BUSINESS ROUNDUP: Wema Bank targets N25bn from private investors; Lagos to take over NITEL/MTEL property; other stories

Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

· Wema Bank to raise N25bn from private investors

· Dangote to pocket N292.12bn in dividend from cement business

· Nigeria stock investors make N1.4trn in February

· Lagos govt to take over NITEL/MTEL property

Summary:

Wema Bank has informed shareholders and the investing public that it plans to raise N25 billion from investors in a private bond issuance.

The company disclosed that the bond issued under a Perpetual Fixed Rate Non-Resettable Additional Tier 1 Subordinated Bonds will not be listed on the Security Exchange.

This was made known in a corporate document obtained by Ripples Nigeria on Friday but dated March 2, 2023.

Africa’s richest man Aliko Dangote is set to pocket N292.12 billion in dividend from his cement business after record sales.

According to Dangote cement‘s 2022 financial year result, the company made over N1.6 trillion in revenue.

This is a 16.96% increase compared to N1.38 trillion recorded in 2022.

Nigeria’s stock investors in February saw the value of their investment increase by N1.403 trillion despite the concerns around the elections.

Data obtained from the Nigerian exchange showed that the equities market had opened February this year with its key indicators – the All-Share Index (ASI) and equities capitalization at 53,238.67 points and N28.997trillion.

At the close of trading session on Tuesday February 28, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased to 55,806.26 points and N30.400trillion.

Read also:BUSINESS ROUNDUP: Jumia sacks 900 workers; Inflation soars to record high of 21.82%; other stories

The National Council on Privatisation (NCP) has approved the takeover of the NITEL/MTEL property located in Moloney Street, Tafawa Balewa Square, Onikan, Lagos, by the state government.

The Head of Public Communications, Bureau of Public Enterprises (BPE), Chidi Ibeh, confirmed the development in a statement on Friday in Abuja.

Ibeh said the property was one of those listed for sale by the Liquidator of NITEL/MTEL Non-Core assets at the cost of N2.5 billion.

On NSE ROUNDUP: Oando, Unity Bank among losers, as stock market reports sluggish growth

Nigerian bourse saw the market capitalisation appreciates by 0.01 per cent to close at N30.33 trillion on Friday, slightly above Thursday’s N30.32 trillion.

The sluggish growth is reflected in the All-Share Index which gained 9.54 basis points to rise from 55,670.24 ASI to 55,679.78 ASI.

Friday’s trading session closed with investors exchanging 730.60 million shares, worth N2 billion, in 3,532 deals.

This indicates a sell-off on the exchange floor when compared to the 206.11 million shares traded in 4,385 deals, worth N3.25 billion, on Thursday.

On the tech scene, Twitter, ImaliPay, Ramp, Snapchat, Emkan Capital, Bluesky, Procural, Nokia, Copal, were some of the names that made the headlines in the tech ecosystem this week.

The Finnish multinational telecommunications company, Nokia corporation, will no longer use the colour blue but will instead use a new variant.

Also, Gable has secured $12 million in Series A funding following a $3.25 million round of seed funding

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now