Banks in H1 2020: Imagining Beyond COVID-19


Sunday, October 11, 2020   / 11:50 AM / by Proshare Research / Header Image Credit: EcoGraphics

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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.

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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.


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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

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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

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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.


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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.

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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. 


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Illustration 1: Bank Holding Structure and the Mistiness of Progress

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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."



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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



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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


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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

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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 Nigeria Pvt. Ltd.

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, SECJan 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


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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