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Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:12pm On Feb 27, 2020

Nestle Nigeria Picks Interest in Google Country Manager
https://businesspost.ng/jobs/nestle-nigeria-picks-interest-in-google-country-manager/

Olam Nigeria to Begin Tomato Paste Production, Acquires Land
https://businesspost.ng/economy/olam-nigeria-to-begin-tomato-paste-production-acquires-land/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:57pm On Feb 26, 2020

Dangote Cement to Pay Shareholders N16 Dividend
https://businesspost.ng/economy/dangote-cement-to-pay-shareholders-n16-dividend/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 11:16am On Feb 26, 2020

Year-to-Date Gain of Nigerian Stocks Shrinks to 0.03%
https://businesspost.ng/economy/year-to-date-return-of-nigerian-stocks-shrinks-to-0-03/

AMCON Seizes Buba Galadima’s Assets Over N900m Loan from Unity Bank
https://businesspost.ng/general/amcon-seizes-buba-galadimas-assets-over-n900m-loan-from-unity-bank/

Senate Probes Remittances of Taxes on Dividends, Bank Deposits
https://businesspost.ng/economy/senate-probes-remittances-of-taxes-on-dividends-bank-deposits/

Oil Falls Despite OPEC+ Reassurance on Market Balance
https://businesspost.ng/economy/oil-falls-despite-opec-reassurance-on-market-balance/

ICT Contributes 13.1%, N2.6trn to Nigeria GDP Growth in Q4 2019
https://businesspost.ng/technology/ict-contributes-13-1-n2-6trn-to-nigeria-gdp-growth-in-q4-2019/

Things to Consider When Setting Up A Make-Up Business
https://businesspost.ng/brands-products/things-to-consider-when-setting-up-a-make-up-business/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 9:09pm On Feb 25, 2020

Zenith Bank Employees Carry Out Almost N1bn Fraud in 2019
https://businesspost.ng/banking/zenith-bank-employees-carry-out-almost-n1bn-fraud-in-2019/

NASD OTC Exchange Trades Flat Amid Low Trading Activity
https://businesspost.ng/economy/nasd-otc-exchange-trades-flat-amid-low-trading-activity/

Crime › Zenith Bank Emerges First Nigerian Bank to Post N200bn PAT by dipoolowoo(op): 9:00pm On Feb 25, 2020*

By Modupe Gbadeyanka

On Friday, the board of Zenith Bank Plc released the company’s financial statements for the year ended December 31, 2019.

In the earnings, Zenith Bank clearly showed its resilience and market leadership by becoming the first bank in Nigeria to declared a profit after tax of over N200 billion. In the period under review, the firm raked N208.8 billion as profit for the year. This was 8 percent higher than N193 billion recorded in the previous year.

In the same vein, profit before tax increased by 5 percent growing from N232 billion to N243 billion in the current year, arising from topline growth and continued focus on cost optimisation strategies. Cost-to-income ratio moderated from 49.3 percent to 48.8 percent.
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Business Post reports that Zenith Bank increased its market share as it secured increased customer deposits across the corporate and retail space as deposits grew by 15 percent to close at N4.26 trillion, while the total assets also increased by 7 percent from N5.96 trillion to N6.35 trillion.

In the period under review, the bank created new viable risk assets as gross loans grew by 22 percent from N2.016 billion to N2.462 billion. This was executed prudently at a low cost of risk of 1.1 percent and a significant reduction in the non-performing loan ratio from 4.98 percent to 4.30 percent.

Prudential ratios such as liquidity and capital adequacy ratios also remained above regulatory thresholds at 57.3 percent and 22.0 percent respectively.
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Also, there was a growth in gross earnings, rising by 5 percent to N662.3 billion from N630.3 billion reported in the previous year. This growth was driven by the 29 percent increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019.

Fees on electronic products continues to grow significantly with a 108 percent year-on-year growth from N20.4 billion in 2018 to N42.5 billion in the current year. This is a validation of the bank’s retail transformation strategy which continues to deliver impressive results.

The drive for cheaper retail deposits coupled with the low interest yield environment helped reduce the cost of funding from 3.1 percent to 3.0 percent. However, this also affected net interest margin which reduced from 8.9 percent to 8.2 percent in the current year due to re-pricing of interest-bearing assets.
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Although returns on equity and assets held steady YoY at 23.8 percent and 3.4 percent respectively, the group still delivered an improved Earnings per Share (EPS) which grew 8 percent from N6.15 to N6.65 in the current year.

Zenith Bank said it remains strategically positioned to capture the opportunities in the corporate and retail segments, while efficiently managing costs and expanding further its retail franchise employing digital assets and innovation.

https://businesspost.ng/banking/zenith-bank-emerges-first-nigerian-bank-to-post-n200bn-pat/

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Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 3:28pm On Feb 25, 2020

Africa Prudential Raises Dividend Payout by 40% to 70 Kobo
https://businesspost.ng/economy/africa-prudential-raises-dividend-payout-by-40-to-70-kobo/

No Ban on Deposits into Domiciliary Accounts—CBN
https://businesspost.ng/banking/no-ban-on-deposits-into-domiciliary-accounts-cbn/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 12:38pm On Feb 25, 2020

Christianity Etc › Christianity, LGBTQ+, Transgender, Gay, Homosexual And Repentance by dipoolowoo(op): 4:34pm On Feb 22, 2020

By Nneka Okumazie

What if after same sex marriage, an individual decided to totally surrender to Christ, should the individual divorce that spouse, go for the opposite sex and marry again?

What if a child feels uncomfortable in a gender and decided that a change is needed, should the parents support that change, and if they refused would it drive the child to the brink of something dangerous?

What if an adult changes his/her gender, but came to regret it and decided to change it back?

What if someone had a tough problem at some point, then decided to use a coping mechanism, but got addicted to the coping mechanism that when the problem passed, or when there was no pressure of it, attachment already became inseparable?

These questions show that sin also drives people deep – to make repentance difficult or seem impossible.

But no one is saved by works, it is by grace, but after faith comes, then works has to continue to put away sin.

LGBTQ+ remains controversial globally.

One scripture that was interpreted differently over the years has some broader connection to transgender.

[Deuteronomy 22:5, The woman shall not wear that which pertaineth unto a man, neither shall a man put on a woman’s garment: for all that do so are abomination unto the Lord thy God].

The verse was not necessarily a direct continuation of the previous verse, or an introduction to the next verse. It seemed to stand alone.

Also, there were lots of instructions in Leviticus and Deuteronomy, some repeated over and over, but this one was direct and seemed to be once.
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It was talking about an action that could lead to a greater desire of gender change, especially if nurtured.

It is possible there were people who took to appearance of the opposite sex and wanted to go as far as possible, but the instruction was to resist – at the basic level of desire.

Homosexuality was discussed widely in the scriptures, and some of the judgement that followed.

But there was one prominent example, where some men wanted to be with a man.

[Judges 19:22, Now as they were making their hearts merry, behold, the men of the city, certain sons of Belial, beset the house round about, and beat at the door, and spake to the master of the house, the old man, saying, Bring forth the man that came into thine house, that we may know him.]

The old man instead, offered his daughter and the concubine of the visitor, but they refused, until the visitor offered the concubine himself.

[Judges 19:25, But the men would not hearken to him: so the man took his concubine, and brought her forth unto them; and they knew her, and abused her all the night until the morning: and when the day began to spring, they let her go.]

The story showed much including that the men, probably intoxicated, had evil in their hearts against a visitor. It also shows that they [could] switch between same to opposite gender intercourses.

Through the book of Leviticus and Deuteronomy, the Lord kept instructing that put evil away from among you.
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It was so much that it should never be forgotten to flee, because the consequences are known and unknown.

There was another story that evil led to how those involved eventually lost their lives.

[Numbers 25:1, And Israel abode in Shittim, and the people began to commit whoredom with the daughters of Moab.]

It is unknown all the exact things they did, or if they had this in mind before and no opportunity, or if it was caprice.

[Hebrews 13:4, Marriage is honourable in all, and the bed undefiled: but whoremongers and adulterers God will judge.]

Marriage, in the Scriptures is for a man – by birth and a woman – by birth.

Feelings can change, trends can change, desire can change, but the word of God is forever settled in heaven.

The Lord God, the Creator does not make mistakes.

People in their dimension of thought who think the Creator makes mistake, so they have to correct their physical appearance, etc. due to desire, pressure, conformity or whatever else, should simply think about when they gave anything or anyone under their control freedom but tried to outsmart them.

Jesus wants changes, yes, but unto repentance – away from the works of the flesh.

[Galatians 5:19-21, Now the works of the flesh are obvious: sexual immorality, moral impurity, promiscuity, idolatry, sorcery, hatreds, strife, jealousy, outbursts of anger, selfish ambitions, dissensions, factions, envy, drunkenness, carousing, and anything similar, about which I tell you in advance–as I told you before–that those who practice such things will not inherit the kingdom of God.]
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It is possible to go to church while struggling with some of the above.

But one should remember that no matter how tough the sin is or how deep the distance, repentance and continuous prayer against sin shall prevail.

[Hebrews 12:4, Ye have not yet resisted unto blood, striving against sin.]

For parents with children showing strange behaviour in general, it is also useful to pray against the spirit of rebellion and disobedience.

They should also correct in love and wisdom, not hate and incessant dissatisfaction.

Overall, for devout Christians, as much as possible they should pray without ceasing [for mercy, also].

[Ecclesiastes 8:12, Though a sinner do evil an hundred times, and his days be prolonged, yet surely I know that it shall be well with them that fear God, which fear before Him:]

Desire and happiness is so temporal that going any length for those should be archaic, but there is always something new in the world that resists contentment.

No matter how far anyone has gone, Christ is the only true love calling all, to genuine repentance.

[John 4:10, Jesus answered and said unto her, if thou knewest the gift of God, and Who it is that saith to thee, give me to drink; thou wouldest have asked of Him, and He would have given thee living water.]

https://businesspost.ng/featureoped/christianity-lgbtq-transgender-gay-homosexual-and-repentance/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:31pm On Feb 21, 2020

Zenith Bank Emerges First Nigerian Bank to Post N200bn PAT
https://businesspost.ng/banking/zenith-bank-emerges-first-nigerian-bank-to-post-n200bn-pat/

Investor Pays N5.3bn to Acquire 39% Stake in AIICO Insurance
**As Firm Lists Addition Shares on NSE
https://businesspost.ng/economy/investor-pays-n5-3bn-to-acquire-39-stake-in-aiico-insurance/

Ex-Sterling Bank Staff in Court for N2.7m Theft
https://businesspost.ng/banking/ex-sterling-bank-staff-in-court-for-n2-7m-theft/

Capital Market Vital to National Economy—Anyaoku
https://businesspost.ng/economy/capital-market-vital-to-national-economy-anyaoku/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 1:15pm On Feb 21, 2020

Zenith Bank Declares N2.50 Dividend for FY 2019
https://businesspost.ng/economy/zenith-bank-declares-n2-50-dividend-for-fy-2019/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:19am On Feb 21, 2020

Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 5:17am On Feb 21, 2020

CBN Sells N300bn OMO Bills Across Three Tenors at Lower Rates
https://businesspost.ng/economy/cbn-sells-n300bn-omo-bills-across-three-tenors-at-lower-rates/

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Politics › IMF Praises FG Over Adoption Of Finance Act, Deep Offshore Basin Act by dipoolowoo(op): 5:03am On Feb 21, 2020

By Dipo Olowookere

**Praises CBN’s Raising of Cash Reserve Ratio

**Wants Banking System Vulnerabilities Addressed

The International Monetary Fund (IMF) has applauded the federal government for adopting the finance bill and the deep offshore basin act.

In a statement issued after a visit to the country from January 29 to February 12, 2020, the global lender said the adoption of these policies would help address some vulnerabilities observed during the conduct its annual Article IV Consultation discussions on Nigeria’s economy.

Leader of the team, Amine Mati, who is the Senior Resident Representative and Mission Chief for Nigeria, said the Finance Bill and Deep Offshore Basin Act will help the country boost revenue, while the end-December budget cycle for 2020 will improve execution.

It further said the tightening of monetary policy in January 2020 by the Central Bank of Nigeria (CBN) through higher cash reserve requirements to respond to looming inflationary pressures was a welcome, noting that, “Progress on structural reforms, particularly in Doing Business, finalizing power sector reforms, and strengthening governance, is commendable.”
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However, it urged government to pay attention to the slow pace of economic recovery, noting that declining real incomes and weak investment continue to weigh on economic activity.

It said, “Inflation—driven by higher food prices—has risen, marking the end of the disinflationary trend seen in 2019. External vulnerabilities are increasing, reflecting a higher current account deficit and declining reserves that remain highly vulnerable to capital flow reversals. The exchange rate has remained stable, helped by steady sales of foreign exchange in various windows.”

In addition, the IMF said, “High fiscal deficits are complicating monetary policy. Weak non-oil revenue mobilization led to further deterioration of the fiscal deficit, which was mostly financed by CBN overdrafts. The interest payments to revenue ratio remains high at about 60 percent.”

In view of the above, the IMF said, “Under current policies, the outlook is challenging. The mission’s growth forecast for 2020 was revised down to 2 percent to reflect the impact of lower international oil prices. Inflation is expected to pick up, while deteriorating terms of trade and capital outflows will weaken the country’s external position.”
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“Major policy adjustments remain necessary to contain short-term vulnerabilities, build resilience, and unlock growth potential.

“Non-oil revenue mobilization—including through tax policy and administration improvements—remains urgent to ensure financing constraints are contained and the interest payments to revenue ratio sustainable. Recourse to central bank overdrafts should be limited and the mission supports the authorities’ plans to use the low domestic yield environment to front load their financing requirements,” it said.

It stressed that, “Further tightening of monetary policy—albeit through more conventional methods—is needed to contain domestic and external pressures arising from large amounts of maturing CBN bills. The mission reiterated its advice on ending direct central bank interventions, securitizing overdrafts to introduce longer-term government instruments to mop up excess liquidity and moving towards a uniform and more flexible exchange rate. Removing restrictions on access to foreign exchange for the 42 categories of imported goods would be needed to encourage long-term investment.”
ALSO READ Local Stock Market Improves by N133b

According to the IMF, “Banking system vulnerabilities should continue to be addressed. The mission welcomed recent efforts to reduce legacy non-performing loans. The introduction of risk-based minimum capital requirements would also help strengthen bank resilience.

“Notwithstanding the significant increase in lending, concerns about shortened maturity, asset quality and conflicting monetary policy signals call for revisiting the minimum lending to deposit ratio directive.”

“Structural reforms—particularly executing the much-delayed power sector recovery plan, implementing the anti-corruption and financial inclusion strategy, and addressing infrastructure and gender gaps—remain essential to boosting inclusive growth.

“Nigeria’s border closure will continue to have significant economic consequences on the country’s neighbours. It is important that all involved parties quickly resolve the issues keeping the borders closed—including to stop the smuggling of banned products,” it said.

https://businesspost.ng/economy/imf-claps-for-fg-over-adoption-of-finance-act-deep-offshore-basin-act/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 1:58pm On Feb 20, 2020

Nigeria’s Excess Crude Account Falls to $71.8m from $321m in Four Weeks
https://businesspost.ng/economy/nigerias-excess-crude-account-falls-to-71-8m-from-321m-in-four-weeks/

Wema Bank, Heritage Bank Resolve Issue on Ondo State Funds
https://businesspost.ng/banking/wema-bank-heritage-bank-resolve-issue-on-ondo-state-funds/

Politics › Nigeria’s Excess Crude Account Falls To $71.8m From $321m In Four Weeks by dipoolowoo(op): 1:51pm On Feb 20, 2020

By Adedapo Adesanya

About four weeks ago, [url]Business Post raised an alarm https://businesspost.ng/economy/nigerias-excess-crude-account-once-over-22bn-depletes-to-321m/[/url] at the declining rate of the amount in Nigeria’s Excess Crude Account (ECA), which stood at $321.4 million as at January 20, 2020.

However, a month after, what is left on the account will leave many asking several government they hope the government of the day will provide answers to. As you read this piece, what is left in the ECA is just $71.814 million, yes, $71.814 million.

At the end of a Federation Account Allocation Committee (FAAC) retreat held in Lagos on Wednesday, the Permanent Secretary in the Federal Ministry of Finance, Budget and National Planning, Mr Mahmoud Isa-Dutse, confirmed this development, but did not disclose the reasons why the ECA has shed over 78 percent in just about 20 working days.

While briefing newsmen on outcome of the event, he said the three tiers of government, comprising federal, states and 774 local government councils, shared a total of N647.353 billion as their allocation from the federation purse for the month of January. The amount shared from FAAC this month was lower than what was disbursed last month from the revenue generated in December 2019. This is totally different from the ECA.
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The ECA is meant to keep the excess amount made from the sale of crude oil above the budget benchmark for the year. This year, the cap was put at $57 per barrel, but weak performance of oil at the global market caused by the coronavirus has kept prices below the benchmark, but there have been few times this year prices have gone above $58 per barrel at the market.
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When Business Post published its report last month on the ECA, it was stated that amount in the account once rose above $20 billion, but the hunger for the money by state governors resulted in the money being shared. They went to court to force the federal government to allow them have access to the funds meant to be saved for the rainy days.

The ECA created by former President Olusegun Obasanjo in 2004 for saving revenue realised from crude oil sales above the budgeted benchmark price and had once peaked at $22 billion during the administration of the late President Umaru Musa Yar’Adua in 2008.

There are serious concerns over the constant drop in the ECA, with observers warning that if not properly checked by government, the devaluation of Naira will ultimately happen. But the Central Bank of Nigeria (CBN) has maintained that the Naira will not be devalued and to allay fears, it has constantly released forex into the market almost on a weekly basis to defend the local currency, which is stable around N360/$1.
ALSO READ Only $323.7m Remains in Nigeria's Excess Crude Account—FAAC

Last month, the Monetary Policy Committee (MPC) of the CBN urged the fiscal authorities to strongly consider building buffers by not sharing all proceeds from the federation account at the monthly FAAC meetings to avert the macroeconomic downturn in the event of an oil price shock.

In the eventuality of a price shock, coupled with shortage in foreign reserves, and decline in the excess crude account, Nigeria could be heading towards another recession in four year.

https://businesspost.ng/economy/nigerias-excess-crude-account-falls-to-71-8m-from-321m-in-four-weeks/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 11:17am On Feb 20, 2020

Why DMO Dropped Stanbic IBTC Stockbrokers for CSL Stockbrokers
https://businesspost.ng/economy/dmo-drops-stanbic-ibtc-stockbrokers-for-csl-stockbrokers/

CBN Official Dollar/Naira Exchange Rate Drops to N307/$1
https://businesspost.ng/economy/cbn-official-dollar-naira-exchange-rate-falls-to-n307-1/

Nigeria’s Brass River, Qua Iboe Rally as Oil Market Continues Recovery
https://businesspost.ng/economy/nigerias-brass-river-qua-iboe-rally-as-oil-market-continues-recovery/

Nigeria Suffers 9.63% Revenue Shortfall in January, FAAC Shares N647bn
https://businesspost.ng/economy/nigeria-suffers-9-63-revenue-shortfall-in-january-faac-shares-n647bn/

Bears Keep Nigerian Stocks in Captivity for 5 Straight Days
https://businesspost.ng/economy/bears-keep-nigerian-stocks-in-captivity-for-5-straight-days/

Investors Oversubscribe February 2020 FGN Bond Sale
https://businesspost.ng/economy/investors-oversubscribe-february-2020-fgn-bond-sale/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 12:32pm On Feb 19, 2020

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:41pm On Feb 18, 2020

United Capital to Pay 50 Kobo Dividend, Declares N5bn Profit
https://businesspost.ng/economy/united-capital-to-pay-50-kobo-dividend-declares-n5bn-profit/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 4:58pm On Feb 18, 2020

Court Orders Fidson to Pay N4m Over Seizure of Ex-Staff’s Certificate
https://businesspost.ng/health/court-orders-fidson-to-pay-n4m-over-seizure-of-ex-staffs-certificate/

Land for Milk Factory: CBN Leads Nestle, Others to FCT Minister
https://businesspost.ng/economy/land-for-milk-factory-cbn-leads-nestle-others-to-fct-minister/

Buhari Vows to Make Financial Transactions Transparent
https://businesspost.ng/economy/buhari-vows-to-make-financial-transactions-transparent/

VAT Hike, Border Closure Push Nigeria's Inflation to 12.13%
https://businesspost.ng/economy/vat-hike-border-closure-push-nigerias-inflation-to-12-13/

Oil Prices Hold Gains as Worries Further Slow Economic Activities
https://businesspost.ng/economy/oil-prices-hold-gains-as-worries-further-slow-economic-activities/

No Clampdown on Uber Drivers—Lagos
https://businesspost.ng/auto/no-clampdown-on-uber-drivers-lagos/

Ikeja Electric Brightens Spirits at Ikorodu General Hospital
https://businesspost.ng/health/ikeja-electric-brightens-spirits-at-ikorodu-general-hospital/

Fidelity Bank Empowers 3,000 Undergraduates Via FYEA
https://businesspost.ng/general/fidelity-bank-empowers-3000-undergraduates-via-fyea/

Jobs/Vacancies › Court Orders Fidson To Pay N4m Over Seizure Of Ex-staff’s Certificate by dipoolowoo(op): 4:43pm On Feb 18, 2020

By Modupe Gbadeyanka

Justice Abiola Adewemimo of the Benin Judicial Division of the National Industrial Court of Nigeria has ordered Fidson Healthcare Plc to pay the sum of N4 million to its former employee, Mr Obateru Olufemi Abidemi, for illegally withholding his first degree certificate despite asking for it to be returned to him.

Mr Abidemi worked with Fidson as a pharmacist for over two years and one of the conditions for getting the job in August 2007 was for him to deposit his Bachelor of Pharmacy degree certificate with the company.

However, trouble started after he resigned in December 2009 and his three letters to Fidson between 2013 and 2016 demanding for the return of his original certificate were ignored.
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This forced him to file a complaint before the court in January 2018, claiming his fundamental right had been violated by the defendant.

He also said the refusal of the drug-making company has made him to suffer psychological trauma, mental pains, distress, embarrassment and inconvenience. He therefore, asked the court to direct the company to return his certificate and pay him the sum of N5 million as general damages.

But Fidson, in its defence, denied all the allegations, saying it held the certificate because the claimant had an outstanding indebtedness of N9.234 million after reconciliation of the accounts.
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According to Fidson, on several occasions, the claimant sold goods to customers and refused to remit the proceeds to the company as a result of which, he was asked to proceed on two weeks suspension without pay with effect from July 7, 2009.

The company informed the court that on December 28, 2009, the claimant suddenly resigned his appointment without clearing the alleged debt, which the claimant denied.

In her ruling, Justice Adewemimo dismissed Fidson’s counter-claim, emphasising that, “The refusal of the defendant to release to the claimant, his original Bachelor of Pharmacy certificate is unlawful.”
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The judge further held that, “The defendant is hereby ordered to within 72 hours of this judgment, release to the claimant, his Bachelor of Pharmacy certificate.

“The defendant is hereby ordered to pay to the claimant the sum of N4,000,000 (Four Million Naira) as general damages.

“All judgment sums awarded in this suit shall be paid within 30 days failure upon which it will attract a 10% interest per annum.

“A cost of N200,000.00k cost is hereby awarded against the defendant.”

https://businesspost.ng/health/court-orders-fidson-to-pay-n4m-over-seizure-of-ex-staffs-certificate/

Politics › Buhari Vows To Make All Financial Transactions Transparent by dipoolowoo(op): 4:24pm On Feb 18, 2020

President Muhammadu Buhari has assured that very soon, all government financial transactions would be done in the open, especially with the various reform agenda being implemented by his administration.

A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, stated that this assurance was given on Tuesday in Kaduna at the Passing-Out Parade of Detective Inspector Course Five, of the Economic and Financial Crimes Commission (EFCC).

“My resolve is to ensure that the reforms are deepened such that there will be no hiding place for corrupt persons and proceeds of corruption. My aim is to ensure that no government financial transaction is done in secret and all are subjected to public scrutiny.

“The objective of this administration is to institute a level of transparency in governance through mainly information technology platforms. Just as advanced democracies and some developing countries, I am determined that within a short period, citizens would be able to follow core government operations online,” President Buhari said.

According to him, “Our government has reached advanced stage in Fiscal Transparency. The Appropriation Bill is placed online within hours of its presentation in the National Assembly. The Budget Office of the Federation has been engaging interest groups in the budget cycle. A pilot scheme of 10 MDAs has been test running online display of their budgets and expenditure movements.”

He said federal government’s “commitment to online disclosure of Beneficial Owners of Companies generally within the framework of the Corporate Affairs Commission and in the extractive industries through Nigeria Extractive Industries Transparency Initiative (NEITI) is on course.”
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“I am aware that the portals are ready but owners of companies are unwilling to comply with all disclosure requirements. May I use this opportunity to urge all well-meaning Nigerians to fully comply,” he said.

President Buhari said that various national reforms and collaborative efforts with international organisations are designed to institutionally strengthen anti-corruption agencies in Nigeria.

According to him, “We have been working within the frameworks of National Action Plan for Open Government Partnership (OGP), National Anti-Corruption Strategy which is an adaptation of United Nations Convention Against Corruption and the Global Forum for Asset Recovery (GFAR). Several of the reforms have been effective for several years with great impact on revenue and expenditure management. These include; the Government Integrated, Financial and Management Information System (GIFMIS), Integrated Payroll and Personnel Information System (IPPIS), Single Treasury Account, and Bank Verification Number (BVN).

“Executive Orders, such as Preservation of Suspicious Assets Connected with Corruption (Executive Order 6), Nigerian Financial Intelligence Unit (NFIU) Act 2018; and Mutual Assistance in Criminal Matters Act 2018 have been operating for a few years and effectively limiting system opportunities for corrupt practices,” he submitted.

The President noted further that, “This administration, right from the inception, aligned with the Open Governance Partnership and Global Forum for Asset Recovery in addition to existing commitments to African Union and Economic Community of West African States’ Conventions Against Corruption, and the United Nations Convention Against Corruption (UNCAC).
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“These frameworks focus significantly on systems reforms in order to prevent corruption. Nigeria’s active participation in these global anti-corruption platforms means that the country is subjecting itself to periodic review of its progress in implementing the articles of conventions thus the fight against corruption.”

Mr Buhari also said the administration’s war against corruption was also attracting international endorsements.

“Our fight against corruption is being recognized by the international community as real and effective. The face of the country abroad is also changing as the international community is beginning to see Nigeria making substantial progress in the enthronement of transparency, accountability and good governance,” he noted.

“The President of the 7th Session of United Nations Convention Against Corruption (UNCAC) had this to say when announcing Nigeria as Vice-Chairman of Conference of State Parties: ‘It is an election well deserved.

“Nigeria has demonstrated remarkable determination in the fight against corruption.’ Nigeria retained the position of Vice Chair of the 8th Session.

“During the 10th Session of the Conference of State Parties, the Implementation Review Group Report also noted the high number of Asset Recovery cases successfully initiated by Nigeria in cooperation with other countries under the Mutual Legal Assistance (MLA) framework,” the President declared.
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President Buhari also praised efforts of the EFCC in making the war against corruption effective, saying, “I have listened attentively to the report in the speech presented by the Chairman of EFCC.

“The report is an attestation that the right policies have been put in place to fight corruption and the fight is becoming much more effective.

“I make bold to say that Nigeria is winning the war against corruption. I congratulate the EFCC on its good work and I urge that the current level of success be sustained and accelerated.”

In his remarks, the EFCC acting Chairman, Mr Ibrahim Magu, said that, “EFCC on its part is currently developing its Statement of Strategy for 2020 to 2025, in line with the five pillars of National Anti-Corruption Strategy. This was preceded by an earlier strategic plan which was successfully implemented.”

He added that the EFCC, with the support of development partners has built one of the best investigative laboratories in West Africa which has aided investigators and prosecutors in achieving accuracy and deployment of incontrovertible evidence in courts. He also identified communication as key to the overall success of the organisation’s activities.

https://businesspost.ng/economy/buhari-vows-to-make-financial-transactions-transparent/

Politics › VAT Hike, Border Closure Push Nigeria’s Inflation To 12.13% by dipoolowoo(op): 1:31pm On Feb 18, 2020

By Adedapo Adesanya

The consumer price index (CPI), which measures inflation in Nigeria, showed that it increased by 12.13 percent (year-on-year) in January 2020, the National Bureau of Statistics said on Tuesday, February 18.

This latest number, according to the stats office, is 0.15 percent points higher than the rate recorded in December 2019 at 11.98 percent, saying this was spurred by rise in food items, planned increased in Value Added Taxes (VAT) and the continuous border closure.

According to the NBS, the composite food index also rose by 14.85 percent in January 2020 compared with 14.67 percent in December 2019. This rise in the food index was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, Yam and other tubers and Fish.
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On month-on-month basis, the food sub-index increased by 0.99 in January 2020, up by 0.02 percent points from 0.97 percent recorded in December 2019.

According to the NBS on Tuesday, the average annual rate of change of the food sub-index for the twelve-month period ending January 2020 over the previous twelve-month average was 13.86 percent, 0.12 percent points from the average annual rate of change recorded in December 2019 (13.74) percent.
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Increases were recorded across all the 12 Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index

It was also disclosed that the Headline index month-on-month basis increased by 0.87 percent in January 2020, indicating a 0.02 percent rate higher than the rate recorded in December 2019 pf 0.85 percent.

The percentage change in the average composite CPI for the twelve months period ending January 2020 over the average of the CPI for the previous twelve months period was 11.46 percent, showing 0.06 percent point from 11.40 percent recorded in December 2019.
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The corresponding twelve-month year-on-year average percentage change for the urban index is 11.92 percent in January 2020. This is higher than 11.83 percent reported in December 2019, while the corresponding rural inflation rate in January 2020 is 11.04 percent compared to 11.00 percent recorded in December 2019.

https://businesspost.ng/economy/vat-hike-border-closure-push-nigerias-inflation-to-12-13/

Politics › IMF Cuts Nigeria’s 2020 Growth Forecast To 2% by dipoolowoo(op): 6:44pm On Feb 17, 2020

By Dipo Olowookere

The International Monetary Fund (IMF) on Monday announced the downward review of growth forecast for Nigeria’s economy in 2020.

In a press statement obtained by Business Post today, the global lender said it was cutting the forecast to 2 percent “to reflect the impact of lower international oil prices.”

IMF warned that under current policies of the local authorities, “the outlook is challenging,” noting that, “High fiscal deficits are complicating monetary policy.”

It further said, “Weak non-oil revenue mobilisation led to further deterioration of the fiscal deficit, which was mostly financed by Central Bank of Nigeria (CBN) overdrafts. The interest payments to revenue ratio remains high at about 60 percent.”
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The lender also said the pace of economic recovery remains slow, as declining real incomes and weak investment continue to weigh on economic activity.

“Inflation—driven by higher food prices—has risen, marking the end of the disinflationary trend seen in 2019. External vulnerabilities are increasing, reflecting a higher current account deficit and declining reserves that remain highly vulnerable to capital flow reversals. The exchange rate has remained stable, helped by steady sales of foreign exchange in various windows,” the statement said.

While it identified efforts made by government to make thing better, the IMF stressed that, “Further tightening of monetary policy—albeit through more conventional methods—is needed to contain domestic and external pressures arising from large amounts of maturing CBN bills.”
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It urged the CBN to end its interventions in the foreign exchange market, advising the apex bank to securitise overdrafts to introduce longer-term government instruments to mop up excess liquidity and move towards a uniform and more flexible exchange rate.

“Removing restrictions on access to foreign exchange for the 42 categories of imported goods would be needed to encourage long-term investment,” it submitted.

The IMF said, “Nigeria’s border closure will continue to have significant economic consequences on the country’s neighbours. It is important that all involved parties quickly resolve the issues keeping the borders closed—including to stop the smuggling of banned products.”
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On the banking system, the IMF “welcomed recent efforts to reduce legacy non-performing loans,” saying the “introduction of risk-based minimum capital requirements would also help strengthen bank resilience.

“Notwithstanding the significant increase in lending, concerns about shortened maturity, asset quality and conflicting monetary policy signals call for revisiting the minimum lending to deposit ratio directive,” it averred.

Business Post gathered that from January 29 to February 12, 2020, an IMF staff team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited Lagos and Abuja to conduct its annual Article IV Consultation discussions on Nigeria’s economy.

https://businesspost.ng/economy/imf-cuts-nigerias-2020-growth-forecast-to-2/

Celebrities › Ngozi Alaegbu Joins Arise TV After Leaving TVC by dipoolowoo(op): 4:23pm On Feb 17, 2020

By Dipo Olowookere

A former newscaster with Lagos-based Television Continental (TVC), Ms Ngozi Alaegbu, has joined a rival broadcast outfit, Arise TV, also based in the metropolis.

Ms Alaegbu moved to Arise TV to join her former colleague at TVC, Mr Ndee Iheanacho Amaugo, who has been with the new TV station for some years now.
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In 2019, the Ikorodu-based TV girl reportedly resigned from TVC after she was moved from her breakfast show with Mr Mike Okwoche to the afternoon belt and later to the night shift.

Her exit from the Magodo-based media platform caused controversies as it was alleged that she was pushed out by a senior member of staff of the company.
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Business Post observed that in the past days, Ms Alaegbu, who is regarded as a core professional and veteran in the broadcast space in Nigeria, has been casting news on Arise TV, owned by media mogul, Mr Nduka Obaigbena, who also owns ThisDay newspaper.

In recent times, some notable faces on TVC have left the organisation to pursue their media careers elsewhere, including Juliet Mafua, Joke Lijadu and Abayomi Adisa (producer of the popular Journalists’ Hangout), who all left to join BBC. Others who have left TVC include Azeezat Olaoluwa, Morayo Afolabi-Brown, amongst others.

https://businesspost.ng/showbiz/ngozi-alaegbu-joins-arise-tv-after-leaving-tvc/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 11:24am On Feb 17, 2020

We’ll Ensure Investors Don't Bear Unnecessary Costs—SEC
https://businesspost.ng/economy/well-ensure-investors-dont-bear-unnecessary-costs-sec/

Nigeria Shops for Financial Advisers for $3.3bn Eurobond
https://businesspost.ng/economy/nigeria-shops-for-financial-advisers-for-3-3bn-eurobond/

BUA Cement Joins MSCI Frontier Markets Index
https://businesspost.ng/economy/bua-cement-joins-msci-frontier-markets-index/

UPDC to Engage Investors on N16bn Rights Issue
https://businesspost.ng/economy/updc-to-engage-investors-on-n16bn-rights-issue/

NSE Trades 912m Stocks Worth N12bn in 17,083 Deals in Five Days
https://businesspost.ng/economy/nse-trades-912m-stocks-worth-n12bn-in-17083-deals-in-five-days/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:34am On Feb 16, 2020

FG Stops Advance Income Tax Payment on Interim Dividends
https://businesspost.ng/economy/fg-stops-advance-income-tax-payment-on-interim-dividends/

Stock Market Value Decreases to N14.456trn
https://businesspost.ng/economy/stock-market-value-decreases-to-n14-456trn/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:57pm On Feb 14, 2020

Why Flour Mills Credit Protection Metrics Remain Under Pressure
https://businesspost.ng/economy/why-flour-mills-credit-protection-metrics-remain-under-pressure/

How FG, States, LGs Shared N8.15trn in 2019
https://businesspost.ng/economy/how-fg-states-lgs-shared-n8-15trn-in-2019/

Africa’s Female Fund Managers to Access $100m
https://businesspost.ng/world/africas-female-fund-managers-to-access-100m/

Investors in Malawi Buy $37.5m Airtel Africa Shares via IPO
https://businesspost.ng/economy/investors-in-malawi-buy-37-5m-airtel-africa-shares-via-ipo/

Sanofi Seeks Entries for AfricaTech 2020 Challenge
https://businesspost.ng/health/sanofi-seeks-entries-for-africatech-2020-challenge/

VIDEO: First Bank CEO Harps on Financial Inclusion for Continuous Growth
https://businesspost.ng/banking/video-first-bank-ceo-harps-on-financial-inclusion-for-continuous-growth/

NNPC Completes Graduate Trainee Programme, Employs 1,050
https://businesspost.ng/jobs/nnpc-completes-graduate-trainee-programme-employs-1050/

Politics › How FG, States, Lgs Shared N8.15trn In 2019 by dipoolowoo(op): 3:37pm On Feb 14, 2020

By Adedapo Adesanya

Federal, States, and Local Governments in Nigeria all received a total of N8.15 trillion in 2019 from the Federation Accounts and Allocation Committee (FAAC), a report by the Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed.

NEITI revealed in its latest Quarterly Review report released on Thursday in Abuja that the amount was lower to what was received in the previous year, 2018, by N377 billion equivalent to 4.42 percent. It said the total amount received for that year was N8.52 trillion, while in 2017, the three tiers of government shared N6.42 trillion, which was N1.73 trillion lower than the 2019 figure.

It was stated that out of the N8.15 billion disbursed last year, federal government received N3.37 trillion, representing 41.4 percent of total pay-outs; all 36 states got N2.76 trillion (representing 33.9 percent) while the 774 local governments got a total of N1.65 trillion (20.2 percent).
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From the state government collection, NEITI showed that Delta State received the highest in sum of N218.58 billion from the Federal Account while Osun state was the lowest recipient with N24.14 billion.

In a comparative breakdown with preceding years 2017 and 2018, the NEITI Report showed that the total disbursements to the federal government in 2019 were 3.1 percent lower than the disbursements in 2018, but 31.7 percent higher than in 2017.
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In terms of the country’s 36 states, the disbursements to the states last year were 3.12 percent lower than those in 2018 and were 48.5 percent higher than those in 2017.

Also, at the local governments level in 2019, disbursements were 1.08 percent lower than they were in 2018, but 9.75 percent higher than what was recorded in 2017.

In a yearly comparative breakdown, which analysed a seven-year pay-out from 2013 till 2019, it was disclosed that 2013 recorded the highest disbursements of N9.7 trillion; followed by 2014 N8.6 trillion, while 2018 came third with N8.5 trillion while 2019 had the fourth highest disbursements of N8.1 trillion.
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Taking a further look at the states’ numbers, it showed that three states received less than N40 billion, nine states received between N40 billion- N49billion while fourteen states received between N50 billion – N59 billion while four other states got N60 – N69 billion.

The report noted that four states of the Niger Delta Region plus Lagos were among the big league of states that received over N100 billion from FAAC allocations due to the 13 percent derivation paid to the oil producing states.

https://businesspost.ng/economy/how-fg-states-lgs-shared-n8-15trn-in-2019/

Autos › Lagos Introduces New Number Plate For Vehicles by dipoolowoo(op): 12:25pm On Feb 14, 2020

By Modupe Gbadeyanka

In order to further prioritise safe motoring measures for crime detection on Lagos roads, the Lagos State government has introduced the newly designed Articulated and Allied Vehicle Number Plate (AVNP).

At the unveiling on Thursday, Commissioner for Transportation, Mr Frederic Oladeinde, said the initiative was from the Lagos State Ministry of Transportation, through the Motor Vehicle Administration Agency (MVAA).

The Commissioner, represented by the Permanent Secretary in the Ministry, Mr Sewedo Oluseyi Whenu, explained that one of the major benefits of the initiative was the creation of a robust database for all articulated and heavy-duty vehicles, especially those that ply state roads.
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“As you are all aware, it is quite difficult to manage or deal with any problem effectively if you can’t measure it or have verifiable data.

“The essence of the database is, therefore, to provide and share valuable information and data on an articulated vehicle with the law enforcement agencies, the Nigeria Police and the Vehicle Inspection Service (VIS) for safety and security as well as crime investigation and detection purposes,” he stated.

Mr Oladeinde disclosed that all new vehicles coming into the state through the ports will be required to obtain the Temporary Vehicle Tag (TVT) to be issued by MVAA as a means of identification for yet-to-be-fully registered, newly-acquired vehicles pending full registration.
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He maintained that the new AVNP scheme has been designed and simplified to engender user-friendly and seamless procedures for the issuance of the plates, assuring that the pricing regime for the plates is affordable.

Also speaking at the event, General Manager of Lagos State Drivers’ Institute (LASDRI), Mrs Afusat Tiamiyu, appealed to drivers to ensure that they upgrade their driving skills by enrolling at the institute for training, stressing the Agency has skilled personnel who impart knowledge required for safe and precision driving.

Her counterpart at the Lagos State Traffic Management Authority (LASTMA), Mr Olatunde Oduyoye, in his remarks, stated that complying with traffic regulations ensures sanity on the roads, pointing out that if there is a free flow of traffic, there will be reduced lawless activities on the roads.
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Earlier, while delivering her welcome address, the General Manager of MVAA, Mrs Lape Kilanko, reiterated the present administration’s resolve to form an all-inclusive government.

She gave the assurance that MVAA will continually review its policies to provide services that are customer-oriented and tailored towards the ease of doing business.

https://businesspost.ng/banking/lagos-introduces-new-number-plate-for-vehicles/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 11:05am On Feb 14, 2020

Nigerian Breweries Announces N1.51 Per Share Dividend
https://businesspost.ng/economy/nigerian-breweries-announces-n1-51-per-share-dividend/

Deap Capital, Two Others Get N5m Fine From NSE
https://businesspost.ng/economy/deap-capital-two-others-get-n5m-fine-from-nse/

Financial Stocks Surrender Market to Bears as ASI Sheds 0.05%
https://businesspost.ng/economy/financial-stocks-surrender-market-to-bears-as-asi-sheds-0-05/

CBN, FMDQ Float 5-Year FX Futures Contracts for FPIs, FDIs
https://businesspost.ng/economy/cbn-fmdq-float-5-year-fx-futures-contracts-for-fpis-fdis/

Naira Falls at Interbank, Investors Segments
https://businesspost.ng/economy/naira-falls-at-interbank-investors-segments/

Oil Stretches Gains on Low Demand Growth Forecast
https://businesspost.ng/economy/oil-stretches-gains-on-low-demand-growth-forecast/

Business › Access Bank Moves Head Office To New Location by dipoolowoo(op): 6:49pm On Feb 13, 2020

By Dipo Olowookere

The management of Access Bank Plc has announced moving its head office in the Victoria Island of Lagos State to another location.

In a notice to the Nigerian Stock Exchange (NSE) on Thursday morning, the financial institution said its corporate headquarters will now be at another location within the aquatic city.
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Access Bank has operated its head office on Plot 999c, Danmole Street, Victoria Island, Lagos for many years, but the lender has a new place to operate from.

According to the disclosure, the new headquarters would be on No 14/15, Prince Alaba Oniru Road, Oniru, Lagos. The bank said this movement would be effective from month end.
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“Access Bank Plc wishes to notify the Nigerian Stock Exchange (NSE), its shareholders and the general public of the change of the bank’s registered head office address from Plot 999c, Danmole Street, Victoria Island, Lagos to No 14/15, Prince Alaba Oniru Road, Oniru, Lagos,” the notice signed by the scribe, Sunday Ekwochi, stated, urging the NSE and the stakeholders to “kindly amend your records accordingly.”

https://businesspost.ng/banking/access-bank-moves-head-office-to-new-location/

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