Here is the banking news for the week ended 7th April 2018
Saturday 7th April
Finance companies seek CBN’s support on cheap funds
Finance Houses Association of Nigeria (FHAN) has called on the Central Bank of Nigeria (CBN) to facilitate access to cheap funds for finance companies.
Vandalism, theft, sabotage, forex, reasons for network interruption – Telecos
Telecom operators on Saturday blamed intermittent interruptions on network on vandalism of base stations, destruction of optic fibre, high forex and shutting of base stations by government agencies.
FCMB sees flat loan growth, eyes UK licence
A mid-tier lender, First City Monument Bank, expects loan growth to be flat this year — down from last year’s 5.4 per cent rise — as oil companies pay down debt, according to its Group Chief Executive Officer, Ladi Balogun. Balogun said the bank would focus on retail banking with a higher margin…
Offa bank robbery: 30 feared dead
Nine police officers, seven civilians killed, says Kwara CP Govt’ll pay hospital bills, says Ahmed Robbers must be arrested, prosecuted – Saraki. The number of persons that lost their lives to the bank robbery in Offa, Offa Local Government Area of Kwara State, on Thursday may have risen to 30.
Union Bank Wraps up Centenary Promo, Gives Out 3 Cars
Union Bank has officially rounded off its 100 years’ anniversary promo where it appreciated its loyal customers with varieties of gifts including three brand new cars, flat-screen televisions, generators, microwave ovens, shopping vouchers and airtime. The promo which started last year was part of the company’s programmes to mark its hundred years of business sustainability…
Japaul Oil, Unity Bank, 51 others depress equities market
Trading on the equities market reverted to a loss this week after a positive close the previous week, resulting in loss of N24 billion to investors.
Friday 6th April
Malaria: Access Bank Wins Innovation Award
The GBC Health’s Corporate Alliance on Malaria in Africa (CAMA) alongside the Private Sector Malaria Prevention Project (PSMP) at John Hopkins Center for Communication, UK Aid and the National Malaria Control Programme of the Ghana Health Services, have conferred the ‘Innovation Award’ on Access bank and other significant awards to four other…
Glitz as ex -First Bank boss, Bisi Onasanya son, Damilola weds his heartthrob
THE month of March 2018 might have gone but not so for former first bank boss turned property magnate, Stephen Olabisi Onasanya as he hosts crème…
9Mobile sale: NCC Chairman’s letter to CBN causes unease about motive
A letter sent by Olabiyi Durojaiye, chairman of the Nigerian Communications Commission (NCC) board to the Central Bank of Nigeria (CBN) listing “technical expertise” and “at least 3 years operational history” as new criteria for ownership, of 9 mobile is causing unease in the telecommunications sector as analysts warn against any
NIESV partners CIBN to strengthen mortgage facilities
Apparently not satisfied with the rising profile of non-performing loans granted to the real estate sector, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Chartered Institute of Bankers of Nigeria (CIBN) have met to brainstorm on ways to correct perceived imbalances.
World Bank faults coverage gaps in social safety nets
World Bank yesterday faulted an estimated 36 per cent of the very poor, or 50 million people, that escaped extreme poverty because of social safety nets. The global lender said despite the increased adoption of safety net programs by countries in recent years, global coverage of poor and vulnerable people remains inadequate…
Agbaje: GTBank Will Maintain Profitability Despite Economic Challenges
Managing Director/CEO of Guaranty Trust Bank Plc, Mr. Segun Agbaje has expressed optimism that 2018 financial year would be a much better year for the bank notwithstanding the current state of Nigeria’s economic. The GTBank boss made the prediction yesterday, while briefing journalists on the bank’s recently released audited financial results…
GTBank creates the biggest food experience in Africa
Guarantee Trust Bank is bringing people together by creating the biggest food experience in Africa. This will be the third year in a row that the bank is hosting the GTBank Food and Drink Fair, and perhaps as proof of its commitment to making this the best edition yet, the event will hold for three
Sterling Bank Partners Lagos on Digital Payment for BRT Commuters
Over 500,000 daily commuters on the Lagos Bus Rapid Transit (BRT) system can now board buses using a contactless card payment system. It is an enhancement which makes the Lagos Connect card that was launched last November by Governor Akinwunmi Ambode usable on mass transit systems anywhere in the world…
Thursday 5th April
Financial Inclusion: Firm To Fast-track CBN’s 80% Rural Banking Target
Oradian, a financial inclusion company, is set to build its community of visionary microfinance institutions, microfinance banks and cooperative societies in Nigeria with the deployment of cloud technology for digital rural banking to meet the Central Bank of Nigeria’s (CBN) 80 per cent financial inclusion target by 2020.
Adamawa Govt. approves N1bn from CBN to boost SMEs
The Adamawa Executive Council on Wednesday authorised the government to access N1 billion from the Central Bank of Nigeria (CBN), to boost Small and Medium Enterprises (SMEs). Addressing newsmen after the council’s meeting in Yola, Alhaji Iya Daware, Commissioner for Commerce, said the gesture was to boost small scale businessed in the state.
BDCs Task CBN On Rate Harmonisation As Unemployment Looms At BDC Subsector
Alhaji Aminu Gwadabe, President, Association of Bureaux Des Change Operators of Nigeria (ABCON) has called on the CBN to harmonise the rate at which it sells FOREX to commercial banks and its members. Gwadabe told the News Agency of Nigeria (NAN) on Thursday in Lagos, that the disparity between the rates had forced about 50 percent of its members to boycott CBN..
Anxieties over 2019 election will slow capital inflows, pressure forex market — Salami
An economic analysts and former member of the Central Bank of Nigeria, CBN Monetary Policy Committee, Dr. Doyin Salami, has said that anxieties over the 2019 elections will likely slow down capital inflows into the economy and increase demand pressure on the foreign exchange market…
NIPPs: Preferred investors rework investments over forex.
Preferred investors with successful bids for Nigeria’s Integrated Power Projects are currently reworking the amount of investments to put in the assets following the sharp rise in the exchange rate of the United States dollar to the naira…
MSMEs can promoted boost forex supply’
Supporting Micro Small and Medium Enterprises (MSMEs) through funding and other operational tools will enable the sector boost the county’s foreign exchange earnings, the Director-General of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Dikko Radda, has said.
Forex fraud: Senate calls on FG to blacklist guilty companies, banks
The Senate Committee on Customs, Excise and Tariffs on Thursday urged the Federal Government to blacklist companies and banks found culpable of engaging in foreign exchange abuses. Chairman of the committee, Sen. Hope Uzodinma, made the call while speaking to newsmen in Abuja…
FirstBank: Resilience In A Recovering Economy
The latest report by Fitch Ratings, a reputable global credit ratings and research agency, which gave FBNHoldings and its largest subsidiary, First Bank of Nigeria Limited (FBN), a pat on the back for its standalone creditworthiness, despite Nigeria’s fragile economic recovery, suggests FBNHoldings remains a hidden gem with its strong retail franchise.
Inside First Bank’s Business Strategy
The need to earn the trust of the banking public as well as maintain its position in the market place are responsible for the continuing investment in technology and training by the First Bank Group. Raheem Akingbolu reports Nothing kills a brand like complacency, after a huge breakthrough…
FBNH, Diamond Bank, others miss annual results deadline
FBN Holdings Plc, Diamond Bank Plc, Linkage Assurance Plc and International Breweries Plc on Wednesday gave the reasons for the delay in filing their annual financial statements with the Nigerian Stock Exchange.
FCMB Group Records 34% Decline in Profit, Declares 10 Kobo Dividend
FCMB Group Plc wednesday released its financial results for the year ended December 31, 2017, reporting a gross revenue of N169.9 billion, compared with176.352 billion in 2016. The Group recorded a profit before tax (PBT) of N11.5billion, showing a decline of 29 per cent from N16.251 billion in 2016…
FCMB Partners Etihad, Secures Unbeatable Travel Fares for its Customers
Customers of First City Monument Bank Limited (FCMB) who plan to travel abroad for personal or business purposes at very affordable fares now have an opportunity to do so. This is because, the Bank and Etihad Airways have launched a partnership that offers discounted, highly affordable and convenient travel packages, including flight tickets..
Jaiz Bank: Expectations High After Solid Third Quarter
Lagos Islamic Banking stalwart, Jaiz Bank has succeeded in having the lights trained on its expected full year results by after a sterling third quarter. Ironically share price is travelling south. After nine months of doing business in Nigeria, Jaiz bank improved income 15.6 per cent to N4.51 billion from N3.93 billion to underscore a growing space for Islamic bank…
Wednesday 4th April
CBN retains monetary policy rate at 14%
The Monetary Policy Committee of the Central Bank of Nigeria on Wednesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja…
Diamond Bank Partners MCF, Organises Training To Reduce Medical Tourism
In other to reduce medical tourism in Nigeria, Diamond Bank in partnership with Medical Credit Fund (MCF) and Enterprise Development Centre (EDC) are training some selected group of health practitioners on the business aspect of healthcare. The first phase of the training was conducted at the Lagos Business School’s EDC…
Failed Unity Bank Buyout Deal Shows Perils of Investing in Nigeria
The recent failed deal between Milost Global Inc, a New York private equity firm and Nigeria’s ailing Unity Bank for recapitalisation has been identified as one of the Perils of Investing in Nigeria. Milost Global Inc. said it penned an agreement in November to provide $1 billion of financing that would’ve given it 60 percent…
Unity Bank Plc emerge best performing stock in Q1 with 121.82% growth
THE Shares of Unity Bank Plc posted a percentage growth of 121.82 per cent on the Nigerian Stock Exchange (NSE) to emerge the best performing stock for the first quarter ended March 31, 2018…
Access Bank Partners Unified Payments on Innovative Payment Solution
Access Bank Plc has gone into a partnership with Unified Payments to provide a payment solution in Nigeria christened ‘PayAttitude Digital.’ The digital payment solution was unveiled in Lagos yesterday.
Milan Group Files Fresh Suits against Skye Bank over Illegal Charges
The Milan Group has filed two separate suits against Skye Bank and its appointed receiver/manager, Mr. Kunle Ogunba, over the management of Intercontinental Hotels, Lagos. Milan Industries Limited, owners of Intercontinental Hotels, Lagos recently took over the management of the five star hotel following the ruling by a Federal High Court,…
Tuesday 3rd April
World Bank Approves Grant For Mauritania Gas Development
The World Bank has approved a $20 million International Development Association (IDA) grant to Mauritania to enhance the country’s capacity to negotiate investment agreements for developing the Great Tortue Ahmeyim gas field. The gas field lies over the maritime border of Mauritania and Senegal.
World Bank sets new environmental framework for investments in Nigeria
The World Bank on Tuesday held a workshop for government officials to acquaint them with the bank’s new environmental and social requirements for its financed projects in Nigeria. The World Bank Nigeria Country Director, Mr Rachid Benmessaoud at the workshop in Abuja, said the bank would apply the new Environmental and Social Framework (ESF) to new investment projects it finances from October…
GTBank’s CIR hits all-time low of 38.12% on cost containment
Guaranty Trust Bank (GTBank) Plc has achieved a rear feat in the Nigerian banking industry. The lender’s cost to income ratio (CIR) has hit an all-time low of 38.10 percent in 2017, from 43.53 percent as at December 2013. Operational efficiency in banking is commonly highlighted by cost/income ratios
Heritage Bank promotes sub-regional integration
Heritage Bank Limited has partnered the organisers of the first edition of the West Africa Trade and Investment Forum to boost the integration of economies of West African countries in the areas of agriculture, skills development, manufacturing and information technology…
RevolutionPlus joins Access Bank Lagos City Marathon in N500m deal
One of the nation’s foremost real estate company, RevolutionPlus Property Development Company has joined the Access Bank Lagos City Marathon train as the official Real Estate Partner…
Banking sector credit to private sector to grow to N16.7trn in 2018 – FSDH
Banking sector credit to the private sector is expected to grow to N16.7 trillion in 2018, representing a growth of 6.34 percent from N15.7 trillion recorded in 2017 according to FSDH Research. The improvement in the macroeconomic and business environment; improved consumers’ confidence; and the drop in the yields on the Nigerian Treasury Bills (NTBs)…
Monday 2nd April
CBN spent $3.3bn on forex interventions in Q1
The Central Bank of Nigeria (CBN) has spent $3,328,190,000 in forex interventions in the various segments of the interbank market in the first quarter of 2018.
The interventions as released by the CBN from time to time and computed by our correspondent showed that the CBN spent $1,196,900,000 in January, $951,400,000 in February and $1,179,890,000 in March 2018.
CIBN chief unveils two books
Chartered Institute of Bankers of Nigeria (CIBN) President, Segun Ajibola has launched two books. One is titled: Lending and Nigerian Banks. Ajibola said the book reviews the basic principles and fundamentals of bank lending in Nigeria. He said toxic assets or bad loans do not just occur. “They are caused…
CIBN to Hold AGM, Elect New Exco Members
The Chartered Institute of Bankers of Nigeria (CIBN) has perfected arrangements towards a successful annual general meeting (AGM) and election of new office holders and other elective positions in its Governing Council who will run the affairs of the institute for a period of two years.
Kano, World Bank to construct 500 km rural roads
Kano State Government has signed a Memorandum of Understanding with the World Bank to construct 500 kilometres of roads in rural areas of the state. A statement by Abba Anwar, Chief Press Secretary to Governor Abdullahi Ganduje, made available to newsmen in Kano on Monday, said the roads would be constructed under the Rural Access…
First Bank restores confidence with strategies
As far as banks go, First Bank of Nigeria (FBN) is reworking a business model that has suffered pain. The new bank management led by Dr Adesola Adedutan is changing the banks direction by becoming an aggressive retail behemoth leveraging digitization as a platform for market dominance…
Zenith Bank, UBA, Access Bank, GTBank Extend N7.193trn Loans To Customers
FourTier1 banks in the country, Zenith Bank, Access Bank, United Bank for Africa and Guaranty Trust Bank advanced a total of N7.193 trillion to both their individual and corporate customers in the 2017 financial year. This was contained in the 2017 audited financial results submitted by the banks to the management…
GTBank Board Meets to Approve Q1 Financial Results
After reporting improved performance for the 2017, Guaranty Trust Bank (GTBank) is set to unveil its unaudited first quarter ended March 31, 2018. The bank in a notification to the Nigerian Stock Exchange (NSE), GTBank said its board of directors would meet on April 18, 2018 to consider financial statements…
Heritage Bank Partners Seki To Showcase Nigeria Cultural Heritage
Heritage Bank Plc has partnered with Yibo Koko in association with Bolanle Austen – Peters Productions to showcase some of Nigerian cultures to the world through presentation of a dance drama known as Seki in Lagos. The event which held at the popular Terra Kulture Arena…
Alleged Milost investment: Operators caution Unity Bank on recapitalisation deal
Some capital market operators on Thursday called on the management of Unity Bank Plc to tackle its recapitalisation programme carefully to avoid negative impact on the bank. The operators spoke in separate interviews in Lagos, while reacting to alleged Milost Global Incorporated, a New York-based private equity firm failed investment deal in the bank…
Unity Bank, Caverton lead as stocks gain N1.4trn in first quarter 2018
The market capitalisation of equities listed on the Nigerian Stock Exchange (NSE) ended the first quarter of 2018 at N14.99 trillion, representing 10.17 percent increase over N13.61 trillion which was its value on the last trading day of 2017, which implies that the listed stock gained N1.38 trillion in the first quarter of this year….
Skye Bank promotes 875
Skye Bank has promoted over 875 workers, following the completion of its 2017 annual staff performance review. The promotion, which cuts across cadres, the bank said, was in line with its commitment to reward workers who performed creditably during the past financial year.
Monetary policy easing required to stimulate growth – FSDH
The short-term outlook of the Nigerian economy favours monetary policy easing in order to stimulate credit creation and economic growth, according to a report from Lagos-based financing house FSDH Merchant bank. The Central Bank of Nigeria (CBN) has scheduled the first meeting of the Monetary Policy Committee (MPC) in the year 2018…
Sunday 1st April
Forex transactions rise to $4.49bn in March as External Reserves rise to $46.2bn
Foreign exchange transactions at the Investors’ and Exporterss (I&E) forex window increased month-on-month (m-o-m) by 9.78 percennt to USD4.49 billion in March 2018 from USD4.09 in February 2018. This is coming as Nigeria’s external reserves have risen to $46.2 billion as at March 28, 2018,…
Diamond Bank supports women in MSMEs
Diamond Bank Plc, has lent its support to make women succeed in Micro Small and Medium Enterprises, (MSMEs). Head Regional Business, Northern Directorate, Sufiyanu Garba who disclosed this in Abuja, said the bank is in full support of women in Micro Small and Medium Enterprises, (MSMEs) and has introduced a lot of initiative…