MTN agrees to reduced fine – $1.67bn over 3yrs – shares surge 18%
MTN Group has agreed to pay a reduced fine of $1.67 billion in a settlement with the Nigerian government, sending its shares soaring.
Nigerian Stock Exchange
Standard Bank: Nigerian regulator exceeded powers, no misstatements
Standard Bank said a regulator in Nigeria exceeded its powers when it ruled the bank’s West African unit had made material misstatements in its financial accounts and recommended a fine.
Unilever to raise stake in Nigerian unit on growth outlook
Unilever, whose detergents and deodorants are used by 2 billion consumers daily, plans to raise its stake in its Nigerian unit to as much as 75 percent.
Sasha Naryshkine: “I would sell Telkom in a heartbeat!”
Lunchtime market update on CNBC Africa’s PowerLunch with Sasha Naryshkine talking about Telkom, Astral Foods, Barloworld and life with oil at $80 in Africa.
Nigerian Breweries wins approval to merge with rival firm
Nigerian Breweries (NB) said on Monday it won regulatory approval to merge its operations with rival Consolidated Breweries, majority owned by its parent firm Heineken
Transcorp Hotels to launch 8b naira IPO
LAGOS (Reuters) – Nigeria’s Transcorp Hotels, part of the Transcorp conglomerate, plans to start marketing its initial public offering from Sept. 24 to raise 8 billion naira ($48.8 million), marketing documents seen by Reuters show. Transcorp Hotels plans to offer 800 million ordinary shares to new investors at 10 naira per share. The sale will … Read more
SA’s secret weapon: JSE #1 in WEF table for 5th successive year
JSE chief executive Nicky Newton-King (47) has been a fixture at the JSE for the past 14 years. Her succession to the hot seat was well planned – serving as Russell Loubser’s deputy for seven years before taking the reins when he retired in at the end of 2011. An erstwhile member of the World Economic Forum’s … Read more
Lafarge Africa H1 pre-tax profit up 29 pct to 17.75 bln naira
LAGOS (Reuters) – Lafarge Africa, a unit of the world’s largest cement firm, said on Friday its half year profit to June rose 29 percent to 17.75 billion naira ($109.61 million), compared with 13.80 billion naira in the same period of last year. Gross earnings rose to 55.35 billion naira, from 49.48 billion naira in … Read more
Total Nigeria pretax profit drops 12%
LAGOS (Reuters) – Total Nigeria, the local unit of France’s Total, said on Wednesday its half year to June pre-tax profit fell 12 percent to 3.42 billion naira ($21.13 million), compared with 3.90 billion naira in the same period last year. Gross earnings in the local fuel marketer however climbed to 120.15 billion naira from 117.29 billion … Read more
Nigeria’s Wema Bank sees first-half profit up 266%
LAGOS (Reuters) – Nigeria’s Wema Bank said on Thursday that its half-year pretax profit was 1.7 billion naira ($10.5 million) – up 266 percent from 464.7 million naira in the same period last year. Gross earnings rose to 12.5 billion naira during the six months to June 30, against 10 billion naira a year earlier, the regional bank … Read more