Home - Tag Archives: ASSETS & FINANCIALS

Tag Archives: ASSETS & FINANCIALS

Ecobank posts N52.6bn loss, bullish on $400m bond

Ecobank Trans-national Incorporated posted a loss after tax of $205m (N52.6bn) for the year ended December 31, 2016 as against a profit of $107.5m (N21.253bn) in 2015. The pan-African banking institution, in its audited full-year 2016 results, filed with the Nigerian Stock Exchange on Tuesday, said its gross earnings fell by six per cent to $2.6bn (increased by 23 per …

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NSE plans to restructure REITs, closed-end funds

Trading on the floor of The Nigerian Stock Exchange Market The Nigerian Stock Exchange is proposing to change the framework regarding the trading of Real Estate Investment Trusts and closed-end funds listed on the Exchange. The bourse said the proposed changes, which would be implemented over the next three quarters of 2017, were aimed at promoting transparency, disclosure, visibility and …

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CBN Introduces ‘Form X’ For SMEs, Naira Closes At 410/$

CBN Governor, Godwin Emefiele The Central Bank of Nigeria has introduced “Form X” for the Small and Medium-scale Enterprises seeking to purchase foreign exchange from the apex bank. The CBN said the decision was part of its commitment to increase forex liquidity and improve access by the SMEs and retail businesses to forex. The Acting Director, Corporate Communications, CBN, Mr. …

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Nigeria seeks $3bn from World Bank, AfDB, others

The Federal Government is talking to the World Bank and African Development Bank for $3bn loans before it determines how much it will raise from Eurobonds to help fund this year’s budget. “From the World Bank, we are hoping to get $2bn,” the Minister of State for Budget and National Planning, Zainab Ahmed, said in an interview on Tuesday in …

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Herbert Wigwe Named ‘Most Reputable Nigerian Bank CEO’

Managing Director of Access Bank Plc, Herbert Wigwe The Group Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe has been voted the ‘Most Reputable Nigerian Bank CEO’ in the latest ranking of the Reputation Poll, by the Reputation Management Agency, Avance Media and the Institute of Leadership and Management.Wigwe was said to have beaten 19 other CEOs of …

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Africa Finance Corporation Issues US$500 Mllion 7-year Eurobond

Africa Finance Corporation (AFC) has issued a US$500 million 7-year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875 per cent was priced to yield at four per cent and matures in April 2024. A statement from the AFC on Tuesday stated that the Eurobond received strong global interest, with an order book of US$2.4 billion. This showed that …

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Tax process automation’ll be concluded before Dec – FIRS

FIRS Boss, Babatunde Fowler Following the commencement of the deployment of the Integrated Tax Administration System in key tax offices in 2016, the Federal Inland Revenue Service said on Monday that it would extend the initiative to all its offices nationwide. The Executive Chairman, FIRS, Mr. Babatunde Fowler, stated this in Abuja at the opening session of a workshop taxation. …

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Financial statements: NSE may suspend Conoil, 10 others

Trading floor of NSE The Nigerian Stock Exchange on Monday announced that 11 companies had missed the deadline to file their audited financial statements for the year ended December 31, 2016. The Exchange said it might suspend trading in their securities. The defaulting companies were A.G Leventis Nigeria Plc, African Alliance Insurance Plc, Austin Laz & Company Plc, Capital Hotel …

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FG recorded N3.21tn fiscal deficit in 2016 – CBN

Mr. Godwin Emefiele, CBN Governor The Federal Government recorded a fiscal deficit of N3.21tn in its operations last year, figures obtained from the Central Bank of Nigeria revealed. The figures are contained in the Financial Stability Report prepared the apex and released in Abuja on Wednesday. It stated that the fiscal deficit for the second half of the year, which …

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