UBA begins hunt to grow deposit base with offer of N120m in savers’ promo
Adesola Afolabi
August 28, 2018
In a bid to grow its savings deposit base, United Bank for Africa (UBA) has launched a new savings promo tagged “UBA Wise Savers Promo”. The bank said the promo is in line with the its tradition of deepening the savings culture by rewarding and encouraging its loyal customers. The promo, open to both existing […]
Brokers urge FG to insure ‘rent to own building projects’ to deepen insurance uptake
Adesola AfolabiAugust 28, 2018
In a bid to combat the abysmal level of insurance penetration in Nigeria, which currently stands at 0.4 percent of the total population, the Nigerian Council of Registered Insurance Brokers (NCRIB) is urging the Federal Government to give insurance its rightful place while embarking on its rent to own projects designed to curb housing deficits […]
CBN moves to stabilize naira, pumps $543m, ¥63m into forex market
Businessam StaffAugust 27, 2018
*Retail segment receives $323m boost *Wholesale segment gets $100m *SMEs, Invisibles get $55m each In another major round of interventions, the Central Bank of Nigeria (CBN) late last week, injected a total sum of $543.22 million and ¥63.21 million into the inter-bank foreign exchange market. At last Thursday’s trading, the CBN offered the sum of […]
British watchdog says cryptocurrency scams on the rise
Businessam StaffAugust 20, 2018
Cryptocurrency scams are using images of celebrities and upmarket London addresses to hoodwink consumers into parting with cash, Britain’s Financial Conduct Authority has said. The warning, first made in June, was reposted on the FCA’s website on Friday. Cryptocurrencies such as bitcoin and ether are not regulated in Britain, and the FCA said it has […]
Cryptocurrency firm, Pantera Capital, seeks $175m for 3rd venture fund
Businessam StaffAugust 20, 2018
Pantera Capital, which has pioneered investments in cryptocurrency assets, has set its goal for its third venture fund at $175 million, surpassing the $25 million raised for its second fund and the $13 million from its first one, according to TechCrunch. A new filing for a Pantera venture fund offering with the Securities and Exchange […]
FBNQuest Merchant Bank assigned an “A” rating by Agusto & Co.
Justice OkamgbaAugust 16, 2018
Agusto & Co. said on Thursday that it has assigned an “A” rating to FBNQuest Merchant Bank Limited. The rating reflects the bank’s affiliation with FBN Holdings, the non–operating holding company of one of the largest banking and financial services organisations in Africa with an asset base of ₦5.2 trillion as at 31 December 2017. […]
Nigeria’s central bank reports 33% decline in net income for FY2017
Adesola AfolabiAugust 16, 2018
The Central Bank of Nigeria (CBN) has released its audited financial statements for the year ended 31st December 2017 showing net income for the bank depreciated 33 percent from N104.9 billion recorded in the same period of 2016 to N70.2 billion. Although the results released Thursday, August 16th 2018 indicated that gross revenue was N2.2 […]
Nigeria’s August bond auction oversubscribed as investors wager N100bn FGN bond
Adesola AfolabiAugust 16, 2018
Nigeria’s Debt Management Office (DMO) said subscribers staked more than N100 billion at the August 2018 FGN bonds auction conducted Wednesday. According to the debt office, although it offered N90 billion bonds as part funds to be raised in financing the country’s 2018 budget, investors oversubscribed the offer by more than N10 billion. “The FGN […]
MTN Nigeria secures N200bn loan from local banks for expansion
Businessam StaffAugust 15, 2018
MTN Nigeria has secured a N200 billion ($553.5 million) loan from 12 Nigerian banks. The loan, which the company will pay back over the next seven years (including a 2-year moratorium), will be used to fund its capital expenditure (CAPEX), working capital and new business opportunities as they unfold. The facility is denominated in the […]
FG, BOI launch ‘Trader Moni’ in Lagos with N10, 000 loans for grabs
Businessam StaffAugust 15, 2018
The Federal Government through the Bank of Industry (BOI) and the Government Enterprise and Empowerment Programme (GEEP), has launched ‘Trader Moni’ in Lagos, a product through which traders could access loans of up to N10,000 at the first instance. ‘Trader Moni’ was launched Tuesday in five markets in Lagos; Ketu, Mushin, Ikotun, Agege and […]