Oando’s $113m Loan Placed On Watch list By Fidelity Bank

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Oando’s 113m Loan Placed On Watch list By Fidelity Bank
Oando

Nigeria’s Fidelity bank said on Monday it had put a 22.4 billion naira ($113 million) loan to Lagos-listed energy firm Oando Plc on a watchlist and taken a special provision of 5 percent.

The mid-tier commercial lender said on an analysts’ call that the Oando loan accounted for 3.7 percent of its total loan book and 15.2 percent of its energy loan book.

Chief Executive Nnamdi Okonkwo said the lender missed its loan growth target for 2015, which it had originally put at 10 percent. The bank said loans grew 6.7 percent last year.

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About Haruna Magaji 2422 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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