BANKING
Banks resilient, record 6.8% profit growth in H1 – Report
Nigerian banks recorded 6.8 per cent growth in profit in the first half of 2021 as the sector strived to remain resilient during the COVID-19 pandemic, according to a new report. Afrinvest West Africa said this in the report, titled ‘2021 Nigerian banking sector report resilience amidst endemic and pandemic constraints. While presenting the report in Lagos, the Managing Director, Victor Ndukauba, said, “Industry stays strong in a pandemic-induced environment amidst the tough macro and tight regulatory environment, banks remained resilient. Punch
ECONOMY
Omicron: FG May Review BASA with United Kingdom over Inclusion of Nigeria on Red List
There are indications that Nigeria may be prompted to review the Bilateral Air Service Agreement (BASA) with the United Kingdom if it continues to put the country on red list. Last Saturday the British High Commission, Abuja issued a statement where it confirmed that it had put Nigeria on red list due to Omicron variant of COVID-19, as some Nigerians who returned to the UK were identified to have the variant after undergoing tests.Being in the red list means that only UK and Irish citizens and residents would be allowed to enter the UK, while others travelling from Nigeria would not be allowed, except on transit at the airside of the airport. This Day
NACC projects higher oil price, weaker currency in 2022
The Nigerian-American Chamber of Commerce (NACC) has predicted a rise in dollar rates and hike in oil price, while also warning that COVID-19 would become an endemic in 2022. The National President, NACC, Dame Adebola Williams, however, noted that 2022 would also come with threats and opportunities, as venture capital investment in technology is expected to double, leading to economic growth, adding that the value of Cryptocurrency will also continue to rise. Guardian
11 PFAs meet PenCom’s recapitalisation requirements
About 11 Pension Fund Administrators have met the new capital requirement of the National Pension Commission. PenCom had ordered the PFAs to raise their capital from N1bn to N5bn, giving them April 2022 as deadline. The Pension Funds Operators Association of Nigeria spoke on the latest developments on the issue during its annual meeting in Lagos on Thursday. PenCom begins clampdown on defaulting employers, appoints recovery agents. It stated that the last recapitalisation in the sector took place in 2011 and the ongoing exercise was aimed at improving the financial stability of the operators. Punch
Afreximbank, firm sign $2bn deal for Nigeria’s floating LNG
UTM Offshore, a Nigerian marine and services group, and the African Export-Import Bank have signed a Memorandum of Understanding to raise $2bn for the development of Nigeria’s first floating liquefied natural gas project.A statement issued in Abuja on Wednesday by the marine services group stated that the MoU was signed in Abuja by Julius Rone, Group Managing Director/CEO of UTM Offshore and Dr. Benedict Okey Oramah, President and Chairman of Afreximbank. Punch