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FCMB targets UK retail licence

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Leading Nigerian bank FCMB is seeking to convert its wholesale banking unit in Britain, FCMB UK, into a retail bank, as part of its push to grow its balance sheet and tap into non-institutional customers in Britain.

The bank’s group chief executive, Mr. Ladi Balogun, disclosed this in an interview with Reuters. He said the impact of the British strategy would not be immediate but would enable the lender to achieve incremental growth.

Balogun said the earnings contribution in naira terms from the British unit will be around 500 million naira ($1.64 million) for 2018. FCMB UK grew pre-tax profit by 250 percent to 300 million naira last year. “We’ve decided to slow down right now on asset growth and focus more on changing the mix of the asset and getting out some of the low margin upstream oil and gas business,” he said.

Balogun said that FCMB expects loan growth to be flat this year – down from last year’s 5.4 percent rise – as oil companies pay down debt.

He said the bank would focus on retail banking with a higher margin this year to make up for a drop in government bond yields as the lender may not be able to write large loans quickly enough to counter-balance repayments by oil firms.

The FCMB Group CEO said the economy was improving after Nigeria experienced its worst recession in a quarter of a century in 2016, which should boost consumers.

“We expect to see large repayments in the oil and gas sector this year. We agree that the (economy) will be improving but largely because of chunky paydowns, we don’t think we would be able to replace those quickly,” he told an analyst call.

“We are pushing more in the area of retail banking.”

FCMB group posted a 29.5 percent drop in 2017 pretax profit to 11.46 billion naira on Wednesday.

Balogun said the bank booked a 50 percent impairment of 2.3 billion naira on loans to debt-laden 9mobile, which is in talks with investors to take over the telecoms firm.

He said the bank expects non-performing loans to rise in the course of the year but would be within a regulatory target of five percent.

FCMB does not see a need to raise funds this year due to high funding costs, especially for borrowing in dollars, and would maintain a conservative dividend policy to improve its capital position.

Banking sources told Reuters last month that FCMB was among several lenders considering selling a Eurobond this year.

Shares in FCMB, which are up 62 percent so far this year, dropped 2.08 percent to 2.35 naira on Friday.

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IPOB Declares May 30th As Sit-at-home Day Across The Southern East States To Honour Biafran Fallen Heroes

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The Indigenous People of Biafra has declared May 30, 2024, as a sit-at-home day across the South-East to celebrate Biafran soldiers.

The pro-Biafran group said that day is set aside annually to celebrate the men and women who died in the Biafran war between 1967 and 1970 and beyond and even until now.

This was made known in a press statement by the group’s spokesman, Emma Powerful, on Thursday, adding that every Biafran in the South-East is expected to sit at home and reflect on the war.

He cautioned South-East residents to avoid loitering about on this day, adding that those who intend to travel to and fro Biafra land must do so before the evening of May 29.

The IPOB statement also directed that all the residents of “Biafra Land” are to stay indoors from 6 am to 6 pm on May 30, 2024.

He also called on christians and traditionalists to pray to Chukwu okike abiama for the fallen heroes, And also for the independence of Biafra from Nigeria.

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Anambra State Government Arrests Man For Marrying Off His Underage Daughter

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The Anambra State Government has arrested one Uzochukwu Okoli, for marrying off his underaged daughter.

Okoli was apprehended after his daughter reported to the State Ministry of Women and Social Welfare about the alleged ill-treatment being meted out to her by her father and the man he forced her to marry.

The daughter, Chioma Okoli, who is currently 16 years old, said after the death of her mother, her father took her and her sister out of Edo state and brought them to Anambra.

She alleged that she was first forced to live with a 70-plus-year-old man at the age of 14 but after some time, she ran back to her father’s house before he finally gave her out to a 34-year-old Chinedu Nweke as husband.

Chioma who was in the company of her sister, explained that life with Chinedu has been a living hell because he allegedly beats her and sometimes pees in her mouth.

She said this act made her run away with their 9-month-old baby. Her father, Uzochukwu Okoli, on the other hand, claimed her daughter is 18 years old and, at some point, said she is 20 years old.

After he was handcuffed, Mr Okoli threatened to deal with the daughters if he made it out of prison. He also urged Chioma and her sister to pray he dies in prison because he would make life more miserable for them.

Meanwhile, the Commissioner for Women and Social Welfare, Hon Ify Obinabo, has instructed that the case be charged to court so that the girl can get justice.

Both Mr Okoli and Chinedu Nweke were arrested and will be arraigned in court.

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Nigerians Seek Woman Who Spoke Out Eloquently Against Fuel Scarcity In Viral 1994 TV Clip

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April 30th 1994, 30 Years Ago, And Till Today Nothing Has Really Changed.

Netizens have gone in search of a beautiful and well-spoken woman who spoke out against fuel scarcity 30 Years Ago.

A user on X.com, Jackie, who identifies as #JWEZEE had shared the video yesterday with the caption, “On this day April 30 1994, same day same time, only difference 30years ago.

“Nigerians in long fuel queues lamenting, 30years later they are still lamenting. And In another 30years will still lament, why? Because patterns don’t lie.”

In the video, which has since gone viral, Nigerians were seen queuing to purchase fuel and lamenting their predicament as citizens waiting in long queues with their gallons to buy fuel.

The woman passionately addressed the unfairness of soldiers skipping queues to resell fuel, highlighting a longstanding problem.

She said in part, “You have the soldiers that come, they buy petrol, they put it in jerry cans they sell it right in front of these people, it’s ridiculous.

“They get the fuel themselves, why do they have to come here, they don’t join the queue, they just buy and they sell right in front of people, it’s ridiculous. Something has to happen.”

The 30-year-old video which recently surfaced coincides with the current fuel price hike across the country.

Here is the viral video from 30 years back.

Currently, the country is facing fuel scarcity and price hike, with fuel being sold at N900 per litre in some states. This has affected the price of goods in the nation.

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