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Published 25 May 2021
The combined loan portfolio of 12 commercial banks in Nigeria rose by N690bn in the first three months of this year, data collated from their unaudited financial statements show.
The loans and advances to their customers grew to N17.75tn as of March 31, 2021 from N17.06tn at the end of December last year.
Loans and advances to customers, which account for the major proportion of the banks’ total assets, rose in 11 of the lenders.
Nigerian banks’ loan books have grown in recent years on the back of the Central Bank of Nigeria’s push for more lending.
Goddy Egene
Equities investors have an opportunity to enter the market at good valuation as bears depressed prices further last week.
The market, which had gained N148 billion the previous week, shed N603 billion last week following sell pressure that dominated all trading sessions.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell 2.93 per cent to close at 38,324.07, while market closed lower at N19.975 trillion. Year-to-date the market has declined by 4.8 per cent.
Following the growth recorded two weeks ago, analysts at Cordros Securities had envisaged profit-taking last week. A development that led to the decline in prices of 41 stocks, compared to only 26 stocks that appreciated. And analysts said the lower prices offer investors a good opportunity to enter the market.
By Goddy Egene
Custodian Investment Plc is to make a mandatory takeover offer (MTO) to minority shares of UACN Property Development Company Plc (UPDC) following the approval given by the Securities and Exchange Commission (SEC) dated May 18, 2021.
In notification to the Nigerian Exchange Limited (NGX) yesterday, Custodian Investment Plc said following the approval, it had been authorised to proceed with the MTO to be made to minority shareholders of UPDC for the purchase of up to 34,415,332 ordinary shares of 50 kobo shares at 90 kobo per share.
Custodian Investment had last year completed acquisition of the 51 per cent majority equity stake in UPDC) Plc from UAC of Nigeria Plc.
Grand Cereals announces the retirement of Chief Bode Emmanuel as Board Chairman thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
What they are saying
Commenting on Chief Emmanuel’s retirement, Daniel Agbor, Chairman of the Board of Directors of UAC of Nigeria PLC, said,
“Since joining Grand Cereals, Chief Emmanuel has been at the forefront of innovative developments that have taken the company to the leadership position in the industry. For instance, he is credited with playing a leading role in the expansion of the company’s production footprint to Onitsha, Anambra State via a state-of-the-art plant.
This has considerably improved our production capacity leading to a sizable increase of market share. He was also instrumental to the diversification of the company’s product range to improve returns on a risk-adjusted basis leading to the production of fish, ruminant and pig feed in the livestock category and dog food in the pet category.”