₦airaland Forum

One-Year Treasury Bills Yield Drop to 15.21%
https://businesspost.ng/2019/09/21/one-year-treasury-bills-yield-drop-to-15-21/

CBN Retains Benchmark Interest Rate at 13.5%
https://businesspost.ng/2019/09/20/cbn-retains-benchmark-interest-rate-at-13-5/

By Dipo Olowookere

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Friday announced the retention of its Monetary Policy Rate (MPR) at 13.5 percent.

This announcement was made by Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen in Abuja on outcome of the two-day meeting of the MPC, which started yesterday.

According to the apex bank chief, the committee decided to leave the benchmark interest rate unchanged in order to monitor developments in both the global and local spaces.

The central bank further said the MPC agreed to leave the asymmetric corridor at +200 and -500 around MPR, liquidity ratio at 30 percent and the Cash Reserve Ratio (CRR) at 22.5 percent.

Details later.

https://businesspost.ng/2019/09/20/cbn-retains-benchmark-interest-rate-at-13-5/

By Dipo Olowookere

In the immediate past month of August 2019, the sum of N34.9 billion entered into the nation’s stock market through foreign portfolio investors (FPIs).

This amount was used to buy local equities at the market in the month under review, higher than the N28.4 billion recorded in July 2019, but lower than the N44.3 billion achieved in June 2019.

In a report released on Wednesday, the Nigerian Stock Exchange (NSE), said the total transactions at the nation’s bourse as at August 30, 2019, increased by 7.51 percent to N121.99 billion from N113.47 billion in July 2019, but lower than N297.25 billion in June 2019.

An analysis of this by Business Post showed that transactions from foreign investors contributed N63.9 billion or 52.38 percent to the total transactions in the month under review, while domestic investors added N58.09 billion or 47.62 percent.

In July 2019, external investors contributed N57.78 billion or 50.92 percent to the total trades worth N113.47 billion, while local investors contributed N55.69 billion or 49.08 percent and in June 2019, international investors added N96.74 billion or 32.55 percent to the N297.25 billion total transactions, while investors in the country added N200.51 billion or 67.45 percent to the value.

In August 2019, a total of N28.98 billion was pulled out of the stock market by foreign portfolio investors, lower than the N29.40 billion in the previous month and also lower than the N52.44 billion taken out in June 2019.

A look at the domestic transactions in the month under review indicated that the value of domestic transactions executed by institutional investors outperformed retail investors by 8.00 percent.

A comparison of domestic transactions in the current and prior month revealed that retail transactions decreased by 5.97 percent from N25.44 billion in July 2019 to N23.92 billion in August 2019.

However, the institutional composition of the domestic market increased by 12.95 percent from N30.25 billion in July 2019 to N34.17 billion in August 2019.

https://businesspost.ng/2019/09/20/foreign-investors-stake-n35bn-on-nigerian-stocks-in-august/

By Dipo Olowookere

Quality phones bundled with SIMs and airtime were handed over to the second batch of returnees from South Africa on Wednesday, September 18, 2019 by a leading telecommunications services provider, Airtel Nigeria.

The Airtel team was at the airport on Wednesday to welcome the second batch of returnees as well as perform the customary SIM card registration exercise in fulfilment of guidelines of the Nigerian Communications Commission (NCC) on owning a phone line.

Commenting on the development, Airtel explained that the donation was a measure to assist the returnees settle down as well as help them make instant connection with their loved ones, family members and friends across the country.

The MD/CEO of Airtel Nigeria, Mr Segun Ogunsanya, described the donation as “a token of our affection, love and support for our fellow countrymen who are just coming out of a difficult situation.”

According to him, “It is our hope that this gesture will help them reconnect with their family and friends and settle down to life at home.”

He further said, “Airtel is committed to supporting laudable causes that will inspire and uplift more Nigerians. We are pleased to identify with the returnees and to help make them feel at home after what they have passed through.”

On her part, Chairman/CEO of the Nigerian Diaspora Commission, Mrs Abike Dabiri-Erewa, commended Airtel for extending a helping hand to the returnees, urging other corporate organizations to emulate the telco in helping the returnees settle down to life in their home country.

She said, “Airtel has always taken proactive steps to help returnees. When we had returnees from Libya, Airtel was on hand to offer support; and now, they are offering similar support to the South African returnees.”

“Aside these, they are also partnering with the Commission to further help Nigerians in the Diaspora. I commend Airtel for taking these fine steps,” the former TV girl said.

Commending the telco firm, one of the returnees, Mr Olasukanmi Obadina, stated that, “Airtel’s action is really thoughtful considering all that we have been through. I am really encouraged by the love and support Airtel has extended to me and other returnees.”

https://businesspost.ng/2019/09/20/airtel-offers-south-africa-returnees-phones-sims-airtime/

Wapic Insurance Seeks NSE Nod for N5.93bn Rights Issue
https://businesspost.ng/2019/09/20/wapic-insurance-seeks-nse-nod-for-n5-93bn-rights-issue/

Tripple Gee Okays Late Founder's Wife as Managing Director
https://businesspost.ng/2019/09/20/tripple-gee-okays-late-founders-wife-as-managing-director/

Banking Stocks Shorten Investors’ Wealth by N17bn
https://businesspost.ng/2019/09/20/banking-stocks-shorten-investors-wealth-by-n17bn/

Beer War: International Breweries to Raise Funds
https://businesspost.ng/2019/09/20/beer-war-international-breweries-to-raise-funds/

Foreign Investors Stake N35bn on Nigerian Stocks in August
https://businesspost.ng/2019/09/20/foreign-investors-stake-n35bn-on-nigerian-stocks-in-august/

Nigerian Stock Exchange Holds AGM Sept 30
https://businesspost.ng/2019/09/20/nigerian-stock-exchange-holds-agm-sept-30/

Stocks Gain N134bn as Bargain Hunters Butcher Bears
https://businesspost.ng/2019/09/19/stocks-gain-n134bn-as-bargain-hunters-butcher-bears/

Exchange of RT Briscoe Nigeria Shares Resumes on NSE
https://businesspost.ng/2019/09/18/exchange-of-rt-briscoe-nigeria-shares-resumes-on-nse/

CBN Allots N180bn T-Bills to Investors, Slices Stop Rate
https://businesspost.ng/2019/09/19/cbn-allots-n180bn-t-bills-to-investors-slices-stop-rate/

Afriland, Friesland Weaken NASD Index by 0.47%
https://businesspost.ng/2019/09/19/afriland-friesland-weaken-nasd-index-by-0-47/

CBN Allots N180bn T-Bills to Investors, Slices Stop Rate
https://businesspost.ng/2019/09/19/cbn-allots-n180bn-t-bills-to-investors-slices-stop-rate/

By Dipo Olowookere

All Deposit Money Banks (DMBs) operating in the country have been directed to commence charges on deposits from their individual and corporate customers from Wednesday, September 18,2019.

A circular released on Tuesday and signed by the Director in charge of Payments System Management Department, Mr Sam Okojere, stated that this would be applied to customers based in Lagos, Ogun, Kano, Abia, Anambra, Rivers State and the Federal Capital Territory (FCT) Abuja.

Business Post gathered that this development is part of efforts of the central bank to deepen its cashless policy in the country despite being resisted in some quarters because of some glitches.

“Further to our circular ref BPS/DIR/GEN/CIR/04004, we write to inform all Deposit Money Banks that the Central Bank of Nigeria (CBN) has approved that:

“Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers State and FCT, in addition to already existing charges on withdrawals, effective September 18, 2019,” the apex bank declared.

According to the circular, the banks were directed to charge 2 percent processing fees for lodgments (deposits) from individual customers making payments above N500,000 and 3 percent for lodgments above N3 million from corporate customers.

For individual customers, 3 percent processing fees would be charge for withdrawals, while 5 percent would be charged for withdrawals above N3 million from corporate account holders.

The CBN further stressed in the circular that, “Nationwide implementation of the cashless policy will take effect from March 31, 2020.”

“Please ensure strict compliance,” it warned the banks.

https://businesspost.ng/2019/09/18/cbn-directs-banks-to-charge-3-5-fees-for-cash-deposits-withdrawals/

NSE Index Sheds 0.61% as Investors Abandon Airtel Africa Shares
https://businesspost.ng/2019/09/18/nse-index-sheds-0-61-as-investors-abandon-airtel-africa-shares/

NASD OTC Market Closes Flat Tuesday as NIPCO Gains N3
https://businesspost.ng/2019/09/18/nasd-otc-market-closes-flat-tuesday-as-nipco-gains-n3/

CBN Directs Banks to Charge 3%, 5% Fees for Cash Deposits, Withdrawals
https://businesspost.ng/2019/09/18/cbn-directs-banks-to-charge-3-5-fees-for-cash-deposits-withdrawals/

Rates to Remain High as CBN Sells N180bn T-Bills Today
https://businesspost.ng/2019/09/18/rates-to-remain-high-as-cbn-sells-n180bn-t-bills-today/

By Dipo Olowookere

Worried by the incessant road crashes involving trucks from Dangote Group, which have led to deaths of many motorists, the management of Federal Road Safety Corps (FRSC) has directed the company’s drivers not to ply any road in the country from the hours of 7pm to 7am.

In a statement obtained by Business Post on Tuesday, the agency threatened to impound any truck belonging to the firm violating this directive.

“Dangote Trucks not allowed to drive from 7pm to 7am, any of the company’s truck found around that time will be impounded at sight,” the statement said.

It said further that, “Foreign number plates on the company’s trucks to be replaced with Nigeria Number Plates before 31 December, 2019,” adding that, “Periodic and random driver’s eye check should be conducted for the fleet drivers.”

Also, FRSC ordered that, “All Dangote trucks to be fully installed with Speed Limiting Device before December 31, 2019,” while the company is expected to “provide details of any driver who commits traffic infraction to FRSC for subjection to Emotional Stability Test.”

Dangote is further required to “provide details of any driver who runs away after a crash to FRSC for flagging on the database so as to track such drivers and prevent reissuance of NDL,” while “FRSC and Dangote Group [are] to commence a joint effort to ensure that all abandoned or broken down Dangote Trucks are towed within the next 30 days commencing from September 18 to October 17, 2019,” with all Dangote trucks expected “to have at least a mini first aid box.”

Business Post gathered that these decisions were reached after a meeting between the road agency and the conglomerate.

In the statement signed by the Corps Public Education Officer, Mr Bisi Kazeem, the meeting was part of the ongoing concerted efforts by the corps to reduce the rate of occurrence of crashes involving articulated vehicles and also ensure prompt removal of broken-down vehicles on the highways.

“There is need for the company to be strict in its recruitment process for drivers; requirements such as age for both entry and retirement should be made a priority issue to avoid under age driving and maintain a fixed age for retirement,” Mr Kazeem quoted the Corps Marshal, Mr Boboye Oyeyemi, as saying during the meeting.

To achieve the aforementioned, Mr Oyeyemi charged the group to establish more driving schools and also make it open to the public so that drivers and would be drivers can apply for training as this will go a long way in making the highways safer for all to use.

Responding, head of the delegation, Mr Juan Carlos Rincom, appreciated the FRSC for its unwavering commitment to sanitising the highways and pledged the company’s willingness to carry out all resolutions made in the meeting.

https://businesspost.ng/2019/09/17/crash-reduction-frsc-bars-dangote-trucks-on-roads-from-7pm-to-7am/

By Adedapo Adesanya

The Federal Government has set the deadline for the submission of the 2020 budget proposals by Ministries, Departments, and Agencies (MDAs) for Friday, September 20, 2019.

This was disclosed in the 2020 Budget Call Circular released by the Budget Office of the Federation on Monday, which set out the requirements and instructions that must be satisfied and followed ahead of preparations of the 2020 Federal Government of Nigeria Budget Proposal.

The document, obtained by Business Post, directed the MDAs to take into consideration the policies and strategies contained in the 2020 – 2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) which outlines Nigeria’s development priorities.

“Ministries are required to make their submissions online using the GIFMIS Budget Preparation Module not later than Friday, 20th September, 2019.

“The Chief Executive/Accounting Officers must endorse hard copies of their budget submissions, attesting to their correctness and compliance with this Circular using the attached Annexure 1,” the circular said.

MDAs were further told to consider the key parameters which align with the global and domestic economic outlook, such as oil price of $55 per barrel; 2.18 million barrel per day production; inflation rate at 10.81 percent; GDP growth rate of 2.93 percent; and exchange rate of N305/$.

In accordance with the 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper, the aggregate FGN revenue available for budget for the 2020 fiscal year was projected at N7.7 billion.

According to the document, the aggregate expenditure level was projected at N10 billion, made up of Statutory Transfers of N531.49 billion, Debt Service of N2,452.60 billion, Sinking Fund of N296 billion Recurrent (non-debt) expenditure of N4,844.97 billion and Capital expenditure (exclusive of capital in Statutory Transfers) of N1,877.22 billion of which MDAs Capital expenditure is N1.01 billion.

In line with the Federal Government’s Open Government Partnership all MDAs have been advised to upload their respective 2020 budget proposals on the website of their ministries, departments or agencies within one week after the 2020 Budget proposal is submitted to the National Assembly ostensibly by the end of this month.

Both the executive and the legislative arms of government hope to return the country to a budget cycle of January to December.

https://businesspost.ng/2019/09/17/fg-gives-mdas-september-20-to-submit-2020-budget-details/

Aiteo Shuts Down Nigeria’s NCTL Pipeline as Bonny Light Hits $68
https://businesspost.ng/2019/09/17/aiteo-shuts-down-nigerias-nctl-pipeline-as-bonny-light-hits-68/

FG Gives MDAs September 20 to Submit 2020 Budget Details
https://businesspost.ng/2019/09/17/fg-gives-mdas-september-20-to-submit-2020-budget-details/

By Adedapo Adesanya

The National Bureau of Statistics (NBS) on Tuesday said inflation rate in Nigeria has dropped to 11.02 percent in August 2019 from the 11.08 percent recorded in July 2019. This indicated that the inflation moderated by 0.06 percent in the period under review.

In the report made available on the NBS website, the Consumer Price Index (CPI), which measure inflation, had disinflation continuing in August 2019 despite several pronouncements on policies as regards restrictions on the import of some food items like milk and rice, minimum wage and the recent border closures.

However, the stats office said, “It is important to note that with respect to the latter (border closures), the border was only closed 20 August 2019 with only 11 days of 31 days for any significant impact to be felt either way on prices.”

The report also added, “Furthermore, the harvest season and existing weak consumer demand and their natural effect to slow down food and other prices will also play a major role in determining the direction of inflation.”

In the month under review, it was also revealed that all major indices slowed except urban inflation year on year.

The urban inflation rate increased by 11.48 percent (year-on-year) in August 2019 from 11.43 percent recorded in July 2019, while the rural inflation rate increased by 10.61 percent in August 2019 from 10.64 percent in July 2019.

On a month-on-month basis, the Headline index increased by 0.99 percent in August 2019 showing a drop rate of 0.02 percent lower than 1.01 percent recorded in July 2019.

Still on a month-on-month basis, the urban index rose by 1.04 percent in the month under review, down by 0.03 from 1.07 percent recorded in July 2019, while the rural index also rose by 0.93 percent in August 2019, down by 0.03 from 0.96 percent recorded in July 2019.

As regards the corresponding twelve-month year-on-year average, percentage change for the urban index is 11.62 percent in August 2019 less than 11.64 percent reported in July 2019, while the corresponding rural inflation rate in August 2019 is 10.95 percent compared to 10.97 percent recorded in July 2019.

https://businesspost.ng/2019/09/17/nigeria-inflation-eases-to-11-02-in-august-from-11-08/

By Dipo Olowookere

Last week, investors at the nation’s stock market traded 1.2 billion shares worth N14.1 billion in 17,980 deals, slightly lower than the 1.1 billion equities valued at N17.1 billion transacted 15,431 deals.

But of this total traded volume, stocks in the financial services industry led the activity chart with 840.7 million units valued at N10.8 billion executed in 11,331 deals.

With this, the sector contributed 73.30 percent and 76.45 percent to the total equity turnover volume and value respectively.

Following were the conglomerates sector with 111.2 million shares worth N243.1 million in 963 deals and the ICT industry with a turnover of 95.1 million shares worth N605.1 million in 404 deals.

According to data from the Nigerian Stock Exchange (NSE), trading in Guaranty Trust Bank (GTBank) Plc, Access Bank Plc and FBN Holdings Plc accounted for 484.0 million equities worth N8.3 billion in 4,265 deals, contributing 42.20 percent and 58.99 percent to the total equity turnover volume and value respectively.

A total of 39 equities appreciated in price during the week, higher than 27 shares in the previous week, while 19 stocks depreciated in price, lower than 34 equities in the previous week, with 108 shares remaining unchanged, higher 105 equities recorded in the preceding week.

In the week, the All-Share Index (ASI) and market capitalization appreciated by 2.33 percent and 2.39 percent to close at 27,779 points and N13.523 trillion respectively.

Similarly, all other indices finished higher with the exception of NSE Insurance and NSE Industrial Goods Indices, which depreciated by 2.13 percent and 0.41 percent, while the NSE ASeM index closed flat.

https://businesspost.ng/2019/09/15/financial-stocks-lead-nse-weekly-transactions-with-n10-8bn/

LASACO to Raise N11bn for Recapitalization, Others
https://businesspost.ng/2019/09/13/lasaco-to-raise-n11bn-for-recapitalization-others/

Nigerian Stocks Extend Gains by N141bn as ASI Rises 1.01%
https://businesspost.ng/2019/09/13/nigerian-stocks-extend-gains-by-n141bn-as-asi-rises-1-01/

Investors at NASD OTC Market Lose N2.17bn Thursday
https://businesspost.ng/2019/09/13/investors-at-nasd-otc-market-lose-n2-17bn-thursday/

By Adedapo Adesanya

The newly released figures by Nigerian Bureau of Statistics (NBS) contained in the Foreign Trade and Goods report indicated that Nigeria recorded more of in exports than imports in the second quarter of 2019 than it did in the first quarter of the year.

The report showed that in the second quarter of 2019, the value of Nigeria’s total trade stood at N8.603 trillion with exports taking 53.4 percent equivalent to N4.596 trillion while imports comprised 46.6 percent valued at N4.007 trillion.

This also spelt that the value of total trade in Q2 2019 was higher by 4.4 percent when compared with Q1 2019 and 24.2 percent higher when compared with Q2 2018.

The value of total exports in Q2 2019 increased by 1.34 percent against the level recorded in Q1 2019 and 2.06 percent when compared with its value in the second quarter of 2018 while the value of exports for the first half of 2019 fell by one percent compared to the first half of 2018.

In the period under review, the value of total imports rose by 8.20 percent compared with Q1 2019, and by 65.21 percent over the corresponding quarter of 2018 while the value of imports for the first half of 2019 rose 43.63 percent over the corresponding period in 2018.

The report said during the period, trade balance remained favourable, valued at N588.8 billion however when combined with the Q1 2019 performance, the trade balance declined by 63.14 percent compared to the same period in 2018.

The value of total trade was 15.43 percent higher at half year 2019 than for the comparative period in 2018.

According to the report, the performance was largely as a result of stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally.

It also noted that the value of total exports has remained relatively stable since 2018, but the value of imports has maintained its steady rise, hence the reason for the decline in trade balance since half year 2018.

The report further stated that in the second quarter of 2019, crude oil remained Nigeria’s major export as it accounted for N3.93 trillion or 85.6 percent of total exports while non-crude oil exports contributed N661.6 billion or 14.37 percent.

India accounts as Nigeria’s major trading partner with 17.27 percent followed by Spain with 11.97 percent, while China leads Nigeria’s import partners, accounting for 25.47 percent of imported goods followed by imports from the United States with 10.53 percent.

https://businesspost.ng/2019/09/13/nigeria-records-more-exports-than-imports-in-q2-2019/

12-Month T-Bills Yield Hits 15.18% as OVN Rates Drops to 12.29%
https://businesspost.ng/2019/09/13/12-month-t-bills-yield-hits-15-18-as-ovn-rates-drops-to-12-29/

By Modupe Gbadeyanka

Nigerians were assured on Thursday by President Muhammadu Buhari that the federal government will not inflict additional hardship on them, rather it will keep seeking ways to ameliorate their sufferings and create a more enabling environment for everyone to thrive.

This assurance was given when President Buhari met with the new executive of Trade Union Congress led by its President, Comrade Quadri Olaleye, at the State House.

Mr Buhari informed the labour leaders that his administration was committed to the implementation of the national minimum wage, pointing out that the inaugural Federal Executive Council meeting held on Wednesday focused on the Medium-Term Expenditure Framework, which included discussions around the new minimum wage.

“On fuel prices, I agree with you on the need to eliminate corruption and inefficiencies in the sector. I want to assure you that, as an Administration, we have no intention of inflicting any additional hardship on Nigerians,’’ the President said.

He said further that, “During our first term, we secured the nation’s territorial integrity and continue to protect the lives and properties of our citizens. We introduced various economic stimulus packages that support businesses and traders at all levels, promoted backward integration programmes especially in the agricultural sector to enhance our food security while creating jobs.

“We embarked on the most ambitious infrastructure development and rehabilitation projects this country has seen in decades. We also introduced the largest Social Investment Program in Sub-Saharan Africa.

“Although these programs and many more successfully lifted Nigeria out of recession, the full impact is yet to be felt. In the next four years, we shall sustain this momentum and by the grace of God, lift millions of Nigerians out of poverty.’’

President Buhari, who noted that his administration will work hard to improve the livelihood of citizens, said most of the inherited challenges were avoidable, if some previous governments had been keener on investing on infrastructure and human capacity.

“The points you raised are all interconnected. The lack of power and infrastructure due to decades of under-investment led to the closure or inefficient operations of a number of factories across the country. This meant the private sector was unable to create jobs fast enough to cope with our increasing population.

“You will agree with me that, all these challenges and many more were long ago left unattended to, thereby leaving the country in the mired state we inherited. You all will also testify to having seen and experienced what we have put in place as an administration to address these challenges,’’ the President added.

In his remarks, the President of TUC advised the Federal Government to pay more attention on the welfare of Nigerians by avoiding increase of fuel price and ensuring implementation of the National Minimum Wage, which had been delayed by negotiations on the consequential adjustments.

“We are, however, disturbed that the enthusiasm is turning into a nightmare,’’ he said, urging the President to focus on poverty reduction and improving security.

Mr Olaleye assured the President that TUC will support the government as it tackles challenges facing the country, commending him for increase in Internally Generated Revenue, steps on the xenophobic attacks on Nigerians and signing of the African Continental Free Trade Agreement.

https://businesspost.ng/2019/09/12/we-wont-inflict-more-hardship-on-nigerians-buhari/

Zenith Bank Gets Offers to Buy Back $392.6m Eurobonds
https://businesspost.ng/2019/09/12/zenith-bank-gets-offers-to-buy-back-392-6m-eurobonds/

2020 Budget: FG Lowers Oil Benchmark to $55/Barrel
https://businesspost.ng/2019/09/12/2020-budget-fg-lowers-oil-benchmark-to-55-barrel/

Stanbic IBTC Pegs Scrip Dividend Allotment Price at N35.86
https://businesspost.ng/2019/09/12/stanbic-ibtc-pegs-scrip-dividend-allotment-price-at-n35-86/

AIICO Insurance to Raise N8bn, Seeks Approval
https://businesspost.ng/2019/09/12/aiico-insurance-to-raise-n8bn-seeks-approval/

NPF MfBank Wants Regulatory Approval for N3.430bn Rights Issue
https://businesspost.ng/2019/09/12/npf-mfbank-wants-regulatory-approval-for-n3-430bn-rights-issue/

Onasanya Quits as Chief Financial Officer of Ellah Lakes
https://businesspost.ng/2019/09/12/onasanya-quits-as-chief-financial-officer-of-ellah-lakes/

By Dipo Olowookere

The main opposition political party in Nigeria, the Peoples Democratic Party (PDP) and its candidate in the 2019 presidential election, Mr Atiku Abubakar, have been asked to apologize to Nigerians for “willfully distracting” the administration of President Muhammadu Buhari, candidate of the All Progressives Congress (APC) at the February poll.

Mr Buhari was announced as the duly elected President of the country at the Presidential Election Petition Tribunal on Wednesday in Abuja in an 8-hour judgement read by head of the five-man panel, Justice Mohammed Garba.

In a statement issued on Thursday in Russia by the Minister of Information and Culture, Mr Lai Mohammed, through his media aide, Mr Segun Adeyemi, the PDP and Mr Abubakar were advised to beg Nigerians for their “frivolous election petition.” They were further told to do this “instead of appealing the ruling of Wednesday’s Presidential Election Petition Tribunal.”

The Minister said while the PDP and its candidate reserve the right to pursue their petition to the highest level, they will be better served by “dropping their toga of desperation and realizing that there is a limit to tomfoolery.”

“Nigerians are tired of this orchestrated distraction, and will rather wish that the opposition, having lost at the polls and in court, will now join hands with the government to move Nigeria to the next level.

“This is more so that the judgement validating the re-election of President Muhammadu Buhari was unanimous that the petition lacked merit, that the petitioners failed to prove any of the grounds upon

which their case was anchored and that President Buhari is eminently qualified to contest the poll,” the Minister was quoted as saying in the statement.

Mr Mohammed said instead of casting aspersion on the judiciary with their “poorly-framed reaction to the ruling of the tribunal, the PDP and its candidate should be thanking their stars that they are not

being prosecuted for coming to court with a fraudulently-obtained evidence.”

He added that, “It is intriguing that a party that trumpets the rule of law at every turn will present, in open court, evidence it claimed to have obtained by hacking into a supposed INEC server.

“Don’t they realize this is a criminal act for which they are liable? Instead of threatening to head to the Supreme Court, driven more by ego than commonsense, they should be sorry for allowing desperation to overwhelm their sense of reasoning. Enough is enough.”

The Minister commended the tribunal for not only doing justice to the case but for explaining, in painstaking details that lasted hours, how it arrived at its judgement.

“We also thank Nigerians, who voted massively to re-elect President Buhari, for their continued support,” the statement said.

https://businesspost.ng/2019/09/12/pdp-atiku-should-beg-nigerians-for-distracting-buhari-fg/

Hello sir, maybe you need to read the story carefully to understand what was reported. It would do you a lot of good. Thank you.

spokesboy:
What a Spurious mediocre analysis! The stock market closed 2.30pm whilst the tribunal proceedings was still being broadcasted as at 5.30pm yesterday. Please let's make sensible correlation and not turn everything into politics.

@ dipoolowoo I think you will be better off as a political analyst and not a stock market analyst.

Nigeria’s GDP to Mutual Fund Assets Ratio Below 1%—Onyema
https://businesspost.ng/2019/09/12/nigerias-gdp-to-mutual-fund-assets-ratio-below-1-onyema/

Nigeria's External Reserves Sink to Six-Month Low, Drops Below $43bn
https://businesspost.ng/2019/09/12/nigerias-external-reserves-sink-to-six-month-low-drops-below-43bn/

By Dipo Olowookere

For the first time in six months, the foreign reserves of Africa’s largest economy, Nigeria, went down to a level last witnessed about six months ago, latest data harvested by Business Post has revealed.

According to the data from the Central Bank of Nigeria (CBN), the external reserves of the country stood at $42.957 billion as at Tuesday, September 10, 2019.

The last time is was around this region was Wednesday, March 13, 2019, when it closed at $42.928 billion and on Thursday, March 14, when it finished at $42.987 billion before moving to $43.051 billion on Friday, March 15, 2019.

Business Post reports that the reserves have been depleting lately as a result of decline in the price of crude oil on the lobal market. The black liquid gold is the main source of foreign exchange for Nigeria and when prices go low, the economy suffers.

In the 2019 budget signed into law in May 2019 by President Muhammadu Buhari, the benchmark price for oil was set at $60 per barrel and in recent times, the commodity has sold below this.

On Wednesday, the Brent Crude, which Nigeria’s oil is priced, dropped from $62, losing $1.34 or 2.15 percent to trade at $61.04, while the West Texas Intermediate (WTI) Crude went down to $55.97 after losing $1.43 or 2.49 percent.

For the past months, the spat between the United States and Iran, US and China, the United Kingdom and Iran and others have had negative effects on the price of crude oil at the international market.

A further analysis of the movement in Nigeria’s external reserves showed that before falling below $43 billion on Tuesday, the reserves stood at $43.004 billion on Monday, September 9, 2019 and $43.102 billion on Friday, September 6, 2019.

There are strong indications that the foreign reserves would continue to decline as price of crude oil remain unstable at the market and the CBN continue to take from the purse to support the Naira at the foreign exchange market.

On Tuesday, another $210 million was made available to authorized forex traders to keep the local currency stable at N360/$ at the market. Tomorrow, Friday, September 12, 2019, the apex bank is expected to make another intervention in the market.

https://businesspost.ng/2019/09/12/nigerias-external-reserves-sink-to-six-month-low-drops-below-43bn/

Stock Market Gains N52bn as Buhari Floors Atiku at Tribunal
https://businesspost.ng/2019/09/12/stock-market-gains-n52bn-as-buhari-floors-atiku-at-tribunal/

Nigeria Raises VAT to 7.2%, Takes Effect 2020
https://businesspost.ng/2019/09/12/nigeria-raises-vat-to-7-2-takes-effect-2020/

CBN Raises 364-Day T-Bills Stop Rate to 13.29% at PMA to Trap FPIs
https://businesspost.ng/2019/09/12/cbn-hikes-364-day-t-bills-stop-rate-to-13-29-at-pma-to-trap-fpis/

Sterling Bank Appoints New Chief Legal Counsel as Old Retires
https://businesspost.ng/2019/09/12/sterling-bank-appoints-new-chief-legal-counsel-as-old-retires/

NASD OTC Market Closes Flat Wednesday
https://businesspost.ng/2019/09/12/nasd-otc-market-closes-flat-wednesday/

Oil Prices Decline as US Softens Grip on Iran
https://businesspost.ng/2019/09/12/oil-prices-decline-as-us-softens-grip-on-iran/

By Dipo Olowookere

The nation’s stock market closed 0.39 percent higher on Wednesday after suffering two consecutive losses this week as a result of profit taking activities by investors.

During yesterday’s session, the bulls chased out the bears from the market as investors kept an eye on proceedings at the election tribunal giving its ruling on the disputes from the February 2019 presidential election between President Muhammadu Buhari of the All Progressives Congress (APC) and his challenger, Mr Atiku Abubakar of the Peoples Democratic Party (PDP).

First feelers from the tribunal in Abuja gave clear indications that the President would retain his seat and this improved the level of confidence of investors, triggering buying pressure at the market.

Though the final judgement did not come before the close of transactions at the Nigerian Stock Exchange (NSE), earlier rulings dismissing some of the appeals of Mr Atiku on the legitimacy of Mr Buhari and others brought fresh air to the stock market.

At the end of the day, the All-Share Index (ASI) increased by 105.95 points to settle at 27,153.53 basis points from 27,047.58 basis points in the last session, while the market capitalization appreciated by N51.6 billion to finish at N13.210 trillion against N13.158 trillion on Tuesday.

But Business Post observed that despite the market closing bullish yesterday, the volume, value and number of deals executed depreciated by 41.92 percent, 70.18 percent and 5.70 percent respectively.

A total of 211.5 million shares worth N1.5 billion were exchanged by investors in 4,365 deals in the mid-week session compared with the 364.2 million equities valued at N4.9 billion transacted in 4,629 deals in the previous trading session.

Courtville recorded the highest volume of sales yesterday, closing with a turnover of 35.2 million units of its shares traded at N7.7 million.

It was followed by Sterling Bank, which traded 34.7 million shares worth N78.1 million, and Access Bank, which transacted 30 million equities valued at N208.4 million.

Furthermore, Transcorp exchanged 15.9 million units of its stocks worth N16.1 million during the trading day, while UBA sold 12.5 million shares worth N77.5 million.

An analysis of the price movement chart showed that yesterday, Nestle Nigeria topped the gainers’ table after a price appreciation of N40 to close at N1120 per unit.

Seplat trailed with a price growth of N24 to finish at N450 per share, CCNN gained 25 kobo to settle at N16.50k per share, May & Baker improved its share value by 19 kobo to end at N2.09k per unit, while FCMB garnered 9 kobo to close at N1.64k each.

At the other side, Guinness Nigeria closed as the day’s heaviest price loser after depreciating by 30 kobo to trade at N37 per share, while Stanbic IBTC went down by 25 kobo to finish at N35.75k per share.

Flour Mills also declined by 25 kobo to close at N13.25k per share, Dangote Flour shed 15 kobo to settle at N22.10k per unit, while UAC Nigeria depleted by 15 kobo to trade at N6.05k per share.

For the sectoral performance, only the insurance sector closed negative on Wednesday after going down by 1.25 percent.

The energy sector was the day’s highest gainer with 2.82 percent growth, the consumer goods index appreciated by 1.60 percent, banking stocks rose by 0.35 percent, while industrial sector appreciated by 0.16 percent.

https://businesspost.ng/2019/09/12/stock-market-gains-n52bn-as-buhari-floors-atiku-at-tribunal/

CBN Raises 364-Day T-Bills Stop Rate to 13.29% at PMA to Trap FPIs
https://businesspost.ng/2019/09/12/cbn-hikes-364-day-t-bills-stop-rate-to-13-29-at-pma-to-trap-fpis/

UAC Nigeria’s Mr Bigg’s Remodels Operations to Recapture Market
https://businesspost.ng/2019/09/11/uac-nigerias-mr-biggs-remodels-operations-to-recapture-market/

Airtel Africa Picks Ian Ferrao as Regional Director East Africa Region
**As Mathen Becomes Airtel Tanzania PLC MD
https://businesspost.ng/2019/09/11/airtel-africa-picks-ian-ferrao-as-regional-director-east-africa-region/

Analysis of Capital Market in Buhari’s 100 Days in Office
https://businesspost.ng/2019/09/11/analysis-of-capital-market-in-buharis-100-days-in-office/

3-Month T-Bills Depreciate to 11.79%
https://businesspost.ng/2019/09/11/3-month-t-bills-depreciate-to-11-79/