Zenith Bank
Court orders final forfeiture of ex-Zamfara governor’s money in Zenith, Polaris banks
The Federal High Court, Abuja, on Tuesday, ordered the final forfeiture of former Governor of Zamfara, Abdulaziz Yari’s funds domiciled in Zenith and Polaris Banks. While 56, 056.75 dollars was lodged in Polaris Bank account, the sums of N12.9 million, N11.2 million, 301, 319.99 dollars; N217, 388.04 and 311, 872.15 dollars were kept in different Zenith Bank accounts in the name of Yari and his companies. Justice Ijeoma Ojukwu, in a judgment, held that the former governor had not shown good cause why the order sought by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) should not be granted. Yari served as governor of Zamfara between May 2011 and May 2019. The ICPC had instituted a suit, praying the court for the former governor to show cause why the money unde...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Profit taking persist on NSE, market capitalisation loses N232 billion
Nigerian stock market closed on a negative note for the fourth straight session on Thursday with the market capitalisation losing N232 billion. Specifically, the market capitalisation which opened at N18.304 trillion dipped N232 billion to close at N18.072 trillion. Also, the All-Share Index lost 464.00 points or 1.32 per cent to close at 34,557.26 compared with 35,021.26 achieved on Wednesday. Accordingly, month-to-date loss increased to 1.3 per cent, while year-to-date gain moderated to 28.8 per cent. The downward trend was also driven by price depreciation in medium and large capitalised stocks amongst which are; Lafarge Africa, Guinness Nigeria, Zenith Bank, Dangote Sugar Refinery and MTN Nigeria Communications (MTNN). Market breadth was strongly negative with 40 laggards, in relative ...
Stock market gains N138 billion despite profit taking
The stock market posted positive performance last week despite profit taking by some investors, as it sustained the growth recorded in the previous week. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.7 per cent to close at 35,137.99, while market capitalisation gained N137.5 billion to print at N18.365 trillion. Apart from the NSE ASI index that appreciated, NSE Insurance, NSE ASeM and NSE Oil/Gas indices also went up by 2.61 per cent, 1.56 per cent, 0.19 per cent and 1.71 per cent respectively. Although the gains recorded in the market in November was expected to propel profit taking, some market analysts are still upbeat that the bulls would remain in control till the end of the year. “With the low yield environment in the fixed income space and investors’ cor...
Bulls on rampage, NSE market indices up 6.23 percent
The bulls continued to dominate activities on the Nigerian Stock Exchange (NSE) with the All-Share Index rising above the set five per cent threshold to trigger circuit breaker. The post Bulls on rampage, NSE market indices up 6.23 percent appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
#EndSARS: 15 policemen arrested protester in Lagos – sister
No fewer than 15 armed policemen arrested a promoter of the #EndSARS protest, Eromosele Adene, after invading his apartment on Adeleke Street, in the Allen area of Ikeja, Lagos State, on Saturday. PUNCH Metro gathered that a protest had been slated to hold at the Allen Junction in Ikeja when the policemen besieged Eromosele’s house and whisked him away. His sister, Florence, who spoke to newsmen on Sunday, said one of the policemen deceived her by claiming that he had a parcel to deliver to their father around 7am on Saturday. “When I met them, they told me that they were actually looking for my brother and instructed me to take them to our house, but I refused. They said they did a business with him and sent money to his Zenith Bank’s account but the commodity was not delivered. I told th...
Trading remains upbeat on NSE, index up 1.28%
Activities on the Nigerian Stock Exchange on Friday remained upbeat for the fifth consecutive day, with the All-Share Index growing by 1.28 per cent to cross 26,000 mark. The index rose by 332.20 points or 1.28 per cent to close at 26,319.34, compared with 25,987.14 recorded on Thursday. In the same vein, the market capitalisation grew by N173 billion to close at N13.754 trillion, from N13.581 trillion on Thursday. Nigerian Breweries led the gainers’ table, appreciating by N4.70 to close at N52.55 per share. Presco followed with N3.50 to close at N53, while Dangote Cement appreciated by N3.10 to close at N139 per share. Stanbic IBTC garnered N1.40 to close at N40.50, while Flour Mills gained N1.35 to close at N21.50 per share. On the other hand, Northern Nigeria Flour Mills topped the lagg...
NSE market indicators resume week with 0.01% growth
The market indicators of the Nigerian Stock Exchange (NSE) resumed transactions for the week on Monday with a marginal growth of 0.01 per cent, amid cautious trading. Speficially, the market capitalisation which opened the week at N13.364 trillion rose by one billion naira or 0.01 per cent to close at N13.365 trillion. Also, the All-Share Index appreciated by 1.78 points or 0.01 per cent to close at 25,574.35 from 25,572.57 posted on Friday. The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Presco, UACN, International Breweries, MTN Nigeria Communications and Guaranty Trust Bank. This week, United Capital Plc expected to see some buying interest in the equity market, ahead of third quarter 2020 financials. Also, analysts at Afrinvest Limi...
NSE market indices gain 0.07 percent
The Nigerian Stock Exchange on Monday closed the last trading day of August with a growth of 0.07 per cent, following sustained positive sentiment. Specifically, the All-Share Index rose by 17.76 points or 0.07 per cent to close at 25, 327.13 compared with 25,309.37 achieved on Friday. Similarly, the market capitalisation improved by nine billion naira or 0.07 per cent to close at N13.213 trillion against N13.203 trillion posted on Friday. The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Mobil Nigeria, Dangote Cement, Lafarge Africa, Vitafoam and BUA Cement. Analysts at United Capital Plc said, “This week, we expect to see some profit taking, given the bullish performance in the last two weeks.” Mobil led the gainers’ chart in percentage ...
Police dismiss four officers, penalise eight in Kwara
The Kwara State Police Command, on Saturday, dismissed four officers for misconduct and sanctioned eight others for related offences. According to the state Police Commissioner, Kayode Egbetokun, the officers were found guilty of serious offences bothering on indiscipline in the command. A statement by the spokesman of the command, Ajayi Okasanmi, on Saturday, read, “The police commissioner has ordered the retrial in one of the cases involving the four officers. “One of the cases tried, reviewed and in which punishment of dismissal was upheld involved the duo of ex-Sgt Sola Akano, and ex- Cpl Babatunde Glorious. “They were alleged to have illegally arrested a suspect, booked the suspect already in their custody out on enquiry, but took him to his bank at Zenith bank, Unity road, Ilorin, wh...
NSE market capitalisation opens week with N162 billion loss
The Nigerian Stock Exchange (NSE) market capitalisation opened the week on Monday with a loss of N162 billion in a day. Specifically, the market capitalisation which opened at N12.695 trillion lost N162 billion to close at N12.533 trillion. Also, the All-Share Index (ASI) shed 310.07 points or 1.27 per cent to close at 24,026.05 compared with 24,336.12 achieved on Friday. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Nestle, Beta Glass, BUA Cement, Julius Berger and C & I Leasing. In spite of the decline on the first trading day, analysts at Afrinvest Limited expected bargain hunting to drive gains in the next trading session. Analysts at APT Securities and Funds Limited, on their expectations, said, “We expect a slowdown in mark...
Trading resumes after Eid-el-Fitr celebration with 0.07% growth
The Nigerian Stock Exchange (NSE) reopened trading on Wednesday after the public holidays to mark the Eid-el-Fitr celebration with a marginal growth of 0.07 per cent. Speficially, the All-Share Index rose by 16.48 points or 0.07 per cent to close at 25,221.23 compared with 25,204.75 achieved on Friday. Similarly, the market capitalisation which opened at N13.135 trillion garnered N9 billion or 0.07 per cent to close at N13.144 trillion. The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nigerian Breweries, Dangote Cement, Stanbic IBTC Holdings, Guinness Nigeria and Dangote Sugar Refinery. Market breadth remained positive with 32 gainers compared with 11 losers. A breakdown of the price movement chart indicates that Nigerian Breweries led t...
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