Olugbemi sworn in as 21st CIBN president, sets 2-year agenda
Omobayo AzeezMay 17, 2020
By Omobayo Azeez Bayo Olugbemi has been sworn in as the 21st president and chairman of council of the Chartered Institute of Bankers of Nigeria (CIBN). The new president took over the CIBN leadership on Saturday May 16 in Lagos from Uche Olowu, his predecessor, and has also crafted the strategic focus of his administration […]
Rate increase pushes VAT revenue to N339bn in Q1
Businessam StaffMay 15, 2020
The federal government has generated additional N30.46 billion in the first quarter of the year (Q1 2020) based on the hike in value added tax (VAT) from five per cent to 7.5 per cent that became effective from February 1, according to data released yesterday by the National Bureau of Statistics (NBS). The NBS figures […]
Borrowers groan as MfBs demand loan repayment
Businessam StaffMay 15, 2020
Some borrowers from microfinance banks have decried their exemption from loan tenor extension in the banking industry, which some commercial banks introduced for their borrowers to soften the effect of the lockdown occasioned by the coronavirus pandemic. Some of the borrowers complained that the MfBs had been mounting pressure on them to repay their loans […]
Nigerian treasury bills oversubscribed by N132bn
Businessam StaffMay 14, 2020
The Nigerian treasury bills auctioned for the month of May was oversubscribed by N132bn. The Debt Management Office disclosed this on its website on Wednesday, adding that a total of N33bn was offered while it recorded a total subscription of N165.56bn. The treasury bills were auctioned across 91-day, 182-day and 364-day tenors. A total of […]
Analysts made ‘buy call’ on Zenith, MTN, UBA, FBNH, GTB as trading week opened
Phillip IsakpaMay 13, 2020
Trading in equities on the Nigerian Stock Exchange is already half way gone. While investors, analysts and casual observers must now be anxiously looking forward to what the final indices, including the All-Share Index (ASI), the NSE 30, as well as the different sectoral indices, will post at the close of trading on Friday, analysts […]
Sustainable banking principles necessary for Nigerian financial institutions to stay resilient to disruption
Hamid AyodejiMay 13, 2020
By Hamid Ayodeji Aishah Ahmad, the deputy governor, financial system stability, Central Bank of Nigeria, has encouraged banks to maintain their commitment to sustainability in designing their business models in order to enable them manage disruptions and make positive environmental and social impact in their quest to deliver value to their stakeholders and customers. She pointed out that […]
Dollar sells for N445 as forex scarcity persists
Businessam StaffMay 12, 2020
The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the federal government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the […]
United Capital on verge of double series bond issuance
Saviour AdugbaMay 11, 2020
By Saviour Adugba Publicly listed investment banking group, United Capital plc, is on the verge of launching a double-edged debut series 1 and 2 bond. The issuance is a N20 billion 5-year and 7-year fixed rate senior unsecured bond which to the company said are a new series that would be floated under its N30 […]
Cigna appoints regional CEO to reinforce commitment to growth of insurance in Africa, Middle East
Saviour AdugbaMay 11, 2020
By Saviour Adugba Cigna, the global health services provider has shown its commitment to the growth of the insurance industry in the Middle East and Africa (MEA) region with the appointment of Jerome Droesch as the Chief Executive Officer (CEO) of the region. In his new capacity, Jerome’s remit has been expanded to cover all […]
Buhari dissolves BOA management, appoints Hassan acting MD
Businessam StaffMay 8, 2020
President Muhammadu Buhari has approved the dissolution of the interim management team and the appointment of an acting managing director for the Bank of Agriculture in the person of Alwan Hassan. According to the federal Ministry of agriculture and rural development, Hassan is a seasoned professional with over two decades of experience in the banking […]