₦airaland Forum

I am sure NSE was getting infuriated at the recent situations where brokers wait till near closing time to execute huge orders. To me, it is a welcome development. Nobody come Lagos come count bridges, as they say in local parlance.

rebekah2011:
Why are we not discussing the implications of this NSE Rule? Online Platform providers will have to sensitize their customers to be careful on how they trade going forward.

By Dipo Olowookere

The planned listing of Airtel Africa Plc on the trading floor of the Nigerian Stock Exchange (NSE) has been postponed.

The exercise was suspended as a result of the failure of the telecommunications company to meet pre-listing requirements.

Yesterday, Business Post reported that Airtel Africa failed to attract at least 300 institutional and high-net worth individual investors, one of the major requirements needed for joining the stock exchange.

The NSE, which confirmed suspension of the listing today, however, did not make it clear when the company would be admitted. It only promised to provide further communication on the issue when all the conditions for the listing in its market had been met.

“The cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from the scheduled date of Friday, July 5, 2019.

“This postponement was necessitated by the need to ensure that the company meets all the post NSE approval pre-requisites for listing on the NSE.

“However, the facts before the listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019,” the statement said.

https://businesspost.ng/2019/07/05/breaking-nse-suspends-airtel-africa-listing/

BREAKING: NSE Suspends Airtel Africa Listing
https://businesspost.ng/2019/07/05/breaking-nse-suspends-airtel-africa-listing/

Zenith Bank, Others Removed from NSE-Meristem Growth Index
**As Dangote Flour Exits NSE 30 Index, Consumer Goods Index
https://businesspost.ng/2019/07/05/zenith-bank-others-removed-from-nse-meristem-growth-index/

By Modupe Gbadeyanka

Earlier this week, the National Bureau of Statistics (NBS) released the capital importation data for Nigeria in the first quarter of 2019.

In the period under consideration, the stats office said a total of $8.5 billion was brought into the country through various investment platforms; majorly grouped into foreign direct investment (FDI), foreign portfolio investment (FPI) and other investments.

In the figures released by the NBS, it was said that the largest amount of capital importation by type was received through FPIs, which accounted for 84.21 percent or $7.146 billion of total capital importation, followed by other investment, which accounted for 12.91 percent or $1.096 billion of total capital, and then FDIs, which accounted for 2.86 percent $243.36 million of total capital imported in 2019.

An analysis by destination of investment indicated that Lagos State was the preferred place for international investors in Nigeria in Q1 2019 with $4,773 billion, accounting for 56.25 percent of the total capital inflow in Q1 2019. It was followed by Abuja, with $3.586 billion and Rivers State, with $41.403 million.

However, Business Post observed that from the data released by the NBS, a total of 17 states did not contribute anything to the $8.5 billion investment attracted into the country in the first three months of this year. Only 19 states, excluding FCT Abuja, contributed to the figures.

These 17 states without any impact in the forex into the country are Abia, Bayelsa, Ebonyi, Enugu, Edo, Ekiti, Gombe, Jigawa, Kebbi, Kogi, Nasarawa, Osun, Plateau, Sokoto, Taraba, Yobe and Zamfara.

https://businesspost.ng/2019/07/05/these-17-states-did-not-attract-foreign-investment-in-q1-2019/

cc Lalasticlala
Mynd44
dominique
seun
Fynestboi
MissyB3

NSE Warns Stockbrokers Against Manipulative Trading, Late Sale Orders
https://businesspost.ng/2019/07/05/nse-to-sanction-stockbrokers-for-manipulative-trading-late-sale-orders/

These 17 States Did Not Attract Foreign Investment in Q1 2019
https://businesspost.ng/2019/07/05/these-17-states-did-not-attract-foreign-investment-in-q1-2019/

Bears Snatch N13bn from Investors Ahead of Airtel NSE Listing
https://businesspost.ng/2019/07/05/bears-snatch-n13bn-from-investors-ahead-of-airtel-nse-listing/

CBN Cuts One-Year OMO Bill Rate by 0.15% After 289.88% Subscription
https://businesspost.ng/2019/07/05/cbn-cuts-one-year-omo-bill-rate-by-0-15-after-289-88-subscription/

CBN Cuts One-Year OMO Bill Rate by 0.15% After 289.88% Subscription
https://businesspost.ng/2019/07/05/cbn-cuts-one-year-omo-bill-rate-by-0-15-after-289-88-subscription/

Airtel Gets Waiver Despite Shortfall in NSE Pre-Listing Requirements
https://businesspost.ng/2019/07/04/airtel-gets-waiver-despite-shortfall-in-nse-pre-listing-requirements/

Conoil Grows Profit by 13.8%, to Pay N2 Dividend
https://businesspost.ng/2019/07/04/conoil-grows-profit-by-13-8-to-pay-n2-dividend/

Flour Mills Reveals Reason for Delay in Filing Year-End Results
https://businesspost.ng/2019/07/04/flour-mills-reveals-reason-for-delay-in-filing-year-end-results/

CBN Crashes 182-Day, 364-Day Stops Rates at PMA
https://businesspost.ng/2019/07/04/cbn-crashes-182-day-364-day-stops-rates-at-pma/

CBN Crashes 182-Day, 364-Day Stops Rates at PMA
https://businesspost.ng/2019/07/04/cbn-crashes-182-day-364-day-stops-rates-at-pma/

Agusto & Co Assigns “Aa-” Rating to Access Bank
**Rating Reflects Good Profitability, Liquidity
https://businesspost.ng/2019/07/03/agusto-co-assigns-aa-rating-to-access-bank/

Royal Exchange Pledges to File 2018 Results Latest August 30
https://businesspost.ng/2019/07/03/royal-exchange-pledges-to-file-2018-results-latest-august-30/

Obsession over Customers, not Competition - The Impeccable Strategy
https://businesspost.ng/2019/07/03/obsession-over-customers-not-competition-the-impeccable-strategy/

Standard Alliance Insurance Picks Ododo as MD/CEO
https://businesspost.ng/2019/07/03/standard-alliance-insurance-picks-ododo-as-md-ceo/

By Dipo Olowookere

One might not be wrong to say almost everybody wants money to keep the body and soul together and would do everything possible to continue to have a legal tender at hand at every point in time.

This is the reason some people work or do business or investment to have what to spend when the need arises.

For those looking for things to invest in for cool gains, they might have to consider buying up shares of some companies now to achieve this goal.

The Nigerian Stock Exchange (NSE) is mainly the only platform to trade stocks of publicly listed companies in the country.

At this time of the year, quoted firms are preparing their books for the first half of the year in anticipation of release to the investing public next month as required by listing rules.

During this period, some companies propose the payment of interim dividend to shareholders and they are paid only to those who have stocks of the firm at a set time.

So, if you wish to partake in this ‘freebie’, you should start considering buying up shares of companies which have history of paying interim dividend to shareholders.

Some of these quoted firms are Dangote Cement, GTBank, Access Bank, Zenith Bank, UBA, Stanbic IBTC, Seplat, amongst others.

In fact, this period the market is experiencing downturn is the best time to accumulate because stocks are selling at very cheap prices at the moment.

Like we will always advice at Business Post, you should apply due diligence when dealing in stocks. You should seek inputs of experts in the field, especially your stockbroker, who execute stock transactions on the floor of the NSE.

https://businesspost.ng/2019/07/03/time-to-invest-in-stocks-for-cash-payment-in-a-months-time-is-now/

Time to Invest in Stocks for Cash Payment in a Month's Time is Now
https://businesspost.ng/2019/07/03/time-to-invest-in-stocks-for-cash-payment-in-a-months-time-is-now/

Foreign Investors’ Confidence in Nigerian Economy Still Low—Report
https://businesspost.ng/2019/07/03/foreign-investors-confidence-in-nigerian-economy-still-low-report/

CBN Orders MfBank Branches to Get 64 New Customers Per Month
https://businesspost.ng/2019/07/03/cbn-directs-each-mfbank-branch-to-get-768-new-customers/

Things I Consider Before Making Any Investment—Elumelu
https://businesspost.ng/2019/07/03/things-i-consider-before-making-any-investment-elumelu/

International Breweries Woes Deepen, Declares N4bn Loss
https://businesspost.ng/2019/07/02/international-breweries-woes-deepen-declares-n4bn-loss/

NSE Suspends Conoil, 10 Others
https://businesspost.ng/2019/07/02/nse-suspends-conoil-10-others/

eTranzact Announces Closed Period as Board Meets
https://businesspost.ng/2019/07/02/etranzact-announces-closed-period-as-board-meets/

Nigeria's Capital Inflow Rises 34.61% to $8.5bn in Q1 2019
https://businesspost.ng/2019/07/02/nigerias-capital-inflow-rises-34-61-to-8-5bn-in-q1-2019/

Incoming NNPC GMD Lauds OPEC's Oil Cut Extension
https://businesspost.ng/2019/07/02/incoming-nnpc-gmd-lauds-opecs-oil-cut-extension/

Risks and Collective Investment Schemes: A case for money market funds
https://businesspost.ng/2019/07/02/risks-and-collective-investment-schemes-a-case-for-money-market-funds/

These 18 Companies Will Hold AGMs This Month
https://businesspost.ng/2019/07/02/these-18-companies-will-hold-agms-this-month/

Sovereign Trust Insurance Begins Process to Raise Capital Base by N2.1bn
https://businesspost.ng/2019/07/01/sovereign-trust-insurance-begins-process-to-raise-capital-base-by-n2-1bn/

CBN Tampers With Stop Rates at N400bn OMO Auction
https://businesspost.ng/2019/07/02/cbn-tampers-with-stop-rates-at-n400bn-omo-auction/

See Why You Should Eye on These Four Stocks
https://businesspost.ng/2019/07/01/see-why-you-should-eye-on-these-four-stocks/

Financial Stocks Buoy NSE Turnover by 75.44%
https://businesspost.ng/2019/07/01/financial-stocks-buoy-nse-turnover-by-75-44/

CBN to Raise T-Bills Stop Rates at Wednesday’s PMA
https://businesspost.ng/2019/07/01/cbn-to-raise-t-bills-stop-rates-at-wednesdays-pma/

CBN to Raise T-Bills Stop Rates at Wednesday's PMA
https://businesspost.ng/2019/07/01/cbn-to-raise-t-bills-stop-rates-at-wednesdays-pma/

By Dipo Olowookere

Last month, business mogul, Femi Otedola, announced the sale of his 75 percent stake in Forte Oil Plc, an energy company listed on the Nigerian Stock Exchange (NSE).

The sale of his holdings in the firm did not come as a surprise to some people very conversant with happenings in the stock market.

This was because before now, precisely in December 2018, the businessman, who is a friend to Africa’s richest man, had indicated his interest to exit the company he acquired some years ago.

Mr Otedola, son of a former Governor of Lagos State, Sir Michael Otedola, sold his stake in Forte Oil to focus on his new electricity generation business called Geregu Power Plc.

A regulatory note sighted by Business Post at the weekend confirmed that Mr Otedola smiled to the bank with nearly N65 billion.

According to the document seen by Business Post, Mr Otedola sold his entire 982,971,950 ordinary shares of 50 Kobo each, about 75 percent of his stake in Forte Oil, at N66.01 each, amounting to N64.9 billion.

This number of shares of Forte Oil divested by the businessman, were held directly and indirectly by him and were sold to the new owners of the company, Ignite Investments and Commodities Limited, who have decided to retain the brand name.

It was gathered that funds from the transaction would be used for operations at Geregu Power plant, which was acquired in 2013 by Amperion Power Distribution Company Limited, a subsidiary of Forte Oil.

The gas power plant began operations in 2007 with a total installed capacity of 414MW at commissioning.

It is believed that Mr Otedola is relying on gas from his friend, Mr Dangote, for his power generation business. The Africa’s richest man is building a refinery in Lagos, which should commence operations next year.

It was reported last month that the former Chairman of Forte Oil is planning to invest about N360 billion ($1 billion) in Geregu Power.

https://businesspost.ng/2019/07/01/how-femi-otedola-pocketed-n65bn-from-sale-of-forte-oil/

Stock Investors Gear up for Payment of VAT from July 26
https://businesspost.ng/2019/07/01/stock-investors-gear-up-for-payment-of-vat-from-july-26/

How Femi Otedola Pocketed N65bn from Sale of Forte Oil
https://businesspost.ng/2019/07/01/how-femi-otedola-pocketed-n65bn-from-sale-of-forte-oil/

Airtel Africa to Boost NSE Market Cap by N1.4trn
**List Shares at N363 Per Unit
https://businesspost.ng/2019/06/29/airtel-africa-to-boost-nse-market-cap-by-n1-4trn/

By Dipo Olowookere

After a long wait, the board of Honeywell Flour Mills Plc on Friday released the financial statements of the company for the year ended March 31, 2019.

In the results briefly analysed by Business Post, the flour miller, which has struggled in recent times due to the Apapa traffic gridlock in Lagos, suffered a 98 percent decline in its profit after tax in the period under review.

The PAT, which stood at N4.4 billion in the 2018 fiscal year, went down to N68.4 million in the 2019 financial year.

This was as the profit before tax (PBT) depreciated by 88 percent to N607.8 million from N4.9 billion achieved a year ago.

However, the revenue generated by Honeywell Flour, which also struggles for market share with Dangote Flour and others, improved by 4 percent in 2019 to N74.4 billion from N71.5 billion in 2018.

According to the firm, the cost of sales during the year increased to N62.9 billion from N55.4 billion, while the selling and distribution expenses rose to N6.1 billion from N2.1 billion, with the administrative expenses jumping to N2.3 billion from N2.1 billion.

In the year, the company said it netted a gross profit of N11.5 billion compared with N16.1 billion of the previous year, while the other income appreciated to N751.5 million from N202.2 million.

It further said finance cost gulped N3.3 billion against N4.6 billion of the previous financial year.

An analysis of its balance sheet showed that the total assets of the company rose to N137.5 billion from N124.8 billion, while the total liabilities increased to N80.8 billion from N68.4 billion, with the shareholders’ fund rising to N56.7 billion from N56.4 billion.

https://businesspost.ng/2019/06/29/honeywell-flours-profit-falls-to-n68m-from-n4-4bn/

Honeywell Flour's Profit Falls to N68m from N4.4bn
https://businesspost.ng/2019/06/29/honeywell-flours-profit-falls-to-n68m-from-n4-4bn/

Agusto & Co. Assigns “Aa+” Rating to MTN Nigeria
https://businesspost.ng/2019/06/29/agusto-co-assigns-aa-rating-to-mtn-nigeria/

A total of 119 million subscribers now access the internet in Nigeria as at April 2019, the Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has declared.

Addressing participants at the 7th Digital Africa Conference and Exhibition, which took place in Baze University, Abuja, Mr Danbatta also said broadband penetration, which stood at 8.50 percent as at 2015, had risen to 33.70 percent as at April 2019.

Represented by Abigail Sholanke, the NCC Director of Projects, Mr Danbatta said the Internet revolution has helped in the development of education, agriculture, healthcare, commerce, transportation, governance and other sectors of the economy.

The NCC chief said broadband services are transforming the way and manner people live, work and play, and in patterns and tempo humanity never witnessed before.

He informed the audience that NCC has instituted a regulatory and licensing framework to further accelerate broadband availability, accessibility and affordability in Nigeria.

The commission has done so through auction of frequency spectrum in some bands as well as spectrum re-farming in order to optimise the resources.

The NCC, according to the EVC, has also licensed Infrastructure Companies (Infraco) across the six geo-political zones in the country to facilitate the cascading of fibre to more remote areas of Nigeria.

However, he stressed the need for strategic collaborations between policy-making institutions and private sector players towards addressing the various challenges slowing down faster development of our digital ecosystem in Africa.

https://businesspost.ng/2019/06/29/ncc-119m-subscribers-use-internet-in-nigeria-to-make-broadband-cheaper/

Stakeholders Want Govt to Tap Skills of Cyber Crime Offenders Instead of Being Jailed

By Modupe Gbadeyanka

Government has been advised to consider keeping cyber-crime offenders in facilities, where their skills can be deployed for development of the information and communications technology (ICT) sector as opposed to just being incarcerated.

This suggestion was given at the 88th edition of Telecom Consumer Parliament (TCP) with the theme Challenges of Cybercrime: The Role of the Telecoms Service Providers, which held on Thursday in Abuja.

Participants at the event the nation has a lot to gain from the skills of ICT fraudsters, who can be used to reduce cyber crimes in the country because they understand the antics of fraudsters in the industry.

The TCP also resolved that service providers should have a unified database for SIM cards in collaboration with the National Identity Management Commission (NIMC) to reduce the number of SIM card fraudsters.

Speaking at the workshop, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, assured that the commission, in line with its mandate, will continue to collaborate with the industry’s stakeholders especially on the issue of cyber-crime.

Mr Danbatta reiterated that the “commission would continue to ensure dialogue and active participation where we can harness additional ideas and implementation in order to protect ourselves.”

Reflecting on e-services, he affirmed that all telecom stakeholders need to go back to the drawing board in order to inspire confidence in consumers to patronize the communications services because If Nigerians do not subscribe to telecommunications services, the services will die and millions of Nigerians will lose their jobs, the revenue the telecom Industry generates to GDP will not be there and that is a recipe for disaster.

https://businesspost.ng/2019/06/28/stakeholders-want-govt-to-tap-skills-of-cyber-crime-offenders-instead-of-being-jailed/

Why Shareholders Should Not Sell Their Forte Oil Shares
https://businesspost.ng/2019/06/28/why-shareholders-should-not-sell-their-forte-oil-shares/

We Were Forced Not to Pay Dividend to Shareholders—Jaiz Bank
https://businesspost.ng/2019/06/28/we-were-forced-not-to-pay-dividend-to-shareholders-jaiz-bank/

SEC Threatens to Sanction CMOs Without MDs, Compliance Officers
https://businesspost.ng/2019/06/28/sec-threatens-to-sanction-cmos-without-mds-compliance-officers/

Anxiety as Investors Await Airtel’s Announcement of Share Price, Size
https://businesspost.ng/2019/06/28/anxiety-as-investors-await-airtels-announcement-of-share-price-size/

Rights Issue: Stockbroker Wants Forensic Audit of Lafarge Africa
https://businesspost.ng/2019/06/27/rights-issue-stockbroker-wants-forensic-audit-of-lafarge-africa/

Airtel Gets N50bn Loan Ahead of July 4 Listing
https://businesspost.ng/2019/06/27/airtel-gets-n50bn-loan-ahead-of-july-4-listing/

T-Bills Yield Sheds 0.07% on Renewed Buy Pressure
https://businesspost.ng/2019/06/27/t-bills-yield-sheds-0-07-on-renewed-buy-pressure/