Insurance industry to flag as NAICOM suspends October implementation of solvency policy
Afolabi OluwaseunOctober 22, 2018
The expected improved operations of the insurance industry with the implementation of the tier-based solvency policy may hold back quick wins for the sector, according to analysts. The analysts say it is now that the sector, which has remained static for decades, to seize the opportunity for growth. However, some operators and stakeholders, who are […]
Nigerians won’t mind high inflation if interest rates are kept low, CBN survey
Adesola AfolabiOctober 22, 2018
The results of an inflation attitudes survey conducted by the Central Bank of Nigeria (CBN) for the third quarter of 2018, shows that more Nigerians would prefer a high inflation rate provided that interest rates are low. The results released Monday specifically indicates that given a trade-off between inflation and interest rates, more respondents prefer interest rates to […]
UBA, GTB, Zenith Banks’ loans drop 11.3% in one year amidst 9% rise in deposits
Adesola AfolabiOctober 22, 2018
Loans in Nigeria’s three tier-1 banks, United Bank for Africa (UBA), Guaranty Trust Bank (GTB) and Zenith Bank declined 11.3 percent year-on-year in Q3 2018 despite over 9 percent rise in deposit takings, according to business a.m. analysis of the respective banks nine months accounts released to the Nigerian Stock Exchange last week. Primarily, commercial […]
Balance of payment vulnerable to shocks as CBN spends $4.2bn in 6 months on FX marketof
Adesola AfolabiOctober 22, 2018
The $4.2 billion of the country’s foreign exchange (FX) reserves spent by the Central Bank of Nigeria (CBN) on the foreign exchange market as interventions to stabilising the economy may have negative effects on the nation’s balance of payments, according to economists. With bulk of monetary payments into the country coming from oil receipts, the […]
Nigeria’s CPC canvasses insurance deepening through partnership with religious, community leaders
Adesola AfolabiOctober 16, 2018
Nigeria’s Consumer Protection Council (CPC) has advised insurance practitioners in the country to collaborate with religious and community leaders to enhance the growth of the sector. The CPC gave the advise at the ongoing annual insurance consumers colloquium in Lagos, following the abuses policy holders have been exposed to. Babatunde Irukera, CPC director general, said […]
Liquidity mop-up, forex to exert upward pressure on overnight rates
Afolabi OluwaseunOctober 16, 2018
Despite inflow of maturing OMO bills of N240.57 billion offering support to system liquidity, mop-ups by the Central Bank of Nigeria (CBN) and lenders bid to cover for their forex positions would likely exert pressure on overnight lending rate this week, according analysts. However, analysts say the cushion offered by the OMO maturities would moderate […]
FBNQuest slashes minimum entry for investment in Eurobonds
Adesola AfolabiOctober 16, 2018
FBNQuest, the investment arm of FBN Holdings has slashed entry requirements for investment in its FBN Nigeria Eurobond Fund to only $2,500 for individuals and $100,000 for corporates. Typically to invest through the fund into a broad range of Eurobond instruments require a minimum of $200,000. The investment house noted that the Nigerian investment market […]
‘Nigeria growth outlook strong despite looming election’
Adesola AfolabiOctober 16, 2018
Nigeria’s economy recorded better than expected private sector credit growth in the third quarter of this year, with more borrowers funnelling the proceeds towards CAPEX-related activities – despite next year’s federal election looming. Bonds & Loans spoke with Jan Friederich, a senior director at Fitch Ratings about lingering risks in the country. Excerpts : […]
Loan growth to real sector to remain mute in near to medium-term on politics, regulation
Adesola AfolabiOctober 16, 2018
In Nigeria, one of such reforms driven by the country’s monetary authority is the launch of incentives to banks that will encourage lending to the real sector, particularly those that have the ability to stimulate economic growth at a faster rate and ease the strain on unemployment. These sectors were identified as the manufacturing and […]
C & I Leasing lists N7bn fixed rate bond on FMDQ
Adesola AfolabiOctober 8, 2018
C & I Leasing Plc., has listed its N7 billion series 1 fixed rate bond under its N20 billion bond issuance programme on the FMDQ OTC Exchange. The listing, which is to raise funds for C&I Leasing’s expansion plans, follows approvals granted by the FMDQ Board Listings, Markets and Technology Committee. Andrew Otike –Odibi, managing […]