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Banking / Investment in Nigeria

  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • GTBank records an increase in Profit Before Tax for the fiscal year

    NIGERIA, 2017/09/09 Guaranty Trust Bank (GTB) has recorded an 18 % increase in Profit Before Tax (PBT) for the fiscal half-year that ended on June 30, 2017. The bank, in a statement, said its PBT rose from N85.69 billion in 2016 to N101.1 billion in 2017. The financial performance presented to the Nigerian and London Stock Exchange showed the bank’s loan book dipped by six % from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 with a decrease in customer deposit by one % to N1.966 trillion from N1.986 trillion in December 2016.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Nigeria: Dangote, Niger Sign $450m Pact in Rice, Sugar Today

    NIGERIA, 2017/08/18 A Memorandum of Considerate between Dangote Group and Niger National government would be signed today for a $450million investment in sugar and rice production, the Executive Director, Corporate Services of Dangote Group, Dr. Mansur Ahmed, has disclosed. Speaking at the Niger National Investment Summit yesterday, in Minna, Ahmed, who represented the Chairman and CEO of the group, Alhaji Aliko Dangote, said the company would establish a large scale Rice Processing Mill that would off take and process over 200,000 metric tons of paddy rice from out growers within the next three years.
  • Adesina Stresses Need for Nigeria to Incentivize its Way Out of Recession

    NIGERIA, 2016/09/27 Akinwumi Adesina, President of the African Development Bank (AfDB), stressed the need Monday for Nigeria to put in place the right incentives to boost private investment and revive increase. He as well reassured authorities of the Bank's unwavering support during these difficult times. "What is needed is not only to spend your way out of the recession, but to as well incentivize your way out of the recession," Adesina told a news conference following his meetings with President Muhammadu Buhari and his Economic Management Team. Adesina is on his initial official visit to Nigeria, since he took office in September 2015.
  • We live in a region with strong growth

    BENIN, 2016/08/18 Turnover on West Africa’s BRVM bourse additional than doubled over the completed year, reaching 209.26 billion CFA francs ($362.2 million) in late May. “We benefited from a favorable context. We live in a region with strong increase,” Edoh Kossi Amenounve, the manager of the stock exchange told reporters on Tuesday.
  • CBN Extends BVN for Diaspora Bank Customers to June

    NIGERIA, 2016/02/08 The Central Bank of Nigeria (CBN) has extended the bank verification number (BVN) enrollment for Nigerian bank customers in the Diaspora to June 30, 2016. The central bank stated this in a letter addressed to all commercial banks that was posted on its website on Wednesday. According to the apex bank, the decision to extend the BVN enrollment was taken next it observed through a survey, the low % of registeration of Nigerian bank customers in the diaspora. This, it attributed to lack of accessibility to registration centres and unavailability of registeration centres in some cities where Nigerian people is high.
  • GTB, others charge forex black market rate for card users

    NIGERIA, 2016/01/05 Nigerian banks are the ultimate currency black market traders in the way they charge users of their Visa and Mastercard. While the Central Bank sells forex to the banks at N197 to a dollar and N291.7 to the British pound sterling, charges by the banks to customers who used Naira denominated cards are closer to the black market rate, showing that the banks are profiteering on their poor customers.
  • Ease of Doing Business - World Bank Ranks Nigeria 170th

    NIGERIA, 2015/09/07 The reforms effort of the immediate completed government of President Goodluck Jonathan may have yielded some dividend as Nigeria moved up five places in the new ranking by the World Bank Group on the relieve of doing business. The World Bank ranked Nigeria 170th part 189 nations survey, this shows an development of 2.9 % on the 175 position it occupied last year. As well, Nigeria was ranked 129 on the relieve of starting a business (138 last year), on dealing with construction permits it was ranked 171 as against 168 last year. On registering property it remained 185th as it was the previous year.
  • A Nigerian woman has been appointed Vice President at the World Bank

    NIGERIA, 2015/07/28 The Bank announced the appointment of Arunma Oteh as Vice President and Treasurer of the World Bank in a press statement issued Thursday July 203, 2015. Ms. Oteh had served as the Director-General of Nigeria’s Securities and Exchange Commission, she resigned from the position in January 2015. According to the Bank, as Vice President and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing additional than $150 billion in assets.