₦airaland Forum

CBN Drops Treasury Bills Rates to 2.49%
https://businesspost.ng/economy/cbn-drops-treasury-bills-rates-to-2-49/

CBN Drops Treasury Bills Rates to 2.49%
https://businesspost.ng/economy/cbn-drops-treasury-bills-rates-to-2-49/

Nigeria Searches for Transaction Parties for $3.3bn Eurobond
https://businesspost.ng/economy/nigeria-searches-for-transaction-parties-for-3-3bn-eurobond/

FCMB to Sell N20bn Commercial Papers to Investors
https://businesspost.ng/banking/fcmb-to-sell-n20bn-commercial-papers-to-investors/

DMO Introduces 15-Year FGN Bond, to Sell N20bn
https://businesspost.ng/economy/dmo-introduces-15-year-fgn-bond-to-sell-n20bn/

NDIC Begs Retired Bankers to Get Agency Banking, MFB Licences
https://businesspost.ng/banking/ndic-begs-retired-bankers-to-get-agency-banking-mfb-licences/

SEC Calls for Structured Commodities Market
https://businesspost.ng/economy/sec-calls-for-structured-commodities-market/

Bill to Amend Finance Act Passes Second Reading at Senate
https://businesspost.ng/economy/bill-to-amend-finance-act-passes-second-reading-at-senate/

The Impact of COVID-19 on Finance and Investment in Africa
https://businesspost.ng/general/the-impact-of-covid-19-on-finance-and-investment-in-africa/

Airtel Crashes Data Tariff to Support FG’s Affordable Broadband Quest
https://businesspost.ng/brands-products/airtel-crashes-data-tariff-to-support-fgs-affordable-broadband-quest/

Leading telecommunications services provider, Airtel Nigeria, has reaffirmed its commitment to supporting the federal government’s drive to provide affordable and quality mobile Internet and broadband for more Nigerians as it has been offering huge discounts on its monthly and weekly data bundle plans.

Under the revised tariff plans, the Airtel Nigeria said it has dropped data bundle tariff on most of its data bundles, offering customers 15GB for N5,000 monthly bundle and 6GB for N1,500 weekly bundle.

Airtel further said it plans to continue on this path of affordability and quality internet to ensure more Nigerians enjoy the benefits of its superior 4G Data Network.
ALSO READ LCCI Names CNBC Africa 'Best Business Television'

Speaking on Airtel’s commitment to drive affordable mobile broadband in line with the Federal Government’s plans, Chief Commercial Officer, Airtel Nigeria, Mr Dinesh Balsingh, said the company strongly believes in the Government’s drive of democratizing broadband, extending quality mobile Internet services to the remotest location in the country as well as ensuring that Nigerians regardless of income level can afford data/mobile Internet services.
ALSO READ MTN Nigeria Begins 21 Days of Y’ello Care Campaign

He also noted that prevailing consumer trend indicates a growing demand for data/mobile Internet and Airtel is well positioned to take the lead in providing the right value offerings as it currently has the largest 4G network in the country.

“As the preferred mobile internet services provider, Airtel is committed to offering superior value to telecoms consumers across the country and our newly revamped data plans is a testament to our commitment to empower our customers.
ALSO READ Tincan Island Port Uncovers 20 Falsely Declared Containers

“With these new data plans, our customers now have higher data allowance to do much more and get more out of life; to succeed, to become more productive and to do so much more,” he said.

To activate the Airtel data plans, customers are advised to dial *141#. The data plans are available to all prepaid and postpaid customers on the Airtel network.

https://businesspost.ng/brands-products/airtel-crashes-data-tariff-to-support-fgs-affordable-broadband-quest/

NSE: Complete List of Dividends Declared So Far in 2020
https://businesspost.ng/economy/nse-complete-list-of-dividends-declared-so-far-in-2020/

NSE Adjusts Share Prices of Zenith Bank, United Capital, Others
https://businesspost.ng/economy/nse-adjusts-share-prices-of-zenith-bank-united-capital-others/

Oil Prices Move North by 9% to Near $38 Per Barrel
https://businesspost.ng/economy/oil-prices-move-north-by-9-to-near-38-per-barrel/

COVID-19 ‘Infects’ Nigerian Stocks, Leaves Market in Red
https://businesspost.ng/economy/covid-19-infects-nigerian-stocks-leaves-market-in-red/

Naira Maintains Free Fall at I&E Window, Now at N366.71/$
https://businesspost.ng/economy/naira-maintains-free-fall-at-ie-window-now-at-n366-71/

NASD Exchange Posts 2.04% Growth Amid Decline in Trading Volume
https://businesspost.ng/economy/nasd-exchange-posts-2-04-growth-amid-decline-in-trading-volume/

Sim Shagaya's Ed-tech Startup Launches uLesson Learning App
https://businesspost.ng/education/sim-shagayas-ed-tech-startup-launches-ulesson-learning-app/

AfDB Gives Nigeria $200m for First Phase Electricity Projects
https://businesspost.ng/general/afdb-gives-nigeria-200m-for-first-phase-electricity-projects/

By Adedapo Adesanya

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the likelihood of the apex bank devaluing the Naira is on the happenstance that the nation’s external reserves go below $30 billion and the international price of crude oil drops to $45 per barrel.

Mr Emefiele, according to a CBN publication, made this disclosure while speaking with potential investors in London, United Kingdom, on Wednesday.

The CBN chief was confident that the reserves were unlikely to drop to $30 billion due to the various policies put in place by the federal government as part of its plans to diversify the Nigerian economy.

Due largely to the tension between the United States and China, oil demand has been affected, leading to lower prices. However, the CBN boss noted that oil prices would need to weaken to 40 percent to create a scenario that would see that the bank not being able to maintain the stability of exchange rates across various segments.


As at the time of this report by Business Post, it was observed that price of the Brent Crude, under which Nigeria’s crude is categorized, was trading close to $64 per barrel, higher than the $60 and $57 benchmark in the 2019 and 2020 budgets respectively.

On the other hand, the external reserves, currently at $39 billion, would need to shed about 30 percent for the government to put in place any corrective measure and this was not the case.

ALSO READ FG Extends VAIDS Deadline to June 30
Mr Emefiele’s interactions with investors came after signs of a growing backlog of foreign exchange demand. The central bank recorded a less foreign exchange inflows than outflows in the third quarter of 2019. This would be the third time such would occur in almost four years since the foreign exchange crisis of 2016 and the first time in 2019.

Also, net forex outflow in the third quarter was $3.6 billion, being the difference between inflows of $11.7 billion against outflows of $15.3 billion. This implies that net forex outflows may put pressure on the exchange rate which the CBN, through its interventions, has protected at all costs for more than two years.

Lower dollar inflows reduce the CBN’s capability in defending the Naira against any depreciation as it affects the country’s external reserves.

The CBN’s gross external reserves are already on the decline, after shrinking 12 percent from $45 billion at the start of the year.

Foreign investors have been particularly worried by the trend which surely rekindles bitter memories from 2016 when the foreign exchange backlog swelled to as much as $7 billion as investors could not take out their money.

https://businesspost.ng/economy/emefiele-reveals-when-cbn-will-devalue-naira/amp/

By Dipo Olowookere

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, is holding a crucial meeting with Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, as well as other stakeholders.

The meeting is taking place in Abuja and the main agenda is to discuss the present state of the economy as well as the declining price of crude oil at the global market.

On Monday morning, the Brent crude, under which the country’s oil is priced, fell to $33 per barrel, about $24 below the $57 benchmark set in the 2020 budget by President Muhammadu Buhari.

This caused panic within the investment community and caused the stock market to crash by 2.41 percent at the close of transactions today.

Worried that things might get worse, especially as Saudi Arabia has started a oil price war after Russia refused an output cap deal last Friday, the fiscal and monetary authorities in Nigeria have deemed it fit to chart a way forward.

Last week, Mrs Ahmed hinted that government may be forced to review the 2020 budget, with the present situation, this move may be fast tracked.

According to what Business Post was reliably informed, government is allegedly pushing the apex bank to work on the benchmark interest rate to douse the tension in the market.

Some days ago, the National Bureau of Statistics (NBS) said inflation in Nigeria rose to 12.13 percent in January 2020 and with interest rates of most investment tools at an average of 4-5 percent and lending rate above 20 percent, it is very difficult to have people invest in the economy.

A source who claimed to be privy with today’s meeting said efforts are being made to make the central bank announce an emergency rate cut to stimulate the economy.

A similar situation happened few days ago in the United States, where rates were marginally lowered as a result of the dreaded coronavirus (COVID-19), which has badly affected the global economy.

https://businesspost.ng/economy/finance-minister-cbn-in-crucial-meeting-over-economy/

Finance Minister, CBN in Crucial Meeting Over Economy
https://businesspost.ng/economy/finance-minister-cbn-in-crucial-meeting-over-economy/

Access Bank Introduces TraderLite for Micro SMEs
https://businesspost.ng/banking/access-bank-introduces-traderlite-for-micro-smes/

Rates to Slightly Fall as CBN Sells N72bn T-Bills Wednesday
https://businesspost.ng/economy/rates-to-slightly-fall-as-cbn-sells-n72bn-t-bills-wednesday/

Acting SEC DG Advises Women to Break Stereotypes
https://businesspost.ng/general/acting-sec-dg-advises-women-to-break-stereotypes/

Oil Prices Crash! Brent Sells at $34 Per Barrel
https://businesspost.ng/economy/oil-prices-crash-brent-sells-at-34-per-barrel/

Market Sheds N75bn as Investors Offload Banking Stocks
https://businesspost.ng/economy/market-sheds-n75bn-as-investors-offload-banking-stocks/

Emefiele Reveals When CBN Will Devalue Naira
https://businesspost.ng/economy/emefiele-reveals-when-cbn-will-devalue-naira/

Tension as Saudi Arabia Triggers Oil Price War
https://businesspost.ng/economy/tension-as-saudi-arabia-triggers-oil-price-war/

Court Orders CBN to Deduct N183bn from First Bank's Account
https://businesspost.ng/banking/court-orders-cbn-to-deduct-n183bn-from-first-banks-account/

Stanbic IBTC Says Loan-to-Deposit Ratio Hits 67.5%, NPL at 3.9%
https://businesspost.ng/banking/stanbic-ibtc-says-loan-to-deposit-ratio-hits-67-5-npl-at-3-9/

Notore Plans to Raise N40bn for Expansion
https://businesspost.ng/economy/notore-plans-to-raise-n40bn-for-expansion/

NASD Holds Forum on Equal Access to Capital for Women
https://businesspost.ng/economy/nasd-holds-forum-on-equal-access-to-capital-for-women/

Okonjo-Iweala Will Revamp South Africa’s Economy—Jonathan
https://businesspost.ng/economy/okonjo-iweala-will-revamp-south-africas-economy-jonathan/

Traders Transact 110.8m Shares on NASD Exchange Friday
https://businesspost.ng/economy/traders-transact-110-8m-shares-on-nasd-exchange-friday/

Red Star Express' N1.4bn Rights Issue Records 100% Subscription
https://businesspost.ng/economy/red-star-express-n1-4bn-rights-issue-records-100-subscription/

NSE to Launch Nigeria2Equal Initiative for Gender Parity
https://businesspost.ng/general/nse-to-launch-nigeria2equal-initiative-for-gender-parity/

Crude Oil Crashes Friday by 9% on OPEC Furore
https://businesspost.ng/economy/crude-oil-crashes-friday-by-9-on-opec-furore/

Naira Gains 0.09% on 53% Ease in Forex Demand at I&E Window
https://businesspost.ng/economy/naira-gains-0-09-on-53-ease-in-forex-demand-at-ie-window/

FCMB to Pay Shareholders Dividend for FY 2019
https://businesspost.ng/economy/fcmb-to-pay-shareholders-dividend-for-fy-2019/

By Adedapo Adesanya

Oil prices took a worse turn on Friday evening after Russia rejected the proposal to cut daily oil production by 1.5 million barrels. This development further dented the already battered market.

After the meeting, Russia refused to support the move, arguing that it was too early to predict the impact of a coronavirus outbreak on global energy demand. This means bigger trouble for oil dependent nations like Nigeria as prices continue to fall below their budget benchmark for the year. Nigeria had a benchmark of $57 per barrel in the 2020 budget.

Business Post reports that as at the time of filing this report (6:45pm), the international benchmark, Brent Crude, plunged by 8.20 percent equivalent to $4.09 to trade at $45.90, while the US crude, the West Texas Intermediate fell by a staggering 8.45 percent or $3.88 to $42.02 per barrel.

With the failure of this deal, OPEC members and non-OPEC producers can produce the commodity at will in an already oversupplied market after the existing deal for output cuts expire at the end of March.

And with an oil-glut imminent, prices will have no choice but to continue dropping.

On Thursday, OPEC members backed an additional 1.5 million barrels per day of oil cuts until the end of 2020, equal to around 1.5 percent of global demand, a much bigger and more extended move than expected of 600,000 barrels per day.

They also called for extending existing OPEC+ cuts of 2.1 million barrels per day, meaning the proposed combined total of the cuts envisaged would have been 3.6 million bpd or about 3.6 percent of global supplies.

But they made the proposal on the condition that Russia and other non-producers will agree to the deal, but with the disagreement, analysts foresee a bad stain on a market already faced with the disruption by the coronavirus.

https://businesspost.ng/economy/breaking-brent-hits-45-as-opec-russia-disagree/

BREAKING: Brent Hits $45 as OPEC, Russia Disagree
https://businesspost.ng/economy/breaking-brent-hits-45-as-opec-russia-disagree/

Access Bank to Pay 40 Kobo Dividend April 30
https://businesspost.ng/banking/access-bank-to-pay-40-kobo-dividend-april-30/

FG Pledges to Further Support Dangote Cement
https://businesspost.ng/economy/fg-pledges-to-further-support-dangote-cement/

Buyers Snub Nigerian Crude as April Exports Remain Unsold
https://businesspost.ng/economy/buyers-snub-nigerian-crude-as-april-exports-remain-unsold/

Alleged N12.8m Fraud: Court Grants Ex-SEC DG Gwarzo N10m Bail
https://businesspost.ng/general/alleged-n12-8m-fraud-court-grants-ex-sec-dg-gwarzo-n10m-bail/

Access Bank Discontinues Old Diamond Bank Cheques
https://businesspost.ng/banking/access-bank-discontinues-old-diamond-bank-cheques/

Traders Lose Appetite for CBN's 89-day, 180-Day OMO Bills
https://businesspost.ng/economy/traders-lose-appetite-for-cbns-89-day-180-day-omo-bills/

Oil Slips as OPEC Wants Further 1.5 Million Barrels Per Day Cut
https://businesspost.ng/economy/oil-slips-as-opec-wants-further-1-5-million-barrels-per-day-cut/

Banking Stocks Keep NSE in Green, Investors Gain N5bn
https://businesspost.ng/economy/banking-stocks-grow-investors-portfolios-by-n5bn-thursday/

Value of Naira Falls for 4th Straight Session at Investors' Segment
https://businesspost.ng/economy/value-of-naira-falls-for-4th-straight-session-at-investors-segment/

By Modupe Gbadeyanka

The management of Access Bank Plc has sent a notice to all customers of the defunct Diamond Bank Plc that it has discontinued cheques of the old financial institution from Sunday, March 1, 2020.

In March 2019, Access Bank and Diamond Bank completed their merger, which commenced in late 2018. The marriage was done to give room for Access Bank to penetrate the retail side of the banking industry.

Before the coming together of the two lenders into an entity, Diamond Bank was seen as one of the kings of the retail market, with Access Bank mainly as a corporate banking institution.

But in order to make its presence known in the retail banking, which Guaranty Trust Bank (GTBank) was already dominating among the ‘big five boys’ of the banking sector in Nigeria, Access Bank had to lure Diamond Bank to become one.

After the merger, customers of the defunct financial institution were integrated into the new organisation, while the services being enjoyed were continued, including promos and others.

In a notice sighted by Business Post, Access Bank informed customers of the defunct Diamond Bank that, “In order to process your transactions more efficiently, we wish to inform you that effective March 1, 2020, we will discontinue honouring all cheques bearing the logo of the former Diamond Bank.

“This means that from March 1, 2020, the bank will no longer honour all cheques bearing the old logo of former Diamond Bank. This is to enable us process your transactions faster and more efficiently to ultimately serve you better.”

For those who still have the old cheque book, Access Bank advised them to “walk into any branch to select your preferred pick-up branch (existing or other). You can also contact your Relationship Officer.”

Access Bank further said those affected by this new development and have selected their preferred pick-up bank “will receive an SMS notification from your preferred pick-up branch. Please visit this branch to collect your new Access Bank cheque book.”

https://businesspost.ng/banking/access-bank-discontinues-old-diamond-bank-cheques/

Traders Lose Appetite for CBN's 89-day, 180-Day OMO Bills
https://businesspost.ng/economy/traders-lose-appetite-for-cbns-89-day-180-day-omo-bills/

Nigeria Loses $30bn Yearly to Forex Racketeering—Reps
https://businesspost.ng/economy/nigeria-loses-30bn-yearly-to-forex-racketeering-reps/

Unlisted Securities Market Closes Flat as Trading Volume Drops 99%
https://businesspost.ng/economy/unlisted-securities-market-closes-flat-as-trading-volume-drops-99/

Union Bank Declares First Dividend in Over 10 Years
https://businesspost.ng/banking/union-bank-declares-first-dividend-in-over-10-years/

Senate Approves Buhari’s $22.7bn Loan Request
https://businesspost.ng/economy/senate-approves-buharis-22-7bn-loan-request/

By Dipo Olowookere

The House of Representatives on Thursday raised an alarm over the huge amount of money lost annually by Nigeria to financial leakages.

A member of the lower chamber of the National Assembly, Mr James Faleke, in a motion moved today and seconded by Mr Rurum Nasir, said about $30 billion is lost through fictitious and misappropriated means.

According to him, some highly influential persons and companies engage in foreign exchange racketeering by obtaining forex at cheap rates from the government through the Central Bank of Nigeria (CBN) for businesses in the country at less than N310/$1, but abandon what they got the FX for to resell at higher rates like N360/$1.

He said this was a sabotage to the economy especially at a time when the nation still grapples with funds to carry out capital projects, especially when considering how various revenue-generating, levying and taxing agencies fall short of their annual financial targets.

Mr Faleke, therefore, called on the House Committee on Finance, as well as that on Banking and Currency to conduct public hearings to unravel these misappropriations and other such schemes and make a formal report that would advise the House on the appropriate course of sanctioning to those found culpable, to serve as a deterrent for those who would intend to continue doing this.

In his contribution, Mr Toby Okechukwu stated that the motion addresses critical loopholes and infractions aimed at defrauding Nigeria. He called for a more holistic investigation to find out if there is collusion by insiders who should be protecting the national financial interest.

Mr Okechukwu stated that Nigeria cannot afford to lose such amount annually and all measures to block such financial leakages should be employed.

On his part, Mr Mohammed Tahir Monguno stated that the motion was in tandem with the constitutional role of legislators to expose corruption and investigate all financial infractions. He stated that if these leakages are blocked, the nation can capture more capital projects in the budget.

Another contributor to the debate, Mr Henry Nwawuba, stated that the motion was investigative and the window for such corruption has been permitted by certain factors such as a non-stringent means of acquiring foreign exchange and slack oversight.

He called for a robust public hearing to shed more light on the matter to expose and sanction those directly involved, while Mr Alhassan Ado-Doguwa stated that it was sad when Nigeria was making financial sacrifices and was even contemplating dropping its benchmark and propose a downward review of the budget expectations due to lack of funds; that some unpatriotic elements would exploit well-intended schemes of government to ensure ease of doing business to short-change the nation.

He also called for thorough investigations during the public hearing and for the highest sanctions to be applied on those found culpable.

The lawmaker called for the enforcement of the sanctions that will come from the hearing and ensure the outcome serves as a deterrent for all in such practices.

Also, Mr Leke Abejide stated that the motion speaks to a critical area of financial rascality that has been going on for long in defrauding Nigeria. This, he stated, is just one of the forms it takes, noting that such sharp practices also exist in the importing and exporting sector and has been ongoing for years, calling for a wholistic investigation into all such financial rascality.

Speaker of the House of Representative, Mr Femi Gbajabiamila, stated that the motion was highly critical, especially as world revenue is expected to further decline due to the coronavirus, noting that all financial leakages must be blocked.

According to him, there are two types of leakages; one is the negligence-based leakages, and the more grievous one is the calculated one, where there is the intention to defraud, which he said the House frowns heavily upon.

However, Mr Gbajabiamila clarified that it should be an investigative hearing and not a public hearing as the prayer of the motion called for.

This resulted in the motion being amended to make the hearing investigative and not just public. It was then voted on and adopted as amended.

https://businesspost.ng/economy/nigeria-loses-30bn-yearly-to-forex-racketeering-reps/

By Dipo Olowookere

The board of Union Bank of Nigeria Plc has proposed to pay shareholders of the company a dividend for the year ended December 31, 2019.

This is the first time the financial institution is intending to pay cash reward to its shareholders since 2008, when there was a global crash in the financial market.

Business Post reports that subject to shareholders’ approval, the board of directors of Union Bank intends to pay a dividend of 25 kobo per share for the 2019 financial year.

Today, the company filed its 2019 earnings to the Nigerian Stock Exchange (NSE) and details showed that the profit before tax went up by 33 percent to N24.7 billion from N18.7 billion in the previous fiscal year.
ALSO READ UBA Records N62b Profit In 9 Months

The tier-two lender also grew is gross earnings by 14 percent to N159.9 billion from N140.1 billion in FY 2018, majorly driven by an increase in earning assets.

In the year under review, the interest income went up by 11 percent to N116.5 billion from N104.8 billion in FY2018, while the net interest income before impairment increased by one percent to N51.7 billion from N50.9 billion in FY2018.
ALSO READ Fitch Lowers Outlook on 4 Nigerian Banks to Negative

In addition, the non-interest income rose by 23 percent to N43.3 billion from N35.3 billion in the previous year and this was influenced by growth in fees and commission income as well as recoveries.

Union Bank disclosed in the financial statements that its net operating income went up by 6 percent to N95.5 billion from N89.7 billion in FY2018, while operating expenses was trimmed to 0.4 percent to N70.8 billion from N71 billion in FY2018 as a result of the management’s cost optimisation programme.
ALSO READ Ozone Cosmetics Excites Customers with New Products

It was observed that gross loans increased by 20 percent to N595.3 billion from N496.8 billion in 2018 in line with the lender’s drive to create quality risk assets across key economic segments of opportunity.

Reflecting the strength of the brand in a very competitive environment for deposits, the customer deposits increased by 5 percent to N886.3 billion from N844.4 billion in 2018.

https://businesspost.ng/banking/union-bank-declares-first-dividend-in-over-10-years/

Union Bank Declares First Dividend in Over 10 Years
https://businesspost.ng/banking/union-bank-declares-first-dividend-in-over-10-years/

Stanbic IBTC Shareholders to Share N21bn as FY19 Dividend
https://businesspost.ng/banking/stanbic-ibtc-shareholders-to-share-n21bn-as-fy19-dividend/

Apprehension as Naira Hits N366.31/$1 at I&E FX Window
https://businesspost.ng/economy/apprehension-as-naira-hits-n366-31-1-at-ie-fx-window/

NSE Index Sustains Growth on Gains by Financial Stocks
https://businesspost.ng/economy/nse-index-sustains-growth-on-gains-by-financial-stocks/

NDEP Pulls Down NASD Index by 1.09% on Wednesday
https://businesspost.ng/economy/ndep-pulls-down-nasd-index-by-1-09-on-wednesday/

CBN Unveils Tougher Sanctions for Microfinance Banks
https://businesspost.ng/banking/cbn-unveils-tougher-sanctions-for-microfinance-banks/

FG to Review 2020 Budget Over Coronavirus Induced Oil Deficit
https://businesspost.ng/economy/fg-to-review-2020-budget-over-coronavirus-induced-oil-deficit/

Bring Inflation Down to 5% to Stabilise Economy—Peterside Tells CBN
https://businesspost.ng/economy/bring-inflation-down-to-5-to-stabilise-economy-peterside-tells-cbn/

Linkage Assurance Won’t Raise External Funds for Recapitalisation—MD
https://businesspost.ng/economy/linkage-assurance-wont-raise-external-funds-for-recapitalisation-md/

NASCON Targets More Earnings from New Lagos Factory
https://businesspost.ng/economy/nascon-targets-more-earnings-from-new-lagos-factory/

Demutualisation: Nigerian Exchange Group Plc to Register 2.5 Billion Shares
https://businesspost.ng/economy/demutualisation-nigerian-exchange-group-plc-to-register-2-5-billion-shares/

NASD Exchange Records 105% Rise in Value of Trades
https://businesspost.ng/economy/nasd-exchange-records-105-rise-in-value-of-trades/

Stanbic IBTC Re-echoes Support for Nigeria’s Agricultural Sector
https://businesspost.ng/general/stanbic-ibtc-re-echoes-support-for-nigerias-agricultural-sector/

GTBank Trims NPL Ratio to 6.5%, Grows Loan Book by 19%
https://businesspost.ng/banking/gtbank-trims-npl-ratio-to-6-5-grows-loan-book-by-19/

By Dipo Olowookere

Says Investors Mopping up Forex Over Devaluation Fears

CBN’s 65% LDR Policy for Banks Punitive

One of the most respected bankers in Nigeria and former Group Chairman of Stanbic IBTC, Mr Atedo Peterside, has faulted the decision of the Central Bank of Nigeria (CBN) led by Mr Godwin Emefiele, to increase the loan-to-deposit ratio (LDR) for deposit money banks (DMBs) in the country.

In mid-2019, the apex bank directed commercial banks in the country to ensure 60 percent of their total deposits were given out to customers as loan, warning that failure to comply by September 30, 2019 would attract fine.

After the deadline, some lenders were sanctioned by the CBN and the LDR further raised to 65 percent with a new deadline of December 31, 2019 fixed for full compliance.

The central bank had explained that this policy was to “sustain the momentum,” noting that the ratio would be subject to quarterly review, in order to encourage SMEs, retail, mortgage, and consumer lending.
ALSO READ CBN To Block Accounts of Illegal Int’l Money Transfer Operators

But Mr Peterside described this policy as punitive to banks because of the present economic situation in the country and the world in general as a result of the coronavirus also known as COVID-19, which has paralysed business activities across the globe.

The business mogul, speaking when he was conferred with honorary fellowship in Lagos at the weekend by the Chartered Institute of Stockbrokers, said the present inflation rate, at 12.13 percent in January 2020, coupled with low yield in the fixed income market, would make it difficult to attract investors.

He said to make the investment environment conducive, re-build investor confidence and help stockbrokers to overcome market burn out, the CBN must work hard to bring inflation down to about five percent.

“The Central Bank of Nigeria has increased the loan to deposit ratio, which requires banks to make loan or stop collecting deposit.
ALSO READ Treasury Bills Yields Drop 0.31% to Settle at 12.47%

“With the current low interest rate, the policy is punitive. The CBN should bring inflation down to five percent to stabilise the economy,” Mr Peterside said during the induction of 62 newly qualified stockbrokers into associate members.

He absolved stockbrokers of the blame for persistent selling pressure with diminution of share values on the Nigerian Stock Exchange, saying their hands are tight.

“The problem of the capital market is not the fault of stockbrokers but that of macroeconomic stability framework. In Nigeria, the inflation rate is currently 12 percent compared with two percent in the United States of America,” he declared.

According to him, the present situation in country may lead to the eventual devaluation of the Naira. He said The inflation rate in Nigeria provides incentives for devaluation of the Naira and many investors fear devaluation.

The fear of devaluation of the Naira in the wake of 12 percent inflation rate with potential for further increase had elicited flight for safety, as local and foreign investors were taking short term bet on foreign currency as a hedging strategy, he noted.
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“The fear of devaluation in itself is pushing many investors towards buying foreign currency as a short-term bet to speculate exchange rate,” he said.

However, he emphasised that macroeconomic stability, especially low inflation rate regime, remains a major as tool both fiscal and monetary authorities can use to attract all types of investors into the Nigerian capital market.

President of CIS, Mr Adedapo Adekoje, while speaking at the ceremony, explained that Mr Peterside was honoured by the institute’s board in recognition of his intellectual and professional contributions to the growth and development of the capital market and economy as a whole.

https://businesspost.ng/economy/bring-inflation-down-to-5-to-stabilise-economy-peterside-tells-cbn/

COVID-19 Scare: 16 Stocks Hit 52-Week Lows at NSE Monday
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Crude Oil to Rally This Week as OPEC+ Meets
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Unlisted Securities Market Flat for 9th Straight Day on Monday
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Oil Jumps 5% to $52 on Hopes of OPEC Cut
https://businesspost.ng/economy/oil-jumps-5-to-52-on-hopes-of-opec-cut/

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) was brutally dealt with on Monday by the deadly coronavirus codenamed COVID-19 by the World Health Organisation (WHO).

At the first trading day of the week, the stock market lost 1.53 percent, dragging the index to the 25,000 threshold and expanding the year-to-date loss to 3.82 percent.

Business Post reports the poor performance of the market led to the 399.89 points lost by the All-Share Index (ASI), which dropped to 25,816.57 points from 26,216.46 points.

It further caused the market capitalisation to reduce by N208 billion to N13.449 trillion from N13.658 trillion and also leading 16 equities to 52-week lows at the close of transactions yesterday.

The new stocks that fell to their lowest levels in one year were Nestle Nigeria at N1,017, GTBank at N22.70, CAP at N22.15, Unilever Nigeria at N13.50, Ecobank at N5.10, PZ Cussons at N4.05, Red Star Express at N2.95, NCR Nigeria at N2.20, NEM Insurance at N1.70, Cutix at N1.25, UPL at N1.03, Learn Africa at N1.01, NPF Microfinance Bank at 87 Kobo, Champion Breweries at 79 Kobo, Unity Bank at 49 Kobo and Linkage Assurance at 40 Kobo.
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Business Post reports that a total of 325.3 million shares worth N6.0 billion were traded by investors at the stock exchange on Monday in 5,054 deals compared with the 416.3 million equities worth N6.2 billion that exchanged hands in 5,220 deals last Friday.

This indicated that while the volume of transactions fell yesterday by 21.87 percent, the value went down by 2.67 percent, with the number of deals going down by 3.18 percent.

The banking sector dominated the activity chart during the session and when the market closed for the day, GTBank emerged the most traded equity, selling 93.7 million shares valued at N2.1 billion.
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Zenith Bank traded 44.2 million units worth N798.5 million, UBA exchanged 18.4 million stocks for N121.3 million, Fidelity Bank transacted 17.7 million equities worth N32.3 million, while FBN Holdings sold 16.8 million stocks valued at N79.1 million.

Apart from the insurance sector which appreciated by 0.30 percent and the energy counter, which traded flat, every other sector closed in red.

The consumer goods index was the worst hit, losing 5.19 percent, while the banking counter lost 3.66 percent, with the industrial goods sector declining by 1.22 percent.

The biggest price loser for the day was Nestle Nigeria as its share price went down by N113 to N1017 per unit, while CAP fell by N2.45 to N22.15 per share.
ALSO READ Naira Gains N5 to Close at N390/$ at Black Market

Lafarge Africa depreciated by N1.55 to N13.95 per unit, Unilever Nigeria declined by N1.50 to N13.50 per share, while GTBank lost N1.10 to close at N22.70 per unit.

On the flip side, Africa Prudential continued its upward movement on Monday, rising by 15 kobo to sell at N4.85 per share, while Eterna gained 11 kobo to trade at N2.10 per unit.

Law Union and Rock Insurance appreciated by 9 kobo to quote at 99 kobo per share, FCMB also gained 9 kobo to sell at N1.80 per share, while AIICO Insurance improved by 6 kobo to trade at 83 kobo per share.

Business Post reports that in all, there were 28 price losers at the NSE on Monday compared with 9 price

https://businesspost.ng/economy/covid-19-scare-16-stocks-hit-52-week-lows-at-nse-monday/

GTBank Announces N2.50 Dividend for FY19 as EPS Hits N6.96
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Standard Bank Issues 10-Year $200m Green Bond
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UBA to Sustain Impressive Performance, Deepen Market Share
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Stanbic IBTC Plays Key Role in Restructuring A.G. Leventis Nigeria
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SEC Reaffirms Commitment to Frustrate Ponzi Scheme Operators
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Lagos to Earn 10% from Uber, Bolt Fare
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MTN Nigeria Shareholders to Receive N4.97 Dividend May 19
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UBA Rakes N560bn in 2019, Proposes 80 Kobo Dividend
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EFCC Drops N3bn Subsidy Fraud Case Against Eterna, Others
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Transcorp Hotels Proposes 7 Kobo Dividend Payment
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Market Participants Trade Three Deals on NASD Exchange
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Deeper Worries for Oil as Brent Plunges Below $50/b
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Verod Capital Offers Over N5bn to Acquire Law Union & Rock Insurance
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Coronavirus: Lafarge Initiates Medical Protocol at Ewekoro Plant
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