Central Bank of Nigeria (CBN) has reported that foreign investors repatriated some $2.74 billion out of Nigeria from January to March of this year, suggesting that investors are moving money and assets out of the country to shield themselves from the political vicissitude.
According to the apex banks’ economic report for the first quarter foreign exchange outflow from the economy was $6
The cheque truncation system of the Central Bank of Nigeria (CBN) is threatening the life of Nigeria Electronic Funds Transfer (NEFT) system, an irrevocable fund transfer instruction because the former now offers faster cheque clearing cycle, Nigeria CommunicationsWeek can now report.
Unlike the drudgery associated with NEFT, cheque truncation now eliminates
The London based rating agency, Fitch Ratings has assigned FBN Holdings Plc (FBNH) a Long-term Issuer Default Rating (IDR) of 'B' and Short-term IDR of 'B'. The Outlook on the Long-term IDR is Stable.
In release Friday, Fitch stated that the assignment of ratings to FBNH follows First Bank of Nigeria Plc's (now First Bank of Nigeria Limited, FBN) decision to adopt a holding company
Some 35,000 firms are said to be evading tax payment in the county and government said that this stalling her responsibility of providing basic amenities.
The government, said plans are underway to introduce e-payment to capture more companies and individuals in to government tax net.
Dr. Yerima Lawan Ngama, minister of state for finance in a keynote address at a workshop of
United Bank for Africa Plc has said it plans to increase loans by as much as 40 per cent this year to fund oil, power and manufacturing projects.
Mr. Ugochukwu Nwaghodoh, bank’s chief financial officer, told Bloomberg that the bank has some deals in the power sector, besides investments in oil and gas that have the largest chunk of the bank’s portfolio.
According to him, having
The impressive performance by the United Bank for Africa Plc full year 2012, continued into first quarter of 2013 with the bank recording a profit before tax of N17.2billion representing an increase of 12.4 percent, compared with N15.3billion achieved in Q1 of 2012.
The Bank in its unaudited financial statement filed with Nigerian Stock Exchange on Monday recorded a Profit after Tax of
National Association of Aircraft Pilots and Engineers (NAAPE) has returned a damning indictment on the International Monetary Fund (IMF) for calling for the wind up of Assets Management Corporation of Nigeria (AMCON) and accused the IMF of “encouraging the accumulation of bad debts”.
Balami Isaac David, Ocheme Aba, national president and general secretary of the Association respectively
African countries need to improve their regulatory frameworks in order to ensure the successful launch of African infrastructure project bonds, said a new report launched by the African Development Bank (AfDB).
Africa is ready for the launch of such infrastructure bonds provided some conditions are met, says the report, titled "Structured Finance – Conditions for infrastructure project
United Bank for Africa (UBA) Plc has reported an impressive improvement in its audited financial results for the full year 2012 growing its profit figures by over 905% to close at N54.8 billion up from the N6.8 billion loss it recorded in the previous year on account of loan provisioning that it did to clean up its balance sheet.
Details of the impressive result released at the Nigerian
Nigeria is owing the World Bank Group and African Development Bank (AfDB) has reached $5.34billion, accounting for 80.19 per cent of the country’s total $6.67 billion external debt.
The country’s indebtedness to the International Development Association, a lending arm of the World Bank Group is $4.598 billion while it owes African Development Bank Group $667.58 million.
FCMB Plc, Nigeria’s financial powerhouse and Flagship Company of the First City Group is now working longer hours and is serving its customers in a multilingual capacity.
With emphasis on better service for everybody, FCMB’s contact centre speaks Igbo, Hausa and Yoruba.
By simply dialing 012798800 or 070FCMBMYBANK (07003262692265), customers can select his or her language option from
Global Board of Trade, the first international multi-asset bourse from Mauritius has successfully launched Contracts for Difference (CFDs).
The launch of CFDs on GBOT makes it the 1st exchange in Africa and 2nd in the world to introduce CFDs.
GBOT CFDs will replicate the spot price performance of underlying assets and give traders and investors easy and seamless exposure to USD
Africa’s share of global foreign direct investment (FDI) has grown over the past five years highlighting the growing interest from foreign investors, according to Ernst & Young’s third Africa Attractiveness Survey released Monday.
The report combines an analysis of international investment into Africa over the past five years with a 2013 survey of over 500 global business leaders
The World Bank’s new Country Partnership Strategy would focus on three pillars - sustainability and inclusive growth, human development and governance, to achieve results.
Marie-Francoise Marie-Nelly, Country Director, said that the new portfolio would be applied between the periods of 2014 and 2017.
``The structure of our portfolio is more or less the same in the sense that we
Economists have predicted that if Nigeria gets its public electricity grid working 24 hours, the nation would greatly reduce business costs by up to 40 percent and add up three percent to GDP.
This is will also cut unemployment that seems to fuel social unrest in nearly all six geo-political regions of the country.
Dayo Samuel, of the department of Economics Education at the
Nigeria needs to invest at least $350 billion over 10 years starting from 2011 to 2020, to get over its current travails of infrastructural development, according to a report tagged “An Infrastructure action plan for Nigeria: Closing the infrastructure gap and accelerating economic transformation” by the Africa Development Bank (AfDB).
Dr. Russell Cheetham, consultant to AFDB, in the
The economic transformation of the African continent is the cornerstone of the African Development Bank Group’s new 10-year strategy, which has been approved by the Executive Directors of the Bank, emphasizes the quality and sustainability of growth.
The Directors’ approval followed a wide and deep consultation process, within and outside the Bank.
“This document reflects Africa
Diamond Bank Nigeria Plc said on Thursday that it has disbursed over N71 billion loans to 30, 000 small and medium scale enterprises in the country since 2009.
Mrs . Adaeze Ume of the bank's Micro-small and Medium Scale Enterprises (MSME) unit disclosed this at its 30th Business Express Enterprises Series in Kano.
Ume said that out of the amount, over N2 billion was lent to such
ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has announced that PalLease; the largest financial leasing company in Palestine, has gone live with ICS BANKS® Finance Lease which offer to its clients the latest and best reached applications in servicing the financial leasing sector.
The project implementation
ForexTime Ltd (FXTM) has commenced a forex trading conference in south western Nigeria with the theme: "New paradigm in online trading"
The one month conference which holds in Akure, Ilorin and Ibadan from April 19 to May 25 is at no cost.
The focus, will be on trading and opportunities available to any interested investor.
Some of the topics in this
Ban Ki-Moon, UN secretary-general along with leaders of six multilateral financial institutions, have announced that they would strengthen inter-agency sharing and collaboration on issues related to data and statistical capacity building.
This is in recognition of the power of information to shape better policies, guide development programs and increase accountability.
Thomson Reuters, the world’s leading supplier of intelligent information for businesses and professionals, rolled out the latest version of its next-generation desktop product, Thomson Reuters Eikon, to financial professionals in Nigeria at a launch event held yesterday at the Nigerian Stock Exchange (NSE)
Nigeria has the second-largest stock exchange in Sub-Saharan Africa after South
World Bank’s Migration and Development Brief, issued at the weekend said that Nigeria accounted for 67 per cent of the $31billion total inflows to sub-Saharan Africa last year; this is as global payments hit $514 billion during the year under review.
According to the World Bank, Nigerians and other residents in the country received a total of $21billion last year in remittances from
A new report by the African Development Bank has explored how structured finance techniques can mobilize African domestic capital to support economic infrastructure projects and economic growth.
The report, "Structured Finance - Conditions for infrastructure project bonds in African markets", will be launched by Charles Boamah, AfDB vice president Finance next 19th April in Washington
Diamond Bank Plc, Nigeria’s leading commercial bank, is sponsoring five customers to the China Canton Fair to further boost their international business exposure.
The China Canton Fair is a bi-annual trade fair that commenced in 1957 and has since held every April and October for a two week period. Every year, the fair attracts hordes of businessmen from around the globe.
Sap Community Network and Standard Bank of South Africa (SBSA) have released a survey which showed that Nigeria has one of the largest numbers of people that have no access to traditional financial services in West Africa.
Entitled: Accessibility to financial services in Sub-Sahara Africa” the firms said more than 80 per cent of people in the region do not have access to traditional
Alhaji Adamu Garbajo, coordinator, Millennium Development Goals (MDGs), Adamawa state, has said that 2,250 persons would benefit from its Conditional Cash Transfer programme in Adamawa.
Garbajo said that 450 persons were expected to benefit in each of the five local government areas of Yola South.
He said each council was expected to get N72 million for the programme, which would
Alhaji Umaru Ibrahim, managing director, Nigeria Deposit Insurance Corporation (NDIC) has said that the agency is seeking for the establishment of an explicit investor protection scheme to protect the interest of small investors in the capital market.
Ibrahim, said this when the Executive Council of Chartered Institute of Stockbrokers (CIS) paid him a courtesy visit.
The total value of that currency (whether banknotes, coins, or demand deposits) that is engaged in Nigeria’s economy is N1.457 trillion as at the month of January, according to data by the Central Bank of Nigeria (CBN).
The figure is down fell by 10.7 per cent compared with the 4.2 per cent rise in December last year.
“The development reflected, wholly, the 11.2 per cent decline
Economic and Financial Crimes Commission (EFCC) has released Ehi Okomoyon, former managing director of the Nigerian Security Printing and Minting Company (NSPMC), after being quizzed over alleged N750million Polymer notes contract.
Okoyomon also forced to retire over the alleged N2 billion missing notes from the Mint under his leadership was arrested on Sunday by operatives of the anti-