Most analysts had forecast growth for the period to come in at 6.1%, and the figure was up on the growth of 5.6% seen in the first quarter of the year. Growth was boosted by consumer spending and the manufacturing sector. Overall, the data showed the nation's economy growing up at its fastest pace in more than a year.
Updated 5 Years ago

Russia’s Finance Ministry is ready to extend by two months the deadline for international payment systems Visa and MasterCard to set up domestic processing for Russian card holders, according to Deputy Minister Alexei Moiseev. "We will follow the schedule. We will analyze the situation, and if we see that they are not making it on time even though they have done everything possible – then we will consider this possibility (of extending the deadline),” Moiseev told a news conference on Wednesday.
Updated 5 Years ago

The Performance of deposit money banks under the Agricultural Credit Guarantee Scheme (ACGS) show 13.97 percent drop in July as three banks granted a total of 1,754 loans valued N645.03 million compared to 4 banks that granted a total of 2,039 loans valued N667.04m at end of June, 2014. The breakdown of the disbursements in July by the banks is as follows: First Bank of Nigeria (FBN) plc {375 loans valued N171.499m}; Keystone Bank {150 loans valued N31.500m} and Union Bank of Nigeria {1,229 loans valued N442.030m).
Updated 5 Years ago

With over 90 percent of deposit money banks (DMBs) have complied with installation of anti-skimming device on their automated teller machines (ATMs), then there is no cause for alarm for users over fraud cases. Although the deadline given to banks to install the anti-skimming devices on all their ATM terminals by the Central Bank of Nigeria (CBN) ended June 1, 2014, a follow up on the level of compliance shows that over 90 percent the DMBs have complied.
Updated 5 Years ago

Prestige Assurance Company plc yesterday released its half-year (H1) 2014 results at the Nigerian Stock Exchange (NSE). The company’s statement of comprehensive income for the review period shows a decline of 8 percent in Gross Premium Written to N1.583bn, against N1.725bn in the corresponding H1 period of 2013.
Updated 5 Years ago

Underwriting firm, LASACO Assurance plc, has deployed new technologies that would enhance consumer access to its products online real-time. This is in addition to the fact that clients are now able to obtain and pay premiums for their products online. Deji Ogundele, head, ICT of the company, said the company had recently embarked on strategic initiatives to support its marketing efforts with information computer technology (ICT). He explained that LASACO Assurance was committed to ensuring its numerous customers as well potential ones enjoy seamless service satisfaction using the instrumentality of ICT.
Updated 5 Years ago

Pan-African reinsurer, Continental Reinsurance, said its gross premium income rose by 9 percent to N 8.6 billion in the second quarter of 2014 financial period, from N 7.9 billion in same period of 2013. The firm noted that its growth continued to outpace the market, even in the face of growing competition and more scrupulous risk selection, due to the positive impact of its strengthening brand position in the market.
Updated 5 Years ago

Following increasing demand for health services, including diagnostic treatment and care, which presents a growing and untapped opportunity in Nigeria’s health sector, Diamond Bank plc has unveiled a new product tagged ‘Diamond MediLoan Quality Care. Designed to provide loan facilities for improved healthcare delivery in the country, the product will afford operators of hospitals, clinics, nursing homes, laboratories, diagnostic centres and other medical establishments the opportunity to access loan facility from the bank to acquire medical equipment, fixed assets, undertake renovation and expansion of existing facilities in order to deliver efficient as well as qualitative service to their clients.
Updated 5 Years ago

The country’s transport and cargo business seems to be booming as Nigeria Aviation Handling Company plc’s (Nahco Aviance) first-half profit rose by 19.24 percent despite challenging environment, analysis of its financial statement shows. For the first six months through June 2014, the company’s net income increased by 19.24 percent to N381.37 million, from N319.83 million in the same period of the corresponding year (HY) 2013.
Updated 5 Years ago

Nigeria is intensifying efforts to reduce poverty through the creative approach that will have a direct impact on its rural poor. Chineme Okafor writes In April the World Bank Group had clustered Nigeria alongside countries with concentration of the extreme poor people. In its annual paper released during the first quarter, the World Bank said countries needed to complement efforts to enhance growth with policies that allocate more resources to the extreme poor.
Updated 5 Years ago