FCMB Earnings Update: Weaker Asset Quality Pressures Earnings

First City Monument Bank Group Plc (“the Group” or “FCMB”) released its 9M: 2015 earnings result last Friday, 29th January, three months after its due date. The result was largely disappointing as gross earnings grew 2.4% to N109.3bn (weaker than our projection of 9.6%) while PBT fell 84.7% Y-o-Y to N2.6bn and annualized EPS settled at N0.49 relative to our FY:2015 projection of N1.05. 

Economic and Financial Market Outlook 2016: Darkest Before Dawn

The financial market is currently going through a turbulent time, reflecting the intensity of instability in the global and domestic environment. From slowing growth concerns in China and plunging commodity prices in the global market to fiscal and currency crises in the domestic economy, a dark cloud seems to overshadow the investment landscape. Notwithstanding these challenges, we analyze the performance of the Nigerian economy and financial market in 2015 while stating our expectation for 2016, paying keen attention to key events in the global and domestic economy.

Nigeria Fraud Case Puts Buhari's Anti-Graft Drive in the Dock

True to his election promises, Nigerian President Muhammadu Buhari has gone all out on corruption, alleging mind-boggling sums plundered from state coffers and giving investigators licence to pull in big hitters once thought untouchable.

Now comes the hard part: making the charges stick.

The first test comes on Wednesday with the opening of the trial of former National Security Advisor Sambo Dasuki, accused of fraud over $68 million of defence spending, part of a wider $2.1 billion in arms deals under scrutiny.

Bearish Start to the Year: Where is the Bottom?

Second week running into 2016, the Nigerian economy and financial market appear to have taken a worse turn. Pressure on global oil prices intensified during the week (Brent Crude declined 22.6% YTD to US$29.2/b) dampening investors' sentiments on Nigerian equities. The falling oil prices signals a further depression on the performance of fiscal budget for 2016 given the dependence of Nigeria on oil revenue. There is an increased need for the fiscal authority to review the assumptions of the 2016 budget in line with current realities.

IMF Boss visits Nigeria ...Any Glad Tidings in Store?

The IMF Boss, Ms. Chrisitine Lagarde arrived in Nigeria on Monday, 4th January, 2015 for a 4-day visit in which she met with the Executive and Legislative arms of government. Ms. Lagarde shared her thoughts on possible ways to deal with the current challenges facing the economy -- most especially the dwindling government revenue, foreign exchange pressure and huge infrastructure deficit. As against suspicion that the IMF boss is in the country to rope Nigeria into an IMF program along with its unpopular conditionalities, Ms.

President Buhari's New Year Message to Nigerians

Welcome to the beginning of a New Year of the continuation of CHANGE in our beloved nation. I am aware that Nigerians have experienced a number of significant hardships over the past months. Living in the State House has not alienated me from your daily sufferings. I am aware of the lengthy queues at fuel stations and of the difficulties businesses have faced in acquiring foreign exchange.

Boosting Rice, Wheat Production via CBN Anchor Borrowers’ Programme

President Muhammadu Buhari says Nigeria cannot continue to spend huge sums on the importation of food items that the country can produce.

He made the comment recently in Birnin Kebbi at the inauguration of the 2015/16 Anchor Borrowers’ Dry Season Rice Planting Programme.

Anchor Borrowers’ Programm is an initiative of the Central Bank of Nigeria (CBN) aimed at creating an ecosystem to link out-growers (small holder farmers) to local processors.

Eliminating Quackery in Nigeria

Security operatives recently arrested one Martins Okpeh, a 44-year-old secondary school certificate holder, for pretending to be a medical doctor for nine years.

Okpeh, before his arrest, had even risen to become the chairman of a branch of the Nigerian Medical Association (NMA).

Police investigation reveals that the suspect allegedly stole copies of the medical and academic credentials of his childhood friend, Dr George Davidson, a practising medical doctor in Jos which he used to secure employment in the Federal Ministry of Health.