OCEANIC EXECUTES TRANSACTION IMPLEMENTATION AGREEMENT WITH ETI
Monday, August 01, 2011 (494 reads)
On July 30, 2011, Oceanic Bank International (“Oceanic” or “the Bank”) signed a Transaction Implementation Agreement (“TIA”), in respect of its re-capitalisation, with Ecobank Transnational Incorporated (“ETI”). This represents an important milestone in Oceanic’s re-capitalisation and both the Board and Management of the Bank are confident that the transaction will be completed before the Central Bank of Nigeria’s (“CBN”) recapitalization deadline of September 30, 2011.
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AMCON completes Series I Bond Issuance
Wednesday, April 06, 2011 (729 reads)
Notwithstanding the backdrop of postponed elections and higher bond yields following last week's 100bp rise in the Monetary Policy Rate, Nigeria's Asset Management Corporation of Nigeria (AMCON) closed its book building and priced 3-year zero-coupon bonds maturing December 31, 2013 inside market expectations, at an 11.8% yield.
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AMCON purchases N2.04 trillion NPLs; meets December 31 deadline
Tuesday, January 04, 2011 (893 reads)
Nigeria’s ‘bad’ bank - the Asset Management Corporation of Nigeria (AMCON) – has been hard at work, despite the festive holiday season, in an effort to meet the December 31, 2010 deadline it had set to acquire non-performing loans (NPLs) from Nigerian banks.
Today, AMCON has met that deadline by executing loan purchase and service agreements with 21 participating banks to acquire NPLs with a face value of N2.04 trillion for just under N800 billion. 92.5% of the purchased NPLs were from the 10 “intervened” banks with the balance 7.5% from other Nigerian banks.
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CBN extends Wema Bank, Unity Bank recapitalisation deadline
Tuesday, June 29, 2010 (1179 reads)
The Central Bank of Nigeria (CBN) yesterday extended the recapitalisation deadline it gave Unity Bank and Wema Bank by three months. Both banks had been given till tomorrow, June 30 to recapitalise or face the axe of the apex financial institution.
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