Finance Sector Highlights

Phillips Consulting Finance Sector Highlight

FINANCE, monthly reviews of the different sectors of the nation’s economy as published by select local newspapers. 

2016 Highlights

  • FMDQ to develop non-interest finance market in 2017 - Punch
  • Capital Market in two day loss - Punch
  • CBN borrows N173bn via Treasury bills - Punch
  • FG sets aside N177bn to retire maturing bonds - Punch
  • Stock market records first gain this year - Punch
  • Ecobank optimistic about growth - Punch
  • Non-performing loan ratio crashes to 13.4% - Punch
  • Index appreciates by 1.25% as 20 stocks gain - Punch
  • Dangote Cement lifts NSE indices by 1.25% - Punch
  • BDCs move to eliminate multiple exchange rates - Punch
  • DMO to sell N130bn bonds - Punch
  • First Bank increases mobile app transfer limit to N1m - Punch
  • FG to sell Diaspora bond in March - Punch
  • Naira hits N495/dollar as forex scarcity lingers - Punch
  • Naira stabilises at N497 to dollar - Punch
  • SEC pays over N30bn unclaimed dividends - Punch
  • Stock market lost N331bn to naira volatility in 2016 - Punch
  • Heritage Bank sacks 400 - Punch
  • Equities gain N16bn, Diamond Bank, NAHCO, Ecobank lead - Punch
  • 23 stocks lose, equities market sheds N33bn - Punch
  • Banking stocks drive N17bn gain on equities - Punch
  • Seplat suspends trading on shares for two months - Punch

  • Investors lose over N1trn in 11 months –The Guardian 
  • Nigeria records $200mn financial technology investment in two years –Punch 
  • Stock market posted N660bn loss in November 2016 –Punch 
  • Shareholders approve Union Bank's N50bn rights issue –Punch 
  • Credit to corporate sector to increase in 2017 –Punch 
  • Stanbic IBTC unveils first 24-hour digital branch –Punch 
  • UPDC REIT declares N613.70mn interim dividend for 2016 –The Guardian 
  • Islamic banking services to get boost as Godwin Emefiele chairs body –The Guardian
  • May& Baker to float N3bn rights issue –Punch 
  • N700bn trapped in private placement scams –The Guardian 
  • Lagos funds pension scheme with N125.94bn –Punch
  • Financial sector contributes 63% to total equity volume –The Guardian 
  • CBN and Heritage Bank offer N2bn lifeline to Triton Aqua –The Guardian 
  • CBN sells $1bn to clear backlog of forex demand –Punch

  • Imo State sets up panel to review workers’ salaries –The Guardian
  • Skye Bank sacks 50 more workers –Punch 
  • Gionee invests $10mn in Nigeria –Punch
  • Fidelity Bank declares N110.3bn gross earnings in nine months –The Guardian
  • Capital market investors reject new FRCN corporate governance code –The Guardian
  • PenCom realises N5.9trn from 7.2mn contributors in 12 years –The Guardian
  • Lagos State paid N1.5bn to 333 retirees in October 2016 –Punch
  • LCCI charges CBN to review MPR –The Guardian
  • Nigeria among top nations in foreign remittances –Punch
  • Skye Bank takes over Obat Oil’s depot due to N2.1bn debt –Punch
  • CIBN commends Skye Bank operations expansion –The Guardian 
  • Police pensioners to get N1.2bn from PTAD –Punch
  • AfDB records $33mn in penalties against corrupt entities –The Guardian 
  • African Re market hits $64bn from growth extension –The Guardian
  • CBN cannot meet forex needs as monthly demand hits $4.8bn –The Guardian 
  • NPSM account increases by 7.3mn –The Guardian 
  • Access Bank’s loans and advances rise by 74% –Punch

  • PZ Cussons profit drops by 53.4%; declares 50kobo per share dividend –The Guardian 
  • “Only 20% Muslims access financial services“, says World Bank –The Guardian 
  • NDIC targets more than 50% reduction of financially excluded population by 2020 –The Guardian 
  • Domestic investors outperform foreign counterparts in Nigeria equity trading –Businessday 
  • NSE records lowest trading volume this year –Punch
  • Zenith Bank records N380.4bn gross earnings –The Guardian 
  • PZ stakes N91.5bn in backward integration –The Guardian
  • General Electric returns $25bn to shareholders –The Guardian
  • Dangote Cement’s revenue hits N442bn in Q3 –The Guardian
  • Afreximbank and KEXIM seal $100mn Africa trade pact –The Guardian 
  • Sterling Bank posts N79.6bn gross earnings –Punch 
  • Access Bank records 19% growth in profit –Punch

  • NDEP pays N364mn dividend –Businessday
  • Lafarge Africa raises N60bn in bond issues –Businessday 
  • Edo launches N2bn anchor borrowers programme –Businessday
  • Customs revenue profile hits N95bn in August –Businessday 
  • Foreign exchange earnings of top 100 exporters decline to $831mn –Businessday 
  • Banks to close branches as recession bites hard –Punch 
  • FSDH Merchant Bank establishes N30bn Commercial Paper programme –Businessday 
  • FIRS registers 700,000 fresh taxpayers –Punch
  • OTC transaction hits N9.75trn Punch 
  • Telcos and banks stake N143.1bn on print adverts in 10years –The Guardian 
  • Flour Mills revenue hits N343bn –Businessday 
  • External reserves shed $1bn in five weeks –Punch 
  • Zinox secures $25mn for digital hubs –Punch 
  • Deloitte records global revenue of $36.8bn in 2016 –Businessday 
  • IGI pays N1.2bn claims in eight months –Punch 
  • SEC adopts new measure to tackle unclaimed dividend in capital market –The Guardian 
  • MasterCard faces £14bn card fee claim –Businessday  
  • T-Bills: CBN to borrow N952bn in three months –Punch  
  • UBA subsidiaries contribute 30% of total deposit base in Q2 2016 –The Guardian 
  • CBN approves foreign currency investment in fixed income and equities –Businessday
  • CBN borrows N213bn via treasury bills –Punch 
  • Stock market grows by N282bn as economy recedes –Punch 
  • Banking sector profit falls by 28% –Punch 

  • Continental Re grows PBT by 83% to N2.92bn –Businessday
  • CBN warns against unregistered fund transfer operators –The Guardian 
  • Cheques can now be paid into savings accounts –Punch 
  • “Only 5mn are tax compliant in Lagos”, says LIRS –Vanguard
  • NPF Microfinance Bank declares N688mn profit –The Guardian 
  • Investors lose over N1.6trn in 18 months –The Guardian 
  • NSE market capitalisation loses N49bn –The Guardian 
  • CBN orders bank workers to declare assets –Punch
  • NDIC raises mortgage banks insurance cover to N500,000 –Punch
  • Dangote Flour returns to profitability –The Guardian 
  • CBN increases dollar sale to BDCs to $50,000 –Punch
  • GTBank posts N91.38bn profit in six months –Vanguard 
  • Fixed income and currency transactions hit N12.7trn –The Guardian 
  • Fidelity Bank and NEXIM strengthen partnership over N500bn ESF –The Guardian 
  • GTBank records 35% increase in PBT –The Guardian 
  • SA Insurance posts N5.43bn premium –The Guardian 
  • FIRS shuts firms over N3.95bn taxes –The Guardian 
  • Oyo State seals off 39 firms for alleged tax evasion –The Guardian 
  • Africa’s central bank governors plan single monetary union –The Guardian 
  • Banks paid N33.8trn in seven months –Punch
  • Banking stocks boost market value to hit N12.9bn –Vanguard
  • CBN conducts stress tests on nation’s banks –The Guardian 
  • “Only 10mn Nigerians pay taxes”, says National Tax Policy Review Committee –The Guardian
  • Stock market loses N438bn in one year –Punch
  • FG to sell N213bn treasury bills –Businessday 
  • Monthly cheque transactions decline to N489bn –Punch 


  • Credit institute raises concerns over TUC-Unity Bank deal –The Guardian 
  • Nigeria and China seal $1.2mn development pact –The Guardian
  • First Bank Nigeria and FSDH Merchant Bank Nigeria get AfDB3 $350mn lifeline –The Guardian 
  • Firms spent N97.9bn on advertisements in 2015–Punch
  • No bank in distress, says CBN –The Guardian 
  • NSE lost 17% of income in 2015–Punch
  • AMCON to wind down MRS Holdings over N81bn debt –Punch 
  • FG stops remittance of workers’ pension deductions –Punch 
  • Market records N44bn loss as 25 stocks depreciate –Punch
  • “Govt revenue profile rising”, says Senator Udo Udoma (Minister of Planning and Budget) –Punch
  • FCMB gets EFInA’s $2mn grant for agency banking –The Guardian 
  • Banks’ profit may decline by 15% in Q2 2016 –Punch
  • Lafarge posts N30bn loss in six months –Punch 
  • Presco records N10.4bn turnover and plans to create 2,500 jobs –Punch 
  • Oando, Diamond Bank and Transcorp lead N77bn market loss –Punch 
  • CBN gives loan to Skye Bank –Punch
  • Flour Mills declares N14.42bn profit –Punch 
  • CBN directs banks to sell forex to BDCs –Punch 
  • Stock market investors gain N1.461trn in three months –Punch 
  • FBN Holdings declares N23.84bn PBT –Punch 
  • FIRS seals Abuja firms over N100mn tax debt –Punch 
  • Dangote Sugar Refinery posts N11.1bn PBT –Businessday 
  • Skye Bank gets N100bn CBN lifeline –Punch


  • Diamond Bank fires 200 workers –Punch
  • Ecobank Nigeria fires 1,040 workers –Punch
  • Skye Bank fires 175 workers –Punch 
  • FCMB targets 600,000 new customers this year –The Guardian 
  • UAC restructures three subsidiaries; pays N1.92bn total dividend –The Guardian
  • Deposits in banks shrink by N1.03trn –Punch
  • CBN may adopt dual exchange rate system –Punch
  • Technological innovations may alter profile of financial services by 2020 –The Guardian
  • OTC market records N7.43trn turnover in May –The Guardian
  • Heritage Bank now in 34 states; pursues listing on the exchange –The Guardian
  • FBN Merchant Bank records N3.8bn PBT –Punch
  • Nigeria launches “purely” market-driven forex trading –The Guardian
  • PenCom recovers N8.7bn from defaulting employers –Punch 
  • Lafarge Africa concludes N60bn bond issuance –Punch
  • NSE market indices record 2.27% growth –The Guardian 
  • Ecobank rules out closure of subsidiaries –Punch
  • AMCON shuts Murray-Bruce firms over N10bn debt –Punch 
  • Nigerian stock market drops 1.36% to global reaction to Brexit –The Guardian 
  • OTC FX futures to attract capital flow to nation’s fixed income and equity market –The Guardian
  • Shareholders of Lafarge endorse firm’s N3 dividend –The Guardian 
  • Fidelity optimistic diaspora remittances will hit $35bn this year –The Guardian
  • “Banks recorded N18bn fraud cases in 2015” ,says NDIC –Punch 
  • “CBN will resume dollar sale to BDCs soon”, says ABCON –Punch


  • Capital market turnover drops by 31.6% in April 2016 –Businessday  
  • Afreximbank gets $50mn loan –Businessday  
  • Private sector contributing 60% of pension assets –Businessday
  • Forex scarcity: N300bn revenue shortfall hit power firms –Punch
  • CBN warns of imminent recession, retains interest rates –The Guardian 


  • Fidelity Bank posts N146.9bn gross earnings and N14.9 bn profit –The Guardian
  • First Bank accounts for 45% of industry ATM1 bill payment –Businessday
  • GTB records stable deposits in 2015 despite TSA –The Guardian
  • CCNN posts N13bn turnover –The Guardian
  • Transcorp hotels posts N5.5bn profit –The Guardian
  • UBA declares N18bn profit for Q1 2016 –The Punch
  • Unilever records N16.8bn turnover in Q1 2016 –The Guardian
  • FG borrows N2.9trn from banks in three months –Punch 
  • First Bank’s profit drops by 82% –Punch


  • Nigeria records highest banked people in SSA –BusinessDay 
  • Devaluation: Nigeria stocks drop 16% since December-Control Risks –Vanguard 
  • JAIZ bank set to roll out nationwide a few months after CBN's approval –BusinessDay 
  • OTC records N6.57trn transactions in one month –The Guardian 
  • Nestle records N24bn profit and declares N19 final dividend –ThisDay
  • Sterling Bank posts N10.3bn profit in 2015 –The Guardian
  • CBN borrows N115bn via treasury bills –Punch 

  • Coca-Cola acquires 40% equity in Nigeria's Chi Limited –The Guardian 
  • “Banks to pay $10mn to operate in free zones” ,says CBN –BusinessDay 
  • FIRS targets N4.95trn from VAT and other taxes in 2016 –National Mirror 
  • Microfinance banks customers to lose N8bn yearly on N50 stamp duty–BusinessDay  
  • Kwara targets N5bn IGR monthly –Thisday 
  • Fidelity Bank generates over N300bn in IGR for governments –Thisday 
  • OTC market records N7.35trn transactions in one month –The Guardian  
  • BoI5 records N12bn profit in 2015, disburses N83.5bn to 776 firms –The Guardian 
  • Nigeria's security market put at $4bn –BusinessDay 
  • SEC6 pays N30mn to investors of failed market operations –Thisday  
  • Nigeria, Kenya and South Africa attract bulk of M&A deals –BusinessDay 


  • Equity Assurance post N543.03mn loses in Q3 –BusinessDay 
  • Energy firms owe Nigerian banks N4trn –Vanguard 
  • Stock market: Investors lose over N233.2bn first day trading –Vanguard 
  • CBN1 assures Dangote of forex to finance $14bn refinery –Vanguard 
  • FCMB expects earnings drop in Q3 –Vanguard  
  • Senate endorses Emefiele's monetary policies after hearing –BusinessDay 
  • CBN1 blames declining non-oil revenue on low export loans –Vanguard 
  • NIPOST seizes N84bn in foreign currencies –The Guardian  
  • John Holt posts N1.63bn operating profit –Vanguard 
  • CBN reintroduces CoT2 as current account maintenance fee –Vanguard  
  • CFOs2 express fear over 2016 business environment –Vanguard 


 2015 Highlights

  • Delta to hold education summit in 2016 –BusinessDay 
  • ExxonMobil donates e-learning centres to 3 schools in Lagos –The Vanguard 
  • According to research claims, mushroom schools save Lagos N377bn in five years –The Guardian 
  • NCC donates four CBT2 centres to JAMB –ThisDay 
  • Lagos to revamp public libraries –The Guardian 
  • Airtel unveils mobile platform for learning –Vanguard 
  • SDG34: Educationists doubt Nigeria's ability to achieve quality education for all by 2030 –Vanguard 
  • Germany increases scholarships to Nigerians and others –Vanguard 
  • Enugu varsity sacks 153 lecturers –The Guardian 
    Nigeria is the leading source of African international students in the United States –Vanguard 

  • Banks deprive private sector as credit to FG rises 118.45% in H1-BusinessDay 
  • Stocks fall further as Q3'15 earnings display bleak prospects –The Guardian 
  • Dangote Sugar posts N14.22bn profit in nine months –BusinessDay 
  • AXA Mansard Insurance links PBT growth to 55% rise in investment income –BusinessDay 
  • PanAfrican Capital records 55% growth in gross earnings –ThisDay 
  • UBA introduces contactless payment cards –ThisDay 
  • Wema Bank gets national bank license, to raise $100mn Tier 2 capital –ThisDay 
  • “39.5 mn Nigerians are excluded from financial services”, says CBN –ThisDay 
  • Sterling bank secures $40mn facility from Turkey EXIM –ThisDay 
  • CBN saves $300mn from BVN-for-forex policy –The Guardian 
  • FIRS targets N4.5trn revenue in 2016 –The Guardian 

  • PZ Cussons declares N3.2bn dividend –The Guardian 
  • UBA records 44% profit growth in Q3 –BusinessDay 
  • CBN examiners hunt for N250bn TSA funds –BusinessDay 
  • Naira pressure expected as foreign reserve may decline below $30bn –BusinessDay 
  • Access Bank records N258bn gross earnings in Q3 –ThisDay 
  • Queues return as 21mn account holders enrol for BVN –BusinessDay  
  • UBN earns N86.4bn, profit hits N13.2bn –The Guardian 
  • NDIC capacity building reveals 86% adoption of e-banking transactions –BusinessDay 

  • Investors reject planned N28.5bn increase of NMRC equity capital - The Guardian
  • Banks increase govt treasury with over N70bn income tax - Businessday
  • LASACO Assurance records N525mn profit - Businessday 
  • 19mn bank customers enrol on BVN platform - Businessday
  • RMAFC2 indicts banks over N12bn unremitted funds - Thisday
  • JP Morgan delists Nigerian bonds - Businessday
  • CBN pledges financial system stability despite TSA - Businessday
  • Banking system may record N1trn net debit - The Guardian 
  • Stock investors trapped in 52-week loss of N2.6trn - Businessday 
  • Financial sector dominates trading with 85.5% volume - The Guardian
  • PZ Cussons declares N3.2bn dividend - The Guardian 

  • Banks sit on over $1bn they can't use –BusinessDay 
  • MTN in talks with CBN on repayment of $600mn Bank Debt –ThisDay 
  • Banks foreign assets drop by N1.73trn on naira devaluation –BusinessDay 
  • PwC list cyber risk, interest rate and tax burden as major challenges facing insurance –BusinessDay  
  • CBN approves reward scheme for e-payment users –BusinessDay 
  • FCMB Group nets N9.6bn profit in 6 months –BusinessDay 
  • Zenith Bank half year profit rises 24.80% on loans –BusinessDay 
  • Implementation of TSA to push up cost of deposit –BusinessDay 
  • GTBank declares N63.11bn half year gross profit –The Guardian 

  • CBN raises alarm over movement of foreign currencies across Nigerian –BusinessDay
  • NEXIM Bank disburses N4.14bn to Benue in six years –The Guardian
  • CBN to restructure states' loans –BusinessDay 
  • NDIC operating income up 28.73% to N66.94bn –BusinessDay 
  • Banks lose N6.19bn to fraud in one year –BusinessDay
  • Equity Assurance posts N310mn profit –BusinessDay 
  • Fidelity Bank posts 2015 pretax profit of N23.5bn BusinessDay 
  • 203 micro finance banks fail returns' rendition rule –The Guardian
  • Stanbic IBTC records N68bn gross revenue in 2015 half year –BusinessDay 
  • States raise bonds worth N600bn in 10 years –BusinessDay  
  • Prestige Assurance plans $15mn reinsurance treaty for energy and aviation risks –BusinessDay 
  • Expectations on forex policy heighten as MPC begins deliberations –BusinessDay 
  • Analysts seek single forex market to reduce pressure on naira –BusinessDay 

  • GSK shareholders approve N717.5mn dividend and bonus issue –The Punch 
  • Insurance industry loses $750mn to premium flight annually – BusinessDay 
  • Nigerian banks ahead of US, South Africa, Europe, Australia, Canada in quality according to Lafferty Bank ratings – BusinessDay 
  • NSE declares N8.1bn gross earnings for 2014 – BusinessDay
  • Nigerian banks record 8,502 fraud cases costing N23.34bn in 9 months – BusinessDay 
  • CBN approves initial N152bn release in real sector facility – BusinessDay 
  • Aso Savings, Stanbic IBTC secure 60% of NMRC1 Series 1 Refinancing – BusinessDay 
  • CBN to extend cashless policy to other states – ThisDay
  • BVN Enrolment hits 14mn, says CBN – ThisDay 
  • Nigeria's mortgage market roars to life as NMRC offers N440bn bonds – BusinessDay 
  • Capital Hotels post N4.55bn turnover in 2014 – BusinessDay  

  • AIICO Insurance PBT grows by 156% to N3.2 billion – BusinessDay 
  • 30% of pension funds lost to ghost workers – BusinessDay 
  • CBN warns banks against ignoring customers’ complaints – The Guardian 

  • Few Nigerian banks may collapse in 2016 –Punch 
  • Capital adequacy ratio of 5 banks falls below 10% requirement –BusinessDay 
  • BoI recovers N2.9bn from debtors as NPLs fall to 4.09% -BusinessDay  
  • Sterling Bank to raise $150mn fresh capital –The Guardian 
  • AMCON recovers 57% of bad debts bought in crisis –BusinessDay  
  • Foreign investors pull N30.11bn out of Nigerian equities Ytd –BusinessDay  
  • FIRS introduces presumptive tax to enlarge net –The Guardian 

  • Currency substitution threatens banks intermediation role – BusinessDay 
  • Investors lose N84bn at stock market –BusinessDay 
  • “First Bank remains Nigeria's top banking brand”, says The Banker –The Guardian 
  • Market Capitalisation of NSE rises by N107billion –The Guardian
  • CBN moves to shore up naira and announces emergency intervention for BDCs –BusinessDay 
  • African IPO market sees strong numbers in 2014 according to PwC report –BusinessDay 
  • Inter-bank rates rise 15.78% as naira loses against dollar at forex market –BusinessDay 
  • Scarcity of actuaries slows insurers transition to IFRS –BusinessDay 
  • CBN urged to redefine items at RDAs to stem forex round-tripping –BusinessDay 
  • PenCom boosts pension assets with N4.9bn recovery –BusinessDay 
  • Nigerian stocks value rises by N600bn –BusinessDay 
  • CBN blames NERFUND for declining assets, loan advances of DFIs –BusinessDay 
  • Naira may stablilse this week as CBN eliminates speculative demand –BusinessDay
  • CBN's cash policy shows 'change is possible in Nigeria (1) –BusinessDay 
  • Banks face hard times as MDAs close accounts on Friday 27 February 2015 –BusinessDay 

  • CBN introduces N300bn real sector support facility  - ThisDay
  • West African capital markets to be integrated in Q1 2016 - BusinessDay
  • GTBank records profit growth and tight regulatory environment - BusinessDay
  • African prudential registrars declares N700mn dividend –ThisDay 
  • Volatility in naira expected as elections commences - BusinessDay
  • Scarcity of dollars hits foreign exchange market - ThisDay
  • United Capital FY 2014 profit plummets 12.54% on increased OPEX - BusinessDay
  • FCMB records N23.9 billion PBT - GuardianNews
  • SEC shortens application process for M&A and takeovers - BusinessDay
  • FCMB FY 2014 profit surges 38% despite macro uncertainty - BusinessDay
  • Central banks warn of bad outcomes as weak inflation goes global - BusinessDay
  • Wema Bank in growth spurt as 2014 FY profit increases by 49.05% - BusinessDay

  • Currency substitution threatens banks intermediation role –  BusinessDay 
  • Investors lose N84bn at stock market –BusinessDay 
  • “First Bank remains Nigeria's top banking brand”, says The Banker –The Guardian
  • Market Capitalisation of NSE rises by N107billion –The Guardian
  • CBN moves to shore up naira and announces emergency intervention for BDCs –BusinessDay
  • African IPO market sees strong numbers in 2014 according to PwC report –BusinessDay
  • Inter-bank rates rise 15.78% as naira loses against dollar at forex market –BusinessDay 
  • Scarcity of actuaries slows insurers transition to IFRS –BusinessDay
  • CBN urged to redefine items at RDAs to stem forex round-tripping –BusinessDay 
  • PenCom boosts pension assets with N4.9bn recovery –BusinessDay 
  • Nigerian stocks value rises by N600bn –BusinessDay
  • CBN blames NERFUND for declining assets, loan advances of DFIs –BusinessDay 
  • Naira may stablilse this week as CBN eliminates speculative demand –BusinessDay 
  • CBN's cash policy shows 'change is possible in Nigeria (1) –BusinessDay
  • Banks face hard times as MDAs close accounts on Friday 27 February 2015 –BusinessDay 

  • Forex attracts largest chunk of N93trn OTC market deal –Businessday
  • Afro Media's surging opex dwarfs sales, posts N1.42bn loss in Q3 –Businessday
  • Global merger and acquisition deals hits $173bn –The Guardian 
  • Equity market opens 2015 bearish as investors assume cautious stance –The Guardian
  • 262 market operators comply with SEC directive on recapitalization –Businessday
  • Changes expected in local market with new foreign investment –Businessday
  • 2015:Analysts see growth opportunities for insurers in a difficult environment –Businessday
  • World Bank urges developing countries to rebuild fiscal buffers –ThisDay 
  • NSE market capitalisation dips by N1.16tn in three days –ThisDay 
  • SAHCOL seeks FG's assistance to end multiple taxation -Thisday
  • Pressure on liquidity as banks lose public sector deposits –Businessday
  • Inflation moderates to 8% stays within single digit in 24 months –Businessday
  • Meristem, Stanbic, CSL, Rencap and ChapelHill account for 51% transactions on NSE in 2014 –Businessday
  • Excess liquidity without lending puts banks under scrutiny –Businessday
  • Naira loses N2.50k against dollar despite CBN's intervention –Businessday
  • Stock exchange records first listing in 2015 with Transcorp hotel –Businessday
  • JSE, NSE partner to promote cross-listing, strengthen African capital market –Businessday
  • Investors' chase for 'risk-free' assets and spur N100trn OTC deals –Businessday
  • Naira loses N2.50k against dollar despite CBN's intervention –Businessday
  • Pension investments in equities drop below 10% over erosion, paucity of funds –Businessday
  • “Naira appropriately priced as CBN retains key rates” says, CBN Governor Emefiele –Businessday
  • Nigeria to lead African private equity deals in 2015 –Businessday
  • Banking sector non-performing loan to rise 4.6% in 2015 –Businessday
  • Insurance sector in major push to deepen capacity for oil, gas risk –Businessday
  • NASD OTC records N590bn in market capitalisation –Businessday
  • Naira to stabilize this week as CBN raises dollar sales to BDCs by 100% –Businessday
  • ECB hopes boost emerging stocks Nigeria pressure mounts –Businessday
  • Nigerian stock market dips further by 0.24% –Businessday
  • CBN's forex trading policy raises potential interbank liquidity –Businessday
  • Doubling VAT may yield N620bn for states –Businessday
  • Naira rises on strong dollar inflow –ThisDay 

2014 Highlights

Nigeria registers 163,733 PoS terminals, transactions hit N165 billion – The Guardian
Interest income buoys banks' Q3 top-line figure at N2.3 trillion - BusinessDay
Ecobank's Q3 net income surges 31% on reduced costs - BusinessDay
Mega bank status beckons on Skye Bank with Mainstreet acquisition - BusinessDay
Union Bank rebounds to growth as Q3 profit up 6.73% - BusinessDay
CBN band adjustment needed for naira equilibrium - BusinessDay
Banks in aggressive push to enrol 40% customer on BVN - BusinessDay
CBN's baseline survey on Nigeria's financial literacy, inclusion out Q1 2015 - BusinessDay
Lagos presents N489.7 billion budget estimate for 2015 – The Guardian
“Monetary policies meant to curb frivolous dollar demand”, says CBN - ThisDay

  • Skye Bank grows total assets to N1.13 trillion   Businessday
  • AfDB approves US$12 million credit line for LAPO Microfinance Bank   Businessday
  • Number of BDCs continues to swell after CBN's recapitalisation deadline   Businessday
  • Reduced cost helps catapult Access Bank's Q3 profit  Businessday
  • Court asked to stop CBN from implementing N65 ATM charge Thisday
  • Insurers blame low penetration on weak credit system in economy Businessday
  • H1 2014 results show Infinity Trust Mortgage Bank outperforms peers  Businessday
  • How Access Bank is keying into CBN's outbound money transfer  Businessday
  • CBN's naira defense masks true value of currency   Businessday
  • Naira to see more pressure as AMCON injects N886 billion into system today   Businessday

  • Skye Bank grows total assets to N1.13 trillion Businessday
  • Overview of banks' H1 2014 results Businessday
  • Ecobank Nigeria plans additional fund raising to boost tier-1 capital Businessday
  • 70% of Nigerians want cancellation of the new ATM charges - BRIU poll Businessday
  • Mobile money next big thing for cash-less, financial inclusion Businessday
  • eTranzact, EFInA invest $350,000 in mobile money Thisday
  • CBN commences monitoring of BDCs as forex abuses persist Businessday
  • Cash withdrawal on other banks' ATM rises 172.9%  Businessday
  • E-payment channels' transfers gross N10.85 trillion in 2013 Businessday
  • Heritage Bank affirms 20% payment for Enterprise Bank The Guardian

  • Skye Bank grows total assets to N1.13 trillion Business Day
  • CBN may increase BDC's weekly dollar sales to $50,000 after recapitalisation Business Day
  • Banks remove charges, hike interest rates to remain in business Business Day
  • Diamond Bank's H1 profit up 9.03% on reduced tax Business Day
  • Banks move to boost capital as Basel principle threatens dividend Business Day
  • CBN resumes sale of forex to recapitalised BDCs, gives new biding code Business Day
  • 87% of debtors blacklisted by CBN unable to pay loans two years after  This Day
  • ATM withdrawals charges will increase competition among banks, says CBN This Day
  • Glo Mobile Money will enhance economic growth, says financial experts This Day
  • Cashless campaign records success in Enugu, Edo, Cross River states This Day

  • Global banks' profits hit $920 billion     Reuters
  • Cashless policy: Telcos insist on control of mobile money     Thisday
  • Stakeholders back more powers for NDIC to protect depositors' fund    Businessday
  • Unity Bank cleans up with 91.5% rise in half-year profit    Businessday
  • Bank transfers jump to N1.5trn monthly on CBN's cashless policy     Businessday
  • Sub-Saharan African investment banking analysis for H1 2014     Businessday
  • CBN's cashless policy drives Nigeria's payment system to global standards     The Nigerian Voice
  • Zenith Bank grows profit to N58bn in six months     Thisday
  • Wema Bank H1 profit triples on improved efficiencies     Businessday
  • UBA succumbs to regulatory headwinds as H1 profit down 19.57%    Businessday

  • Stakeholders list expectations as Emefiele assumes office    Businessday
  • Cashless Policy to reduce cash transactions by 70%, says MasterCard    Thisday
  • CBN asks banks to begin cashless policy enlightenment in 30 states    Businessday
  • AMCON chief executive assures no financial crisis    Businessday
  • CBN begins process of blacklisting bad bank borrowers    Businessday
  • Stakeholders raise concern over slow adoption of mobile money    All Africa
  • New financial inclusion study spotlights Nigeria's financially excluded    Businessday
  • CBN gives new conditions for BDC1 operations    The Guardian
  • CBN formally announces roll out of cashless policy nationwide    Businessday
  • Reps ask CBN to suspend new N35m capital base for BDCs    Businessday

  • Rebased GDP reinforces higher capital base for banks, say analysts    Businessday
  • Access Bank's FY13 profit declines on surging operating expenses     Businessday
  • Fidelity Bank partners Ria on money transfer services     The Guardian
  • Money supply declines on 8.3% banking system foreign assets net fall     Businessday
  • CBN's exchange rate policy under scrutiny     Businessday
  • Ecobank's Q1 2014 profits surge 18% on effective cost control     Businessday
  • CBN raises concerns over depleting fiscal buffers as rates stay flat    Businessday
  • Skye Bank raises $150m capital     Businessday
  • Union Bank Seeks Approval to Raise $750m     Thisday
  • CBN orders immediate upgrade of banks' Chief Compliance Officers    The Guardian

  • CBN Moves to Eliminate Inefficiency in Payment System    Thisday
  • Fidelity Bank Records N9bn Profit, Assets Hit N1.1tn    Thisday
  • Seven Energy, FBN Capital, FBN Bank (UK), Ecobank seal $170m financing deal     Businessday
  • Skye bank posts N16 billion profit    Daily Trust
  • Zenith Bank's $500m Eurobond oversubscribed as US, UK investors emerge top bidders    Businessday
  • Ecobank, Mastercard sign deal on debit cards in Nigeria    Thisday
  • Strong corporate governance drives Wema Bank's profit Q1     Businessday
  • Bankers' acceptance decline by 0.60% in one month     Businessday
  • Chequepay launches online payment solution to boost cashless initiative    Thisday
  • Union Bank grows full year profit by 217%    Vanguard
  • Report on the audited financial results of Nigerian banks in 2013 – shows their performance    Businessday

  • CBN approves closure of 83 microfinance banks    Vanguard
  • Banks' assets hit N24.335 trillion    Thisday
  • FBN money market fund reaches N20 billion     Businessday
  • Zenith Bank's revenue spike 14% to N354.47 billion    Businessday
  • CBN Defends N553 Billion Budget    Thisday
  • CBN gives banks June 1 deadline to install anti-skimming devices on ATM    Businessday
  • MPC surprises market with rates decision    Businessday
  • Analysts say FRC action threatens years of progress in FG's financial sector reforms    Businessday
  • Sterling Bank Posts N9.3bn Profit    Thisday
  • Bank customers' billions trapped in failed ATM transactions    Businessday
  • FCMB Capital Markets finances Nigeria's first $65m green building    Businessday

  • Banks adopt new strategies for survival amid 75% CRR implementation     Businessday
  • CBN, NNPC contest $20bn unremitted revenue claim     Businessday
  • Interbank rates spike as CBN enforces CRR hike     Thisday
  • FBN, GTBank, Zenith lead in Global ranking     Thisday
  • Standard Chartered starts syndicating $100m loan for Union Bank Businessday
  • FG Upgrades Audit System to Boost Transparency     Thisday
  • Financial markets in shock as Jonathan moves against Sanusi  Businesday
  • New CBN governor may favour bank stocks     Businessday
  • Eagle-eyed investors see opportunity amid Sanusi sell-off     Businessday
  • Banks face cross-border regulatory challenges in Africa expansion     Businessday

  • Stiffer competition for banks in 2014 as COT drops to N2. Businessday
  • Standard Chartered Bank provides financial solutions for Non Resident Indians (NRIs) in Nigeria. Businessday
  • Banks adopt cost-cutting measures. Thisday
  • Lemo retires as Central Bank Deputy Governor. Thisday
  • CBN begins implementation of new real-time gross settlement system. The Nation
  • UBA stock….a great value play on improved fundamentals. Businessday
  • Ecobank, Mastercard seal deal on financial inclusion. Thisday
  • FG targets single digit housing lending with new Mortgage Refinance Company. Businessday
  • Concerns on the ability of Sanusi’s 'forced resignation' to push CBN towards dependence. Businessday
  • Naira to remain policy anchor as options narrow for next CBN Governor. Businessday
  • N800bn public sector funds to be sterilised as CBN raises CRR to 75%. Businessday
  • Banking stocks dip as investors react to CRR hike. Thisday
  • David-Borha: Why Stanbic IBTC attracts foreign investors to Nigeria. Thisday
  • Nigerian banks face N360bn new capital needs in Basel rules. Businessday
  • CBN lifts $250000 ceiling on weekly forex sales to BDCs. Leadership
  • 75% CRR; Need to increase lending to viable sectors for profitability. Businessday

2013 Highlights

  • NDIC worries over unequal distribution of MFBs. Businessday
  • PE Africa reports in excess of $2bn in 2013 reported fund closings. Nigeria Communications week
  • CBN may tighten monetary policies in 2014. Guardian
  • Mainstreet Bank appointed collecting bank for NSITF. Businessday
  • Paga introduces agent network to drive financial inclusion. Businessday
  • UBA, MFB partnership takes prepaid card to 70% unbanked. Businessday
  • First Bank upgrades online banking platform to curb rising fraud. Businessday
  • CBN takes cashless campaign to markets, records N502.85bn in electronic transactions. Businessday
  • CeBIH, NIBSS reiterate support for financial inclusion drive. Guardian
  • FirstBank attains ISO22301 certification on Business Continuity Management. Businessday
  • Global coalition commits $52bn to fight poverty. spyghana

  • Jumia partners Paga for better online services, payment options Punch
  • CBN, banks begin implementation of $50m biometric project February 2014. Businessday
  • Chams introduces Data card MX8100 system into Nigerian market. Businessday
  • FG approves $300m World Bank loan for mortgage financing. Thisday
  • ISO certification puts CBN at par with IMF, World Bank on information security management . Leadership
  • NDIC pays N2.5bn to 75,520 depositors of microfinance banks. Businessday
  • Eight systematically important banks to raise liquidity ratio to 35%. Thisday
  • CBN moves to tackle electronic fraud. Thisday
  • CBN adopts 6-9% inflation target for 2014 as it keeps key rates flat. Businessday
  • Samsung, Etisalat partner Union Bank on finance scheme. Thisday
  • CBN to roll out cashless policy nationwide Q2 2014. Businessday
  • Only 16.2m Nigerian women have access to financial services. Guardian

  • CBN bans importation of foreign currency.    Businessday
  • NDIC wants training institute for MFBs.    Thisday
  • Monthly PoS transactions in Nigeria hit 591,000.    National Mirror
  • Why FG is not meeting its financial obligations.    Businessday
  • NIPOST, CBN to collaborate on casheless policy.    Thisday 
  • CBN, NDIC take over NERFUND.    Businessday
  • Charting half year performance for tier-one banks.    Businessday
  • Analysts see banks' earnings falling over regulatory pressure.    Businessday
  • FBN Life introduces 'First Family Shield' protection for the unexpected.    Businessday
  • Stanbic IBTC introduces new Mobile Money Platform.    Thisday
  • MFBs, PMBs change strategy over $300m fund, recapitalization.    Businessday
  • CBN: FG generated N10.6 trillion in 2012.    Thisday

  • Experts insist on Autonomy for CBN .     Thisday
  • Interest rate as metaphor to CBN's tight monetary policy.     Businessday
  • CBN moves to pay depositors as Access Bank says no equity, deposit in CDL .     Businessday
  • AMCON brings down losses by 70% to N700bn in 2012 .     Businessday
  • BPE works out strategy to privatise BoI, BoA, FMBN.     Businessday
  • Profit up 600% to N515m at UBA metropolitan life.     Businessday
  • PMIs re-capitalisation to shrink number of operators by 50%.     Businessday
  • Access Bank unveils five-year growth strategy.     Businessday
  • Interswitch integrates with visa for third-party processing.     Businessday
  • Diamond bank launches international debit card.     Thisday

  • World Bank mobilises $14.7 billion for Africa's development prospects.    Thisday
  • CBN recovers N9 billion excess charges by Banks.    Thisday
  • MoneyGram partners Pocket Moni for mobile remittances in Nigeria.    Businessday
  • Banks brace up as implementation of 50% CRR begins August 7th, 2013.    Businessday
  • New rules, production lay framework for Islamic Banking in Nigeria.    Businessday
  • CIBN, banking experts deliberate on strategic implementation of IFRS.    Businessday
  • NDIC records N17b fraud in 3,380 cases.    Guardian 
  • Banks' deposits with CBN rise to N2.4 trillion.    Thisday 
  • 2013 budget: Capital releases reach N850bn.    Punch
  • Exploring ways for implementing competency framework for banks.    Businessday

  • Cashless policy begins in Abuja, Ogun, Abia, others on July 1st 2013.    Businessday
  • Standard Chartered commits $2bn to "Power Africa.    Businessday
  • Fortis partners ABC transport to deploy mobile money for ticket reservation.    Businessday
  • Fitch affirms 8 Nigerian banks.    Thisday
  • CBN begins biometric authentication for PoS ATM transactions in 2015.    Businessday
  • Nigeria, China sign agreement on financial cooperation.    Thisday
  • Jetlink, partners India's tech firm, Integra to promote financial inclusion in Nigeria.    Businessday 
  • Increasing mortgage lending via RSL N200m investment in MRC.    Businessday 
  • CBN to review mobile banking framework to accommodate telcos.    Businessday
  • Banks move to restructure financial assets over CRR hike.    Thisday
  • Nigerian Banking industry's profitability returns to pre-crisis levels.    Businessday

  • Banks defy CBN’s rate rules.    Guardian
  • Banks’ reporting policies, new disclosures top NDIC retreat agenda.    Thisday
  • Path to effective credit management in banks, by stakeholders.    Guardian
  • Mobile Payments hit N64b, new body partners CBN on scheme’s promotion.    Guardian
  • NDIC, CBN firm up mechanism to tackle too-big-to fail risk.   Businessday
  • Clarifying Nigeria’s debt position.    Thisday
  • Western Union commits $100m yearly to tackle illicit funds.    Thisday
  • Mastercard demonstrates commitment to cashless initiative.    Thisday
  • Stakeholder calls for stiffer measures on cashless policy.    Thisday
  • Abraham: CBN should strive for consumer protection in cashless policy.    Thisday

  • NDIC: Banks lost N28.40 billion to fraud in 2011    Thisday
  • Cashless economy: CBN cheque truncation now live across Nigeria.    Thisday
  • Recapitalization: 15 microfinance banks ready to merge.    Thisday
  • Nigeria’s debt hits N6 trillion, says  Finance Minister.    Thisday 
  • Banks may receive treasury bills for AMCON bonds.    Thisday
  • Electronic funds transfers to hit N160bn daily.    Punch
  • AMCON appoints advisers for bank sales June 15.     Leadership 
  • CBN: seven states control 90% of cash transactions.     The Nation 

  • Recapitalisation: 13 microfinance banks hold merger talks   Greatpublishing 
  • S&P: Nigerian Banks to Record Increased Loan Losses Next year    Thisday
  • NDIC to launch new framework for mortgage financing.     Thisday 
  • Nigeria, South Africa, others attract $1.1 billion private equity finance in 2012    Guardian 
  • Mobile money struggles despite N1.1trn market potential.    Businessday
  • Bank CEOs urge reforms to check 'hot money' inflows    Businessday
  • CBN mandates banks to publish gender positions in annual accounts    Businessday 
  • NDIC pays N90.13bn to depositors of 48 liquidated banks.    Businessday 
  • Experts urge CBN to re-evaluate plans to change polymer notes.    Businessday
  • N120bn over-the-counter securities market ready for take-off.    Businessday

  • NDIC pays depositors of failed banks N90bn    Businessday
  • Zenith bank chief sees industry growth easing on AMCON 
  • N1trn gross premium income for insurance industry by 2015 a mirage    Champion
  • First bank emerges best retail bank in Nigeria    Businessday
  • Banks hidden charges put customers on edge threaten financial inclusion.    Nigeriaintel
  • Osun saves N1.4 billion from pension arrears.    Thisday


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