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Browsing the "Finance" Category

Skye Bank posts N17bn profit

Skye Bank Plc has announced a profit before tax of N17.136 billion for its 2013 financial year, an increase of 3.79 per cent over the N16.510 billion recorded in 2012. According to the results, which is International Financial Reporting Standards [...]

April 9, 2014 Economy, Finance

Ecobank, FBN, seal $170m financing deal with Seven Energy

In an effort towards expanding its gas infrastructure assets in the country, Seven Energy International Limited and its wholly-owned subsidiary, Accugas Limited, have closed a $170 million 5.5-year medium-term acquisition facility deal with Ecobank Nigeria Limited and FBN Bank (UK) [...]

April 7, 2014 Finance

Naira strengthens against US dollar

The naira, on Friday, firmed up against the US dollar at the Nigeria Inter-bank Foreign Exchange (NIFEX) market following the intervention of the Central Bank of Nigeria (CBN) through the sale of foreign exchange to the tune of $654.545 million [...]

April 7, 2014 Finance

Stakeholders question NSE’s ability to protect minority shareholders

Stakeholders have questioned the Nigerian Stock Exchange’s (NSE) ability to protect minority shareholders of listed companies on the Nigerian bourse. This call was made by the Chairman of Progressive Shareholders Association of Nigeria, Boniface Okezie, at the Investors’ Clinic organised [...]

April 7, 2014 Finance

Madagascar Officials Understudy HASAL MFB’s Micro Financing Model

Top officials of the Ministry of Finance of Madagascar have visited HASAL Microfinance Bank Limited, one of the leading MFBs spearheading grassroots financial inclusion drive in the country, to understudy the bank’s  operational model with a view to using the [...]

March 31, 2014 Economy, Finance

Zenith Bank tasks youths on financial literacy

Driven by the Central Bank of Nigeria’s (CBN’s) policy of financial inclusion among Nigerians, Zenith Bank Plc said it has launched a campaign targeted at inculcating savings culture and general financial literacy among secondary schools students in the country. The [...]

March 18, 2014 Economy, Finance
Statistician-General-of-the-Federation-and-Chief-Executive

Inflation rate drops to 7.7% –NBS

The National Bureau of Statistics on Sunday released the Consumer Price Index, stating that the country’s inflation rate dropped from eight per cent in January to 7.7 per cent in February. The report signed by the Statistician-General of the Federation, [...]

March 17, 2014 Finance
Nigeria second top destination in RMB’s investment rankings

Nigeria second top destination in RMB’s investment rankings

Nigeria is currently ranked second in Rand Merchant Bank, (RMB) Nigeria’s list of top investment destinations. The pillars of RMB Nigeria’s investment rankings are based on growth, market size and operating environment a combination of which makes up total investment [...]

March 14, 2014 Business, Finance
Central Bank Nigeria

CBN Unveils Guidelines for e-Payment of Salaries, Others

CBN Unveils Guidelines for e-Payment of Salaries, Others – The Central Bank of Nigeria (CBN) has introduced a framework on the end-to-end electronic payment of salaries, pensions, suppliers and taxes in the country. The central bank, in a 15-page document [...]

March 13, 2014 Finance

AFC To Tackle Africa’s Infrastructure & Investment Deficit

The Summit, titled: ‘AFC Live: Bridging the Infrastructure Divide’ responds to the need to open a dialogue to address the scale of Africa’s infrastructure requirements and its investment deficit, which is conservatively estimated at over US$40 billion per annum over [...]

March 11, 2014 Economy, Finance
Sarah-Alade

CBN Gets Tough On Micro Banks, 83 Ordered Shut

CBN Gets Tough On Micro Banks, 83 Ordered Shut- The Central Bank of Nigeria (CBN) has approved the liquidation of 83 licensed microfinance banks, Manager Director, Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim said on Tuesday. Ibrahim who disclosed [...]

March 4, 2014 Finance

Standard Chartered says 16 percent Africa revenue growth sustainable

Standard Chartered Plc’s 16 percent annual increase in African revenue in the past five years is “sustainable” as the continent’s use of banking products rises amid surging economic growth. The London-based bank, which has been operating in Africa for more [...]

February 27, 2014 Economy, Finance

FirstRand first-half earnings to increase as much as 26 percent

FirstRand Ltd., South Africa’s second-biggest financial services company, said first-half earnings will be as much as 26 percent higher as the company added retail banking customers. Earnings per share for the six months through December were 24 to 26 percent [...]

February 27, 2014 Economy, Finance

Old Mutual eyes 15 percent profit growth in Africa

Anglo-South African financial services group Old Mutual plc plans to raise the share of profits generated by its African business to 15 percent by the end of next year from 10 percent at present, the firm said. The group has [...]

February 27, 2014 Africa, Economy, Finance
Asset-Management-Company-of-Nigeria

AMCON to commence sale of nationalised banks in June

AMCON to commence sale of nationalised banks in June – Chike Obi calls for economic, unemployment emergency in Nigeria THE Asset Management Company Limited (AMCON) has announced that the sale of the three nationalized banks would commence in June 2014. [...]

February 26, 2014 Finance
Sarah-Alade

CBN will not devalue the Naira — Alade

By EMMA UJA, Abuja Bureau Chief The Acting Governor of the Central Bank of Nigeria, CBN, Mrs. Sarah Alade, yesterday, assured that the bank has no immediate plans to devalue the Naira but prefers to intervene in the Foreign Exchange, forex, [...]

February 24, 2014 Finance
Sanusi Busted

Exclusive Document: The Financial Reporting Council Report That Busted Sanusi

  Download your copy:   … Claimed a Whooping N1.257 Billion for “Lunch For Policemen” and expenses for “Private Guards” In 2012 … Bogus Payments To Airlines To Distribute Currency Nationwide Exposed … Operated Bogus Expense Heads To Hide Fraudulent [...]

February 21, 2014 Finance

Ugandan entrepreneur banks on Mobile Enterprise Tools

Mobile banking services, app development and integration, smartphone adoption, as well as mobile marketing opportunities arerecognised driving forces behind the explosive growth in the mobile market. According to research conducted by World Wide Worx in the form of Mobility 2014: The Mobile Internet in South Africa [...]

February 21, 2014 Business, Economy, Finance
Okonjo-Iweala

FG modernises audit system

The Federal Government said it had begun the modernisation of the audit system to ensure more transparency and accountability in the management of the nation’s resources. The move, according to the Accountant-General of the Federation, Mr. Jonah Otunla, is part [...]

February 20, 2014 Finance
CBN to Release Guidelines for Card Issuance

CBN to Release Guidelines for Card Issuance

By Obinna Chima The Central Bank of Nigeria (CBN) yesterday released an exposure draft on the guidelines for electronic card issuance. In the 14-page document posted on its website Wednesday, the central bank requested for input from stakeholders on the [...]

February 20, 2014 Finance

Federal Government releases N200bn ($1.3bn) to Ministries, Departments and Agencies for implementation of 2014 budget

N200bn ($1.3bn) has been released by the Federal Government to its Ministries, Departments and Agencies for the implementation of projects in the 2014 budget. The 2014 budget has an aggregate expenditure of N4.642tn with focus on critical sectors of the [...]

February 20, 2014 Economy, Finance
AMCON

AMCON: How We Redeemed N1.7tn Bonds in December

Omololu Ogunmade The Asset Management Corporation of Nigerian (AMCON) Monday disclosed how it redeemed its N1.7 trillion bonds in December 2013, an amount it described as the largest bond redemption so far in the history of Nigeria. Making this disclosure [...]

February 19, 2014 Finance
cbn nigeria

Bank customers won’t be charged for biometric ID number — SANUSI

BY AHMED IBRAHIM Governor, Central Bank of Nigeria (CBN), Mallam Lamido Sanusi has said that no charge will be imposed on bank customers to obtain newly introduced biometric identification number. He said this while addressing journalists at the launching of [...]

February 18, 2014 Finance
The Nigerian Stock Exchange

Nigerian Stock Index Posts World’s Biggest Drop on Currency Risk

The Nigerian Stock Exchange All-Share Index (NGSEINDX) retreated 1.6 percent to 38,767.29 by the close in Lagos, bringing its five-day drop to 4.9 percent, the biggest weekly decline since June. The naira rebounded today after falling a fourth straight day yesterday to [...]

February 17, 2014 Business, Finance
Brand Finance names First Bank, GTBank

Brand Finance names First Bank, GTBank, Zenith among world’s most valuable 500 banks

Brand Finance Plc has named First Bank of Nigeria Plc, Guaranty Trust Bank Plc and Zenith Bank Plc among the world’s 500 most valuable bank brands in its 2014 global rankings. A statement by the organisation said on Tuesday in [...]

February 12, 2014 Finance
Why Nigerian Bankers Are Living In Fear

Why Nigerian Bankers Are Living In Fear

The wave of sacking that characterised the banking sector a couple of years back has not abated as the axes are dangling on more workers. Indications have emerged that more bank workers will lose their jobs in 2014 following cost-cutting [...]

February 5, 2014 Finance
Disturbed by the inability of most investors in the recently privatised power generation and distribution firms to raise funds to run the operations of the plants, President Goodluck Jonathan has directed Vice-President Namadi Sambo to convene a meeting of stakeholders to seek new funding for the power sector. The Head, Public Communication, Bureau of Public Enterprises, Mr. Chigbo Anichebe, confirmed this in a statement made available to our correspondent in Abuja on Monday. Anichebe said stakeholders from different parts of the world would come together at an international conference holding at the State House in Abuja next Monday. The BPE spokesperson quoted the Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, as saying that the conference was aimed at augmenting the efforts of the private sector in seeking funds for the electricity industry. Igali said, “Following the physical handover of the successor companies to the private sector investors on November 1, 2013, the burden of process optimisation and capacity expansion has been shifted from the Federal Government to the new owners. “Nonetheless, the Federal Government recognises that power supply still remains a social responsibility as it is the paramount infrastructure needed for our nation building and economic development. “Consequently, the President has directed Vice-President Namadi Sambo, who also chairs the National Council on Privatisation, to convene an international conference to facilitate the funding of the power sector infrastructure development of the country to achieve the required modernisation, expansion and overall enhancement of electricity service delivery. “Ultimately, the direct beneficiaries of the fund influx are the Transmission Company of Nigeria, the Discos, Gencos, NIPPs, the emerging IPPs and other sector service providers.” Participants in the conference are expected to be drawn from the country, development partners, the donor community, international financial institutions and financiers. According to Anichebe, the conference aims to facilitate an interaction between the new investors and local and international financial institutions to explore the available opportunities in meeting the capital expenditure needs of the Nigerian power sector.

FG seeks financiers for power firms

Disturbed by the inability of most investors in the recently privatised power generation and distribution firms to raise funds to run the operations of the plants, President Goodluck Jonathan has directed Vice-President Namadi Sambo to convene a meeting of stakeholders [...]

February 4, 2014 Business, Finance
The Nigeria Sovereign Investment Authority invests N1.6bn in mortgage refinance company

The Nigeria Sovereign Investment Authority invests N1.6bn in mortgage refinance company

The Nigeria Sovereign Investment Authority, through its Nigeria Infrastructure Fund, has announced that its board has approved a firm equity commitment of N1.6bn in the Nigeria Mortgage Refinance Company Plc. It, however, said the investment was subject to applicable regulatory [...]

January 30, 2014 Finance
Nigeria’s Sanusi Says Independence Is Successor’s Main Issue

Nigeria’s Sanusi Says Independence Is Successor’s Main Issue

Central Bank of Nigeria Governor Lamido Sanusi said his successor’s main challenge will be to maintain the independence of the institution and any undermining of that may hurt the economy. “If anyone tampered with it, the markets would punish the [...]

January 24, 2014 Finance
Sanusi-Lamido

CBN Raises CRR on Public Sector Funds to 75%

Steve Omanufeme,    Eromosele Abiodun   and James Emejo The Central Bank of Nigeria (CBN) Tuesday rose from its first Monetary Policy Committee (MPC) meeting this year to further raise banks’ Cash Reserve Requirement (CRR) on public sector deposits from 50 per [...]

January 22, 2014 Business, Finance