DMO sees N1.25trn local debt raising achievable in 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

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    

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, […]

CBN’s forex intervention hits $6bn in five months

…I&E window gets $2.2bn in six weeks as naira depreciates to N370/$ The Central Bank of Nigeria’s (CBN) total intervention at the nation’s foreign exchange market has been put at $6 billion with the new investors and exporters (I&E) window getting $2.2 billion in just six weeks of operation. The newly introduced Investors& Exporters FX […]

Inflation, insurgency hampering insurers’ earnings

Inflationary trends on claims and insecurity in Nigeria’s North-east and South-south regions are taking their tolls on operations of insurance companies in the country, according to Cornerstone Insurance Plc. The company, which rode on the back of its retail market to increase its share of business in the Nigeria’s insurance market lamented that inflation and […]

23 insurers risk liquidation on non-rendition of accounts

No fewer than 23 Nigerian insurance firms risk sanctions, which include but not limited to the suspension of their operating licences for non-rendition of accounts to regulators. Mohammad Kari, Nigeria’s Federal Commissioner for Insurance, is said to have instructed the technical department of the commission to put the affected underwriting houses on notice on the […]

South Africa’s resources stocks weaken after release of mining charter

Shares of South Africa’s resources companies weakened on Thursday after the minimum threshold for black ownership of mining companies was raised to 30 percent, dragging an index of the stocks to a 13-month low. Mines Minister Mosebenzi Zwane released the details of the much-contested revised mining charter earlier on Thursday, raising the threshold from 26 […]

Fraudsters target N3trn in non-BVN linked accounts

Fraudsters are targeting over three N3 trillion in accounts yet to be linked to the central bank of Nigeria introduced biometric verification number (BVN), according to tech and financial analysts.   The analysts, who spoke at a CEO roundtable facilitated by Ericsson and International Data Corporation, said that privileged information available to them showed that […]