Business Archives - Page 28 of 32

Heritage Bank, Afreximbank, Zamfara sign $1bn MoU

July 29, 2019July 29, 2019 admin

Two banks, Heritage Bank Plc and African Export Import Bank (Afreximbank), have signed $1billion Memorandum of Understanding (MoU) with Zamfara State Government in the areas of mining, agriculture and water resources. In addition to Heritage Bank, which is the banker to the project, another financial institution involved in the transaction is PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings. Speaking with journalists at the signing of the MoU in Abuja, the MD/CEO of Heritage Bank, Ifie Sekibo, stated that the win-win collaboration amongst the institutions would promote and fast track support that…

Rewane: Telco PSBs to boost FG’s financial inclusion agenda

July 29, 2019 admin

The Central Bank of Nigeria’s (CBN) commitment towards achieving 95 per cent financial inclusion rate by 2024 would be enhanced if the apex bank licenses mobile network operators (telcos), as Payment Service Banks (PSBs), Chief Executive Officer, Financial Derivatives Company Limited’s (FDC), Mr. Bismarck Rewane, has said. According to the financial expert, telco PSBs have some key advantages over deposit money banks, which will make them more effective agents in promoting financial inclusion in the country. Rewane, who stated this in the FDC’ s latest Monthly Economic Update, obtained by New Telegraph…

CBN’s decision on securities to hurt banks

July 29, 2019July 29, 2019 admin

There are indications that deposit money banks in the country may find it difficult maintaining current levels of profitability due to new measures introduced by the Central Bank of Nigeria (CBN), which aim to compel lenders to increase lending to the real sector by restricting their investment in government securities. As part of such measures, the CBN had barred DMBs from buying Treasury bills for their own accounts at an open market auction held on July 18. According to traders, the apex bank told lenders that their bids…

MTN Nigeria records 35% profit growth

July 28, 2019 admin

Telecoms services provider, MTN Nigeria Plc, has disclosed that its unaudited second-quarter (Q2) 2019 financial performance recording 34.8 per cent increase in profit after tax. The profit after tax, according to report from the Nigerian Stock Exchange, stood at N98.931 billion from N73.395 billion reported in 2018, accounting for a growth of 34.79 per cent. Profit before tax stood at N141.8 billion in H1 2019 as against N108.3 billion in H1 2018. MTN Nigeria’s revenue for the period under review stood at N566.9 billion, as against N505.6 billion during the…

FMN grows profit by 17%

July 28, 2019 admin

Flour Mills of Nigeria Plc, one of the integrated food business and agro-allied group, has posted 17 per cent growth in profit after tax for the first quarter ended June 30, 2019. The group’s profit after tax stood at N4.2 billion, compared to N3.6 billion reported in 2018 Q1, accounting for 17 per cent- YoY growth. According to its unaudited first quarter results for 2019, the group’s profit before tax was N5.5 billion, compared to N5.2 billion in 2018 Q1, representing 6 per cent YoY growth. The company’s finance cost…

Airtel Africa reports $167.4m pre-tax profit

July 28, 2019 admin

Airtel Africa plc has posted a pre-tax of $167.4 million for the first quarter ended June 30, 2019 from $80.2 million a year earlier. Total revenue rose 6.9 per cent to $795.9 million in the three months, boosted by a 9.3 per cent rise in the company’s customer base to 99.7 million despite a hit from currency translation with constant currency growth of 10.2 per cent. This is the 6th consecutive quarter of double-digit constant currency growth, according to a statement from the company. The telecom firm noted that revenue…

NSE extends weekly losses by 0.003%

July 28, 2019July 28, 2019 admin

The NSE All-Share Index and market capitalisation both depreciated by 0.003 per cent to close the week at 27,918.59 and N13.606 trillion respectively. All other indices finished higher with the exception of NSE-Main Board, NSE Banking, NSE Pension, NSE Insurance, NSE AFR Div Yield and NSE Oil/Gas indices, which depreciated by 0.28 per cent, 0.39 per cent, 0.18 per cent, 0.94 per cent, 1.13 per cent and 0.19 per cent respectively. A total turnover of 1.069 billion shares worth N11.393 billion in 16,346 deals were traded last week by investors…

Wema Bank supports Bet9ja retreat

July 28, 2019 admin

Wema Bank Plc., the pioneer of Nigeria’s first fully digital bank ALAT, has sponsored the 2019 retreat of the Super Agents for Bet9ja, an online bookmaker company that offers betting on major sporting events operating in Nigeria. The retreat is an annual event organized by the Super Agents of KC Gaming Networks Limited (Bet9ja) spread across the country. This year’s edition held at Orchid Hotels, Lekki, Lagos from July 23 to July 26, 2019. Addressing participants at the event, Kunle Alarapon, Head, Gaming, Wema Bank Plc, commended the Super Agents…

UBA reinforces commitment to SMEs financing with N50bn

July 28, 2019 admin

The United Bank for Africa (UBA) Plc has set aside N50 billion for financing of Small and Medium Scale Enterprises (SMEs) in Nigeria. At the level of the Africa continent, the lender said it was devoting premium attention to funding, development and growth of SMEs in Africa, a sector, the bank believes holds the key to stimulating the continent’s economy. Group Managing Director, UBA, Mr. Kennedy Uzoka, confirmed the bank’s renewed commitment to SMEs over the weekend in Abuja at the opening of the UBA Market Place. The UBA Market…

IMF initiates selection process for new managing director

July 28, 2019 admin

The International Monetary Fund (IMF), at the weekend, announced that it had initiated the selection process for its next managing director to succeed Christine Lagarde. Lagarde submitted her resignation letter from the global crisis lender last Tuesday, citing more clarity about her nomination to lead the European Central Bank (ECB) as European legislators approved a new top bureaucrat. In a press release, the Fund stated: “The executive board announces today that it has adopted an open, merit-based, and transparent process for the selection of the next managing director, similar to…