Economic Confidential, July 2008

ADB Portfolios Nigeria Hits N46Bn

African Development Bank’s  portfolio on projects by the in the Nigeria has hit N45.74billion ($391m). Minister of Finance, Dr. Shamsuddeen Usman, stated during a review  workshop  on  AfDB’s country performance portfolio in Abuja.

He said Nigeria currently has the largest concentration of the bank’s active portfolio among other Regional Member Countries (RMCs) adding that  the Bank is currently handling 13 public sector and eight private sector projects around the country.

Speaking through acting permanent secretary in the ministry,  Jibril Zarewa the Minister   said that Nigeria has remained a key player in the operations of the AfDB in funding its window through the Nigeria Trust Fund (NTF) in complementing the Bank’s effort of meeting continental development agenda.

While appealing to the AfDB to improve on its service delivery mechanism in the country, the minister explained that the protocol of agreement between the Federal Government and the Bank which expired last year has been renewed for the next 10 years.

  “I would like to appeal to ADB to continue the improvement of its service delivery operations in the country. The bank should take a cue from other development partners by liberalizing its approving procedures and substantially devolving authority to the field officers”, he said

 Earlier, resident representative of AfDB in Nigeria, Mr. Herve Assah,  said that Country Portfolio Performance Review (CPPR) has its objectives to include engaging stakeholders on key issues affecting portfolio management and implementation as well as evolving an action plan for strengthening portfolio performance in order to enhance development effectiveness.

Intercontinental Bank Deposits Hit N1.1trillion

The Intercontinental Bank’s deposit has hit the N1, 1trillion mark as the bank advised its teeming shareholders not to dispose off their shares in view of the current share slide

The Group Executive Director of the bank. Dr. Erastus Akingbola disclosed this in Abuja at the bank’s 19th annual general meeting.  Advising the shareholders to hold on to their shares, he stated that what is happening now in the stock market is the fact that stock market speculators are leaving the market in droves

He said with the exit of price speculators, the real owners of the market should be steadfast as the stock prices are bound to increase again.

Announcing the 2007/2008 result, the bank’s chairman, Dr. Raymond C Obieri told the shareholders that the financial results surpassed that of 2006/2007 one as the bank becomes a multi billionaire financial conglomerates. He said the group total deposit showed a record breaking feat5 of N1.1trillion, the highest so far in the industry.

In the same vein, he said the total assets plus contingents of the bank rose by 108 per cent to N1.7trillion from N823.3 billion.

Because of the quantum leap in the bank’s balance sheet, DR, Obieri disclosed that the net operating income rose to N173.6BILLION, up by almost 100 per cent from N87.4 billion recorded in the corresponding period of last year

The bank’s group profit before tax increased to n45.6BILLION up by over 102 per cent from the preceedi9ng figure of N22.6 billion

          Elated by this result, the chairman said the management decision to allow investors reap good dividends informed the payment of 75kobo per share as against the 65 kobo declared last year