The Nation Newspaper

Category: Money

  • CBN raises N195b in T-Bills as yields rise

    CBN raises N195b in T-Bills as yields rise

    The Central Bank of Nigeria (CBN) at the weekend raised N195.56 billion worth of treasury bills with maturities ranging between three months and one year. The yields for the instrument also rose last week.

    The CBN sold N33.87 billion in three-month treasury bills at 11 per cent, compared with 9.99 per cent at the November 19 auction. A total of N51.30 billion worth of the six- month bill was sold at 13.84 per cent, against 10.8 per cent previously.

    In the one year tenor bill, the bank sold N110.39 billion worth at 15.99 per cent, compared with 12.48 per cent at the last auction.

    The investors in government securities are mainly pension funds and commercial banks which control more than 60 per cent of the market, followed by insurance funds and a few micro-finance institutions.

    Meanwhile, the naira depreciated 3.5 per cent against the dollar in the Inter-bank and has lost 16.7 per cent of its value year-to-date on December 17. Strong dollar demand, driven by importers, repatriation of profits, and speculation (given the uncertainty of the managed exchange rate regime) continue to undermine the naira.

    The currency closed at N187.10 to the dollar, even as the twice-weekly CBN’s Retail Dutch Auction System (RDAS) continues to be influenced by the new CBN’s mid-point of N168 plus or minus five per cent.

    The CBN sold $200.0 on 17 December at N168.00, just as the naira continues to remain under pressure due to falling oil prices, lower foreign exchange reserves, and robust import demand.

    Currencies analyst at Ecobank Nigeria, Olakunle Ezun, said the outlook for the naira is significantly at risk from further oil price weakening, along with election-related spending pushing liquidity above target.

    “If CBN can manage liquidity successfully until February 2015 election, and also bridge the supply gap, interbank naira will continue to trade between N179 to N180. Otherwise, it might trade between N185 to N187,” he said.

  • Equities break downtrend with N115b gain

    After eight consecutive days of depreciation, Nigerian equities rode on the back of renewed bargain-hunting to halt the bears advance and regain N115 billion out of more than N1 trillion that had been lost in recent days.

    With most equities now trading at their lowest prices in the past two years, investors scouting for high-yield stocks pushed the bears back. However, the market remained on a cautious note with pervasive bearishness. There were 28 losers to 24 gainers.

    The recovery at the stock market was boosted largely by increased demand for high-cap stocks as investors sought to lock in funds into blue chips with good fundamentals.

    Aggregate market value of all quoted equities rose from its low of N9.562 trillion to close at N9.677 trillion, indicating an increase of N115 billion. The All Share Index (ASI), which tracks prices of all quoted equities on the Nigerian Stock Exchange (NSE), rose from 28,961.67 points to close at 29,311.25 points. The gain yesterday moderated the average year-to-date return at the NSE to -29.1 per cent.

    Nestle Nigeria led the bullish rally with a gain of N38.53 to close at N809.14. Nigerian Breweries followed with a gain of N8 to close at N140. Lafarge Africa rose by N4.82 to close at N71.32. Guinness Nigeria added N4.01 to close at N119.01. Forte Oil chalked up N3.66 to close at N208.99. Stanbic IBTC Holdings garnered N1.30 to close at N28.38. Guaranty Trust Bank rose by 60 kobo to N21. Cement Company of Northern Nigeria gained 44 kobo to close at N9.25 while FBN Holdings and National Salt Company of Nigeria rose by 20 kobo each to close at N7.99 and N6 respectively.

    Turnover was on the average with the exchange of 302.41 million shares valued at N3.70 billion in 5,203 deals. Financial services sector accounted for 235.42 million shares worth N1.47 billion in 3,022 deals. FCMB Group was the most active stock with a turnover of 42.81 million shares valued at N117.71 million in 49 deals. FBN Holdings placed second on the activity chart with 36.17 million shares worth N288.14 million in 703 deals. Transnational Corporation of Nigeria (Transcorp) followed with 29.17 million shares valued at N78.36 million in 332 deals.

    On the downside, Seplat Petroleum Development Company continued its slide with a loss of N13.31 to close at N252.93. Conoil followed with a drop of N4.79 to close at N44.44. UAC of Nigeria dropped by N1.80 to close at N34.30 while Presco lost N1.11 to close at N22.

    Analysts at Afrinvest said despite the optimistic trading in the market, weak macroeconomic fundamentals as depicted by the bearish oil market and a depreciating Naira raise the question of whether the gain is a one-off.

    “We anticipate that the market will trade soft in the sessions ahead, hence, we continue to advice cautious trading,” Afrinvest stated in a post-market note.

  • UBA Capital changes name to United Capital

    UBA Capital changes name to United Capital

    •NSE reviews market indices amidst decline

    Shareholders of UBA Capital Plc yesterday approve the change in the name of the company to United Capital Plc, paving the way for the investment banking and capital markets group to conclude the process of name change.

    At an extraordinary general meeting held in Lagos, directors and shareholders of the company approved the change in the name.

    Speaking at the meeting, chairman, UBA Capital, Mr. Chika Mordi said UBA Capital has a proud heritage as one of Africa’s leading financial services companies.

    According to him, the group would build on its heritage and use its new brand identity as a catalyst to create greater values.

    “The new name reflects our shared determination to transform the continent’s financial sector, delivering exceptional value to both our shareholders and customers,” Mordi said.

    UBA Capital was until recently a member of the United Bank for Africa (UBA) Group. It was spun off and its shares distributed to existing shareholders of UBA in compliance with the new banking regime that requires banks to form holding company structure to hold non-core commercial banking subsidiaries or divest from such businesses. It was subsequently listed on the Nigerian Stock Exchange (NSE).

    UBA Capital offers four services including investment banking, asset management, trusteeship and securities. In 2013, it was named the Best African Investment Bank at the Africa Investor Awards.

    Meanwhile, the Nigerian Stock Exchange (NSE) is rounding off year-end review of its key group and sectoral indices. These included the NSE 30 Index, NSE 50 Index and the five sectoral indices- the NSE Banking Index, the NSE Consumer Goods Index, the NSE Oil & Gas Index, NSE Industrial Goods Index and the NSE Insurance Index. The composition of these indices after the review will be effective on January 1, 2015. The review will witness the entry of some major companies and exit of others.

    Major highlights of the review included the replacement of five companies in the NSE 30 Index. Fidelity Bank, FCMB Group, Total Nigeria Plc, GlaxoSmithKline Consumer Nigeria and Ashaka Cement Plc are being replaced by Seven-Up Bottling Company, Seplat Petroleum Development Company, Unity Bank, Sterling Bank and Mobil Oil Nigeria Plc. The NSE 30 Index tracks the 30 most capitalised companies on the NSE and largely controls the overall market situation.

    The NSE-30, NSE-50 and NSE Industrial Indices are modified market capitalization index with the numbers of included stocks fixed at 30, 50 and 10, respectively. The numbers of included stocks in the NSE-Consumer Goods, Banking, Insurance and Oil/Gas Indices are 15, 10, 15 and 7, respectively.

  • FRC to begin audit quality inspection of banks

    FRC to begin audit quality inspection of banks

    The Financial Reporting Council of Nigeria (FRCN) will in the first quarter of next year, begins audit quality  of banks, its Chief Executive Officer, Jim Obazee, has said.

    Obazee, who spoke at the weekend during a three-day media retreat in Lagos, said the time had come to hold auditors more accountable for their works.

    He said the Council would pay more attention to the quality of work done by audit firms and their executives for quoted and non-quoted companies, particularly those considered as being of national importance.

    Speaking on the theme: ‘Financial reporting regulation: Issues and challenges,’ Obazee said auditing standards are high-profile issues in the light of recent events globally, and national surprises.

    “Auditing standards are a high-profile issue in the light of recent events globally and obvious national surprises. Auditors play a crucial role in ensuring that financial statements can be relied upon by users.

    “Given current international trends and the critical role that auditors have, it seems desirable to embrace some degree of changes being considered internationally, might be required in the Nigerian space,” he said.

    The FRC helmsman, said he wants professionals to be more careful while doing their jobs, as they risk personal liability for misbehavior.

    He explained that in line with the FRC enabling Act, where an audit firm qualifies a report, it must be accompanied “with detailed explanations for such qualifications within 30 days from the date of such qualification. Such reports shall not be announced to the public until all accounting issues relating to the reports are resolved by the Council”.

    Obazee said the FRC’s bid to undertake audit of  banks was in line with the desire of the body to become a member of the International Forum of Independent Audit Regulators (IFIAR), explaining that this will be a booster to the capacity of the Council to monitor audit quality.

    He said: “The first phase of the adoption of International Financial Reporting Standards in Nigeria, has started producing enhanced perception for Nigeria, adding that the FRC is currently carrying out IFRS readiness test for entities in the second phase- (Other Public Interest entities including Not-for-Profit Organisations)”.

    Obazee explained that part of FRC’s role in this year, would be to carry out audit quality inspection in banks and other publicly quoted companies, stressing that there is urgent need to check what the internal auditors are doing at all times.

    “We are to look at who is checking the checker (internal auditors). This will be done through the external auditors, but there are international audit control rules that will be followed,” he said.

    He explained that the FRC is a unified independent regulatory body for accounting, auditing, actuarial, valuation and corporate governance practices in both the public and private sectors of the Nigerian economy.

    He said the body will address institutional weaknesses in regulation, compliance and enforcement of standards, as well as the development of robust arrangements for monitoring and enforcing compliance with financial reporting standards in the country.

    He said the implementation of the FRC Act was expected to lead to increased management credibility, more long-term investments, lower cost of capital, improved access to new capital and higher share values.

    “For investors and lenders, better disclosure provides more relevant information for making sound investment decisions and risk assessment respectively. This is especially so because merchants do not have a country,” he said.

    He said the National Code of Corporate Governance will be operational in the first quarter of 2015, adding that this will  strengthen the compliance with Section 44 (3) of the FRC Act, and enhance the inflow of Foreign Direct Investment and arouse greater interest from local investors.

    He said the required platform for the implementation of internal systems/Information systems control with independent attestation, in accordance with Section 7 of the FRC Act, shall also be laid.

    “We are also confident that the much awaited IFRS Academy shall at the last commence its operation. The implementation of the International Public Sector Accounting Standards (IPSAS) by Governmental Funds shall be a priority,” he said.

  • Sterling Bank targets 700 ATMs by year-end

    Sterling Bank targets 700 ATMs by year-end

    Sterling Bank is planning to increase its Auto-mated Teller Machines (ATMs) from 585 units to 700 by year-end.

    In a statement, the bank said it is taking the decision to ensure ease of transaction by customers in the coming year, and also cushion the effect of the perceived reintroduction of the ATM charge of N65 on Remote-on-Us Automated Teller Machine (ATM) transactions on its customers.

    Besides, the bank said that it would start the 2015 financial year with 5,000 Point of Sales (POS) terminals.

    The bank said it is increasing the ATMs galleries in response to its customers requests nationwide.  It said the ATMs will be located in strategic places, while a robust infrastructure to support the expansion has also been put in place.

    Remote-on-Us transaction occurs when a cardholder goes to the ATM of a bank other than his or her own bank to make a withdrawal. The cardholder will be charged N65 after making three withdrawals from such ATMs within a given month. The bank where his or her account is domiciled will be responsible for the payment of the charge of N65 for the first three withdrawals from another bank’s ATM.

    The Group Head, Strategy & Communications, Shina Atilola, said that Sterling Bank has commenced aggressive roll out of ATMs nationwide.

    “We have almost doubled our ATM count between December last year and September 2014. We started the year with 300 ATMs, but aimed to close the year with about 700. This would involve additional deployments at existing locations, partner locations and ATM galleries.”

    He noted that beyond cash withdrawals, customers could confirm their account balances, do transfers (inter and intra bank), pay bills such as electricity and DSTV and buy airtime at the Bank’s ATMs.

    “As a financial institution poised to enrich lives, Sterling Bank will continue to maintain high quality ATM services by supporting the inter-operability of the payment system in the country. We will continue to deploy more ATMs to promote the cashless policy of the CBN and ensure that our customers are provided with enough platforms to transact their financial transactions,” he stressed.

  • Banks’ ranking in MSMEs’ financing

    Banks’ ranking in MSMEs’ financing

    Many banks are not lending to the Micro, Small and Medium Enterprises (MSMEs’) sector because of poor margins and risks involved. Some banks are, however, taking lending to the subsector seriously now. A survey by KPMG Nigeria and Enterprise Development Centre of the Pan Atlantic University, says FirstBank, GTBank and United Bank for Africa are keading lenders to MSMEs for both deposit transaction and lending, writes COLLINS NWEZE.

    Globally, access to finance is a critical factor in the growth and development of the Micro, Small and Medium Enterprises (MSMEs’) sector. This has prompted many banks to make lending to the subsector a priority.

    The Central Bank of Nigeria (CBN) is also encouraging banks to lend to the sector, prompting it to earmark N220 billion to it.

    The role of MSME in economic development prompted KPMG Nigeria and Enterprise Development Centre of Pan Atlantic University to conduct a survey that highlighted banks’ performance in the subsector.

    Partner and Head, Management Consulting at KPMG Nigeria, Bisi Lamikanra, said the survey which polled over 3,000 entrepreneurs, 18 banks and government/multilateral agencies reflects both the SMEs and banks’ perspectives on the primary issues affecting the growth of this critical sector. The survey, conducted between November last year and March this year highlighted key roles of banks in the sector.

    For the survey, this simple question was asked: Which bank(s) do you carry out transactions with?

    Thirty-six per cent of the respondents picked FirstBank; 22 per cent picked GTBank; 19 per cent went for United Bank for Africa; 18 per cent chose Ecobank; 15 per cent picked Diamond Bank while 14 per cent went for Access Bank.

    When the respondents were asked: Which bank(s) do you now or have in past obtained a loan? They responded in this order. Twenty- six per cent of the respondents said they obtained their loans from FirstBank; 10 per cent said they got theirs from United Bank for Africa; Ecobank got 10 per cent; GTBank eight per cent; Diamond got seven per cent while Zenith got seven per cent.

    Director, Enterprise Development Centre, Pan-Atlantic University, Peter Bamkole, said the finding suggests that there is scope for banks to improve on their relationships with MSMEs, particularly on deepening their understanding of the various segments/sub-segments.

    He explained that in terms of ease of doing business, the study revealed that about 50 per cent of MSMEs do not find it easy to access relevant services from their banks. This could be due to banks not having specialised MSME relationship managers at branches, preferring to rely on retail relationship managers to serve MSMEs.

    He said: “The survey revealed that only about five Nigerian banks have SME business managers in their branches, however, focusing largely on financial targets (revenue, deposits and loans), instead of developing products that address the needs of MSMEs.

    “Among alternate sources of funds for MSMEs, Development Financial Institutions (DFIs) are not necessarily preferred by the MSMEs. The study also revealed that only two per cent of MSMEs have obtained loans from a development bank such as NEXIM, Bank of Industry, Bank of Agriculture among others either directly or through some other bank.”

     

    Govt’s role

    The government and banks brainstorm on initiatives which will encourage banks to lend to this segment. Banks, therefore, need to intensify their engagement with the government to improve the business environment necessary for facilitating bank lending to the MSMEs.

    One government initiative that could be beneficial to banks and the MSME segment is its participation in risk sharing facilities.

    Bamkole said Nigeria must support the sector if she intends to be one of the top 20 economies of the world by 2020, according to Vision 20:2020, the nation’s economic blueprint. However, the development of MSMEs in Nigeria and their contributions to the economy are hampered by the fact that access to finance still constitutes a major obstacle to growth.

    He explained that for over a decade, the firm had been supporting SMEs, adding that access to finance is critical to SMEs’ success and that it has evoked passion, debate and in extreme cases, frustration.

    He said: “Of the six broad constraints that limit the growth of SMEs in Nigeria, lack of access to finance has drawn more venom especially from SMEs than any other.”

    He said the majority of the financial institutions claim that lending to SMEs is risky and that some of these SMEs are not ready for the rigours that go with access to finance. According to him, while it may be fair to acknowledge that this position is somehow true, from the lens of an enterprise development agent, this is an opportunity in waiting.

    He asked: “Why is there no concerted effort to de-risk the sector? Why are the financial institutions constantly introducing banking products and outpacing each other in branding their institution as SME focused bank rather than understanding the SMEs and deepening their absorptive capacity to access capital? Why are we not coming up with policies that favour those supporting the sector?

    Analysts say over the years, traditional sources of financing for MSMEs have revolved around personal savings, loans from friends and family, and other informal sources.

    This scenario presents a conundrum as the impact of these sources of funding altogether represents only a fraction of the available potential when banks and the government become major contributors of MSMEs financing.

     

    SMEs in Nigeria

    FirstBank of Nigeria Limited has reiterated its commitment to providing cheap and long-term funding for the subsector.

    Its Executive Director, Retail Banking South, Mr. Gbenga Shobo, said SMEs remain the engine of growth for the economy creating millions of jobs for the population. He, however, reiterated the need to create successful SMEs that would help the economy achieve its full potential.

    He spoke during the bank’s maiden edition of its SME Conference titled: “SMEConnect”.

    He said: “Definitely, there is a lot of large buzzword right now as a lot of banks are saying they want to do SMEs finance. But we have been relatively successful in financing SMEs. A recent survey showed that FirstBank, more than double than any other bank, had given SMEs finance in the last four years.”

    Shobo said SMEs in Nigeria have to grow; because that is the only way the economy can grow because the subsector is the key driver of any economy. “So, it must grow and that is why we are doing the national conference and after that, we are going to have regional conferences. After that, we are going to have industry specific conferences to make sure that we take the SMEs to another level,” he said.

    He said experience in SMEs financing is what separates the lender from others.“We have the most SMEs; we have had them for a long time; we understand their needs better than anybody else and clearly that informed the way we approach them. The SMEs, most other banks don’t even focus on them. We have relationship managers who focused on them. We have products that support SME operators that do not have collateral, which a lot of other banks don’t have. I think what we haven’t done well in the past is the capacity building and that is where we want to focus on now. As I said earlier, we like double the other banks in terms of support to SMEs,” he said.

    He said the bank listens to SMEs to know their problems and address them. “We are the number one SMEs’ bank in Nigeria, but we do not want to stop there. We want to create value for our SMEs. In listening to them, survey and focus discussions and all that, we found out that capacity is a big problem. When I say capacity, I mean being able to develop proposals which banks can finance or, indeed, which anybody can put money to finance for them. A lot of people have dreams on what they like to do, but how do I actualise those dreams? You find out that a lot of SMEs cannot do that successfully. That is one,” he said.

     

    CBN policy on SMEs

    The CBN has set up guidelines for the management of the N220 billion MSMEs fund it launched last year to support SMEs’ financing. The CBN said the fund will be managed by a Special Purpose Vehicle (SPV) while it will commence the management of the fund pending the establishment/appointment of the SPV or Managing Agent (MA).

    It said a large number of un-served and under-served clients are in the MSME sub-sector, stressing that to address the funding requirements of this critical segment of the economy, 80:20 ratio for on-lending to micro enterprises and SMEs has been designed.

    The CBN said women’s access to financial services should increase by 15 per cent yearly to eliminate gender disparity. It also said to achieve this, 60 per cent, that is, N132 billion of the fund, had been earmarked for providing financial services to women.

    The regulator said in operating the fund, special consideration would be given to institutions that will provide financial services to graduates of the Central Bank of Nigeria’s Entrepreneurship Development Centres (EDCs).

    Also, the Senior Manager at KPMG Nigeria, Adetorera Banjo, said the survey, with theme: ‘Strengthening access to finance for Micro, Small and Medium Enterprises (MSMEs) in Nigeria’, identified the three top challenges facing MSMEs as: non- conducive enabling environment (80 per cent), inconsistent government policies (56 per cent) and lack of access to finance/ capital (45 per cent).

    Besides poor infrastructure and financing constraints, taxation, corruption and regulatory bottlenecks are other issues that impede growth in the MSME segment. For instance, India imposes indirect taxes on transit of goods from one state to the other within the country; the government has made effort to introduce a uniform pan-India tax on goods and services long bureaucracy and political compulsions have not let that happen so far.

    Many of these problems are faced by MSMEs in developed economies as well, albeit in different order of severity than their emerging markets counterparts. These challenges also vary by region, sector and size of the firm.

     

     

  • AfDB to invest $12.7m in private equity firm

    The Board of Directors of the African Development Bank (AfDB) has approved a $12.73 million equity investment in the African compartment of the Moringa Private Equity Fund.

    Moringa will invest in scalable, replicable agroforestry projects in Sub-Saharan Africa and Latin America. The Fund will invest in projects that combine plantation forestry (producing biomass, fuel wood, or timber) with agricultural elements (producing staple food crops for local markets and/or niche export crops) to capture most of the value chain.

    The Fund will also be associated with a grant-based Technical Assistance Facility.

    Sponsored by La Compagnie Benjamin de Rothschild (CBR), and ONF International (ONFI), the international subsidiary of the French Office National des Forêts, the Fund will benefit from CBR back-office and investment platform, while ONFI contributes agroforestry technical expertise and regional presence in the Fund’s targeted geographies.

    The Moringa investment strategy is well aligned with the African Development Bank’s Ten-Year Strategy (2013 to 2022), focusing on inclusive green growth as the pathway to sustainable development and creating broad-based prosperity, as well as the Bank’s Climate Change Action Plan, which aims to make investments to reduce the continent’s vulnerability to climate change.

    This strategic fit will allow the bank to provide a significant boost to Moringa’s operations via its high public profile, sector expertise and network across the African continent.

    Agroforestry generates a strong and diversified platform for the development of forestry sector businesses, whilst also paying attention to the need for agricultural production. Smallholders benefit from an income diversification supported by an investor with a long time horizon.

    The Fund will drive better land management, higher and more sustainable income for local populations, and a positive environmental impact on carbon storage, soil/water management and biodiversity. By investing in sustainable agroforestry solutions, the Fund will assist Governments in meeting their adaptation and mitigation targets.

    The AfDB will provide an equity investment of up to $12.73 million to an African-based vehicle, which has been established for investments located in Sub-Saharan Africa.

    The bank’s investment brings its total commitments to Moringa to  about $85 million and, as the first investor from the continent, it provides further validation of the fund’s African strategy and prospects as the fund enters the final fundraising phase.

  • PwC faults bill seeking compulsory listing on NSE

    A Bill known as Private Companies Conversion and Listing Bill, 2013 is undergoing legislative proceedings at the National Assembly, Head of Tax at PricewaterhouseCoopers (PwC) Nigeria, Taiwo Oyedele, has said.

    In an emailed report, the tax expert said the Bill seeks to compel private companies to convert to public companies by becoming listed on the Nigerian Stock Exchange (NSE). The thresholds for the mandatory conversion are shareholders fund in excess of N40 billion turnover or total assets of N80 billion, he explained.

    He said compelling private companies to list their securities contradicts extant laws such as Section 25 of the Nigerian Investment Promotion Commission Act which states unequivocally that “no person who owns, whether wholly or in part, the capital of any enterprise shall be compelled by law to surrender his interest in the capital to any other person”.

    Oyedele said that on face value, the Bill looks like a good initiative but a careful analysis suggests otherwise. “Nigeria with a Gross Domestic Product of $510 billion is the largest economy in Africa but the country’s capital market with a total capitalisation of about $80 billion is dwarfed by the Johannesburg Stock Exchange with market capitalisation of over $1 trillion as at the end of last year.

    South Africa did not achieve this by forcing private companies to list but rather through impeccable regulatory enforcement. The country is ranked first in the world in terms of regulation of securities exchanges in the World Economic Forum’s Global Competitiveness Survey for 2013 to 2014,” he said.

    He said a private company that meets any of the thresholds must be converted to a public company and be listed on the NSE within 12 months.

    According to the Bill, the conversion is aimed at promoting growth for both the company and the capital market.

  • DMO to sell N65b sovereign bonds Wednesday

    •Ecobank eyes $250m

    The Debt Management Office (DMO) plans to sell N65 billion worth of sovereign bonds  on Wednesday, December 17.

    It said it would sell N10 billion in three-year paper, N30 billion in 10-year paper and N25 billion in 20-year tenor.

    All the bonds are a re-opening of the previously issued paper and the result of the auction is expected to be published a day after the auction.

    Meanwhile, Ecobank Transnational Inc. (ETI) will sell equity in the first quarter of next year as it seeks to meet regulatory capital requirements for its Nigerian unit.

    “The bank is looking at raising something in the neighborhood of $250 million before the end of March by private placement. Basel III liquidity regulations call for “huge capital and we have to meet the requirement,” its Chairman Emmanuel Ikazoboh told Bloomberg.

    The Central Bank of Nigeria (CBN) in August  ordered largest lenders to boost minimum capital ratios to 16 per cent by March, next year compared with a previous benchmark of 11 per cent. The government is preparing to implement Basel III requirements next year and increase the resilience of banks, five years after saving the industry from collapse.

    ETI, which operates in 36 African countries from its base in Lome, Togo, “will increase its issued capital and sell 25 per cent to Nigerian investors to meet the regulatory capital,” Ikazoboh said.

    “Capital adequacy of the bank will rise to over 16 per cent from between 11 and 12 per cent at present,” he added.

  • ANAN College trains 34,626

    ANAN College trains 34,626

    The Nigerian College of Accountancy (NCA), Jos has, since inception in 1984, produced 34,626 post-graduates, who have been inducted into the Association of National Accountants of Nigeria (ANAN) fold.

    ANAN President, Alhaji Sakirudeen Labode, who made this known at the Sixth Convocation of the  institution in Jos, said the college, which is the training arm of the accounting body, awards Post-Graduate Diploma in Accountancy.

    “The college has been waxing stronger growing from 10 students in 1984/1985 session to over 3,000 students in the current year (2013/2014). ‘The college is saddled with the responsibility of training young professional accountants with modern learning /teaching techniques,’’ Labode said.

    He said the council has decided to decentralise the college’s part-time programme in view of the security challenges in the country.

    Labode said the modalities for operating the centres were for ‘matured’ programme only.

    “We are looking forward to the state governments partnering with ANAN and state branches of the association providing adequate facilities suitable for matured programme. Where none of the above exists, individuals with sufficient capacity in terms of lecture and administrative accommodation and human resources can venture into it,’’ the ANAN president said.

    Labode said the college has a modern French Language lab and that its efforts had started yielding the desired dividends as both staff and students could communicate in French Language.