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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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1000-naira-notes

Investors lose N17bn as bears continue rampage

Investors in the Nigerian Stock Exchange, NSE, last week lost N17 billion as bears continue to tighten grip in the market. At the close of trading session on Friday, the market capitalisation of all listed equities, which opened at N9.910 trillion fell to N9.893 trillion, represnting 0.17 per cent decline. Also, the second performance measurement indicator, the All Share Index, ASI, fell to 28,805.45 points from the opening figure of 28,854.98 points, indicating 0.17 per cent decline.

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Lagosmarket

Economic improvement imminent by year end- Umuchinemere MFB

The Umuchinemere Pro-Credit Microfinance Bank (UPMFB) has said that there would be economic improvement by the end of the year with a view to achieving its targeted disbursement for 2016. Also, the bank in its financial statement for the half year ended June 2016, made a total funds disbursement of N600,860,143 to about 1,890 active poor people. In a statement, Acting Head of Credit, Mr. Charles Udeani, said that the amount disbursed in the period under review met the bank’s target, with the facilities performing above average. He disclosed that of the total amount disbursed, a total of 357 rural clients benefitted the sum of N77,639,069.

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NASD signs MoU with LMC to list NPFL clubs

NASD OTC Plc, the over-the-counter securities exchange that facilitates secondary market transaction in unlisted securities in Nigeria, has entered into agreement with the League Management Company, LMC, to repackage Nigeria Professional Football League, NPFL, clubs and make them commercially viable for listing on the NASD platform. Following the Memorandum of Understanding, MoU, signed in Lagos by both parties, football clubs that meet the listing requirements and corporate governance structure of the NASD will have their shares listed on the platform and traded by interested investors.

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Pix: A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

PenOp advocates proper investment of pension funds

The Pension Fund Operators Association of Nigeria (PenOp) has reiterated the need for proper investment of pension funds, noting that careless deployments could wipe the gains already achieved in an instant. Chairman of PenoP, Mr. Eguarekhide Longe, who said this at the association’s 4th annual general meeting in Lagos, noted that the call to invest a greater portion of the pension funds in infrastructure require clear, calm, incisive and strategic thinking to achieve any notable success.

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Mortgage

Firm unveils 280-unit luxury apartments to boost housing

To boost Nigeria’s housing sector which currently suffers a deficit of about 18 million housing units, a renowned Lagos-based real estate development firm, Deluxe Residences Limited, has introduced “The Empire Estate” in Victoria Island, Lagos. The project comprises of a choice of two super luxury apartments known as The Empire Royale Apartments and The Empire Vogue Apartments. The apartments consist of 280 unit housing types. Located specifically on Water Corporation Drive, Off Ligali Ayorinde, both apartment complexes, are iconic structures that offer panoramic views of the Atlantic Ocean and the nearby Eko Atlantic mega project currently under development.

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