Nigeria | - Part 10

Nigeria’s Wema Bank raising $100 mln Tier II capital to grow loans

LAGOS (Reuters) – Nigeria’s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday. Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter. Mabawonku…

Nigerian Political Landscape:Beyond the Change Chorus

Posted on by The Editorial Team

Beyond the Change Chorus… Open for Business Again? Against the intense apprehension by local and international observers, Nigeria’s 2015 Presidential Elections turned out peaceful and successful following the incumbent’s concession of defeat prior to the final announcement by the electoral umpire – INEC. The election, which was keenly contested by All Progressives Congress (APC) – Gen. Muhammad Buhari (GMB) and Peoples Democratic Party (PDP) – Goodluck Ebele Jonathan (GEJ) saw the emergence of GMB as…

Barclays Africa Applies for Equities Trading Licence in Nigeria

Posted on by The Editorial Team

Barclays Africa Group Limited, which is expanding on the continent after buying most of its parent’s operations in Africa, has applied for an equities trading license in Nigeria in addition to a commercial licence. “We really want to follow our corporate clients into Nigeria,” Bloomberg quoted the chief executive officer of the Johannesburg-based lender, Maria Ramos to have said in a recent presentation. “We want to bank our global and local clients in Nigeria. It’s…

Nigeria: 2015 Election analysis

Posted on by The Editorial Team

At the time of writing, the election results had still not officially been declared by the Independent National Electoral Commission (INEC). Problems with biometric card readers delayed voter accreditation, and a few attacks on election centres caused a delay in the voting process itself. This led INEC to extend the vote by one day from March 28 to March 29 in some areas. We do not expect to see significant changes in policy regardless of…

Nigeria Stock Exchange, MSCI sign agreement on developing new market indices

Posted on by The Editorial Team

MSCI Incorporated, a leading provider of investment decision support tools worldwide, and the Nigerian Stock Exchange have signed a “strategic co-operation agreement to develop and market a co-branded “family of indexes” for the Nigerian equity market. Based on the agreement, existing and future indexes would be branded as the MSCI/NSE Indexes, including the flagship NSE 30 Index and NSE 50 Index, which will become the MSCI/NSE 30 Index and the MSCI/NSE 50 Index, respectively, a…

Nigeria holds rates at 13 pct, worried by economic growth outlook

Posted on by The Editorial Team

ABUJA (Reuters) – Nigeria’s central bank left its benchmark interest rate unchanged at 13 percent as expected on Tuesday, saying tight monetary policy should offset the inflationary effects of elevated spending ahead of a March 28 election. Governor Godwin Emefiele said the Monetary Policy Committee was also satisfied with the bank’s attempts to stabilise the naira, which has come under major pressure in the last six months due to the collapse in oil prices. The…

S&P cuts Nigeria to B+ on weak oil, cites political risk

Posted on by The Editorial Team

ABUJA (Reuters) – Credit agency Standard & Poor’s downgraded Nigeria’s rating to B+ from BB- on Friday, saying the decline in oil prices in the past seven months had significantly affected the country’s finances. Setting a stable outlook on the new rating, it also said political risk was a significant factor while the country’s non-oil sector would support economic growth. Nigeria holds a presidential election on March 28 when Goodluck Jonathan will seek another term….

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