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Nigeria is an investment haven – Eko Business Dinner Coordinator

Chime Nwagbara, Chief Executive Officer of Struts Enterprises

 

Chime Nwagbara is Chief Executive Officer of Struts Enterprises, an event management firm, and AIGTC Ltd., an agro-commodities exporting company. He is the Project Coordinator of Eko Business Dinner, EBD, an executive business event for organisations, companies and business-minded individuals across the world. He spoke to Vanguard’s Oboh Agbonkhese on, among other issues, the EBD scheduled for October 22 with the theme Nigeria’s Economy Today: A Need for Collaboration?

 Is there a noticeable vacuum in Nigeria’s business circuit that led to the conception of Eko Business Dinner, EBD?

 Yes. With Nigeria’s economic situation today, one would advise collaboration and partnerships. There is also need for expediency; a diversified but unified approach to business will aid in achieving whichever targets the industry or the entrepreneur has. Chime Nwagbara, Chief Executive Officer of Struts Enterprises Chime Nwagbara, Chief Executive Officer of Struts Enterprises

Royal Exchange records 14% growth in GPI

Royal Exchange Group has posted a gross premium income of N10.79 billion for the 2015 financial year. Addressing shareholders at the Annual General Meeting (AGM) in Lagos,

Chairman of the company, Mr. Kenneth Odogwu, said that the figure edged up by 14 per cent as the company recorded N9.43 billion in 2014. Odogwu said the firm’s net premium income peaked at N8.08 billion, profit/loss for the period closed at (N1.29 billion) while total assets stood N26.53 billion. According to him, the firm’s net claims peaked at N3.04 billion, as against N2.43 billion recorded in 2014, the underwriting expenses decreased by four per cent from N2.74 billion in 2014 to N2.64 billion last year. He noted that the management expenses were N3.27 billion as against N3.09 billion in the previous year, adding that an increase in reserve of N1.2 billion was made by the group for the insurance and investment liabilities of the life subsidiary with the period under review.

Difference between Invoice and Receipt

There are a lot of complications in understanding the difference between invoice and receipt. The persons who engage in trading activities knows them, undoubtedly, but the person related to non-trading activities may have to go with severe perplexity to interpret the two terms. Here with the help of this article, the major difference between invoice and voucher has been discussed for the full apprehension of the two entities.

Content: Invoice Vs Receipt

1.      Comparison Chart

2.     Definition

3.     Key Differences

4.     Similarities

5.     Conclusion

CV Tips: 5 Things You’re Forgetting to Do Before Sending Your Resume

If you could choose between a beautifully tailored outfit designed to fulfil all of your wildest fashion dreams or a ready-to-wear baggy tee from some random retailer, which would you pick? That’s a rhetorical question. You’d obviously want that tailored outfit. Did I mention it comes with bespoke pockets? Well, it does.

In the age of personalization, we want everything to be made to fit us. So, why would we expect a hiring manager to want anything different when they get a stack of resumes in response to a job offer? See here’s the rub. Whenever a hiring manager posts a job offer, they receive 250+ other resumes on average in response. From that pile, they need to find the one diamond that shines brighter than all the others.

How can you expect your resume to shine bright like a diamond (yes, I just quoted Rihanna) if you send in a generic resume that you didn’t tailor to the job offer? You can’t. Plain and simple. I know, you probably think that tailoring a resume is a difficult and time-consuming process. Here’s what I have to say to you – no, no it is not. Not if you make a good use of the infographic by Uptowork – Your Resume Builder  below and use the following tips:

U.K. Announces Visa-Free Entry For Citizens Of Commonwealth Countries

 

As Theresa May takes over as Prime Minister of the United Kingdom, a new visa regulations have been written and this ruled out visa requirements for citizens of Commonwealth member countries.

As per this revision of the visa regulations, all citizens of Commonwealth nations of which Nigeria is among no longer require visas when traveling to the UK for a period of six (6) months.

Nigeria grosses over $100 billion through e-payment annually- Obi Valentine

Valentine Obi is the Chief Executive Officer of Nigeria’s premiere e-payment solutions provider, eTranzact International Plc. In this interview with Jonah Nwokpoku, he speaks on the evolution of the electronic payment industry in Nigeria, vis-a-vis the growth of his company which was founded in 2003 and got rebranded only last week. He argues that the electronic payment industry has come of age, having grown tremendously over the past decade but says there is still huge potential yet untapped in the industry. Excerpts eTranzact has just rebranded its identity, what does this mean for the company?

Forex: CBN throws Naira into open market, nullifies N197/$ exchange rate

MEETING: From left, Governor, Central Bank of Nigeria (Cbn), Mr Godwin Emefiele; Director-General, Economic Policy, Cbn, Mrs Sarah Alade and Director-General, Operations, Mr Suleiman Barau, at the Monitoring Policy Committee meeting, in Abuja, yesterday. Photo: Nan.

 

ABUJA — The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible.

 With this action, the CBN has nullified the official exchange rate regime of N197/dollar. The CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis. Governor of the CBN, Mr. Godwin Emefiele, who announced this at the end of the Monetary Policy Meeting, in Abuja, also said the Monetary Policy Rate, MPR, was retained at 12 per cent; Cash Reserve Ratio, 22.5 per cent; and Liquidity Ratio, 30 per cent.

Nigerian develops model to boost fuel supply

A NIGERIAN Petroleum Engineer, Mr. Chinedu Onyeizu, has developed a three node policy and a technology-based model aimed at addressing the challenges of fuel supply in Nigeria, by empowering Nigerians and the authorities with the capacity to track supply across all the downstream petroleum sector value chain.

Addressing newsmen in Abuja, Onyeizu, a graduate student of the Massachusetts Institute of Technology, MIT, said the model will help address Nigeria’s fuel challenges in one year. He also said the model will empower the authorities to allocate and monitor fuel supply across all the supply chain in real-time, using sophisticated computer packages as well as enabling Nigerians to track fuel supply from depots, through transport facilities to petrol stations.

INTERVIEW QUESTIONS FOR ECONOMISTS, HINTS AND CV HINTS.

1.              Define your country’s Economy?  Hint: Mixed Economy, Capitalist Economy, Socialist Economy etc.

2.              What is the mathematical representation of an open Economy? (i.e. GDP or Output)

3.              What is OPEC and it’s Functions?

4.              What are GDP, GNP, NNP, and NDP? Distinguish.

5.              What is National Income, Per Capita Income?

6.              Differentiate between Economic Growth and Economic Development?

Higher Education Strategy Development by BCG

The changing nature of higher education demands a strategic development process that is proactive, inclusive, and collaborative. The strategy development process relies on a broad collection of research and stakeholder data. It also analyzes higher education trends in the context of an individual school’s performance, mission statement, and aspirations. 

With this kind of insight, institutions at any level can develop a long-term strategic plan that is sustainable over time yet flexible enough to adapt to internal and external challenges and trends. Take a look at how the process comes together.

Facebook quarterly profit triples as use climbs

Facebook on Wednesday reported a powerful surge in profits as the user base of leading social network continued to climb. Profit in the first quarter tripled from a year ago to $1.5 billion as revenue jumped to $5.4 billion from $3.5 billion in the same period a year earlier.

30-day fuel imports can build 15 modular refineries — Don

According to vanguard news, a university don has argued that the cost of importing petroleum products for 30 days is capable of building up to 15 modular refineries in the country, even as he urged the federal government to tap from the technology of illegal refineries instead of destroying them.

A Director, Centre of Gas, Refining and Petrochemicals, Institute of Petroleum Resources, University of Port Harcourt, Prof. Godwin Igwe, who said this at the African Modular Refinery Seminar in Lagos, also said modular refineries will diversify the Nigerian economy, with its security implications for the country. According to him, “Modular refineries are required right now.

LEARN HOW TO FAIL By Robert Kiyosaki

 

Greetings Friend,

There are a lot of great entrepreneurs out there, but one of my favorites is Thomas Edison. I think I’m such a fan because, like me, he failed so much more than he succeeded. Of course, he learned how to turn those failures into golden lessons.

The 25 highest-paying companies of 2016

If money is your No. 1, No. 2 and No. 3 priorities when it comes to work, you might want to make sure you're qualified to work in technology or management consulting.

Here's why: Technology companies account for most of the 25 highest paying companies this year, according to a compilation of salary reports from users of the jobs site Glassdoor. Consulting firms come in a distant second. And Visa is the sole company representing finance on the list.

China to start importing from Nigeria —Emefiele

Washington — The Governor of the Central bank of Nigeria (CBN), Godwin Emefiele, has said the Federal Government was talking with China so it would also be importing some of its own requirements from Nigeria.

According to Emefiele, this would help to reduce the gulf in trading between the two countries. Speaking at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting, Emefiele also said part of Nigeria’s deal with China was that the country became the Asian country’s trading hub in West Africa. 

100 BUSINESS IDEAS - One can setup in Nigeria and still be making a Good Profit

100 BUSINESS IDEAS

There are a lot of business opportunities one can setup in Nigeria and still be making a good profit. Some of them can be done on the internet while others can be done offline. There are people who are already doing them and making a living from it. You too can do them and add your own style to it. I just thought I should list out some 100 ideas for businesses you can do in Nigeria:
1. Pure water business
2. Ice blocks production
3. Cement blocks production
4. Paving stones production
5. Art collection and gallery
6. Transportation - Okada (Motorcycles), Danfo
(Commercial buses), Keke(Tricycles) and Taxis
7. Wedding planning
8. Web designing and development
9. Educational centers for Jamb, Waec, NECO,
ICAN
10. Daycare and/or schooling

Turning great ideas into great money

 

 

Having a great business idea is only the first step in the journey to raising your business empire. Turning your business idea into a money- making venture requires raising the capital necessary to get your blessing running and that represents the next step of thousands of other steps.

 In starting your own business, the most challenging task you have to face as an entrepreneur is raising money as capital.

Integrated Oil’s $116m refinery ready this year —GMD

 

Integrated Oil and Gas Limited, has reiterated that its $116 million modular refinery would be ready before year end, as scheduled. The Group Managing Director, Integrated Oil and Gas Mr Anthony Iheanacho, told journalists in Lagos that preliminary works had started for the 20,000 barrel capacity modular refinery.

Nigerian Economic & Social Risks summit, Risks Awards Presentation & Business luanch-7th April, 2016 at Four Points By shareton-Lagos, Nigeria.

Things I know about risk - Texts, Quotes….

1.       So I buy second-hand clothes, how is that risky?

2.       Engaging my Okada rider in a conversation while on motion, is that risk too? #NRASummit #9jaRisks

3.       Big risk is taking no risk, bigger risk is taking risks without knowing it .  .  . #NRASummit #9jaRisks

Naira falls to N345/$ in parallel market

                                                    forex

The Naira yesterday suffered its biggest daily depreciation against the dollar as the exchange rate rose to N345 per dollar in the parallel market.

This represents N20 depreciation when compared with the closing exchange rate of N325 per dollar in the market on Friday.

NIGERIA: SMEs central to government’s diversification bid – Regha

Mr. Davidson-Regha

 In Business, Finance, Interview, News by Tony ChinonsoComments Shares Mr. Davidson Regha is General Manager and Divisional Head, Retail & SME Banking, Heritage Bank Limited. He is responsible for providing the strategic thrust of the Retail and SME Division with reporting responsibilities to the Group Managing Director/CEO. He was seconded to Enterprise Bank Limited in November 2014 after its acquisition by Heritage Banking Company Limited as Acting Executive Director to oversee the business of Lagos and Corporate Banking Divisions.

220 firms owe AMCON N1.14 trillion

Asset Management Corporation of Nigeria (AMCON) yesterday said that Seawolf Nigeria Limited, and 219 other companies are indebted to it to the tune of N1.14 trillion.

This was contained in a list of debtors released yesterday by the Corporation for publication in major newspapers. The list reveals that the top debtors owe the Corporation N479.33 billion, representing 42 percent of the total indebtedness.

The top ten debtors’ list is led by Seaworlf   Nigeria Limited with N160 billion. Others in the top ten debtor’s category include: Tanzila Petroleum Limited-N49.23 billion; Resort International Limited-N36.3 billion; Home Trust Savings-N25.75 billion; Suru Worldwide Ventures-N24.41 billion. Others are Roygate Properties-N23.26 billion; Ziglagsis Network Limited-N20.33 billion; Lexcap Partners-N18 billion; and Anyiam Osigwe Limited-N17.25 billion.

Source: Vanguard News By Babajide Komolafe

LG launches 10.10.10 warranty package

LG electronics recently launched the much anticipated 10.10.10 package which offers customers a ten-year warranty on a variety of products ranging from Refrigerators, Chest Freezers and Air Conditioners with Inverter Lunear Compressor/ Inverter Compressor.

Other products with this warranty are Washing Machines with Inverter/ Direct Drive Motor, Charcoal Lighting Heater in micro wave and Cordless Vacuum Cleaner with Smart Inverter Motor.

Spokesperson for LG Electronics, Mrs. Blessing Obiesie  told journalists at the event held in Lagos that the initiative was formed by the need to make more customers enjoy  value durability on major LG products; a feat that was once the exclusive preserve of premium customers.”

She said: “ Prior to now, we had warranty of two years on our products. But for some of our premium ones such as the big sized freezer, and the big Air Conditioners, the warranty was 10 years. Right now, we have extended the 10-year warranty to smaller products like the refrigerator, small freezers, microwave, vacuum cleaners and washing machines.”

Her words ,” This campaign is to tell our customers that apart from premium customers enjoying this warranty, average customers will now enjoy a whole lot of products.”

Continuing she said: “The prices remain the same. LG as a brand is set to give its customers value for product bought via durability and through cost effectiveness by making the products affordable to all customers.”

Source: Vanguard Business By Elizabeth Uwandu

Wine Tourism in South Africa May Double by 2025 as Rand Tumbles

 

 

Tourism based on South Africa’s wine industry has the potential to more than double in size in the next nine years as the declining value of the rand makes the country increasingly attractive to visitors, according to an organization representing producers.

The market could grow to 15 billion rand ($930 million) in 2025 from 6 billion rand now, said Rico Basson, managing director of Vinpro, which has 3,600 wine producers and cellars as members. It’s among local groups supporting the Wine Industry Strategic Exercise, or WISE, to develop the economic potential of wine tourism in South Africa, which is growing by 7 percent a year, according to Basson.

Entrepreneurial Education Revolution: An Imperative for Sustainable Development in Nigeria (2)

 

Nigeria faces a number of challenges that can only be met if it has innovative, well-educated, and entrepreneurial citizens who, whatever their walk of life, have the spirit and inquisitiveness to think in new ways, and the courage to meet and adapt to the challenges facing them.

Moreover, a dynamic economy, which is innovative and able to create the jobs that are needed, will require a greater number of young people who are willing and able to become entrepreneurs, young people who will launch and successfully develop their own commercial or social ventures, or who will become innovators in the wider organisations in which they work.

N5.2trn Pension fund: Fashola advocates investment in real sector

 

Federal government efforts at containing the massive corruption embedded in pension fund in time past may have achieve results but not enough to allow the N5.2trillion lay fallow, says the Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola The Minister at the Nigerian Pension Industry Strategy Implementation Road Map Retreat organised by the National Pension Commission (PenCom) retreat held in Abuja penultimate Friday, advocated proper use of pension fund to build the required infrastructures for a rapid development for the country.

NNPC/Chevron gas project to improve power

 

TO improve power supply and support government’s effort to reduce gas flaring, the Nigeria National Petroleum Corporation, and Chevron Nigeria Limited, NNPC/CNL Joint Venture, have announced the completion and load-out of the topside module of the SONAM N on-Associated Gas, NAG, Wellhead Platform project.

The initiative will enable the delivery of up to 420 million cubic feet per day (MMCF/d) of gas from SONAM to the Escravos Gas Plant.

CBN assures Dangote of Forex to finance $14bn refinery

 

  

                                      Aliko Dangote and CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has given assurance to Dangote Group that it will support it access Foreign Exchange, Forex to build its proposed $14 billion refinery in the country.

Mr. Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

The tour of the facility held at its location within the Lekki Free Trade Zone in Lagos.

The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

“Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt. We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead” Emefiele said.

According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.

“The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.

“Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable, ‘’ he said.

Emefiele said the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.

He said the diversification of the Dangote Group was worthy of emulation by other industrialists.

“By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.

“Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,” the CBN boss added.
Alhaji Aliko Dangote, Chairman, Dangote Group, said that the refinery would commence commercial operations at the early period of 2018.

“We are set to unveil the world’s largest refinery which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of oil.This project will mark a turning point in Nigeria’s search for local refining of crude oil.
“We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme,” he said.
The chairman said that the fertilizer production aspect of the refinery would be completed by 2017.”

Source: Vanguard Business-By Peter Egwuatu, with agency report

GTBANK Plc Continues to lead in earnings performance

 

In recent years the Annual General Meeting of Guaranty Trust Bank Plc have been a celebration of what  remains the most profitable banking operation in Nigeria. This brand equity has been exported to make the bank a successful international brand. At present the number of foreign subsidiaries with the bank’s Group is 10 with total investment of about N40billion. GTB plans to continue with this growing trend in its global strategy.

Zenith bank Plc: Sustains high Assets Quality

•Jim Ovia, Chairman Zenith Bank & •Peter Amangbo, MD/CEO.

Zenith Bank second generation banks that stormed the Nigerian banking industry with verve and determination to revolutionise the way banking services were operated in the country. From inception the bank alongside a few others established a niche in the mid-upper class market segment and used differentiation and technology to climb the industry ladder within a relatively short period of time.

Today, in different measures of bank performance Zenith Bank has become a reference name and a trail blazer.. By most size metrics its either number one or two in the industry and this underscores the leadership role it plays after being in operation for just 24 years.

As at end 2014 total assets was N3.43 trillion having expanded by whopping N545 billion just in one financial year. It also operates in five countries including United Kingdom while international expansion is continuing.

Zenith Bank is one of the few financial institutions in Nigeria that have taken advantage of the Global Depository Receipt programme to achieve cross-boarder listing in the London Stock Exchange. It listed USD850 million worth of shares.

Deposit Liabilities and Liquidity Risk

As at 2014, customers held deposit accounts worth N2.27 trillion, adding approximately N280 billion that year. Only two other banks competed with Zenith on this industry measure of size. This is a mark of depositors’ confidence and loyalty. The bank has also demonstrated its readiness to meet obligations at all times.

In 2014 the bank invested N1.55 trillion in cash and near cash assets in readiness to meet any demand. This accounted for about 45% of entire assets, just as qualifying liquid asset to vulnerable deposit ratio was about 41%. Only two banks matched this level and relative measure of sound liquidity positioning the industry.

Managing Risk Asset and Asset Quality Issues

Following the trend already established Zenith Bank and two others are in the forefront of credit to the economy using several genres of facilities. By end 2014, Zenith Bank had about N1.61 trillion worth of loans outstanding with significant positions in the telecom sector as well as oil and gas. This meant an increase of about N458 billion in just one year.

But interestingly only 2% of the loans outstanding were classified as non-performing in line with the CBN prudential guideline. This impairment rate has been consistent with the preceding years. Only seven banks achieved this level of quality assets in 2014. This reflects disciplined approach to credit risk management, meaning that even as risk assets expanded massively with increasing complexity of management the bank did not compromise quality in pursuit of earnings.

Capital Adequacy

In the competition for market leadership the level of capitalization has been recognized as very critical and of prime consideration. In 2014 Zenith Bank reported shareholders Fund of N513 billion, up from N473 billion in 2013. Figures available suggests that Zenith is the leader in the industry using absolute levels of capitalization. Analysts believe that the size of the Zenith Bank capitalization was a deliberate market leadership strategy which it had pursed for over a decade now, preparing it for challenges in the economy and the banking industry.

Relating the capital base to the risk adjusted asset portfolio reveals a relative Basel1 measure of 21% which came down from about 24% in 2013 following the growth in loan portfolio. This comes slightly lower at 20% under Basel11, ensuring that a sizeable 4% margin of safety existed on the regulatory minimum of 16% required for systemically important banks like Zenith.

The bank could afford to remain at current capital and grow risk assets substantially without compromising standards. But as we prepare to publish the 2015 analysis soon we are already seeing a strengthened position.

Source: Business Vanguard.

FCMB Group Plc consistent with good performance

FCMB Group Plc is one of the oldest private sector indigenous operators in  Nigeria’s financial system  in 1977 as City Securities Ltd (CSL). It then operated as a Stockbroker, Issuing House and Registrar.  CSL gave birth to First City Merchant Bank Ltd in 1982. It converted  to commerical banking trading as First City Monument Bank Ltd in 2001 and became a public company listed on the Nigerian Stock Exchange in 2004. Following Central Bank of Nigeria’s directives embedded in Regulation 3 of 2010, the bank in 2011 converted to a group structure.

FCMB Plc became a private límited company and a subsidiary of the group, and same  for CSL Trustees Ltd, FCMB Capital Markets Ltd, and CSL Stockbroker Ltd. FCMB Ltd (The Bank) is the group’s flagship with about 2.7 million customers, 3100 full time staff and 248 branches spread across the country. The bank is also a parent to FCMB (UK) Ltd and Credit Direct Ltd (a micro finance lender).

By the close of business in 2014, the Group operated with total assets valued N1.2 trillion haven grown by 16% in the preceding year. The Group had 523,442 shareholders out of which 345 were foreign investors

Capital Adequacy

As at close of 2014, shareholders fund of FCMB Group had accumulated some N160 billion up from N143.7 billion in 2013. The increase resulted largely from accretion to reserves. The Group decided to retain significant part of earnings in the business to pursue future growth opportunities. The bank’s Risk Management committee is mandated to ensure that capital levels remain adequate and consistent with prescribed ratio by regulators.

The  bank’s computation actual risk weighted asset ratio yielded a Basel II ratio of 19% against 18% in the previous year. This leaves the bank with sufficient margin of safety as it expands business and risk assets size.

Customer Service, Deposits and Liquidity

In 2014,  the bank won  481,643  new accounts made up mostly of retail customers. Total deposit liabilities amounted to N734 billion. Net deposits grew by just 2.7% from the preceding year’s level reflecting the challenges faced by the bank in  building up deposits during the year. In managing these accounts to minimise liquidity risk, the bank relies on maturity and re-pricing gap analysis  to ensure that obligations are met on continuing basis. However, during the year, proportion of assets classified as cash and near-cash securities declined to about 40% from 48%.

Obviously, the level of liquidity appeared sufficient to satisfy demands of the bank’s counter parties, and meet regulatory requirements. The level and extent of decline could not have in the opinion of our analyst, been the major factor in the near stagnation of deposits as they favourably compares with capacities shown by other banks in the market.

Earnings and Profitability

In 2014FCMB Group leveraged on its diversified business structure to report a gross earning of N148.7 billion against N131 billion in 2013. Interest component was N117.98n billion of 79% of total. Interest expense virtually closed flat at N45 billion leading to increased at interest margin of N72.6 billion.

Net charges arising from impairment of assets rose from N7.98 billion to N10.64 billion. Although operating expenses (including personnel costs) increased by about N6.2 billion, increase in the top line was overwhelming lead to higher profit after tax of N22.10 billion against N16.0 billion in the previous years. With this satisfactory business outcome even in the face of challenging financial market conditions, the directors were pleased to pay a cash dividend of 25k per share for which shareholders were very delighted. Many others were not able to pay cash dividends during the period.

Asset Quality

During the year, FCMB took more risk by winding down certain cash and cash-related positions to expand the level of risk assets. This appear to be a response to higher reserve requirements that locked in some liquidity during the period. Accordingly the bank had go grow lending from N462 billion to N633 billion in order not to unduely suffer reversal in earnings and profitability.

At the end of the year, about 3.6% of the total loan was classified as non-performing according to criteria prescribed by regulation. This reflected a marginal improvement from 3.9% achieved in 2013. Though marginal, this improvement is remarkable in the sense that the bank expanded credit by a net figure of about N171 billion.

Accordingly credit was expanded rapidly even as the rate of impairment went down. The Group has skilled credit analysts who are fully guided by internal rating framework and lending politics. They employ a 9 grade loss severity model to reflect expected makers in approval and pricing decisions. We believe that in the application of this framework in 2014, FCMB was relatively efficient in loan origination and other processes leading to repayment or recovery of facilities.

Source: Vanguard Business