Diamond Bank Plc, a Nigerian lender with operations in four other West African nations, plans to boost customer deposits to offset the impact of tougher regulatory requirements on earnings.
Heineken NV’s Nigerian unit, the nation’s largest brewer, said a possible currency devaluation by the central bank would hurt the company’s earnings, suppressing profit ahead of next year’s elections.
UACN Property Development Co. rose to the highest in almost four years as the Nigerian real-estate developer announced it will pay dividends and a stocks bonus.
Dangote Cement Plc, Nigeria’s largest company and the continent’s biggest producer of the building material, said full-year profit gained 39 percent as sales in the local market surged.
Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, said full-year profit climbed 9 percent after lending increased.
Union Bank of Nigeria Plc plans to sell non-banking units to comply with Central Bank of Nigeria regulations, Chief Executive Officer Emeka Emuwa said.
Nigeria’s central bank said it has adequate reserves to keep defending the naira as the slumping currency prompted a selloff of the country’s stocks, with the all-share gauge posting the world’s worst performance today.
Guinness Nigeria Plc, the West African nation’s second-largest brewer, said first-half profit declined 22 percent as sustained weakness in consumer spending caused a slump in beer sales.
Nigerian stocks posted the largest decline in the world today as a slumping naira led to a selloff by foreign investors.