MEDIA REVIEW

GTBank Hints On Half Year Interim Dividend – Sun, Page 48

Strong indications emerged on Monday that shareholders of Guaranty trust Bank (GTBank) Plc may be rewarded with half year dividends as the Board of Directors are scheduled to meet this Wednesday to consider the bank’s audited financial statement for the year ended June 30, 2010. A notice to that effect sent to the Nigerian Stock Exchange (NSE) on Monday stated that part of the agenda to be considered during the meeting was issues relating to interim dividend for the period.



UBA Profit Half Year Hits N8.6 Billion – Guardian, Page 27

UBA Plc, in the aftermath of the recent banking reforms released its half year trade financials to the Nigerian Stock Exchange (NSE) over the weekend. According to a statement from the bank, UBA recorded a strong growth of 370 per cent in profit before tax and exceptional items, from N2.6 billion to N12.16 billion for the period ended June 30, 2010. A further analysis of the result showed the pre-tax profit increased to N8.6 billion (N135 million in the corresponding period of last year).



Court Orders Afribank To Pay Ex-Workers Benefits – Nation, Page 43

The National Industrial Court, Kano, has ordered Afribank Nigeria Plc and its Managing Director, Nebolisa Arah to pay three of its former staff, Maikurdi Aminu, Umar Isah and Nura Jaafaru, their redundancy benefits. The court asked the bank to compute all the claimants’ redundancy benefits in their presence or their accredited representatives, based on their last earned salary. “In doing so, whatever has already been paid to each claimant shall be deducted from the amount such a claimant is entitled to be paid. We hold that all the claims of the claimants in this suit succeed,” Justice M.B. Dadda held in the judgment.



Obstacles To IFRS, By Access Boss – Thisday, Page 56

Group Managing Director, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede yesterday warned that the country’s quest to migrate from the local Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS) by 2012 may be slowed down due to “lack of common understanding” by Nigerian stakeholders. He made this known at the opening of the ongoing Access Bank International Conference on International Financial Reporting standards (IFRS) in Abuja. IFRS-a new set of Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB) in the preparation of financial statements.



First Bank Rewards Customers In Golden Promo – Thisday, Page 56

First bank Plc has rewarded 200 of its customers with cash and gift prizes as part of its new promo tagged: “First Bank Golden Promo: Celebrating Nigeria at 50.” The bank had announced that it would be giving out N50,000 each to 100 winners; 50 generating sets to 50 winners and 50 refrigerating sets to another 50 lucky winners in the first phase of the promo which is the monthly draws. The bank, according to a statement, has held the first draw where 200 winners emerged for various prizes in cash and gifts.





New Law ‘To Ease Liquidity Crunch’ – Thisday, Page 1

President Goodluck Jonathan yesterday signed into law the Asset Management Corporation of Nigeria (AMCON) Bill in a move that is expected to stabilize the financial sector. With the passage of the law allowing AMCON to take effect immediately, the expectation is that market liquidity will receive a boost, though that will depend on the liquidity needs of the banks. At the signing of the bill at the State House Abuja, the President said the legal backing for the corporation was also in keeping with his administration’s determination to stimulate national economic recovery. “I sign this bill today (yesterday) in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,” he said. A statement by the Presidential spokesperson Ima Niboro quoted the President as saying “as soon as it becomes fully operational, AMCON will help to stimulate the recovery of Nigeria’s financial system from recent crisis by boosting the liquidity of troubled banks through buying their non-performing loans.”



NDIC To Peg Depositors’ Refund – Thisday, Page 6

The Nigerian Deposit Insurance Corporation (NDIC) has disclosed its plans to peg depositors refund from failed banks at between N200,000 and N500,000. Managing Director of NDIC, Alhaji Umaru Ibrahim gave the indications at the opening ceremony of the conference in Calabar, Monday, to fine tune the proposed amendments to the NDIC Act. He said the depositors Insurance Scheme in Nigeria has been given added responsibility to handle the orderly winding-up of closed financial institutions, adding that it entails the realization of closed banks assets and using the proceeds to settle depositors’ liabilities and other creditors.



Regulators Review Margin Lending Guidelines – Next, Page 21

Review guidelines on margin lending in the stock market will be released by next month. Arunma Oteh, the Director General of the Securities and Exchange Commission (SEC) said the organization and the Central Bank of Nigeria (CBN) will jointly issue the guidelines in a bid to correct the negative impact of margin lending on the capital market. Speaking in Lagos at a press briefing at the weekend, Ms. Oteh said the Financial Services Regulation Coordination Committee (FSRCC), which comprises SEC, CBN, National Pension Commission, Nigerian Stock Exchange, National Insurance Commission, Corporate Affairs Commission, and the Ministry of Finance, have been deliberating on the margin guidelines.



Forex Shortfall Depresses Naira – Thisday, Page 56

Shortfalls in the supply of foreign exchange caused the value of the local currency, the naira to drop at the two dominant official markets yesterday. At the Central Bank of Nigeria (CBN) window, the wholesale Dutch auction system WDAS, the market regulator sold $250million at N148.70 a dollar, which traders said fell short of the $311.25million that was demanded by dealers. The naira/dollar exchange rate showed a loss of 8 kobo for the naira as it traded N148.62/$1 at the previous auction when the monetary authority sold $249.30 million.





Kidnapping: Police Redeploy 3,500 Officers In Anambra, Abia – Punch, Page 2

The Nigerian Police Force has commenced the mass transfer of some of its officers in the South-East over the spate of kidnapping and other forms of violent crimes in the zone. The first phase of the exercise, according to the News Agency of Nigeria (NAN), affected about 3,500 officers in Anambra and Abia states. The two states are believed to have the highest cases of kidnapping in the five South-East states. A police source in Awka, Anambra State made this known shortly before the Force Public Relations Officer, Mr. Emmanuel Ojukwu, disclosed that four persons suspected to have kidnapped four journalists and their driver had been arrested.



We Can’t Confront Criminals, South-East governors Tell Jonathan – Punch, Page 6

The Governors of the five South-East states on Monday told President Goodluck Jonathan that they lacked the capability to confront kidnappers and sundry criminals operating in the zone. They are Peter Obi (Anambra); Ikedi Ohakim (Imo); Sullivan Chime (Enugu); Martin Elechi (Ebonyi); and Theodore Orji (Chairman). The governors, who led a delegation of leaders of thought from the zone on a visit to the President, urged Jonathan to use federal might to deal with the high level of insecurity in the South-East. The delegation which also included former governors from the region, royal fathers, clerics, current and former members of the National Assembly, political leaders and top government officials, met with the President at the State House, Abuja.





FG Orders Security Alert Over Toxic Waste Shipment – Thisday, Page 7

The Federal Government has asked the relevant security agencies in Nigerian posts to be on the look out as Dutch vessel M.V Nashville with registration number UE/SU4635950 laden with toxic cargo has for the second time been intercepted and turned back while trying to berth at the Ivorian Port of Abidjan. A source at the National Environmental Standards Regulatory and Enforcement Agency (NESREA), who spoke to THISDAY, said the toxic bearing ship had earlier been turned back while attempting to berth at the Tin Can Island Port of Apapa, Lagos by a combined team of port officials, comprising of the Nigerian Navy, Nigerian Maritime Administration and Safety Agency, (NIMASA), Nigerian Ports Authority (NPA), Nigerian Police, Nigeria Customs Service, State Security Service (SSS), Port Health and NESREA.