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Shareholders of United Bank for Africa (UBA) Plc have commended the board and management for the Bank's sterling performance and dividend payment to investors during the financial year ended December 31, 2012.
The shareholders, who approved the payment of N0.50 per share at the Bank's Annual General Meeting (AGM) in Abuja on Friday, affirmed that the restructuring and transformation of the Bank, have been beneficial to investors just as it confirmed UBA as a leading pan-African Bank.
Interswitch Transnational Holdings, a pan-African integrated payment processing and transaction switching company, has announced the spin-off, of two of its core divisions: Verve International (“Verve”) and Switching and Processing, as separate, autonomous businesses.
Verve (the payment card solutions business) and Interswitch Switching and Processing (the transaction switching business) have been spun off as separate, autonomous businesses
PNN a pan-African technology service provider and Estel Technologies, India’s leading mobile financial services technology enabler, plan to introduce a technology platform to drive mobile money services in Nigeria.
To this end, the firm will, on Wednesday in Lagos, be presenting its solution to licensed mobile money operators in a workshop organized by Private Networks Nigeria Limited, its Nigerian strategic partner.
Central Bank of Nigeria (CBN) has reaffirmed 6.72 per cent GDP Q2, 2013 growth forecast by the National Bureau of Statistics, and noted that the country’s now relies more on the non-oil sector as driver of growth.
On the country’s fiscal outlook, the CBN confirmed earlier projections, however, noted that “the relatively robust output growth projection for 2013 was hinged on expected three favourable conditions for increased agricultural production and other policy initiatives aimed at stimulating the economy.”
Dr. Ngozi Okonjo-Iweala, coordinating minister for the Economy and minister of Finance, has put the nation’s external debt at $6.67 billion while the country spent some $8. billion to service debt in 2006 and $10. 1 billion in 2005.
Okonjo-Iweala however said that the clarification became necessary in view of the various figures being quoted in the debate over the nation’s indebtedness.
“As at now, our external indebtedness is as low as $6.67 billion or about 3 percent of Gross Domestic Product, GDP.” She said
African Development Bank (AfDB) has formally signed $100 million unfunded Risk Participation Agreement (RPA) with Commerzbank AG under which the two banks will share the default risk on a portfolio of eligible trade transactions originated by African issuing banks in Africa and confirmed by Commerzbank AG.
This facility will help address critical market demand for trade finance in Africa by providing support for trade in vital economic sectors such as agribusiness and manufacturing.
Dr. Sotirios Paroutis, a Greek Associate Professor of Strategic Management at Warwick Business School has said that the public recognition of mistakes by the IMF in the way the first Greek bailout in May 2010 was handled shows willingness to be more transparent about the fund’s processes and could potentially result, in the long-term, in improved collaboration with European institutions.
However, the inevitable question is whether raising these issues at this point in time is detracting from efforts to deal with the issues the Greek economy is still facing.