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Pl~!lr:;~-~N-2··~-o -b-n --a-gri-c-s-ch·e·m-e-:-C-B -N -r-e-l-e-a-s-e-d-N ~2=.5~9-b-n-'~ i~ -== J~ ItaIian Hond ,



A sutteS!lfu l ll~lian bond

1'1.auctioo 0911l1:Jursday pointed to h fOnfidence amoo.g in]r;tof;f thlat the Eu~n 1Cenral \ Bank will keel} i .. wol d and take measures ~tie ~nough Ie get a gllj) ~~ thF eure w ne', rl. debtl crisis. tters repo led. - I ~ In Beijin erman Cbancdl Merke..I orl J\n~' . appel!re:l tlltem~r China's rears I about th~ damage the cfuis lloul~ 1 }\'le.3.k on lbe ~,or'dlF??Il.!lm)'~ while French P :d~l1~ Fflncois tlolJande. e n j " l visit to Madrid, sa fl hel C(>u1~ see a case Cpr ~ intlJ~l!~tion. Since _ jECs" . iP~d ent Mario D~~ roWed a



"8i,10sa~d:)l.w~tever Ilh~ euro,

It takes t Spanish, yields hn


bond en ·na', f? r s~orter.


:a~~ f:~.':"' ,l ff ~~~O, .~.,I~ he ~ ! ' O'~ A a pot',cy mat ing next . Dragh.i ill ,~pehted to

Ad r:lno laAJa\\iye

sector 5ponsored projects, rqard.s to tJlr: vaJue of Nl.8:z6bn,wbilethebalance Union Ba nk of Nigeria, production accoun ted funds released. pnx:cssing of CACS repayment account Keystone Bank limited, T ti E Central Bank of for 48.64 per rent and accou nted for 51.7 per cent as at July 2012 is N7.534bn United Bank for Africa PIc. Nigeriare1east:d thesum dominated Ule activities followed by production, in respect of 16 expired Uni tyBank,Zenith Bank PIc. of N2.s89bn in July to six funded while processing which accou nted for 33·8 facilities. Diamond Bank Pic, Sterling banks with respect to seven accounted for 38·64 per per cent of the value of From inception to date, PIc. Cilibank, \'IIr:ma Bank, Commercial Ag ricultural cent. enterp rises financed. These 19 bank! have participated MainstreetBank,Enterprise Credit Scheme projects It said, - rhese activities were followed by markeling, in the scheme, including Bank Limited and First City bringing the total releases \Yere distantly followed storage a nd input supplies Access Bank Plcand Fidelity Monument Sank PIc. since its inception in 2009 by marketing, storage which registe red 9.6 per BankPlc. TIle CBN has released to Nt98. I73bn. and input 5upplies which cent, 3.83 per cent and 1.1 Others are First Bank about NIO.71bn to 5ix _.... to:l circula r by ...;".~- nl, "., - nl." . Guaranty Trust commercial banks in tile Accon.llng ... u:;........... ,.', "., ........ 0 , N'Igena, Ulea~bankon Thursday, fi ve per cent and 045 per The IJala nce of CACS BankPIc,EcoBankPIc,Skye first quarter of 2012 for .... nl ..... -pecl,··-Iy. Wo,th fu n...,. .•• as at J u1y 21112 .IS Bank' Pc, 1 Sta nb'IC JBTC, nllward Ule participating banks are...... ." Citi Uank Limited. Stanbic ,-_ _ ..;,._...;_ _....._ ==--=-=c..:.=:....::::::....::'--==-..:..::::..==:::.....::::..::'-""::::.::..:""::::!"-_ _ ~ IBTC Bank PIc. Union Bank of Nigeria PIc. Unity Bank PIc, First Bank of Nigeria PIc and Enterprise Bank Limited. ThcCACSwasestablished by the CBN and the Federal Ministry of Agriculture and Water Resources as a strategic response to the lingering food and energy crisis, worsened by gJobal financial meltdown. The fund is sourced

from a N200 b,n Federal Government 0 Nigeria B d ." . •• on , structU!!:u mto uuee, m, , thc j!EC* 'SI tepus. of five and lo-year tenor, with engagemenJ fot ~erverung the same status as any other in !.he dd market, Federal Government bonds, reco~ciling un'willing and it is secured against Gemwt un~c nk to the assets of the Federal the p lan a\'Oiding IGovernmenl. eonditionsiV'a '"ill scupper Based 0 11 dearly defined its e~,·eress. qualifying crite ria, banks Credible Eqr. action to are selected as participating lowe, liar'- n all Spanish banks to disbur.;e the fund borrowing ~'o uld buy to eligible medium and the ~ cct!untri~ time to large scale integrated and reduce their dt;b ~l :lnd push non integra ted agricultural through ecpnOh lfl: reforms to boost gril~1li pftell~l\l: projects. Italy sCki i!..29 billion -Sin~ inception in cliros ($9.~2bnJ H debt at 2.009. the CBN has released its fir::.1 aue~on' j n a month, the sum of N198. 17bn and shifletl lhe maximum for disbursement to 258 targeted allJOJunl of a new beneficiaries made up of lD-Yt:u: bo'ld at ~yie ld ~I 228 private promoter5 and under Its SUI: ...0 I e gO\'ernments th at threshold. II per ,::ent pam 30 ... - II's a Ip1l'U yield than accessedthesumofN38bn,the 'Pte\idus <Jlle,- said it said. Elisabeth :! Afsetll , fixedThe analysis of nu mber income aO:llvst al Illvesiec of projects fin anced under in Lonoon.,"j thinl: itis very CACSby valuedlain5howed much to d,) wilt~the EeB, that of the 228 CACS private and if we "hadn' t bad that. 1,"_ , b.. ,S",n~b a nd Italian yiclHs would ARCLAYS named retail have bee:t C:E ' SiderablY banker Antony J enkins wider than whe~ eyare." Chinese' Pre ier Wen as chief e.1[('CUtilo'e on Jiabao ISil.ioi a b!iefing by Thursday, signalling a shift Merkel had IllfiVaged his from riskier im-e$tment concerns !lligh~!>!. but no banking as it tried to teeO\'Cr quic~ ~lutio l· the crisi! from the interest ratewas m sigh;. riggi ng scandal that brought "nle m ain mes are dOl'ln his predecessor, two-fold: first i!l whether Reuters reported. Greece Iwill lea,) II!! the eure Criticised b)' regulators zone1The set'Onll ', whether for nn aggressill! culture Italy j and S.pail', will take under limelight-loving comprehenswe rescue AmeriC:ln Bob Diamond, measures." "len Slid. ·Aft~r I heanl her views, Barelays must now decide it inerea5ed my O'Infidence. how far to curb the But 1 intL'it, bnthstly say, investment bank he built the iniplemeDIl_lion of and which generates most these measures Iwon't be of the British bank's profits. His soft-spoken manner completely smoltb," he said, before adtling tha t ron trasring "lith the brash China couU be plepared to Diamond's, J~nkins said bu), 1U0re EU s;:o\"Cmment lJa relays had made mistakes bonds after e'I'2 lrating the and had to change to get pmCliling risks. beyond them.

i.J It


''' 'hac Foots


.-I I r Project Fame, Mr. J05eph Benjamin; General Nigeria, Mr. Kola Oyeycrni; and Chief Morketing Officer, MTN Nigeria, Mr. UIT711 •;'h'.~;;;:-i,;;;~~;~Od:u-;:;~;,~:= of rile fist of winners in tile fIITN Utimate Promo by tile NLRC, in Log05 ...011 Thursday. Photo:

' Low level awareness, Ademola AIawiye T

I-I E Managing Director, Meriste m Trustee Linlit-"', ),·ir. Yinka o::u Adegbola,hasidenli6edlow level awareness as major problelllinlhede':elopment oflrus t companies. Adegbola told our correspondent in an

interview on Thursday that a large number of Nigcrians knew nothing about Ule sector. " e sal'd"Th . , e major challenge trust companies face is low level of awareness. Quite a number of people do not know whal a trus toompa ny i5 all abouL An average Nigerian has

trust companies' one or two thi ngs to do \vith a registrar, s tockbrokcr, insurance broker, but many see no reaso n to deal with a trustee Apart from the low level of awareoess in the market, another challeuge is environmental problem. "The lull in the financial affecting market of trust operations

Barclays picks r etail banker to replace DiaIIlond


-Gettillg Ulere "ill ~uire nothing short or the transfonnation of bow we operate the businCS5,~ he said. tie told Reuters, ~ It would be wrong to ignore some or llle things that have happened in the pasL That does require us to modify the .::uhu re. ~ He ','as appointed hours aftr:r Britain's fourth biggest bank by mz.rket \'aJuesaid fraud prosecutors bad laundled a criminal probe into dealings with Qatar in 2008. That comes just two mo nUls after it was fined over $450m for manipulating Libor benchmark interest rates, prompting Diamond's resignation. J enkins, 51, lotarted as a

gradua te trainee at Barclays in 1983. After spells elsewhere, he returoed six years ago to tum around its credit card business before taki ng on all its retail and business b:anking. He had been seen as the leading internal candidate succeed Diamond, to although some investors had questioned his lack of investment banking ex-perience and would ba\'e preferred an external hire to mark a biu,er change. The investment bank has been al the heart of the finn's recent troubles, but it deli\'ered 54 per cent of the group's underlyiog profit in tile first half of 20 12. "'The fa ct that he's come up the ranks in the retail and commercial wo rld means

he'll tnke a ''ery fresh ,; cw of the in\'eslment bank.Oriel Securities analyst }'Iike Trippitl s:aid. - He's a ''Cry capable guy.. Jenkins declined to outline plans for the investment bank. Bardays would only be following otller global banks in scaling back in\'CStment banking at a time of tougher economic conditions and additional regulation, but there was no guara ntee of dramatic changes. They would be ~inc,ementa l rather than revolutio nary~ said Jason Napier, analrst at Deutsche Bank. Barclays' shares closed down jus t ol'er 1.5 per cent compared to a 1.2 per cenl fall in the European banking index-.

conlpa nics. If there are no lending and corporate bonds, the trust companies will be affected. The more the economy is opened up, the bene r for the trust companies . ~

Adegbola added that inadequa te skilled manpower in the sector W:lS another challenge, saying, ~A lot of people don't know about trust business. A1though some lawyers \\i11 tell they know about trust bllSiness, I m ust tell you tllat wha t they know is the theory and not the praclical aspect .~ According to him, a trust company is set up to hold a n asset in trust on behalf of a beneficiary. tie 5aid, ~When you ba"e an asset and yOIl want to transfer it to a third party, maybe you hal'e a property and you \,ish to gr.'e it to some beneficia ries, you simply gh'e it to a trustee in trust for the benefit of the beneficiaries. What we are saying is that ooce you have an asset and you have, then there is need for a trustee:


THE PUNCH, 31 AUGUST, 2012  

N200bn agric scheme: CBN released N2.59bn in July

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