₦airaland Forum

By Dipo Olowookere

The sum of N71 billion was lost by the Nigerian stock market last week. There are only 12 trading days left before the commencement of the Christmas and New Year holidays and in preparation, investors have begun to take profit to play safe.

In the previous week, which ended on November 29, the Nigerian Stock Exchange (NSE) appreciated by a marginal 0.04 percent, but last week, which closed on December 6, the market went down by 0.54 percent.

This brought the All-Share Index (ASI) down 146.63 points to 26,855.52 points from 27,002.15 points and the market capitalisation down by N71 billion to N12.962 trillion from N13.033 trillion.

Business Post reports that a total of 35 stocks depreciated in price during the week, higher than 32 equities in the previous week, while 19 shares appreciated in price, lower 31 equities in the previous week, with 111 stocks closing unchanged, higher than 102 equities recorded in the preceding week.
ALSO READ View MTN Nigeria Q1 2019 Analyst Call Presentation Held Today

Cornerstone Insurance was the worst performing stock, losing 20.25 percent to close at 63 kobo per share. MedView Airline lost 10.00 percent to close at N1.62 per unit, Arbico fell by 9.81 percent to settle at N4.32 per share, Ikeja Hotel declined by 9.73 percent to finish at N1.02 per unit, while FCMB depreciated by 9.45 percent to end at N1.82 per share.

On the other hand, Royal Exchange was the best performing stock on the NSE last week, rising by 17.39 percent to finish at 27 kobo per share.
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Unilever Nigeria gained 17.39 percent to close at N18.90 per share, Trans-National Express rose by 10.00 percent to end at 99 kobo per unit, Niger Insurance improved also by 10.00 percent to settle 22 kobo per unit, while Okomu Oil rose by 9.77 percent to end at N54.50 per share.

In the week, the NSE recorded a total turnover of 952.7 million shares worth N12.8 billion in 17,279 deals compared with 1.2 billion shares valued at N13.2 billion traded a week earlier in 18,142 deals.

The financial services industry led the activity chart by volume with 691.0 million shares valued at N6.8 billion traded in 10,718 deals, contributing 72.53 percent and 53.13 percent to the total equity turnover volume and value respectively.
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It was followed by the conglomerates sector with 101.9 million shares worth N701.3 million in 974 deals and the consumer goods industry with 57.6 million shares worth N2.0 billion in 2,095 deals.

A further breakdown showed that FCMB, Access Bank and Zenith Bank accounted for 334.2 million shares worth N3.1 billion in 3,684 deals, contributing 35.08 percent and 24.39 percent to the total equity turnover volume and value respectively.

https://businesspost.ng/economy/stock-market-loses-n71bn-as-investors-play-safe/

See Transaction Fees Charged on NASD OTC Exchange
https://businesspost.ng/economy/see-transaction-fees-charged-on-nasd-otc-exchange/

Lagosians to Obtain Licence to Drill Borehole from 2020
https://businesspost.ng/general/lagosians-to-obtain-licence-to-drill-borehole-from-2020/

Oil Prices Jump as OPEC+ Agrees 500,000 b/d Cut
https://businesspost.ng/economy/oil-prices-jump-as-opec-agrees-500000-b-d-cut/

Naira Loses Against Pound Sterling to N468/£ as UK Election Knocks
https://businesspost.ng/economy/naira-loses-against-pound-sterling-to-n468-as-uk-election-knocks/

Large Cap Stocks Pull Down NSE by 0.22% Friday
https://businesspost.ng/economy/large-cap-stocks-pull-down-nse-by-0-22-friday/

By Dipo Olowookere

Lagos State government has said by the first quarter of next year, it would begin to issue licences and permits before any borehole is drilled for water in any part of the state.

Executive Secretary of the Lagos State Water Regulatory Commission, Mrs Funke Femi Adepoju, while addressing stakeholders at a meeting, explained that this move was to safeguard residents of the metropolis.

The meeting was attended by members of the Manufacturers Association of Nigeria (MAN), Nigeria Employers Consultative Association (NECA), Financial Institutions, Association of Table Water Producers (ATWAP) and Association of Water Well Drilling Rig Owners Operators among others.

According to her, the exercise, which is to be launched by Governor Babajide Sanwo-Olu, is to regulate the process of water abstraction in the state.

Mrs Adepoju affirmed that licensing was a significant process in the regulation of any industry as the commission was determined to ensure its availability and sustainability to prevent the effect on unregulated water abstraction.

“What is paramount to government is how abstraction affects us as a people not just today but the future with emphases on pollution, contamination of water bodies, saline filtration into the system, over-abstraction and unregulated abstraction,” she stated.

While assuring that only registered companies captured in data will be issued a 2-year renewable license with unique and personalized number, the Executive Secretary explained that the commission was not established for a punitive purpose, but rather to establish standard in the water extraction industry in order to ensure that the health and safety of citizens are not compromised.

According to her, the essence of the engagement was to improve the relationship between stakeholders and government by developing ways to sanitize the industry, stressing that the agency has acquired mobile water test kits which are to be used in testing samples during operation and that approval for the acquisition of a standard laboratory for water testing is on the way.

https://businesspost.ng/general/lagosians-to-obtain-licence-to-drill-borehole-from-2020/

What Shareholders Will Benefit From CCNN, Obu Cement Merger
https://businesspost.ng/economy/rabiu-lists-benefits-of-ccnn-obu-cement-merger-to-shareholders/

Observers Expect Return of Institutional Investors to NSE
https://businesspost.ng/economy/observers-expect-return-of-institutional-investors-to-nse/

CBN to Sell N847bn T-Bills to Local, Foreign Investors Q1 2020
https://businesspost.ng/economy/cbn-to-sell-n847bn-t-bills-to-local-foreign-investors-q1-2020/

House to Probe Non-Remittance of Pensions by Administrators
https://businesspost.ng/economy/house-to-probe-non-remittance-of-pensions-by-administrators/

CBN to Sell N847bn T-Bills to Local, Foreign Investors Q1 2020
https://businesspost.ng/economy/cbn-to-sell-n847bn-t-bills-to-local-foreign-investors-q1-2020/

By Dipo Olowookere

Comptroller of the Nigeria Immigration Service (NIS) in charge of the Murtala Muhammed International Airport (MMIA), Mr Abdullahi Usman, has disclosed that not less than 58,000 visas have been issued to foreigners at the airport located in the Ikeja area of Lagos State.

Mr Usman, in a chat with newsmen at the airport, stated that most of the visas were issued to foreigners coming into the country to invest in the economy, thereby creating jobs for citizens.

According to him, these visas were given to these foreigners on arrival into Nigeria through the MMIA from January 2019 to Thursday, December 5, 2019.

The comptroller noted that the visa-on-arrival procedure was targeted at investors coming into the country, which is Africa’s largest economy, to do business as part of the Ease of Doing Business policy of the federal government.

“We have upgraded our visa on arrival from email-based to web-based to improve our services. Applicants can now log into the website and fill in their details and also get their approvals directly from there instead of using a third party which was what we were doing before because they have to send a representative here to process it.

“So, the increase in the issuance is to ease procedure and encourage more investors to come into the country to invest,” the immigration officer told journalists when he received officials of Access Bank at the airport.

He further said the airport was now operating better than in the past, stating that the new Migration Information and Data Analysis System (MIDAS) has been installed at the airport.

According to him, this equipment has enabled immigration and border officials to process travellers more rapidly and professionally and as well make their border-crossing experience safer and more humane.

Mr Usman said this led to officials of the agency to stop about 150 Nigerians from travelling out of the country in the last four months in the fight against human trafficking.

https://businesspost.ng/economy/nigeria-issues-58000-visas-to-foreign-investors-at-lagos-airport/

See Full List of Eligible Stockbrokers on NASD OTC Exchange
https://businesspost.ng/economy/see-names-of-eligible-stockbrokers-on-nasd-otc-exchange/

DSS Attempts to Re-Arrest Sowore, Bakare in Court
https://businesspost.ng/general/dss-attempts-to-re-arrest-sowore-bakare-in-court/

Lagos Lagoon Too Shallow for Ferry Services—Oyebode
https://businesspost.ng/general/lagos-lagoon-too-shallow-for-ferry-services-oyebode/

Trading on NSE Closes Bearish for Fourth Consecutive Day
https://businesspost.ng/economy/trading-on-nse-closes-bearish-for-fourth-consecutive-day/

OPEC Ends Thursday Meeting Without Oil Cut Deal
https://businesspost.ng/economy/opec-ends-thursday-meeting-without-oil-cut-deal/

Lagos Offers Tech Start-ups N250m Seed Capital
https://businesspost.ng/technology/lagos-offers-tech-start-ups-n250m-seed-capital/

CBN Issues One-Year OMO Bills at 13.30% as Appetite Wanes
https://businesspost.ng/economy/cbn-issues-one-year-omo-bills-at-13-30-as-appetite-wanes/

Nigeria Issues 58,000 Visas to Foreign Investors at Lagos Airport
https://businesspost.ng/economy/nigeria-issues-58000-visas-to-foreign-investors-at-lagos-airport/

Naira Stable at Parallel Market, Interbank; Loses at I&E
https://businesspost.ng/economy/naira-stable-at-parallel-market-interbank-loses-at-ie/

Nigeria's Bonny Light Crude Hits $64 as OPEC Begins Meeting
https://businesspost.ng/economy/nigerias-bonny-light-crude-hits-64-as-opec-begins-meeting/

NASD Market Points South by 0.33% as Friesland Extends Gains
https://businesspost.ng/economy/nasd-market-points-south-by-0-33-as-friesland-extends-gains/

CBN Issues One-Year OMO Bills at 13.30% as Appetite Wanes
https://businesspost.ng/economy/cbn-issues-one-year-omo-bills-at-13-30-as-appetite-wanes/

99.93% Shareholders Vote to Approve CCNN, Obu Cement Merger
https://businesspost.ng/economy/99-93-shareholders-vote-to-approve-ccnn-obu-cement-merger/

Moody’s Faults CBN’s Sale of OMO Bills to FPIs to Boost Reserves
https://businesspost.ng/economy/moodys-faults-cbns-sale-of-omo-bills-to-fpis-to-boost-reserves/

Naira Weakens to N466/£ at Black Market as UK Elections Approach
https://businesspost.ng/economy/naira-weakens-to-n466-at-black-market-as-uk-elections-approach/

FrieslandCampina Lifts Unlisted Securities Market by 0.45%
https://businesspost.ng/economy/frieslandcampina-lifts-unlisted-securities-market-by-0-45/

Stock Market Loses N3bn on Sustained Profit Taking
https://businesspost.ng/economy/stock-market-loses-n3bn-on-sustained-profit-taking/

Crude Oil Discovery in North Will Boost Job Creation—NNPC
https://businesspost.ng/economy/crude-oil-discovery-in-north-will-boost-job-creation-nnpc/

Moody’s Faults CBN’s Sale of OMO Bills to FPIs to Boost Reserves
https://businesspost.ng/economy/moodys-faults-cbns-sale-of-omo-bills-to-fpis-to-boost-reserves/

PHOTOS: CCNN Holds Court-Ordered Meeting in Abuja
https://businesspost.ng/economy/photos-ccnn-holds-court-ordered-meeting-in-abuja/

By Modupe Gbadeyanka

A teenager accused of committing capital market fraud, Mr Tanko Damilola Balogun, has been directed to spend the next 12 months in jail by Magistrate Ibrahim Mohammed of Senior Magistrate Court Zone 6, Wuse, Abuja.

Mr Balogun, 19, admitted that in June 2019, he started a Ponzi scheme, where he promised to double investment of participants in 45 minutes. To make his business work well and lure unsuspecting investors, he had to use the name and image of Afrinvest, a reputable investment company in the capital market registered by the Securities and Exchange Commission (SEC).

“What prompted me to start the business was an advert that I saw on face book and I decided to copy. The advert is about investing and getting double payment. I only picked the name Afrinvest because I know that it is an investment company when I saw it on media. I copied and pasted the name and started using for my business,” the convict confessed.
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“So far, I have been able to raise about N30,000 in the account from about 15 investors. This is because most of the investors pay in mostly N1000 or N2000, except for one that invested N10,000. It is only after discussing with them and gaining their confidence that I now forward my account details for payment,” he further said.

The teenager blamed “the devil” for pushing him to commit the capital market crime. However, he advised “people that are into such activity should stop as there is no gain and peace of mind in the business and it will add more problems and you can never escape the law.”
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During the court session, a police prosecutor from the SEC Police Unit, ASP Abubakar Shehu Mandiya, stated that Mr Balogun created a WhatsApp group in the name of Afrinvest to commit the fraud.

“He operated two different accounts with two different names. The real name of the culprit is Balogun Tanko Damilola and he went ahead to open another online account with Olalekan Balogun in Ecobank. He used the Olalekan Balogun account to receive the fraudulent money,” Mr Mandiya said.

In his ruling, Mr Mohammed told the convict, “You are very talented. You should have used your talent in legal ways to help yourself and your family instead of resorting to crime
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“Since he is a first-time offender, this court will temper justice and sentence him to prison for one year without an option of fine.”

Business Post reports that Mr Balogun, a native of Kogi State, was brought before the court on a one count charge of impersonation contrary to Section 179 of the Penal Code Law, Chapter 89 and convicted under the same law.

He got into trouble when in September 2019, Afrinvest petitioned SEC about activities of the convict on social media. The agency immediately swung into action, leading into his arrest and prosecution after an investigation.

https://businesspost.ng/economy/court-jails-teenager-over-use-of-afrinvest-to-defraud-investors/

Court Jails Teenager Over Use of Afrinvest to Defraud Investors
https://businesspost.ng/economy/court-jails-teenager-over-use-of-afrinvest-to-defraud-investors/

Naira Depreciates to N362.71/$ at Investors Window
https://businesspost.ng/economy/naira-depreciates-to-n362-71-at-investors-window/

NASD OTC Closes Flat Tuesday as Trading Volume Booms
https://businesspost.ng/economy/nasd-otc-closes-flat-tuesday-as-trading-volume-booms/

Oil Prices Move in Different Directions on Trump's Remarks
https://businesspost.ng/economy/oil-prices-move-in-different-directions-on-trumps-remarks/

Bears Further Inflict 0.17% Pain on Nigerian Stocks
https://businesspost.ng/economy/bears-further-inflict-0-17-pain-on-nigerian-stocks/

Banks Record N1.6trn Transactions on ATMs in Q3 2019
https://businesspost.ng/banking/banks-record-n1-6trn-transactions-on-atms-in-q3-2019/

SEC Approves Rules for Executing Negotiated Deals on NASD Exchange
https://businesspost.ng/economy/sec-approves-rules-for-executing-negotiated-deals-on-nasd-exchange/

Digital Economy Could Fetch Nigeria N2trn—Opeke
https://businesspost.ng/technology/digital-economy-could-fetch-nigeria-n2trn-opeke/

Transcorp Hotels Appoints Ojediran as Acting CFO
https://businesspost.ng/jobs/transcorp-hotels-appoints-ojediran-as-acting-cfo/

CBN Wants Pension Funds Invested in Manufacturing, Agric Sectors
https://businesspost.ng/economy/cbn-wants-pension-funds-invested-in-manufacturing-agric-sectors/

Nigeria Offers Savings Bond at 10.09%
https://businesspost.ng/economy/nigeria-offers-savings-bond-at-10-09/

South Africa GDP Contracts by 0.6% in Q3 2019
https://businesspost.ng/world/south-africa-gdp-contracts-by-0-6-in-q3-2019/

Analysts Urge Investors to Buy WAPIC Insurance N5.93bn Rights Issue
https://businesspost.ng/economy/analysts-urge-investors-to-buy-wapic-insurance-n5-93bn-rights-issue/

Nigerian Equities Open Week Bearish With Marginal Loss
https://businesspost.ng/economy/nigerian-equities-open-week-bearish-with-marginal-loss/

Crude Oil Rises Monday as OPEC Meeting Draws Closer
https://businesspost.ng/economy/crude-oil-rises-monday-as-opec-meeting-draws-closer/

Naira Gains 0.31% at I&E, 0.02% at Interbank
https://businesspost.ng/economy/naira-gains-0-31-at-ie-0-02-at-interbank/

NASD Market Closes Flat as Value of Transactions Drop
https://businesspost.ng/economy/nasd-market-closes-flat-as-value-of-transactions-drop/

International Breweries Gets NSE's Nod for N164.4bn Rights Issue
https://businesspost.ng/economy/international-breweries-gets-nses-nod-for-n164-4bn-rights-issue/

Ongoing Transformation Programme Recording Early Gains—UBA
https://businesspost.ng/banking/ongoing-transformation-programme-recording-early-gains-uba/

Investors Mop up Zenith Bank, UBA, Law Union Shares
https://businesspost.ng/economy/investors-mop-up-zenith-bank-uba-law-union-shares/

Nigeria to Reveal Real Owners of Oil Companies January 2020
https://businesspost.ng/economy/nigeria-to-reveal-real-owners-of-oil-companies-january-2020/

Nigeria Needs Vibrant Capital Market to Sustain Growth—Onyema
https://businesspost.ng/economy/nigeria-needs-vibrant-capital-market-to-sustain-growth-onyema/

NAICOM Okays Igbiti as MD/CEO of Niger Insurance
https://businesspost.ng/jobs/naicom-okays-igbiti-as-md-ceo-of-niger-insurance/

By Dipo Olowookere

A supermarket in Surulere, Lagos, Big Boss Supermarket, has been sealed by officials of the Lagos State Consumer Protection Agency (LASCOPA). The store was shut down by government last Friday for allegedly selling expired products to unsuspecting members of the public.

A statement from the agency explained that it swung into action in a bid to ensure the safety of consumers from the purchase of unwholesome products and guarantee their satisfaction.

According to the statement, the management of Big Boss Supermarket had continued to display and sell expired products to its customers contrary to the provisions of the Lagos State Consumer Protection Agency Law of 2014

Section 4(a) of the Lagos State Consumer Protection Agency Law of 2014 empowers LASCOPA to protect consumers against the marketing of goods and services which are hazardous to the consuming public.

The Chief Magistrate of the Consumer Court in Lagos Mrs Dani-Oni, issued an order in Suit No. MSC/154/19 for the seal up of the supermarket which was executed by officials of the agency

It would be recalled that Monitoring Team of LASCOPA on a surveillance inspection visited the supermarket earlier in the year and discovered expired products on display in the shelf and issued a Compliance Notice to the supermarket.

According to the agency, during a revisit, another set of expired products were found on the store and the Supermarket Manager allegedly called the bluff of the agency, saying they could do their worse.

“The continuous display and sale of expired products by the supermarket necessitated the court action pursuant to the promotion of Section 4 of the Consumer Protection Law of Lagos State,” the statement said.

LASCOPA, in the statement, reiterated its commitment to ensuring the safety of consumers from all forms of unwholesome products and charged consumable product producers and marketers to prioritize the interest of consumers.

https://businesspost.ng/brands-products/lagos-seals-supermarket-over-sale-of-expired-products/

By Dipo Olowookere

The management of Seplat Petroleum Development Company has reacted to a newspaper report on Thursday that the recent appointment of Mr Roger Brown as the new Chief Executive Officer (CEO) of the company negated the provisions of the Nigerian Oil and Gas Industry Content Development Act, 2010 (the Nigerian Content Development Act).

In a recent announcement, Seplat said Mr Brown has been chosen to pilot affairs of the energy firm from July 2020 when its current CEO, Mr Austin Avuru, finally steps down.

But yesterday, a national newspaper claimed the appointment was against the local content law because the incoming CEO, who currently serves as the Chief Financial Officer (CFO), is not a Nigerian.

But reacting to the matter on Friday, Seplat said it has not violated any Nigerian law in appointing the foreigner to head its business operations.

In the statement, Seplat said as a law-abiding corporate citizen operating in the country, it “maintains the highest level of corporate governance standards.”

It said, “Mr Roger Brown has been with the company for six years and has since his joining, served in the capacity of Chief Financial Officer (CFO) of the company.

“All the activities of SEPLAT as a corporate citizen are in fulfilment of all applicable laws and we hereby state categorically that the decision to appoint Mr Roger Brown as the next CEO of SEPLAT is in full compliance with the Nigerian Content Development Act and is not in breach of any applicable law in Nigeria.”

“We therefore expressly refute all allegations in the publication, and hereby call on the Nigerian Stock Exchange (NSE) and the public to disregard the publication in its entirety,” the statement said.

Seplat is one of the leading indigenous energy companies involved in the exploration and production of oil and gas, with a strategic focus on Nigeria. The company is listed on both the Nigerian Stock Exchange and the London Stock Exchange (LSE).

https://businesspost.ng/banking/q319-fcmb-suffers-13-5-decline-in-pre-tax-profit/

Appointment of Brown as CEO Not Against Local Content Act—Seplat
https://businesspost.ng/economy/appointment-of-brown-as-ceo-not-against-local-content-act-seplat/

Q3’19: FCMB Suffers 13.5% Decline in Pre-Tax Profit
https://businesspost.ng/banking/q319-fcmb-suffers-13-5-decline-in-pre-tax-profit/

Citi Group Picks Dawodu as Head of Sub-Sahara Africa Unit
https://businesspost.ng/jobs/citi-group-picks-dawodu-as-head-of-sub-sahara-africa-unit/

Dangote Throws Party to Celebrate Employees
https://businesspost.ng/jobs/dangote-throws-party-to-celebrate-employees/

Nigeria Earned $21bn from Oil/Gas Sector in 2017 – NEITI
https://businesspost.ng/economy/nigeria-earned-21bn-from-oil-gas-sector-in-2017-neiti/

NAICOM Wants Insurance Services in Rural Communities
https://businesspost.ng/economy/naicom-wants-insurance-services-in-rural-communities/

SEC Approves C&I Leasing Rights Issue at N6
https://businesspost.ng/economy/sec-approves-ci-leasing-rights-issue-at-n6/

19 Equities Raise Stock Market Value by N17bn
https://businesspost.ng/economy/19-equities-raise-stock-market-value-by-n17bn/

NSE Stops Trading in Continental Reinsurance Shares
https://businesspost.ng/economy/nse-stops-trading-in-continental-reinsurance-shares/

NASD Securities Exchange Index Plunges by 1.33%
https://businesspost.ng/economy/nasd-securities-exchange-index-plunges-by-1-33/

Naira Gains at Investors Segment Amid Surge in Turnover
https://businesspost.ng/economy/naira-gains-at-investors-segment-amid-surge-in-turnover/

Nigeria Should Computerize Crude Oil Production—Senate
https://businesspost.ng/economy/nigeria-should-computerize-crude-oil-production-senate/

Nigeria's Bonny Light Crude Gains 0.22% as Qua Iboe, Sheds 0.35%
https://businesspost.ng/economy/nigerias-bonny-light-crude-trades-at-64-as-qua-iboe-nears-66/

FGN Securities Contribute 71.43% to N9.58trn Pension Assets
https://businesspost.ng/economy/fgn-securities-contribute-71-43-to-n9-58trn-pension-assets/

By Dipo Olowookere

The House of Representatives has mandated its committees on Diaspora, Banking and Currency, National Planning and Economic Development to investigate the actual amount of remittances made into the country in the last three years by Nigerians living abroad.

At the plenary on Tuesday presided over by Speaker of the House, Mr Femi Gbajabiamila, the lower chamber of the National Assembly also directed the committees to collaborate with Nigerians in the Diaspora Commission, the Central Bank of Nigeria (CBN), Money Transfer Operators and other stakeholders for a comprehensive report, which should be submitted within four weeks for further legislative action.

This directive followed a point raised by a lawmaker, Ms Tolulope Akande-Sadipe, who called attention of the green part of the parliament on the need to ascertain remittances made by Nigerians in diaspora and the impact on the nation’s economy.

Members of the parliament emphasised that remittances by Nigerians represent household incomes and investments from foreign economies arising mainly from the temporary or permanent movement of people to those economies and includes cash and non-cash items that flow through formal channels such as electronic wire, or through informal channels, such as money or goods carried across borders.

During the debate, it was noted that remittances inflows into the country could rise to $25.5 billion, $29.8 billion and $34.9 billion in 2019, 2021 and 2023 respectively.

It was further argued that over a 15-year period, total remittances flow to Nigeria would grow by almost double in size from $18.4 billion in 2009 to $34.9 billion in 2023.

The lawmakers, concerned that since many transactions are unrecorded or take place through informal channels, stressed that the actual amount of remittance flows into the country was arguably higher; as in 2018, diaspora remittances to Nigeria was equal to $25 billion, representing 6.1 percent of the Gross Domestic Product (GDP), which also represented 14 percent year-on-year growth from the $22 billion receipts in 2017.

The National Bureau of Statistics (NBS), in report, said that remittances from Nigerians in the diaspora rose from $3.24 billion in 2013 to approximately $25.08 billion in 2018, a rise of 126 percent in 6 years amounting to an estimated $96.5 billion sent to the country.

The World Bank estimated that global remittances grew by 10 percent from $633 billion in 2017 to $689 billion in 2018, with developing countries receiving 77 percent or $528 billion of the total inflows.

In 2018, Egypt and Nigeria accounted for the largest inflows of remittances into Africa, with the latter leading in the continent in terms of remittance receipts in 2017.

According to the United Nations official records, there are 1.24 million migrants from Nigerians in the diaspora and the World Bank Report also showed that the Indian diaspora sent a whopping $79 billion back home in 2018, making the country the world’s top recipient of remittances and at the growth rate of 14 percent in inward remittances.

India has registered significant growth in the flow of remittances over the last 3 years, from $62.7 billion in 2016 to $65.3 billion in 2017, remittances reached the $79 billion mark by 2018.

Nigeria accounts for over a third of migrant remittances flows to Sub-Saharan Africa estimated to have amounted to $23.63 billion in 2018, representing 6.1 percent of the country’s GDP, which translated to 83 percent of the federal government’s budget in 2018 and 11 times the Foreign Direct Investment (FDI) flows in the country within the period and was 7 times larger than the $3.4 billion received in 2017 as foreign aid.

https://businesspost.ng/economy/reps-to-investigate-total-remittances-flows-to-nigeria/

By Dipo Olowookere

The Central Bank of Nigeria (CBN) on Wednesday further reduced the stop rates of treasury bills in the country at the primary market in a bid to discourage the tying down of liquidity on government instrument at the detriment of the real sector of the economy, which desperately need funds for economic growth.

Since the apex bank announced restricting local investors from participating in the Open Market Operations (OMO), the stop rates of T-bills, which remains open to them, have been on the downward trend.

Despite the continuous cut in the rates, the appetite of investors for the investment tool has not waned as witnessed at Wednesday’s primary market auction (PMA).

At today’s exercise, the apex bank took the federal government’s debt instrument worth N150.6 billion to the market in three tenor, but received subscriptions valued at N533.9 billion from market participants.

The CBN auctioned 91-day bill worth N24.37 billion, 182-day bill worth N23.16 billion and 364-day bill worth N103.07 billion, but when the results came out, investors staked N106.9 billion on the 91-day maturity, N107.6 billion on the 182-day tenor and N319.4 billion on the 364-day instrument.

Business Post reports that for the allotment, the central bank, which conducted the exercise on behalf of the Debt Management Office (DMO) for government, sold N20.4 billion of the 91-day bill, N19.2 billion of the 182-day bill and N111.1 billion of the 364-day bill.

For the stop rates, the three-month maturity cleared at 6.50 percent, lower than 7.80 percent at the previous PMA; the six-month tenor cleared at 7.23 percent, lower than 9.00 percent at the last exercise; while the one-year instrument cleared at 8.37 percent, lower than 10.00 percent at the earlier auction held two weeks ago.

Business Post reports that on the average, the stop rates of the treasury bills issued today depreciated to 7.37 percent from 8.93 percent. The previous rates were crashed from 10.48 percent.

https://businesspost.ng/economy/cbn-further-slashes-treasury-bills-rate-to-6-5/

CBN Further Slashes Treasury Bills Rate to 6.5%
https://businesspost.ng/economy/cbn-further-slashes-treasury-bills-rate-to-6-5/

CBN Further Slashes Treasury Bills Rate to 6.5%
https://businesspost.ng/economy/cbn-further-slashes-treasury-bills-rate-to-6-5/

SEC Orders Display of E-Dividend Process at AGMs, CMOs Offices
https://businesspost.ng/economy/sec-orders-display-of-e-dividend-process-at-agms-cmos-offices/

CBN Governor Lambasts Exchange Rate Critics
https://businesspost.ng/economy/cbn-governor-lambasts-exchange-rate-critics/

CSCS Unveils Better Data Exchange Platform for Registrars
https://businesspost.ng/economy/cscs-unveils-better-data-exchange-platform-for-registrars/

Investor Acquires 43.35% Stake in Resort Savings
https://businesspost.ng/banking/investor-acquires-43-35-stake-in-resort-savings/

NSE Listed Firm Targets Micro Life Insurance Subsidiary License
https://businesspost.ng/economy/nse-listed-firm-targets-micro-life-insurance-subsidiary-license/

Nigerian Consumers Highly Price Conscious—Study
https://businesspost.ng/general/nigerian-consumers-highly-price-conscious-study/

Funnel Launches Electronic Courier Platform in Nigeria
https://businesspost.ng/brands-products/funnel-launches-electronic-courier-platform-in-nigeria/

DBN, Microfinance Banks Executives Discuss Risk Management
https://businesspost.ng/banking/dbn-microfinance-banks-executives-discuss-risk-management/

Naira Depreciates to N307/$1 at Interbank Tuesday
https://businesspost.ng/economy/naira-depreciates-to-n307-1-at-interbank-tuesday/

Crude Recovers Early Losses to Hit $63 Per Barrel Tuesday
https://businesspost.ng/economy/crude-recovers-early-losses-to-hit-63-per-barrel-tuesday/

Nigeria's Unlisted Securities Market Stretches Gains by 1.02%
https://businesspost.ng/economy/nigerias-unlisted-securities-market-stretches-gains-by-1-02/

Farmers Assure Nigerians Surplus Rice During Festive Season
https://businesspost.ng/general/festive-season-farmers-assure-nigerians-of-surplus-rice/

BUA Builds Sugar Refinery, Plantation in Kwara
https://businesspost.ng/economy/bua-builds-sugar-refinery-plantation-in-kwara/

Lagos, NURTW, RTEAN, to Charge ORide, MAX Riders N500 Daily
https://businesspost.ng/auto/lagos-nurtw-rtean-to-charge-oride-max-riders-n500-daily/

CBN to Sell N151bn T-Bills Wednesday, May Maintain Rates
https://businesspost.ng/economy/cbn-to-sell-n151bn-t-bills-wednesday-may-maintain-rates/

Naira Gains N3 Against Euro at Black Market, Trades N395/€
https://businesspost.ng/economy/naira-gains-n3-against-euro-at-black-market-trades-n395-e/

Latest US-China Trade Development Spurs Gains in Oil
https://businesspost.ng/economy/latest-us-china-trade-development-spurs-gains-in-oil/

Friesland Wamco Lifts NASD Exchange by 0.14%
https://businesspost.ng/economy/friesland-wamco-lifts-nasd-exchange-by-0-14/

Onyema Indictment: Expert Advises Caution, Warns EFCC Against Manipulation
https://businesspost.ng/general/onyema-indictment-expert-advises-caution-warns-efcc-against-manipulation/

Consumer Goods Stocks Sustain Bullish Sentiment on NSE
https://businesspost.ng/economy/consumer-goods-stocks-sustain-bullish-sentiment-on-nse/

Keystone Bank Introduces *7111# Mobile Banking Code
https://businesspost.ng/banking/keystone-bank-introduces-7111-mobile-banking-code/

FUTA Assault: School Expels Six Students Bullying Mate
https://businesspost.ng/education/futa-assault-school-expels-six-students-bullying-mate/

Border Closure: Nigeria's Fuel Consumption Drops 30%
https://businesspost.ng/general/border-closure-nigerias-fuel-consumption-drops-30/

CBN to Sell N151bn T-Bills Wednesday, May Maintain Rates
https://businesspost.ng/economy/cbn-to-sell-n151bn-t-bills-wednesday-may-maintain-rates/

By Adedapo Adesanya

The National Union of Road Transport Workers (NURTW), Road Transport Employers’ Association of Nigeria (RTEAN) and major bike-hailing services operating in Lagos State have reached an agreement on the collection of daily ticket to allow them operate in the metropolis without harassment.

Riders had always faced frequent harassment from members of the transport unions, who stop them to request for money. But to put an end to this, owners of the business have met with leaders of these trade associations.

According to TechCabal, the riders affiliated with these motorcycle startups will now have to buy a N500 daily ticket that allows them to operate anywhere in the state without aggravation of violence.

It had been reported that negotiations have been ongoing for some months between all the parties due to harassment faced by riders affiliated with ORide, MAX and Gokada, forcing them to pay levies to operate in many parts of Lagos.

Earlier negotiations show that the unions had proposed the payment of N1,000 per day by each rider of these biking services to operate in Lagos but this had fallen out on the part of bike-hailing services.

With this new arrangement that saw the Lagos State Government act as the intermediary, the payment of N500 will see the NURTW and RTEAN each collecting N200, while the remaining N100 will go to the local government areas where the ticket is sold.

All these are happening despite plans by the Lagos State to initiate a different license of N25 million for startups seeking to invest in the state.

A further breakdown by TechCabal showed that the new agreement met by all the parties indicates that each rider of every startup will pay an average of N182,500 to operate in Lagos for 365 days.

This translates to N182.5 million for 1,000 bikers, a sum that is nearly eight times bigger than the N25 million licencing fee that was proposed by the Lagos Government in July.

https://businesspost.ng/auto/lagos-nurtw-rtean-to-charge-oride-max-riders-n500-daily/

Forte Oil Seeks Approval to Change Name to Ardova
https://businesspost.ng/economy/forte-oil-seeks-approval-to-change-name-to-ardova/

Subscription for WAPIC Insurance N5.9bn Rights Issue Opens
https://businesspost.ng/economy/subscription-for-wapic-insurance-n5-9bn-rights-issue-opens/

Dangote Flour Finally Quits Nigerian Stock Exchange
https://businesspost.ng/economy/dangote-flour-finally-quits-nigerian-stock-exchange/

By Modupe Gbadeyanka

The board of Forte Oil Plc has called for a special meeting to be held in Lagos next month to approve the renaming of the company to Ardova Plc.

Recall that in June 2019, former majority shareholder of the energy firm, Mr Femi Otedola, sold his 75 percent equity stake in the company to the new owners so as to invest proceeds from the deal in a power company known as Geregu Power Plc. The transaction was reported to have worth N65 billion.

According to a statement earlier released by Forte Oil, Mr Otedola divested his entire 982,971,950 ordinary shares of 50 kobo each to the new owners, Ignite Investments and Commodities Limited, at N66.01 per unit, amounting to N64.9 billion.

In a regulatory disclosure on Monday, November 25, 2019, the board of Forte Oil said it would hold an Extra-Ordinary General Meeting (EGM) at the Bespoke Event Centre on Lekki-Ajah Expressway, Lagos on Tuesday, December 17, 2019 at 10am.

One of the resolutions to be passed at this meeting is for the shareholders’ approval for changing “the name of the company be changed from Forte Oil Plc to Ardova Plc.”

In addition, the board would seek investors’ authorisation to “approve, sign and/or execute all documents, appoint such profession parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors of the company in connection with the above resolutions be and are hereby approved.”

Business Post reports that this proposed change of name is coming after the energy firm, had in a statement some months ago, said Ignite Investments and Commodities Limited led by Prudent Energy Services Limited had agreed to retain the brand name, Forte Oil, when Mr Otedola sold his holdings to Chairman of Ignite and Chief Executive of Prudent Energy Services Limited, Mr Abdulwasiu Sowami.

https://businesspost.ng/economy/forte-oil-seeks-approval-to-change-name-to-ardova/