ICYMI: Weekly roundup of major news from Nigeria’s Financial Sector


This is a roundup of the major news in the Nigerian Financial Sector for the week ended June 30th 2017

1. Omoluabi Mortgage Bank plans expansion

Omoluabi Mortgage Bank has expressed its determination to transform from a state-based bank to a national mortgage bank, with a plan to expand to all parts of the country in its bid on becoming one of the leading players in the sub sector. Punch Ng

2. NAICOM approves Linkage Assurance, STI’s accounts

The National Insurance Commission (NAICOM) has approved the 2016 financial account of Linkage Assurance Plc as well as that of Sovereign Trust Insurance Plc. With the approval, both underwriting firms have been certified to have met the regulatory requirements including International Financial Reporting Standards (IFRS) to enable them move a step further in their operation. New telegraph

3. BOI to source N1trn for single digit lending to SMEs

The Bank of Industry (BOI) is shopping for additional lending fund to the tune of N1 trillion within the next two years to deepen its lending intervention to Small and Medium Enterprises (SMEs) in the country. New Telegraph

4. Ecobank may issue 6.7b shares for $400m convertible bond

Ecobank Transnational Incorporated (ETI) Plc, the pan-African financial services holding company for the Ecobank group, may issue about 6.7 billion ordinary shares under a $400 million convertible bond issue being planned by the company. The Nation

5. Coronation to float IPO for N400m fixed income fund

Coronation Asset Management Limited, the asset management arm of Coronation Merchant Bank Limited, has received regulatory approval to float an initial public offering (IPO) to raise N400 million for a new mutual fund. The Nation

6. Sterling Bank Promotes 457 Staff

Sterling Bank Plc has announced the appointment of Temi Dalley, as its Chief Human Resource Officer, just as the bank announced the promotion of 457 employees across all cadre to the next grade level. In a statement, the bank explained that the promotion became effective June 1, 2017. ThisDay

7. S’African banks target Nigerian firms, visit NSE

Investment bankers in South Africa have indicated their interest in partnering companies in Nigeria, and have chosen to visit the Nigerian Stock Exchange in that respect. This is coming as the bankers commended the Lagos Business School for hosting the International Executive Development Programme for the Banking Sector and Training Authority, held in Lagos. Punch Ng

8. PwC Nigeria admits six new partners

PwC Nigeria has announced the admission of six professionals into its partnership, effective July 1, 2017. The new partners are Jide Adeola, Chidi Ojechi and Dele Oladipo of the firm’s Assurance practice, while Moshood Olajide, Kenneth Erikume and Chijioke Uwaegbute were admitted into the Tax and Regulatory services practice. Punch Ng

9. Digital banking key to financial inclusion in Nigeria – Agbaje

Managing Director/ CEO, Guaranty Trust Bank Plc, Mr. Segun Agbaje, has stated that Nigeria’s economy may be in a difficult period, but with digitalization at the core of the national banking strategy, financial inclusion has been given room to grow. Vanguard Ng

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