SEC approves mandatory take-over of 10m ordinary shares of Ensure Insurance
Adesola AfolabiOctober 2, 2018
The approval of a mandatory take-over offer for up to 10,000,000 ordinary shares in Ensure Insurance Plc. has been secured from the Securities and Exchange Commission (SEC) by Societe Fonciere Europeenne B.V. (a wholly owned subsidiary of Allianz SE). The takeover priced at 72 kobo opened on the NASD Securities Exchange 26 September 2018 and […]
NSE retains ISO 27001:2013 certification for 3rd consecutive year
Adesola AfolabiOctober 2, 2018
The Nigerian Stock Exchange (NSE) has retained the ISO 27001:2013 certification for its Information Security Management System (ISMS) for the third consecutive year. The re-certification followed a rigorous independent audit of NSE’s Information Security Management System (ISMS) by the British Standard Institute (BSI), to ensure that the principles of the International Organization for Standardization (ISO) […]
C&I Leasing boosts IOC partnership with acquisition of two new vessels
Adesola AfolabiOctober 2, 2018
C&I Leasing Plc is fast warming up to the heart of international oil companies (IOC) as it continues employing strategic expansion activities for improved profit and efficient service delivery, latest of which is the acquisition of two brand new 2018 ‘ASD 2913 Tugboats. According to the leasing firm, the Tugboats have been name d […]
Secured credit to households to increase in Q4 2018, says CBN report
Adesola AfolabiOctober 2, 2018
“The overall availability of credit to the corporate sector increased in Q3 2018 and was expected to increase in the next quarter,” the report noted, with market share objectives also being fingered as the major factor contributing to the increase. On demand, the report indicated that demand for secured lending for house purchase decreased in […]
Goldman Sachs launches new online retail bank, Marcus
Businessam StaffSeptember 27, 2018
Investment bank Goldman Sachs has officially entered the UK market through its Marcus digital banking brand, which was first launched in the US in 2016. According to reports, Marcus, named after one of the bank’s founders Marcus Goldman is a consumer bank with a minimum saving level of £1 with a maximum of £250,000. Savers […]
Fidelity Bank sees H1 2018 post tax profit grow by 31% to N11.8bn
Businessam StaffSeptember 26, 2018
Fidelity Bank Plc. Wednesday released its half year financials for the period ending 30th June 2018, recording a 31 percent increase in profit after tax. The lender grew it’s post tax profit to N11.8 billion from N9.0 billion recorded in the same period of 2017, on account of a four percent growth in gross earnings […]
Nigeria’s senior bankers, insurers praise central bank’s takeover of Skye Bank, urges best practice in sale process
Temitayo AyetotoSeptember 26, 2018
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) praised the Central Bank of Nigeria (CBN) on Wednesday over the revocation of the operating license of Skye Bank. The union said the N786 billion injection by the apex bank, which birthed Polaris Bank, is a courageous move at ensuring the efficiency of […]
Heritage Bank seeks sustained collaboration between banks, fintechs on financial inclusion
Adesola AfolabiSeptember 25, 2018
Heritage Bank Plc has stressed the need for sustained collaboration between banks and financial technology companies (fintechs), to support Central Bank of Nigeria’s (CBN) drive for financial inclusion and promote economic growth. Ifie Sekibo, managing director of Heritage Bank, said this while delivering a goodwill message at the 2018 annual national conference of the Finance […]
Lagging revenues from sectors masks Nigeria’s diversified economy, says Agusto & Co analyst
Adesola AfolabiSeptember 25, 2018
Jimi Ogbobine, lead researcher at Agusto & Co, has downplayed the argument for the need to diversify Nigeria’s economy, saying that the economy as it is currently composed is well diversified but for lagging revenues from the diverse sectors, hence the sluggish economic growth and growing debt profile. According to him, Nigeria is a country […]
States lack sustainable fiscal plan, BudgIT
Adesola AfolabiSeptember 24, 2018
BudgIT, a social advocacy group, in a recent analysis of the fiscal condition of states, says Nigerian state governments lack sustainable fiscal plan. It noted that “it was critical that state governments embrace a high level of transparency and accountability, develop workable economic plans, take haircuts, especially on overheads, expand their internally generated revenue (IGR) base, […]