The Asset Management Company of Nigeria was established in 2011 as a macroeconomic stabilizing institution. This was at a time of a global economic and financial crisis, the worst since the Great Depression. In Nigeria, it was a time of a multidimensional
The Central Bank of Nigeria (CBN) has approved the liquidation of 83 micro-finance banks, Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Corporation (NDIC), said on Tuesday in Abuja.
The Federal Government of Nigeria (FG), through the Special Adviser to the President on media and publicity, Dr. Reuben Abati, has announced the suspension of Mallam Sanusi Lamido Sanusi, the Governor of the Central of Nigeria (CBN). Dr. Sarah Alade, bein
Gabon to issue new Eurobond. The Gabonese Republic announced earlier this week that it would issue a new 10-y Eurobond at a minimum yield of 6.125% and partially exchange 2017 bonds for the new 2024 notes. The minimum specified amount of the new Eurobond
When the Monetary Policy Committee met on July 22nd and 23rd 2013 to review the economic conditions and challenges that confronted the Domestic Economy in the first half of the year, particularly since the last MPC meeting in May 2013 and to determine whe
At its final meeting of the year, the Monetary Policy Committee (MPC) of the CBN left key policy tools unchanged in line with our expectations. In particular, with the news of the choice given to banks on the means of AMCON bonds repayment we tilted in fa
FIRSTBANK LTD (First Bank Commercial Banking Group or the Bank), a subsidiary of FBN Holdings Plc announces today that it has completed the acquisition of a 100% equity interest in ICB GHANA, ICB SIERRA LEONE, ICB GUINEA and ICB GAMBIA from INTERNATIO
The Monetary Policy Committee of the CBN was reconstituted following passage of the new Central Bank of Nigeria Act 2007 into law by the National Assembly. The committee is currently composed of 12 members with the CBN Governor serving as its Chairman.
Union Bank of Nigeria today reported to the Nigerian Stock Exchange that it has received from the Central Bank of Nigeria (CBN) the approval to go ahead with its plans for complying with CBN’s Regulation 3 on the Scope of Banking Activities and Ancillary
Financial Institutions such as banks form the core of a country’s financial system and as such healthy and profitable institutions help to build the economy, and strongly contribute to the stability and resilience of the entire financial system.
The outcomes of the monetary policy, in the first nine months of 2013, contrast with wider expectations. Despite the attendant risks that the expanding hot monies posed to policy stability in the last part of 2012, the stable foreign exchange and expectat
The central Bank of Nigeria recently suspended the Whole Sale Dutch Auction system, to be replaced with the Retail Dutch Auction System. In its circular dated September 26, the CBN also stated that the receipts of proceeds of international money trans-fer
Please find below the synopsis of our sector report on Nigerian Banks (which you can download). Having distilled the impact of the new CBN cash reserve requirement, we estimate total FY13 after tax earnings erosion of N39billion across our 12 coverage ba
The Monetary Policy Committee met on September 23 and 24, 2013, with all of the 12 members in attendance. The Committee reviewed the economic conditions and challenges that confronted the domestic economy up to September, particularly since the last MPC m
The 50% cash reserve ratio (CRR) on public sector deposits, among other developments in the global and domestic financial systems, might have contributed to a massive liquidity squeeze in the interbank market.
Our attention has been drawn to a spurious publication in The Nation Newspaper of Wednesday, September 4, 2013 with the title, SEC set to okay AMCON's takeover of Wema Bank. The publication is also fraught with irregularities and misrepresentation of fa
At its 22-23 July 2013 meeting, the MPC resorted to hiking the Cash Reserve Ratio (CRR) on public sector deposits to 50% while leaving other monetary policy tools unchanged. The committee’s focus on the banking sector stemmed from concerns about the “the
Five (5) years after the post-banking crisis in Nigeria that witnessed low confidence in the financial market, the story of how it has recovered from the hurt shows a positive sign that there is prospect for a sustainable growth.
We provide herewith an executive summary of the Afrinvest special report on the 2013 Nigerian Banking Sector Report. Needless to say, it summarizes in a rather unique way, a rating of the reform process for the first time, without losing sight of the most
Nigeria is a large and growing country-2011 population of over 164million and population growth rate of 3.2%. Real GDP has grown at between 6-7% since 2007, with nominal and PPP GDP at $242bn and over $400bn respectively (CBN Annual Report, 2011). In 2012
As Mainstreet Bank prepares for an AMCON disinvestment of its significant shares, the bank over the weekend announced a return to profitability of approx. N23billion off the back of a N48 billion group earnings. Recall that AMCON injected N 318 billion to
In the light of popular perception regarding the virtue of large reserves, it may seem incredible for anyone to suggest that the process of accumulating reserves by the Central Bank of Nigeria is actually the primary reason for a low value of the naira!
This technical note on Stress Testing for Nigeria was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it wa
In line with expectations, the CBN, monetary policy committee retained the MPR at 12% following the deliberations of the May 20th/21st meeting. Beyond the emphasis on consistent price stability, the committee further highlighted other issues which they c
Once again, the Monetary Policy Committee (MPC) left the benchmark interest rate unchanged at 12%p.a. All other instruments for complementing monetary policy were untouched. A decline in GDP Growth Rate was not enough to move the votes in favour of MPR re
The Asset Management Corporation of Nigeria (AMCON) today announced the commencement of the final process leading to the full divestment of its shares in the fully owned AMCON banks (Enterprise, Keystone and Mainstreet Banks).
In this report, we provide a comparative analysis of the FY12 results of fourteen Nigerian banks- Access, Diamond, Ecobank, FCMB, Fidelity, First Bank, Gtbank, Skye, Stanbic Ibtc, Sterling, UBA, Unity, UBN, and Zenith. As can be noted from our analysis, a
Banking, not savings backed services, remains the key drivers of the Nigerian economy, providing the needed liquidity for both families and businesses to invest for the future mainly through the process of mobilisation and lending.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to hold its second meeting for the year 2013 next week between Monday, March 18 and Tuesday, March 19, 2013. As usual, the MPC will consider the state of the global and d