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Five major Nigerian banking holding companies must raise an estimated N971.8 billion in fresh equity capital under proposed central bank rules. Investment firm Renaissance Capital Africa revealed the massive funding gap following a thorough review of the draft regulatory framework. The apex bank intends to compel parent corporations to hold extra cash to cushion their…
The Senate Public Accounts Committee has ordered the external auditors of the Nigerian National Petroleum Company Limited to explain over 210 trillion Naira in unreconciled accounts. Lawmakers gave the independent audit firms exactly seven days to defend the financial statements they certified. The sheer scale of the unexplained figures threatens to overshadow the state oil…
United Bank for Africa has named Emmanuel Nnorom as its incoming group chairman to succeed Tony Elumelu, who will retire from the board on August 21, 2026. The Tier-1 financial institution announced the leadership transition following a board meeting in Lagos. Elumelu leaves the post after completing the maximum twelve-year tenure permitted for non-executive directors…
The Nigerian Exchange Group (NGX) is minting money for its owners again. At its 65th Annual General Meeting in Lagos, the bourse operator secured approval for a N2.00 per share final dividend and a one-for-three bonus share issue. This payout follows a 2025 financial year that shareholders described as a turning point for the group….
A Federal High Court in Lagos has frozen the assets and shares of ShopRite directors. Justice Ambrose Lewis-Allagoa issued the order to ensure the retailer settles an outstanding judgment debt. The company may no longer offload property or equity until the creditor receives full payment. The court expects total transparency regarding the firm’s holdings. This…
Aliko Dangote plans to construct a 650,000 barrels-per-day refinery in East Africa, aiming to replicate the scale of his Lagos-based facility. The billionaire industrialist announced this intent at the “Africa We Build” summit in Nairobi on Thursday. He stated that his group is ready to proceed if regional governments provide the necessary support. The proposed…
