Nigeria interbank offer rate peaks at 126.7% as liquidity crunch hits banks

Liquidity pressures are mounting in Nigerian banks as the Nigeria Interbank Offered Rate (NIBOR) for overnight loans, the benchmark for determining interest rate payments between financial institutions, rose 46 percent from 86.29 percent last week to 126.69 percent Monday, the highest in recent times, according to bank treasurers spoken to by The current market […]

OPEC hopeful on outcome of production cuts, see uptick in demand, price rally

Khalid A. al-Falih, the Saudi energy minister, talked to journalists before an OPEC meeting in Vienna on Thursday 25 May, 2017.

Member countries of OPEC, including Nigeria, which have continued to manipulate the quantity of crude oil pumped into the international market to fight off price decline, are still hopeful that surplus oil inventories will continue to decline in the second half of the year as their production cuts take effect. The OPEC members are also hopeful that demand would […]

Osinbajo rides on Buhari’s endorsement to sign N7.44trn budget  

Acting President Yemi Osinbajo on Monday signed the 2017 appropriation bill into law thus ending a month long speculation on the whether the third force at the Aso Rock, Nigeria’s seat of power would prefer warehousing the budget pending the return of ailing President Muhammadu Buhari. Osinbajo had while appending his signature on the budget, […]

Ovia, Wigwe, Elumelu reap big in 2016 bank dividend payout

After almost a decade of lull in the Nigerian equities market, fresh momentum is now beginning to emerge. But it is the fortune being made by big discerning investors, who kept faith in their investments in equities, particularly in the banking sector, that is drawing fresh attention as major investors saw their fortunes surge last […]

Nigeria’s economy only 0.65% of global share, but still Africa’s largest

Nigeria, Africa’s most populous country, accounts for just 0.65 percent of global economy says the World Bank in latest figures on the world’s economy just released. But the country’s economy remains Africa’s largest despite its small size in global play. At $519 billion, the country’s economy, which has seen contractions in growth over the last […]

Nigeria’s top banks’ directors take home N6.17 billion in 2016

Executive compensation- Updated * Bad bank, AMCON, directors earn N776 million despite 351bn loss… Directors at Nigeria’s top ten and profitable banks took home a combined executive compensation of N6.17 billion in financial year 2016, even as directors at loss making bad bank, Asset Management Company of Nigeria (AMCON), did not see its losses impact […]

Nigeria’s domestic debt service soars to N1.23trn in 2016

Kemi Adeosun, the finance minister, Kemi Adeosun's Resignation

While domestic debt stock/GDP ratio is still in a fair region, there has been an alarming rise in domestic debt service as payments have soared from N354bn in 2010 to N1.23trn last year, according to FBNQuest. Domestic debt payments comprise more than 90% of Nigeria’s total debt burden, since external debt obligations are mostly concessional […]