eTransact posts N118.25m loss in three months
Aderemi Ojekunle
August 23, 2020
By Omobayo Azeez Even as some listed companies churn out positive numbers that beat expectations, operations of eTransact between April and June, this year could not rescue it to break free of negative performance. According to its unaudited account for the second quarter of the year filed with the Nigerian Stock Exchange (NSE), the […]
Ecobank Nigeria CEO advises graduates to go into agric, day-to-day use products
Aderemi OjekunleAugust 21, 2020
Nigerian tertiary institutions’ graduates aspiring to go into business have been advised to go into agriculture, food, telecommunications and finance related businesses that have day-to-day use. Patrick Akinwuntan, the managing director, Ecobank Nigeria, gave the advice in an address to graduands of Babcock University, Illishan Remo, on Thursday. In addition, the Ecobank Nigeria boss said […]
Dollar rebounds from two-year trough on Fed view
Aderemi OjekunleAugust 20, 2020
The dollar consolidated gains on Thursday after less dovish than expected minutes from last month’s U.S. Federal Reserve policy meeting prompted bears to buy into the heavily shorted currency, fueling its biggest one-day surge in more than two months. The dollar index, which tracks the greenback’s value against a basket of currencies =USD, had climbed […]
Forex scarcity worsens as inflow fell by $2.43bn to $9.72bn in April
Aderemi OjekunleAugust 20, 2020
Nigeria’s lingering foreign exchange scarcity continued in April as inflow declined by 25 per cent to $9.72 per cent in April, from the $12.15 billion recorded in March, a Central Bank of Nigeria (CBN has revealed). The apex bank, in its monthly economic report for April, attributed the development to the weak global demand caused […]
Nigeria currency reform delays $1.5bn World Bank loan
Aderemi OjekunleAugust 19, 2020
Charles Abuede A financing delay from the World Bank could leave Nigeria battered by low prices of crude oil, as the multilateral lender is probably not going to approve a genuinely necessary $1.5 billion for Nigeria in August as earlier arranged due to worries over desired reforms. Sources say they are not convinced about the […]
Fitch warns CRR will crash banks’ returns
Aderemi OjekunleAugust 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 […]