Development Bank To Serve As A Wholesale Bank For MfBs To On-Lend
With the approval of operational license for the Development Bank of Nigeria (DBN) it would serve as a wholesale bank to Microfinance Banks (MfBs) which will on-lend on medium and long-term loans to Micro, Small and Medium Enterprises (MSMEs). The Central Bank of Nigeria, penultimate week, approved the application for an operational license for the DBN to begin operations.
Foreign Investors Avoiding Nigeria’s Naira Bonds
Amidst the oversubscription of Nigeria’s Eurobond by the tune of $3 billion, Foreign investors are avoiding Nigeria’s Naira denominated fixed income investment instrument, and opting for the Dollar denominated Eurobond instead. The country floated a $500 million Eurobond last Wednesday which was oversubscribed to the tune of $3 billion.
Union Bank Records Profit Before Tax Of N15.7 Billion For 2016
Nigeria’s first generation bank, Union bank of Nigeria (UBN) has recorded a profit before tax of N15.7 billion for 2016 despite the current economic challenges in the country since 2016. Union Bank of Nigeria (UBN) Plc last Friday reported a profit before tax of N15.7 billion for the year ended December 31, 2016, showing a marginal growth of seven per cent compared with N14.9 billion posted in 2015.
NAICOM To Release Guidelines For Reactivation Of Brokers’ Lapsed Licenses
(NAICOM) has said it will at the end of this month, release the guideline for brokers to activate their lapsed licenses. This is as it said it has commenced the process of signing agreements with operators and regulators of insurance distribution channels for collaboration in deepening insurance penetration nationwide. The Commissioner for Insurance, Mohammed Kari, who disclosed this in an interview with THISDAY, said the commission is working globally on enforcement of all compulsory insurances and has perfected plans to release guideline on the use of non-regulated potential intermediaries in the distribution of insurance.
Expect Petrol Scarcity As Tanker Drivers Begin Nationwide Indefinite Strike
Petroleum tanker drivers (PTD) have made good their threat and embarked on a nationwide strike over a breach in the agreement it entered with the federal government that will ensure better working conditions. As the transporters of petroleum products in Nigeria, this means petrol stations will in a matter of days run out of products which will once again throw the country into fuel scarcity.
Nigeria Appoints Okpanachi Devt Bank MD, Names Board
The Federal Government has appointed Mr Tony Okpanachi, as the pioneer Managing Director of the Development Bank of Nigeria (DBN). Also appointed are the Chairman of the board, Dr. Shehu Yahaya (who was the interim MD of DBN and former Executive Director, AfDB); Managing Director/Chief Executive, Nigeria Sovereign Investment Authority, Uche Orji and Mohammed Kalif, of the African Development Bank as members.
Nigerian Banks And Poor Compliance To CBN Policies
Recently the central bank of Nigeria (CBN) rolled out a new foreign exchange policy which requires banks to sell dollars to customers within 24hours. The CBN also laid out a guideline the process workflow; but the constant lack of adherence to compliance has lead the apex bank to equally introduce control measures such as issuing a dedicated phone number to report banks not in compliance as well as sending out mystery shoppers.
Access Bank Shareholders Fault NSE On Audit Committee Chairmanship
Shareholders of Access Bank Plc, yesterday, faulted the Nigerian Stock Exchange, NSE, requirement that audit committee chairman must be accountants and that they must append their professional number on financial reports. The shareholders approved all resolutions, including the final dividend translating to 65 kobo per share, totalling N11.571 billion for the financial year ended December 31, 2016. Speaking at the meeting on behalf of their shareholder groups, Chief Timothy Adesinya, Sir Sunny Nwosu and Mr. Boniface Okezie, said their associations will resist every attempt by the NSE to impose things that they have challenged legally and won.
FCMB Grows Profit By 109% To N16.3bn In 2016
FCMB Group Plc has reported a profit before tax, PBT, of N16.3 billion for the full-year ended December 31, 2016. This is an increase of 109 per cent, compared to the N7.8 billion posted in the same period in 2015. Profit after tax also rose to N14.3 billion as against N4.8 billion in prior year. Following these, the financial institution has recommended a dividend of 10 kobo per share to shareholders.