The U.S. Export-Import Bank has raised its credit facility to Nigeria's Intercontinental Bank Plc INBK.LG to $100 million from $27 million, the Lagos-based bank said on Thursday.

Nigerian cargoes started selling at lower differentials due to limited arbitrage to the United States and weaker margins, while Angolan August dealings were about to conclude, traders said on Thursday.

As inflation reached an all-time high of 8.2 per cent in the month of April, Central Bank of Nigeria (CBN) at the weekend decried the trend.

Governor of Central Bank of Nigeria (CBN), Professor Chukwma Soludo, told the House of Representatives Committee on Finance yesterday that the apex bank generated a total of N644 billion between 2003 and 2007 and expended N459 billion within the same period.

Recapitalization and other reform measures embarked upon by the management of Guaranty Trust Bank Plc have begun to yield positive fruits, especially for investors, as the bank announced a N12.9billion dividend to be shared among its shareholders.

The Banking sector consolidation and financial discipline has placed 20 Nigerian banks among the top 1,000 banks in the world, according to the Managing Director/Chief Executive Officer, Oceanic Bank Plc, Mrs. Cecelia Ibru.

Managing Director/Chief Executive Officer of Spring Bank, Dr. Suleyman Ndanusa has announced the recovery of over N13billion insider-related loans since the take over by the interim management board.

The Financial Services Authority (FSA) of the United Kingdom (UK) has licensed Intercontinental Bank (UK) Plc, a subsidiary of Intercontinental Bank Plc, as a full-fledged bank offering wholesale banking services in the United Kingdom. FSA, the UK’s apex financial services authority, is one of the strictest financial services regulatory authorities in the world.

Shareholders of Sterling Bank Plc on Wednesday gave the bank the go-ahead to raise N75 billion from the investing public through a hybrid offer. Majority of the shareholders who spoke at the bank’s 46th Annual General Meeting in Lagos were of the view that the bank should beef up its capital base so as to meet the present challenges in the industry.

Intercontinental Bank Plc, one of Nigeria’s leading financial supermarkets will hold its nineteenth Annual General Meeting (AGM) Monday in Abuja, the country’s sprawling capital city where shareholders are expected to approve the creation of additional shares.