₦airaland Forum

By Dipo Olowookere

Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has dismissed insinuations that the introduction of telecommunications companies into the banking sector would be a huge threat to the financial institution.

While answering one of the questions asked by Business Post during an analyst call in Lagos on Tuesday afternoon, Mr Agbaje said he sees the likes of MTN Nigeria, Airtel Africa and others coming into the industry as competitors rather than enemies who could be seen as threats.

“I would rather say the telcos are coming into the banking industry to make the market more competitive and not as threats,” Mr Agbaje told analysts at the over one hour conference call yesterday put together to highlight the performance of the lender in the first half of this year.

When further asked by Business Post if GTBank was ready to wrestle with MTN Nigeria in the business, knowing the telecom’s ability to conquer its area of operations and maintain a leading position, Mr Agbaje said, “GTBank is well-prepared to face any competition and succeed.”

Business Post reports that in H1 2019, GTBank posted a profit before tax of N115.8 billion, representing a growth of 5.6 percent over N109.6 billion recorded in the corresponding period of 2018, while the bank’s loan book grew by 1.0 percent from N1.262 trillion recorded as at December 2018 to N1.274 trillion in June 2019, with customer deposits increasing by 6.3 percent to N2.418 trillion from N2.274 trillion in December 2018.

In addition, the bank closed the half year ended June 2019 with total assets of N3.598 trillion and shareholders’ funds of N603.0 billion.

In terms of asset quality, NPL ratio and Cost of Risk improved to 6.8 percent and 0.2 percent in June 2019 from 7.3 percent and 0.3 percent in December 2018 respectively.

Overall, asset quality remains stable with adequate coverage of 84.7 percent, while capital remains strong with CAR of 23.5 percent.

On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7 percent and 5.8 percent respectively.

As a result of its impressive performance, the bank’s board proposed the payment of an interim dividend of 30 kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

https://businesspost.ng/2019/08/21/mtn-airtel-joining-banking-sector-not-threat-to-gtbank-agbaje/

MTN, Airtel Joining Banking Sector Not Threat to GTBank–Agbaje
https://businesspost.ng/2019/08/21/mtn-airtel-joining-banking-sector-not-threat-to-gtbank-agbaje/

Nigerian Stock Market Returns to Familiar Territory After 0.21% Loss Tuesday
https://businesspost.ng/2019/08/21/nigerian-stock-market-returns-to-familiar-territory-after-0-21-loss-tuesday/

Fresh Hopes for Nigeria as Brent Returns to $60 Per Barrel
https://businesspost.ng/2019/08/21/fresh-hopes-for-nigeria-as-brent-returns-to-60-per-barrel/

Six-Month Treasury Bill Yield Rises to 15.60%
https://businesspost.ng/2019/08/21/six-month-treasury-bill-yield-rises-to-15-60/

Six-Month Treasury Bill Yield Rises to 15.60%
https://businesspost.ng/2019/08/21/six-month-treasury-bill-yield-rises-to-15-60/

NSE: Dangote Cement Reclaims Spot as Most Capitalised Firm
https://businesspost.ng/2019/08/20/nse-dangote-cement-reclaims-spot-as-most-capitalised-firm/

Chief, no mind me jare

TLAX:
Oga well done o....

I am listening to the back and forth between you and Segun Agbaje at the Conference call.

We’re Steadily Improving Economy–Buhari
https://businesspost.ng/2019/08/20/were-steadily-improving-economy-buhari/

Sovereign Trust Insurance Rights Issue Closes Wednesday
https://businesspost.ng/2019/08/20/sovereign-trust-insurance-rights-issue-closes-wednesday/

FMDQ to Launch First Derivatives Product in Q1 2020
https://businesspost.ng/2019/08/20/fmdq-to-launch-first-derivatives-product-in-q1-2020/

Wema Bank, Dana Air Risk Prosecution
https://businesspost.ng/2019/08/20/wema-bank-dana-air-risk-prosecution/

Staco Assures Customers Prompt Payment of Genuine Claims
https://businesspost.ng/2019/08/20/staco-assures-customers-prompt-payment-of-genuine-claims/

How We Plan to Raise N3.9bn Latest Q2’20–Consolidated Hallmark
https://businesspost.ng/2019/08/20/how-we-plan-to-raise-n3-9bn-latest-q220-consolidated-hallmark/

Nothing Wrong with Buhari’s Food Import Directive – Emefiele
https://businesspost.ng/2019/08/20/nothing-wrong-with-buharis-food-import-directive-emefiele/

By Dipo Olowookere

President Muhammadu Buhari on Monday said in Abuja that his administration has recorded success in the economy despite many complaints from citizens that things are not going smoothly for them like it used to be before he came to power in 2015.

The President, while addressing Ministers-designate at a retreat organised to keep them abreast with programmes of the government, said he has made headway in the three main challenges he set out to tackle over four years ago. These are security, economy and corruption.

“First, we have rolled back the frontiers of terrorism; we are actively addressing other challenges such as kidnappings, farmer-herder violence, improving the safety of our roads, railways, air traffic and fire control capacities.

“Second, we are steadily turning the economy round through investment in agriculture and manufacturing, shoring up our foreign reserves, curbing inflation and improving the country’s infrastructure.

“Third, on corruption, we have recovered hundreds of billions of stolen assets and are actively pursuing control measures to tackle leakages in public resources. We will not let up in fighting corruption,” he said in his opening speech.

According to Mr Buhari, “None but the most partisan will dispute that we have made headway in all three areas.”

He tasked the Ministers-designate to see their appointment as a call to serve the people, telling them to “grasp the chance with two hands and put in your best efforts as Nigeria today needs top managers to handle our numerous challenges,” stressing that, “There will be long hours and you must be prepared to live laborious days if we are to serve our people optimally.”

He reminded them that they were “appointed to assist and advise the President in running the affairs of our country,” adding that, “As Ministers, I am counting on you together with Advisers and Nigerians willing and able to contribute to build upon our road map of policies, programmes and projects that will lift the bulk of our people out of poverty and set them on the road to prosperity.”

President Buhari reaffirmed that his administration hopes to lift 100 million Nigerians out of poverty in 10 years, a move he said would “fundamentally shift Nigeria’s trajectory and place us among the World’s Great Nations.”

Mr Buhari told the Ministers-designate that they would be “responsible for the development and implementation of policies, programmes and projects in your various Ministries, Departments and Agencies in line with government priorities. You must also ensure that agencies under your Ministries are effective, efficient and accountable in the discharge of their responsibilities.”

Continuing, he said, “We must work as a team. Although you have been chosen to represent your states as a constitutional imperative, it is vital for all of you to work as Nigerians.

“Furthermore, working as a team demands that we know what the next person is doing. You must open communications with your colleagues. Lack of communication leads to lack of cooperation and sub-optimal performance.”

https://businesspost.ng/2019/08/20/were-steadily-improving-economy-buhari/

Stockbroker Blames Buhari for Recent Decline in Stock Market
https://businesspost.ng/2019/08/19/stockbroker-blames-buhari-for-recent-decline-in-stock-market/

Zenith Bank Grows H1 2019 Earnings by 2.92% to N331.6bn
https://businesspost.ng/2019/08/19/zenith-bank-grows-h1-2019-earnings-by-2-92-to-n331-6bn/

Analysts Foresee Zenith Bank Shares to Yield 67.35%
https://businesspost.ng/2019/08/19/analysts-foresee-zenith-bank-shares-to-yield-67-35/

Always Monitor Your Investments, Partake in AGMs—SEC Tells Shareholders
https://businesspost.ng/2019/08/19/always-monitor-your-investments-partake-in-agms-sec-tells-shareholders/

GTBank Cuts NPL Ratio to 6.8% as Customer Deposits Hit N2.42trn
https://businesspost.ng/2019/08/19/gtbank-cuts-npl-ratio-to-6-8-as-customer-deposits-hit-n2-42trn/

Shareholders Should Expect Improved Performance—Conoil
https://businesspost.ng/2019/08/19/shareholders-should-expect-improved-performance-conoil/

Oando, Total, Eterna, MRS, 11 Others Get NNPC Crude-for-Oil Contracts
https://businesspost.ng/2019/08/19/oando-total-eterna-mrs-11-others-get-nnpc-crude-for-oil-contracts/

Onyema Lauds Fayemi’s Strategies to Revive Ekiti Economy
https://businesspost.ng/2019/08/19/onyema-lauds-fayemis-strategies-to-revive-ekiti-economy/

GTBank Grows HY'19 Pre-Tax Profit to N116bn
https://businesspost.ng/2019/08/16/gtbank-grows-hy19-pre-tax-profit-to-n116bn/

By Adedapo Adesanya

Nigeria’s consumer price index (CPI), which measures inflation, moderated to 11.08 percent in July 2019, according to the latest inflation report released by the National Bureau of Statistics (NBS) on Friday morning.

From the NBS report, Business Post gathered that inflation dropped by 0.14 percent points year-on-year, lower than the 11.22 percent rate recorded in June 2019. This is the lowest inflation rate Nigeria has recorded in over three years.

In the data released today, the stats office noted that on month-on-month basis, the headline index increased by 1.01 percent in July 2019, which is 0.06 percent lower than the rate recorded in June 2019 (1.07) percent.

In addition, the percentage change in the average composite CPI for the 12 months period ending July 2019 over the average of the CPI for the previous 12 months period was 11.29 percent, compared to 11.29 percent recorded in June 2019.

It was further stated that the urban inflation rate increased by 11.43 percent year-on-year in July 2019 from 11.61 percent recorded in June 2019, while the rural inflation rate increased by 10.64 percent in July 2019 from 10.87 percent in June 2019.

On a month-on-month basis, the urban index rose by 1.07 percent in July 2019, down by 0.03 from 1.10 percent recorded in June 2019, while the rural index also rose by 0.96 percent in July 2019, down by 0.09 from the rate recorded in June 2019 (1.05) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.64 percent in July 2019. This is less than 11.65 percent reported in June 2019, while the corresponding rural inflation rate in July 2019 is 10.97 percent compared to 10.99 percent recorded in June 2019.

Also, food inflation rose by 13.39 percent in the month under review from 13.56 percent in June 2019 and this was caused by increases in prices of oils and fats, meat, bread and cereals, potatoes, yam and other tubers, and fish.

On month-on-month basis, the food sub-index increased by 1.26 percent in July 2019, down by 0.10 percent points from 1.36 percent recorded in June 2019.

Also, core inflation dropped to 8.80 percent from 8.84 percent recorded in the previous month.

https://businesspost.ng/2019/08/16/nigerias-inflation-falls-to-3-year-low-of-11-08-in-july-2019/

Nigeria’s Inflation Falls to 3-Year Low of 11.08% in July 2019
https://businesspost.ng/2019/08/16/nigerias-inflation-falls-to-3-year-low-of-11-08-in-july-2019/

Stocks Shed N15bn Thursday as Year-to-Date Loss hits 13.93%
https://businesspost.ng/2019/08/16/stocks-shed-n15bn-thursday-as-year-to-date-loss-hits-13-93/

One-Year T-Bills Rate Clears at 12.88% at CBN's N150bn OMO Auction
https://businesspost.ng/2019/08/16/one-year-t-bills-rate-clears-at-12-88-at-cbns-n150bn-omo-auction/

One-Year T-Bills Rate Clears at 12.88% at CBN's N150bn OMO Auction
https://businesspost.ng/2019/08/16/one-year-t-bills-rate-clears-at-12-88-at-cbns-n150bn-omo-auction/

NSE Lists Shares of 10 Firms Valued at N3.35trn
https://businesspost.ng/2019/08/14/nse-lists-shares-of-10-firms-valued-at-n3-35trn/

Nigerian Breweries Rebrands Goldberg Lager Rebrands
https://businesspost.ng/2019/08/14/nigerian-breweries-rebrands-goldberg-lager-rebrands/

Access Bank Boosts Lending, Provides Loans for Smartphone Acquisition
https://businesspost.ng/2019/08/14/access-bank-boosts-lending-with-smartphone-device-financing-scheme/

By Modupe Gbadeyanka

The ongoing national consumer promotion of Dangote Cement Plc tagged Bag of Goodies has continued to spring surprises with the emergence of a 70-year old bean cake seller in Ikirun, Osogbo, the Osun State capital, as winner of a saloon car.

The septuagenarian, identified as Alhaja Nimota Adetoro, could not hide her excitement when she was presented with her car amid pomp and pageantry.

Speaking at the presentation in Osogbo, Group Managing Director of Dangote Cement, Mr Joseph Makoju, stated that, “Dangote Cement is reliable; we are trustworthy. If you use our product, you can go home and sleep. We really appreciate you because without our customers, consumers, retailers, distributors, there would be no Dangote Cement.”

“This is the car key to our star winner. We are for real. This is a proof that we give life-changing prizes. If you continue to buy Dangote Cement, the next car may be yours. This evidence is made public to everybody,” he added.

In Port Harcourt, Rivers State, a 35-year old engineer and businessman, Mr Tochukwu Anthony from Enugu State, won the star prize of a brand new GAC car at a ceremony to reward winners in the promo. Apart from him, two other customers, Amadi Richard and Julius Ilabeshi won flat screen LED television set each.

Chairman of Dangote Cement Plc, Mr Aliko Dangote, while speaking at the event through his representative, Mrs Dorathy Ufot, a non-executive member of the company’s board of directors, said the promo was not a fluke, stressing that it was the firm’s little way of rewarding loyalty of its consumers.

According to him, the presentation events were a proof to Doubting Thomas that the promo was not a scam, pointing out that the company values its customers, which explains why it would not make any promise that it cannot fulfil.

“We are giving out 43 cars nation-wide and other prizes. We are here today to say thank you for your contributions to the growth of our company, Dangote Cement Plc.

“We value our customers, and that’s why we have brought this promo to Port Harcourt. We value everybody in our value chain system (distributors, wholesalers and retailers), and this our own way of giving back to our consumers,” the Africa’s richest man said.

“On behalf of Alhalji Aliko Dangote, the board of Dangote Cement, the management staff and the company, we are here to say a big thank you to you all. The national promo is for real. It is not a scam nor a gimmick, and not a fraudulent activity.

“It is for real, and we have made promises which we have been keeping across the country. We have several prizes and gifts to give out starting from the star prize of the car followed by tricycles, television sets, refrigerator and other smaller gifts,” the representative said.

https://businesspost.ng/2019/08/14/70-year-old-bean-cake-seller-wins-car-in-dangote-cement-promo/

Guinness Nigeria, Others to Get N79bn to Revamp Brewery Sites
https://businesspost.ng/2019/08/14/loans-firm-unveils-credit-rating-score-for-nigerians/

Stop Giving Directives to CBN—Moghalu Tells Buhari
https://businesspost.ng/2019/08/14/stop-giving-directives-to-cbn-moghalu-tells-buhari/

Berger Paints Expands Operations With New Outlet
https://businesspost.ng/2019/08/14/berger-paints-expands-operations-with-new-outlet/

Loans: Firm Unveils Credit Rating Score for Nigerians
https://businesspost.ng/2019/08/14/loans-firm-unveils-credit-rating-score-for-nigerians/

Congrats on the arrival of your daughter. Regards to the family

Godlylifeoneart:
HAPPY to announce the birth of my beautiful daughter.She arrived yesterday @23hr00.Both mum and baby are fine. A sign of the arrival of fruitfulness in Nigeria and NSE as revealed by Jehovah . May God bless our hussling. Our Labour in life shall not be in vain. Amen.
Help us to thank Jehovah Almighty for the beautiful gift from God.

NSE Fines LASACO, Universal Insurance N5.3m
https://businesspost.ng/2019/08/14/nse-fines-lasaco-universal-insurance-n5-3m/

Good News for Nigeria as Brent Trades Above $60
https://businesspost.ng/2019/08/14/good-news-for-nigeria-as-brent-trades-above-60-tuesday/

CBN May Raise Rates at Today’s N34.38bn T-Bills Auction
https://businesspost.ng/2019/08/14/cbn-may-raise-rates-at-todays-n34-38bn-t-bills-auction/

Nigeria’s Foreign Reserves Fall to $44.7bn on Drop in Oil Prices
https://businesspost.ng/2019/08/13/nigerias-foreign-reserves-fall-to-44-7bn-on-drop-in-oil-prices/

Long-term Crude Oil Market Looks Increasingly Bleak
https://businesspost.ng/2019/08/13/long-term-crude-oil-market-looks-increasingly-bleak/

Serving NYSC Members to Open 200 New Bank Accounts—CBN
https://businesspost.ng/2019/08/13/serving-nysc-members-to-open-200-new-bank-accounts-cbn/

By Adedapo Adesanya

The Transmission Company of Nigeria (TCN) has accused electricity Distribution Companies (DISCOs) operating in the country of frustrating the consumers, resulting in their non-payment of energy bill as expected.

Managing Director of the TCN, Mr Usman Gur Mohammed, who made this allegation while explaining why his firm sanctioned some Discos recently, stated that the actions of some DISCOs do not align with the laid down regulations of the Market Conditions/Market Participation Agreements.

Mr Mohammed accused the electricity distribution firms of refusing “to put prepaid meters in some places, [but] supply them energy for few hours and charge them on filthy charges (estimated billing or crazy billing).”

According to him, “All these claims that poor people don’t pay are all lies,” pointing out that “There is no relationship between poverty and payment of electricity bill. What the poor needs is adequate power supply, meter and give him the choice to switch on/off as he pleases.”

He said that the non-availability of these options has led to frustration on the part of electricity consumers, who have revolted by not paying up the exorbitant electricity bills and also indulge in illegal connections.

“The reality is that we have been gaming the market. People are frustrated and when frustrated, they can use several means to punish us, including refusing to pay, tapping the meters,” the TCN chief said.

He also noted that erring DISCOs have been punished for not fulfilling the agreement, noting that the TCN had in the last few weeks issued suspension and disconnection orders against Port-Harcourt, Kano, Enugu, Eko, and Ikeja DISCOs over allegations of infraction of market rules.

The body, however, lifted the suspension on Enugu, Eko, and Ikeja DISCOs after they complied with the market conditions/participation agreement while Port-Harcourt and Kano DisCos are still on suspension.

On the way forward to improving electricity in the country, The Director said, “We are not just putting capacity; we are also adding redundancy for electricity to be stable. Electricity stability requires what we called redundancy and the least you can is N-1 which means any place where they need 60KvA, you will give them 60KvA x 2 and that is what we are doing under the programme.”

https://businesspost.ng/2019/08/13/nigerians-dont-pay-electricity-bill-because-theyre-frustrated-tcn/

Why Investors Should SELL Unilever Nigeria, HOLD Dangote Sugar Stocks
https://businesspost.ng/economy/why-investors-should-sell-unilever-nigeria-hold-dangote-sugar-stocks/

CBN Forex Exclusion Policy Dangerous to Economy—LCCI
https://businesspost.ng/2019/08/12/cbn-forex-exclusion-policy-dangerous-to-economy-lcci/

Pension Fund Assets Grow 10.28% to N9.33trn in Six Months
https://businesspost.ng/2019/08/12/pension-fund-assets-grow-10-28-to-n9-33trn-in-six-months/

Ponzi Scheme Promoters are False Prophets of Investment Environment—SEC
https://businesspost.ng/2019/08/11/ponzi-scheme-promoters-are-false-prophets-of-investment-environment-sec/

By Modupe Gbadeyanka

Group Managing Director of FBN Holdings Plc, Mr Urum Kalu Eke, has disclosed that in the first half of 2019, the company wrote off one of its largest non-performing loans (NPLs) belonging to Atlantic Energy Drilling Concepts Nigeria Limited.

Speaking on the performance of the firm in the first six months of this year, Mr Eke said this development contributed to the reduction of the entity’s NPL ratio from the 25.9 percent it stood in December 2018 to 14.5 percent as at June 2019.

He stated further that the financial institution was working towards achieving its target of pruning the NPL ratio to a single digit by year-end.

Business Post reports that as at the end of first quarter of 2019, which ended March 31, the NPL ratio of FBN Holdings was 25.3 percent.

“Despite the difficult operating environment, we remain resolute in delivering on our guidance across key metrics including our commitment towards a single digit NPL ratio by the end of year, as evidenced by the reduction in NPLs from the last quarter.

“Essentially, Atlantic Energy, our largest NPL, was written off, translating to a decline in the NPL ratio from 25.9 percent in December 2018 to 14.5 percent as at June 2019, a step that brings us closer to our FY 2019 target and creates more headroom for quality asset growth.

“This is paving the way for sustained improvement in asset quality and a further reduction in impairment charges that will allow us to take advantage of enhanced earnings opportunities when they arise.

“Furthermore, we have remained focused on deepening our transaction-led income and are uniquely positioning for stronger revenue growth and value creation,” Mr Eke was quoted as saying.

Also commenting on the issue, the CEO of First Bank and Subsidiaries, Mr Adesola Adeduntan, noted that, “In line with our commitment to address the legacy asset quality challenges, exposure to Atlantic Energy was written off in the quarter.

“This is a material progress in our legacy NPL resolutions and clearly reflects our resolve towards achieving a single digit NPL ratio by year end.

“In addition, this step creates significant headroom for increased business opportunities and enhanced earnings especially in the oil & gas sector of the economy.”

Business Post reports that Atlantic Energy is promoted by the duo of Mr Kola Aluko and Mr Jide Omokore, both who are believed to be close allies of Mrs Diezani Alison-Madueke, Nigeria’s former Minister of Petroleum from April 2010 to May 2015 under the administration of Mr Goodluck Jonathan.

According to a document released by First Bank, which was sighted by Business Post, the bank, alongside another lender, provided credit facility to Atlantic Energy. This was a $289 million term loan and working capital facilities to make payment of the entry fee to the Nigerian Petroleum Development Company (NPDC) for OML 26, 30, 34, and 42 and fund cash calls for OPEX and CAPEX on the OMLs.

“Atlantic Energy will be providing funds for operation and development of NPDC’s 55 percent interest in OML 26, 30, 34, and 42. In return for this, Atlantic Energy will be granted lifting rights for its financial interest in the Strategic Alliance Agreement (SSA),” the document stated.

This deal between Atlantic Energy and NPDC has been described by observers as one of the biggest oil scams in Nigeria.

https://businesspost.ng/2019/08/09/first-bank-writes-off-bad-debts-linked-to-two-oil-moguls/

By Adedapo Adesanya

There is an urgent need for the Nigerian government to sustain its effort in consolidating non-oil revenue as the country’s dependence on its major source of revenue is telling on its economic development.

This is the opinion of analysts at United Capital Research, who said in a report this week that the performance of a weaker oil revenue was taking its toll on other macroeconomic tendencies due to the recent depletion in global prices of oil.

“The panic that trailed the decline in oil prices continues to signify the fragility of the country’s revenue sources and calls for the need to sustain efforts to consolidate non-oil revenue,” the report stated.

Accordingly, the report indicated that all non-oil revenue is underperforming as a result of lower collection compared to the provisional monthly budget estimate, amid shortfalls in Corporate Tax, VAT, FGN Independent Revenue and Education Tax.

As recorded earlier in the first quarter (Q1) of 2019, the country’s retained revenue of the government tumbled 28.8 percent quarter-on-quarter and 9.7 percent year-on-year to N798.8 billion as a result of frail oil revenue which has since continued to tumble due to the vagaries of oil production and prices.

More recently, Brent crude, against which Nigeria’s oil is priced imposed a serious threat to Nigeria’s economy as it breached the 2019 budget benchmark price of $60 per barrel, throwing up further concern around the government’s ability to meet its revenue target.

On the associated risk that this poses to the exchange rate, the report highlights, “We do not see any near-term risks to the exchange rate with the CBN reserves currently at a comfortable level of $45 billion – above 12 months import cover.”

Considering what is to come in the nearest future regarding oil prices, “Our projection for oil prices is maintained at $60-$70/ b as geopolitical issues continue to drive prices,” it concluded.

The oil market continues to trade lower on concerns about demand growth and the idea that economic growth can be impacted by the trade war between the world’s two largest economies, U.S and China.

https://businesspost.ng/2019/08/10/nigerias-revenue-sources-still-fragile-analysts/

Forte Oil Seeks Approval to Acquire Chairman's Downstream Assets
https://businesspost.ng/2019/08/10/forte-oil-seeks-approval-to-acquire-downstream-assets/

Nigeria's Revenue Sources Still Fragile
https://businesspost.ng/2019/08/10/nigerias-revenue-sources-still-fragile-analysts/

Market Sheds N58bn as Confidence in Banking Stocks Wanes
https://businesspost.ng/2019/08/10/market-sheds-n58bn-as-confidence-in-banking-stocks-wanes/

Sallah: I&E Window Posts $780m Turnover Friday as Naira Trades N363.44/$
https://businesspost.ng/2019/08/10/sallah-ie-window-posts-780m-turnover-friday-as-naira-trades-n363-44/

Ecobank Sues Oil Firm to Recover N25.9bn Debt
https://businesspost.ng/2019/08/10/ecobank-sues-oil-firm-to-recover-n25-9bn-debt/

First Bank Writes off Bad Debts Linked to Two Oil Moguls
https://businesspost.ng/2019/08/09/first-bank-writes-off-bad-debts-linked-to-two-oil-moguls/

Osunsanya Quits Oando Board as Irune Joins
https://businesspost.ng/2019/08/09/osunsanya-quits-oando-board-as-irune-joins/

No N9.9bn Traced to my Account—Ambode
https://businesspost.ng/2019/08/09/no-n9-9bn-traced-to-my-account-ambode/

Why Dangote Refinery May Not Take Off Again in Q1 2020
https://businesspost.ng/2019/08/09/why-dangote-refinery-may-not-take-off-again-in-q1-2020/

By Dipo Olowookere

Federal government has been identified as the major cause of the slow economic growth rate in Nigeria despite emerging out of recession in 2017.

According to analysts at United Capital Research, the fiscal authorities are not currently moving at the same pace with the monetary authority, which is the Central Bank of Nigeria (CBN).

In a report published on Wednesday, August 7, 2019, United Capital Research noted that since coming out of recession, Nigeria, the largest economy in Africa, has continued to struggle to record an economic growth rate that is above her population growth.

It said as a result of this, there have been pressures on monetary and fiscal authorities to look for innovative ways to spur economic growth while encouraging foreign inflows (FPIs and FDIs).

“On one hand, since the re-appointment of Godwin Emefiele as the CBN governor in June 2019, the monetary authorities have become more pro-growth in its policies.

“This is buttressed by recent efforts to compel banks to lend to the private sector and discourage their massive investments in government risk-free asset.

“On the other hand, the fiscal authorities are yet to roll out a concrete plan to spur growth amid widening budgeted revenue shortfalls as well as the absence of an executive ministerial cabinet,” the report said.

It added that, “Taking a bed-eye view at the above, it could be seen that the fiscal side is currently not moving at the same wavelength with the monetary authority, bringing to question the ability of the monetary authority alone, to change the present narrative of the nation.”

“In all, we believe for this happen, the cabinet must be hurriedly formed and coordinated efforts by key economic authorities, including finance, agriculture, petroleum resources, national planning, trade and investment as well as the apex bank, must be set into motion,” the report concluded.

https://businesspost.ng/2019/08/09/fg-frustrating-cbns-efforts-to-spur-economic-growth/

One-Year T-Bills Yield Rises to 13.09% on Thursday
https://businesspost.ng/2019/08/09/one-year-t-bills-yield-rises-to-13-09-on-thursday/

FG Frustrating CBN’s Efforts to Spur Economic Growth
https://businesspost.ng/2019/08/09/fg-frustrating-cbns-efforts-to-spur-economic-growth/

Crude Oil Prices Reverse Losses to Appreciate Thursday
https://businesspost.ng/2019/08/09/crude-oil-prices-reverse-losses-to-appreciate-thursday/

Union Bank Recovers N5bn Debts from Customers
https://businesspost.ng/2019/08/09/union-bank-recovers-n5bn-debts-from-customers/

Free Float Deficiency: Medview Airline to Engage Stockbroker
https://businesspost.ng/2019/08/09/free-float-deficiency-medview-airline-to-engage-stockbroker/

Caverton Eyes Positive Returns for Shareholders
https://businesspost.ng/2019/08/09/caverton-eyes-positive-returns-for-shareholders/

Nestlé Nigeria Mulls Local Sourcing for Affordable Nutrition
https://businesspost.ng/2019/08/09/nestle-nigeria-mulls-local-sourcing-for-affordable-nutrition/

FG Frustrating CBN’s Efforts to Spur Economic Growth
https://businesspost.ng/2019/08/09/fg-frustrating-cbns-efforts-to-spur-economic-growth/

Buying Interest in 9 Stocks Lift NSE Index by 0.05%
https://businesspost.ng/2019/08/09/buying-interest-in-9-stocks-lift-nse-index-by-0-05/

Crude Oil Prices Reverse Losses to Appreciate Thursday
https://businesspost.ng/2019/08/09/crude-oil-prices-reverse-losses-to-appreciate-thursday/

One-Year T-Bills Yield Rises to 13.09% on Thursday
https://businesspost.ng/2019/08/09/one-year-t-bills-yield-rises-to-13-09-on-thursday/

Airtel to Begin Banking Services in Nigeria Soon
https://businesspost.ng/2019/08/08/airtel-to-begin-banking-services-in-nigeria-soon/

MTN Raises $140m, To Redeem Preference Nigerian Shares
https://businesspost.ng/2019/08/08/mtn-raises-140m-to-redeem-preference-nigerian-shares/