|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||20.22 - 20.44|
|52 Week Range||18.32 - 25.43|
|PE Ratio (TTM)||19.49|
|Dividend & Yield||1.06 (5.22%)|
|1y Target Est||N/A|
Nigeria said on Tuesday it planned to withdraw its case against seven local banks over what it says is $793 million due to the state, and that it was seeking an out-of-court settlement instead. The banks concerned have said either that they do not owe the government money or have paid what is due. Commercial banks in Nigeria collect grants, taxes, fees and tariffs on behalf of the government which they send to a single treasury account with the central bank in line with a policy introduced in 2015 aimed at curbing corruption.
Nigerian lenders will try to stabilise the business of 9mobile, the country's fourth largest telecoms group, until they can find new investors, First Bank said, adding that it saw no need to impair loans made to the company, because of its cash flows. "On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment," the bank's chief executive Adesola Adeduntan said on an analysts' call.
Nigeria's benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors. The index rose 2.54 ...