Land Use Act, biggest threat to agricultural growth in Nigeria – AFEX boss
Adesola Afolabi
August 13, 2018
Ayodeji Balogun, the country manager for AFEX commodities exchange, Nigeria’s first private commodities exchange, has decried the policy inertia by government on the current Land Use Act, which he said is hampering the growth of the country’s agricultural sector. Balogun who said the lack of the right infrastructure to support farmers remains a big concern […]
Nigerian banks suffer N135.6bn decline in interest income in HY18 on falling securities yield, flat loan growth
Adesola AfolabiAugust 13, 2018
It appears most banks’ bet on securities to hedge against incurring non-performing assets have gone awry, as declining yields on the securities have put a damper on interest income. A business a.m. analysis of top banks’ earnings as at end-June 2018 indicates a 16 percent decline in interest income, the main income from their business […]
Mutual Benefits N2bn rights issue to propel 5-year strategic plan
Adesola AfolabiAugust 13, 2018
Mutual Benefits Assurance Plc proposed rights issue of 4,000,000,000 ordinary shares of 50 Kobo each at an offer price of 50 Kobo per share will raise N2 billion for the company to activate a five year plan if all shareholders decide to take up their rights. The rights issue, which opened last Monday and will close for […]
Phillips Consulting introduces Intellect Digital Core banking solution into Nigeria financial system
Businessam StaffAugust 10, 2018
Phillips Consulting Limited (PCL), leading management consulting firm, has announced the introduction of a cutting-edge technology, Intellect Digital Core banking solution into the Nigerian banking industry. A statement said the new solution would transform and revolutionise the Nigerian financial sector, adding that the feat was achieved in collaboration with Intellect Design Arena Limited, a global […]
18th FGN savings bond offer closes August 10
Adesola AfolabiAugust 8, 2018
The eighteenth tranche of the Federal Government of Nigeria Savings Bond (FGNSB), which began Monday, will close Friday, August 10, 2018. The August 2018 offer is a 2 and 3-year tenor bond with a yearly interest rate on the 2year FGNSB set at 10.668 percent while the interest rate on the 3year FGNSB is 11.668 […]
FirstBank obtains approval to redeem $300m bond
Afolabi OluwaseunAugust 8, 2018
First Bank Nigeria Plc., have announced payment to bondholders in a bid to redeem its $300 million 8.25 percent subordinated notes, which was issued in 2013 having obtained the necessary approval. The announcement comes as a follow up to a notice given on Friday 6th July 2018 to FBN Finance Company B.V. stating the bank’s […]
FX market to remain stable in the aftermath of foreign investors’ exit
Afolabi OluwaseunAugust 6, 2018
The Nigerian foreign exchange market is projected to remain stable if foreign investors finally exit the market as has been projected on rising rates in the advanced economies, especially in the United States. Currency market analysts, who spoke to business a.m. said the foreign exchange market would be unshaken, particularly in the short to medium […]
WhatsApp banking: Path to financial inclusion in Nigeria?
Adesola AfolabiAugust 6, 2018
The need to stay competitive and make financial servicing easily accessible to consumers has driven financial institutions across Africa such as United Bank for Africa, First Bank, Guaranty Trust Bank and Absa Bank in South Africa to leverage an ‘experienced’ partnership between WhatsApp and Clickatell- one of WhatsApp business solution providers. “These banks with the […]
Nigeria central bank issues revised cheques clearing rules effective Sept 1
Businessam StaffAugust 2, 2018
The Central Bank of Nigeria (CBN) has set a 5-year timeline for banks to keep physical cheques presented by customers after which they may be disposed. The new rules become operational September 1, 2018 This was contained in the revised Nigerian Bankers’ Clearing System (NBCS) Rules released Wednesday. The apex bank explained that the policy […]
UBA’s chat banker, Leo, available on WhatsApp from September 1
Adesola AfolabiAugust 2, 2018
United Bank of Africa’s (UBA) chat banker, Leo, is to become fully available to customers from September 1, 2018, the bank disclosed in a statement made available to business a.m.. Users of the WhatsApp who are customers of the bank, as well as potential customers, will upon becoming available on the chat platform be able […]