Banks Ease Pressure As Etisalat Schedules N30bn Payment

Deposit Money Banks (DMBs) that  engaged Etisalat Nigeria, the fourth largest mobile operator in a public spat over the operator’s inability to meet the deadline for part payment of a $1.2 billion syndicated loan it took in May 2013, have quietly eased the pressure off the operator following agreement on new N30 billion payment schedules….

CBN Opens Forex Window For SMEs, Sells $141m

The Central Bank of Nigeria (CBN) has opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. Acting Director, Corporate Communication of the CBN, Isaac Okorafor, in a statement yesterday said  the apex bank’s special intervention was…

UBA Delights Shareholders, Distributes N27.2bn In Dividends

The shareholders of United Bank for Africa (UBA) Plc have approved the payment of N27.2 billion for its financial year ended December 31, 2016. The bank distributed N19.9 billion as final dividend, in addition to N7.3 billion interim dividend paid after the audit of its 2016 half year results, making a total of N27.2 billion…

UBA, Stanbic IBTC, 8 Others Lead Top Gainers At NSE In Q1

United Bank for Africa (UBA), Stanbic IBTC and Airline Services have emerged top gainers on the Nigerian Stock Exchange (NSE) for the first quarter of the year 2017. Others are Beta Glass, Okomu Oil,  Presco, Unity Bank, Continental Reinsurance, FCMB and NPF Micro Finance Bank. Despite that the total stock market capitalisation for first quarter…

Jaiz Bank Declares N5.48bn Gross Income

Jaiz Bank Plc said its gross income grew to N5.478 billion in the financial year ended December 31, 2016. According to the result on the Nigerian Stock Exchange, the gross income appreciated by 12 per cent from N4.89 billion in the corresponding financial year ended 2015. However, profit after tax went down from N910 million…

Another Millionaire Emerges In Skye Savings Reward Draw

Nigeria’s leading customer-friendly Bank, Skye Bank Plc at the weekend, rewarded more customers in the second draw of its ‘Reach for the Skye’ Millionaire reward promo season 2 in Owerri, Imo State. The draw saw Mrs. Ohaeme Elizabeth of Mgbidi branch emerged as the new Millionaire of the scheme. Forty other customers of the Bank…

We Will Restructure Bank Of Agriculture To Diversify Economy – BOA Boss

The newly appointed interim Chief Executive Officer of the Bank of Agriculture, Dr.  Kabir Mohammed Adamu, said his mission is in line with that of the President Muhammadu Buhari led administration of focusing on agriculture as a way of diversifying the economy. Speaking while receiving handover  from the former Managing Director of the Bank of…

5 Banks’ Exposure To Oil & Gas Sector Hits N2.2trn

Despite the dwindling global oil Prices, five commercial banks’ exposure to the oil & gas sector hits N2.2 trillion in 2016, reflecting an increased investment at the detriment of Non-Performing Loans and rising loan loss provision in the banking sector. The exposure to the oil & gas sector of these banks in 2015 was at…

Instant Payment Hits N38.2trn Transactions in 2016 – NIBSS

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has said total volume of Instant Payment (NIP) transactions recorded 154.5 million with value of N38.2 trillion in 2016. This is an increase of 117 per cent increase from last year instant payment transactions. Of the four Africa countries observed by NIBSS, Nigeria has $124 million in value…

Black Market Bleeds As CBN’s Policy Crashes Dollar To N390/$

Black marketers this week hit rock bottom as several interventions of the Central Bank of Nigeria (CBN) in the forex market bolstered the value of the naira, which rose to N390 to the dollar yesterday. The Naira, which also appreciated against the Pound Sterling and Euro rate, traded at N510 and N415 respectively, even as…

Naira Set To Appreciate As CBN Plans More Interventions

The value of the naira is expected to further appreciate this week as the Central Bank of Nigeria says it plans to continue its interventions at the foreign exchange market to boost liquidity. The value of the naira which opened last week at N460 to the dollar had appreciated in value to N448 at the…