Fitch warns CRR will crash banks’ returns
Aderemi Ojekunle
August 17, 2020
BY:Moses olajuwon Obajemu Fitch Ratings has sounded the alarm that the cash reserve ratio (CRR) policy being implemented by the Central Bank of Nigeria (CBN) will undermine the ability of banks to deliver maximum returns to their shareholders as well as affect lending to their customers. The CRR is 27.5 per cent of banks’ deposits […]
NDIC assures depositors of defunct Fortis MFB of getting their insured funds
Aderemi OjekunleAugust 17, 2020
BY: Moses olajuwon Obajemu The Nigeria Deposit Insurance Corporation (NDIC) yesterday vowed to protect the interest of depositors of defunct Fortis Microfinance Bank (MFB). Sunday Oluyemi, director of communication and public affairs, gave the assurance in a statement issued on Wednesday. He said depositors with funds in excess of the insured limits will be […]
VEROD Capital acquires AXA Mansard Pensions after divestment by insurance firm
Charles AbuedeAugust 11, 2020
By Charles Abuede VEROD Capital, the investment banking and private equity firm, through its Eustacia subsidiary, is to take over AXA Mansard Pensions Limited, a subsidiary of one of Nigeria’s leading insurance and asset management firms, AXA Mansard Insurance PLC, following the latter’s divestment from its pension business. In a regulatory filing to The Nigeran […]
Analyst commends credit growth to real sector
Businessam StaffAugust 11, 2020
FBNQuest, a firm of analysts, has commended the banks for extending N3.3 trillion to the economy over the last one year. The firm sees the credit growth as one bright spot in the nation’s developmental effort, especially the 21 per cent increase in the loan books of deposit money banks over 12 months. Gregory Kronsten, […]
FG to partner CBN on SMEs’ loan restucturing
Businessam StaffAugust 10, 2020
The federal government has assured that it would partner with the Central Bank of Nigeria to help small and micro enterprises pass through this trying times by ensuring that their loans are restructured by the creditors so that they are not forced to go under. In particular, he said banks would be persuaded to restructure […]
Global equities snap four-day rally on U.S.-China frictions; dollar firm
Businessam StaffAugust 7, 2020
World stocks ended four days of gains on Friday after U.S. President Donald Trump cranked up antagonism with Beijing by banning U.S. transactions with two popular Chinese apps: Tencent’s WeChat and ByteDance’s TikTok. Reuters says with second quarter GDP data showing double digit percentage declines for major economies that may be the worst hits from […]
What Small Businesses Need to Stay On Top
Businessam StaffAugust 7, 2020
Starting a business is always a gamble, and in most cases the process of setting up your company is easier than keeping it alive. The U.S. Bureau of Labor Statistics has found that around 20% of small businesses fail within the first year alone, and less than 1/3 of small businesses make it to their […]
CBN extends payment system scheme by five years
Businessam StaffAugust 7, 2020
The Central Bank of Nigeria (CBN) has extended the target date for its payment systems vision (PSV-2030) strategy, previously set for 2025 but now moved to 2030. The CBN said the move was in response to evolving development of blockchain technology and other payment systems disruptions. The CBN had announced that it had started the […]
Savings bonds offer restarts August 10 after three-month suspension
Businessam StaffAugust 7, 2020
After a three-month freeze, the Debt Management Office is resuming the Federal Government of Nigeria savings bond offer with effect from August 2020 after its suspension in April. It said this in a statement on Thursday titled ‘Resumption of FGN savings bond offer in August 2020.’ It said it will open the subscription on August […]
Currency in circulation hits N2.39tn
Businessam StaffAugust 7, 2020
The stock of money in circulation in Nigeria increased by N95.13bn from N2.29tn at the end of June to N2.39tn in July, data from the Central Bank of Nigeria have shown. The CBN data showed that currency in circulation, which stood at N2.3tn in April, rose slightly to N2.35tn as of the end of May. […]