Nigerian banks see stability returning

* Target manufacturing, agriculture, infrastructure… Nigerian banks are uptick that the economy is past the worst of what most described as “the most severe downturn in 25 years”, according to Renaissance Capital’s findings from its 8th annual Pan-Africa Investors conference, which held in Lagos recently. According to the research firm, the return of stability in […]

Lagos pays N1.8bn as pension in 1 year

Lagos State Government on Monday said that it paid a total of N1, 846 billion as pension from May 31, 2016 to April 30, 2017. The state Commissioner for Establishment, Training and Pensions, Dr Akintola Benson-Oke, made the disclosure at the 2017 Ministerial Press Briefing to mark Gov. Akinwunmi Ambode’s two years in office. The […]

Vodafone sells $2.6 billion Safaricom stake to S.African unit

Vodafone Group Plc is simplifying its holdings in sub-Saharan Africa, selling a $2.6 billion stake in Kenya’s Safaricom Ltd. to its majority-owned Vodacom Group Ltd. The all-share deal will transfer a 35 percent stake in Safaricom to Vodacom in return for stock in the Johannesburg-based unit, raising the parent’s stake in its South African business […]

Moody’s sees Nigerian bank regulator being patient with laggards

Nigerian banks struggling to raise capital buffers may find their regulator is a lot more tolerant than in the past, according to Moody’s Investors Services. The Central Bank of Nigeria is able to identify stresses in the industry much earlier than during a banking crisis in 2009, when the government had to take over bad […]

CBN tasks other financial institutions on proper rendition of returns

CBN

The Central Bank of Nigeria (CBN) has tasked other financial institutions (OFIs) on proper and prompt rendition of returns for it to effectively assess and mitigate money laundering-risks in the industry. In a circular signed by Tokunbo Martins, its director of other financial institutions supervision department, and addressed to all OFIs, the CBN noted the […]

American Airlines raises second-quarter forecast for key revenue metric

American Airlines Group (AAL.O) on Tuesday raised its forecast for total revenue per available seat mile (TRASM), a key revenue metric, for the second quarter, citing improving yields and lower estimated fuel prices. The No. 1 U.S. airline said it now expects TRASM to increase about 3.5-5.5 percent in the quarter, compared with its earlier […]

Five states get 82% World Bank CADP fund

The Bank’s Task Team Leader, Dr Shehu Salau made this known to journalists at the opening of the 14th CADP implementation support mission and wrap-up meeting which opened in Kaduna. The Bank initiated the scheme in 2009 with Kaduna, Kano, Lagos, Enugu and Cross River states participating. The scheme, being funded with 150 US dollars is scheduled to end on […]

JPMorgan tells banks to partner up as U.S. deposit drain looms

Crunch may be felt this December as Fed’s policy reverses Midsize-bank deals already underway in quest for deposits JPMorgan Chase & Co. has some advice for regional banks: A deposit drain is coming, so merge while you can. The company’s investment bankers are warning depository clients that they may begin feeling the crunch in December, […]