Sterling Bank has signed a $65 million (₦23.4 billion) credit facility with the Arab Bank for Economic Development in Africa (BADEA). The money was granted through two loan agreements signed in Cairo, Egypt, by Yemi Odubiyi, ED, Corporate & Investment Banking. BADEA’s Director-General, Sidi Ould TAH, described the agreement as the beginning of cooperation between BADEA and Sterling Bank to enhance the role of the private sector in Nigeria’s economic and social development. Odubiyi said that the first tranche of $15 million is a line of credit for the financing of private sector projects, while the second of $50 million is for financing Arab exports to African importers, as part of BADEA’s programme for financing foreign trade.
8.41 million, out of over 70 million people representing the working population in Nigeria, are currently making contributions into the Contributory Pension Scheme. Acting Chairman of PenCom, Aisha Dahir-Umar, told the House of Representatives that the figure of 8.41 million obtained from PenCom, are about 12.09 percent of the country’s working population. The contributors are just about 4.29 percent when compared to the entire population of the country. According to Dahir-Umar, total pension fund assets had grown to ₦8.63 trillion as of December 2018, with average monthly contributions of ₦29.15 billion. The total pension asset was equivalent to 7.40 percent of GDP. As of December 2018, over 260,808 persons had retired under the scheme and are currently receiving an average monthly pension payment of ₦10.18 billion.
Access Bank may experience negative pressures on its capital and asset risk metrics as a result of its merger with Diamond Bank, Moody’s has warned. The ratings agency announced that it was placing the ratings of the Nigerian lender under review for downgrade. Moody’s said it was looking to lower the B2 long-term local currency deposit rating of Access Bank as well as its B3 long-term foreign currency deposit rating, its b2 Baseline Credit Assessment and Adjusted BCA, its B1 long-term Counterparty Risk Rating and its B1(cr) long-term Counterparty Risk Assessment. The rating agency was, however, placing Diamond Bank’s Caa1 long-term deposit ratings, its caa3 BCA and Adjusted BCA, its Caa1 CRR and its Caa1(cr) CRA on review for upgrade. Diamond and Access announced their intentions in late 2018, to merge and form a formidable entity. According to Moody’s, the banks’ ratings are being reviewed following the approval of their announced merger by SEC on 18 January, 2019, after a preliminary approval of the transaction by the CBN in December 2018.
An outbreak of avian flu has hit Plateau, killing at least 3,900 birds. Spak Shasetm, the Chief Veterinary Officer of Plateau, said that the outbreak has affected two farms in Jos North and Jos South Local Government Areas of the state. Shaset said the two farms were decontaminated, disinfected and quarantined to avoid further spread to nearby farms and have other poultry farmers incur losses. If left unattended to, the disease could spread to humans.