Banking
Zenith Bank Records Average Performance

By Cowry Asset
In our assessment, relative to the banking industry, Zenith Bank Plc recorded average performance for 9 months to September 2017.
Taking into consideration relevant ratios, we arrived at a ‘Bb’ rating.
Given its performance, plus an upside of 15.62% to its target price of N28.92, we recommend a BUY on its shares.
Profitability Beats Industry Average despite Rising Costs, Higher Leverage
Zenith Bank Plc based on its 9M 2017 improved ROE and ROA to 17.72 percent and 2.64 percent respectively from 9M 2016 levels (beating industry averages of 9.15 percent and 1.27 percent).
Increased profitability was driven by a 26.64 percent rise in interest income to N361.79 billion in a high yield environment.
However, the Cost of Risk ratio doubled (albeit, still lower higher than industry average of 2.05 percent) following a 77.88 percent spike in loan loss expense.
Also, Debt to Capital rose to 58.26 percent (higher than industry average of 47.12 percent) having sold more debt.
Banking
CBN Reiterates Naira Protection, Preservation to Traders, Entrepreneurs, Students

By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has once again appealed to Nigerians to protect and preserve the dignity of the Naira.
This call was made on Tuesday as the apex book took its currency education campaign to Lagos residents at an event called CBN Fair held at Maryland, a mixed commercial and residential area in Lagos Mainland.
The sensitisation event themed Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development had in attendance, market men and women as well as entrepreneurs, policymakers, financial institutions, fintech innovators, banks, consumer protection agencies, students from various tertiary institutions, youth groups among others.
According to a statement, the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, said the fair was designed to interact with the public and critical stakeholders on the bank’s policies for sustainable economic growth and Nigeria’s development.
Mrs Sidi Ali said the theme was apt to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.
She added that the apex bank, under the leadership of Mr Yemi Cardoso, is committed to stimulating productivity, financial inclusiveness and delivering on core mandate of monetary and price stability, listing the bank’s functional policies that repositioned and expanded the economy in the last 22 months to strengthen the financial system, increase foreign investments inflow and huge leap in financial inclusion rates.
“The core objective of this engagement, therefore, is to sensitise members of the public on how the Bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she added.
The apex bank spokesperson appealed for preservation of the dignity of the nation’s currency through prevention of various forms of abuse, including commodifying the Naira.
Banking
Stanbic IBTC Bank Wins at Cosmopolitan The Daily Business Awards

By Modupe Gbadeyanka
Two prestigious awards were clinched by Stanbic IBTC Bank Limited at the Cosmopolitan The Daily Business Awards held recently.
The Cosmopolitan The Daily Business Awards is a reputable platform dedicated to recognising and celebrating the remarkable achievements of businesses globally, encompassing both public and private sectors.
The Nigerian lender received top honours as the Best Cash Management Bank and the Best Trade Finance Bank in Nigeria, underscoring its commitment to excellence in financial services.
The accolade for Best Cash Management Bank acknowledges Stanbic IBTC Bank’s proficiency in providing tailored solutions that enhance liquidity and optimise cash flow for companies of all sizes.
The award for Best Trade Finance Bank is also testament to the bank’s robust offerings that facilitate international commerce, empowering local businesses to expand their reach globally.
These esteemed awards highlight organisations that exemplify innovation, creativity, and a relentless pursuit of value creation.
Its recognition in these categories also reflects its steadfast dedication to delivering exceptional cash management and trade finance solutions that cater to the unique needs of its clients.
The bank’s innovative approach and customer-centric services have positioned it as a leader in the financial landscape, enabling businesses to navigate complexities in today’s economy with confidence.
“We are honoured to be recognised as Nigeria’s Best Cash Management Bank and Best Trade Finance Bank at the Cosmopolitan The Daily Business Awards. These awards are a reflection of our steadfast commitment to excellence and innovation in financial services.
“At Stanbic IBTC Bank, we believe in empowering our clients by providing tailored solutions that drive their success and foster economic growth in Nigeria.
“This achievement motivates us to continue setting high standards and delivering exceptional value as we navigate the evolving landscape of banking together,” the Executive Director of Corporate and Transaction Banking for Stanbic IBTC Bank, Eric Fajemisin, commented.
Also, the Head of Transaction Banking at Stanbic IBTC Bank, Jesuseun Fatoyinbo, emphasised that these accolades are not just honours; they reflect our relentless pursuit of excellence and commitment to fostering economic growth in Nigeria, noting, “Together, we will continue to redefine what is possible in transaction banking.”
Banking
CBN Threatens to Challenge Shady FX Claims in Court

By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has said it would not pay for any shady or fraudulent foreign exchange (FX) deals that did not meet its rules, following the completion of a detailed audit into several FX forward contracts.
The apex bank in a document titled Frequently Asked Questions on the Settlement of Undelivered Forward Contracts, published on its website, warned that it was ready to take strong legal action against those found to have broken its rules.
“The CBN is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit.
“The bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary,” the bank said.
In September 2023, the central bank hired Deloitte, a global audit firm, to dig deep into the records of FX transactions done under its Retail Secondary Market Intervention Sales (RSMIS) scheme. The main goal was to check whether the FX requests were genuine and followed CBN guidelines.
The audit revealed several abuses. Some companies submitted incomplete or fake documents. Others tried to import banned items, inflated their invoices, or submitted contracts with inconsistent company names. In some shocking cases, the companies had no real business transactions at all. A few even listed items that had no clear explanation or purpose.
The CBN made it clear it has “no obligation to honour any FX forward request tainted by fraud, misrepresentation or regulatory breach.”
It added that all clean and properly documented contracts had already been paid for, while those that were found to be fake were cancelled, and the Naira deposits returned to the companies involved.
The bank explained that paying for the fraudulent contracts would have “undermined regulatory compliance, encouraged impunity, and unnecessarily depleted Nigeria’s foreign reserves.”
The CBN also said that the audit process was fair, and every bank and client involved was given the opportunity to explain themselves. However, it stated that the process is now complete and that “the matter is closed and not subject to appeal.”
The CBN further warned that only forward contracts that are properly documented and follow all regulations will be considered valid. It stressed that it remains fully committed to “transparency, market integrity, and prudent management of the nation’s reserves.”
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