The Nigerian Stock Exchange (NSE) has been underperforming despite the recent intervention by the Central Bank of Nigeria (CBN).
There are also plans by the CBN to set up an asset management company (AMC) to help with toxic loans with the banks. See recent interview with CBN Governor Lamido Sanusi regarding AMC.
Stanbic IBTC’s two new fixed income funds are the Stanbic IBTC Money Market Fund and the Stanbic IBTC Bond Fund.
Read more on Banking in Nigeria
Source(s): CNBC Africa
Lamido Sanusi, Governor of the Central Bank of Nigeria, has taken a tough line with the banks
The past five months since the appointment of Lamido Sanusi as CBN governor were dominated by the apex bank’s whirlwind intervention in nine banks, which saw the chief executive officers of those banks sacked and being prosecuted on sundry charges by the Economic and Financial Crimes Commission (EFCC).
The AMC is Sanusi’s next move as he presses forward after the action described as the “Sanusi Tsunami.”
In an interview with a group of Nigerian journalists at the 13th Standard Bank Africa Forum, which ended in Cape Town, South Africa, last month, Sanusi explained that the AMC initiative is being currently articulated in the apex bank, which will subsequently seek approval for it from the National Assembly.
He said the AMC will serve both the banks and the stock market.
Explaining exactly what the company would be doing, the governor said its focus would first be on the marginal loans given by those banks that were badly hit by the capital market crash, because those are easier to value. Read the rest of this entry »
