Standard Chartered Bank boosts growth in Nigeria with new branch in Lagos

As part of effort at boosting its growth in the Nigeria banking industry, Standard Chartered Bank Nigeria has officially opened its new branch located in Apapa, Lagos.

CBN approves Merchant banking license for FSDH, FirstRand Bank

The Central Bank of Nigeria (CBN) has issued merchant banking licences to South Africa’s FirstRand Bank and Nigeria’s First Securities Discount House Limited (FSDH), in a move that signals the commencement of merchant banking in Nigeria after regulatory distinction between merchant and commercial banking was axed by the CBN 12 years ago.
The two banks are expected to commence operation by 2013.

FBN Capital confab ties Nigeria’s double-digit growth to investment in power

Stakeholders comprising Panelists at the just concluded second annual investor conference organized by FBN Capital have unanimously submitted that if Nigeria is to achieve the double-digit growth and join the ranks of the BRICS (Brazil, Russia, India And China) and CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey, South Africa), the country has to overhaul its power sector.

UBA migrates to mono-line commercial banking structure, holds EGM

United Bank for Africa (UBA) Plc, has secured the approval of the Securities and Exchange Commission (SEC) to operate as a commercial bank. Subsequently, a court ordered meeting has been scheduled to hold on December 13, 2012 to obtain the approval of shareholders for the restructuring.

AfDB to manage portion of Africa’s $500bn foreign reserves

A part of the $500 billion foreign reserves, being locked away in the vaults of some Western  and Asian countries by African countries, may from next year, be administered by the management of the African Development Bank (AfDB).

Naira hits 3-week high on offshore dollar sales

The Naira  hit a three week high against the U.S. dollar yesterday at the interbank market, on the impact of support by low demand for hard currency and dollar inflows from foreign banks.