Banks Now To Lend N4.1trn CRR To Agric, Manufacturing Sectors
Reprieve seems to have come the way of the underfunded manufacturing and agricultural sectors of the economy as the Bankers’ Committee has approved the use of Cash Reserve Ratio (CRR) for onward lending to the sectors. The Bankers’ Committee, an umbrella body
Banker arrested on wedding day, docked for N1m fraud
A marketing officer with Addosser Microfinance Bank Plc, Aliu Mustapha, who allegedly absconded with a customer’s N1 million, was on Thursday brought before an Igbosere Magistrates’ Court in Lagos. According to the police, Mustapha, 37, of No. 8, Oremeji…
CBN’s liquidity-mopping efforts becoming increasingly costly
The Central Bank of Nigeria’s (CBN) battle to stabilize the foreign exchange markets and lower inflation expectations is becoming increasingly costly, data from its 2017 annual reports show. The CBN’s interest expense (interest payable on any borrowings – bonds…
Freezing customers’ bank accounts over tax payment default, threat to economy – LCCI
The Lagos Chamber of Commerce and Industry (LCCI) on Thursday decried freezing of customers’ bank accounts based on “disputed tax assessments’’ by Federal Internal Revenue Service. The Director-General of LCCI, Mr Muda Yusuf, also described the new…
CBN hints of reduction in MPR at Bankers Committee
The Central Bank of Nigeria (CBN) on Thursday hinted of the possibility to reduce the Monetary Policy Rate (MPR) following the drop in inflation rate for 17th consecutive months. Ahmed Abdullahi, CBN’s director, banking and supervision said this at the end of..
NPF Microfinance Bank loan portfolio hits N10bn
NPF Microfinance Bank Plc said it has a total credit portfolio in excess of N10 billion with Portfolio At Risk (PAR) of about 2.57 percent, which is lower than the five percent industry standard. Managing Director/CEO, NPF MFB, Mr. Akin Lawal, who gave these figures at a..
Stanbic IBTC declares N10.1b first half dividend
The board of directors of Stanbic IBTC Holdings Plc has recommended 66.7 per cent increase in interim dividend payout as the financial services holding company grew net profit by 79 per cent to N43.08 billion in the first half of 2018. The board of directors…
Access Bank Raises N800m to Support Vulnerable Children
Access Bank Plc has raised $2.2 million (N800 million) to support vulnerable children during the finale of the annual Access Bank’s UNICEF Charity Shield Polo tournament in partnership with Fifth Chukker held at the prestigious Guards Polo Club, Windsor, United…
Nigeria records US$57.32bn surplus foreign exchange inflow in 2017 — CBN
THE Central Bank of Nigeria (CBN) has revealed that the total foreign exchange inflow into the Nigerian economy in 2017 surpassed total outflow by US$57.32 billion. In its draft 2017 Annual Report released on Thursday, the apex bank noted that aggregate foreign…
CBN net income falls by 33.1% to N70.17 billion
The audited financial statements of the Central Bank of Nigeria (CBN) for the year ended 31st December, 2017 released in the eight month after the fiscal year of 2017 indicated that net income recorded a decline of 33.13 percent. Net income stood at N70.17 billion,..
Political tension prevents CBN from constituting board
The Central Bank of Nigeria (CBN) is yet to constitute its board of director after it dissolved its former board in 2015. The CBN disclosed this in its draft of 2017 annual report released on Wednesday. President Muhammadu Buhari had in April 2017 requested
Currency Swap To Reduce Fake Goods Importation – CBN
The Central Bank of Nigeria (CBN) yesterday said the implementation of currency swap agreement with China will drastically reduce importation of fake and substandard goods from the Asian country. Mr. Isaac Okorafor, Acting Director of Corporate Communication
Borrowing without debt sustainability framework dangerous – World Bank
The World Bank, and other stakeholders have urged lending caution on countries with no debt sustainability in view of rising debt profile in some African countries. This measure, they said would ensure a more prudent and sustainable debt management strategy with…
FBNQuest Merchant Bank introduces Notore Chemical Ind. Ltd to lead listing on NSE
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc recently acted as Lead Financial Adviser & Issuing House on the Listing by Introduction of the entire issued and paid-up ordinary shares of Notore Chemical…
FBNQuest Merchant Bank assigned “A” rating by Agusto & Co
FBNQuest Merchant Bank has been assigned ‘A’ rating by Agusto & Co. Limited, according to a statement published Friday, on the website of the rating agency. The rating agency said the rating reflects the bank’s affiliation with FBN Holdings, the non–operating…
Afreximbank releases half-year results, shows $343 million in gross revenue
The African Export-Import Bank (Afreximbank) has released its unaudited financial statements for the half-year period ended 30 June 2018, showing gross revenue of $343 million. The figure represents a $21 million increase over the gross revenue for the same..
GTB: Analysts see 6% rise in price target
Analysts at FBNQuest have said that their new price target of N53.4 for Guaranty Trust Bank (GTB) was around 6 per cent higher than their previous price target. The experts in a report obtained by New Telegraph, said the new price target follows rolling over…
Robbers ambush businessmen leaving bank, cart away N3.5m
There was pandemonium in the Amarata end of the Mbiama-Yenagoa area of Bayelsa State, as four armed gunmen attacked and robbed two businessmen of N3.5 million yesterday. The development caused panic in the area as residents fled for their lives while
Wema Bank unveils hospital management solution system
Wema Bank Plc has launched a comprehensive Hospital Management Solution System. The solution was designed to enhance day-to-day operations of hospitals in Nigeria by digitizing core administrative processes and patient data management in medical centres..