifts appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • United Nigeria Airlines chief demands special funding for local operators

    The Chairman of United Nigeria Airlines (UNA), Prof. Obiora Okonkwo, on Thursday urged the Federal Government to support players in the nation’s aviation sector with “special funding.” Okonkwo made the call at a retreat organised by the management of United Nigeria Airlines in Abuja to mark its second year in the nation’s aviation industry. He The post United Nigeria Airlines chief demands special funding for local operators appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Investors gain N83.5bn as Nigeria’s capital market rebounds from trading losses

    The Nigerian capital market rebounded from the previous day’s losses with a rise in equity capitalization by 0.29 percent at the close of trading on Thursday. This represented an N83.50 billion growth in the market capitalization from N28.64 trillion to N28.73 trillion after five hours of trading today. Similarly, the All-Share Index rose by 153.31 The post Investors gain N83.5bn as Nigeria’s capital market rebounds from trading losses appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • CBN loans to gulp N1.2trn of 2023 budget

    The Federal Government has earmarked over N1.2 trillion to service the loans it got from the Central Bank of Nigeria through the Ways and Means Advances in 2023. The details were contained in the 2023 fiscal framework document obtained by Ripples Nigeria. Ways and Means Advances is a loan facility used by the central bank The post CBN loans to gulp N1.2trn of 2023 budget appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.