Weakening CBN’s autonomy’ll worsen economy –Ajibola

Professor Olusegun Ajibola is the President/ Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN). In this interview with Tony Chukwunyem, he speaks on topical issues in the Nigerian financial sector, including the institute’s hosting of the World Conference of Banking Institutes (WCBI), which begins today in Lagos. Excerpts:     Non-Performing Loans (NPLs) are rising in the industry and are again giving cause for concern. We faced this challenge in 2008 and it keeps recurring. How do you think it can be effectively tackled? It is good you…

Read More

Fidelity Bank: Improvement in efficiency spurs growth

Despite that the economic headwinds and other regulatory challenges that negatively impacted the operating landscape of banking industry last year, Fidelity Bank posted stellar performance in its 2016 financials. Chris Ugwu writes       Industry challenges Just like in the previous year (2015), the buoyancy of the Nigerian banking sector was tested as receptiveness and dexterity became key drivers of strong and sustainable performance in an increasingly volatile operating environment. This was compounded by currency devaluation at the second quarter of 2016, which increased pressure on asset quality and…

Read More

Solar firm gets GM for Nigeria, Ghana

Following its partnership with the Niger Delta Power Holding Company (NDPHC) to launch its pay-as-you-go (PAYG) solar systems, Azuri Technologies, an off-grid solar company, has appointed Vera Nwanze as its new general manager of Nigeria and Ghana. The company, according to a statement, first entered Kenya in 2011 and has since expanded its reach outside East Africa and now decided to target Nigeria and other West African countries. Nwanze, according to the statement, brings over 20 years’ experience in commercial markets, primarily the pharmaceutical space. Chief Executive Officer of the…

Read More

Pension fund managers cut exposure to equities

Study reveals that fear of losing out in the competitive financial investment circle has compelled Nigerian pension fund managers to invest more in government bonds than stocks. Sunday Ojeme reports   In the last few years, after the financial crisis that hit financial institutions and global stock markets, investors and players in the sector have had cause to be cautious in putting their money down on just any financial speculation. With shareholders continuously showing less interest in the equities market on a daily basis, managers in charge of people’s funds…

Read More

Lender appoints group DMD

Access Bank Plc has appointed a Group Deputy Managing Director, Mr. Roosevelt Michael Ogbonna to replace Mr. Obinna Nwosu, who resigned his appointment recently to pursue other personal endeavours. According to a statement by the bank’s Company Secretary, Sunday Ekwochi, the Central Bank of Nigeria (CBN) has approved Ogbonna’s appointment. He is a consummate banking professional with over 19 years’ work experience cutting across treasury, commercial and corporate banking. He joined Access Bank in 2002 from Guaranty Trust Bank Plc. Ogbonna was the group executive director, commercial banking division, since…

Read More

Nigeria suffers $380bn oil contracts capital flight from IOCs

Nigeria has suffered over $380 billion oil contracts capital flight from the international oil companies (IOCs) operating in its space, New Telegraph has learnt. A document of the Federal Ministry of Petroleum Resources sighted by this newspaper showed that the deficit was recorded through fabrication, engineering and procurement contracts executed abroad by the firms. The Nigerian Content Development and Monitoring Board (NCDMB), the document revealed, had the marching order to halt the deficit recorded in the country’s first 50 years of oil exploration and production from getting worse. With the…

Read More

Importers save N320bn from ship zero waiting time

Importers operating at the seaports have saved N320 billion as ships no longer queue for berthing space in all the concessioned areas in the last one year. This is because they sailed directly to the port to discharge their cargo. In the past, ships charged importers heavy surcharges for delay and long waiting time at the port, but this has been eliminated as fewer ships are now calling at the port. It was learnt that since the ongoing recession and the Central Bank of Nigeria (CBN)’s policy on 41 items,…

Read More