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Business News

Stanbic IBTC, Ecobank, 24 others attract $5.36 billion foreign investments in Q3 

Stanbic IBTC and 25 others attracted foreign investment worth over $5.36 billion as at the end of Third Quarter, 2019.

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Q1 2020, Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up, Non-Performing Loans in Agriculture, construction, others rose to N143.76 billion, Asset seizure: Banks begins recovery of N6.125 trillion borrowed to the oil sector, Customer Experience: GTB, FCMB, Citibank, others emerge best banks in 2019, Nigeria’s top 5 banks spent more than N40 billion on adverts in 2019, Nigerian banks face risky future over low oil prices, coronavirus, Testing the financial strength of Nigerian banks

Stanbic IBTC, Ecobank Nigeria Limited, Standard Chartered Plc, Access Bank Plc, Citi Bank, First Bank and 20 others attracted foreign investment worth over $5.36 billion as at the end of Third Quarter, 2019, report from National Bureau of Statistics obtained by Nairametrics disclosed.

The Nigerian Capital Importation report disclosed that Ecobank Nigeria and the local unit of Standard Chartered Bank joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

 Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank.

Stanbic IBTC Holdings Plc, Stanbic IBTC increases shares to 10.4 billion 

The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.

 Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows.

[READ MORE: Banks’ credit to government decline by N1.4 trillion]

Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; First Bank of Nigeria had $307.94 million.

Sigma Pensions

According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78% to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors’ favourites for investment deals.

Access Bank, Scam Alert: Access Bank issues warning to customers over fraudulent acts , Director, West Africa region, IE, Onyekachi Eke, Access Bank lists N30 billion bonds on NSE , Access Bank, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, A new BVN guideline to curb e-fraud is coming soon - CBN announces 

CEO/Group Managing Director, Access Bank Plc, Herbert Wigwe

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In the capital importation by country of origin, the report also revealed the top 10 highest and lowest countries that invested in Nigeria.

Highlights

Top Ten Highest

  • United Kingdom – $2.01 billion
  • United States – $1.23 billion
  • South Africa – $708.77 million
  • Egypt – $251.10 million
  • Netherlands – $161.12 million
  • Mauritius – $154.91 million
  • France – $148.32 million
  • Singapore – $140.16 million
  • Belgium – $108.76 million
  • UAE – $78.20 million

[READ ALSO: GTBank, Access, Zenith make world’s 100 social media savvy banks]

First Bank

Stanbic 728 x 90

Top 10 lowest 

  • Israel – $0.00
  • Indonesia – $0.01 million
  • Philippines – $0.01 million
  • Poland – $0.02 million
  • Saudi Arabia – $0.05 million
  • Kenya – $0.07 million
  • Taiwan – $0.10 million
  • Seychelles – $0.10 million
  • Denmark – $0.11 million
  • Australia – $0.13 million

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Macro-Economic News

BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

 

More details shortly…

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Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

Sigma Pensions

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

Stanbic 728 x 90

The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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