Holdings

Net profit at Stanbic IBTC Holdings, the local unit of Africa’s biggest bank, Standard Bank, shot 74 per cent to its peak since inception three decades and a half ago, its unaudited accounts issued Wednesday showed. The jump was recorded on the back of higher interest income. Unstoppable inflation continues to create a boom for Nigerian lenders, prompting the CBN to raise the reference rate by 18.6 per cent last year to slow galloping price levels, enabling banks to charge more for loans. It earned Stanbic IBTC…

Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, today emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.The change of guard happened at a meeting of the Board of Directors of the Group in Lagos on Wednesday, company insiders told PREMIUM TIMES. Mr Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Mr Otedola became a non-executive director of FBN Holdings on 14 August 2023, months…

Crypto giants: Bitcoin whales bolster holdings with an immense US$3 billion surge in 2024 As we enter 2024, Bitcoin has already navigated a whirlwind of events. From the SEC’s green light for spot Bitcoin ETFs to a market underperformance, encompassing a price dip and Grayscale BTC Trust selloffs, the cryptocurrency Positive sentiment may permeate the broader Bitcoin investing market if this trend persists sentiment among the largest cryptocurrency’s whales. Whale Dynamics: A Strategic US$3 Billion…

MDC Holdings, a 51-year-old Denver-based homebuilder with nearly a quarter of a million houses to its credit and a footprint that expands across the U.S., has agreed to a nearly $5 billion buyout offer from a Japanese firm. The homebuilder, founded by Larry Mizel in 1972 and parent of American Richmond Homes, announced the deal with Japanese homebuilder Sekisui House Ltd. on Thursday. Larry A. Mizel, chairman and CEO of M.D.C. Holdings A U.S. subsidiary of Sekisui will pay $63 a share in cash, a 19% premium to MDC’s…

Access Holdings secured a tentative approval for a new consumer lending division to be named Oxygen X Finance Company Limited, Nigeria’s biggest lender by assets said Wednesday. The final operating license that will set the subsidiary running is now expected from the Central Bank of Nigeria, Access Holdings said in a note to the Nigerian Exchange. The disclosure is the second diversification move by Access Holdings this week after the announcement on Monday of its acquisition of Lagos-based Megatech Insurance…

Electronic voting facilitates shareholder participation in shareholder meetings, which shapes a positive perception of the firm's governance and results in a higher market value of cash holdings. Credit: Foto Miki Firms worldwide are increasingly adopting electronic voting, enabling shareholders to cast their votes online instead of attending shareholder meetings in person. Shareholders can enjoy superior accessibility to the…

Vivo entered the foldable smartphone segment in April last year with the launch of the Vivo X Fold. The company followed up with the Vivo X Fold 2 with improved cameras and new internals. The Chinese smartphone brand is now looking to dip its toes into the rollable phone segment. Both Vivo and Transsion Holdings are reportedly working on slideable phones intending to launch them as early as the end of next year. The latter already previewed its slideable handset named the Tecno Phantom Ultimate in September last year.…

FBN Holdings built a more than threefold surge in net profit for the first half of the year on an unusual boost in gains from financial instruments. The financial services group recorded the gains at a time other lenders are leveraging spikes in interest rates to drive profits and growth. Details of its earnings report issued on Thursday showed that the group posted a net profit of N187.2 billion, compared to N56.6 billion a year ago. Adesola Adeduntan, CEO of the group’s flagship division First Bank, described…

Access Holdings has entered into various pacts with Standard Chartered Bank (StanChart) aimed at acquiring the British Bank’s subsidiaries in four African markets, Nigeria’s biggest lender announced Friday. The move signals Access Holdings most aggressive push for expansion beyond its home market Nigeria ever since it commenced operation in Nigeria in 1989 as Access Bank. StanChart’s banking operations in Angola, Cameroon, The Gambia and Sierra Leone are up for grabs by Access Holdings, according to a statement…

Access Holdings has entered into various pacts with Standard Chartered Bank (StanChart) aimed at acquiring the British Bank’s subsidiaries in four African markets, Nigeria’s biggest lender announced Friday. The move signals Access Holdings most aggressive push for expansion beyond its home market Nigeria ever since it commenced operation in Nigeria in 1989 as Access Bank. StanChart’s banking operations in Angola, Cameroon, The Gambia and Sierra Leone are up for grabs by Access Holdings, according to a statement…