FCMB Targets 10% Loan Growth, Modest Rise in 2019 Earnings

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

By Adedapo Adesanya One of Africa’s biggest financial institutions, Access Bank, is close to finalizing a regulatory process to launch its first full banking service in Asia in the first quarter of 2024. This was disclosed by the chief executive of its holding company, Mr Herbert Wigwe, on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, as per Semafor. The Nigerian lender’s plan to enter the Asian market is part of a wider global expansion target which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa, and across Europe where

By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) has approved the new rules and amendments proposed by the Nigerian Stock Exchange (NSE). The new rules and amendments were suggested by the stock market regulator to fortify investors’ confidence in the nation’s bourse. The three rules and amendments approved by the apex capital market regulator in the country are ‘Amendments to Dealing Members’ Rules (Part XIIIA) – Block Divestments and Large Volume Trades,’ ‘Amendments to Issuers’ Rules – Deletion of Chapter 16: Information to be Provided in a Block Divestment,’ and ‘Rules on Order Handling and Best Execution.’ All the

By Dipo Olowookere The Central Bank of Nigeria (CBN) has explained the reason it came up with a new foreign exchange (FX) policy on diaspora remittances. On Saturday, the apex bank, under the leadership of Mr Godwin Emefiele, announced a new forex promo tagged CBN Naira 4 Dollar Scheme, an incentive for senders and recipients of International Money Transfers. The campaign, which will last for two months from March 8 to May 8, 2021, will enable “all recipients of diaspora remittances through CBN licensed IMTOs [to] be paid N5 for every $1 received as remittances inflow.” After the circular was

By Adedapo Adesanya Moove, an African mobility fintech, has raised $23 million in Series A funding to build a full-service service that democratizes vehicle ownership in Africa. The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable. Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round. This brings Moove’s total funding to $68.2 million, including $28.2 million in equity

By Adedapo Adesanya Cape Verde has become the first country in the world to officially name a stadium after the later Brazilian football star, Pele, who died last week at 82. The Prime Minister of the Central African country, Mr Ulisses Correira e Silva, announced that the country’s national stadium in Praia would be named after the world football icon. The 15,000-seater “Estadio Nacional de Cabo Verde”, erected in 2010 and opened in 2014, has been the home base of the “Blue Sharks,” as Cape Verde’s national team is referred to. In a statement published on social media, Facebook, Cape

By Ahmed Rahma The Lagos State government is making plans to prosecute the driver of a blue-black Opel Space bus with registration number AAA 74 GG for allegedly killing an official of the Lagos State Traffic Management Authority (LASTMA), Mr Samson Olawale Akinmade, on Wednesday. Mr Akinmade, according to the General Manager of LASTMA, Mr Olajide Oduyoye, was allegedly knocked down by the motorist while he (the deceased) was controlling traffic at the Demurin Street junction inwards Mile 12, Ketu. The LASTMA chief narrated that when the driver approached the junction, he parked to pick some passengers and when he

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to the bears on Monday after it depreciated by 0.33 per cent as a result of the dominant activities of profit-takers. The loss was buoyed by the selling pressure on the industrial goods space, with BUA Cement the major culprit. Investors also booked profit in Japaul, which gained over 50 per cent last week. At the close of business, the industrial goods sector lost 3.27 per cent, the insurance counter depreciated by 0.09 per cent, and the consumer goods index went down by 0.02 per cent, while the banking space rose

By Modupe Gbadeyanka On Saturday, February 9, 2019, popular digital publishing platform, Publiseer, emerged winner of the Startup World Cup Nigeria Regional Competition. The keenly contested event took place at the Civic Hive in Lagos, but Publiseer beat nine other startup firms for the title. With this, Publiseer will join other regional winners from various countries, including Mauritius, South Africa, and Kenya, at the grand finale of the Startup World Cup slated for May 17, 2019 in San Francisco, USA. Winner of the competition, organised by a San-Francisco based venture capital firm, Fenox VC, will receive a $1 million investment

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has advised the Federal Government to consider collecting tax on every phone calls made from Nigeria that are above three minutes. This, according to the apex bank chief, will boost the government’s revenue at this time it is looking for ways to generate more money to reflate the economy. According to TheCable, Mr Emefiele gave this suggestion at the Annual Bankers’ Dinner held in Lagos recently. The CBN Governor was quoted by the online news medium to have said, “I think we can consider introducing a negligible telecom