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Zenith Bank’s Q3 2017 results which have just been published show low single digit y/y declines in both PBT and PAT. Although profit before provisions of N114bn showed a greater decline (-8% y/y),  those on the provisions and opex lines proved significant, helping to limit the decline on the PBT line. Both revenue lines contributed to the decline in profit …

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In exercise of its powers and in line with its desire to promote and facilitate the development of efficient and effective payment systems in the country, the Central Bank of Nigeria (CBN) Thursday issued the regulatory framework for the bank verification number (BVN) operations as well as for watch-list of fraudsters in the banking industry. The central bank disclosed this …

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The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said investors can now manufacture solar systems in the country following the recent review of the pioneer status incentive. Fashola stated this in Lagos on Thursday at the launch of the book, entitled ‘Solar Electricity Generation for Off-grid Communities in Nigeria,’ written by the Managing Director/Chief Executive Officer, Eko …

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The Debt Management Office, DMO, has said that the proposed $5.5 billion loan comprised $2.5 billion new borrowing and USD3 billion for refinancing, noting that the latter is purely a portfolio restructuring activity that would not result in any increase in the public debt. The DMO in a statement on Thursday, said the $2.5 billion new borrowing through Eurobonds to …

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The President’s charge aligns with the AfDB’s High 5 development priorities, in particular with the fifth goal to improve the quality of life for the people of Africa African Development Bank (www.AfDB.org) President Akinwumi Adesina has called for urgent action from stakeholders over the deepening crisis of global malnutrition. Adesina made the call as he joined key nutrition actors, private-sector …

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Kabiru Rabiu, Group Executive Director of Nigeria’s leading conglomerate, BUA Group, has been ranked second, only after Egyptian, Basil El Baz, on the ‘Choiseul 100 Africa’ list of future African Business Leaders by Institut Choiseul – a renowned French economic and political think-tank based in Paris in partnership with a leading publication, Jeune Afrique. The 2017 rankings, which boasts of …

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The Nigerian Maritime Administration and Safety Agency (NIMASA), has appealed the judgment of the Federal High Court Lagos in the matter between Nigeria Liquefied Natural Gas (NLNG), Attorney General of the Federation, Global West Vessels Specialists Ltd and NIMASA.  In a statement on Thursday, NIMASA explained that it filed the appeal with an application to stay the execution of the judgment and …

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Customers of ALAT, Nigeria’s first fully digital bank are set to enjoy the best of times with the Bank that is committed to understanding their needs and offering them great deals. The Bank which recently celebrated 100,000 accounts after just 5 months of operation, is offering its customers discounts of up to 30 percent on purchases made with its cards. …

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The Financial Market Dealers Quotation (FMDQ) board listing market and technology committee has approved the registration of Lafarge Africa Plc ₦60 billion Commercial Paper (CP) Programme on the platform of the OTC Exchange. According to a statement which was made available to Financial Edge, with this CP Programme registration, Lafarge will be able to easily raise short-term finance, within the …

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The World Bank says it is not in disagreement with the Federal Government on the need to borrow to finance infrastructure. In a letter to the Minister of Finance, Mrs. Kemi Adeosun, in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, said the bank had commended the Federal Government for efforts to rebalance the nation’s …

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