Business news

Diamond Bank sees “minimal” loan growth as economy falters

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s Diamond Bank said it plans to build up cash reserves to ride out a slowdown in the economy that will depress lending after a sharp drop in global oil prices and the weakening naira.Abdulrahman Yinusa, the chief financial officer of Nigeria’s sixth biggest lender by assets, told Reuters Africa Investment Summit on Wednesday that overall loan growth would slow this year compared with last year. The bank will release its results…

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Afren defaults on its debt, shares drop 50% in one day

Posted on by The Editorial Team

Debt-laden oil producer Afren Plc has defaulted on its 2016 bonds after declining to make a $15 million interest payment in order to preserve cash pending completion of a review of its capital structure. The company said any restructuring or additional funding deal with bondholders could result in the issue of new equity, which would “substantially dilute the interests of the company’s current shareholders”. Afren’s shares fell as much as 50 percent in early trading…

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