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Proshare Confidential | |
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Sunday, October 11, 2020 / 11:50 AM / by Proshare Research / Header Image Credit: EcoGraphics
Executive Summary
"It is well enough that people of the nation do not
understand our banking and monetary system, for if they did, I believe there
would be a revolution before tomorrow morning."
- Henry Ford
Nigeria's Banking sector in H1 2020 pulled in its neck
and sauntered into the COVID-19-induced headwinds of Q1 and Q2. The brave
challenge of a health and economic pandemic saw the sector with lower growth in
topline income and decapitation of growth in bottom lines. The banking sector
regardless of its weighty operational problems during the year has done a
creditable job of remaining at the forefront of longer-term growth.
Indeed, markets are no strangers to shocks but with
the advent of a global health pandemic both the nature and extent of the 2020
market shocks have been unprecedented and complex. A fall in the global demand
for crude oil as a result of lockdowns in China and Europe started a trade war
between members of the Organization of Petroleum Exporting Countries (OPEC) and
the so-called OPEC plus nations which includes Russia.
The disagreement over the size of production cutbacks
between both groups led to Saudi Arabia in February breaking rank to provide
deep discounts on its oil and to also drop prices, the consequence was a sharp
tumbling of international oil prices. The fall in oil price has prompted the
Nigerian fiscal authorities to revise the benchmark oil price for the 2020
federal budget twice. From an initial
assumption of US$57 per barrel in October 2019, the Q1 2020 fall in oil prices
compelled the fiscal authorities to revise average oil price expectations down
to US$30 per barrel in April 2020 and this toppled further to US$20 per barrel
in May 2020.
Falling oil prices have meant a drop in revenues for
most oil-producing African countries and this has had major effects on African
economies across different economic sectors with the domestic financial service
sector feeling a large part of the emerging pain.
Nigeria's Banking Sector; Taking The
Pain with The Gain
Nigerian banks recorded mixed results
in profit before tax in H1 2020. Eight (8) Nigerian banks among the thirteen
(13) banks listed on the Nigeria Stock Exchange recorded an increase in profit
before tax while five banks (5) banks recorded a decline in profit before
tax. The top five banks with the highest
profit before tax were Zenith Bank
N114.12bn, GT
Bank N109.71, Access Bank
N74.31bn, ETI
N64.13bn, and UBA
N57.13bn while the three banks with the least profit before tax were Unity Bank
N1.12bn, Wema
Bank N1.73bn, and Sterling
Bank N5.68bn. Wema Bank
recorded the most significant year-on-year (Y-o-Y) decline of -33.72% in profit before tax (PBT) while FCMB recorded
the most significant growth of PBT at +25.51%
The mixed performance of banks in Q2 2020 reflected
the diversity of their balance sheet structure and how close loans and advances
were to the Central bank of Nigeria-imposed 65%. The banks that were already
close to this ratio in Q4 2019 would not have seen much growth in Q2 2020 on a
Y-o-Y basis as the additional earnings growth had already been almost
completely factored into their performance. But banks that had to rapidly ramp
up loans and advances and therefore profit numbers would have witnessed a more
significant rise in PAT in Q2 2020 Y-o-Y.
The gross earnings of the majority of banks listed on
NSE was unaffected by the coronavirus pandemic. Only three banks recorded a
decline in their gross earnings in H1 2020. The three banks that recorded a
decline in GE were Sterling
Bank -2.8%, Wema Bank
-6.6%,
and ETI -3.3%.
Before the Storm
Months before the COVID-19 outbreak, some banks had
realized that to stay profitable and sustainable they needed to restructure
their businesses to be fit-for-purpose in a fast-paced new digital reality.
Operating costs needed to decline as industry consolidation was beginning to
look more inevitable to improve economies of scale and scope. Small-sized banks
would exist for a season but as asset quality became more of an industry
concern, larger-sized institutions would be at a competitive advantage as they
serviced high net worth corporations and individuals with higher credit ratings
while smaller banks are left with dregs of the loan bucket having to service
riskier customers. In other words, smaller banks would have to face larger
credit risks, higher impairment provisions, and lower profitability. The weaker
balance sheet positions of smaller-sized banks had nothing to do with a virus
and were the outcome of natural market logic. In finance small is not exactly
beautiful.
Some banks had realized this quite early and built
buffers into their operations to withstand sudden shocks to the lending system.
Early in 2019, for example, Access Bank
as part of its five-year strategic growth plan, merged
with the erstwhile Diamond Bank, thereby creating Nigeria's largest lending
institution by asset size. But what was more critical was that the bank
leveraged the merger to strengthen its digital foundry and sandboxes and
redesigned its institutional skill sets and workforce requirements.
The reconfiguration of the bank's business model meant
that workers needed to be streamlined into the new competitive banking
landscape. For a bank like Access Bank, this inevitably required a redesign of
its workforce architecture, meaning some jobs had to shrink in number while others
grew. The paradigm shift was similar for UBA which had to let go of over a thousand employees in January 2020 and ETI that laid off a large part of its older workforce and disengaged staff
on contract in the middle of 2019.
Understanding the New Normal
Banks will have to cope with a new customer
environment defined by less physical interaction, more demanding digital user
experience and interaction (UX/UI) and greater fluidity in consumer loyalty as
millennials begin to become a larger segment of bank's customer base, even
though they may not constitute the largest demography by nominal deposit value.
The growth of generation Z and Y and their digital
competence would gradually change the state of engagement between banks and
customers. However, the change would be far from a sea change alteration, as
Nigeria's large informal sector is still fairly digitally unsophisticated.
While it is true that the unstructured supplementary service data (USSD) codes
have been very successful in meeting the mobile payment solution needs of
retail customers, the small enterprise solutions are yet to be as popularly
adopted (see Table 1).
Table 1: New Enterprise; Understanding
The Fintech Buzz
Nevertheless, the banking sector is creatively
improvising to pull the informal sector into a banking payment and settlement
loop by the promotion of agency banking in communities that do not have formal
branches or cash centres or automated teller machines (ATMs). It is still early
to tell how successful agency banking will be, but from reports of the larger
tier 1 banks, the rural penetration rates have been impressive.
Digital banking will increasingly thrive in local cities
but informal businesses on the fringes of urban economies will adopt new
technology more slowly. The mortal error banks could commit in the new
post-COVID-19 era is to believe their hype. Digital banking services will
increase as more people go online to initiate and complete financial
transactions, but the less fanciful services of banks must equally be
addressed. Digital natives may be pleased with financial geekdom but digital
nomads would likely feel more comfortable with a set of less exotic services,
and since nomads typically have more spending power than natives, banks can
only ignore them to their peril (see Table 2).
Table 2: Coming To
Terms with Macroeconomics and the New Digital Normal
Increased social distancing in 2020 and 2021 would require
banks to observe higher standards of environmental and health governance, by
way of increased expenditure on hand and hard surface sanitizers, queue
management technology, 'menu' costs of reminding customers of appropriate
physical distancing rules and the cost of retraining of staff on handling
physical customer interaction such as the use of non-medical face masks.
Dodging A Bullet
Can banks avoid the impact of global contagion on the
Nigerian financial system? That would be desirable but near impossible. As long
as bank customers have foreign product supply linkages and export-oriented
operations both the banks and their customers would be affected by foreign
exchange translation costs. The local businesses would also be affected by
movements in global interest rates as investors move money across territories
in search of superior returns. Sterilization of the impact of changes in
international trade conditions on modern domestic open economies is improbable.
Dodging external economic bullets is desirable, but like a man tied to the
stake, the probability of survival is slim. Nigeria's economy with a heavy
dependence on crude oil export is a ship on stormy global waters, the ship's
stability depends on the dexterity of the captain and the courage of the crew,
so far Nigeria's economic managers have found themselves tossed around like a
tennis ball.
Banks would, therefore, need to gradually wind down
their exposure to the oil and gas sector and take a second look at the power
sector too. But can local banks afford to ignore two of the largest sectors of
the local economy? Perhaps not. Banks may need to build stronger operational
buffers to survive the uncertainty of the near future. A crucial area banks may
need to address is the size of their shareholder's funds, the larger the funds
the more resilient the bank would appear to be. The implications would be that
going into 2021 some mergers and acquisitions (M&As) may occur to
consolidate the industry and strengthen corporate balance sheets. Tier 1 institutions
such as FBN may consider growing inorganically by searching for smaller tier
two competitors with weaker balance sheets but strong potential value addition
if relieved of constraining liabilities such as Asset Management Company of
Nigeria (AMCON) obligations and negative or marginally positive shareholder's
funds.
Back of The Book
The new business era is a game of innovation,
creativity and efficiency. Banks will need to ramp up digital capacity very
fast while also building creative less exotic service solutions for the large
informal sector and the over 40.5m micro, small and medium-sized businesses
(MSMEs) in the country.
Conventional banking will have its place, but that
space could shrink at a disconcerting pace depending on how the international
business outlook shapes up for the country in 2020 and 2021. An optimistic
outlook would see banks reposition quickly to prepare themselves against future
economic shocks, but if the outlook appears pessimistic the banks would likely
be more focused on immediate tactical survival than on the finer points of
strategic corporate longevity. As banks realize in the words of US Army General
GB Sullivan, "Hope is Not a Method". They will have to survive by
being trimmer, sharper, and more customer-centric.
Holding an umbrella against a cyclone is brave but
ineffectual, likewise, banks would have realized by now that to survive the
swiftly changing dynamics of domestic financial service delivery being small is
a thick leg chain tied to a massive tree trunk. As safer loans float towards
bigger lending institutions smaller banks will find themselves holding less
qualitative risk assets making their books more vulnerable to the next business
downturn, if anything is likely to happen to protect systemic stability, it is
likely to be a dash towards industry consolidation. Being bigger may not be
elegant but in the business of lending, it is far from ugliness.
Section 1 of the report
takes a broad aerial view of Nigeria's banking landscape in H1 2020, capturing
the nuanced landscape of a COVID-19-endangered financial system. It captures
the efforts the local banks have made to break through the storm and hold up
earnings as best as possible.
Section 2 of the report digs
deeper into how Nigerian banks have evolved short-term strategies to fend off
the more severe consequences of COVID-19 and oil price declines on their
operations. The section dwelt heavily on the various types of risks that banks
had to face and how they were required to navigate the challenges. The section
pointed out that the second wave of restrictions on economic activities in 2020
could lead to a very exotic double-dip or wavy W-shaped recovery. According to
the report "The spread of the virus
will hurt businesses and individuals affecting their customer's ability to
repay loans. Also, further restrictions if the virus persists might lead to an
increase in withdrawals by depositors. To further compound issues, banks might record increased defaults and higher delinquent credit exposure as a result of the slowdown in
economic activities".
The
report further noted that "Banks with a mismatch in their foreign currency (FCY) denominated assets
and liabilities may experience significant exposure to currency risk occurring
from expected defaults on their foreign currency assets compounded by recent adjustments in exchange rates by the CBN".
Section 3 of the H1 2020 Banking analysis Breaks into the industry numbers for H1 2020, highlighting where each sector showed strengths and weaknesses while analyzing its opportunities and threats. The section does a drive-by observing the valleys, hills, and sharp economic bends that have made 2020 a rough year for financial market operators. The impact of the economic and health shocks of the double whammy of COVID-19 and fiscal decline is captured in a series of tables and charts that show the vulnerability of the domestic financial system to external uncertainties. The report noted that "Nigeria has a peculiar and distinct domestic economy. Unlike other economies were banks recorded a significant decline in profit in H1 2020, a sum of the profits of thirteen banks listed on the Nigerian Stock Exchange revealed that there was an increase in gross earnings by +5.18% and a mild decline in profit before tax by -1.47%".
Section 4 breaks into a deconstruction of the banking sector bank-by-bank exposing the underbelly of each bank based on its H1 financial records. According to the report "The majority of the banks listed on the Nigeria Stock Exchange (NSE) recorded an increase in their gross earnings in H1 2020. Ten (10) banks among the listed banks on the NSE recorded an increase in their gross earnings while three (3) banks recorded a decline in gross earnings. The top five banks with the highest gross earnings in H1 2020 were Access Bank N396.76bn, ETI N392bn, Zenith Bank N346.09bn, UBA N300.6bn, and FBNH N296.4bn while three banks with the lowest gross earnings were Unity Bank N22.87bn, Wema Bank N38.15bn, and Sterling bank N70.23bn"
The report provides readers with an opportunity for
assessing how well each local bank has coped with the challenges to domestic
credit and tumbling consumer expenditure and savings. A peculiarity is that two
banks (Unity Bank and Heritage Bank) have maintained negative shareholders
funds for over three years and still walk the Banking bistro without
consequences. This is a curiosity both domestic and foreign investors and
academics have tried to understand and explain without success they have been
stumped by theory and practical global regulatory best practices. In the case
of Unity Bank, the bank has been able to drum up marginal profit before tax
thereby incrementally reducing the capital deficit but Heritage Bank remains a
stellar example of a puzzle wrapped in an enigma.
Section 5 enters
into a pre-wrap up phase of the report by encapsulating issues around the
forward-view of the industry and key takeaways from analyzing the H1 2020
financial statements of the banks. It detours into the monkey games that some
agriculture-related Fintechs have played over the last half-year. The report
points out that "Increasingly Fintech companies, especially those targeted at the
agricultural sector have been offering returns on investments far above returns
in alternative money market assets with investors piling into these digital
investment wonders in search of superior
returns. The problem with such schemes is that there is no underlying 'real' asset trading in a growth market that justifies the returns on offer. The
schemes speak to the
parable of the monkey market".
Section 6 ends the report by
capping with issues raised in earlier segments and introduces the VUCA matrix
as a tool for assessing the challenges of the unfolding Holdco structures that
virtually all tier 1 banks in the country have chosen to adopt.
Illustration 1: Bank Holding Structure
and the Mistiness of Progress
The report says, "With the future shrouded in uncertainty, the outlook for banking is a gamble on the institutional resilience, far-sighted corporate leadership and the creative application of technology in the course of day-to-day business. The ability of local Nigerian banks to unhinge their hooks from the general economy provides hope that at least tier 1 banking institutions would provide backstops to an economic downturn in 2020 and 2021."
Downloadable Versions of Banks in H1 2020: Imagining Beyond COVID-19 Report (PDF)
1.
Executive Summary: Banks in H1 2020: Imagining Beyond
COVID-19 - Oct 11, 2020
2. Full Report: Banks in H1 2020: Imagining Beyond
COVID-19 - Oct 11, 2020
Related News On Banking Sector
1.
FIDELITYBK
Declares N11.3bn PAT in H1 2020 Audited Results, (SP:N1.80k)
2. ACCESS
declares N61.03bn PAT in Q2 2020 Results; Proposes 25kobo Interim Dividend,
(SP:N6.40k)
3.
ZENITHBANK
Declares N103.8bn PAT in H1 2020 Audited Results; Proposes 30K Interim Div,
(SP:N16.95k)
4.
GUARANTY
Declares N94bn PAT in H1 2020 Audited Results; Proposes 30K Interim Dividend,
(SP:N25.65k)
5.
STANBIC
Declares N45.2bn PAT in H1 2020 Audited Results; Proposes 40K Interim Dividend,
(SP:N36.50k)
6.
UBA Declares
N44.43bn PAT in H1 2020 Audited Results; Proposes 17k Interim Dividend,
(SP:N6.55k)
7.
STERLNBANK Declares N5.4bn PAT in Q2 2020 Unaudited Results, (SP:N1.19k)
8.
UBN Declares
N10.8bn PAT in Q2 2020 Results, (SP:N5.40K)
9.
FCMB
Declares N9.7bn PAT in Q2 2020 Results, (SP:N1.95k)
10. WEMABANK
Declares N1.5bn PAT in Q2 2020 Results, (SP:N0.52k)
11.
FBNH
Declares N49.5bn PAT in Q2 2020 Results, (SP:N5.00k)
12. UNITYBNK
Declares N1.03bn PAT in Q2 2020 Results, (SP:N0.61k)
13. ETI Declares N48.5bn PAT in Q2 2020 Results, (SP:N10.45k)
14. Banking Stocks: ZENITHBANK Records 24.42% Gain One Week After As UBA
Dips By -10.71%
15. Banks Bring Down Cost-to-income ratios As Industry Margins Tighten
16. Zenith Bank Share Price Hits N10.85k; Lost N249.60bn In Market CAP,
-42.29% Wtd
17. ACCESS
Declares N97.5bn PAT in 2019 Audited Results, Proposes N0.40k Final Div.
(SP:N8.50k)
18. UBN Declares
N19.9bn PAT in 2019 Audited Results Proposes N0.25k Final Div. (SP:N6.85K)
19. STANBIC
Declares N75.04bn PAT in 2019 Audited Results, Proposes N2 Final
Dividend,(SP:N32.50K)
20. GUARANTY Declares N196.8bn PAT in 2019 Audited Results, Proposes N2.50k
Final Div. (SP:N23.80k)
21. UBA Declares N89.09bn PAT in 2019 Audited Results; Proposes 80k Final
Dividend,(SP:N6.70k)
22. ZENITHBANK Declares N208bn PAT in 2019 Audited Results; Proposes N2.50k
Final Div. (SP:N19.40K)
23. FCMB Declares N17.7bn PAT in 2019 Unaudited Results,(SP:N1.90k)
24. FIDELITYBK
declares N29.5bn PAT in Q4 2019 Results; (SP:N2.11k)
25. WEMABANK
Declares N4.4bn PAT in 2019 Q4 Unaudited Results
26. FBNH Declares N61.95bn PAT in Unaudited Q4 2019 Results, (SP:N6.95k)
27. The GTBank 2020 Economic Outlook: Macro-Economic and Banking Sector
Themes
28. Banking Sector Update - CBN Wields
Regulatory Stick Again
29. Bank Equity Returns Do Not Look So Good in 2019
30. Nigerian
Banks: A Season of Mixed Performance; Reviewing The Growth Numbers
31. ETI: Walking
A Tight Rope; Earnings Down As Continental Headwinds Persist
32. UBA 9 Months 2019 Result; Strong Top Line Earnings, Stable Outlook
33. FBNH's Sober Year; Soft Top Line Earnings, Modest Bottom Line Growth 9M
2019
34. Zenith Bank 9 months 2019 Result; Strong Profit Outlook from Ebusiness,
Modest Top Line Earnings
35. Access Bank 9Months 2019 Result; Strong Earnings, But OPEX Rises 47.7%
36. GT Bank 9M
2019; Good Numbers, But A Howler In Loan Asset Growth
37. Unity Bank Plc
Q3 2019 Results: Pulling Out of A Ditch Slowly
38. Banks' H1
2019 Numbers: Top Line Growth, Bottom Line Uncertainty
39. Banking
Sector Update - CBN Makes Statement Move On Intention To Drive Lending
40. 12 Banks To
Pay N499b CBN Fine For Loan Policy Breach
41. Nigerian
Banks Tried, But 'Not All' Made New Loans Threshold
42. CBN Reviews
LDR Target Upwards To 65%; DMBs Required To Attain LDR of 65% By Dec 31, 2019
43. CBN's New
Minimum LDR Requirement May Worsen NPLs
44. CBN Mandates
DMBs To Maintain Loan To Deposit Ratio Of 60% Effective Sept 30, 2019
45. Nigerian
Banks' Performance - H1 2018
46. FBNHoldings Plc Q1’ 2017 Performance Assessment Report Updated
47. Analysing the Performance of FBN Holdings Plc - A Comprehensive Report
Related News - Rating Agencies on Banks
1.
Fitch Affirms Union Bank of Nigeria Plc at 'B-'; off RWN; Outlook
Negative
2. Fitch Affirms First City Monument Bank at 'B-' Stable; off Rating Watch
Negative
3.
Fitch Affirms Sterling Bank at 'B-' Stable; off Rating Watch Negative
4.
Fitch Maintains Wema Bank''s Long-Term IDR of ''B-'' on Rating Watch Negative
5.
Fitch Revises Bank of Industry's Outlook to Stable; Affirms IDR at 'B'
6.
Fitch Affirms Fidelity Bank at 'B-'; off Rating Watch Negative; Outlook
Stable
7.
Fitch
Affirms Access Bank at 'B'; off RWN; Outlook Negative
8.
Fitch
Affirms UBA at 'B'; off RWN; Outlook Stable
9.
Fitch
Affirms Zenith Bank at 'B'; Off Rating Watch Negative, Outlook Stable
10. Fitch Affirms Guaranty Trust Bank at 'B'; off RWN; Outlook Stable
11.
Fitch Affirms FBN Holdings Plc at ''B-''; off RWN; Outlook Negative
12. S and P Global Ratings Affirmed First Bank of Nigeria Ltd Ratings,
Outlook Stable
13. Fitch
Affirms Coronation Merchant Bank's Rating at B-
14. Fitch Rates
Coronation Merchant Bank Limited at ''B-''; Outlook Negative
15. Moody's
Announces Completion of a Periodic Review of Ratings of Union Bank of Nigeria
Plc
16. Moody's Announces
Completion of a Periodic Review of Ratings of Sterling Bank Plc
17. Moody's
Announces Completion of a Periodic Review of Ratings of Access Bank Plc
18. Moody's
Announces Completion of a Periodic Review of Ratings of Fidelity Bank Plc
19. Moody's
Announces Completion of a Periodic Review of Ratings of FCMB Limited
20. Moody's
Announces Completion of a Periodic Review of Ratings of First Bank of Nigeria
21. Moody's
Announces Completion of a Periodic Review of Ratings of Zenith Bank Plc
22. Moody's
Announces Completion of a Periodic Review of Ratings of Guaranty Trust Bank Plc
23. Moody's
Announces Completion of a Periodic Review of Ratings of UBA Plc
24. Moody's Announces Completion of a Periodic Review of Ratings of Bank of
Industry
25. Moody's
Announces Completion of a Periodic Review of Ratings of Bank of Industry
26. Coronavirus
Shock Likely to Reduce Some Banks' Capital, Increase Credit Vulnerabilities
27. Fitch
Maintains Access Bank's 'Aplus (nga)' National Long-Term Rating on RWN
28. Fitch
Revises 2 Nigerian Banks' National Ratings
29. Banking
System Outlook Update - Nigeria Outlook Changes to Negative Due to Oil Price Collapse
30. Various Rating
Actions On Nigerian Banks By S and P Following Sovereign Downgrade; Outlooks
Stable
31. Nigerian Banks at Severe Risk from Oil Price Slump, Coronavirus
32. Fitch Downgrades 3 Nigerian Banks to 'B', Places All 10 Banks on
Negative Watch
33. Outlooks On Six Nigerian Banks Revised To Negative After Same Action On
Sovereign
34. Fitch Revises Outlook on UBA Subsidiaries to Negative on Parent Action
35. Fitch Revises Outlook on 4 Nigerian Banks to Negative on Sovereign
Action
36. Moody's
Affirms Bank of Industry Ratings, Changes Outlook to Negative from Stable
37. Moody's
Affirms Ratings of Nigerian Banks Following Action On The Nigerian Government
38. Fitch Affirms
Union Bank of Nigeria Plc at 'B-'; Outlook Stable
39. Fitch Affirms
Stanbic IBTC Bank at 'AAA(nga)'
40. Fitch
Affirms Zenith Bank Plc at 'B' plus; Outlook Stable
41. Fitch
Affirms Bank of Industry at 'B' plus; Outlook Stable
42. Fitch Affirms
United Bank for Africa PLC at 'B' plus; Outlook Stable
43. Fitch
Affirms Access Bank at 'B'; Stable Outlook
44. Fitch
Affirms Guaranty Trust Bank at 'B' plus; Stable Outlook
45. Fitch
Revises Outlook on FBNH to Stable; Affirms at 'B-'
46. S and P
Global Ratings Affirmed ETI And Ecobank Nigeria Ltd Ratings; Outlook Stable
47. Fitch Rates
Access Bank's Tier 2 Subordinated Debt Final 'A(nga)'
48. Fitch
Affirms Ecobank Transnational Inc at 'B'; Outlook Stable
49. Access Bank 'B and B' Ratings Affirmed; Outlook Stable
Related
News - Most Recent CBN Circulars
1.
CBN Launches Framework for Advancing
Women's Financial Inclusion In Nigeria - Sep 29, 2020
2.
Amended Health Sector Research and Development
Intervention Scheme (HSRDIS) Guideline - CBN - Sep 29, 2020
3.
CBN Issues Framework for The Implementation of Family
Homes Financing Initiative - Sep 15, 2020
4.
CBN Issues Framework for the Implementation of Intervention
Facility for the NGEP - Sep 15, 2020
5.
Post No Debit Circular by CBN - Sep 2020
6.
CBN Issues Framework for Implementation of the Solar
Connection Facility - Sep 15, 2020
7.
CBN Releases Monetary, Credit, Foreign Trade and
Exchange Guidelines for Fiscal Years 2020-2021 - Sep 12, 2020
8.
Interest on Local Currency Savings Deposits Subject to
a Minimum of 10% per annum of MPR - Sep 01, 2020
9.
CBN Issues Revised Guidelines for the Licensing and
Regulation of Payment Service Banks in Nigeria - Aug 28, 2020
10. CBN Directs Dealers to Desist from Opening Forms M
Whose Payment Are Routed Through a Buying Agent - Aug 24, 2020
11.
CBN Releases Healthcare Research and Development Grant
Guidelines - Aug 05, 2020
12. CBN Provides Non-Interest Guidelines for Intervention
Programmes - Jul 25, 2020
13. CBN Unveils Non-Interest Guidelines for AGSMEIS,
MSMEDF, Others - Jul 14, 2020
14. CBN Discontinues the Processing of Form M for the
Importation of Maize - Jul 13, 2020
15. Regulatory Forbearance for the Restructuring of Credit
Facilities of OFIs Impacted by COVID-19 - Jul 09, 2020
16. CBN Urges Nigerians to Embrace Its N50bn Targeted
Credit Facility; Waives Requirement - Jun 08, 2020
17. CBN Grants Stirling Trust Company Ltd Approval to
Commence Cash-In-Transit Operations - Jul 07, 2020
18. CBN Expands The Scope of Regional Banks in Nigeria - Jul 03, 2020
19. CBN Issues Draft Framework for Regulatory Sandbox
Operations - Jun 29, 2020
20. CBN Releases Guidelines on Healthcare
Research and Development Grant -Jun 07, 2020
21. CBN Publishes Approved Service
Charter - Mar 26, 2020
22. CBN Releases Exposure Draft of the Guidelines for the
Regulation and Supervision of MFBs in Nigeria - Mar 26, 2020
23. CBN Issues Guidelines for the
Implementation of the N50bn Targeted Credit Facility- Mar 25, 2020
24. Bankers Committee Reviews Impact of
COVID-19 On Economy, Announces Support Packages - Mar 21, 2020
25. CBN Policy Measures In Response to
COVID-19 Outbreak and Spillovers - Mar 16, 2020
26. CBN Issues Guideline on Nigerian Payments System Risk
and Information Security Management Framework - Mar 04, 2020
27. CBN Retains Minimum LDR At 65%;
Encourages DMBs To Maintain Strong Risk Mgmt Practice - Jan 20, 2020
28. CBN Issues Circular on Pre-Authorisation of Cards in
Nigeria - Dec 30, 2019
29. CBN Issues Consumer Protection Regulations - Dec 23, 2019
30. CBN Reviews Charges On ATM, Card Maintenance and
Others - Dec 22, 2019
31. CBN Publishes Exposure Draft On The Guidelines For
Shared Services Arrangements For Banks And OFIs - Nov 27, 2019
32. CBN Publishes Regulation For The Operation of Mortgage
Guarantee Companies in Nigeria - Nov 26, 2019
33. CBN Notifies of The Automation Of Form NXP On The
Trade Monitoring System - Oct 30, 2019
34. CBN Issues Revised Guidelines For The Registration Of
CIT And Currency Processing Companies - Oct 29, 2019
35. Re: Implementation of Cashless Policy: CBN Notifies of
Existing Exemptions Until March 31, 2020 - Oct 21, 2019
36. CBN Issues Circular on The Reg. For The Operation of
Indirect Participants In The Payment System - Oct 11, 2019
37. CBN Reviews LDR Target Upwards To
65%; DMBs Required To Attain LDR of 65% By Dec 31, 2019 - Oct 01, 2019
38. CBN Directs Banks To Report Suspicious Transactions
Based On UN Security Council Resolutions - Sep 30, 2019
39. CBN Issues Approvals-In-Principle To Three Payment
Service Banks - Sep 18, 2019
40. CBN Approves Charges On Withdrawals And Deposits;
Unbundles Charges on Electronic Merchants - Sep 18, 2019
41. CBN Issues Guidelines On The Issuance And Treatment Of
Bankers Acceptances And Commercial Papers - Sep 16, 2019
42. CBN Issues Regulation On Electronic Payments And
Collections For Public And Private Sectors - Sep 11, 2019
43. CBN Amends Guide To Charges By Banks And Other
Financial Institutions In Nigeria - Sep 10, 2019
44. CBN Releases Requirements For The Establishment And
Operation Of DFIs' Subsidiaries And SPV - Sep 04, 2019
45. CBN Notifies Of The Integration Of NAFDAC e-Permit
With e-Form 'M' On The Nigerian Trade Portal - Sep 03, 2019
46. CBN Releases Exposure Draft On The Prudential
Guidelines For Deposit Money Banks -Aug 28, 2019
47. CBN Releases Exposure Draft On The Prudential
Guidelines For Finance Companies-Aug 28, 2019
48. CBN Releases Exposure Draft On The Prudential
Guidelines For Mortgage Refinance Companies-Aug 28, 2019
49. CBN Releases Exposure Draft On The Prudential
Guidelines For Development Finance Institutions-Aug 28, 2019
50. CBN Releases Exposure Draft On The Prudential
Guidelines For Primary Mortgage Banks-Aug 28, 2019
51. CBN Releases Exposure Draft On The Prudential
Guidelines For Microfinance Banks-Aug 27, 2019
52. CBN Releases Eligibility Criteria And
Functional Training Areas Under AGSMEIS - Aug 26, 2019
53. CBN Issues Circular On The Guidelines For The
Disbursement Of Lower Denomination Banknotes -Aug 21, 2019
54. CBN To Disburse Lower Currencies To Microfinance Banks -Aug 16, 2019
55. CBN Publishes Consumer Protection Framework Guidelines
On Disclosure And Transparency -Aug 05, 2019
56. CBN Releases Consumer Protection Guidelines On
Responsible Business Conduct - Aug 05, 2019
57. CBN Issues Guidelines on Accessing Standing Deposit
Facility; Effective Thursday July 11, 2019 - Jul 10, 2019
58. CBN Releases Modalities For The Implementation of The
Creative Industry Financing Initiative - Jul 05, 2019
59. DMBs No Longer Require Prior Approval
From CBN To Offer Mobile Money Wallet Services - Jul 05, 2019
60. CBN Mandates DMBs To Maintain Loan To
Deposit Ratio Of 60% Effective Sept 30, 2019 - Jul 04 2019
61. CBN Directs MFBs To Implement
Resolutions On The Revised National Financial Inclusion Strategy - Jul 02, 2019
62. CBN Requests For Information On The Proposed Payments
System Vision 2030 Initiative -May 16, 2019
63. CBN Announces Creative Industry Financing Initiative - May 08, 2019
64. CBN Releases Banknote Fitness
Guidelines - Apr 26, 2019
65. CBN Issues Clean Notes Policy - Apr 26, 2019
66. CBN Releases Guidelines On Pillar 2 Risks And Stress
Testing For Banks - Apr 18, 2019
67. CBN Issues Guidelines for Licensing and Regulation of
Primary Mortgage Banks in Nigeria - Apr 18, 2019
68. CBN Guidance Notes On The Calculation Of Capital
Requirement For Operational Risk For NIFIs - Apr 17, 2019
69. CBN Guidelines On The Mgmt Of Investment Account
Holders For Non-interest Fin. Institutions - Apr 17, 2019
70.
Monetary, Credit, Foreign Trade and Exchange Policy Guidelines
For Fiscal Years 2018-2019 - Apr 04, 2019
71. CBN Grants Operators up till April 1, 2019 to
Implement The Revised NCS and NICPAS - Mar 05, 2019
72. CBN Releases Initial Guidance Notes on the
Implementation of IFRS 9 in the OFIs sector in Nigeria - Mar 05, 2019
73. Anti-Money Laundering And Combating
The Financing Of Terrorism Policy and Procedure Manual - Feb 08, 2019
74. CBN Releases Revised 2018 Exposure Draft For The "Regulation On End-To-End Electronic Payment" - Jan 30, 2019
75. CBN Publishes Banknote Fitness Guidelines - Jan 24, 2019
76. CBN Deploys Consumer Complaints Management System
Effective Jan 02, 2019 - Dec 28, 2018
77. Guidelines For Licensing And Regulation Of Payment
Service Banks In Nigeria- Nov 02, 2018
78. CBN Releases Code of Corporate Governance for Finance
Companies in Nigeria - Oct 30, 2018
79. CBN Releases Code of Corporate Governance for
Development Finance Institutions in Nigeria - Oct 30, 2018
80.CBN Releases Code of Corporate Governance for
Microfinance Banks in Nigeria - Oct 30, 2018
81. CBN Releases Code of Corporate Governance For Bureaux
De Change In Nigeria - Oct 30, 2018
82. CBN Introduces Additional Template to The Redesigned
CRMS - Oct 23, 2018
83. CBN Reviews Minimum Capital Requirement For
Microfinance Banks In Nigeria - Oct 23, 2018
84. Exposure Draft Of New CBN Licensing Regime For Payment
System Providers - Oct 18, 2019
85. CBN Proposes N5bn Capital Requirement For Payment
Service Banks - Oct 08, 2018
86. CBN Publishes Guidelines For Licensing and Regulation
of Payment Service Banks in Nigeria - Oct 07, 2018
87. CBN Releases Exposure Draft-Guidance Notes on
Disclosure Requirements - Oct 03, 2018
88. CBN Releases Revised Guidance Note on Regulatory
Capital For All Banks In Nigeria - Sep 28, 2018
89. CBN Publishes Circular On Revised Nigeria Bankers' Clearing System Rules, 2018 - Sep 14, 2018
90. CBN Releases Circular On The Regulations On Instant
Electronic Funds Transfer Services In Nigeria - Sep 14, 2018
91. CBN Releases The Revised Nigeria
Bankers' Clearing System Rules - Aug 02, 2018
92. CBN Directs Banks to Render Daily
Returns on Shared Agency Network Expansion Fund Initiative - Jul 05, 2018
93. CBN Issues Circular to All Banks on the Redesigned
CRMS - Jun 07, 2018
94. CBN Issues Regulations for Transaction with Authorized
Dealers in Renminbi - Jun 07, 2018
95. CBN Extends Effective Date of The Regulatory Framework
For The Use of USSD to Oct 1, 2018 - Jun 01, 2018
96. CBN Direct DMBs to Pledge Collateral of N1bn Worth of
Government Securities for OTC Trade Settlement - Jun 01, 2018
97. Regulatory Framework for the Use of
USSD in the Nigerian Financial System - Apr 27, 2018
98. CBN Issues Anti-Money Laundering and Combating the
Financing of Terrorism Regulations, 2018 - Apr 26, 2018
99. CBN Exposure Draft - Licensing of Private Asset
Management Company - Mar 27, 2018
100.
CBN Introduces Non-Oil Export Stimulation Facility
(NESF) - Mar 20, 2018
101.
CBN Announces Regulation For Bill Payments In Nigeria - Mar 16, 2018
102.
CBN Revised Regulation for Direct
Debit Scheme in Nigeria - Mar 15, 2018
103.
CBN Directs DMBs to Establish Consumer Complaint Help
Desk - Mar 09, 2018
104.
CBN Includes Additional Provision For
Dividend Pay-Outs For Nigerian Banks - Feb 20, 2018
105.
DMB That Does Not Meet the Minimum
Capital Adequacy Ratio Shall Not Be Allowed to Pay Dividend - CBN - Feb 19, 2018
106.
CBN to Sanction Erring Banks for Infractions of
Payments System Rules and Regulations - Jan 08, 2018
107.
CBN Suspends Extension of Settlement Banking
Arrangement to All the Clearing Sessions - Dec 22, 2017
108.
CBN to Draft Framework on Credit to
SMEs - Dec 05, 2017
109.
CBN Extends Settlement Banking Arrangement to All
Clearing Sessions Effective January 1, 2018 - Nov 10, 2017
110.
CBN Issues Further Clarification on the Enforcement of
GIFMIS Revenue Reference Number - Oct 24, 2017
111.
CBN Unveils Framework For BVN, Watch-List Operations - Oct 23, 2017
112.
Implementation of Electronic Certificate of Capital
Importation - Sep 08, 2017
113.
Exposure Draft of Regulatory Framework for
Unstructured Supplementary Service Data- Sep 08, 2017
114.
CBN Introduces Funding for Liquidity
and Intra-day Facilities for Non-Interest Banks - Aug 24, 2017
115.
CBN Revised the Guidelines for Commercial Agricultural
Credit Scheme (CACS) - Aug 21, 2017
116.
CBN Extends Timeline of BVN Enrolment for OFIs to
December 31, 2017 - Aug 07, 2017
117.
CBN Announces the Introduction of the Nigeria Customs
Service Electronic Auction (eAUCTION) Platform - Jul 25, 2017
118.
CBN Issues Statements of Payment Finality for the
Nigerian Payments Schemes - Jul 25, 2017
119.
CBN Directs OFIs to Enroll Customers for BVN - Apr 25, 2017
120.
CBN Suspends the Implementation of Interchange Regime
Indefinitely - Apr 21, 2017
121.
CBN Issues Circular on the Amendments
of S4 Business Rules and Guidelines - Feb 02, 2017
122.
CBN Enhances Minimum Qualifications
for Banks CCOs to Ensure Compliance - Sep 30, 2016
123.
CBN Issues Directives on the Removal
of Fixed Interest Rate on Credit cards - Aug 05, 2016
124.
CBN Reviews Operational Guidelines
for Blacklisting - Jul 13, 2016
125.
CBN Publishes Exposure Draft Guidelines on Regulations
& Supervision of Non-Interest MFBs in Nigeria - May 12, 2016
126.
CBN Publishes Approved Guidelines on Transactions
Switching in Nigeria -May 09, 2016
127.
CBN pledges more interventions to
create jobs, wealth - Apr 19, 2016
128.
CBN Publishes Exposure Draft on Guide to Charges for
Banks & OFIs in Nigeria - Mar 14, 2016
129.
CBN Publishes Reports of Activities under the
Agricultural Credit Guarantee Scheme - Mar 10, 2016
130.
CBN Publishes Revised Guidelines on Real Sector
Support Facility - Mar 10, 2016
131.
CBN Releases National Financial Literacy Framework
Report - Mar 07, 2016
132.
CBN Publishes Guidelines for the Operations of TSA by
State Governments in Nigeria - Feb 09, 2016
133.
CBN Extends BVN Enrolment for Nigerian Banks' Customers in Diaspora to 30th June, 2016 - Feb 05, 2016
134.
CBN Publishes Guidelines for Banking Operations in the
Free Trade Zones in Nigeria - Feb 02, 2016
135.
CBN Invites Financial Institutions to
Make Payment of Annual Licence Renewal Fee through e-Channels - Jan 04, 2016
136.
CBN Releases Revised Guidelines for
Bureaux De Change in Nigeria -Dec 11, 2015
137.
CBN Issues Guidelines on International Mobile Money
Remittance Service in Nigeria - Nov 20, 2015
138.
CBN Directs PMBs and DFIs to Comply with FG's
Directives on TSA - Nov 19, 2015
139.
CBN Extends BVN Enrolment to 31st
January 2016 for Nigerian Bank Customers in Diaspora - Nov 03, 2015
140.
CBN Orders BDCs to Honour Letter of Credit Established
Prior to Jun 23rd for 41 Items Ban for FOREX - Oct 23, 2015
141.
CBN Publishes Guidelines for Approved Persons' Regime
for Financial Institutions - Oct 22, 2015
142.
CBN Issues Guidelines on the
Management of Dormant Accounts & Other Unclaimed Funds by Banks & OFIs - Oct 09, 2015
143.
CBN Releases Exposure Draft on
Consumer Protection Framework - Sep 18, 2015
144.
CBN Mandates DMBs to Equip All Branches to Treat
E-dividend Mandate Form - Sep 15, 2015
145.
CBN Releases Exposure Draft on Standards and
Guidelines on Electronic Channels Operations in Nigeria - Sep 15, 2015
146.
CBN Releases Exposure Draft on the Guidelines on
Transaction Switch in Nigeria - Sep 15, 2015
147.
CBN Directs Development Finance Institutions to Obtain
Licence - Sep 08, 2015
148.
CBN Directs Banks to Remit FG's Funds into the
Treasury Single Account - Sep 08, 2015
149.
CBN Finalises Guidelines for the Enrolment of Nigerian
Bank's Customer in Diaspora - Aug 19, 2015
150.
CBN Directs All Licensed BDCs to Consummate
Transactions with Customers' BVN Effective 1st August - Jul 21, 2015
151.
CBN Warns Authorized Dealers Against Funding Items
Classified as "Not Valid for Forex" - Jul 01, 2015
152.
CBN Extends BVN Enrollment Deadline to 31st October,
2015 - Jun 30, 2015
153.
CBN Directs DMBs to Establish
Industry Fraud Desks - Jun 12, 2015
154.
CBN to Review the Nigerian Cheque
Standards - May 04, 2015
155.
CBN Moves to Check Rising Non-performing Loans in
Banks - Apr 24, 2015
156.
CBN Clarifies Circular on Usage of Naira Denominated
Cards Overseas - Apr 24, 2015
157.
CBN Stops Rendition of Returns on Defunct Micro Credit
Fund - Apr 17, 2015
158.
CBN Limits Naira Card Usage on Overseas Transactions
to $50,000 - Apr 14, 2015
159.
CBN Rolls Out Stiff sanctions to
Dissuade Issuance of Dud Cheques - Apr 09, 2015
160.
CBN Warns Against the Use of Foreign
Currency as Medium Of Exchange in Nigeria - Apr 07, 2015
161.
CBN lays Guidelines on Mobile Money Services in
Nigeria - Apr 02, 2015
162.
CBN Sets Regulatory Framework for Licensing Super Agents - Apr 02, 2015
163.
CBN Releases Regulatory Framework for Mobile Money
Services - Apr 02, 2015
164.
CBN Publishes Regulatory and
Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015
165.
CBN Sets Guidelines for N300 Billion Real Sector
Support Facility - Mar 04, 2015
166.
CBN Directs Banks to Commence FG's
Treasury Single Account Scheme - Feb 26, 2015
167.
CBN Restricts Use of Unfettered Access in Exchange
Manual - Feb 23, 2015
168.
CBN Sets Guidelines for Advisory Council on
Non-Interest Financial Institutions - Feb 20, 2015
169.
CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015
170.
CBN Releases Exposure Draft for Dormant Accounts
Management by Banks - Feb 18, 2015
171.
CBN Sets Time Bar for Resolution of Customers
Complaints - Feb 18, 2015
172.
CBN Issues Framework for the
Implementation of Electronic Payments Incentive - Feb 13, 2015
173.
CBN Sets Guidelines for Banking
Operations in Free Trade Zones in Nigeria - Feb 11, 2015
174.
CBN Offers Special Intervention to
BDC Operators - Feb 03, 2015
175.
CBN Inaugurates Financial Inclusion Steering Committee - Feb 03, 2015
176.
CBN Notifies Banks on Onward Reporting of Fraud in
Non-EMV Environments- Jan 30, 2015
177.
CBN Directs Banks to Compute Net Open Position on
Daily Basis - Jan 30, 2015
178.
CBN Reviews Weekly Cash Sales to BDCs
to $30,000 - Jan 23, 2015
179.
CBN Reviews Foreign Currency Trading
Position of Banks to 0.1% of SHF - Jan 13, 2015
180.
CBN Signs MoU with Deposit Money Banks to Boost Power
Supply - Dec 23, 2014
181.
CBN Directs Banks to Commence Issuance of Centenary N100
Banknote - Dec 22, 2014
182.
CBN Reduces Foreign Exchange Trading Position of
Authorized Dealers to Zero Percent - Dec 18, 2014
183.
CBN Issues 48hours Deadline for Utilization of Funds
Purchased from Forex Market - Dec 18, 2014
184.
CBN Releases Circular on Sales of Foreign Exchange
without Adequate Documentation - Nov 21, 2014
185.
CBN Releases Circular to All DMs and Merchant Banks on
the Implementation of Swift SSS - Nov 20, 2014
186.
CBN Kicks-off the Development of Consumer Protection
Framework for Financial Institutions - Oct 22, 2014
187.
CBN Sets BVN Compliance Deadline for DMBs and Bank
Customers - Oct 22, 2014
188.
CBN Increases Outbound International
Money Transfer Limit - Oct 14, 2014
189.
CBN Releases Collateral Registry
Regulation - Sep 30, 2014
190.
CBN Rolls Out Electronic Payments Incentive and
Awareness Campaign - Sep 19, 2014
191.
CBN Releases Circular on the Acceleration of Bank
Verification Number - Sep 19, 2014
192.
CBN Releases Guidelines for Financial Holding Company
(HoldCo) - Aug 29, 2014
193.
CBN Develops Authorized Signatories
Verification Portal for the Banking Industry - Aug 21, 2014
194.
CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014
195.
CBN to launch Outbound Money Transfer Service with
Western Union Money Transfer - Aug 14, 2014
196.
CBN Reviews Electronic Payment Operations via NIBSS
Instant Payment System - Aug 14, 2014
197.
CBN Re-introduces ATM Cash Withdrawal Transactions
Fee; Effective September 1, 2014 - Aug 14, 2014
198.
CBN Excludes Non-Distributable Regulatory Reserve in
the Computation of Capital of Banks - Aug 07, 2014
199.
CBN Issues Draft Regulatory and Supervision Guidelines
for Development Finance Institutions - Aug 05, 2014
200.
CBN Releases Exposure Draft for
Recommendation of Time Bar on Consumer Complaints - Jul 25, 2014
201.
CBN Extends Timeline for the
Resolution of Complaints on Excess Charges and Loans to 30 Days - Jul 03, 2014
202.
CBN Prohibits Loan Defaulters from Further
Access to Credit Facilities in the Banking System - Jul 02, 2014
203.
CBN rolls out Cash-Less Policy on
July 1, 2014, postpones withdrawal charges in 30 States - Jun 24, 2015
204.
CBN Orders Banks to Refund Monies to Customers Shortchanged
By ATMs - Jun 16, 2014
205.
CBN Orders Banks to Refund Excess Commission on
Turnover - Jun 13, 2014
206.
CBN Maintains Highest Level in Information Security
Standard (ISO27001) Compliance - Jun 12, 2014
207.
CBN Extends Cashless Policy to 30
Remaining States; Kicks Off July 1st - Jun 05, 2014
Proshare's
Memo to The Market and Market Updates
1. NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective
and Resolution - Oct 05, 2020
2. NSE Ten Years After a Takeover: The
Good, The Bad and Undecided - Sep 16, 2020
3. Online Trading Ranking Report 2020 -
Trading in a Period of a Virus; Building Good Habits - Sep 02, 2020
4. Otudeko: A Boardroom Revolutionary at
77 - Aug 18, 2020
5. Roads: Concrete Vision, Asphalt Competition, Looking
Ahead - Aug 01, 2020
6. CEO Remuneration 2020 Report - Paying
the CEO in a Pandemic; The Unanswered Questions - Jul 30, 2020
7. Memo To AMCON: Nigerian Tax Payers
are not Responsible for Repayment of Bad Debt - Jul 23, 2020
8. Coronanomics (1) - Understanding the
Realities of an Impending Recession - Jun 06, 2020
9. Nigeria Cement Market's New Chess
Play; Understanding The Market Dynamics - Jan 31, 2020
10. NCM2020 - Fin. MKT in Transition:
Understanding Past Uncertainties; Preparing for New Possibilities - Jan 20, 2020
11. UBA's Staff Layoff; Understanding The
Shifting Dynamics Of Banking's Future - Jan 20, 2020
12. Ogun State: Working Past Economic Headwinds - Nov 04, 2019
13. Banks' H1 2019 Numbers: Top Line
Growth, Bottom Line Uncertainty - Sep 22, 2019
14. Ecobank Nigeria: The Case For
Restructuring, Repositioning and Retooling - Jul 31, 2019
15. CEO Remuneration: Making Sense Of The
Numbers For Listed Companies In Nigeria - Jul 12, 2019
16. Beyond The Noise: MTN's Post Listing
Reactions, Gaps in Rules and Lessons Learnt - May 26, 2019
17. JUMIAs IPO and Q1 2019 Result; Understanding
The Numbers and Ignoring the Noise - May 16, 2019
18. Ogun State: The Debt Trap- Leaning Against the Wind - April 2019
19. The National Association of
Securities Dealers (NASD) OTC Market Report 2018 - Feb 06, 2019
20. Surviving Uncertain Times in the Nigerian Financial
Market - Jan 19, 2019
21. Unravelling The Ecobank Q3 2018
Results; Applying NAFEX, Different Outcomes Oct 26, 2018
22. Compliance With IFRS IAS21 - ETI and The Effects of
Changes in Foreign Exchange Rates - Oct 25, 2018
23. Nigerian Banks' Performance - H1 2018 - Sep 26, 2018
24. Swift Correction Of Honest Mistakes
Helps Build Institutional Corporate Governance - Sep 05, 2018
25. Memo To The Market - The NSE, Oscar
Onyema Foundation And Corporate Governance - Aug 20, 2018
26. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018
27. Memo to The Market: The Oando
Corporate Journey - At The Regulators Gate - Dec 10, 2017
28. Leadership,
Change and Corporate Transformation - The Nigerian Experience ... - Proshare Nov 07, 2017
29. Analysing the H1 2017 Performance of FBNHoldings Plc -
A Comprehensive Report - Oct 20, 2017
30. FBNHoldings Plc Q1' 2017 Performance
Assessment Report Updated - Sep 25, 2017
31. Years After - 5 years of Dr. Yemi
Kale's Stewardship at the NBS - Aug 24, 2016
32. Memo to the Market: Reappointing
Arunma Oteh as DG, SEC - Jan 03, 2015
33. Where
Nigeria got it Wrong - Proshare Dec 01, 2014
34. Fundamental
Considerations for Capital Market Reforms in Nigeria ... - Proshare - Sept 06, 2010
35. The Bull in the China Shop - A New Paradigm in the
Nigerian Financial Markets? - Aug 21, 2009
36. Making Money in The Nigerian Capital Market Report - Apr 25, 2009