Stock market losses N1.9trn to profit-taking
•Analysts finger Dangote Refinery IPO By Peter Egwuatu The Nigerian equities market reversed bullish trend last week, as N1.9 trillion was lost to widespread profit-taking across major stocks. The market was bullish penultimate week, as investors gained N3.73 trillion on the Nigerian Exchange Limited, NGX. However, last week’s trading was characterised by heavy selling pressure […]
Devalued Naira will reduce disposable income of common man – Shoderu
Immediate past President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu, has said that at the level of the common man, the devalued naira will reduce the disposable income of Nigerians, further precluding them to care less about undertaking insurance.
‘Rising cost of goods could lead to inflated claims costs’
Amidst the rising cost of goods in the economy, the higher cost of importing spare parts places insurers at risk from inflated claims costs, particularly within their motor accounts, according to a report by A.M Best. A.M Best also noted that insurers that maintain foreign-currency denominated obligations and utilise a weak asset liability matching framework, the decline in the naira relative to the U.S. dollar will increase liquidity constraints, owing to the need to increase domestic-denominated assets to meet their foreign-currency denominated liabilities.
UBA Plc: Enjoying the fruits of African strategy
In 2014 ,United Bank for Africa continued to leverage on continental expansion as a growth and risk governance strategies to report performance figures that are competitive. Its African Strategy appears to be paying off as the revenue contribution of its 18 African subsidiaries increased to N64billion against N56.8billion in the preceding year. Truly UBA is the undisputed leader among Nigerian Banks in terms of presence outside Nigeria.
ACCESS bank Plc: Being systemically important
In 2014, Access Bank moved to strengthen its position in the industry by developing the retail and SME business sectors. This is part of the strategy to achieve the high goal of attaining the status of “Africa”s Most Respected Bank” by 2017. Setting out its key performance indicators, the Directors and management identified 3 over-riding imperatives and focal points for operations. These include growth through strengthened capital position, delivering of strong financial results and sustainable improvement in the quality of growth.
DIAMOND bank Plc: Comfort in strong capital
Because of its relevance to the banking sector and the entire economy, Diamond Bank indeed merited the classification as one of the 8 Systematically Important Banks (SIBs) in Nigeria by CBN. As it got to the third year in a journey to “Reclaim the Diamond”, the bank had reasons to celebrate about 25 years of high impact banking in Nigeria.
