Investors lost N122.5bn as local stocks recoil gains resulting from selloffs in Dangote Cement, Zenith Bank, Nigerian Breweries
Charles AbuedeMarch 12, 2021
Charles Abuede The equities market retreated from the gains recorded in the previous trading session due to selloffs in Dangote Cement (-3.5%), Zenith Bank (-1.4%) and Nigerian Breweries (-1.4%) pushed the NSE all share index southward by 0.60 per cent to 38,697.17 points. As a result, market year to date return loss worsened to -3.9 per […]
Pressured sell-offs in large-cap stocks forces market into red as investors lost N371.3bn on Tuesday
Online EditorMarch 10, 2021
Charles Abuede The Nigerian equities market reversed Monday’s trading session gains to resume its bearish run as pressured sell-offs in large capitalization stocks such as; MTN Nigeria (-5.9%), Zenith Bank (-12.7%), Wapco Plc (-7.95%), and UBA (-10.0%)pushed the NSE-ASI lower by 1.80 per cent to settle at 38,686.85 points. Hence, the market year to date […]
Emefiele says Naira 4 dollar policy will give Nigerians in the diaspora cheaper and convenient means to sending remittances home
Online EditorMarch 9, 2021
Policy to exist for just 60 days in a bid to check round-tripping Charles Abuede Nigeria’s apex bank Governor, Godwin Emefiele has said that the introduction of the “CBN Naira 4 Dollar Scheme” which comes into effect on Monday, March 8, 2021, is aimed at reducing the cost of remittance inflow, check the […]
CBN says cryptocurrency ban in interest of Nigerians
Zainab IwayemiFebruary 25, 2021
By Zainab Iwayemi Following the central bank’s directive to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency, Godwin Emefiele, the Governor, Central Bank of Nigeria (CBN) has said the decision is in the best interest of Nigerian depositors and the country’s financial system. The CBN […]
Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20
Charles AbuedeFebruary 25, 2021
By Charles Abuede Zenith Bank Plc, one of Nigeria’s systematically important bank, has maintained its strong Tier-1 position, with the delivery of strong operational performance in its 2020 full year financials just released. Despite the economic disruption brought about by the covid-19 pandemic, the bank showed resilience in 2020 reporting a robust set of […]
United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020
Charles AbuedeFebruary 23, 2021
By Charles Abuede Net Operating Income: N12.49bn in 2020; N7.90bn in 2019 Operating expenses: N4.93bn in 2020; N3.64bn in 2019 Profit After Tax: N7.81bn in 2020; N4.97bn in 2019 After recording significant gains across key indicators in its third quarter of 2020 result, United Capital Plc has reported an impressive 50 per cent year-on-year […]
CIBN revives mentorship initiative for bank workers
Zainab IwayemiFebruary 20, 2021
By Zainab Iwayemi In a bid to upscale the leadership capacity and productivity of workers within the financial and banking sector, the Chartered Institute of Bankers of Nigeria (CIBN) has announced the re-launch of its mentoring scheme in a virtual programme themed Unlocking Career Potentials and possibilities held virtually and monitored by Business A.M. […]
$42bn lost globally to financial fraud as banks in Nigeria lost N5bn in 9-months in 2020 – NIBSS
Charles AbuedeFebruary 18, 2021
By Charles Abuede Fraud attempts via mobile channels, PoS increased by 330%, 215% y/y between 2019 and 2020 As Nigeria experience further growth in financial inclusion and bank customers continue being dependent on various electronic channels for their daily financial transactions, a trend of fraud in the financial sector, which is changing the […]
Urhobo indigenes initiate committee to establish N1.5bn microfinance bank
Onome AmugeFebruary 15, 2021
By Onome Amuge A group of progressive-minded Urhobo indigenes have set up a fundraising committee aimed at the mobilizing funds for the establishment of a microfinance bank with N1.5 billion capitalto cater for the needs of the ewheya (women) and ighele(youngsters) of Urhoboland in the Delta State region. The committee, launched recently, was inaugurated […]
Hungry market guzzles up Ecobank Nigeria’s $300m Eurobond offering
Charles AbuedeFebruary 12, 2021
By Charles Abuede First African bank to test Eurobond market in 2021 The 144A senior unsecured bond offering carries a 5-year tenor at 7.125% Transaction becomes lowest for a Nigerian bank outstanding Eurobond coupon Ecobank Nigeria Plc, one of the leading banks in the treasury business in Nigeria and ranked amongst the […]