₦airaland Forum

GSK Declares N917m Profit in 2019, Proposes 55 Kobo Dividend
https://businesspost.ng/economy/gsk-declares-n917m-profit-in-2019-proposes-55-kobo-dividend/

CSCS Distributes N4.3bn to Shareholders as Reward
https://businesspost.ng/economy/cscs-distributes-n4-3bn-to-shareholders-as-reward/

Nigerian Stock Exchange Closes for 2 Days
https://businesspost.ng/economy/nigerian-stock-exchange-closes-for-two-days/

N268.7bn Treasury Bills for Sale Wednesday, Rates to Move up
https://businesspost.ng/economy/n268-7bn-treasury-bills-for-sale-wednesday-rates-to-move-up/

N268.7bn Treasury Bills for Sale Wednesday, Rates to Move up
https://businesspost.ng/economy/n268-7bn-treasury-bills-for-sale-wednesday-rates-to-move-up/

By Modupe Gbadeyanka

The World Bank Group has remained silent on the conditions it plans to attach to the $1.5 billion loan request from Nigeria.

The administration of President Muhammadu Buhari had announced its intention to approach the global lender for the financial assistance.

The reason was because of the drain in revenue caused by the coronavirus pandemic, which crashed the price of crude oil at the international market.

Nigeria, Africa’s largest economy by size, relies heavily on the sale of oil for foreign earnings and since the outbreak became very pronounced in early 2020, funding of the budget has been threatened.

When Mr Buhari signed the 2020 Appropriation Bill into law last December, the benchmark for crude oil was at $57 per barrel with an average daily production of over 2 million barrels per day.

However, the pandemic forced a downward review in March 2020 to $30 per barrel and later to $25 per barrel this month, with an average daily production of 1.7 million barrels per day.

In April 2020, Nigeria, alongside other oil producers in the world, especially from the Organisation for the Petroleum Exporting Countries (OPEC), agreed to cut global supply by 10 percent to 9.7 million barrels per day.

Under its own quota, the Africa’s largest producer of the of the commodity was asked to reduce its supply to 1.4 million barrels per day in May and June 2020.

This agreement has helped price of crude oil to jump to over $30 per barrel since the deal became effective on Friday, May 1, 2020.

When the coronavirus outbreak affected Nigeria’s economy, the federal government ran to the World Bank to seek for a $1.5 billion loan to help carry out its main duties in the country.

The World Bank has said this request would be considered in two months’ time and a decision announced.

In an interview with Reuters on Friday, the Director of the World Bank for Nigeria, Mr Shubham Chaudhuri, stated that, “We were hoping to present to our board by late July or latest early August, because the government will need the finance.”

Mr Chaudhuri said further that, “The immediate challenge is a fiscal one: How does the government marshal the fiscal resources to keep basic government functions going?”

However, he declined to comment on any conditions the bank hopes the country fulfils before granting the loan.

But the lead economist of World Bank on Nigeria, Mr Marco Hernandez, informed Reuters that, “We have been recommending a move towards a unified exchange rate and a more flexible exchange rate for some time,” emphasising that it would help the recovery and boost investor confidence.

Nigeria operates a multiple exchange rate system and this has been very confusing to investors.

While the official exchange rate is N361 to a Dollar, the exchange rate at the black market is over N450 per Dollar, while at the Investors and Exporters (I&E) window is over N380/$1.

Last Thursday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, warned that Nigeria’s economy could fall into a recession in 2020 with a 8.9 percent contraction.

The last time the country slipped into an economic crisis was in 2016, a year after Mr Buhari became President. If Nigeria falls into another recession, it would be the second under his administration and the first President to lead the country into recession two times in the same regime.

Business Post reports that last month, the International Monetary Fund (IMF) approved Nigeria’s $3.4 billion loan request. The money was withdrawn from the bank by the country and is expected to be repaid in five years, with two years moratorium.

https://businesspost.ng/economy/world-bank-silent-on-conditions-for-nigerias-1-5bn-loan-request/

Suleiman Speaks on Future Prospect of Sterling Bank
https://businesspost.ng/banking/suleiman-speaks-on-future-prospect-of-sterling-bank/

United Capital N10bn Bond Records 124% Subscription
https://businesspost.ng/economy/united-capital-n10bn-bond-records-124-subscription/

World Bank Silent on Conditions for Nigeria’s $1.5bn Loan Request
https://businesspost.ng/economy/world-bank-silent-on-conditions-for-nigerias-1-5bn-loan-request/

NSE Market Value Hits N13.136trn as Bulls Remain Hyperactive
https://businesspost.ng/economy/nse-market-value-hits-n13-136trn-as-bulls-remain-hyperactive/

Investors Increase Investment in Nigerian Stocks
https://businesspost.ng/economy/investors-increase-investment-in-nigerian-stocks/

SMEs: Warning Signs of Business Failure in COVID-19 Era
https://businesspost.ng/featureoped/smes-warning-signs-of-business-failure-in-covid-19-era/

By Modupe Gbadeyanka

Inflation in Nigeria increased to 12.34 percent year-on-year in the month of April 2020, data from the National Bureau of Statistics (NBS) said on Thursday afternoon.

The agency said the inflation figure recorded a marginal 0.08 percent increment when compared with the rate it was in March 2020, which was 12.26 percent.

The rise was attributed to increase in food prices during month as well as the effect of the lockdown in the whole of April due to the coronavirus pandemic.

According to the NBS, the composite food index last month rose by 15.03 percent from 14.98 percent in March 2020

“This rise in the food index was caused by increases in prices of potatoes, yam and other tubers, bread and

cereals, fish, oils and fats, meat, fruits and vegetables,” a report from the Mr Yemi Kale-led agency said.

The inflation figure for April fell below projections made by analysts, including the Financial Derivatives Company, which forecast about 14 percent rise due to the movement cessation in the month.

The stats office said on month-on-month basis, the headline index increased by 1.02 percent in April 2020, about 0.18 percent rate higher than the rate recorded in March 2020, 0.84 percent.

The agency stated that the urban inflation rate increased by 13.01 percent year-on-year in April 2020 from 12.93 percent recorded in March 2020, while the rural inflation rate increased by 11.73 percent in April 2020 from 11.64 percent in March 2020.

In addition, on a month-on-month basis, the urban index rose by 1.06 percent in April 2020, up by 0.18 from 0.88 percent recorded in March 2020, while the rural index also rose by 0.98 percent in April 2020, up by 0.18 from the rate recorded in March 2020, 0.80 percent.

It further said the corresponding 12-month year-on-year average percentage change for the urban index was 12.26 percent in April 2020. This is higher than 12.15 percent reported in March 2020, while the corresponding rural inflation rate in April 2020 was 11.20 percent compared with 11.14 percent recorded in March 2020.

The NBS said in April 2020, all items inflation on year-on-year basis was highest in Bauchi (14.44 percent), Sokoto (13.99 percent) and Plateau (13.68 percent), while Edo (10.87 percent), Abuja (10.81 percent) and Kwara (8.98 percent) recorded the slowest rise in headline year-on-year inflation.

On month-on-month basis, however, April 2020 all items inflation was highest in Akwa Ibom (2.01 percent), Oyo (1.91 percent) and Abia (1.81 percent), while Edo, Enugu and Bayelsa recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

Furthermore, In April 2020, food inflation on a year on year basis was highest in Sokoto (17.88 percent), Akwa Ibom (17.55 percent) and Abuja (17.65 percent), while Ebonyi (13.04 percent), Edo (12.90 percent) and Enugu (12.89 percent) recorded the slowest rise.

On month-on-month basis, however, April 2020 food inflation was highest in Akwa Ibom (2.65 percent), Lagos (2.49 percent) and Oyo (2.33 percent), while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

https://businesspost.ng/economy/inflation-in-nigeria-reaches-12-34-in-april/

Dangote Cement Stocks Gain Traction as Dividend Qualification Date Draws Closer
https://businesspost.ng/economy/dangote-cement-stocks-gain-traction-as-dividend-qualification-date-draws-closer/

Fajemirokun Sees Value in AIICO Insurance, Buys More Stocks
https://businesspost.ng/economy/fajemirokun-sees-value-in-aiico-insurance-buys-more-stocks/

ABCON President Calls Currency Speculators Enemies of Economy
https://businesspost.ng/economy/abcon-president-calls-currency-speculators-enemies-of-the-economy/

By Dipo Olowookere

A Nigerian billionaire clergyman, Prophet Joshua Iginla, has finally remarried after divorcing his former wife, Mrs Yemisi Iginla.

Mr Iginla, who is the General Overseer of Champions Royal Assembly, Abuja, had in March 2019 personally announced the end of his marriage to Yemisi, who has been alleged to have remarried in the United States of America afterwards.

According to a statement made available to Business Post by one of the cleric’s media handlers on Wednesday night, Prophet Iginla has finally divorced his wife over infidelity and has moved on permanently with his new wife, a prophetess whom we learnt has been a source of peace and happiness to him.

Meanwhile, the man of God, one of the humblest clergies who has chosen his resources to impact the less privileged and the needy, is adding another year today, Thursday, May 21, 2020.

The Abuja-based seer, who is arguably one of the richest prophets globally with acquisition of private jets, mega parishes across the world and ultra-modern buildings home and abroad, didn’t just emerge as an influential and successful man, there are several mind-blowing stories behind his success.

How would one describe a man who rose from nothing to something, a man who was an object of mockery in town, a man who couldn’t afford to eat a two—square meal a day, becoming a man whom every influential person in the world wants to reckon with?

Mr Iginla can be likened to one who was never expected to be successful, but against all odds, woke up to success and started living it.

Little wonder one of the favourite topics to preach for him is God’s grace. Of a truth, grace has visited the man of God and decided to live with him for the rest of his life, judging by the success he has attained.

Prophet Iginla, when he started ministry, used to hold service in a room where 20 people can’t stay comfortably, meaning he had a very small congregation too, but today, his ministry can boast of an 80,000-seater auditorium built in Abuja and South Africa without the support of anyone.

The same cleric that had a small congregation can now boast of hundreds of thousand members who throng his church at every service, including weekdays.

On every May 21, which happens to be his birthday, Brother Joshua Iginla, as he loves to be called, celebrates grace and extends it to his members, widows, less privileges, well-wishers, to mention a few.

During a birthday celebration, he once gave out 32 cars and another 22 vehicles. If one is to count the number of cars the man of God has given out, it would be over 200 by now, for someone who had nothing.

Surprisingly, Joshua Iginla has given out houses, landed properties, cash gifts, to the desolates, the needy, widows and placed over 200 people on lifetime salary.

The Nollywood movie industry will never forget him for his magnanimity towards actors and actresses. He has given them cars, paid hospital bills of a lot of them, given some of them houses and placed many of them of life-time salary.

As a prophet, he has foretold several prophecies that have come to pass. Some of them include the coming of Coronavirus, President Buhari’s deteriorating health condition, the outcome of elections, to mention a few.

No doubt, Brother Iginla has enjoyed God’s grace, he is a true recipient of God’s grace because it keeps increasing, day by day.

As another May 21 hits the corner, one would remember his popular saying that, it’s not a show off but an opportunity to showcase the mercy and Grace of God upon his life and through him to this generation.

https://businesspost.ng/showbiz/nigerian-billionaire-prophet-joshua-iginla-remarries/

Stocks Gain N130bn on Renewed Investor Confidence
https://businesspost.ng/economy/stocks-gain-n130bn-on-renewed-investor-confidence/

BUA Cement Targets New Markets to Boost Revenue
https://businesspost.ng/economy/bua-cement-targets-new-markets-to-boost-revenue/

DMO Allots FGN Bonds to Investors at 9.20%
https://businesspost.ng/economy/dmo-allots-fgn-bonds-to-investors-at-9-20/

Unlisted Securities Market's Trading Value Drops 91%
https://businesspost.ng/economy/unlisted-securities-markets-trading-value-drops-91/

Oil Marketers Resume Fuel Importation After NNPC's Nod
https://businesspost.ng/economy/oil-marketers-resume-fuel-importation-after-nnpcs-nod/

Crude Oil Jumps 4% as Supply Plunges Further
https://businesspost.ng/economy/crude-oil-jumps-4-as-supply-plunges-further/

Value of Naira Against Dollar Falls at BDC Market
https://businesspost.ng/economy/value-of-naira-against-dollar-falls-at-bdc-market/

BUA Cement to Pay N1.75 Dividend from N61bn Profit in FY’19
https://businesspost.ng/economy/bua-cement-to-pay-n1-75-dividend-from-n61bn-profit-in-fy19/

Access Bank, GTBank Stocks Attract Investors as Market Rises 1.09%
https://businesspost.ng/economy/access-bank-gtbank-stocks-attract-investors-as-market-rises-1-09/

Oil Prices Close Mixed on Fresh Worries
https://businesspost.ng/economy/oil-prices-close-mixed-on-fresh-worries/

Naira Depreciates to N460 Per Dollar at Black Market
https://businesspost.ng/economy/naira-depreciates-to-n460-per-dollar-at-black-market/

NASD Exchange Trades Flat Tuesday
https://businesspost.ng/economy/nasd-exchange-trades-flat-tuesday/

By Adedapo Adesanya

The worsening scarcity of foreign exchange (forex) at the market is causing the Naira to reach its elasticity and it is beginning to crack gradually.

The situation has put the domestic currency under a huge pressure and it is slowly losing its value against the United States Dollar at the market.

Business Post reports that at the Bureaux De Change (BDC) segment of the forex market on Monday in Lagos, the local currency depreciated against the greenback by N3 to sell at N455/$1 in contrast to N452/$1.

According to data obtained from the Association of Bureau De Change Operators of Nigeria (ABCON), the Nigerian Naira appreciated at the Lagos BDC market yesterday by N5 against the Pound to trade at N535/£1 in contrast to N540/£1 of the previous session, but shed N3 on the Euro to trade at N475/€1 versus N472/€1.

At the Investors and Exporters (I&E) segment of the market, data gathered by Business Post from the FMDQ Securities Exchange revealed that the Naira fell against the American currency at the close of session on Monday by 33 kobo or 0.09 percent to trade at N386.33/$1 as against N386/$1 of the previous session.

It was observed that at the market yesterday, the Naira traded as high as N390.69/$1 at a point and sold as low as N363/$1 before settling at N386.33?41 at the close of transactions.

During the session, the demand for forex increased by 117 percent or $21.73 million as the total value of transactions stood at $40.28 million compared with the $18.55 million recorded at the I&E window last Friday, when trades last occurred before yesterday.

A look at the parallel market on Monday, the local currency recorded no movement against the United States Dollar, closing at N455/$1, the same rate it quoted last Friday.

However, at the same market window, the local currency shed N10 against the British Pound yesterday to trade at N545/£1 in contrast to N535/£1 it previously traded and against the Euro, the domestic current closed flat at N465/€1.

At the interbank segment of the market, the Naira/Dollar exchange rate remained flat N361/$1.

https://businesspost.ng/economy/worsening-forex-scarcity-crumbles-naira-to-n455-1/

Trading in 13 Stocks on NSE Remains Prohibited
https://businesspost.ng/economy/trading-in-13-stocks-on-nse-remains-prohibited/

Buhari Selects Lamido Yuguda as Substantive SEC DG
https://businesspost.ng/jobs/buhari-selects-lamido-yuguda-as-substantive-sec-dg/

Nigeria to Witness Economic Crisis, High Fiscal Deficits—Fitch
https://businesspost.ng/economy/nigeria-to-witness-economic-crisis-high-fiscal-deficit-fitch/

NPF Microfinance Bank Gains 50.85% in One Week
https://businesspost.ng/economy/npf-microfinance-bank-gains-50-85-in-one-week/

Lafarge Africa Grows Q1 2020 Profit by 153.1%
https://businesspost.ng/economy/lafarge-africa-grows-q1-2020-profit-by-153/

Demand Recovery, Cuts, Lockdown Ease to Lift Oil Prices This Week
https://businesspost.ng/economy/demand-recovery-cuts-lockdown-ease-to-lift-oil-prices-this-week/

Nigeria Complies With OPEC+ Deal, Produces 1.41mbpd
https://businesspost.ng/economy/nigeria-complies-with-opec-deal-produces-1-41mbpd/

Transcorp Hotels Declares N686.5m Loss in Q1 2020
https://businesspost.ng/travel/transcorp-hotels-declares-n686-5m-loss-in-q1-2020/

By Modupe Gbadeyanka

The Debt Management Office (DMO) has announced a revised calendar for the issuance of Federal Government of Nigeria (FGN) bonds for Q2 2020.

The debt office, in a circular released this week, said it was increasing the value of the Naira denominated papers to be sold to investors for the second quarter of the year.

The action followed the approval of the conversion of the $2.36 billion external loan to N850 billion domestic loan by the two chambers of the National Assembly recently.

The Senate had first authorised President Muhammadu Buhari to borrow the amount locally. This week, the House of Representatives also approved the same request.

The reason for abandoning the foreign borrowing for the local borrowing was because of the global economic crisis caused by the novel coronavirus disease.

According to the circular obtained by Business Post, the DMO said the changes made to the earlier released calendar would take effect from next month.

In the earlier released circular, the debt office had planned to raise between N30 billion and N60 billion on May 20, 2020 across three maturities and between N15 billion and N45 billion on June 24, 2020 across three tenors of 5 years, 15 years and 30 years.

But in the revised calendar, while the debt office will go ahead to sell the same amount of bonds it planned for next week, it increased the amount for next month.

In the new notice, it said bonds worth between N135 billion and N165 billion would be offered for sale on June 17, 2020 across three tenors.

The debt office further said all the notes are re-opening, meaning that the term-to-maturity of the 5-year bond for next week is 2 years and 11 months, the 15-year paper is 14 years and 10 months, while the 30-year note is 29 years and 10 months.

For the June 17, 2020 exercise, the term-to-maturity of the 5-year bond is 2 years and 10 months, the 15-year paper is 14 years and 9 months, while the 30-year note is 29 years and 9 months.

Meanwhile, the DMO said it is not changing the coupon rates for the bonds. The rate for the 5-year, 15-year and 30-year bonds were left at 12.75 percent, 12.50 percent and 12.98 percent respectively.

https://businesspost.ng/economy/dmo-increases-amount-of-fgn-bonds-to-sell-in-q2-2020/

Court Orders C&I Leasing to Pay Damages to Former Staff
https://businesspost.ng/jobs/court-orders-ci-leasing-to-pay-damages-to-former-staff/

Ecobank Urges Youths, Others to Embrace Xpress Point for Extra Income
https://businesspost.ng/banking/ecobank-urges-youths-others-to-embrace-xpress-point-for-extra-income/

More Woes for Evans Medical, to Pay N71m in 30 Days
https://businesspost.ng/health/more-woes-for-evans-medical-to-pay-n71m-in-30-days/

DMO Increases Amount of Bonds to Sell in Q2 2020
https://businesspost.ng/economy/dmo-increases-amount-of-fgn-bonds-to-sell-in-q2-2020/

MTN Laments Drop in Voice Traffic, Mobile Money Transactions
https://businesspost.ng/economy/mtn-laments-drop-in-voice-traffic-mobile-money-transactions/

CBN Refuses to Sell OMO Bills to Investors
https://businesspost.ng/economy/cbn-refuses-to-sell-omo-bills-to-investors/

FBNQuest Merchant Bank Lists N5bn Bond on Stock Exchange
https://businesspost.ng/banking/fbnquest-merchant-bank-lists-n5bn-bond-on-stock-exchange/

CBN Refuses to Sell OMO Bills to Investors
https://businesspost.ng/economy/cbn-refuses-to-sell-omo-bills-to-investors/

CBN Increases Treasury Bills Stop Rates at PMA
https://businesspost.ng/economy/cbn-increases-treasury-bills-stop-rates-at-pma/

FEC Approves $25 as New Crude Oil Benchmark for 2020 Budget
https://businesspost.ng/economy/fec-cuts-oil-benchmark-for-2020-budget-to-25/

COVID-19: Nigeria Will Need N10trn Stimulus Package—NESG
https://businesspost.ng/economy/covid-19-nigeria-will-need-n10trn-stimulus-package-nesg/

CBN Increases Treasury Bills Stop Rates at PMA
https://businesspost.ng/economy/cbn-increases-treasury-bills-stop-rates-at-pma/

By Dipo Olowookere

The House of Representatives is considering ways the federal government can support big organisations in the country like Access Bank to pay their workers in order to prevent a mass sacking.

Some days ago, a video went viral showing the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, saying that the lender will possibly cut down its contract staff by 70 percent, while those to remain will likely suffer a 40 percent slash in their salaries, including himself.

Nigerians reacted to the issue and the Central Bank of Nigeria (CBN), with Bankers’ Committee, prevailed on the financial institution and others in the banking industry to put such plans aside.

At the plenary on Tuesday, the House of Reps debated the matter and said urgent steps must be taken to avert a massive job loss in the country.

The lower parliament described Access Bank as an institution “too big to fail” because of “its position as a significant employer of labour.”

The lawmakers said if Access Bank is allowed to “lay off 23,990 employees [on its payroll] ,” which it said “may be the biggest lay-offs by any Nigerian employer”, it will have an impact that will be “catastrophic especially when followed by other banks.”

“Such business decisions will cause more stress and shocks across economy which is already struggling with low oil prices.

“A secondary effect of such an action will be that it will affect the purchasing power of significant segments of the population which will certainly impact negatively on our macro-economy,” the lower legislative chamber of the National Assembly said.

The Reps stressed that to avert this looming crisis, steps must be taken quickly by the federal government to support big employers of labour like Access Bank through economic packages in terms of “income support, tax credits or tax deferrals, short-term work schemes, wage subsidies and tax moratoriums on loan payments.”

In view of this, the lawmakers resolved to “set up an ad-hoc committee to investigate, monitor and liaise with corporate institutions with a view to possible interventions to reduce the wage burden on such organisations.

The House also mandated the Committees on Banking and Currency, Labour, Employment and Productivity and Public Accounts to look into the Access Bank situation and report back to within two weeks for further legislative action.

https://businesspost.ng/general/reps-seek-bailout-out-for-access-bank-others-to-prevent-mass-sacking/

Reps Seek ‘Bailout Out’ for Access Bank, Others to Prevent Mass Sacking
https://businesspost.ng/general/reps-seek-bailout-out-for-access-bank-others-to-prevent-mass-sacking/

10 Favourite Stockbrokers of Investors in Nigeria
https://businesspost.ng/economy/10-favourite-stockbrokers-of-investors-in-nigeria/

British Airways Picks SAHCO as Ground Handling Services Provider
https://businesspost.ng/travel/british-airways-picks-sahco-as-ground-handling-services-provider/

SEC Monitors Impact of COVID-19 on Capital Market, Reopens Abuja Office
https://businesspost.ng/economy/sec-monitors-impact-of-covid-19-on-capital-market-reopens-abuja-office/

Dollar Sells at N386 at I&E as Transactions Drop to $9.98m
https://businesspost.ng/economy/dollar-sells-at-n386-at-ie-as-transactions-drop-to-9-98m/

Businesswoman Buys Additional 1.1 million FBN Holdings Stocks
https://businesspost.ng/banking/businesswoman-buys-1-1-million-fbn-holdings-stocks/

MTN Nigeria Holds AGM This Friday
https://businesspost.ng/economy/mtn-nigeria-holds-agm-this-friday/

Nigeria’s Inflation for April to Hit 14%—FDC Analysts
https://businesspost.ng/economy/nigerias-inflation-for-april-to-hit-14-fdc-analysts/

New COVID-19 Fears to Keep Crude Oil Prices Volatile
https://businesspost.ng/economy/new-covid-19-fears-to-keep-crude-oil-prices-volatile/

Unbundling from UPDC May Not Happen July—UAC Nigeria
https://businesspost.ng/economy/unbundling-from-updc-may-not-happen-july-uac-nigeria/

Access Bank Will Remain Profitable in 2020—Fitch
https://businesspost.ng/banking/access-bank-will-remain-profitable-in-2020-fitch/

COVID-19: SEC Uses Fintech to Regulate Capital Market
https://businesspost.ng/economy/covid-19-sec-uses-fintech-to-regulate-capital-market/

Nestle Nigeria Q1'20 Profit Drops Despite Lower Finance Costs
https://businesspost.ng/economy/nestle-nigeria-q120-profit-drops-despite-lower-finance-costs/

FBN Holdings, GTBank, Zenith Bank Stocks Entice Investors
https://businesspost.ng/economy/fbn-holdings-gtbank-zenith-bank-stocks-entice-investors/

CBN Urges Investors Not to Panic Over Forex Repatriation
https://businesspost.ng/economy/cbn-urges-investors-not-to-panic-over-forex-repatriation/

CSCS Fixes May 22 for AGM to Approve Dividend, Others
https://businesspost.ng/economy/cscs-fixes-may-22-for-agm-to-approve-dividend-others/

How Stock Market Investors ‘Pocketed’ N916bn During Lockdown—Analysis
**As Market Recorded 15 Gains, 8 Losses During Period
https://businesspost.ng/economy/how-stock-market-investors-pocketed-n916bn-during-lockdown-analysis/

By Dipo Olowookere

**As Market Recorded 15 Gains, 8 Losses During Period

When on Sunday, March 29, 2020, President Muhammadu Buhari announced in a nationwide broadcast that activities and offices in Abuja, Lagos and Ogun State would be totally shut down from the next day except for those rendering essential services, many thought the stock market would be badly affected.

The outcome of the Nigerian Stock Exchange (NSE) on Monday, March 30, 2020, confirmed the fears of many about this as on the first day of the lockdown, the market went down by 2.43 percent.

Though the trading floor of the bourse remained closed, the management of the exchange activated its business continuity plan to allow stockbrokers and investors trade remotely using electronic devices.

The next day, the market fell by 0.14 percent and prices were trading low, and the next day, which was April Fool’s Day, another loss was recorded, this time, by 0.94 percent.

When the next day the market appreciated by 0.10 percent, some analysts said it would be short-lived and they guessed right because at the next trading session, the market returned to its familiar territory, losing 0.13 percent on the last trading session of that week.

When activities resumed the next Monday, investors were greeted with a 2.02 percent loss and for some traders, they quickly positioned themselves by buying equities at cheap prices with the hopes of selling high when things normalise probably after the lockdown or when vaccine for the COVID-19, which caused the initial stay-at-home order, is found by scientists.

But Business Post observed that for the next seven consecutive sessions, the market was acting like it was on steroids, closing in the green territory until it was halted on April 20 and 21, 2020.

On April 22, it closed bullish, but slipped the next day by 1.36 percent, before staging a comeback from April 23 till the last day of the lockdown on May 4, 2020.

Many have wondered why the stock market remained bullish despite the economy struggling for life as a result of the coronavirus pandemic.

Few days ago, Business Post attributed the sudden rise in the market to foreign portfolio investors choosing to reinvest their funds in the local market when they could not take away their trapped Dollars out of the country because of the stoppage of forex sales to dealers at the Investors and Exporters segment of the market.

From Business Post’s analysis, there were a total of 23 trading sessions from when the lockdown became effective in Nigeria till it was lifted by President Buhari.

It was observed that of the 23 trading days, the market recorded 18 gains and eight losses. Putting this into percentage, bulls dominated by 76 percent, while the bears managed only 24 percent.

During the 23 trading days, the All-Share Index (ASI) appreciated by 1,759.07 points to 23,089.86 points from 21,330.79 points, while the market capitalisation increased by N916 billion to N12.033 trillion from N11.117 trillion.

Since the movement cessation was eased, the market has remained bullish, closing higher at the close of transactions on Thursday.

However, as at the time of filing this report, the market was down by 1.20 percent.

https://businesspost.ng/economy/how-stock-market-investors-pocketed-n916bn-during-lockdown-analysis/

Afrinvest Introduces Dollar Fund to Hedge Against Currency Fluctuations
https://businesspost.ng/economy/afrinvest-introduces-dollar-fund-to-hedge-against-currency-fluctuations/

NCDC Confirms 381 New Cases as 183 Test Positive in Lagos
https://businesspost.ng/general/ncdc-confirms-381-new-cases-as-183-test-positive-in-lagos/

Morgan Capital Emerges Most Active Stockbroker in April
https://businesspost.ng/economy/morgan-capital-emerges-most-active-stockbroker-in-april/

Balogun Quits as Chairman After Setting Lafarge Africa on Right Track
https://businesspost.ng/economy/balogun-quits-as-chairman-after-setting-lafarge-africa-on-right-track/

Nigerian Stock Exchange Survives Early Scare to Close 0.87% Higher
https://businesspost.ng/economy/nigerian-stock-exchange-survives-early-scare-to-close-0-87-higher/

Fidelity Bank Board Member Acquires .5 Million Shares
https://businesspost.ng/economy/fidelity-bank-board-member-acquires-5-million-shares/

Ecobank Allows Only Five Customers into Banking Hall at a Time
**Opens New Branches
https://businesspost.ng/banking/ecobank-allows-only-five-customers-into-banking-hall-at-a-time/

NASD Exchange Records Third Consecutive Stalemate
https://businesspost.ng/economy/nasd-exchange-records-third-consecutive-stalemate/

Market Optimism Wanes as Oil Sheds Earlier Gains
https://businesspost.ng/economy/market-optimism-wanes-as-oil-sheds-earlier-gains/

Renewed Pressure Weakens Naira at I&E Window
https://businesspost.ng/economy/renewed-pressure-weakens-naira-at-ie-window/

By Modupe Gbadeyanka

**Opens New Branches

The management of Ecobank Nigeria has announced opening more branches in order to decongest those already opened for business since the easing off of lockdowns across the country.

Head of Branch Network at Ecobank Nigeria, Ms Titiloye Olarinde, explained that Ecobank took this decision because of the priority it gives to the safety of customers and staff.

According to her, temperature checks and wearing of masks are compulsory for both staff and customers before admittance to any bank premises; provision and mandatory use of hand sanitizers before accessing the branch or ATM Gallery while regular deep cleaning of work surfaces and ATM areas is ensured.

She also stated that only five customers are allowed into the banking hall at a time and appealed for cooperation with security personnel as their actions are all in a bid to keep everyone safe.

“We are operating in line with the health and safety guidelines issued by the Nigeria Centre for Disease Control to mitigate the spread of coronavirus.

“With the opening of additional branches, we are able to meet customers’ needs in a safe and conducive environment.

“Key services available at our branches include ATM services, assistance to onboard to our Digital platforms, account opening and over the counter services for essential cash and cheque transactions.

“For your safety and comfort, we encourage you to continue using our 24/7 digital self-service solutions such as Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, Omni Lite and the RapidTransfer App thus supporting initiatives to help curtail the spread of COVID-19.

‘At Ecobank, we take the safety of our staff and customers very seriously and have therefore put in place measures to ensure your safety should you need to visit our branches,” she noted.

Ecobank Nigeria has been in the forefront in supporting the public and government since the commencement of the fight against COVID-19.

The bank had initiated various public enlightenment on radio and social media, having launched the #StaySafeNigeria campaign, to educate the public about the virus and ways to curb its spread.

Ecobank has also partnered with many state governments to provide palliatives and relief packages to indigent people.

This is in addition to the bank’s contribution as a corporate member of the Bankers Committee and the Nigerian Private Sector led Coalition to raise funds against COVID-19, being part of the bank’s Corporate Social Responsibility activities.

Ecobank, in a mail, has encouraged customers to obey the COVID-19 rules, emphasising the importance of social distancing to check the spread of the Coronavirus, especially when visiting the branches, thanking them for their dedication and continued patronage.

https://businesspost.ng/banking/ecobank-allows-only-five-customers-into-banking-hall-at-a-time/

By Adedapo Adesanya

As Immigration Generates N62.6 billion in 2019

The Nigeria Immigration Service (NIS) revenue generation increased by 60 percent year-on-year to N62.6 billion in 2019, according to latest figures published by the Federal Ministry of Interior.

The figure was disclosed by the Minister of Interior, Mr Rauf Aregbesola, while presenting the 2019 Annual Report of the Nigeria Immigration Service in Abuja on Tuesday, May 6.

The annual report is a document containing vital data and information which Nigeria consults for national planning, decision making, research work, education and business development for both the public and private sectors.

In a statement signed and released by the public relations officer (PRO) of the service, Mr Sunday James, on Wednesday, the agency said N59.7 billion of the 2019 turnover was used as expenditure and this brought the net revenue to N2.9 billion.

The agency also recorded a 13 percent increase in offshore revenue which amounted to $41.8 million compared with $36.4 million that was published in full year 2019.

According to the statement, the migration statistics for 2019 showed that China ranked the highest in immigrants into the country.

Following the Asian country among the top 10 countries with the highest number of migrations into Nigeria were India, Ghana, Lebanon, and the United States of America (USA).

Other countries were Niger, Germany, Italy, South Africa, and Cameroon in that order.

The number of migrants into Nigeria on 2019 were 5,019,970 of which 7,518 persons came through the seaports, 1,379,459 persons through land borders, and 3,632,993 arrived through the airports.

The statement also disclosed that the total number of visas issued in 2019 was pegged at 130, while the total number of passports issued is 1,198,274.

According to the NIS report, the movement of persons into and out of Nigeria are as follows; 2,206,558 arrivals and 2,537,966 departures respectively.

https://businesspost.ng/general/five-million-migrate-into-nigeria/

IMF Credits CBN's Account With $3.4bn Emergency Loan
https://businesspost.ng/economy/imf-credits-cbns-account-with-3-4bn-emergency-loan/

By Adedapo Adesanya

Nigeria has received the $3.4 billion emergency loan from the International Monetary Fund (IMF).

IMF Managing Director, Ms Kristalina Georgieva, confirmed to CNBC Africa in an interview that the $3.4 billion loan had been credited to the account of the Central Bank of Nigeria (CBN).

The funds had been approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, ‎to address challenges arising from the economic impact of the COVID -19 pandemic the country.

Ms Georgieva also called on the Federal Government of Nigeria to be transparent and account for every single kobo of the fund.

‎The federal government had assured that it will publicise all disbursements from the funds, adding that there are plans to conduct an independent audit of all emergency expenditure at the end of the pandemic.

The Nigerian government also agreed to allow the IMF to conduct a due diligence exercise on the CBN, these will be done in line with the Fund’s safeguards assessment ‎program.

According to the IMF chief, the money was sent to the CBN’s account in dollars, after which it would be converted to naira.

“We have already disbursed. In emergency assistance, the board approves, we disburse within days to the country and it goes to their central bank in dollars before it gets converted into naira in the case of Nigeria.

“The conditions are quite favourable and repayment period is five years, up to two and half years is grace period and the interest on the loan is one percent,” she said.

Ms Georgieva assured that the IMF will continue to support Nigeria and other member countries.

“We have put in place policy tracking action, and we are seeing progress each country is making.

“The IMF will continue to support countries and shield them from catastrophic implications of the COVID-19 crisis,” she added.

https://businesspost.ng/economy/imf-credits-cbns-account-with-3-4bn-emergency-loan/