Newly licensed Globus Bank eyes N50bn capital raise in 18mths ...targets national banking licence
BALA AUGIE & LOLADE AKINMURELE
G
lobus Bank Limited, a newly licensed regional c o m m e rc i a l b a n k , p l a n s t o
raise as much as N50 billion in the next 12 to 18 months as it takes steps towards becoming
a national bank, according to Elias Igbinakenzua, managing director/CEO of the bank.
billion in 12-18 months,” Igbinakenzua said in an exclusive inter view with BusinessDay at the bank’s Victoria Island,
“Obtaining a national banking licence was always the play and while we have enough capital to obtain one now, we still plan to raise an additional N50
Continues on page 38
businessday market monitor
Biggest Loser
Biggest Gainer GLAXOSMITH N6.30 8.62pc
MTNN N126.95 -1.59pc 26,244.39
Foreign Reserve - $40.687bn Cross Rates - GBP-$:1.29 YUANY-N 51.16 Commodities Gold
Cocoa
US$2,524.00
₦3,332,720.44 +0.22pc
Crude Oil
I
N300
Foreign Exchange
Buy
Sell
$-N 357.00 360.00 £-N 456.00 456.00 €-N 392.00 401.00
$1,488.40 $61.89
news you can trust I **WEDNESDAY 30 OCTOBER 2019 I vol. 19, no 424
FMDQ Close
Everdon Bureau De Change
Bitcoin
NSE
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Market
Spot ($/N)
I&E FX Window CBN Official Rate Currency Futures
($/N)
362.11 306.95
3M -0.02 12.26
NGUS DEC 24 2019 362.68
6M
L-R: Ade Bajomo, executive director, IT and operations, Access Bank plc; Patrick Akinwuntan, CEO, Ecobank Nigeria; Rabiu Olowo Onaolapo, commissioner for finance, Lagos State; Segun Aina, president, Fintech Association of Nigeria; Aishah Ahmad, deputy governor, financial system stability, CBN; Mary Uduk, acting DG, SEC; Hakeem Popoola Fahn, commissioner for science and technology, Lagos State; Uche Olowu, president, CIBN, and Tunbosun Alake, SA to the governor on innovation and technology, at the 4th National Fintech Conference themed ‘Surviving with Fintech Innovation’, in Lagos. Pic by Pius Okeosisi
0.00
10 Y -0.05
20 Y -0.20
14.11
14.12
14.30
5Y
-0.10 12.54
NGUS MAR 25 2020 363.53
@
g
www.
fgn bonds
Treasury bills
NGUS OCT 28 2020 365.50
g
MTN vs. AGF case adjourned to January 2020 ...as FG yet to file defence
NAICOM confirms 3 mergers in T insurance industry recapitalisation
JUMOKE AKIYODE-LAWANSON
MODESTUS ANAESORONYE
T
he National Insurance Commission (NAICOM) on Tuesday confirmed that three merger deals between six companies are currently going on in the industry’s
as 44 firms get no-objection on plans
panies to increase their paidup share capital by over 300 percent effective May 20, 2019. The commission gave June 30, discussed following NAICOM’s 2020 as deadline. BusinessDay last week redirective to underwriting comrecapitalisation exercise. The merger deals are being
MARKETS
ported that Unitrust Insurance Company Limited, a Nigerian company, was in merger talks with another local company fol-
Continues on page 38
he Federal High Court in Lagos on Tuesday adjourned the case of MTN Nigeria against the Attorney General of the Federation (AGF) to January 30 and 31, 2020. MTN, Nigeria’s largest telecommunications operator, filed a suit against the AGF over alleged $1.3 billion (N242 billion) import duties and withholding tax assessments. The telecommunications company is challenging the legality of the AGF’s assessment of its import duties, withholding tax and value added tax in the sums of $1.3 billion and its authority to deal with issues around tax and
Continues on page 38