Business
FCMB Lauds Regulators For Aiding Successful Capital Raise
Following the successful completion of the initial phase of the transformational capitalisation programme of the FCMB Group, the lender has showered encomiums on financial regulators, including the Nigerian Exchange Group (NGX Group) for their roles in making the efforts fruitful.
The FCMB Group, voiced its gratitude to the financial regulators, in a statement on Monday in Lagos.
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The Group Chief Executive Officer of FCMB Group, Ladi Barogun, according to the statement, expressed gratitude to the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and NGX Group for their critical roles in making the capital raise successful.
Balogun praised the CBN for its visionary leadership and commended the SEC for its efforts in reinforcing market confidence and providing guidance through challenging periods. He also acknowledged NGX Group and the NGX Invest platform for their crucial role in enabling 40,000 investors to subscribe to the public offer through digital channels.
He noted that the capital raise would bolster FCMB’s balance sheet, enhance customer banking experiences, support community development, and generate value for shareholders.
Balogun also emphasized that this initiative would contribute to economic transformation, nation-building, and reshaping the African narrative.
He expressed optimism about FCMB Group’s future, seeing the successful capital raise as a step toward fostering shared prosperity and creating a better world for future generations.
Following the Go-Live of NGX Invest, Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, highlighted the role of the platform in stimulating successful capital raising.
“With the support of regulators and stakeholders, we have developed a fully digitized market infrastructure for distributing financial products, including public offers and rights issues,” said Popoola.
“Our aim is to digitize these transactions to advance financial inclusion and more effectively engage retail investors,” he added.
This successful capital raise, marked by a high number of digital subscriptions, underscores the importance of regulatory support and technological innovation in Nigeria’s evolving financial landscape.
Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.
The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.
The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.
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Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.
“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”
He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”
Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.
Despite the quarterly setback, Nokia expressed confidence in its growth prospects.
The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.
In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.
The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
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In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
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The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
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