S&P assigns ‘B/B’ ratings, stable outlook to UBA

International Rating Agency, Standard and Poor’s, assigned its ‘B’ long term and ‘B’ short term global scale counterparty credit ratings to the United Bank for Africa Plc. These ratings on the pan African financial institution are at par with S&P ratings on the Nigerian Sovereign. More so, S&P’s ‘B’ rating is the highest rating currently assigned to any Nigerian-based financial institution, thus reinforcing the respectable quality and strength of UBA, the third largest Nigerian-based bank by total assets, deposits and profits. The rating agency noted that UBA’s market position is…

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IMF offers three-pillared prescription for African growth

  Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored the Fund’s regional economic outlook, released earlier this month….

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Ghana to cut interest rates May 22, Nigeria, S’Africa, Kenya to hold days afterwards

The Bank of Ghana will extend its interest rate-easing cycle on Monday to give its economy a boost but other major African central banks will keep rates stable after a commodity price slump, a Reuters poll found. Ghana’s central bank cut its high prime rate by 200 basis points to 23.5 percent in March and is expected to chop another 100 basis points on Monday, according to the median forecasts of analysts polled this week. The poll also suggested Ghana will have cut its benchmark rate to 20 percent by…

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Oil rises on expectation of extended, possibly deepened output cut

    Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Brent crude futures were up 32 cents, or 0.6 percent, from their last close at $53.93 per barrel at 0145 GMT. U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading up 32 cents, or 0.6 percent, at $50.65. Both benchmarks have risen more than 10 percent from their May…

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Nigeria should have national assessment centre –RIMAN president

President of the Risk Managers Association of Nigeria (RIMAN), Mr. Jude Monye, is also Executive Director, Enterprise Risk Management and Chief Risk Officer at Heritage Bank. In this interview with TONY CHUKWUNYEM, he speaks on the challenges facing risk professionals in the country and why the banking industry is again grappling with rising non-performing loans (NPLs). Excerpts:   In the wake of the 2008/2009 banking crisis, the Central Bank of Nigeria (CBN) introduced measures to improve risk management in banks. But the industry is again grappling with rising non-performing loans…

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Oil firm hires non-executive director

An oil and gas exploration company, Providence Resources, has appointed Angus McCoss as a non-executive director. A statement by the company said that McCoss who is currently the exploration director and main board director of Tullow Oil, would resume on June 1, 2017. He has 21 years exploration experience with Shell in Africa, Europe, South America and the Middle East. At Shell, he held many senior positions including regional vice-president of exploration for the Americas and general manager of exploration in Nigeria. He was a director in Tullow Oil and…

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Nigeria suffers $4.5m daily deficit

                    …as gas demand, supply disparity fall to 1.8m scuf   The disparity between global demand and supply for Nigeria’s gas has plummeted to 1.8 million standard cubic feet (scuf), worsening daily revenue deficit suffered by the country by $4.5 million. A document of the Nigerian National Petroleum Corporation (NNPC) sighted by New Telegraph revealed this. Specifically, it showed that Nigeria, which is one of the World’s biggest gas producers, is working round the clock to meet three billion scuf per day gas supply target it set to achieve before…

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