Nigerian Central Bank Gives Lenders Forbearance on Bad Loans

Nigerian Central Bank Gives Lenders Forbearance on Bad Loans

LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria granted lenders permission to write off any fully provided non-performing loans without waiting for the full year required by regulations, as authorities seek ways to boost lending and avert a recession in Africa’s biggest economy. The decision follows a request by banks for an amendment to the rule that requires lenders to retain bad debt in their books for 12 months before they are…

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NESTLE NIGERIA RELEASES FULL YEAR 2015 RESULTS – FIRST TAKE

LAGOS, Nigeria, Capital Markets in Africa — NESTLE (HOLD, TP: N721.72) released its audited full year 2015 results earlier today. While topline came in below our expectations at N151.3 billion (PAFR 2015E: N157.5 billion), earnings were in line with our estimates with PBT up 19.9% to N29.3 billion (PAFR 2015E: N28.8 billion) and PAT up 6.8% to N23.7 billion (PAFR 2015E N24.2 billion). Key drivers for revenue growth (up 5.5%) were price increases, new product lines…

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