Category: Capital Market/Banking

LCCI faults suspension of Banks from forex transactions
August 29, 2016 No Responses

LCCI faults suspension of Banks from forex transactions

The Lagos Chamber of Commerce and Industry (LCCI) on Sunday described the suspension of nine Banks from foreign exchange (forex) transactions as counter productive.   LCCI Director General, Muda Yusuf said: “These are shocks that the economy can ill afford...
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Moody’s, Augusto rate Heritage Bank high on strong capitalisation, asset quality
August 29, 2016 No Responses

Moody’s, Augusto rate Heritage Bank high on strong capitalisation, asset quality

Two foremost rating agencies, Moody’s and Augusto & Co. recently affirmed that Heritage Bank’s capitalization remains sound in relation to its low asset risk model and has capacity to generate income from its core business and settle its obligation...
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FirstBank partners NBCC on MSME development
August 28, 2016 No Responses

FirstBank partners NBCC on MSME development

First Bank of Nigeria Limited is to partner the Nigerian-British Chamber of Commerce (NBCC) to jointly host a Micro, Small & Medium Size Enterprises (MSME) workshop with the theme: “Fundamentals of Building a Sustainable Business”.  According to First...
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Skye Bank, Fidelity, FBN, others sustain sliding profile
August 26, 2016 No Responses

Skye Bank, Fidelity, FBN, others sustain sliding profile

For the second day, investors on the floor of the Nigerian Stock Exchange (NSE) have continued to dump the shares of Banks suspended from participating in Foreign Exchange (Forex) transactions by the Central Bank of Nigeria (CBN).   The restriction...
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UBA proposes 20 kobo interim dividend for half year
August 26, 2016 No Responses

UBA proposes 20 kobo interim dividend for half year

United Bank for Africa Plc (UBA) has announced its audited 2016 Half Year Financial Results for the period ended 30 June 2016, showing the bank recorded gross earnings of N166 billion, net operating income of N109 billion and profit before...
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‘Heritage Bank did not conceal NPA’s N11.2Billion’
August 26, 2016 No Responses

‘Heritage Bank did not conceal NPA’s N11.2Billion’

An investor of Heritage Bank has absolved the Bank of any involvement in the alleged concealment of N11.2 Billion belonging to the Nigerian Ports Authority (NPA).   The  source who preferred to remain anonymous on Thursday described the allegation as false,...
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Shareholders of Diamond Bank, FCMB, others lose N8.1B over non-remittance of funds
August 25, 2016 No Responses

Shareholders of Diamond Bank, FCMB, others lose N8.1B over non-remittance of funds

The Foreign Exchange (FOREX) restriction order placed on Diamond Bank Plc, First City Monument Bank Plc (FCMB) and others by the Central Bank of Nigeria (CBN) reverberated yesterday on the floor of the Nigerian Stock Exchange (NSE).     Two of...
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Forex: CBN re-admits UBA
August 25, 2016 No Responses

Forex: CBN re-admits UBA

The Central Bank of Nigeria (CBN) has re-admitted United Bank for Africa (UBA) into the Foreign Exchange Market.  A statement issued by UBA dated August 24, 2016 said: “Further to our press statement of yesterday (Tuesday), we are pleased to...
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Non-Performing loans in Banks hit N649.63b
August 25, 2016 No Responses

Non-Performing loans in Banks hit N649.63b

Non-Performing Loans (NPL) in Banks is now N649 Billion, an increase of 78 per year-on-year from May, 2015.   In his presentation at the third National Credit Reporting Conference organised by the Credit Bureau Association of Nigeria (CBAN) in Lagos, the...
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CBN suspends First Bank, Diamond, others from forex transactions
August 24, 2016 No Responses

CBN suspends First Bank, Diamond, others from forex transactions

Citing non-remittance of all outstanding Nigerian National Petroleum Corporation (NNPC) funds in their vaults into the Treasury Single Account (TSA), the Central Bank of Nigeria (CBN) has  suspended nine banks from further dealing in foreign exchange transact...
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‘UBA has remitted all NNPC/NLNG Dollar deposits into TSA’
August 24, 2016 No Responses

‘UBA has remitted all NNPC/NLNG Dollar deposits into TSA’

The United Bank for Africa (UBA) has remitted into the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN) all dollar deposits belonging to the Nigerian national Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas Company (NLNG...
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All set for NSE, Bloomberg 2nd CEO Roundtable
August 24, 2016 No Responses

All set for NSE, Bloomberg 2nd CEO Roundtable

The Nigerian Stock Exchange (NSE) in collaboration with Bloomberg is set to host the 2nd NSE Bloomberg Chief Executive Officer (CEO) Roundtable Event on Wednesday, 31st August 2016 at the Stock Exchange House, Marina, Lagos.  According to a statement, the...
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Manufacturers to get 60% forex
August 23, 2016 No Responses

Manufacturers to get 60% forex

Still in search of a healing balm for the economy, the  Central Bank of Nigeria (CBN) has directed  Authorised Dealers (banks) to allocate 60 per cent of their  Foreign Exchange, (forex) purchases from all sources (interbank inclusive) to  manufacturers an...
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Wema Bank to raise N50b
August 22, 2016 No Responses

Wema Bank to raise N50b

To expand on its expansion drive and ensure profitability, the Board and Management of Wema Bank has concluded plans to raise N50 Billion tier two capital through bonds.   According to the Bank, plans are underway to raise N20 billion...
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