The Asset Management Corporation of Nigeria (AMCON) today announced the commencement of the final process leading to the full divestment of its shares in the fully owned AMCON banks (Enterprise, Keystone and Mainstreet Banks).
In this report, we provide a comparative analysis of the FY12 results of fourteen Nigerian banks- Access, Diamond, Ecobank, FCMB, Fidelity, First Bank, Gtbank, Skye, Stanbic Ibtc, Sterling, UBA, Unity, UBN, and Zenith. As can be noted from our analysis, a
Banking, not savings backed services, remains the key drivers of the Nigerian economy, providing the needed liquidity for both families and businesses to invest for the future mainly through the process of mobilisation and lending.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to hold its second meeting for the year 2013 next week between Monday, March 18 and Tuesday, March 19, 2013. As usual, the MPC will consider the state of the global and d
The Bankers Committee as a commitment to sustainable development adopted the Nigerian sustainable banking principles and the accompanying three sector guidelines on Agriculture. Power and Oil & Gas in July 2012. The adoption of the Princip
The Monetary Policy Committee (MPC) met on, January 21, 2013 with ten (10) out of the twelve (12) members in attendance. The Committee reviewed the domestic economic conditions in 2012 and the challenges therefrom against the backdrop of the internationa
The Asset Management Corporation of Nigeria (AMCON), on Friday, reported a N2.37 trillion loss after tax on Friday, three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis.
Nigeria's Eurobond yields fell for the seventh day after the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, said the nation's financial system was not under threat from the withdrawal of speculative investments.
The Central Bank of Nigeria (CBN) will give some loan facility to embattled Societe Generale Bank of Nigeria (SGBN) as well as Savannah Bank, to enable them effectively recapitalise and come back to business, BusinessDay can confirm.
The Central Bank of Nigeria (CBN) has said the refinancing of existing loans for captive power projects under its Power and Airline Intervention Fund (PAIF) for corporate entities that are not power companies will only be eligible, if the investments are
LONDON—A top British regulator is calling for a sweeping overhaul of the London interbank offered rate, removing it from the control of a banking-industry group, empowering U.K. authorities to penalize wrongdoers and phasing out some versions of the bench
In a move aimed at strengthening financial stability and instilling discipline in the banking sector, the Central Bank of Nigeria (CBN) has barred banks in the country from extending further credit to 113 companies and 419 directors/shareholders, includin
Access Bank Plc, Nigeria ?s fourth- biggest lender by market value, will cut to 49 percent its stake in its Zambian unit after the southern African country raised capital requirements, Chief Executive Officer Aigboje Aig- Imoukhuede said.
Exactly one year after their nationalisation, the Asset Management Corporation of Nigeria (AMCON) has appointed Citibank Consortium and Renaissance Capital (RenCap) Consortium as financial advisers to Enterprise Bank Limited, Keystone Bank Limited and Mai
While European banks count the cost of the Eurozone sovereign debt crisis, China is leading the emerging markets into a new era of banking dominance. Africa's response to managing its economies amid frailty in currencies allows it to make first entry at 1
Despite the upheavals in the Nigerian banking industry which led to record write-downs and a costly bailout exercise, there has been no shortage on optimism even all through this period for Nigerian lenders.
Embattled Societe Generale Bank Nigeria (SGBN) Limited is to commence operations under a new name, Heritagebank, following approval by the Central Bank of Nigeria (CBN), which says the bank has met the financial requirements for returning to business.
The maturity structure of the CBN’s T-bill issuance programme underwent a fairly dramatic turn-around in May, with the apex bank suddenly opting to issue the bulk of its paper in short term (<91day) bills
The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), seeks to engage the services of a stockbroker to serve as the Government Stockbroker for Federal Government of Nigeria Securities (FGN Securities) listed (and to be li
The categorization of Nigerian banks into regional, national and international - based on their minimum capital base is generally seen as one of the CBN’s core strategies for repositioning the banking industry as well as strengthening bank operators for e
Ecobank Kenya has received a $25 million capital injection from its parent company to help it expand and address the rising cost of financing locally due to high interest rates in the east Africa nation, the bank's Managing Director said on Wednesday.
Nigeria's Skye Bank has raised $100 million in debt from a multilateral institution at a floating coupon rate of 6.3 percent for seven-years to boost its capital, its chief executive Kehinde Durosinmi-Etti said on Thursday.
Nigeria's United Bank for Africa (UBA) is considering merging its Zambian unit with one or more other local lenders to meet a new regulatory minimum capital of $100 million, its group chief executive said on Tuesday.
The Central Bank of Nigeria (CBN) has indicated that plans are underway to conduct another official appraisal of Nigerian banks before the end of 2012 as part of the Financial Sector Assessment Programme under a technical assistance programme provided by