Bank of Industry |

Nigeria’s Skye Extends Decline to Record Low as Diamond Falls

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s Diamond Bank Plc and Skye Bank Plc slumped for the straight third day after the central bank stepped in to remove Skye’s top management a week ago. Skye Bank plummeted 9.2 percent to 79 kobo, a fresh all-time low by the close of trading, and Diamond Bank slid by 8 percent to 1.85 naira, the lowest since May 19. Skye’s stock has fallen by 25 percent since the July 4 intervention by…

Moody’s puts three Nigerian banks on review for downgrade

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…