According to him, the bank is known to the market as a good investment, with evident records of impressive returns and corporate responsibility.
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The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.
“Tighter monetary conditions are pushing government interest rates for local currency borrowing to higher levels, from an average of 12.8% in 2023 to 19.7% between January and May 2024. As the government is predominantly borrowing in domestic markets, this will have a significant impact on interest spending, which we expect will increase by 1 percentage of GDP in 2024 and consume 36% of government revenue.”
Organizations in Nigeria allocate substantial budgets to professional fees, and several key factors, including the need for specialized expertise, regulatory compliance, strategic advisory, risk management, and the evolving business environment drive this trend.
“There is no evidence that the downward trend in month-on-month inflation rate is sustainable and would eventually manifest in a downward trend in headline inflation. More so, considering the various upside risks to price development from both the global and domestic economies, there is sufficient reason to be concerned about the continued uptick in inflation if we rest on our oars at this critical point.”
The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32 per cent week-on-week.
They were joined in the meeting by the group managing director, Dangote Industries Limited, Olakunle Alake; the group executive director of commercial operations, Dangote Industries Limited, Fatima Dangote.
According to the latest data published by the Central Bank of Nigeria (CBN), the reserves now stand at $33.58 billion as of June 19, 2024.
“It is intended that this concessional finance window will be used to support climate finance transactions, in addition to other financing opportunities,” said Oramah, who was represented at the event by Afreximbank’s Director of Project and Asset-Based Finance, Helen Brume.
He now holds a 9.41% stake in the bank, after acquiring N18.9 billion worth of the group’s shares in the NGX today, June 20.