Nigeria central bank pumps N195m into FX market, issues new guidelines on unutilised forex
Businessam Staff
July 4, 2017
The Central Bank of Nigeria (CBN) Monday injected a total sum of $195 million into various segments of the foreign exchange market just as it released new rules to ameliorate the challenges in returning naira to banks for unutilised foreign exchange. A breakdown of figures released by the CBN showed that the sum of $100 […]
Strong risk profile, retail strategy, cost efficiency earn Access Bank higher Agusto rating
Businessam StaffJuly 3, 2017
An aggressive new retail banking push aimed at creating a savings culture in the country, along with strengthening of its risk profile and cost efficient operations, have seen Nigeria’s tier one lender, Access Bank, post a higher rating in an Agusto & Co’s review of the bank’s financial and market position. The rating agency upgraded […]
Warren Buffett’s Berkshire to become BofA’s top shareholder after share swap
Businessam StaffJune 30, 2017
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) will swap its preferred shares in Bank of America Corp (BAC.N) into common shares worth about $17 billion, making it the biggest shareholder of lender. Berkshire said on Friday it would exercise its warrants for 700 million common shares of Bank of America following a dividend increase by the […]
Nigerian insurers to earn more as motor insurance portal comes live July 1
Businessam StaffJune 30, 2017
The insurance industry in Nigeria is expected to have a reverse in its fortunes with the unveiling of a digital portal on July 1, 2017, which will help underwriters check against adulteration of motor insurance certificates. Nigeria, which has the highest concentration of motor vehicles in Africa, is said to be losing millions of naira […]
Nigeria insurers see premium income rise 22% to N380bn in 2016
Kelvin EgerueJune 29, 2017
Nigerian insurers saw their total gross premium income rise 22.2 percent to N380 billion in 2016, despite a wave of insurgency in the north east of the country, fall in global oil prices and a generally challenging business environment, the umbrella body of insurers, the Nigerian Insurance Association (NIA), said Thursday in Lagos. A combined […]
Nigeria’s currency futures market volumes drop on rate convergence
Businessam StaffJune 26, 2017
The recent improvements in foreign currency liquidity at the Nigerian foreign exchange market have ironically affected volumes at the nations’ currency futures market, according to financial analysts and data obtained by Businessamlive. Findings reveal that the volume of trade in the Nigerian currency futures market has dropped dramatically since the Central Bank of Nigeria (CBN) […]
FG tasked on speedy implementation of collateral registry act to boost SME access to finance
Niyi JacobsJune 26, 2017
Afrinvest West African Limited, a securities and investment banking firm, has called on the Federal Government to speed up implementation of the Collateral Registry Act in order to improve access to credit for Micro, Small and Medium Enterprises (MSMEs). According to Afrinvest, access to credit remains a major hindrance to the development of the private […]
DMO sees N1.25trn local debt raising achievable in 2017
Kelvin EgerueJune 23, 2017
With N850 billion gross collection from its 2017 bond issuance, Nigeria’s Debt Management Office (DMO) now sees its N1.25 trillion projection for the domestic financing of the 2017 budget as within reach. Although Wednesday’s reaping of N99 billion, about $320 million, from its bond issuance was a margin below its projection of N140 billion, the […]
Barclays Africa to fight $86 Million payout over Bankorp
Businessam StaffJune 21, 2017
Barclays Africa Group Ltd., the South African bank formerly known as Absa, will go to the country’s high court to challenge a decision that it should pay the government 1.125 billion rand ($86 million) over the apartheid-era acquisition of Bankorp Ltd. “This is due to numerous misrepresentations and factual inaccuracies which form the basis of […]
Egypt’s EFG Hermes targets global insurance acquisitions
Kelvin EgerueJune 20, 2017
Nigeria may be on the radar of Egypt‘s top investment bank, EFG Hermes, as it begins global insurance acquisitions. Reports have it that it has already targeted a top-notch insurance company in Nigeria, which identity is yet to be revealed. Nigeria’s insurance industry, which hosts 57 insurance and reinsurance firms, and 350 insurance broking outfits, […]