Nigeria’s exchange rate still a cause for concern

Nigeria’s exchange rate still a cause for concern

Nigeria’s exchange rate still a cause for concern

Investors are being put off Nigeria because of its erratic foreign exchange policy, but analysts are warning the Central Bank of Nigeria (CBN) still has little room for manoeuvre. Malte Liewerscheidt, politics senior analyst, Africa, Verisk Maplecroft, explained: “An overvalued official exchange rate curbed traders’ appetite, while tight currency controls and lack of liquidity in the forex market meant that…

New links forged between Nigerian and UK risk associations

New links forged between Nigerian and UK risk associations

New links forged between Nigerian and UK risk associations

The Institute of Risk Management (IRM) UK is expanding its reach in Africa, thanks to a new alliance with a Nigerian risk association. Last week, it signed an alliance with the Chartered Institute of Loan and Risk Management (CILRM), Nigeria, signing a group affiliate scheme agreement between the two organisations. IRM claims to be the leading global professional body for…

MTN redundancies: symptom of decline or transformation?

MTN redundancies: symptom of decline or transformation?

MTN redundancies: symptom of decline or transformation?

The removal of 280 employees by MTN Nigeria at the end of April shocked the telecoms market and wider economic community in Nigeria, given MTN’s position as the leading mobile operator in the country (39.73% of the market) and its continous stream of annual revenue. The mobile operator explained the move thus: “Our people are our greatest asset; each individual’s…

Nigerian government sees some success in ongoing war on corruption

Nigerian government sees some success in ongoing war on corruption

Nigerian government sees some success in ongoing war on corruption

The last month has seen some major success for Nigeria’s anti-corruption commission but, as Prince Cookey reports, there are challenges too Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has recovered more than NGN17bn in the past two months, through a whistleblower policy designed to reward persons that leak locations of stolen funds. Ibrahim Magu, acting chairman of…

Ready to bounce back?

Ready to bounce back?

Ready to bounce back?

Nigeria is Africa’s largest economy and has Africa’s largest population, but it has suffered tough times of late. Prince Cookey reports, however, that there are signs of better times ahead With a population of about 182.2 million people, Nigeria is the most populated country in Africa and also accounts for 47% of west Africa’s population. It is also the biggest…

New international risk management alliance for Nigeria

New international risk management alliance for Nigeria

New international risk management alliance for Nigeria

The Institute of Risk Management (IRM), UK has forged an alliance with the Chartered Institute of Loan and Risk Management (CILRM), Nigeria. The IRM said it was delighted to announce that the two groups have signed a group affiliate scheme agreement between the two organisations. IRM has more than 600 members across Africa and active regional groups in Ghana, Kenya…

NGN17bn netted in two months by Nigeria’s anti-corruption commission

NGN17bn netted in two months by Nigeria’s anti-corruption commission

NGN17bn netted in two months by Nigeria’s anti-corruption commission

Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has recovered more than NGN17 billion in the past two months, through a whistleblower policy designed to reward persons that leak locations of stolen funds. Ibrahim Magu, acting chairman of EFCC, put the recoveries in perspective: “Apart from several other recoveries running into several billions of naira, the recent whistleblower…

Law Union & Rock targets 50% premium growth in 2017

Law Union & Rock targets 50% premium growth in 2017

Law Union & Rock targets 50% premium growth in 2017

Law Union & Rock Insurance plans to grow its gross premium by 50% this year, retain 90% of existing customers, grow direct and retail businesses, improve relationships with brokers and achieve an improved credit rating from A- to A+ by GCR of South Africa, according to Jide Orimolade, managing director and CEO. “The second focus of the company is on…

Nigerian banks still vulnerable, warns Fitch

Nigerian banks still vulnerable, warns Fitch

Nigerian banks still vulnerable, warns Fitch

The devaluation of the naira and increasing loan defaults, as well as the lower oil price, are continuing to impact Nigeria’s banking sector. The latest round of results announced by Nigerian banks highlights capital weakness in the sector, with some mid-sized and small banks particularly vulnerable to deteriorating asset quality, according to Fitch Ratings. It warned: “Headline capital adequacy ratios…

Agriculture to drive African economies

Agriculture to drive African economies

Agriculture to drive African economies

Africa must focus on agriculture to drive growth and create jobs on the continent, according to Akinwumi Adesina, president of the African Development Bank (AfDB). Speaking at the Mo Ibrahim Forum in Morocco over the weekend, Mr Adesina said Nigerian billionaire businessman Aliko Dangote may become the largest exporter of rice in the world by 2021. A tripartite agreement put…

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