Author: Marketforces Africa

IFC Supports Engee Limited with $39 million to Build PET Resin Plant IFC today announced a $39 million financing package to help Engee Manufacturing Limited to build its Polyethylene Terephthalate (PET) Resin plant in Ogun state. Engee, a leading Nigeria manufacturer of PET resin used in packaging for soft drinks, bottled water, and other household and pharmaceutical products recently emerged as one of the fastest growing manufacturer of packing materials. According to IFC, the financing support was offered to Engee to build a continuous polymerisation PET Resin plant for expansion. IFC said Engee would source more than 20 percent of…

NSE Sustains Bullish Trend for Second Months

Economic Growth: Heritage Bank to Supports Youth Entrepreneurs Heritage Bank Plc says it will support youths entrepreneurs to grow businesses either as start-ups or prospective owners amid the global economic challenges brought about by the outbreak of COVID-19 pandemic. Ifie Sekibo, Managing Director and Chief Executive Officer of the bank, said this in a statement in Lagos. Sekibo said that the pandemic has devastating impact on the nation’s economic system, hence, the bank’s stance to invest in youths entrepreneurs. He said Heritage Bank is mindful of the devastating impact of the pandemic to the nation’s economic system. “As an institution at the forefront of investing in human…

FCMB: CBN Debits Put Pressure on Lender’s Earnings Outlook

Chapel Hill Denham Analysts ‘Bet Large’ on MTNN, Airtel Stock

Naira: Analysts Anticipate FX Convergence as CBN Boosts Liquidity. There have been moves by the Central Bank of Nigeria (CBN) to boost foreign exchange liquidity, and analysts have started projecting some sorts of convergence in rates.

Nigerian Banks Mispriced below EM Peers despite Higher Returns. Analysts at Chapel Hill Denham have said that deposits money banks are materially mispriced despite history of stronger returns above peers in emerging and frontier markets.

NEM Insurance Rated Hold as Analysts Forecast Marginal Upside. NEM Insurance Plc. has been rated hold by analysts as they cited that higher reinsurance cost pressure underwriting margin.

₦5 trillion Debt: AMCON Wants Senate to Compel Obligors. Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru has renewed the call for legislative support to his agency.

Polaris Bank announces Innocent Ike as Acting MD/CEO. The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, has announced the appointment of Mr. Innocent Ike, as the Acting Managing Director/CEO of Polaris Bank Limited, effective Sept. 1.