Agusto & Co. assigns “Aa-” rating to UBA

Businessam StaffAugust 7, 2019

Agusto & Co. limited has just assigned an “Aa-” rating valid till June 30, 2020 to United Bank for Africa (UBA) Plc. According to the ratings agency, the newly assigned rating to UBA reflects the Bank’s performance as underpinned by its good liability generation strategy and upheld by a strong brand franchise. This is in […]

UK banks can cope with no-deal Brexit and trade war: BOE

Businessam StaffJuly 11, 2019

British banks hold enough capital to cope with a simultaneous disorderly no-deal Brexit and global trade war, the Bank of England said on Thursday as part of its half-yearly assessment of financial risks. In an assessment that raised little in the way of new concerns, the BOE confirmed it would intensify its focus on risks […]

Ramaphosa reappoints Kganyago as South Africa Central Bank head

July 10, 2019

South Africa. President Cyril Ramaphosa has reappointed Lesetja Kganyago as governor of the Reserve Bank. Kganyago will serve another five years after his first term ends in November, the finance ministry said in an emailed statement Wednesday. Ramaphosa also appointed Monetary Policy Committee members Fundi Tshazibana and Rashad Cassim as deputy central bank governors from […]

CBN approves DMBs operating mobile money without giving it notice

July 5, 2019

By Kenneth Afor The Central Bank of Nigeria (CBN) has given Deposit Money Banks (DMB) in the country the approval to operate mobile money services without its notice. This was stated in a circular titled: ‘Operation of mobile money wallets by DMBs’ released by the country’s apex bank on Thursday. The circular stated, “The Central Bank of Nigeria […]

Standard Chartered Bank to open digital-only bank in Nigeria in September

July 4, 2019

Standard Chartered Bank will launch its digital bank in Nigeria in September this year as it accelerates its momentum of digital strategy across Africa, the bank has said. The launch of its Nigeria’s digital bank is coming after its ambitious multi-market launches of its digital bank in eight African countries between 2018 and now. The […]

IGR in 36 states, FCT in 2018 stood at N1.1trn – Fowler 

July 1, 2019

Tunde Fowler, the chairman, Joint Tax Board (JTB), said on Monday that the internally generated revenue of the 36 states and FCT rose from N800 billion in 2016 to N1.16 trillion in 2018. Fowler made this known at the go-live ceremony for the new National Tax Identification Number (TIN) registration system in Abuja. He said […]

Nigeria has N1tn financing gap yearly ― BoI

June 26, 2019

Olukayode Pitan, the chief executive officer of the Bank of Industry, has said there exists a financing gap of about N1tn in the country every year. Pitan, while speaking at the economic and business conference organised by Rand Merchant Bank in Lagos on Tuesday, noted that the BoI had invested over N20bn in the creative […]

SEC starts implementation of report on commodities market development

June 26, 2019

The Securities and Exchange Commission has said it has commenced the implementation of the report of its technical committee on commodities trading ecosystem. Isyaku Tilde, the acting executive commissioner (operations) of SEC, disclosed this when a delegation of the Commodity Brokers Association of Nigeria led by its Registrar, Alhaji Saleh Kwaru, visited the Commission in […]