Infinity Trust Mortgage Bank Plc has declared a total asset of N7.6 billion at the end of its operations for the financial year ended December 31, 2015. Chairman of the bank, Dr Adeyinka Bibilari, speaking at the bank’s 10th annual general meeting in Abuja, noted that the figure shows a growth of 5.55 percent over the N7.2 billion that the bank recorded for its operations in 2014. The bank also posted a profit before taxation (PBT) of N262.4 million while total operating expenses increased by 10.5 per cent from N393 million in 2014 to N434 million in 2015. He described the bank’s performance as a feat in view of the harsh economic and operating environment during the period.

Activities on the Nigerian Stock Exchange, NSE, continued upbeat at the close of transactions last week as sustained optimism reigned in the market throughout trading session, resulting in N214 billion appreciation in investors wealth. Specifically, at the end of trading last week, the market capitalisation, rose to N9.313 trillion in comparison to the opening figure of N9.099 trillion, representing 2.4 per cent increase.

The Federal Government recently revealed plans to borrow N1.884 trillion from both local and international debt markets to fund the 2016 budget deficit which is put at N2.24 trillion. According to the government, N900 billion will be borrowed externally, while the remaining N984 billion will be borrowed from domestic debt market to provide infrastructure needed to boost productivity and create jobs. The borrowed funds, according to the FG, would be deployed to fund only capital projects.

Some of the banks have indicated their interest to finance viable state governments’ projects that are expected to impact on the lives of the people. The strategic intermediation role played by financial institutions in society will be further tested in the coming months as some states fine-tunes its developmental agenda to ensure prosperity for residents of their states.

The Nigerian Aviation Handling Company (NAHCO) has invested N1.4 billion to upgrade infrastructure and equipment after privatisation ten years ago, its Managing Director, Mr. Nobert Bielderman has said. Bielderman who led a delegation on a visit to the Acting Director-General of the Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akpotaire in Abuja, said that NAHCO was poised to sustain its position as a leading success story of the privatisation and reform programme of the Federal Government.