Banking and Finance

Stock Market Weekly Summary: August 2, 2013

Photo L-R: Group Chief Executive Officer, Forte Oil Plc, Mr. Akin Akinfemiwa; President, Council of The Nigerian Stock Exchange (NSE), Alhaji Aliko Dangote, GCON; Chief Executive Officer, NSE, Mr. Oscar Onyema; Group Chairman, Forte Oil Plc, Mr. Olufemi Otedola, CON; Executive Director, Business Development, NSE, Mr. Haruna Jalo-Waziri at the Forte Oil Plc Bell Ringing at The Exchange last week in Lagos.

External Merchandise: Nigeria Records ₦2tr decline in Q1

Nigeria’s total external merchandise trade decreased to about ₦5 trillion in the first quarter of 2013 from about ₦7.2 trillion recorded in the previous quarter, the National Bureau of Statistics (NBS) has said.

According to the Foreign Trade Statistics for the first quarter of 2013, which the NBS released yesterday, the ₦.08 trillion or 29 per cent dip in external merchandise was blamed on a 41.4 per cent fall in the value of exports from about N5.8 trillion in the fourth quarter of 2012 to about N3.4 trillion in the first quarter of this year.

Stock Market Weekly Summary: July 19, 2013

A turnover of 1.89 billion shares worth ₦15.54 billion in 28,619 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.67 billion shares valued at ₦18.27 billion recorded in the preceding week in 25,367 deals.

The Financial Services sector (measured by volume) came top last week and accounted for 763.65 million shares valued at ₦7.28 billion traded in 14,740 deals, thus contributing 40.50%, 46.83%, 51.50% to the total equity turnover volume, value and number of deals respectively.

AMCON Appoints Financial, Legal Advisers for Enterprise Bank

The Asset Management Company of Nigeria (AMCON), which holds non-performing assets of troubled banks, said it had named Citigroup and Africa-focused investment bank Vetiva Capital to manage the sale of its shares in one nationalised bank.

While Citigroup Global Markets Limited and Vetiva Capital Management Limited were selected as financial advisers to the transaction, G. Elias & Company Limited emerged as the legal adviser.

IoD Advises Market Operators on Compliance

Photo L-R: Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE), Mr. Ade Bajomo; Chief Executive Officer, Best Foods Global Limited, Mr. Emmanuel Ijewere; Chief Executive Officer, NSE, Mr. Oscar Onyema; President, Institute of Director (IoD), Mrs. Eniola Fadayomi; Past President, IoD, Mrs. Olutoyin Olakunri; and Executive Director, Business Development, NSE, Mr. Haruna Jalo-Waziri at the courtesy visit of institute to The Nigerian Stock Exchange yesterday in Lagos.

GTB, Zenith, Others Tagged Most Profitable Tier 1 Banks

Guaranty Trust Bank Plc, Zenith Bank Plc, FBN Holdings Plc, United Bank for Africa, and Access Bank Plc, have emerged the most profitable Tier 1 banks in Nigeria in the 2012 financial year, a report by Agusto & Co., a credit rating agency, has revealed.

For the first time since 2009, no bank posted a pre-tax loss which shows that the Nigerian banking industry’s profitability has returned to pre-crisis levels.

FirstBank, CDB Seal $100m SME Facility Deal

First Bank of Nigeria Limited has signed a $100 million facility agreement with the China Development Bank (CDB), a leading bank in the Peoples’ Republic of China.

The facility was part of the bank's effort to boost lending to small and medium scale enterprises in the country to stimulate the economy.

The Group Managing Director/Chief Executive Officer, First Bank Nigeria, Bisi Onasanya, is a member of the federal government’s delegation to China. The delegation also includes four state governors and 10 ministers.

Biometric Authentication of ATMs, PoS to Commence in 2015

The Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has declared that the biometric authentication of Point of Sales (PoS) terminals and Automated Teller Machines (ATMs) will commence in 2015.

He said the move was aimed at addressing concerns over the safety of customers’ funds and also to avoid losses through compromise of Personal Identification Number (PIN).Statistics show that this effort has reduced the fraud incidences by 90%. Many customers are now embracing these electronic (ATM and PoS) channels in their transactions.

CBN to Review Agent Banking Rules

The Central Bank of Nigeria (CBN) has said it will be reviewing the Agent Banking Guidelines it issued some months back.

The CBN Governor, Sanusi Lamido Sanusi, at the launch of the Geospatial mapping of Financial Institutions in Nigeria in conjuction with the Bill and Melinda Gates Foundation, said it is important to review the guidelines because of initial challenges the banking practice is facing.