The management of
FBN Holdings PLC, the parent company of First Bank, says the holding company and the bank will cooperate with the new directive from the Central Bank of Nigeria.
The company made this known on Friday through a corporate disclosure to the Nigerian Exchange Limited. The statement was signed by the company secretary, Seye Kosoko.
The regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director.
First Bank, Nigeria’s premier bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the CBN said Thursday.
Airtel Africa appoints Ogunsanya as managing director/CEO
The telco said it would announce a new MD/CEO for its Nigerian division soon.
Telecommunications giant and mobile money services provider,
Airtel Africa Plc, Thursday, announced the appointment of Olusegun Ogunsanya, who heads its Nigerian unit, as its new managing director and CEO to replace Raghunath Mandava, who has informed the board of his decision to retire.
“Segun Ogunsanya will join the board of Airtel Africa Plc with effect from 1 October 2021,” the telco said in a note to the Nigerian Exchange Limited seen by PREMIUM TIMES.
An electronics engineer as well as a chartered accountant, Mr Ogunsanya has since 2012 been the managing director and chief executive of Airtel’s Nigerian operations, its biggest market of the 14 countries on the continent where the company has presence.
Local stock market reverses losses with +1.8 per cent Local stock market reverses losses with +1.8 per cent
Share
Equities trading at the Nigerian Exchange Limited, on Thursday, closed higher by 1.8 per cent to reverse the previous day loss.
The positive sentiments were influenced by a late interest in bellwethers, Dangote Cement and MTN Nigeria despite the market trading negative for most of the day.
However, precisely, the benchmark index inched higher by 1.8 per cent to close at 39,461.61 basis points. Consequently, the Month-to-Date gain increased to +1.1 per cent, while Year-to-Date loss moderated to -2.0 per cent.
As measured by market breadth, market sentiment was positive as 22 tickers gained, relative to 17 losers.
Fidelity Bank announces 53 9% PBT growth vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
Vanguard News
GTBank grows deposit to N3.7trn in Q1’21
On
MONEY MARKET
Guaranty Trust Bank Plc has grown its total deposit for the first quarter ended March 31, 2021 (Q1’21) to N3.717 trillion, representing 3.0 percent increase compared to N3.611 trillion recorded in Q1’20.
The financial report of the bank for the period released in the Nigerian Exchange Limited, however, showed that the bank’s profit before tax dropped by 7.8 percent to N53.7 billion from N58.2 billion recorded in the corresponding period in Q1’20.
The bank’s Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1 percent, while asset quality was sustained as Non-Performing Loan (NPL) ratio and Cost of Risk (COR) closed at 6.1 percent and 0.11 percent in March 2021 from 6.0 percent and 0.08 percent in March 2020 respectively.