Banking and Finance

Nigeria's Economic Growth slows in Q1 as Oil Sector Shrinks

Growth in Nigeria’s fragile economy slowed to 2.01% in the first quarter as the country’s dominant oil sector shrank, the National Bureau of Statistics said on Monday.

The annual pace dropped from the previous quarter’s 2.38%, when activity was likely to have been boosted by state spending in the run-up to February and March elections in which President Muhammadu Buhari won a second term, Reuters reports.

Nigeria’s central bank has forecast growth of 3% for 2019.

Would Monetary Policy Set Sail or Dock as Godwin Emefiele Returns?

President Buhari has renewed the appointment of Godwin Emefiele as the Governor of the CBN for another 5 years term, starting June 2019. While we had expected a new man at the helm, this is the first time since 1993 that a CBN governor has been given a second term. We are unsurprised by this decision, considering the unusual silence around possible candidates for the position unlike in previous selection processes.

States’ IGR hits ₦324.59b in Q4, 2018 –Statistics Bureau

The National Bureau of Statistics (NBS) has said the Internally Generated Revenue (IGR) of the 36 states in Nigeria and the Federal Capital Territory (FCT) for fourth quarter 2018 was N324.59 billion compared to N264.34 billion recorded in third quarter of the same year.

NBS disclosed this in IGR at State Level for Fourth Quarter and Full Year 2018 posted on its website.

According to the bureau, the figure (N324.59 billion), indicated a positive growth of 22.79 percent quarter-on-quarter and 24.82 percent year-on-year.

Nigeria, Brexit-bound Britain target closer investment ties

Nigeria and Britain aim to deepen insurance sector ties and look into introducing naira-denominated instruments onto London’s financial market, the trade ministry in Abuja said, as Britain makes efforts to expand trade links with partners beyond the EU.

Thursday’s ministry statement followed a visit to Nigeria by British foreign minister Jeremy Hunt, on a week-long international tour to push for a greater UK diplomatic presence in Africa, Reuters reports.

FCMB Commended for Impressive Performance and Higher Dividend Declaration

Shareholders of FCMB Group Plc have commended the Board, Management and Staff of the financial institution for recording another impressive performance in 2018 in spite the challenging macroeconomic and regulatory environment. The commendation was given at the 6th Annual General Meeting (AGM) of the Group held on April 26, 2019 in Lagos.

At the meeting, the shareholders approved the financial results of FCMB Group and payment of a cash dividend of 14kobo per ordinary share for the year ended December 31, 2018. This translates to a total amount of N2.77 billion.

CBN disburses ₦174.48b under Anchor Borrowers’ Programme

The Central Bank of Nigeria (CBN) says it has so far cumulatively disbursed N174.48 billion through 19 financial institutions under its Anchor Borrowers Programme since 2015.

The Director, Corporate Communications Department of the bank, Mr Isaac Okoroafor, stated this in Enugu, South-East Nigeria at the on-going Enugu International Trade Fair.

Okoroafor, who was represented by the Deputy Director of the department, Mrs Veronica Always, said that the programme had supported 902, 518 farmers working with 194 anchor companies.

Nigeria records ₦25b cyber fraud in 5 years

Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has raised the alert over N25 billion cyber fraud recorded in the nation’s financial institution in the last five years

The Pro-tem President of CIFIAN, Dr Victoria Enape, who disclosed this during the induction ceremony of about 120 members in Abuja, expressed concern over the increased volume of financial frauds in the country.

FIRS targets ₦750b from 55,000 million tax defaulters

The Federal Inland Revenue Service, FIRS hopes to pull in about N750 billion from about 55,000 defaulting taxpayers, Executive Chairman, Tunde Fowler said today in Abuja.

Fowler told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), that the substitution led to recovery of N23.25 billion.

Expert urges CBN for reduction of cash reserve ratio

A former Chairman, Manufacturers Association of Nigeria, Ogun Chapter, Wale Adegbite, has urged the Central Bank of Nigeria (CBN) to also reduce the Cash Reserve Ratio (CRR) to make the recent reduction of the Monetary Policy Rate (MPR) meaningful.

Adegbite who gave the suggestion during an interview in Otta said that the reduction of the CRR would free more funds from the CBN for manufacturers who were in need of funds.