Banking and Finance

FCMB Commended for Impressive Performance and Higher Dividend Declaration

Shareholders of FCMB Group Plc have commended the Board, Management and Staff of the financial institution for recording another impressive performance in 2018 in spite the challenging macroeconomic and regulatory environment. The commendation was given at the 6th Annual General Meeting (AGM) of the Group held on April 26, 2019 in Lagos.

At the meeting, the shareholders approved the financial results of FCMB Group and payment of a cash dividend of 14kobo per ordinary share for the year ended December 31, 2018. This translates to a total amount of N2.77 billion.

CBN disburses ₦174.48b under Anchor Borrowers’ Programme

The Central Bank of Nigeria (CBN) says it has so far cumulatively disbursed N174.48 billion through 19 financial institutions under its Anchor Borrowers Programme since 2015.

The Director, Corporate Communications Department of the bank, Mr Isaac Okoroafor, stated this in Enugu, South-East Nigeria at the on-going Enugu International Trade Fair.

Okoroafor, who was represented by the Deputy Director of the department, Mrs Veronica Always, said that the programme had supported 902, 518 farmers working with 194 anchor companies.

Nigeria records ₦25b cyber fraud in 5 years

Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has raised the alert over N25 billion cyber fraud recorded in the nation’s financial institution in the last five years

The Pro-tem President of CIFIAN, Dr Victoria Enape, who disclosed this during the induction ceremony of about 120 members in Abuja, expressed concern over the increased volume of financial frauds in the country.

FIRS targets ₦750b from 55,000 million tax defaulters

The Federal Inland Revenue Service, FIRS hopes to pull in about N750 billion from about 55,000 defaulting taxpayers, Executive Chairman, Tunde Fowler said today in Abuja.

Fowler told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), that the substitution led to recovery of N23.25 billion.

Expert urges CBN for reduction of cash reserve ratio

A former Chairman, Manufacturers Association of Nigeria, Ogun Chapter, Wale Adegbite, has urged the Central Bank of Nigeria (CBN) to also reduce the Cash Reserve Ratio (CRR) to make the recent reduction of the Monetary Policy Rate (MPR) meaningful.

Adegbite who gave the suggestion during an interview in Otta said that the reduction of the CRR would free more funds from the CBN for manufacturers who were in need of funds.

Purchasing Managers’ Index Sustains Uptrend with Faster Growth Rate

The Central Bank of Nigeria on Wednesday, 27th March 2019 released the Purchasing Managers’ Index (PMI) report for March 2019 with the report indicating an expansion in the Manufacturing and Non-Manufacturing sectors for the twenty-fourth and twenty-third consecutive month respectively.

The consistent improvement in PMI readings which stood at 57.4 points for the Manufacturing and 58.5 points for the Non-Manufacturing sector reflected the respective faster monthly growth rate seen in 11 out of 14 subsectors and 14 out of 17 subsectors surveyed in each sector.

FCMB Sustains Performance with ₦177.4bn Revenue, Achieves 73% Profit Increase

FCMB Group Plc has released its financial results for the year ended December 31, 2018, reporting a gross revenue of N177.4 billion, an increase of 4.3% compared to the N169.9 billion for the same period in 2017. In addition, profit before tax (PBT) rose by 73% to N18.4 billion as against N11.5 billion in the preceding year. Following these, the financial institution has recommended a dividend of 14 kobo per share to shareholders.

Central Bank of Nigeria cuts benchmark rate to 13.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has cut down the benchmark lending rate from 14 percent to 13.5 percent to further promote economic growth.

The Central Bank Governor, Mr Godwin Emefiele said this when he briefed newsmen in Abuja on Tuesday on the outcome of the 266th Monetary Policy Committee meeting.

This is the first time the rate has been altered since July 2016.

Emefiele said all 11 members were present at the meeting and six out of 11 of them voted to reduce the Monetary Policy Rate (MPR) by 50 basis point.

Insurance Corporation to institute policies to safeguard financial services industry

The Nigeria Deposit Insurance Corporation (NDIC) says it would collaborate with relevant institutions to institute policies that would ensure the safety of the financial services industry in Nigeria.

The Managing Director of the corporation, Mr. Umaru Ibrahim reaffirmed this while giving a welcome address at a seminar organized for the management staff of the Federal Ministry of Finance in Abuja, Nigeria.

Business Environment Reforms: Can Nigeria Regain Initial Steam?

This week, we turn our attention to the ongoing business environment reforms started by the President Buhari administration in 2016. The Presidential Enabling Business Environment Council (PEBEC) is the institution tasked with the reforms that make it easier to do business in Nigeria. The improvements are expected to come in the form of a reduction in cost, time and procedures in starting and running a business. The overall target at the commencement of the reforms was to improve Nigeria’s ease of doing business rank to the top 100.