Category Archives: Finance

Stanbic IBTC declares N10.1b first half dividend

The board of directors of Stanbic IBTC Holdings Plc has recommended 66.7 per cent increase in interim dividend payout as the financial services holding company grew net profit by 79 per cent to N43.08 billion in the first half of 2018.

The board of directors yesterday indicated that shareholders will receive N10.11 billion as interim dividend for the first half of 2018, representing interim dividend per share of N1 as against 60 kobo paid for the corresponding period of 2017.

Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

Wema Bank unveils hospital management solution system

Wema Bank Plc has launched a comprehensive Hospital Management Solution System. The solution was designed to enhance day-to-day operations of hospitals in Nigeria by digitizing core administrative processes and patient data management in medical centres.

The Hospital Management Solution System is a one stop-shop single technology platform that enables patients make payment (cash or card) at various cash points. It improves the daily operations of hospitals and medical centres by providing a simple, transparent, accountable and integrated solution for better returns for the hospitals and a seamless experience for the patient.

It has the capacity to generate reports such as; accounting, revenue collections/volume, transactions, intelligence report, inventory management reports etc.

FBNQuest Merchant Bank gets Agusto & co ‘A’ rating

A statement made available to The Nation and published on the website of the rating agency, explains that the rating recognises FBNQuest MB’s good capitalisation and good profitability during the period, supported by its acceptable asset quality, investment banking expertise and trading activities.

The statement further said; “The rating assigned to FBNQuest Merchant Bank Limited (‘FBNQuest MB’ or ‘the Bank’) reflects the Bank’s affiliation with FBN Holdings, the non –operating holding company of one of the largest banking and financial services organisations in Africa with an asset base of ₦5.2 trillion ($15.7 billion @ ₦331/$) as at 31 December 2017.”

It added; “FBNQuest MB ranked first on local currency deposits of the five merchant banks operating in Nigeria as at FYE2017, but ranked fourth by total assets and contingents.

Turkish Football Team Sells 18 Players To Buy 10 Goats To Generate More Money

Turkish football team Gulspor has sold 18 youth players and bought 10 goats in a bid to earn ‘extra money from milk sales’ which will be used to serve the club’s priority needs.

The team’s president Kenan Büyükleblebi said that the step to buy goats was dictated by lack of available finance as there is no essential governmental or sponsorship investment for Turkish youth teams performing in lower leagues.

Just like Nigeria, Uganda wants MTN list on stock exchange

Like Nigeria, Uganda has asked the local unit of South African telecoms giant MTN Group to list some of its shares on the local stock exchange. The country has made the listing as a condition for renewing its operating license.

Godfrey Mutabazi, head of telecoms sector regulator Uganda Communications Commission (UCC) said Ugandans should be able to own a stake in the firm which has operated in the country for 20 years.

Stock market investors lose N125billion in three days

For the eighth consecutive time, equity market sustained sliding profile as virtually all the blue chip stocks recorded price depreciation yesterday, as investors lose N125billion in three trading days.

Specifically, the market capitalisation of listed equities dropped by N125billion to N12.803trillion from N12.928trillion at which the market reopened for transactions on Monday.

The All-share index suffered the same fate as it declined from 35,410.61 points to 35,069.34 representing 1.0 per cent loss.Yesterday’s downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Berger Paints, Zenith Bank, Oando, and Airline Services and Logistics.

CBN, NIBSS Set to Bring BVN Enrollment to 774 LGAs

As part of efforts to aggressively accelerate financial inclusion in the country, the Central Bank of Nigeria (CBN), the Nigeria Interbank Settlement System (NIBSS), commercial banks and mobile operators are currently working on modalities to take the Bank Verification Number (BVN) enrolment to the head offices of the 774 Local Government Areas

This is expected to capture the large number of the unbanked population and encourage bring them into the financial system.

EFInA: Mobile money, agent banking acceptance still low

Despite the rapid growth in many emerging markets and the high penetration rate of mobile phones in Nigeria, the uptake and awareness of Mobile Money and Agent Banking have been persistently low, Programme Specialist, Agent Networks at EFInA, Henry Chukwu, has said.

Statistics show that 60.4 per cent of adults in the country have access to mobile phones, but only one per cent use mobile money and 16 per centagent banking, according to the EFInA Access to Financial Services in Nigeria 2016 Survey.

Chukwu, who is an expert in Digital Financial Services (DFS), Inclusive products, Banking, Agent Networks, Project Management, Business Development and Operational Strategies, explained that EFInA is a financial sector development organisation focused on making the financial sector work better for the poor. The body is funded by the Bill and Melinda Gates Foundation and the UK Department for International Development.