Afreximbank takes annual meetings to Moscow in June
Ben Eguzozie
March 1, 2019
African Export-Import Bank (Afreximbank), foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade, is moving its annual meetings in 2019 from Abuja, Nigeria, where it held last year to the Russian capital, Moscow. The annual meetings for the bank are open to banking industry professionals, trade and trade finance practitioners […]
Dangote Cement releases 2018 financial results, proposes N16 dividend
Adesola AfolabiFebruary 27, 2019
Dangote Cement Plc has released its full year audited results for the year ended 31 December 2018, recording a 91 percent increase in profitability and proposing a N16 dividend to investors. On the back drop of increased infrastructural development in a pre-election year, the company reported a revenue growth of 12 percent representing N901.2 billion […]
AfDB supports African projects with $11.3bn in seven years
Businessam StaffFebruary 27, 2019
About 370 transformative bank projects valued at $11.3bn were embarked upon between 2010 and 2017 by the African Development Bank in the African region. In 2018, the bank approved innovative financial instruments on 65 projects in fifteen countries valued at $2.8bn. This was disclosed when governors representing the African Development Bank West Africa region held […]
FBN Holdings announces share trade restriction for sensitive individuals
Adesola AfolabiFebruary 27, 2019
FBN Holdings has announced a restriction in the trading of its equities on the floor of the Nigerian Stock Exchange (NSE) by its employees, consultants and those who have sensitive information that could sway the price of the stock at the market. The restriction according to the bank is as a result of the consideration […]
Rate hike just the start for ‘firefighting’ Tunisia central bank
Businessam StaffFebruary 21, 2019
Tunisia’s central bank warned over the deteriorating state of the country’s finances and called for additional efforts to curb inflation after the first hike in interest rates since June. The current-account deficit reached an “unprecedented” 11.2 percent of gross domestic product in 2018, according to Governor Marouane El Abassi. The decision late Tuesday to raise […]
Nigeria’s Sterling Bank sign $65m loan agreement with Arab bank to finance foreign trade, private sector projects
Businessam StaffFebruary 21, 2019
Sterling Bank Plc has notified the Nigerian Stock Exchange (NSE) and investors that it has signed two loan agreements amounting to $65 million with the Arab Bank for Economic Development in Africa (BADEA). Sterling Bank in the notice jointly signed by Sunny Kanabe, principal counsel and Justina Lewa, company secretary and legal counsel of the […]
NAICOM approves Nigeria’s first full fledged micro insurance operator
Adesola AfolabiFebruary 20, 2019
The National Insurance Commission (NAICOM) has granted approval to GOXI Microinsuranoe Company Limited to operate as a state composite micro insurance company. The approval gives the company authority to transact life and general micro insurance business in Lagos State only. It also makes the company, Nigeria’s first full fledged stand alone micro insurance operator, according […]
Nigerian insurers attract stable rating despite rising operating costs, claims expense
Adesola AfolabiFebruary 20, 2019
Confidence in the underwriting capacity of insurance companies operating in Nigeria has started attracting a boost from credit ratings agencies, affirming clients of the insurance firm’s stability, in the wake of stringent regulatory stance and anticipated capital enhancements. Although the industry continues to be plagued with pressure points such as rising claims expenses, high underwriting […]
Capital flow: Nigeria to attract $5.6bn portfolio investment in 2019
Adesola AfolabiFebruary 20, 2019
Capital inflow into the country from portfolio investors is projected at $5.6 billion (about N2 trillion) in 2019 says Emerging Africa Capital (EAC) group in its maiden Economic and Investment Outlook Report 2019, titled “Cautious Optimism”. According to the National Bureau of Statistics (NBS), portfolio investment which accounted for over 70 percent of total capital […]
India to inject $6.8bn into state lenders to boost loans
Chris IkosaFebruary 20, 2019
India will inject 482 billion rupees ($6.8 billion) into government-controlled lenders to help them meet tighter regulatory requirements and to boost credit growth. The fund infusion will ensure that capital ratios for all state-run lenders are above the regulatory requirement and will help Allahabad Bank and Corporation Bank exit a so-called Prompt Corrective Action plan, […]