CAPITAL MARKET
AXA Mansard appoints three non-executive directors
AXA Mansard Insurance has notified the general public that it has appointed two new non-executive directors and an independent non-executive director. The two non-executive directors are Mr Thomas Hude and Ms Latifa Said as new while Ms Abiola Bada was appointed independent non-executive director, according to a statement by the Company Secretary, Omowunmi Adewusi. Punch
Stock Market Rebounds as CBN Maintains Status Quo on Rates
The stock market of the Nigerian Exchange Limited (NGX) gained N6 billion, even as Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) maintained status quo on its rates. Members of the MPC voted unanimously to maintain the Monetary Policy Rate (MPR) at 11.5 per cent at its concluded meeting. Similarly, the Committee also voted to retain the Cash Reserve Requirement (CRR) at 27.5 per cent, liquidity ratio at 30.0 per cent and asymmetric corridor around the MPR at +100bps/-700bps. Analysts at InvestmentOne Research said: “In our view, we posit that the committee’s decision to leave all key parameters unchanged is reasonable as hiking rates would impede the recovery we have seen in the economy while loosening rates might worsen inflationary pressures and exacerbate capital flows. This Day
BANKING
Parallex Bank Commences Operation, Promises Innovative Products
As the latest entrant into the commercial banking sector in Nigeria, Parallex Bank, has promised to redefine the sector with innovative digital products. This, according to them, would help to redefine the banking landscape in Nigeria and Africa at large, having obtained a license to operate as a regional bank. Speaking at the unveiling of the bank in Lagos, its chairman, Dr. Adeola Phillips said Parallex Bank was here to make a unique statement about what innovation can do in an industry that is constantly reinventing. This Day
ECONOMY
MPC: Experts foresee tougher days as CBN retains lending rate
Financial analysts are divided over the decision of the Central Bank of Nigeria’s Monetary Policy Committee’s decision to retain key lending rates after its two-day meeting that ended on Tuesday. Some analysts said the development meant tougher days ahead for Nigerians and companies, while others said the MPC had no choice but to leave the key rates unchanged. Analysts had last week predicted that might tighten monetary policy during its first meeting in this year.The committee however left the key policy rates unchanged. Punch
IMF retains 2022 growth forecast for Nigeria at 2.7%
The International Monetary Fund has retained its 2022 growth forecast for Nigeria at 2.7 per cent and increased 2023 projection by 0.1 per cent to 2.7 per cent. The IMF had in its October report last year projected a 2.7 per cent growth rate for 2022 and 2.6 per cent for 2023. In its January World Economic Outlook report released on Tuesday, the IMF downgraded its growth forecast for sub-Saharan Africa to 3.7 per cent and 4.0 per cent for 2022 and 2023 respectively from 3.6 per cent and 3.9 per cent forecast in its October 2021 WEO report. Punch
PayPassage to launch financial services marketplace in Nigeria
PayPassage, a digital transaction solutions provider offering affordable financial products and services is set to officially launch its financial services platform in Nigeria. The platform will offer digital financial solutions to help drive financial inclusion for the unbanked and underbanked in Nigeria. Nigeria is one of the top three unbanked countries in the world, with 40 per cent of its population without bank accounts. Out of the 59 million unbanked adults, 73 per cent do not have the requisite documents to open a tier 3 bank account. The Sun
‘AfCFTA success dependent on govt investment, OPS participation’
The Federal Government, in collaboration with Pan-African Manufacturers Association (PAMA), has announced plans to boost intra-Africa trade currently at 13 per cent, noting that with African Continental Free Trade Agreement (AfCFTA) in full force, African governments must invest heavily in large-scale innovations and technology that would drive economic success and trade on the continent. The Minister of Industry, Trade and Investment, Niyi Adebayo, at the Lighting of the Africa Torch Programme, explained that African governments must take the lead in risk taking in terms of investing in ensuring a conducive environment for investments to thrive in its bid to attract private sector investments into the continent. Guardian
