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Articles by Udo Onyeka
Senate to strengthen AMCON’s debt recovery capacity
The Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, yesterday in Uyo, Cross River State, restated the commitment of the Senate and Asset Management Corporation of Nigeria (AMCON), to build strategic collaborations that would develop greater capacity for debt recovery and sustained development of the country.
NSC, ICS to collaborate on capacity building
The Nigerian Shippers’ Council, NSC, and the Institute of Chartered Shipbrokers have partnered to promote effective training and capacity development in the maritime sector. Executive Secretary of the NSC, Hassan Bello, who disclosed this when he received the officials of ICS, led by the Chairman Capt. S. Olarewaju, on a courtesy visit, noted that the sector needed highly equipped manpower to improve its contributions to national development.
Wema Bank, Ogun, others seal funding pact on new refinery
Wema Bank and three other companies Petrolex Oil and Gas, Hyundai and Ajayi Legal Partner have signed a deal with the Ogun State Government to build the second largest refinery in sub-Saharan Africa and the largest petroleum product depot in Nigeria.
AfDB, Standard Chartered synergise on financial crime war
The African Development Bank, AfDB, and Standard Chartered Bank, SCB, as a way of fighting financial crime will jointly organise a 1-day interactive workshop on November 3, 2016 at the CCIA, in Abidjan, Cote d’Ivoire.
CBN directs banks to intensify financial inclusion drive
The Central Bank of Nigeria, CBN, has said there was the need for banks operating in the country to improve on their financial literacy drive at the grassroots in line with the financial inclusion agenda and by so doing, contribute more to the economy’s growth. Giving the charge while briefing the media on the decisions taken during the Bankers Committee meeting held yesterday in Lagos, the apex bank’s Director, Banking Supervision, Mrs.
CBN orders BDCs to source dollars from First Bank, Travelex
There are strong indications that the Central Bank of Nigeria, CBN, may have given a new directive on how Bureaux de Change operators should source dollar proceeds from International Money Transfer Services, IMTS.
Ecobank secures AfDB’s trade finance support
African Development Bank, AfDB, said it had approved a $310 million trade finance loan for Ecobank Transnational Incorporated, parent company of the Ecobank Group. AfDB stated that the facility would provide critical trade finance funding to support economies in which Ecobank is present, primarily through support to Small and Medium Enterprises, SMEs and local companies involved in import-export activity.
Diageo drops plan to increase stake in Guinness Nigeria
Diageo yesterday said it had scrapped plans to lift its stake in Guinness Nigeria due to tough market conditions in the country. The decision by Diageo, maker of Johnnie Walker Scotch and Smirnoff vodka, according to analysts may hurt the economy, which is headed for its first full-year recession in 25 years following a plunge in global oil prices, a major source of the nation’s revenue.
Finance minister seeks lower interest rate to boost economy
As the Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, kicks off its two day meeting in Abuja yesterday, the Finance Minister Mrs. Kemi Adeosun has urged apex bank to help lower interest rates on bank credit to enable government borrow domestically to boost the economy, , without increasing its debt-servicing cost.
Group alleges N42bn scam in PenCom
A civil society group, Centre for Public Accountability, CPA, said the management of the National Pension Commission, PenCom, has not accounted for its annual collections of 0.3 per cent of the asset fees on pension fund from 2013 to date, totaling about N42 billion. According to the group, PenCom which manages about N5.4 trillion pension funds through licensed pension custodians and administrators, is alleged to be involved in a long list of infractions, mismanagement and maladministration.
CBN to extend BVN registration to MfBs, PMIs’ customers
The Central Bank of Nigeria, CBN, has unveiled plans to extend the Bank Verification Number, BVN, registration project to customers of Other Financial Institutions, OFIS, in the country. The OFIS include, Microfinance Banks, MfBs, and Primary Mortgage Institutions, PMIs, among others.
Agribusiness key to Africa’s economic growth - AfDB
The African Development Bank has said there was the need for collaboration to transform Africa’s agriculture and agribusiness in order to achieve long-term wealth creation and prosperity in the continent.
Interbank rate falls after banks rediscount debt notes
Nigeria’s interbank overnight rate eased 20 percentage points to 15 percent on Friday from Thursday’s close after some banks approached the central bank’s discount window for short-term cash accommodation, traders said. The cost of borrowing had peaked at 60 percent for overnight lending on the interbank on Wednesday and eased to 35 percent on Thursday after banks resorted to rediscounting their fixed income instruments to get shortterm cash from the central bank.
AMCON seals off Silverbird Galleria over N11bn loan
Asset Management Corporation, AMCON, yesterday sealed off Silverbird Galleria Malls in Lagos, Port Harcourt and Abuja owned by Senator Ben Murray- Bruce and his siblings over an N11bn debt owed Union Bank of Nigeria Plc. The take-over of the premises was sequel to a Federal High Court, Lagos injunction given last Friday. The order allows a Receiver/ Manager to take possession of the said properties.
Naira slums at inter-bank market, exchanges N250 to dollar
After months of speculation on real foreign exchange rate for the Naira, the anxieties appeared to have started fizzling yesterday with the national currency exchanging at N280 to the dollar after the monetary authorities formally flagged off the flexible forex regime.
Accelerating economic growth through mechanised agric
The Federal Government decision to boost mechanised farming among rural dwellers with special fund for the provision of agricultural equipment to farmers across the country, in addition to several on-going intervention programmes such as Commercial Agriculture Credit Scheme, CACS and Growth Enhancement Support, GES, among others are capable of transforming the agric sector. Udo Onyeka reports.
Assessing implications of EFCC, CBN’s clampdown for financial system stability
The on-going investigations of some Deposit Money Banks by the Economic and Financial Crimes Commission, EFCC, and Central Bank of Nigeria, CBN seem to have divided stakeholders over whether such raids would improve or worsen the sector’s stability.
Nigerian oil output falls towards 22-year low
A series of attacks on Nigeria’s oil infrastructure in the Niger Delta region has pushed output of crude close to a 22-year low, putting intense pressure on the country’s finances, according to Reuters. Shell workers at Bonga oilfield in the region were evacuated following a militant threat, a senior labour union official said yesterday, while attacks late last week forced Chevron to shut its Okan offshore facility, cutting off 35,000 barrels per day (bpd).
Assessing Budget 2016’s developmental thrusts for key sectors
As President Muhammadu Buhari finally signed 2016 Appropriation Bill into law on Friday, financial commentators are divided on the performance of the budget especially as it relates to key sectors and diversification of economy. Udo Onyeka reports Expectations of Nigerians are high as President Buhari Friday, May 6, signed the 2016 budget. Buhari plans diversification of Nigeria’s economy, which according to him is the only sure way to escape from the country’s ravaging economic downturn.
Boosting non-oil export drive through fiscal, monetary policies
As the value of the nation’s currency continues to exhibit weakness, amid falling prices of crude oil, the country’s major source of revenue, experts say a shift towards non- oil export productivity backed by effective policies would strengthen the Naira, and sustain Nigeria’s micro-economic stability in the medium and long terms. Udo Onyeka reports.
Banks’ total assets, liabilities up 2.4% in December
The Central Bank of Nigeria, CBN, has said that commercial banks’ total assets and liabilities of commercial banks in December 2015 stood at N28.173trn, showing increases of N665.5bn or 2.4 per cent and N646.8bn or 2.3 per cent above the levels in November 2015 and at end-December 2014, respectively.
FBN to host SMEs operators
Consistent with its quest to build capacity amongst Small and Medium Enterprises, SMEs and deepen the development of small and medium businesses, the Deputy Managing Director of First Bank of Nigeria, Gbenga Shobo will play host to over 100 SMEs across various business sectors at the maiden edition of the 2016 EDC/FirstBank SME Breakfast Series tagged, ‘The Economy and You’.
Unlocking Nigeria’s growth potential through proactive policy options
As successive governments’ over-reliance on crude oil earnings as the mainstay of Nigeria’s economy continues to pose serious threat to the country’s macroeconomic stability and sustainable development, especially now that crude oil prices have ebbed to their lowest ebb in recent years, analysts are of the view that securing the future of the nation will depend, to a large extent, the diversification of the economy and renewed drive towards export-trade promotion by all stakeholders.
Stakeholders seek banks, telecoms operators’ synergy to deepen financial inclusion
As the Central Bank of Nigeria, CBN, continues to harp on the importance of the cashless project and financial inclusion for the economy, the journey to efficient banking services to customers in the face of in adequate infrastructure appears to remain long still. But then, experts believe that deliberate efforts by banks and telecoms operators to synergise their capabilities could a long way in fast-tracking the financial inclusion drive. UDO ONYEKA reports.
2016 Budget: Assessing capital budget performance prospects amid Appropriation Bill’s delay
Stakeholders call for efforts towards reversing the trend of budget delay which often leads to poor budget implementation is apt even as the capital expenditure segment of the nation’s budget continues to suffer resulting in huge infrastructure deficit and lack of development. Udo Onyeka reports The Federal Government’s budget is the lifeline of any economy. Government fi scal dynamics remains a major gauge of business confi dence.
Excess bank charges: Stakeholders seek effective monitoring to curb abuses
Bank customers have for many years been groaning under the burden of excessive charges by banks operating in the country, but with the recent refund of N6.2 billion to customers as overcharged cost of transactions in 2015, analyst believe that with sustained efforts by the CBN, customers’ rights can actually be protected against the fleecing propensity of the banks. Udo Onyeka reports.
Global monetary system needs strengthening -IMF boss
IMF Managing Director, Christine Lagarde, has said that there is the urgent need to strengthen the global financial system so that emerging countries can restore momentum and safely deepen economic and financial integration. According to her, establishing a stronger and safer international monetary system would prevent risks which are of paramount importance for advanced and emerging economies alike.
Appraising CBN, BDCs, others’ moves to sustain nation’s macroeconomic stability
The promise by the Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefi ele that Nigeria will continue to meet matured fi nancial obligations to foreign investors and her international trading partners, was re assuring.
United Capital announces N3.26bn profit
United Capital Plc, one of Nigeria's leading investment banking and fi nancial services Groups, reports 2015 full year earnings of N6.15bn, up from N4.68bbn in 2014, representing a 32 per cent increase from the previous year.
Banks’ charges may undermine savings, financial inclusion drive
The introduction of stamp duty charges on certain categories of transactions in addition to other charges by Deposit Money Banks, BMBs may hinder financial inclusion drive of the Central Bank of Nigeria, CBN, and could also negatively affect saving culture of Nigerians, especially the middle and low income earners. Udo Onyeka reports.
Banks renew commitment to boost MSMEs through trainings
Globally, Micro, Small And Medium Enterprises, MSMEs, are seen as engines of economic growth and major contributors to employment generation, wealth creation, and poverty alleviation, among others. In this analysis, Udo Onyeka, appraises how Nigerian banks are trying to boost the MSMEs’ performance through trainings. According to reports, recent data provided by the National MSMEs collaborative survey 2010, put the number of MSMEs in Nigeria at 17,284,671 with total employment of 32,414,884.
Only 90% of bank customers registered for BVN - NoIPolls
There are indications that only nine out of every 10 Nigerians have registered for their Bank Verifi cation Number, BVN, introduced by the Central Bank of Nigeria, CBN, while 88 per cent of banked Nigerians believed that the BVN will be benefi cial to them.
N630bn yearly import bill on food worries CBN
The Central Bank of Nigeria ,CBN, has said that recent fi nes placed on some fi nancial institutions was justifi able and in the interest of the fi nancial system. The apex bank explained that it was considerate on the erring banks, given the level of infractions, which should have earned them more severe penalties.
Actis, RMB Westport, Paragon sell Ikeja City Mall
Actis, a leading emerging markets investor, RMB Westport, a sub-Saharan Africa real estate investment management group and Paragon Holdings, a Nigerian investor group have confi rmed the sale of Ikeja City Mall to South African Real Estate Investment Trust, REIT, Hyprop Investments Limited and Attacq Limited, a JSE-listed real estate capital growth fund. According to a statement Hyprop acquired a 75 per cent interest in Ikeja City Mall and Attacq has acquired the remaining 25 per cent.
Experts hinge nation’s sustainable socio-economic devt on agricultural sector
In view of the increasing need to explore the abundant opportunities in the nation’s agricultural sector in order to reverse the ugly fiscal straits the nation’s economy is going through, development experts have urged the President Muhammadu Buhari-led government to consolidate on the gains recorded by Agricultural Transformation Agenda, ATA and by so doing, partly address the structural distortions in the economy.
FirstBank partners LBS on global Sustainability Conference
The Group Managing Director/ Chief Executive Offi cer, First Bank of Nigeria, a subsidiary of FBN Holdings Plc, Mr.Bisi Onasanya, on Thursday disclosed that business sustenance is not just a requirement for economic growth in Nigeria alone, but entire African countries and indeed the world.
Sovereign Trust Insurance elevates two staff
Sovereign Trust Insurance (STI) Plc said it has elevated two of its erstwhile General Managers to the position of Executive Directors. The duo, who by their recent elevation will automatically become board members of the company are; Mr. Olaotan Soyinka and Mrs. Ugochi Odemelam. Soyinka, before now, was the General Manager/Divisional Head, Technical while Ugochi took charge of Marketing/Business Development for the organization in the capacity of a General Manager/Divisional Head.
Caverton explains drop in fi nancial performance
Caverton Offshore Support Group PLC (COSG) has expressed commitment to quality services despite drop in fi nancial results. COSG,a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has released its unaudited Q3 2015 results showing revenue of N17.8 billion which represented a 5 percent decrease over the same period last year. Earnings per Share came in at 42 kobo, already trending higher than FY 2014 (29 kobo).
S&P upgrades Ecobank to ‘stable’, at ‘B+/B’ ratings
Ecobank Nigeria refl ects the profi tability and asset quality of its parent, Ecobank Group, and will likely remain core to the Group’s performance. Ecobank Nigeria has also reduced its nonperforming loans, NPLs, from six per cent in 2013 to 4.7 per cent in 2014 ,the Group went from 6.2 per cent to 4.4 per cent in the same period, S&P said this is commensurate with other Nigerian institutions.
FG, CBN, agropreneurs target agric sector to mitigate fi scal headwinds
As the nation’s income continues to dwindle due to fall in prices of crude oil, the Federal Government and key stakeholders have intensified efforts to explore the opportunities availed by the agricultural sector to bridge the revenue gap in yearly budgets.
Why we sacked 35 senior Customs officers- CG
The Comptroller General of the Nigeria Customs Service, Col. Hameed Ali has said that his decision to sack a total of 35 senior offi cers of the service comprising Deputy Comptrollers General, Assistant Comptrollers General and some Comptrollers is in line with the mandate given to him by President Muhammandu Buhari.
Stanbic IBTC shareholders urge FG to call FRC to order
Shareholders of Stanbic IBTC Holdings have appealed to the Federal Government to look into the activities of the Financial Reporting Council in order to forestall more damage to the operations of businesses and the larger economy.
FRC wins Financial Regulator of the year award BC
The Financial Reporting Council of Nigeria, FRC, has won the award of the Financial Regulator of the year by the Pan African Leadership Summit and Merit Awards, PAMA, 2015. In a statement by the media/ communications consultant to FRC, Mr. Mack Ogbamosa, the award was conferred on the council by PAMA at a ceremony held in the British Council Auditorium, Accra, Ghana at the weekend.
FBN Holdings rebrands, launches FBNQuest
In line with a commitment to improve service delivery to clients and position the group at the forefront of the emerging merchant banking and asset management sector in Nigeria, the Investment Banking and Asset Management business of FBN Holdings Plc has announced the unveiling of a new identity for the group, FBNQuest.
SAHCOL/ SAA collaborates on ground handling services
The Skyway Aviation Handling Company Limited (SAHCOL), has been appointed by South African Airways as a preferred Ground Handler for its Abuja operations. This further strengthens the long standing relationship between SAHCOL and South African Airways (SAA), in providing seamless services to the airline.
STI restructures for better performance
Sovereign Trust Insurance Plc has made some changes in a bid to provide excellent services to its clients. Under the restructuring exercise, the company elevated two of its erstwhile General Managers to the position of Executive Directors respectively. The duo who by their recent elevation will automatically become Board Members of the company are Mr. Olaotan Soyinka and Mrs. Ugochi Odemelam.
Forex Rally berths with forex championship
Forex Rally, an international forex brokerage company has announced the offi cial launch of its operations in Lagos, Nigeria. Apart from providing an array of free educational resources to empower traders with access to global forex industry expertise through local experience, the company has also introduced the fi rst ever Nigerian Forex Championship which will be the most lucrative in its offering of attractive prizes and educational to participants.
NDIC, CBN, EFCC rally on imperatives of e- payment security, efficiency
As electronic payment (e-payment) fraud continues to be on the increase in Nigeria as the years roll by, experts have projected that with intensified collaborative efforts of financial sector operators, regulatory authorities and other key stakeholders the scourge of e-frauds in the nation’s financial system will continue to be mitigated as the results of such initiatives continue to be felt in the industry in the years ahead.
AXA Mansard Insurance’s profit up 28%
AXA Mansard Insurance plc a member of the AXA Group has released its unaudited fi nancial results, for the period ended September 30, 2015, which showed that its gross premium written went down by 8 percent.
Real Sector: Growth prospects amid challenges ahead
As latest reports of the nation’s real sector continue to reflect hope for brighter outlook in the years ahead, analysts say that in spite of the latest 55 per cent capacity utilisation recorded in the sector, its untapped productive opportunities require more than mere policy semantics to translate them into concrete gains.
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