VEROD Capital acquires AXA Mansard Pensions after divestment by insurance firm

August 11, 2020

By Charles Abuede VEROD Capital, the investment banking and private equity firm, through its Eustacia subsidiary, is to take over AXA Mansard Pensions Limited, a subsidiary of one of Nigeria’s leading insurance and asset management firms, AXA Mansard Insurance PLC, following the latter’s divestment from its pension business. In a regulatory filing to The Nigeran […]

Analyst commends credit growth to real sector

August 11, 2020

FBNQuest, a firm of analysts, has commended the banks for extending N3.3 trillion to the economy over the last one year. The firm sees the credit growth as one bright spot in the nation’s developmental effort, especially the 21 per cent increase in the loan books of deposit money banks over 12 months. Gregory Kronsten, […]

FG to partner CBN on SMEs’ loan restucturing 

August 10, 2020

The federal government has assured that it would partner with the Central Bank of Nigeria to help small and micro enterprises pass through this trying times by ensuring that their loans are restructured by the creditors so that they are not forced to go under. In particular, he said banks would be persuaded to restructure […]

Global equities snap four-day rally on U.S.-China frictions; dollar firm

August 7, 2020

World stocks ended four days of gains on Friday after U.S. President Donald Trump cranked up antagonism with Beijing by banning U.S. transactions with two popular Chinese apps: Tencent’s WeChat and ByteDance’s TikTok. Reuters says with second quarter GDP data showing double digit percentage declines for major economies that may be the worst hits from […]

What Small Businesses Need to Stay On Top

August 7, 2020

Starting a business is always a gamble, and in most cases the process of setting up your company is easier than keeping it alive. The U.S. Bureau of Labor Statistics has found that around 20% of small businesses fail within the first year alone, and less than 1/3 of small businesses make it to their […]

CBN extends payment system scheme by five years

August 7, 2020

The Central Bank of Nigeria (CBN) has extended the target date for its payment systems vision (PSV-2030) strategy, previously set for 2025 but now moved to 2030. The CBN said the move was in response to evolving development of blockchain technology and other payment systems disruptions. The CBN had announced that it had started the […]

Savings bonds offer restarts August 10 after three-month suspension

August 7, 2020

After a three-month freeze, the Debt Management Office is resuming the Federal Government of Nigeria savings bond offer   with effect from August 2020 after its suspension in April. It said this in a statement on Thursday titled ‘Resumption of FGN savings bond offer in August 2020.’ It said it will open the subscription on August […]

Currency in circulation hits N2.39tn

August 7, 2020

The stock of money in circulation in Nigeria increased by N95.13bn from N2.29tn at the end of June to N2.39tn in July, data from the Central Bank of Nigeria have shown. The CBN data showed that currency in circulation, which stood at N2.3tn in April, rose slightly to N2.35tn as of the end of May. […]

Access Bank’s African footprint expansion continues, merger talks in Zambia on with Cavmont Bank

August 6, 2020

Nigeria’s financial institution, Access Bank plc, continued its determined African footprint expansion with an announcement Thursday that its subsidiary in Zambia, Access Bank Zambia (ABZ) Limited, has entered into a definitive agreement with Cavmont Capital Holdings Zambia (CCHZ) Plc for a merger of the two firms. In a statement signed by Sunday Ekwochi, the company’s […]

FCMB Group reports 26% profit growth to N11.1bn in H1

August 6, 2020

By Charles Abuede     FCMB Group Plc has reported a growth of 26 percent in its pre-tax profits to N11.1 billion for the half year ended June 30, 2020. Last year it had posted N8.8 billion in pre-tax profits over a similar period. The group same post-tax profit ink in 29 percent growth year-on-year […]