Business News in Brief

Union Bank to Divest Non-banking Subsidiaries in 18 Months

The central bank had three years ago cancelled the universal banking model and enforced new minimum capital requirements for banks in a bid to avoid a repeat of the 2009 near collapse of several lenders. In compliance with the Central Bank of Nigeria (CBN) regulations separating business and retail banking, Union Bank of Nigeria Plc is set to divest its non-banking subsidiaries within the next 18 months. Following (central bank’s) approval, Union Bank will proceed to divest its interests in its non-banking and portfolio companies and operate as an international commercial bank.

Stanbi IBTC Bank Launches Mobile Money Platform

Stanbic IBTC Bank partners with Mobile Media Info Tech Ltd (MMIT) to introduce a new platform that allows mobile money users shop internationally online without the need for a credit card. All the customer needs is a mobile money wallet to operate the platform.
Customers who use Stanbic IBTC Bank’s *909# mobile money wallets would be able to shop on foreign sites.

Financial IQ Announces Open Chess Championship for Kids

Financial IQ, an entrepreneurship advocacy and support brand, has announced the launch of its maiden Open Chess Championship for nursery and primary school kids.

Supported by Littlebridge (Nig) Limited, the event, which will take place at Kaizen House School, Magodo, on November 2, 2013, attracts a registration fee of ₦2,000.

Stanbic IBTC Now Domestic Custodian of SWF

Stanbic IBTC has been appointed by the Nigeria Sovereign Investment Authority (NSIA) as the domestic custodian of the Nigerian Sovereign Wealth Fund (SWF), entrusting in the custody of the financial services group assets worth $1 billion.
The third largest Sovereign Wealth Fund in Sub-Saharan Africa and the local custodian of the Sovereign Wealth Fund (SWF), Stanbic IBTC will ensure safekeeping, settlement and other related services for assets in the region of $1 billion.

Skye Shelter Fund Plc Declares ₦5 Dividend

Investors of Skye shelter fund are reaping rewards of their investment as the company paid its unit holders N5 dividend per 100 share for the year ended December 31, 2012. The N5 dividend shows an increase of about 24 percent when compared to the N4.04 dividend paid for in the previous financial year.

Skye Shelter Fund, is the first Real Estate Investment Trust (REIT) to be listed on the Nigerian Stock Exchange. The scheme pools together savings of investors who lack the expertise or time to invest in the real estate and other related investment.

Equity Market on a Steady Rise, Gains ₦4.2t in One Year

The equities section of the Nigerian Stock Exchange has been on a steady rise in the last one year, leading to a total appreciation of ₦4.6trillion as of Monday’s closing.

This represents a significant appreciation of 57% or ₦4.2trillion compared to the ₦7.417trillion, recorded at the beginning of the year, the steady climb in the market, which began towards the end of October 2012, largely continued into the year 2013, with the market capitalisation of the listed equities rising to ₦11.654trillion on Monday.

Nigeria, Others Lead in Global Confidence Index

A survey has shown that the Nigerian economy and other economies in Africa have once again been identified as the most business-confident region in the world, sights global economic recovery.

 The findings were contained in the Global Economic Conditions Survey (GECS) compiled by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA).

Eurobond Success Positive for Nigerian Economy

Nigeria’s international bond sale, which was recently heavily oversubscribed, underscored the bullishness of overseas investors in the country’s sustained growth, a report has indicated.

The report by the Oxford Business Group however pointed out the yields level on the offering. It also highlighted the looming challenges that Nigeria as well as other emerging markets could face when seeking to raise capital in the future as the United States’ economy begins to pick up.

CBN Recovers N9b Excess Charges by Banks

It was revealed by the Central Bank of Nigeria (CBN) yesterday that through its newly- created department of consumer protection had assisted customers to recover over N9 billion excess charges that were imposed on them by commercial banks.

The Branch Controller, CBN, Abeokuta, Olumuyiwa Joawo, said this during a sensitisation forum organised by the consumer protection department of the CBN in Ogun State.