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The last meeting of the Monetary Policy Committee of the CBN was held on March 1st – 2nd. Here is the excerpt from the communique on the key decisions made:
In: Economy| special reports
12 Feb 2010Here is the slide show for the February edition of the monthly lagos Business School’s Executive Breakfast session by Prof. Rewane:
LBS Executive Breakfast Session And Presentation - Feb 2010 (60)CBN Reelases Template/Guidelines For Minimum Information To Be Disclosed In Financial Statements
The <a href=”http://www.cenbank.org/”>Central Bank of Nigeria</a> last week announced the names of 5 new members of the Monetary Policy Committee. They are listed below with their areas of specialization:
1. Dr. Adedovin Salami – Macroeconomic Policy
2. John Oshilaia – Financial Markets
3. Prof. Chibuike Uaochukwu Uche – Banking and Finance
4. Dr. Shehu Yahaya Development Economics
5. Abdul-Ganiyu Garba Monetarv & Fiscal Policies
<strong>Dr. Adedoyin Salami</strong> is a Senior Lecturer and full time member of the Faculty of the Lagos Business School, Pan African University. He is the Head of Research at the Lagos Business School. His academic interest includes Macroeconomic policy and risk management and is a consultant to DFID, World Bank, UNIDO, etc. He is also a member of the National Economic Management Team. John Oshilaja is an expert in Public Finance and Financial Markets Developments in Emerging markets. His working experience spans over 25 years and include Latin America, Eastern Europe, Middle East and Africa. He also possesses significant experience in Public Sector debt restructuring in Brazil. Mexico, Kenya and Nigeria.
<strong>John Oshilaja</strong> is an expert in Public Finance and Financial Markets Developments in Emerging markets. His working experience spans over 25 years and include Latin America, Eastern Europe, Middle East and Africa. He also possesses significant experience in Public Sector debt restructuring in Brazil. Mexico, Kenya and Nigeria.
<strong>Prof. Chibuike Uche</strong> is a Professor of Banking and Financial Institutions and full time lecturer in the Department of Banking and Finance, University of Nigeria, Enugu Campus. He is a fellow of the Institute of Chartered Accountants of Nigeria (FCA). His research interest includes Bank Management, Financial Institutions and Markets.
<strong>Dr. Shehu Yahaya</strong> is currently an Executive Director in African Development Bank and possesses rich and varied experience in development economics, macroeconomics and international economics. He was previously Head of Research Department and Head Projects and Corporate Finance at ADB. He also has valuable experience in banking policies as well as project and program implementation, and previously served as an Executive Director in NEXIM. He brings to the Committee important policy contribution from ADB.
<strong>Prof. Abdul-Ganiyu Garbo</strong> is a Lecturer in the Department of Economics in Ahmadu Bello University, Zaria and has taught economic theory and econometrics. He has also conducted research in several aspects of monetary & fiscal policies and trade and exchange rates. Prof. Garba is a member of African Economic Research Consortium (AERC), Nairobi-Kenya, Nigeria Economic Society and has over 60 publications, locally and internationally. He has participated actively in several conferences and seminars organized by the Central Bank.
In: Economy| special reports
14 Jan 2010Here is Afrinvest’s 2010 Outlook for the NSE and Nigerian economy as a whole:
In: Economy| special reports
13 Nov 2009Below are some very enlightening presentations by BJ Rewane at the Lagos Business School. They were quite thorough and included information on the real estate, oil and gas, and financial sectors. He also provided some analysis of the economic decisions taken by the CBN. Happy Reading!
<a href=”http://www.proshareng.com/admin/upload/reports/FDC-NigeriaReviewandOutlookatLBS,Nov09.pdf”>Monthly Economic News and Views – Nov 09 – by BJ Rewane</a>
Monthly Economic News and Views - October 09 - by BJ Rewane (63) B J Rewane At LBS - Nigeria Economy Outlook for 2010 (432)In: Economy| special reports
13 Nov 2009FSDH’s 4th Quarter Analysis of the Nigerian Economy is available for download below. The summary is:
The <a href=”http://www.cenbank.org”>Central Bank of Nigeria</a> on Wednesday, released the list of debtors with non-performing loans to the banks that were recently taken over (Bank PHB, Equitorial Trust Bank, and Spring Bank). Here is an excerpt of <a href=”http://www.tribune.com.ng/15102009/news/news10.html”>Tribune Newspaper’s</a> report:
<blockquote>IN its ongoing sanitisation of the nation’s banking sector, the Central Bank of Nigeria (CBN), on Wednesday, released another list of individuals, corporate organisations, parastatal agencies and state governments owing five banks whose audit reports were released recently.
The total amount owed the five banks, according to the release, is N346,408,028,581.04, excluding the sum total of non performing loan of Wema Bank, which could not be ascertained at press time.
The non performing loans of the banks as at June 30, 2009 and October 5, 2009 respectively revealed Bank PHB topping the list with N170,073,403,358.39, followed by Spring Banks (N95,594,989,430.06), Equitorial Trust Bank’s (N46,154,945,774.44) and Unity Bank (N36,585,690,018.15).
As usual, names of politicians, businessmen and contractors topped the list. These include the former Managing Director of Wema Bank Plc, Mr. Adebisi Omoyeni whose Independent Securities Ltd owes N5 billion and Barrister Jimoh Ibrahim whose total loan is put at N5 billion also.
Others include Femi Otedola of Zenon Petroleum Gas Limited (N5,154,041,716.86), Peter Ololo of Petosan Oil & Gas Company Limited (N4,548,125,091.02), Chief Oyewole Fasawe (N7,874,801,592.84) and Kola Daisi of National Sports Lottery Ltd (N4,821,060,327.76).</blockquote>
You can download the report below.
CBN-Bank Debtors - Oct 14th 2009 (133)
In: Economy| Market Analysis
2 Oct 2009The <a href=”http://www.imf.org”>IMF</a> yesterday, released the new <a href=”http://www.imf.org/external/pubs/ft/weo/2009/02/index.htm”>World Economic Forecasts</a>. Economic growth in Nigeria is expected to slow to 2.9% this year from 7% last year. It should rise to 5% in 2010. Consumer prices are expected to increase by 12% in 2009 and 8.8% in 2010.
A major reason for the slowing of economic growth is the fall in financial flows from oil exports. You can download the report below.
In: Economy| special reports
25 Sep 2009Earlier this month, the World Bank and the International Finance Corporation released the 2010 Doing Business report. Nigeria fell in the rankings in almost all the areas. You can read the documents below:
Doing Business 2010 - ECOWAS (91) Doing Business 2010 - Overview (79) Doing Business 2010 - Nigeria (119)The Central Bank of Nigeria recently released the economic report for the month of July 2009. You can download it below. Here is the summary:
In: Banks| CBN| Economy| special reports
17 Sep 2009Here is a document dump of different reports and news stories on the banking crisis and the actions taken by the CBN.
Vetiva provides some details on the CBN’s presentation/road-show in the UK in late August. The noted that:
- All write-downs are to be taken in the current quarter (i.e. quarterly results to be released for September ending will feature total provisions for non-performing exposures)
- Results not to feature high profitability margins
- GTBank and Diamond Bank have already accounted for losses as at second quarter of 2009 (i.e. Q2’09 ended June 30, and Q1’09 ended July 31 respectively), so their results in Q3 are expected to be much better than the average performance of most other Banks
- Fourth quarter (ending December) should be strong for Nigerian Banks in general because earnings will no longer be eroded by Non-Performing Loans
Vetiva - Sanusi's Meeting With CNBC Africa - Aug 28th 2009 (108)
One of the most explosive revelations of this entire exercise was the news report by Vanguard in March about the plans to “level” the ground in the banking sector to favour the Northerners and how 5 banks were going to be taken over.
Vanguard March 23, 2009 - The Plan to take over 5 banks (115)
Standard Chartered also prepared an analysis of the events. The pointed out that:
-CBN prints money to fund the initial cost of the bank bailout
-Given the current environment, and the contraction in broad monetary aggregates already underway, this is unlikely to be inflationary
-A diverse range of funding options are open to the authorities
-The hope is that the CBN’s capital injection will be recovered following future private-sector investment in Nigeria’s banking system
Standard Chartered - Nigeria – Paying for the bank bailout - Aug 25 '09 (151)
Proshare NG also provided some analysis:
CB - Dissecting the problems with Nigerian Banks (318)
Fronteria Post of 4 out of the CBN (87)
This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!