Money and Stocks – Page 23

Boardroom crisis looms at GTBank as CEO successor’s choice divides board members

August 25, 2020August 26, 2020 ADEOLA YUSUF

A seeming boardroom crisis that may rock Guaranty Trust Bank Plc (GTBank) to its foundation is currently brewing in the bank. Platforms Africa gathered that the internal unrest borders on the succession of the current managing director and chief executive of the bank, Mr. Segun Agbaje, whose tenure ends in June 2021. According to inside sources, Agbaje is said to be backing two executive directors believed to be his close associates to succeed him as managing director and deputy managing director, ahead of other most qualified directors in the…

World Bank begins annual fiscal rating for Nigeria’s Kwara State

August 19, 2020August 19, 2020 ADEOLA YUSUF

A five-day technical sessions to ascertain Kwara State’s compliance with the FG/World Bank-inspired States Fiscal Transparency, Accountability, and Sustainability (SFTAS) began on Monday in Ilorin, with local officials interfacing with independent verification agents (IVAs) from the office of the Auditor General of the Federation. Kwara State Commissioner for Finance and Planning Florence Oyeyemi Olasumbo who, according to a statement made available to Platforms Africa, said this at the opening session, maintained that the objective of the SFTAS is to strengthen fiscal responsibility and openness in government’s spendings. “She said…

It’s Official, Nigeria devalues Naira, currency now N380 to $1

August 10, 2020August 11, 2020 ADEOLA YUSUF

Nigeria, Africa’s biggest crude oil exporter, has officially devalued its currency, Naira, against the dollars. The country’s apex bank, Central Bank of Nigeria (CBN), which announced the devaluation of the official exchange rate for the second time this year, sank Naira value by N20. Information on the website of the central bank reveals the CBN adjusted the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday August 6th 2020. This suggest the CBN may have unified the exchange rate in line with the promise made by Godwin Emefiele, the…

How UBA, Afrexim, Union Bank others’ll be repaid $1.5bn Oil Pre-Export loans by NNPC

August 8, 2020August 8, 2020 ADEOLA YUSUF

Facts have emerged on how the United Bank for Africa (UBA)-led consortium of Nigerian commercial and international lenders involved in a $1.5 billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) will be repaid. Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix. “They would be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil,” a source close to the deal…

Two directors dump FCMB 3 months after AGM + NAMES

July 27, 2020July 27, 2020 ADEOLA YUSUF

Two directors, Mr. Olutola Mobolurin and Mr. Olusegun Odubogun have resigned from the Board of First City Monument Bank (FCMB) Group Plc. The affected directors who were present at the company’s virtual Annual General Meeting (AGM) held in April following the outbreak of the COVID-19 pandemic, issued to the group, a month notice of disengagement, which expires on Friday, July 31, 2020. In a corporate disclosure posted on the Nigerian Stock Exchange (NSE) and duly signed by the Company’s Secretary, the FCMB Griup Plc confirmed the resignation and noted: “The Board also…

FCMB Customers lose millions, tongue-lash Bank over 4-day network glitch

July 23, 2020July 24, 2020 ADEOLA YUSUF

The First City Monument Bank (FCMB) with headquarters in Lagos, Nigeria, has been taken to the cleaners by its customers who were enraged by the four days’ crash in network suffered by the bank. The customers who took to the micro blogging site, Twitter, to express their anger, alleged that they lost millions of naira due to alleged “insensitivity of the bank shown through its network issue.” They cried out over the lender’s persisting network issues. A National Youth Service Corps (NYSC) member who is a customer of the…

Nigeria’s CBN hints of fresh banks’ recapitalisation, demands exclusive Right for licensing, revocation

July 20, 2020July 22, 2020 ADEOLA YUSUF

Another wave of recapitalisation may soon blow in Nigeria’s banking sector. The country’s apex bank, Central Bank of Nigeria (CBN), which gave this hint, kicked against the idea of any institution sharing from its power of “hire and fire” of banks in the Africa’s biggest economy. The banks in the country, like other financial institutions across the World are counting huge losses due to Coronavirus pandemic. CBN particularly demanded the power to retain exclusive right for the licensing of banks and the revocation of same when a bank goes distressed.…

NDIC criminalises Nigeria banks’ age-long Insider loans, goes tough on ‘negligent’ Directors

July 20, 2020 ADEOLA YUSUF

Nigeria’s Financial industry insurer and watchdog, Deposit Insurance Corporation (NDIC), has gone tough on banks in the country, criminalising their age-long practice of insider loans and stating readiness for persecution of various offences and negligent directors of failed banks. The imposition of penalties and persecution of various offences, the NDIC said, is to serve as a deterrent to officers and directors of banks and will ensure that the banking industry ensures compliance with available laws and regulation. The corporation also proposed the express prohibition of insider loans/criminalising insider loans by…

Banks, Oil firms, traders fret as Nigeria begins Africa’s 2nd longest bridge shutdown July 24

July 7, 2020 ADEOLA YUSUF

11.8km all-important Third Mainland Bridge’s shutdown to last till January 2021 The Nigerian Government has announced the shutdown of the 11.8 kilometers Third Mainland Bridge, second longest in Africa, for six months starting from Friday, July 24. This decision, Platforms Africa gathered exclusively, has raised concerns among staff of Banks, Oil Companies and other corporate institutions with headquarters or major offices on the various Islands in Lagos, Nigeria’s commercial capital. The bridge is longest and biggest of the three bridges that link the companies headquarters to the Muritala Muhammed…