Banking and Finance

NSE Charges New Brokers to Be Worthy Ambassadors

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, has admonished newly-inducted stockbrokers to stand against sharp practices in the market, having being qualified as chartered stockbrokers by the Chartered Institute of Stockbrokers (CIS) and as dealing clerks by the NSE.

Speaking at the induction ceremony for the newly-qualified stockbrokers, Mr. Onyema said, “Today marks a call to stand tall in integrity, to be impeccable in character, to be professional in service and to be high in ethics and standards.

Nigerian Banks Emerge in Top 1000 Global Ranking

Thirteen Nigerian banks emerged in this year’s edition of the “Top 1000 World Banks’ Ranking,” by the Bankers magazine, owned by the Financial Times Group, London.

Zenith Bank Plc, First Bank Nigeria and Guaranty Trust Bank Plc (GTB), in that order, were the top three Nigerian banks in the ranking.

Others were Access Bank, United Bank for Africa (UBA), Ecobank Nigeria, Fidelity Bank, First City Monument Bank, Skye Bank, Diamond Bank, Stanbic IBTC, Union Bank and Standard Chartered Bank, in that order.

Committee Proposes Prudential Guidelines for Banks

Global financial authorities are considering a review of prudential guidelines for banks in relation to their equity investments in funds.

The Basel Committee on Banking Supervision, a body of global financial authorities, at the weekend published a set of proposals that would revise the prudential treatment of banks’ equity investments in funds.

The revised guideline is expected to address the issue of underlying risk and leverage as well as align banks’ investments in the context of the globally accepted risk-based capital framework.

Private Sector: Banks’ Lending Up by 0.5%

Net loans from the banking system to the private sector increased in May by just 0.5% month-on-month and 7.0% year-on-year, a report by FBN Capital has shown.

The private sector in this case is defined as the domestic economy other than the Federal Government of Nigeria (FGN), and thus includes the state governments, whose borrowings amounted to ₦691 billion ($4.3 billion) at end-April this year.

Analysts at FBN Capital, according to the report, noted that the total for the private sector in May was ₦15.5 trillion ($96.8 billion).

CIS Deregisters Erring Stockbrokers

The Chartered Institute of Stockbrokers (CIS) has deregistered two of its members and suspended one for unprofessional conduct.

The CIS, which is the professional body for stockbrokers in the country, in a statement on Friday, named the affected stockbrokers as Mr. Peter Ola and Mr. Kingsley Nnaji, while the third member, Mr. Akinwale Olagundoye, was suspended from trading in the capital market for six months.

Access Bank Appoints Wigwe as CEO Designate

The Board of Directors of Access Bank Plc has appointed Herbert Wigwe to succeed Aigboje Aig-Imoukhuede as Group Managing Director/Chief Executive Officer which will be confirmed at the end of 2013.

Mr. Aig-Imoukhuede, 46, will be leaving the group after 11 and a half years of outstanding performance. Mr. Wigwe, currently Group Deputy Managing Director, having received the necessary regulatory approvals, has been appointed CEO designate and will succeed Mr. Aig-Imoukhuede at the end of 2013.

Nigeria’s $1b Eurobonds Oversubscribed

Renewed confidence in the Nigerian economy was again demonstrated yesterday by the international investor community, as the country’s  second Eurobond was oversubscribed, raising a total of $1 billion, which government  plans to use to finance its power transmission projects.

Nigeria’s total debt stood at 17% of Gross Domestic Product as at March 2013, according to data from the Debt Management Office. This comprises of ₦6.5 trillion in domestic debt (excluding AMCON bonds), and $6.67 billion in foreign dollar debt.

Debt Management Office to Raise $1.56 Billion

The issuance calendar for the Federal Government of Nigeria’s (FGN’s) bonds for the third quarter (Q3) 2013 has shown that the Debt Management Office (DMO) plans to raise between ₦140 billion ($870 million) and ₦250 billion ($1.56 billion) over the next three months.

When compared with the range of ₦230 billion to ₦410 billion for the second quarter of the year, it showed that the DMO is concerned at the lull situation in the market by reducing its activities.

Nigeria gets $300m from World Bank on Food Security

The Board of Executive Directors of the World Bank has approved two International Development Association (IDA) credits for Nigeria totaling $300 million to boost agriculture, food security and nutrition of the rural poor.

A statement issued by the bank yesterday in Abuja said while one of the credits amounted to $100 million, the other was $200 million.

Stock Exchange to Start Corporate Governance Ranking

Photo L-R:  Otunba Olutola Senbore, Chairman, FCMB Plc; Oscar Onyema, NSE’s CEO; Ladi Balogun, GMD/CEO, FCMB Plc; and Olusegun Odubogun, Non-Executive Director at FCMB Plc at the Facts Behind the Listings of FCMB Group Plc at the Exchange recently.

The Nigerian Stock Exchange (NSE) at the weekend disclosed that it had entered into a partnership with the Convention on Business Integrity (CBi) to provide a steady flow of data which will be used to develop a Corporate Governance Rating/Ranking System (CGRS) for listed companies in the country.