THISDAY, 07 JUNE 2011

Page 1

IJag~

64, nllSDAY, Vol. 16, No. 5888

Tuesday, June 7, lOU

Rescued Banks: Sanusi Optimistic About Sept Deadline Accessing the siluation \\ith the rescued banks, the Mana!!ng DiJt:ClOr of Financial

Go\'t~moror the Ccntnll Bank of Nigeria (CBN). Mallam SanU5i Lamido SanIISi. )'Olema)' said he was optimistie the rescued banks ....ould mee t the ~emlxr ](I, 2011 recapital isauoo deadline gh'ttl by the apu rqulator. 1lle ~pe'\ bank hild IlISt week said that the lesctJed banks must cooclllde ra:apitalisalion deals lIoi th new inveslorsor race liquidation.. According 10 Ihe CBN, should the banks fnil 10 seal recapi taliwioo deals.. the Asset Management Corporation of Nigeria (AMCON) could injed funds ;md c:ffectively nationalise \hr:m. But. this ~ion, CON said. had been resisted by some: of the: directors ;md sh~ hokkn of the: hanks. Sanusi )'c:SIerday exlRS$Cd high optimism lhal the dc:adnnc: w:u ~listic. Spc:nking to news· men in lagos alan e\'eflt mark· ing the 50th anni velYl')' of Slock lr.Iding at the Nigerian Siock Exchange (NSE). Sanusi said that he W~ optimistic that sh:ueholdc:rs of the n;:sc;uc:d

TI

Deri\'ati ve,

By Goddy Egelle

ccbank

Transnational Incorpor.uc:d and Bharti irtel Tekx:ommunlcatlons Company ycstc:rday signed a MelllOl'andum of Understanding (MoU) 10 pr0mote mobile banking servia:!; across Mica. 1be agn:crnc:I1L ..... hich ..... as signt'd in lagos. bolh partic:s explained. is 10 faciliwe the dc:\1:lopmenl of innovative mobile fi nancial liCT'Vices focused bo<h on serving the unb:lnked and under·banked and conlributing 10 the ec0nomic de\oelopme:nl of the 14 African cowlIrics in lIo'hich they jointlyopante. Commenting oo.thedeve~ menL Ecobank's Group alief Execulh1: oifJOe:r, AmoId EJ:pc:, explained that ''the ayec:mott combines the distribuuon capa.

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" I remain optimistic that the shlUl:hoIdm wi ll come: 10 \he table: and that lhere; would be deals by 30th of Septernber. I am realistic enough 10 make sure !hal ~ is option 0 and C. But il is only fai r enough to make sure Ihal the fust option does not soccecd befM thinking of the tJeltt O(II.ion.·· he said. Sanusi had srud WI liquidatm had alwa),s been the Ia.q option. stl'CSSing Wt il would rema in 50 because CBN's aim was at c:nsuring fmancial subil· ily in the afftclcd banks. -Uquidalion is 001. a fifSt option. If il was. it would ha\1C happcnc:d before: now, and pre\'enting it W:I.'I why CBN inject. c:d a N620 billion 1ifI:'line inlO the banks in the first place. Liquidation is • last option..- he

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"De\'Cloping counuies ha\'e a ~e number of micro-enlerprisa ;uK! some large firms. bUI rar fewer SMEs compared 10 dc:\'1:Jopc:d eoooomics. "This 'missing middle' persists despite: strong e:vldcnce of high returns 10 capital for filTIl5 in this qmenL Thls means that these: SMEs It'C not absent sim·

0.00

0.85

0.87

Amount(N)

Aate%

Issue Dale

91·Day

39.200.00

8.44

lB2-Day

45,000.00 50,000.00

9 .15

MAY " MAY 12 MAY 12

9.45

CROSS NAME OfOIR.RfNC" BIllING

19.51 178.78

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Danish Kroner .wAUA Saudi Riyal

Call 71lav

29.42

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40.68

I Rat 10.75 12 1

_ lOQaL -1.l,1L iii Day 12% ...90 Day.-

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NIBOR

I

0.14

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technic:a.J

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M Holdings Umited said il pbm 10 inYe51 a total of NSOO million 10 enhance gricul tull: de\1:lopmenl in siJ[ staleS. Olairman, n eir Holdings, Mr. Tcmy Elumelu. dropped this hinl in a inla'View sc:ssion during the monthlr '90 MinulCl Speaker Sctics. organised by the Tony EJumelu Foundalion in lagos III the \\ukc:nd. The former Olid Executive Offtcer of the United Bank for Artica PIc (UDA) li~ tbe states to inclOOe Ri\'Cn, Ekiti, Ogun, Be:nllC, Jigawa. and Ilcl.. Elc:mdu said his ocpnisation

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MARKET INDEX

Mo\'ement

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.MARKET UPDATE (NIBOR)

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-MANA' GEO ' FUNOS

. MEMORANDUM QUOTATION

NJ.54.00 NI57.50 ~ N227.08 1"l254.81 _ N260.60

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Initial CutTenl Quotation Pritt IHarkd

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and they lie ~ng well 10 ;c "We M\'e appomIc:d OJ con· sultant and ""'C ha\'C IOld the Slate Govnnors who have pomised 10 gi\1: us 50 hectan:s of land exh. Our consu1la:u IS WOI'~ y,i th the various State Mini5lnc:S 10 50: how 111:c:an nlJ make ithappen.l h:t\1:also~ ken 10 the Go\-c:mor of the Central Bank of Nigena (CBN) aboul iL He has a masta plan for agricul~ rc\'Ulution in Nigeria. So y,'e are trying 10 ~ how wecan bring what we Ivan! 10 do and ~ it 10 drh'e his pbtform." he added

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N 254.8 1 . N260.60

AIRPORT

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awxia1c5 10 team up with me

will coIlabornte: with a forcign 11S5Ociate, who. accordi ng to him. has indl!;3lcd in tcnrsl in the Ni~an agrirultural sector. lie: said; " I have been talking to them aboul the arable land in Nigeria. 1lley shoukI come and im'C'il in Nigeria. so that \\1: can collectively deal v.ith the issue: of food security. 1lle wood is facing a poICIItiaI food Slmlril)' aisis and meanwhile, the COWl!J)' 11M enough land Ih:It can feed the continent of Africa. We also ba\1: people: who arc: net <mp loyal l '" ..... my

NIS4.00 · NI57.50

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that we extend this coIlabor.Ilion with Airtello all the markets of our mutual ~ in Afrla. On his Jml Bharti Ait1ers Otief Executive Officer. (International) and Joinl Mallaging Director, Manoj Kohli said: ''Partnering with Eoobank 10 bring mobile finan· ciaI SCfvia::s to all ton!n of Aftic. furthc:r demonstrates Airters commitmenl to Aftica and suppor!5 !hi: concepI o(bof· dc:ric:ss mobile telecoms 5ClVice5 ICro$S the rontinc:nt. ~

(B29) and mobile: savings prod. under tlte: brand names of 'Ecobank Mobile' and 'Ainel Mooc:y', subject 10 Ic:gaI and regulatory ~irerneols. Ekpe: added: 'ilUs MoU IC1Iffi~ Ecobank's COllllllil· ment to providing banking and fmand al services 10 the: unbankcd and ~ in Africa and giVI:II that &obank and Airtd have already coUabo!<Ited in some countric:s to successfully implement mobile flllaJlciai sctVices, it is Iogic:al

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Heirs Holdings Invests NSOOm in Agrie

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bering the proa:s5 as taJb: hJYe broken tJcw,'II belY,-een other Wgd banks and inttrested parties. Rewane said.

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BLACK MAR'KET

25267 770.25 17937

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lClecoms opc:rnIOI' amminc:d to orrering pioneering mobile sc:r.ia:s inArrica. Both entities have ~ to launch a .....ide r:lIlgc: of mobile financial services offerings, including Person to Person

l4~ ~y O"<~o"t1lnu .

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indigenous bankin$ group,

presenl in 32 countnc:s 1CfOS.' !he conIinent and a ...-aid class

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364-Day

Stories by ObitttJa Chima bilities of Africa's largesl

ply because: of inc:fftcient busi· ness e:n\'irorunc:nlS and the of fommlit)'. rath« fmance is not reaching entrepmtaIf5 in this critical q . mere he said. Be explained that the gap is explaiDed by the limilS of existing financing models, which have been unable to serve SM& ffecti \ 'C Iy.

Busine55 Development. Centre. for International De\'Clopment. Harvard Unh'ersi ty. Dennis DiDonna, revealed that thrn: are 0\'« 100 million unbanked Small and Medium Scale Enrcrprises (SMEs) and 53.6 trill'~ 0 f G ' 00 m"'~ . ProdUCI (GOP) per ),ear thai ~ lost in thedevclopingcoun·

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NAIlI E OF F UND

Bi5marck

According to him.

other challenges sud! IS lirig;ttions. ''Then:: also !ittffiS 10 be

Ecobank Partners Airtel on Mobile Banking

banks woukI conte: 10 the table: solution beftn

and fi nd a

September 30, 20 II .

rvanl Uni\'ttSity's Cenue for International Development has c~ted 'Entrepreneurial Finance Lab' (EfL), banking software:. which . blls at helping banks to c:aptu~ the Small and Medium scale Entrepreneu~ in Nigeria and olher AfOcan counuies. The prodUCI which lte:lps 10 measutc: the peIWIIalilY traits of borroy,'Cn; and Jl'I'OSpc:CI.ive borrowers 10 ensure prom~ reprtyment. lite: group said. 15 .Irendy ll:COgI1i5Cd by the 020 leading Developmenl Finance lnstilulion5 (DA.o;) ~, Inle:rnational Finance Cmporalion (lFe) amoog oIhc:rs. It ;uso said the product will help unlock the enuepll:oeurial potent¥tls in developing countries. ~ Director, ~(lItioru and

Mr.

RewaIE. had said il would take much Ionp time 10 $alisry the various $lJll:eholder inlett::StS in the baJlks. •

CAP

N8.23tn

I

'''70.7<

,

INTERNATIONAL Export Proceeds Soour..: FMDA

Monetary Policy Rate

-

148.70 6.25%

I


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