Nigeria | - Part 64

Skye Bank Extends Drop After Management Ousting as Diamond Falls

NIGERIA, Capital Markets in Africa: Skye Bank Plc tumbled, extending a slide to the lowest level in almost three months, after Nigerian regulators replaced the top management of the country’s eighth-largest bank for consistently breaching cash and liquidity ratios. Diamond Bank Plc fell the most since Jan. 19 even as shares of some the country’s banks rose on the Nigerian Stock Exchange All Share Index on Friday. Gains by FBN Holdings Ltd., the country’s largest lender by assets, Zenith Bank Plc and…

Nigeria: Spectre of Who Is Next Stalks Nigeria After Bank Shakeout

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LAGOS, Nigeria, Capital Markets in Africa: The ousting of top management at one of Nigeria’s largest banks is deepening concern over the health of the industry. The central bank stepped in to replace the chief executive officer, chairman and 10 other directors of Skye Bank Plc on July 4 after the nation’s eighth-biggest lender consistently breached cash and liquidity ratios. The regulator made the announcement before a three-day holiday and after the market had closed. The stock tumbled to a record…

Nigeria Says Its Banks Are Safe, Urges Against Panic Withdrawals

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank said all its lenders are safe, aiming to quell fears after it ousted the management of Skye Bank Plc on Monday for failing to meet capital and liquidity thresholds. “The Central Bank of Nigeria hereby reassures the banking and general public that their deposits remain safe,” Isaac Okorafor, a spokesman for the Abuja-based regulator, said in an e-mailed statement Wednesday. “There is, therefore, no need for panic withdrawals…

Nigerian Regulator Ousts Skye Bank Board Over Capital Concerns

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank replaced almost all the members of Skye Bank Plc’s board for repeatedly failing to meet minimum thresholds on liquidity and capital adequacy ratios. Chief Executive Officer Timothy Oguntayo and three of the bank’s eight other executives quit, along with Chairman Olatunde Ayeni and seven other non-executives, Governor Godwin Emefiele told reporters in Lagos on Monday. Alhaji Ahmad was named as new chairman and Adetokunbo Mukhail Abiru, a former Harvard Business School graduate…

Brent Oil Trades Near $50 as Nigeria Militants Carry Out Attacks

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NIGERIA, Capital Markets in Africa: Brent crude traded near $50 a barrel as Nigerian militants carried out attacks on oil production sites, threatening to deepen the country’s biggest output losses in decades. September futures rose as much as 0.8 percent in London after advancing 1.3 percent Friday. The Niger Delta Avengers said they attacked five crude-pumping facilities overnight Sunday, dealing a blow to a government effort to enforce a cease-fire. Shale drillers in the U.S. brought back the most oil rigs…

Devalued Nigerian Naira Too Hot for Traders Seeing Further Currency Slide

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NIGERIA, Capital Markets in Africa: Traders expecting Nigeria’s currency devaluation to trigger a rush of cash into Africa’s largest economy are rapidly concluding that the naira’s 30 percent drop wasn’t enough. Investors got the foreign-exchange policy change they asked for, but still aren’t flocking to buy naira assets as the Central Bank of Nigeria keeps a grip on its currency, nine days after abandoning a 16-month-old peg. The naira fell almost 30 percent to a record 281.75…

Credit Ratings | Fitch Downgrades Nigeria to ‘B+’; Outlook Stable

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LAGOS, Nigeria, Capital Markets in Africa: Fitch Ratings-Hong Kong-23 June 2016: Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. The Outlooks are Stable. The issue ratings on Nigeria’s senior unsecured foreign-currency bonds have also been downgraded to ‘B+’ from ‘BB-‘. The Country Ceiling has been revised down to ‘B+’ from ‘BB-‘ and the Short-Term Foreign-Currency IDR affirmed at…

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