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DMBs Must Support FG’s Job Creation Efforts -CBN



  • DMBs Must Support FG’s Job Creation Efforts -CBN

The Central Bank of Nigeria (CBN) on Tuesday said the Deposit Money Banks (DMBs) must support the Federal Government in asset creation, the CBN said at the annual banking and finance conference in Abuja.

Mr. Godwin Emefiele, the governor, CBN, who was represented by Deputy Governor, Economic Policy Directorate of CBN, Joseph Nnana, said, DMBs must scale up their operational landscape through capacity building and modern digital skills that are capable of creating jobs for Nigerians.

“We must support the government in creating jobs for the teaming population. That’s why we employ banks to ensure that idle assets, idle liquidity are transferred to asset creation,” Joseph Nnana stated.

“Today, the central bank is calling on the banking system to be alive to its responsibility. We cannot proceed with an economy without banks. Neither can we conceive banks without an economy. The days of arm chair banking, playing in the treasury bills space are right behind us.”

Nnana highlighted some of the apex bank’s recent initiatives, the 60 percent loan to deposit ratio, to emphasise that the central bank is very serious on growth and new job creation.

“As Nigerians, the future of our country is in our hands. And that future must be defined by the banking industry. Without money, we go nowhere; in any economy in the world, with money, we can go places – provided the managers of this money are anxious to do well for the economy. And I know we shall do well for this country,” Nnana added.

Accordingly, Vice President Yemi Osinbajo, who also was a special guest of honour at the event, said the financial services industry must challenge itself to partner with the public sector on job creation and growth stimulation while simultaneously redefining itself to benefit from the nation’s economy and its people, especially with regards to the recently signed African Continental Free Trade Area.

“We must jointly think through how to really lend to the SMEs and the entire real sector; how to deepen capital market and financial mediation; how to partner in developing our mortgage market, what we need to do to deepen consumer credit; lending to agriculture,” he said.

Uche Olowu, president of the Chartered Institute of Bankers of Nigeria, said financial institutions have to reimagine banking in the contest of daily lives, our routines, our needs, our desire and the impact on our future to stay atop of things.

“Consequently, we must embed, finance infrastructure into the nation’s payment system as we put the customer in control and the heart of our business model through democratizing access to data. We must transform financial services by creating value. The scale of change requires a broader and strategic system of structure. Incumbent banks therefore, should step up their strategic responses,” he stated.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Insider Dealing: Paul Miyonmide Gbededo Adds Another 612,326 Shares of Flour Mills to His Stake



Paul Miyonmide Gbededo, the Group Managing Director, Flour Mills of Nigeria Plc bought an additional 612,326 shares of the company.

The management stated this in a disclosure statement sent to the Nigerian Stock Exchange on Monday.

The managing director purchased the shares at N27.75 per share on November 20, 2020 at the Nigerian Stock Exchange in Lagos, Nigeria. Meaning, Gbededo has invested another N16,992,046.5 into the company.

This was in addition to the 3,284,867 shares valued at N91,642,269 and 4,200,852 shares worth N117.62 million purchased by Gbededo earlier in the month of November. Bringing his recent purchases to 8,098,045 million shares worth N226,254,315.5. See the details of the latest transaction below.


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FCMB Reports 16.4 Percent Increase in Profit After Tax in Q3 2020




FCMB Group Plc, one of the leading financial institutions in Nigeria, reported a 16.4 percent increase in profit after tax for the third quarter of the year.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the lender’s profit before tax grew by 10.2 percent year-on-year to N4.8 billion while profit after tax increased by 16.4 percent to N4.2 billion.

FCBMB Group Plc expanded gross earnings by 4.8 percent to N48.3 billion during the period under review. Similarly, the bank’s net interest income rose by 30.03 percent year-on-year to N22.7 billion.

The strong performance continued across the board as net fee and commission income increased by 0.29 percent to N5.2 billion. Net trading income rose by 39.4 percent year-on-year to N1.82 billion.

Personnel expenses dropped by 7.9 percent to N6.9 billion during the quarter while general and administrative expenses declined by 7.52 percent year-on-year to N7.6 billion. Largely due to the COVID-19 lockdown.

Loans and advances to customers rose by 10.8 percent to N793.14 billion between December 2019 and September 2020. Total desposits from customers during the same period grew by 26.7 percent to N1.2 trillion.

The bank’s total assets increased by 22.12 percent to N2.04 trillion.

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Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary



stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”


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