Nigeria's Zenith Bank Eyes Shift to Retail Loans on Oil Risk

Zenith Bank plans to repay its outstanding $500 million Eurobond expected to mature in April, the lender’s chief executive officer has said. Peter Amangbo told Bloomberg in an interview that the bank does not intend to issue fresh Eurobond going forward due to the limited scope for dollar lending. “If the opportunity comes, we will go to the market, but now we will pay off that. (Eurobond)” The Bank had raise $500 million via Eurobond in June 2017...

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2019 Election: Distractions not disruptions from elections

Since voting for the next president is due in little more than two weeks, we will try to disentangle some of the muddled views in circulation about the impact of Nigerian elections on the economy. The consensus is that the impact is unremittingly negative and that the investor develops a ‘wait-and-see’ stance on auto-pilot.One theory in circulation is that the government has no time for any business other than the programme of elections. We would say that a government seeking re-election will be pushing hard on its agenda to soften up the electorate.  In...

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Coca-Cola Company Assume full ownership of Chivita producer

The Coca-Cola Company on Wednesday announced its acquisition of Chi Limited, a local producer of fruit juice and other beverages, a report by the Cable has shown. In a statement, Coca-Cola said it has extended its minority investment in the company to full ownership.In 2016, the company acquired a 40 percent minority stake in Chi and expressed interest in increasing ownership within three years.“Coca-Cola is continuing to evolve as a total...

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Appeal Court Orders Chief Justice Onnoghen To Go Face Trial At CCT

Nigeria's Appeal Court has directed that the embattled Chief Justice Walter Onnoghen should go ahead and face trial before the Code of Conduct Tribunal (CCT), the court declared in a ruling on Wednesday. President Muhammadu Buhari has last week suspended Onnoghen from office following accusation and charges against the chief justice for his failure to declare his assets as required by the law.The suspension of the chief justice has generated...

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Nigeria To Spend 939.5 billion Naira On Vessels By 2023

Nigeria may require to spend at least $2.59 billion on vessels acquisition in the next four years as experts bemoaned the underperformance of the nation's maritime industry compared with the sector's potentials. The estimated expenditure on vessels was a product of new forecast released by the Nigerian Maritime Administration and Safety Agency (NIMASA)  on Tuesday.  The projection, however, represents a decline compared with $3.04 billion...

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CBN Injects $210 Mln Into Interbank, Budgetary Allocation Pushes Interest Rate Down

The Central Bank of Nigeria (CBN) sold $210 million on the interbank foreign exchange market on Tuesday just as the injection of 310 billion naira budgetary allocations to states and local governments help boost liquidity in the money market and pushed the cost of borrowing down. In a statement, the CBN said it released $100 million for the wholesale market, $55 million for the small scale businesses and individual and $55 million for school fees, medical bills and travel expenses. At the close of trading on the interbank market, Overnight and...

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United capital says 2019 Presidential Election Too Close To Call

The outcome of the forthcoming general election will be the highlight of events in Nigeria and perhaps Africa this year. Without being oblivious of the fact that elections would be conducted across the three tiers of government, much attention will be on the presidential polls with spotlights on the ruling party’s President Muhammadu Buhari and PDP’s Alhaji Atiku Abubakar as the major gladiators in the race. If the last two governorship elections...

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Lagos Ambode faces impeachment procedure in House of assembly

Akinwunmi Ambode, governor of Lagos State may face impeachment process from the State House of Assembly members all thing being equal due to his perceived breach of the financial regulations of the state. Members of the Assembly have accused the governor of spending funds which were not appropriated for.Already, the House has summoned the governor to appear before it within a week and explain reasons why he should not face impeachment procedure over his handling of the 2019 budget proposal which is yet to be laid before the assembly. The governor...

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Brexit Will Leave The UK 'Unstable' For Decades ~ EU Secret Report

A secret European Union (EU) intelligence report has warned that violence could erupt on the streets of Britain in the wake of Brexit. According to senior intelligence officials, civil unrest and rioting is almost inevitable and the UK will be left 'unstable' for decades, adding that there will be independence referendums in both Scotland and Northern Ireland within 18 months of the UK leaving the EU. Leading Brexiteer Jacob Rees-Mogg dismissed...

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Year 2020 ECOWA Regional Common Currency Date Not Realistic, Economist

The proposed single currency for the West African coast by its members may not be realised by the target date of 2020, an economist has said.Marcel Okeke, an ex-chief Economist with Zenith Bank Plc, said the single currency proposal for the region comes with some challenges and criteria that many of the member's countries will not be able to meet Okeke, who is now the Lead Consultant, Mascot Consult Limited noted that the single currency has been on for many years and needs the member countries to attain key milestones for its successful takeoff,....

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AMCON Seeks Exclusion Of Contractors Owing Banks, Taxes From Govt Business

Nigeria’s ‘bad bank’ Assets Management Corporation of Nigeria (AMCON) has recommended that government should bar bank’s debtors and tax evaders from doing business with it. Ahmed Kuru, chief executive of AMCON seeks resolutions to the huge debt portfolio of the corporation through government intervention. “Those that are doing big business with government must be made to settle either with AMCON or the Federal Inland Revenue Service (FIRS) because...

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Council of Europe warns Britain sharia law conflicts with universal human rights

The Council of Europe has named Britain in a resolution highlighting how sharia law conflicts with universal human rights. A measure adopted by the 47-nation body, which oversees the European Convention on Human Rights, raises concerns about the role of sharia councils in family matters. It also said it was 'greatly concerned' that sharia is applied either officially or unofficially in member states. According to The Law Society Gazette, the resolution said that in Britain 'sharia councils attempt to provide a form of alternative dispute resolution,...

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Ghana Seeks $300 Million To Prop Up Loss-Making Cocoa Regulator

Ghana Cocoa Board, which oversees sales and purchases in the world’s second-biggest grower of the chocolate-ingredient, needs 1.1 billion cedis ($223 million) to meet its commitments for the annual season through September, according to a document that was submitted to lawmakers on Dec. 22. The board recorded a shortfall of 2 billion cedis in the previous harvest, it said.The proceeds of the loan will be used to refinance 1.4 billion cedis in so-called cocoa-bills that were sold in the previous season, some at rates of as much as 18.3 percent,...

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Condemnations Trail Suspension Of Nigeria Chief Justice By Buhari

Opposition political parties have described President Muhammadu Buhari’s suspension of the Chief Justice of Nigeria, Justice Walter Onnoghen, as a coup against the judiciary that must be resisted by all lovers of democracy.The first national spokesman of the Coalition of United Political Parties, Imo Ugochinyere, said this in a statement made available to journalists in Abuja.Ugochinyere said Buhari had, by his action, overthrown the constitutional...

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Nigeria's Access Bank Shelves Plans To raise Capital

Nigeria’s Access Bank may not need to raise additional capital to meet the Central Bank of Nigeria’s (CBN) minimum capital thresholds. Chief executive of the lender, Herbert Wigwe has cancelled its initial plans to raise around 75 billion naira through a rights issue to boost its capital. Access bank, which has called an extraordinary shareholders meeting for March 5, to ratify its scheme of merger with a middle-tier Diamond Bank believed that its present capital is adequate to meet the regulatory requirement. The bank CEO also revealed plans to...

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Ex-Governor Fayose Left 155.79 Bln Naira Debt For His Successor

It has been revealed that former governor of Ekiti State, Ayodele Fayose left behind 155.76 billion naira debt for his successor to tackle, According to the new governor of the state, Kayode Fayemi the figures, which encompass the accounts of the state from October 2014 to last October, was arrived by the report of an external auditing firm, PwC engaged to audit the state’s books. Fayemi, who spoke on the floor of the state house of assembly...

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NDIC Remits 7 Bln into Consolidated Account in 2018

The Nigeria Deposit Insurance Corporation (NDIC) has remitted N7billion into Consolidated Revenue Account as its operating surplus for 2018 operations.Its Managing Director/Chief Executive, Mallam Umar Ibrahim made this disclosure on Thursday in Abuja at the inauguration of newly appointed board of Director of the Corporation by the Minister of Finance Hajiya Zainab Ahmed.Umar Ibrahim stated the fund, was Corporation’s normal contribution as required...

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South Africa's Absa says has not Nigeria expansion plan

South African top lender Absa said it has no plan to buy into any Nigerian bank but prefers to gradually build its presence in Africa's biggest economy, its CEO said. Chief Executive Maria Ramos cleared the air on the lingering question over how it will execute its aggressive growth strategy. According to Ramos, while Nigeria is a big and exciting banking market, it would build its presence there slowly and organically and did not plan to...

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Dangote Cement, GTBank Lift Nigeria's Bourse To Positive Territory

Nigeria's share index gained 0.36 percent on Thursday, lifted by gains in the shares of Dangote Cement and top lender GTBank, data from the Nigerian Stock Exchange shown. Shares in cement company majorly owned by Africa's richest man Aliko Dangote rose two naira to top gainers' chart, while GTBank share rose by 0.60 naira at the close of market. Dangote Cement closed the day at 192 naira per share while GTBank closed at 33.60 naira a share. Access...

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Nigeria To Raise 360-440 Bln Naira In 5-, 7-, 10-Year Bonds In Q1

Nigeria plans to issue between 360 billion naira and 440 billion naira in sovereign bonds with maturities ranging between five to 10-year in the first quarter of the year, Debt Management Office (DMO) has said. The debt office said it will issue between 135 billion naira and 165 billion bonds in January, same amount in February and 90 billion naira and 110 billion naira in March. In its latest debt issuance calendar posted on its website, the...

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Boeing’s Launches Flying Car, Airbus To Build Air Taxis

A Boeing Co. flying car designed to whisk passengers over congested city streets and dodge skyscrapers completed its first test flight on Tuesday, offering a peek into the future of urban transportation the aerospace giant and others are seeking to reshape. A prototype of its autonomous passenger air vehicle completed a controlled takeoff, hover and landing during the test conducted in Manassas, Virginia, the maker of military and commercial jets...

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AMCON Plans To Sell Former Skye Bank To New Investor

Nigeria has concluded plans to put for sale former Skye Bank, renamed Polaris Bank last year by Asset Management Corporation of Nigeria (AMCON) after it was taken over by the government-backed corporation.According to AMCON, Polaris Bank will be sold to new investors after the forthcoming general election in a bid to divest government interest in the financial institution.Nigeria’s “bad bank” had taken over the lender last year after the bank’s...

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Nigeria needs to be saved urgently, says Ezekwesili

Nigeria is need of urgent redemption from the present government due to endemic poverty, poor management of the economy and leadership deficit, ex-World Bank Vice President and a candidate in the February 16, the presidential election has said. Obiageli Ezekwesili said the country is suffering from leadership deficit coupled with incompetence and highly-spirited zeal to loot the nation.“Nigeria needs to be rescued urgently. What we see...

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Obasanjo Accuses President Buhari Government Of Corrupt, Nepotism

Ex-Nigeria President Olusegun Obasanjo has claimed that many of those in the present government are tainted with corruption and if exposed could end up not only in jail, but they will go to hell. Obasanjo, a major critic of the present administration accused President Muhammadu Buhari of nepotism and members of his government of corruption. But he could not provide proof of his claims in an interview with BBC Yoruba. “This is not a prophecy. Those...

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Nigeria Approves 27,000 Naira Minimum Wage

The National Council of State on Tuesday endorsed 27,000 naira as new National Minimum Wage, the Minister of Labour and Employment, Chris Ngige, has disclosed Ngige made this known when he briefed State House correspondents on the outcome of the Council’s meeting which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. The minister revealed that the bill on the new minimum wage of 27,000 naira would be transmitted...

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Nigeria says inflation outlook mix in Q1, retains MPR at 14 pct

The Central Bank of Nigeria (CBN) said the outlook for inflation growth remain mix in the first quarter of the year due to spending on political activities, surge in insurgency and herdsmen killing in some part of the north. The regulatory bank also retained monetary policy rate at 14 percent, saying tightening rate will damping investment and output growth. The outlook for inflation in the first half of 2019 is mixed, with the expectation of an...

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Nigeria's forex reserves rise to $43.11 bln by Jan 18

Nigeria’s foreign exchange reserves rose marginally by 0.06 percent to $43.11 billion by January 18, compared with $43.08 billion a month earlier, data from the central bank showed on Tuesday. The country’s forex buffer also rose 8.0 percent within one year, from $39.92 billion a year ago, but is still far off a peak of $64 billion hit in August 2008. Accretion to the foreign exchange reserves has been slowed in recent time due to fluctuation...

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United Capital Sees Recovery in Equity Market in 2019

Over 2018, key equity markets in Sub-Saharan Africa (SSA) ended the year in red territory as Foreign Portfolio Investors (FPIs) exited the market following rising rates in developed markets, amid growing uncertainties in the region.  Election-related concerns spooked FPIs in Nigeria, while underwhelming economic growth weighed on South Africa’s market performance.  Thus, major benchmark indices in the region ended 2018 broadly negative.Looking...

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INEC says not under pressure to rig election

Nigeria's election body, Independent National Electoral Commission ( INEC) is said not under pressure to manipulation the forthcoming general election, its chairman Mahmoud Yakubu has said. On Sunday, ex-president Olusegun Obasanjo made wide allegations that the electoral body was working in concert with the ruling All Progressive Congress (APC) to manipulate the general election in favour of President Muhammadu Buhari. The former president...

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Insurance Regulator Sacks Goldlink CEO, Reconstitute Board

The National Insurance Commission (NAICOM) has sacked the managing director of Goldlink Insurance Place, Mrs Funke Moore effective from January 18, and reconstituted the board of the insurance firm. The commission also approved the appointed of Kenneth Egbaran and the new chief executive officer of Goldlinks to replaced Moore who until her removal was the acting chief executive of the insurance firm. The industry regulatory also appointed Nahim Ibraheem...

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Nigeria's Central Bank Supports Dangote Refinery With 75 Bln Naira Worth In Forex

Nigeria's central bank has supported Dangote Refinery with 75 billion naira worth of foreign exchange to enable the company import equipment and other facilities in a bid to fast track the completion of the projects, the bank governor has said. Godwin Emefiele said the $9 billion investment by the Dangote group investment in crude oil refining is a reality of an indigenous company’s commitment that is interested in the socio-economic growth of Nigeria. The Central Bank of Nigeria (CBN) governor spoke while on a facility tour of the refinery...

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Mobile Phone Active Subscribers In Nigeria Rise To 172 Mln ~NCC

Active telecommunications subscribers in Nigeria rose to 172.88 million by the end of December last year, from 169.11 million in the previous month, the industry regulator said on Saturday. According to the latest data from the Nigerian Communications Commission (NCC), active subscribers increased by 3,766,264 within the period under review. The number of subscribers to telephone network also known as Global System for Mobile Communications...

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Nigeria's NNPC paid $993.7 mln cash call arrears by September

Nigerian National Petroleum Corporation (NNPC)  is behind in cash calls payment to its joint ventures with multinational oil companies by $3.95 billion, the corporation spokesman said. The oil giant said it paid $993.7 million part of the arrears owed its joint partners up till September last year, but outstanding debt remains huge.As part of measures to off-set the balance owed its partners, it plans to raise about $2.3 billion in financing...

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Nigeria's Access Bank Seeks CBN, SEC Approval To Raise 15 bln naira Green Bond

Nigeria's Access Bank said it has applied to both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for regulatory approval to issue 15 billion naira Green bond. According to a letter to the Nigerian Stock Exchange, Access Bank said it has however yet to get any approval from the two regulators on the proposed bond issuance. The letter signed by Sunday Ekowuch, company secretary, the bank has not taken any decision...

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Ex Nigeria's SEC Chief Oteh Joins Ecobank Board As Director

Former Securities and Exchange Commission (SEC) director general and immediate past treasurer of the World Bank, Arunma Oteh has been appointed to the board of Pan-African banking group Ecobank Transnational Incorporated (ETI).Oteh, who was until last year was a vice president with the World Bank joined the board of the bank as a non-executive director.She was Treasurer of the World Bank from 2015 to 2018 where she led a team that managed the Bank’s...

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I’m the only one that can fix Nigeria, says Ezekwesili

Presidential candidate of Allied Congress Party of Nigeria ( ACPN ), Obiageli Ezekwesili on Thursday said she is eminently qualified to lead Nigeria to the Promised Land. She lamented Nigeria has over the years lack quality leadership that can take the country to where it ought to be in the comity of nations. Addressing a group of artisans, youths, students, people with disabilities and some market women at popular Arewa House, Kaduna, the former...

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Atiku Confirms Arrival In America, To Meet Government Officials

Presidential candidate of main opposition People's Democratic Party (PDP) Atiku Abubakar has confirmed his arrival in the United States (US).In a post on Twitter, he said: “Just arrived Washington D.C for meeting with US government officials, Nigerians living in D.C metropolis and the business community. -AA”, with a photograph, showing him clutching a bouquet of flowers, along with Senate President Bukola Saraki and a lady.The Embassy of Nigeria...

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Nigeria Feb Election; Buhari, Atiku are not most qualified, but top contenders

Oludare MayowaWednesday, January 16 was a very busy day for Journalists in Nigeria, especially those who are paid to follow the trend in the political circle. The social media was also not left out of the flurry of activities around the key political figures jostling for attention ahead of the February 16, presidential election.It was the day President Muhammadu Buhari, the candidate of the ruling All Progressive Congress (APC) was selected to...

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