NBS: Banks’ non-performing loans drop to N1.44trn

Dora Ewah

      Non-Performing Loans (NPLs) in the nation’s banking industry have continued their downward trend in recent months, falling to N1.44trillion in the second quarter of this year from N1.67trillion in Q1, latest data released by the National Bureau of Statistics (NBS), shows.   According to the “Selected Banking Sector Data Q2 2019” report released by NBS over the weekend, gross loans granted by banks fell to N15.48trillion in Q2 ’19 from N15.54trillion in the first quarter.   According to New Telegraph, in terms of credit to private sector,…

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Verod to acquire Metropolitan Life Insurance

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  Verod Capital Management has received regulatory approvals for its acquisition of 100 per cent of the shareholding of Metropolitan Life Insurance Nigeria from South African-based Momentum Metropolitan Holdings. The transaction, for an undisclosed amount, sees Momentum Metropolitan exit the Nigerian market, in line with its articulated Reset and Grow strategy. The insurance sector in Nigeria as a whole is entering a new growth phase, with the recent announcement of increased minimum capital requirements by the industry regulator. This, in addition to various other initiatives being pursued by both regulators…

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Premium Pension looks ahead with new logo

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…as assets under management hit N680bn   Nigeria’s leading Pension Fund Administrator (PFA) Premium Pension Limited, has unveiled a future intensive logo as part of its rebranding plans to remain dominant in the nation’s pension fund management sphere.     This is just as the firm’s assets under management has also doubled from N300 billion to N680 billion in the last 14 years.   Disclosing this in Lagos last week, the Chief Executive Officer (CEO) of the firm, Umar Sanda Mairami, said the new look of the brand was a…

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At last, Evans sentenced to 7 Years in jail

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  A notorious document forger, Okunrobo Osarenren Evans, has been sentenced to seven years imprisonment by a Special Court sitting in Lagos. Breaking Times reported that this was after the suspect was arraigned before Justice .M. Dada of the Special Offences Court, Ikeja, by the EFCC, Lagos Zonal Office. The convict was first arraigned in 2017 on a three-count charge bordering on forgery, an offence contrary to Section 363(1) of the Criminal Law of Lagos State of Nigeria, 2011. According to one of the count charges, Evans in 2009, forged…

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Dow Jones names Coca-Cola most sustainable beverage company

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  A global benchmark for sustainability in business, the 2019 Dow Jones Sustainability Index, has rated Coca-Cola HBC as Europe’s most sustainable beverage company.   This is the 6th time in seven years that the company has been ranked number one in the index and the 9th year in a row that it has been ranked in the top three Global and European beverage companies.   According to a statement signed by Ekuma Eze, Public Affairs and Communications Director, Nigerian Bottling Company (NBC) Limited, the breakdown for this new rating,…

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Helios Towers confirms intention to float on LSE

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    Helios Towers plc yesterday confirmed its intention to proceed with an initial public offering of the ordinary shares of the company.   This follows the announcement by Helios Towers Limited on September 12, 2019 regarding the publication of a registration document.   The company intends to apply for admission of the shares to the premium listing segment of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market of the London Stock Exchange plc (LSE).   Admission will be subject to the…

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Financial services sector leads equities market fall

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    The Nigerian equities market yesterday reversed the previous day’s positive sentiment to record a decline of 0.13 per cent as sell pressure by speculators heightened in quest of profit taking.   This was majorly impacted by sell down on financial services stocks.   Conversely, market breadth closed positively, recording 23 gainers as against 16 losers.   Consequently, the All-Share Index dipped 35.46 basis points or 0.13 per cent to close at 27,646.15 index points as against 27.681.61 recorded the previous day while market capitalisation of equities depreciated by…

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OECD: Global economy sliding towards weakest growth in decade

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    Intensifying trade conflicts have sent global growth momentum tumbling toward lows last seen during the financial crisis, and governments are not doing enough to prevent long-term damage, the Organisation for Economic Cooperation and Development (OECD) has said in its latest outlook.   The Paris-based organisation cut almost all economic forecasts it made just four months ago, as protectionist policies take an increasing toll on confidence and investment, and risks continue to mount on financial markets. It sees world growth at a mere 2.9 per cent this year.  …

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UBA launches Leo on Apple Business Chat

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    The United Bank for Africa (UBA) Plc, yesterday, announced that the services of its Chatbot, Leo, is now available for customers on Apple Business Chat, where its users can communicate directly with businesses using the Messages app on iPhone and iPad.   “As a brand focused on providing excellent customer experience, we are always looking for new ways to serve our customers easily and on time; we are therefore thrilled to support Apple Business Chat, which gives us a powerful and engaging connection with our customers,” said Mr.…

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NBS: Lack of market-oriented policies stifling growth

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  Latest merchandize trade report by the National Bureau of Statistics (NBS), which showed a decline in the country’s foreign trade surplus in the first half of this year, as well as weak second quarter 2019 capital importation data earlier released by the bureau, indicates that a lack of market-oriented policies is hindering Nigeria’s economic growth, analysts at Cowry Asset Management Limited, have said.   The analysts, who stated this in a report obtained by New Telegraph yesterday, said they expected the weak data to lead the Federal Government into…

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