Access Bank Plc said it had acquired Zambia-based Cavmont Bank Limited through Access Bank Zambia Limited.
The takeover, a product of the lender’s satisfaction of major preconditions and regulatory approvals, has opened the door for “the merger of Cavmont into Access Bank Zambia,” to take place before January end, Access Bank said in a note to the Nigerian Stock Exchange on Wednesday.
It is also hoped to make Nigeria’s biggest bank by asset to be a more robust lender, with a well-capitalised banking franchise that has “improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market.”
Punch Newspapers
Sections
’Femi Asu
Foreign investors pulled out a total of N433.15bn from the nation’s stock market from January to November this year, compared to N481.96bn in the same period of 2019, a new report by the Nigerian Stock Exchange on Wednesday has shown.
The NSE, in its domestic and foreign portfolio report, said foreign inflows into the market fell to N226.13bn year-to-date from N 397.44bn in 2019.
Foreign portfolio investment outflow includes sales transactions or liquidation of portfolio investments through the stock market, while the FPI inflow includes purchase transactions on the NSE (equities only), according to the data.
Punch Newspapers
Sections
Johnson Okafor
Equity trading on the floor of the Nigerian Stock Exchange on Wednesday closed on the positive note with a gain of N214bn as the bulls sustained grip on trading activities.
The market performance indices, the NSE ASI appreciated by 1.03 per cent with market breathe closing positive with 23 gainers against 19 losers.
Consequently, the All-Share Index gained 402.14 basis points or 1.03 per cent to close at 39,512.31 as against 39,110.17 recorded the previous day while the market capitalisation of equities appreciated by N214bn to close at N20.66tn from N20.45tn as market sentiment remained on the green zone.
iAfrica 3 months ago 1 min read
Share with your network!
The company will repurchase as much as 10% of the issued capital starting with a first tranche of 85.2 million shares of 50 kobo each, or 0.5% of the total in issue, it said in a filing to the Nigerian Stock Exchange on Monday. The purchase will be done in the open market on Dec. 30 and ends the following day or when the entire target number of shares are repurchased, whichever is earlier, it said. Africa’s biggest cement producer obtained the approval of shareholders in January to repurchase some of its shares within a year or at an amended time frame for the purpose of increasing the long term value of the stock. It is Nigeria’s first company to undertake the exercise as previous attempts failed due to suspicion by regulators and investors that the process may be abused. The cement maker had cash and cash equivalen