NIGERIA NEWSPAPERS: TODAY'S THE BUSINESSDAY NEWSPAPER HEADLINES [17 MAY, 2018]


Below are the headlines found on The Businessday Online Newspaper for today, Thursday, 17 May, 2018.

Thu, 17 May 2018
The latest global bank rankings report from S&P Global Market Intelligence found that South African and Egyptian banks dominated the list of largest banks in Africa in 2017, accounting for (7) of the 30 largest banks in the Middle East and Africa region, collectively reporting N668.18 billion in assets at the end of 2017.
The ‘Big Four’ South African banks Standard Bank Group (ranked 3rd on the list), First Rand (4th), Barclays Africa Group (9th) and NedBank Group (13th), remained as the top four banks in Africa by assets year-over-year, posting a combined $454.11 billion in assets.
This is up since last year’s ranking, with the banks benefitting from strengthening Rand against the US dollar.
National Bank of Egypt (ranked 14th) with assets of $75.3 billion, Attijariwata Bank of Morocco (23rd) with assets of $50.9 billion, Investec Ltd of South Africa (27th) with assets of $44.42 billion and Banque Misr SAE of Egypt (28th) with assets of $43.4 billion, round off the African Banks on the top 30 list.
The top five Nigerian Banks by total assets at the end of 2017 were Zenith Bank $15.5 billion (N5.59 trillion), FBN Holdings $14.54 billion (N5.23 trillion), Access Bank $11.394 billion (N4.102 trillion), UBA $11.3 billion (N4.06 trillion) and Guaranty Trust Bank $9.3 billion (N3.51 trillion).
Following the 2016 recession, Nigerian banks’ loan books contracted 15.4 percent in 2017, according to data from ratings firm Moody’s.
Major devaluations in 2015 (move from $1/NGN160 to $1/N199), 2016 (CBN move to $1/N282) and 2017 (I & E window), has also negatively impacted the value of the Nigerian banks assets in dollar terms.
“As bank profitability improves in terms of return on average equity, we expect banks to move away from cost-cutting and towards sustainable growth. In this low rate environment, growing the balance sheet can be an effective way to generate earnings. Moreover, as interest rates rise, we can expect a boost to bottom line earnings and this bodes well for future growth prospects within the banking sector,” said JP O’Sullivan, Managing Director of Financial Institutions at S&P Global Market Intelligence.
Looking at all banks in the top 30 list , Qatar National Bank is the largest bank by assets in Africa and the Middle East for the third consecutive year, according to the S&P Global Market Intelligence ranking.
The Qatari lender reported $229.01 billion in assets at the end of March 2018, $46.89 billion more than UAE-based First Abu Dhabi Bank, which placed second.
The strengthening of the Israeli shekel against the U.S. dollar helped Israel’s Bank Hapoalim BM and Bank Leumi le-Israel BM climb to the fourth and fifth spots in the ranking, respectively.
The banks would have ranked seventh and eighth if the shekel had remained flat against the dollar over the last year.
Another Israeli bank, Mizrahi Tefahot Bank Ltd., jumped four spots to 12th position as its assets grew to $81.12 billion.
The company’s assets were adjusted higher to account for the pending acquisition of Union Bank of Israel, which had $12.07 billion in assets at the end of 2017.
In the global rankings the U.S. had the next highest number with 11 banks holding $12.196 trillion in assets.

Thu, 17 May 2018
John Oyegun, National Chairman of the ruling All Progressives Congress, APC will not contest for second term again. Business Day has reliably learnt.
Oyegun who was obviously interested in seeking re-lection as APC National Chairman has since the inauguration of the Governor Abubakar Badaru convention committee developed cold feet towards the contest.
A reliable source close to the National Chairman who did not want his name to be mentioned told Business Day that due to certain developments in the party ahead of the convention, Oyegun chose to honourably and quietly withdraw from the race.
According to the source, Oyegun’s decision is not unconnected with the endorsement of Adams Oshiomhole by President Muhammadu Buhari, APC Governors led by Imo State Governor, Rochas Okorocha and legislators.
“As Buhari and all the Governors, members of the National Assembly and all who matter are backing Oshiomhole, Oyegun doesn’t want to waste his time. He knows he won’t get it even if he contests,” the source stated.
Meanwhile, Oshiomhole has been endorsed by the APC caucus in the House of Representatives as the APC National Chairman.
The endorsement took place after the former governor of Edo state met the federal lawmakers in Abuja on Tuesday.
Majority leader of the House of Representatives, Femi Gbajabiamila told journalists after the meeting, that “the lawmakers will queue behind Oshiomhole in his quest to emerge as the party’s national chairman.”
This is coming less than a Week after Oshiomhole declared for the position of APC National Chairman with assurances of rebranding, revamping and rejuvenating the party for a victorious outing in the 2019 general elections.
“It is my hope that if and when elected as National Chairman of the party, we will reposition and re-organise the party based on its philosophy of social democracy which basically means people-oriented, membership driven and mass based political organization.

Thu, 17 May 2018
The federal government is concentrating its spending power on the power, works and housing sector in 2018 in a bid to improve the nation's infrastructure. This is an area that most Nigerians have criticised the current administration of having had little impact despite the huge figures that it has budgeted in the past. Yesterday, the... View ArticleThe post Updated: FG to spend N1.09 trillion on power, works and housing in 2018 appeared first on BusinessDay : News you can trust. 

Thu, 17 May 2018
President of France, Emmanuel Macron desires to explore opportunities in Nigeria's travel, culture and youth sectors when he visits in July this year; this makes the Nigerian Creative Arts Exchange holding in Paris a strategic initiative. The past few years have witnessed a remarkable growth in bilateral relations between France, one of the most powerful... View ArticleThe post Selling Nigerian travel, tourism, ahead of president Macron's visit to Nigeria appeared first on BusinessDay 

Thu, 17 May 2018
To deepen the African insurance industry, companies and the players must embrace innovation, creativity in the way insurance services are delivered to the consumers. This is the only way we can win more consumers, sustain confidence and increase penetration, irrespective of social and environmental challenges. Corneille Karekezi, group managing director/CEO, African Reinsurance Corporation (Africa Re)... View ArticleThe post Africa Re emphasises innovation, creativity in growing insurance market 

Thu, 17 May 2018
Against the background of increasing high profile data breaches with increasing sophistication, Dizengoff Nigeria has cautioned organisations against implementing reactive protective measures. According to Dizengoff, the sheer viciousness of growing cyber-attacks and threats globally makes it imperative for security efforts to focus on prevention rather than reactive protection measures. Akanna Iweka, sales &channel manager, networks... View ArticleThe post Cyber Security: Reactive measures 

Thu, 17 May 2018
Ahead of its 2020 business growth transformation and plan hinged on providing efficient and reliable pension service in Nigeria, Sigma Pension has appointed Mark Collier to lead its board. Mark Collier's appointment has come at a time of the implementation of the organisation's strategic business objective for 2020 which heralds a firm outlook for business... View ArticleThe post Sigma Pension strengthens capacity ahead 2020 growth transformation plan appeared first on BusinessDay : Ne 

Thu, 17 May 2018
Nigerians should expect less worrying experiences in the hands of electricity distribution companies (DisCos) as Yola Electricity Distribution Company (YEDC) has become the first distribution company to engage a consumer on the eligible customer policy. Babatunde Fashola, minister of Power, Works and Housing made the remark at the 27th monthly power sector operators meeting held... View ArticleThe post Yola Electricity Distribution Company now viable, says govt appeared first on BusinessDay : Ne 

Thu, 17 May 2018
PayDay Loan from Access Bank is the real deal for that time when it feels like the end of the month can't come soon enough. Everyone's been there when it feels like the next paycheck is not going to arrive early enough to fix what needs fixing now. It's usually why January gets a... View ArticleThe post How PayDay loan from Access Bank empowers salary earners appeared first on BusinessDay : News you can trust. 

Thu, 17 May 2018
Olukayode Pitan, managing director of the Bank of Industry said the Agency is discussing with the Small and Medium Enterprise Development Agency of Nigeria(SMEDAN)and the Nigeria Export and Import Bank(NEXIM) for a possible way of de-risking small scale businesses for easier loan access. Pitan disclosed also that the bank is working closely with the mentioned... View ArticleThe post BoI engages SMEDAN, NEXIM to improve data, credit access for SMEs appeared first on BusinessDay : News you can tru 

Thu, 17 May 2018
The Nigerian stock exchange (NSE), at the 9th annual Pan-Africa investor conference by Renaissance Capital yesterday, Wednesday 16 May 2018 said apart from the much anticipated MTN Nigeria Initial Public Offering (IPO), the exchange is in early talk with Skyway Aviation Handling Company Limited (SAHCOL) and some Fintech companies to get them listed on the... View ArticleThe post NSE says engaging SAHCOL, Fintech firms for IPO on exchange appeared first on BusinessDay : News you can trust. 

Thu, 17 May 2018
Investors in stocks such as Courteville Business Solutions Plc, Sovereign Trust Insurance Plc, Unic Insurance Plc, and Nigeria Insurance Plc were unlucky not to have benefitted from over N1trillion capital appreciation seen so far this year at the Nigerian stock market. After an impressive 42percent rally recorded last year, many equity analysts have remained bullish... View ArticleThe post Courteville, Sovereign Trust, Unic, Niger, top underperforming stocks' league appeared first on Busin 

Thu, 17 May 2018
The stockbrokers at the Nigerian Stock Exchange (NSE) have applauded ABC Transport Company Plc for achieving record growth in 25 years. ABC Transport Company Plc, one of the largest road transportation companies in West Africa is listed on the Services Sector (Road Transportation Subsector) of the Nigerian Stock Exchange (NSE) Main Board. The stockbrokers... View ArticleThe post Stockbrokers laud ABC Transport growth path appeared first on BusinessDay : News you can trust. 

Thu, 17 May 2018
Equity research analysts at Lagos-based Vetiva Capital Plc have revised higher their target price (TP) for Presco Plc to N80.08 from previous target price of N75.76. Also, the Tominiyi Ramon-led team of analysts wants investors to hold the stock of Presco Plc. PRESCO is the only fully integrated player in the Nigerian oil palm industry,... View ArticleThe post Vetiva wants investors to 'hold' Presco stock appeared first on BusinessDay : News you can trust. 

Thu, 17 May 2018
Bureau De Change (BDC) operators have called on the Central Bank of Nigeria (CBN) to review the exchange rate band at which Bureaux de Change (BDCs) buy dollars to align with commercial banks' buying rate. BDCs buy dollars from International Money Transfer Operators (IMTOs) as directed by the CBN at N360/$ and sell at N361.5/$... View ArticleThe post BDCs want CBN to review exchange rate band appeared first on BusinessDay : News you can trust. 

Thu, 17 May 2018
There are indications up ten Nigerian corporates are currently in the process of raising bond compared to about five recorded in 2017. The yields on fixed income securities have fallen dramatically this year and the Central Bank of Nigeria (CBN) is committed to single-digit inflation. Nigeria's headline inflation for month of April 2018 eased to... View ArticleThe post Up to 10 corporate bond issuances expected in 2018 as borrowing costs ease appeared first on BusinessDay : News you can tru 
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