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Recession: The future is bright for Nigeria- Adeosun

Kemi Adeosun

Barely 48 hours after the governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, appeared before the senators last Tuesday, where he painted a gloomy picture of Nigeria’s economy, with inflation and stagnation being experienced simultaneously, the Minister of Finance, Mrs. Kemi Adeosun, last Thursday appeared before the same Senators.

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CBN Governor, Mr Godwin Emefiele

CBN in dilemma as MPC holds make or mar meeting

Fire works on how best to engage a recovery strategy for the economy begins tomorrow at the Central Bank of Nigeria, CBN, as its Monetary Policy Committee, MPC, appeared stretched into further review of its positions in the light of new developments in the economic and monetary sphere last week. MPC is the highest monetary policy making organ of the CBN while CBN in turn is the economic policy adviser to the federal government. Meanwhile, all financial market segments closed at the weekend on adverse numbers, meaning the markets would be opening tomorrow on gloomy sentiments as MPC members settle down to begin deliberations.

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Nigerian-Stock-Exchange-(NS

Master plan implementation to address retail investors’ challenges- SEC

The Securities and Exchange Commission (SEC) in reaction to retail investors’ plight said that effective implementation of the capital market ten year master plan would go a long way to addressing major problems in the market. Director General of SEC Nigeria, Mounir Gwarzo said this in Abuja saying “A successful implementation of the 10 year master plan is necessary to attract retail investors to the market, address some of the challenges that Nigeria’s Capital market faced during the global capital market crash that occurred in 2008-2010 and also raise the standard of the market.

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Naira-depreciation

Naira depreciates as $697m forwards mature this week

The naira depreciated in all the segments of the foreign exchange market last week due to shortage of dollars. Meanwhile the interbank foreign exchange market will experience the maturity of $697 million one-month forwards contract sold by the CBN on Monday June 27th 2016. Last week the naira depreciated in the interbank spot market by Seven percent to N283.37 per dollar from N282.02 per dollar the previous week. The depreciation, which was in sharp contrast to the stability of the previous week, was attributed to shortage of supply into the market.

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The N10m exhibit displayed by the EFCC.

EFInA releases $2m grant to support FCMB financial inclusion drive

Enhancing Financial Innovation & Access (EFInA) has released $2 million (564,000,000) Innovation Grant to support First City Monument Bank (FCMB) Limited with its “Group Lending and Agency Banking” project,which provides financial services and access to credit facilities for the financially excluded population. Meanwhile, FCMB group lending project is a digitized credit and savings solution, facilitating instant account opening with debit card issuance for online real time transactions, driven by Point of Sale (POS) and mobile devices, while EFInA innovation grant will enable FCMB extend facilities to prospective customers in twelve states:Bauchi, Kaduna,Sokoto, Niger, Kwara, Lagos, Oyo, Ogun, AkwaIbom, Rivers, Cross River and Abia States.

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Bank

Why micro finance banks are not forex traders

Microfinance Bank (MfB) are not Foreign Exchange traders owing to the fact that they are not a dealing bank, except for clients who are importers, said operators This is coming on the heels of the introduction of a new foreign exchange policy by the Central Bank of Nigeria (CBN) that allow market forces to determine the Naira exchange rate in a new single structured foreign exchange market.

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Mr. Oluwaseyi  E. Abe, CIS president,

We owe FG constant engagement to articulate policy issues- CIS President

We in the capital market have always had cordial relationship with the Federal Government. We owe the Federal Government constant engagement in order to articulate policy issues that would move the market forward. The regulators and we the operators are the technical people . But we need the endorsement of the government and its patronage at every stage for the market to move forward. Several meetings, including public hearings had been held to x-ray the capital market and re-position it for global competitiveness. Many committees had been constituted as ad hoc or standing one. These committees usually have government representatives. Engagement with the government is a continuous exercise.

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CBN & Exchange rate: Naira & Dollar

BoI partners insurance companies to indemnify MSMEs’ loan facilities

The Bank of Industry (BoI) has collaborated with insurance companies in the country to indemnify loan facilities and assets of Micro Small and Medium Enterprises (MSMEs) in the country. The Acting Managing Director/ CEO Bank of Industry, Mr Waheed Olagunju said in Abuja that the collaboration through the National Insurance Commission (NAICOM) is aimed at expanding its lending operations to assist business owners at the micro level who are unable to secure loan from the bank due to challenge of collateral.

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File: insurance

Insurance industry reaps benefits of unified conference

The federal government has focused its attention on the insurance industry to reposition the sector for improved growth. The Minister of Finance, Mrs. Kemi Adeosun announced the government’s determination to lead reform in the industry for a vibrant Nigeria insurance market. The Minister in her opening remarks at the 2016 National Insurance Conference in Abuja, explained that a developed and active insurance market would bring about increase in GDP, accumulation of long-term funds for infrastructural financing, job creation, and an improved standard of living. She added that the development would also attract foreign investment into our country.

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Mortgage2

NMRC injects N6bn into mortgage market

The Nigerian Mortgage Refinancing Company (NMRC) said it has refinanced hundreds of housing projects in the country with the injection of N6 billion into the mortgage market. Managing Director of NMRC, Prof. Charles Inyangete, disclosed this during the signing of a Memorandum of Understanding (MoU) between NMRC and the National Bureau of Statistics (NBS). With the deal, NBS will carry out survey that would provide data on the housing sector that will enable NMRC make informed decisions regarding the refinancing of mortgages.

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File: Banks

Fitch affirms FirstBank, GTBank stable outlook on viability ratings

Fitch International credit rating agency has affirmed the viability ratings of First bank Nigeria Limited and Guaranty Trust Bank Plc. Fitch affirmed the Viability Ratings (VR) for FirstBank of Nigeria Limited at “B” while it affirmed the GTBank’s Viability Rating (VR) at ‘b+’. The global rating agency also rated FirstBank’s outlook as stable, thus buttressing the strong outlook on the bank, particularly as its diversified distribution network across African and international geographies make it very resilient to cyclical volatilities in any of its market of operations.

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File: Banking hall

Violation of TSA: Accountant General queries GTB, Stanbic IBTC, Keystone bank

The Accountant General of the Federation (AGF) has queried Guaranty Trust Bank, Stanbic IBTC and Keystone Bank for violating the Treasury Single Accounts (TSA) guidelines by concealing funds belonging to Ministries, Departments and Agencies of Fhe federal Government. Stanbic IBTC however rejected the accusation, saying it has been complying with the TSA directive, while GTBank explained why it has allowed some MDAs to continue to operate their accounts contrary to the TSA directive.

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Economy

Common mistakes made by small business entrepreneurs, how to avoid them

Many business entrepreneurs make mistakes knowingly or unknowingly in their business that results in sudden collapse. Be very, very careful; do not choose the wrong business. There will be many businesses to choose from. How can you decide on the right one? Choose a business as you select a marriage partner. It is not like selecting a cap or a pair of shoes, which you can change or even throw away. It must be one that fits in all ramifications. Try something you can do very well and for which there is a ready market.

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Unlike the Stock market, Forex trading is Online

Anxiety in bonds market as FG’s rate hits 14.5%

Long term loans (bonds) contracted by companies from Nigerians through the capital market on fixed interest rate has risen to N536.07 billion. The rise in corporate bond issuance in recent time has been attributed to the apathy of investors toward shares which prices have shrunken considerably. However there is growing concern that corporate bond yields will soon burst as the Federal Government plans to raise funds from the bond market to finance the 2016 budget.

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