Friday, March 5African Business News
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Tag: finance

‘Regulators should watch out for banks’ early distress signs’

‘Regulators should watch out for banks’ early distress signs’

Finance
With about N157.15 billion provisions for bad loans posted by 13 Nigerian banks in the half-year (H1) performance, capital market operators have urged regulators to watch out for early warning signals of financial distress, so as to take quick remedial actions. The operators admitted that Nigerian banks have remained resilient to economic disruptions, but argued that the COVID-19 pandemic has inflicted colossal damage to businesses across sectors. They pointed out that further pressure on the banking sector – whether through losses from provisions or write off, is capable of eroding their profits and cash flow. The Vice President, Highcap Securities, David Imafidon, said the loan loss of N157 billion reported by 13 banks in the second quarter (Q2) is alarming. He pointed ou...
Criticisms trail NBET’s board structure, movement to finance ministry

Criticisms trail NBET’s board structure, movement to finance ministry

Business
Some stakeholders in the nation’s power sector have expressed divergent opinion over the constitution of the new board of the Nigeria Bulk Electricity Trading Company as well as the movement of the agency to the Ministry of Finance, Budget and National Planning. With some stakeholders insisted that the agency remained transitional and wouldn’t be needed if the country’s power sector was functioning as designed, some experts raised concern over the level of debt in the sector despite the presence of the agency. While the mission and vision of the agency were to be an efficient and effective catalyst for investment into the Nigeria electricity market by ensuring transparency and guaranteeing payment and create a financially viable electricity market, the market is currently heading tow...
Standard Chartered Commits USD1 billion to Finance Companies Helping to Tackle COVID-19

Standard Chartered Commits USD1 billion to Finance Companies Helping to Tackle COVID-19

Finance
30 March, 2020 – Lagos, Nigeria – Standard Chartered announced today that it will commit USD1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic. Companies in scope include all those associated with helping tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables. Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said: “...
Keystone Bank Pledges N1bn in Fight against COVID-19

Keystone Bank Pledges N1bn in Fight against COVID-19

Growth & Insight
As part of effort to combat the coronavirus (COVID-19) outbreak in Nigeria, Keystone Bank has announced the donation of N1 billion for the purchase of relief materials, critical care facilities and protective gear to contain the spread of the virus. The pledge was made during the Bankers’ Committee meeting held recently to support the Central Bank of Nigeria in its bid to raise funds for the fight against coronavirus pandemic through the newly-formed Nigerian Private Sector Coalition Committee against COVID-19. In a statement at the weekend, the Acting Managing Director, Mr. Olaniran Olayinka, explained that the decision to make the pledge was part of the bank’s corporate social responsibility pillar to provide an enabling environment by improving the well-being and health of the co...
Polaris Provides 400 Beds, Others in COVID-19 Fight

Polaris Provides 400 Beds, Others in COVID-19 Fight

Finance
Polaris Bank said it has given a boost to government efforts in the fight against coronavirus (Covid-19). To this end, the bank explained in a statement at the weekend, that it has acquired 400 specialised hospital beds, complete with mattresses and accessories. The beds according to the bank would be handed over to the Lagos State Government; being the state most hit by the pandemic, the Nigeria Centre for Disease Control (NCDC) and other state governments. The Bank also announced that it would be partnering with the Nigeria Coalition Against COVID-19 (NCAC), non-governmental organisations (NGOs), Health Institutions and State Governments in stemming the tide of the COVID-19 pandemic by delivering additional materials to cover the areas of testing, isolation, treatment and train...
UBA Provides N5bn to Fight COVID-19 in Africa

UBA Provides N5bn to Fight COVID-19 in Africa

Finance
The United Bank for Africa Plc (UBA) thursday announced a donation of over N5 billion ($14 million) through its UBA Foundation, to catalyse a comprehensive pan-African response to fight the COVID-19 global pandemic. A statement by the bank explained that the donation would provide significant and much needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities and financial support to governments. A breakdown of the support programme showed that N1 billion ($2.8 million) would be given to Lagos State Government; N500 million ($1.4 million) to the Federal Capital Territory(FCT), N1 billion ($2.8 million) to the remaining 35 states in Nigeria; and N1.5 billion ($4.2 million) to UBA’s presence in countries in Africa. In addition,...
Ecobank Group announces 2020 Edition of Fintech Challenge

Ecobank Group announces 2020 Edition of Fintech Challenge

Innovation
Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally Ecobank Group (Ecobank.com), the pan-African banking group, is inviting African fintech entrepreneurs to enter the 3rd edition of  the Ecobank Fintech Challenge. The Fintech Challenge  gives African start-ups the opportunity to promote their fintech solutions, and potentially  partner with Ecobank to roll-out  their solutions across Ecobank’s 33 markets in Africa as well as France. Ecobank welcomes  submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2020 Ecobank Fintech Challenge at https://www.Ecobank.com/Fintechchallenge All Finalists will be inducted as Ecobank Fintech Fellows, partici...
Market rebounds as financial stocks lift index by 0.17%

Market rebounds as financial stocks lift index by 0.17%

Finance
Following renewed interest in the shares of some banking and insurance stocks, the Nigerian equities market rebounded yesterday, to halt eight consecutive sessions of the downturn, causing the All Share Index (ASI) to appreciate by 0.17 per cent. Precisely, at the close of trading Thursday, the ASI gained 46.65 absolute points, representing a growth of 0.17 per cent to close at 28,140.41 points. Similarly, market capitalisation gained N26 billion, or 0.18 per cent rise to close at N14.497 trillion. The rise, may however be attributed to the listing of additional 2.26 billion ordinary shares of 50 kobo  each by Abbey Mortgage Bank Plc, offered by way of placement. Additionally, the upturn was largely boosted by capital appreciation recorded in the shares of mid and ...
“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth

“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth

Economy
The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well “Nobody eats GDP” says African Development Bank President as he calls for inclusive growth frica’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s (AfDB.org) President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday. The 2020 African Economic Outlook (AEO) (http://bit.ly/2vABQFU) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021. According to the report, these figures do not tel...