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Performance in 2017 financial year driven by prudent balance sheet management—UBA

UBA logo 44

More facts have emerged on why Africa’s global bank, the United Bank for Africa (UBA) Plc., grossed earnings in the recently released 2017 financial results. According to the Group Chief Finance Officer (CFO) of the bank, Mr. Ugo Nwaghodoh, “the pan-African lender’s improved performance in the 2017 financial year cannot be unconnected to prudent balance sheet management, among other things”. ...

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Can 2.22mmt rise in local fertilizer support growing rice farming in Nigeria?

The recent submission of the Nigeria Sovereign Investment Authority (NSIA) that its investment in promoting local farming is yielding results because its production of made-in-Nigeria fertiliser has risen to 2.22 million metric tones, has raised an issue of cross examination. Business Hilights recalls that sometime last year, a delegation of top ministry officials led by the Minister of Agriculture, Chief ...

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Cut MPR, end multiple exchange rates to exit industries from recession, says ABCON

CBN new MPC members

Though the Nigerian economy is out of recession, there are strong indications that the productive sector or manufacturing segment of the economy is still under the chains of recession. However, to drive their exit process as soon as possible, the President of Association of Bureau d’Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has advised the Central Bank of Nigeria ...

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Stockbroking firms must comply with modern risk management strategies—ASHON boss

The Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, has called for regular training and retraining of practitioners especially on modern strategies in the management of industry risks and challenges to remain in business. In an interview, he said “Given the realities of our time, it is very important for a stockbroking firm to comply with modern ...

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Leading activities on the Nigerian economy last week ending Mar 30, by BHIU

CBN new MPC members

Last week business activities were ushered in with the revelation from the National Bureau of Statistics’ (NBS) Domestic and Foreign Debt report for Q4-17 and 2017FY, which noted that Nigeria’s foreign and domestic debts stood at USD18.9bn and NGN3.35trn respectively as at 31st December 2017. Business Hilights Intelligence Unit (BHIU) observed while disaggregating the figure that, the FGN debt accounted ...

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Prevailing IFRS 9’ll end late discovery of loan losses in banks—Akinyemi

CBN Godwin-Emefiele

Leading accountant and Principal Partner, ROAC Chartered Accountants, Mr. Olugbenga Akinyemi, has revealed the most strategic aspect of the current accounting regime of the International Financial Reporting Standard 9 (IFRS 9). According to him, “With the effective takeoff of the policy regime, Nigerian banks will find it difficult to hide toxic assets in their books” Going down memory lane, the ...

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Nigeria going in wrong direction, CLEEN Foundation survey reveals

Afrobarometer

A survey anchored by CLEEN Foundation, Practical Sampling International and Afrobarometer, has shown that “For Majority of Nigerians, standard of living has moved from bad to worse in the last three years”. Otherwise, the report averred that public perception of Nigerian citizens on economic conditions, access to public services and government performance indicate that 60 percent of Nigerians believed that ...

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CBN, banks’, in aggressive financial inclusion drive with 500,000 agent networks

CBN Godwin-Emefiele

The Central Bank of Nigeria (CBN) has sealed a partnership understanding to collaborate with banks and Mobile Money Operators (MMOs) to deepen Financial Inclusion in Nigeria. Business Hilights gathered Wednesday that already, about 10 MNOs and super agents will, any moment from now, start deploying financial services agents’ outlets across the country. Among the ten pre-qualified CBN-licensed operators include Capricorn ...

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Wholesale licence for UBA London fuels our drive to grow cross-border services—Uzoka

uba-gmd-kennedy-uzoka

The Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Mr. Kennedy Uzoka, has described the fresh regulatory approval to carry out wholesale banking activities in the United Kingdom as a strong frontier for strengthening the bank’s capabilities in meeting the growing cross-border financing needs of customers. Business Hilights recalls that the Africa’s global bank, had on Tuesday ...

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How many small, mid-sized banks’ can survive the heat this year in Nigeria?

CBn Emefiele

No doubt, the Central Bank of Nigeria (CBN) had repeatedly assured the business community and Nigerians that all banks in Nigeria is strong and healthy after all, but industry experts and the feeling of several respected international rating agencies are not on same page. Currently, all leading tier 1 banks are far away from this crisis as their latest results ...

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