The increasing rate at which microfinance banks (MFBs) are becoming distressed, coupled with the Central Bank of Nigeriaâ€™s insistence of not bailing out any MFB have compelled the Lagos State chapter of the National Association of Microfinance Banks (NAMB) to set up a Fund to cater for MFBsâ€™ financial needs.Read More
Oceanic Bank PLC is of fering a good day to both itâ€™s existing and prospective customers.Read More
Deregulation was touted as a process that would encourage oil marketers to import fuel on their own account for sale rather than their almost total dependence on NNPC funded imports. The resultant freer market would encourage competition and petrol prices would presumably come down.Read More
A real estate development firm, Pentagon Real Estate Investment Limited, has been granted a loan of $5 million by the Kenya-based Shelter Afrique for housing development in Nigeria.Read More
Insurance brokers have expressed their displeasure over attempts by financial authorities in the insurance sector to elevate insurance agencies (agents) above brokers to drive the industryâ€™s Market Development and Restructuring Initiatives (MDRI), an initiative of the insurance regulatory body, National Insurance Commission (NAICOM).Read More
in line with the aspirations of the entire insurance industry to recruit future generations practitioners in the sector, succession plans have become imperative for insurance and reinsurance companies, says Mr Adeyemo Adejumo, Managing Director, Continental Reinsurance Plc.Read More
A bearish trend was recorded on the Nigeria Stock Exchange (NSE), last week, as investors lost a significant portion of their investment in the market, as the value of listed equities depreciated by N44.23 billion.Read More
Afromedia Plc has announced a dividend of N201.77 million, representing a dividend of five kobo per share for its shareholders in its 2009 financial year.
The company also announced its plans to shore up its capital base, either by raising funds from the capital market, debt market, through loans or by any other means.
Securities and Exchange Commission (SEC) and financial experts last week, indicted audit committees of quoted companies for their ineffectiveness in discharging their roles and functions as empowered by the Companies and Allied Matters Act (CAMA) 1990.Read More
Union Bank of Nigeria PLC would showcase its strong fundamentals of time tested banking with provision of quality service and products at the Kaduna International Trade Fair. Its teeming and prospective customers will also enjoy online real time services.Read More
Skye Bank Plc has projected a profit after tax of N3.457 billion for the half year ending 30, 2010, raising investorsâ€™ hope for a profitable year ahead.Read More
Buoyed by increasing idle funds in banksâ€™ vault, which rose above N600 billion last week, the prices of FGN continued their upward trend with the top five bonds rising by an average of N4.26Read More
The bearish trend recorded last week is expected to ease
slightly, this week, giving way to a fluctuating trend, as investors take position ahead of the barrage of financial statements expected this month from banks and other companies quoted on the Nigerian Stock Exchange (NSE).
Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka says it is possible for bank customers to safeguard their money in a bank against distress and he explains how this can be achieved.Read More
Banks are now battling with money deposited by customers in their vaults which they are either not ready to give out as loans or nobody is coming forward to take. This is a fall out of the over N400 billion in the system more than the banks needed to hold in cash, which has brought the need for banks to lend to each other in the interbank money market to zero level.Read More