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Zenith, FBN, GTbank, Access, UBA, Diamond among Top 1000 Global Banks

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Zenith Bank - Investors King
  • Zenith, FBN, GTbank, Access, UBA, Diamond Among Top 1000 Global Banks

Six Nigerian banks which included Zenith Plc, FirstBank Nigeria Limited, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc and Diamond Bank Plc were ranked among The Banker Magazine’s Top 25 Banks in Africa that was released last night, in the magazine’s 2017 1000 Global Banks’ ranking.

According to the ranking, Zenith Bank was placed first in Nigeria and 10th in Africa. The bank was also ranked as the 430th bank in the world.

Zenith Bank was closely followed by FirstBank as the second largest bank in Nigeria, 12th in Africa and 567th in the world. GTBank was ranked the third in Nigeria, 13th in Africa and 588th in the world.

Access Bank occupied the fourth position and was ranked 14th in Africa and 628th in the world, while UBA was placed fifth in Nigeria, 22nd in Africa and 832 in the global ranking.

Diamond Bank was ranked sixth in Nigeria, 24th in Africa and 881 in the world.

According to The Banker, Africa’s leading economies faced adverse conditions over the 2016 review period, as low commodity prices continue to shake the continent’s growth trajectory.

They pointed out that dealing with a shortage of foreign exchange, heightened political risk and volatile currencies, the performances of some regional lenders have suffered.

“Yet, as the rankings demonstrate, this is not a one-dimensional story.

In some cases, African lenders have improved on their positions in the Top 1000 ranking, helped in part by prudent growth strategies and diversified business models,” the report added.

South Africa’s Standard Bank Group once again topped the regional table with $8.6 billion in Tier 1 capital. This represented a 15 per cent increase from the 2016 ranking, accompanied by a notable jump in the global table from 160 to 149.

Rounding out the top three positions were fellow South African lenders FirstRand and Nedbank, second and third, respectively, according to the report.

“Outside the top three banks, which have remained static in the regional table, some notable movements have occurred. Of particular note is National Bank of Egypt’s climb to fifth place with $3.2bn in Tier 1 capital. “This puts the bank at number 301 in the global ranking, up from 366 in the last year’s rankings. Nigeria’s Zenith Bank has fallen from seventh place last year to 10th in the 2017 Africa table. This follows a 25% fall in the bank’s Tier 1 capital, largely attributable to the poor performance of the naira over the review period.

“Indeed, every Nigerian lender in the 2017 ranking experienced a significant reduction in Tier 1 capital,” it stated.

Africa’s highest movers table was dominated by lenders from South Africa.

In total, four banks made the top 10 in 2017, pointing to the strengthening of the rand in the latter half of the review period as well as the diversified, sophisticated business models over which these banks preside.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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