CBN issues new directives on use of Forms M, LCs, other forms of payment
Charles Abuede
November 20, 2020
By Charles Abuede Name of beneficiary should be same as ultimate supplier of products Urges all authorised dealers to strictly comply The Central Bank of Nigeria (CBN) has directed all authorised dealers and stakeholders that the destination payment for all forms M, letters of credit and other forms of payment such as the […]
GTB posts N142.28bn 9-months’ PAT, down 3.2% YoY, but Q3’20 up at N48.01bn
Charles AbuedeNovember 19, 2020
By Charles Abuede Nigeria’s Tier-1 lender, Guaranty Trust Bank Plc, has reported a profit after tax (PAT) of N48.01 billion for the third quarter of 2020. This figure is N155.85 million higher than the N47.86 billion recorded during the same period of 2019. The bank also recorded N2.77 billion increase in its profit […]
NAICOM chief questions adequacy of existing insurance policies, suggests review
Onome AmugeNovember 19, 2020
By Onome Amuge Sunday Thomas, Commissioner for Insurance and chief executive officer, National Insurance Commission (NAICOM) has expressed displeasure that most losses arising from the pandemic were not adequately covered by existing insurance policies. As a result, he suggested a review of conventional insurance products to upscale a new value proposition for the Nigerian […]
Naira down N6 as stronger FX demand from lockdown easing feared to pressure EXR
Charles AbuedeNovember 19, 2020
By Charles Abuede Market players expect rates in secondary T-Bills market to remain low due to huge money supply as CBN plans resumption of liquidity intervention of OMO worth N103.1bn to hit system Strong demand impelled lower rate in the money market as profiteering halts a bullish run in the domestic bonds market […]
Equities Trading Sell-off fails to dampen market rally, posts best in 6 years as investors gain N2.1trn
Charles AbuedeNovember 19, 2020
By Charles Abuede Expect more profit taking this week in fundamentally strong counters Despite the sell-off witnessed at the close of last week, the local equities market gained N2.1 trillion from last week’s trading, stoked by the risk-on posture of investors bolstered by record-low yields. The local bourse wrapped up another week of […]
New PSA transfer window democratizes pension fund management in Nigeria, says StanbicIBTC PM
Zainab IwayemiNovember 17, 2020
By Zainab Iwayemi Following the official opening of the transfer window, under the pensions reform Act of 2014,which took effect on Monday, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings PLC, a leading leading pension services provider in Nigeria, has commented that the transfer window, which allows for pension fund contributors to […]
Nigeria food crisis begins to signal as inflation rises to 14.23%, highest since February 2018
Zainab IwayemiNovember 17, 2020
By Zainab Iwayemi The composite food index rose by 17.38% A food crisis appears to be in the making in Nigeria, Africa’s largest economy by gross domestic products and the continent’s most populous. The country’s October inflation numbers were released on Monday and it showed that the inflation rate rose to 14.23 percent […]
CBN says P-AAD offering N2bn per obligor, accessible to at least 370,000 Nigerians
Onome AmugeNovember 11, 2020
By Onome Amuge The Central Bank of Nigeria (CBN) has issued guidelines aimed at engaging and enabling companies, agro-processors of agricultural commodities and individuals to access a maximum of N2 billion per obligor under the private-sector led Accelerated Agriculture Development Scheme (P-AADS). According to the statement released by the apex bank, the scheme is […]
FCMB wins Asian Banker’s ‘Best SME Bank in Africa’ award
Charles AbuedeNovember 10, 2020
By Charles Abuede First City Monument Bank (FCMB), a foremost financial services provider in Nigeria, has been voted the ‘Best SME Bank in Africa’, at the Asian Banker Middle East and Africa Regional Awards held virtually last week. The annual award, which was organised by the Asian Banker to recognise what it described as […]
Analysts see revenue diversification, earnings growth opportunity in GTB restructuring
Charles AbuedeNovember 5, 2020
By Charles Abuede Joining the bandwagon of the likes of FBN Holdings, Sterling Bank plc, Access Bank, among others to restructure into a financial holding company (HoldCo), market and financial analysts at FBNQuest Capital Research see the proposed restructuring of Guaranty Trust Bank (GTB) as offering an avenue for the tier one banking […]
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Frontpage December 5, 2019