₦airaland Forum

Treasury Bills Yields Crash to 11.22% on 0.76% Loss
https://businesspost.ng/2019/05/21/treasury-bills-yields-crash-to-11-22-on-0-76-loss/

I hope to make it to the Civic Centre tomorrow to cover the AGM.

jideflash:
Tomorrow is the Caverton AGM and I have been nominated to be a member of the Audit Committee. Make una wey get shares there, come and support with your votes.

NSE Fines Union Bank, Afromedia N.6m
https://businesspost.ng/2019/05/20/nse-fines-union-bank-afromedia-n-6m/

How Distressed Oil Sector Loans Damaged Diamond Bank
https://businesspost.ng/2019/05/20/how-distressed-oil-sector-loans-damaged-diamond-bank/

Stock Recommendation for This Week
https://businesspost.ng/2019/05/20/stock-recommendation-for-this-week-2/

Analysts Expect Cagey Mop up of Stocks as Euphoria of MTN Nigeria Listing Persists
https://businesspost.ng/2019/05/20/analysts-expect-cagey-mop-up-of-stocks-as-euphoria-of-mtn-nigeria-listing-persists/

Nigeria’s GDP Rises by 2.01% in Q1 2019 as Non-Oil Contributes 90.86%
https://businesspost.ng/2019/05/20/nigerias-gdp-rises-by-2-01-in-q1-2019-as-non-oil-contributes-90-86/

Rates to Rise as N107bn T-Bills Mature
https://businesspost.ng/2019/05/20/rates-to-rise-as-n107bn-t-bills-mature/

Nigeria’s GDP Rises by 2.01% in Q1 2019 as Non-Oil Contributes 90.86%
https://businesspost.ng/2019/05/20/nigerias-gdp-rises-by-2-01-in-q1-2019-as-non-oil-contributes-90-86/

First Bank, Zenith Bank, Five Others Grant MTN Nigeria N200bn Loan
https://businesspost.ng/2019/05/18/first-bank-zenith-bank-five-others-grant-mtn-nigeria-n200bn-loan/

SAHCO Secures ISAGO Recertification from IATA
https://businesspost.ng/2019/05/18/sahco-secures-isago-recertification-from-iata/

One-Year Yield Drops to 13.71% as Investors Await Resumption of OMO Sale
https://businesspost.ng/2019/05/18/one-year-yield-drops-to-13-71-on-continued-absence-of-omo-sales/

Overnight Rate Drops to 6.57% as OMO Maturities Bolster Liquidity
https://businesspost.ng/2019/05/17/overnight-rate-drops-to-6-57-as-omo-maturities-bolster-liquidity/

By Dipo Olowookere

News just reaching Business Post from the upper chamber of the National Assembly in Abuja has it that Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been confirmed for another term of five years in office.

This followed his screening yesterday by the Senate Committee on Banking, Insurance and other Financial Institutions.

At the plenary on Thursday morning, Chairman of the Committee, Mr Rafiu Ibrahim, presented his report to the Senate, which was thereafter adopted by the lawmakers and Mr Emefiele given the go-ahead to remain in office as the nation’s chief bank for the next five years.

Last Thursday, the upper parliament read the letter of nomination of Mr Emefiele for the position sent by President Muhammadu Buhari.

https://businesspost.ng/2019/05/16/breaking-senate-confirms-emefiele-as-cbn-governor-for-another-term/

BREAKING: Senate Confirms Emefiele as CBN Governor for Another Term
https://businesspost.ng/2019/05/16/breaking-senate-confirms-emefiele-as-cbn-governor-for-another-term/

Chams Clarifies Confusion Over Proposed Dividend, Negative Retained Earnings
https://businesspost.ng/2019/05/16/chams-clarifies-confusion-over-proposed-dividend-negative-retained-earnings/

Med-View Airline Expecting Some Airplanes to Increase Capacity
https://businesspost.ng/2019/05/16/med-view-airline-expecting-some-airplanes-to-increase-capacity/

Excitement as MTN Nigeria Begins Trading of 20.4bn Shares Today
https://businesspost.ng/2019/05/16/excitement-as-mtn-nigeria-begins-trading-of-20-4bn-shares-today/

Market Sheds 0.48% Ahead of MTN Nigeria Listing Thursday
https://businesspost.ng/2019/05/15/market-sheds-0-48-ahead-of-mtn-nigeria-listing-thursday/

Electricity: Firm Offers FG Olive Branch As Judgment Debt Hits $9bn
https://businesspost.ng/2019/05/15/contract-dispute-british-firm-offers-fg-olive-branch-as-judgment-debt-hits-9bn/

Nigeria stands to lose up to $9 billion worth of its foreign assets following an enforcement application to US and UK courts by Process and Industrial Development (P&ID), a British firm tied up in a legal dispute with the Federal Government. The court case arose out of the failure of a contract awarded the company in 2010 to process wet gas to power Nigeria’s generating plants.

In January 2017, a London tribunal, organized under the rules of the Nigeria Arbitration and Conciliation Act, ordered Nigeria to pay P&ID $6 billion in damages, plus $2.3 million in uncollected interest. That figure has since been attracting interest at the rate of $1.2 million per day, and currently stands at over $9 billion.

The next hearing on the case will come up in a London court on Tuesday, May 21, 2019.

Mr. Brendan Cahill, Founder, Process and Industrial Development (P &ID) said that the company looks forward to the UK and US courts granting enforcement rights that will allow P&ID to collect what is rightfully its. “If history is any guide – just look at how creditors seized Argentina’s naval frigate while docked in Ghana. Efforts by Nigeria to evade this judgment will inevitably fall flat. The ball is in Nigeria’s court, if the government is prepared to find a good-faith solution”, he said.

Cahill however indicated that the company was open to negotiations with the Nigerian government to settle the dispute out of court. He said: “P&ID remains open to a settlement on a reasonable basis, but we need a willing partner in government to help resolve this matter. The onus is on the Nigerian government to act in good faith to find a solution”.

After the P&ID’s Gas Supply and Processing Agreement with the Federal Government failed, the company initiated arbitration proceedings in London, in line with the original contractual agreement between the parties.

Cahill said the company decided to go to court after several attempts at salvaging the deal were botched. He said: “P&ID’s Gas Supply and Processing Agreement (GSPA) failed when the government did not uphold its commitments. In August 2012, after several attempts over two and half years by P&ID to salvage the agreement, including offers to renegotiate the deal, the company initiated arbitration proceedings”.

Cahill is sadden by the failure of such a promising project and government’s lack of interest in trying to resolve the dispute amicably, adding that original project would have brought power and economic growth to Nigeria by supplying free natural gas for electricity generation, as well as building a highly successful commercial venture with a share of profits going to the Nigerian government.

“The P&ID project would have supplied 2,000 megawatts of electricity in a country where tens of millions do not have access to electricity. The award judgment was handed down by the independent arbitration panel because it represented the loss of profits for P&ID over the 20 years of the project”, he explained.

In late February this year, the Office of the Attorney-General of Nigeria (AGF) issued a statement contesting the huge amount the court awarded P & ID as damages, largely on the grounds that the project did not actually kick off the ground.

But Cahill reacted to the statement, explaining that the company had already put in years of planning, field work, design and on-the-ground preparation. He stated: “We spent two and a half years offering solutions, while the government consistently failed to deliver its side of the contract. This is a tragic ending to a venture that would have delivered low-cost electrical energy to hundreds of thousands of households throughout Nigeria, and would have brought vital revenue to the Nigerian treasury”.

Cahill and his late partner, Michael Quinn, had over 30 years’ prior experience of executing successful engineering projects in Nigeria before the failed P&ID project that is now in dispute.

https://businesspost.ng/2019/05/15/contract-dispute-british-firm-offers-fg-olive-branch-as-judgment-debt-hits-9bn/

Inflation Rises to 11.37% in April on Hike in Food Prices
https://businesspost.ng/2019/05/15/inflation-rises-to-11-37-in-april-on-hike-in-food-prices/

NSE Records Surge in Retail Investor Participation
https://businesspost.ng/2019/05/15/nse-records-surge-in-retail-investor-participation/

NSE Okays Listing of MTN Nigeria Shares on Premium Board
https://businesspost.ng/2019/05/15/nse-okays-listing-of-mtn-nigeria-shares-on-premium-board/

Regency Alliance Insurance Fixes June 18 for AGM in Lagos
https://businesspost.ng/2019/05/15/regency-alliance-insurance-fixes-june-18-for-agm-in-lagos/

T-Bills Yields Shed 0.11% Amid Buy Pressure
https://businesspost.ng/2019/05/15/treasury-bills-yields-shed-0-11-amid-buy-pressure/

MSCI Moves UBA, Two Others to Frontier Markets Small Cap Indexes
https://businesspost.ng/2019/05/14/msci-adds-uba-two-others-to-frontier-markets-small-cap-indexes/

Nigerian Equities Remain Underwater After 0.22% Loss
https://businesspost.ng/2019/05/15/nigerian-equities-remain-underwater-after-0-22-loss/

Implication of Emefiele's Reappointment on Financial Markets
https://businesspost.ng/2019/05/14/implication-of-emefieles-reappointment-on-financial-markets/

CBN Pays N2.1trn Interest on N22.350trn OMO Bills in 2018
https://businesspost.ng/2019/05/14/cbn-pays-n2-1trn-interest-on-n22-350trn-omo-bills-in-2018/

CBN Pays N2.1trn Interest on N22.350trn OMO Bills in 2018
https://businesspost.ng/2019/05/14/cbn-pays-n2-1trn-interest-on-n22-350trn-omo-bills-in-2018/

From what the company painted, she was mainly appointed for her marketing and supply skills

Mcy56:
Lol. Beauty expert to design label or to market their products?

NSE Mandates Companies to Submit Expected Financial Filing Dates, AGMs, Dividends
https://businesspost.ng/2019/05/14/nse-mandates-companies-to-submit-expected-financial-filing-dates-agms-dividends/

International Breweries Appoints Beauty Expert as Director
https://businesspost.ng/2019/05/14/international-breweries-appoints-beauty-expert-as-director/

Stock Market Loses N141bn as Investors Ponder Emefiele's Leaked Audio
https://businesspost.ng/2019/05/13/stock-market-loses-n141bn-as-investors-ponder-emefieles-leaked-audio/

One-Month Treasury Bills Yields Rise to 11.77%
https://businesspost.ng/2019/05/13/one-month-treasury-bills-yields-rise-to-11-77/

Newrest ASL Exits Stock Exchange as NSE Delists Shares
https://businesspost.ng/2019/05/14/newrest-asl-exits-stock-exchange-as-nse-delists-shares/

NSE Places First Aluminium Nigeria Shares on Suspension
https://businesspost.ng/2019/05/14/shares-of-first-aluminium-nigeria-placed-on-suspension/

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) suffered a huge loss on Monday as investors continue to talk about a leaked audio made public on Sunday involving Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele and some top persons at the apex bank.

As reported, the CBN head was allegedly getting agitated about a “missing N500 billion”, but the bank later debunked this, saying issues being discussed in the phone conversation was mainly about bailout funds given to state Governors in the earlier part of this present administration of President Muhammadu Bihari.

During trading today, it was observed that investors were bailing out, trying stay on the sidelines to watch how things unfold in the coming days on the matter and the listing of MTN Nigeria shares on the NSE.

Business Post reports that the stock market in the first trading day of the week depreciated by 1.26 percent to extend the year-to-date loss to 9.37 percent and at the close of transactions, the market capitalisation reduced by N141 billion to finish at N10.701 trillion, while the All-Share Index (ASI) declined by 363.37 points to settle at 28,484.44 points.

An analysis of the sector performance showed that things were not encouraging as the banking index shed 2.80 percent, insurance index went down by 2.72 percent, the consumer goods industry lost 1.57 percent, the oil and gas index depreciated by 1.05 percent, while the industrial index dropped 0.15 percent.

Business Post reports further that the market breadth ended negative on Monday with 30 price losers and 11 price gainers.

Mobil Oil Nigeria topped the fallers’ log with N8 of its share value lost to close for the day at N165 per share.

It was followed by Stanbic IBTC, which went down by N1.95k to finish at N44.05k per unit, and Guinness Nigeria, which declined by N1.50k to end at N50 per share.

GTBank lose N1 today to close at N31 per unit, while PZ Cussons depreciated by 50 kobo to settle at N8.50k per share.

At the other side, Okomu Oil put up an impressive performance and was rewarded with a N7 price appreciation, closing at N77 per share.

Africa Prudential gained 28 kobo to rise to N3.82k per unit, while FBN Holdings increased its share price by 25 kobo to end at N7.50k per share.

Caverton appreciated by 9 kobo to settle at N2.55k per unit, while Neimeth Pharmaceuticals rose by 5 kobo to close at 55 kobo per share.

The activity chart was mixed on Monday with the volume of shares transacted by investors depreciating by 8.73 percent, while the value improved significantly by 104.71 percent.

A total of 214.7 million equities worth N2.8 billion were traded today in 3,856 deals in contrast to the 235.2 million shares valued at N1.4 billion executed in 3,130 deals in the previous session.

A further analysis indicated that UAC of Nigeria dominated the activity chart on Monday, accounting for 41.3 million units worth N289.1 million.

GTBank sold a total of 38 million shares valued at N1.2 billion, while UBA traded 16 million equities for N96.8 million.

Sterling Bank exchanged 13 million worth N34.5 million, while Transcorp transacted 12.3 million equities valued at N14.2 million.

https://businesspost.ng/2019/05/13/stock-market-loses-n141bn-as-investors-ponder-emefieles-leaked-audio/

One-Month Treasury Bills Yields Rise to 11.77%
https://businesspost.ng/2019/05/13/one-month-treasury-bills-yields-rise-to-11-77/

Organisers of InterswitchSPAK National Science competition, Interswitch Group, has announced result of the National Qualifying Examination for the InterswitchSPAK 2.0 which held nationwide on April 13, 2019. The results were released on May 13, 2019.

This is the second edition of InterswitchSPAK National Science competition. The competition tagged ‘InterswitchSPAK SWITCH-A-FUTURE’ is a CSR initiative of the company. The first edition was concluded in February 2019.

Organisers of the competition advised all students who wrote the qualifying examination to visit the InterswitchSPAK portal www.interswitchspak.com to check their results.

Cherry Eromosele, Group Chief Product & Marketing Officer at Interswitch, stated that her organisation was pleased with the successful conduct of the InterswitchSPAK 2.0 examination.

She said: “This year, we had over 50% increase in student enrollment, compared to last year. This goes to show that the effort and commitment put into the project is gaining traction.

“The examination process was managed by our technical partners, Just Media and the National Examination Council (NECO).

“I am delighted at the results, as it shows that the examination was highly competitive and this crop of SS 2 science students can compete favourably with their peers in other parts of the world.

“However, only the best 81 students will be selected for the next stage of the competition.”

This competition is aimed at driving increased interest in the study of Science, Technology, Engineering, and Mathematics (STEM) subjects among Senior Secondary School students across Nigeria.

Eighty-one (81) finalists will emerge to compete at the InterswitchSPAK TV quiz competition.

The InterswitchSPAK programme includes a Masterclass, an Innovation Challenge and a TV quiz competition around STEM subjects. The prize at stake is various levels of tertiary education scholarship funds worth N12.5 million.

The overall winner will be awarded a five-year scholarship in any tertiary institution, a laptop, a gold trophy and monthly stipends throughout the duration of the scholarship, all totaling N7.5 million. The second-place winner will be awarded a three-year scholarship, a laptop, a silver trophy and monthly stipends for the three years totaling N4 million; while the third place winner will receive a year-long scholarship worth N1 million, a laptop, and a bronze trophy.

https://businesspost.ng/2019/05/13/interswitchspak-2-0-releases-result-of-2019-national-qualifying-examination/

PHOTOS: CBN Governor Emefiele Visits Buhari
https://businesspost.ng/2019/05/13/photos-cbn-governor-emefiele-visits-buhari/


View MTN Nigeria Q1 2019 Analyst Call Presentation Held Today
https://businesspost.ng/2019/05/13/view-mtn-nigeria-q1-2019-analyst-call-presentation-held-today/

SAHCO Gets October Deadline to Meet Free Float Requirement
https://businesspost.ng/2019/05/13/sahco-gets-october-deadline-to-meet-free-float-requirement/

Analysts Foresee Decline in Rates as CBN Auctions N33.8bn T-Bills
https://businesspost.ng/2019/05/13/analysts-foresee-decline-in-rates-as-cbn-auctions-n33-8bn-t-bills/

By Dipo Olowookere

Few hours ago, an online news platform published an audio of a purported conversation among Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele; a CBN Deputy Governor, Mr Edward Adamu; a Director of Finance at the CBN, Mr Dayo Arowosegbe; and one of his Special Adviser, Mr Emmanuel Ukeji concerning an alleged business worth N500 billion gone bad.

Reacting to the issue, spokesman of the CBN, Mr Isaac Okorafor, said in a statement that there was no issue of cover-up or stolen money as reported by the platform.

“Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation, the beginnings of which was omitted to create a different impression, was simply to proffer solutions to a misunderstanding that affected the bank’s balance sheet.

“As publicly known, the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

“In order to ensure that ordinary Nigerians workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation.

“These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.

“In closing the bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the bank’s Balance Sheet and shareholders fund.

“The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.

“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations. The bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid.

“On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

“Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that.

“Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

“Clearly those who listened to the audio can easily ascertain that the conversation had nothing to do with anything fraudulent as purported.

“The bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the bank is doing everything it can to represent their interests in the best possible way.

“Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies.

“NO MONIES ARE MISSING OR STOLEN.

“The integrity of the CBN Governor remains unassailable. He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever.

“The use of selective wiretapped conversations of the bank’s management, to malign his character and integrity will never stand. The bank will pursue every legal means to bring the perpetrators to justice,” the statement issued on Sunday night read.

https://businesspost.ng/2019/05/12/leaked-audio-cbn-says-no-n500bn-missing-stolen/

Why Nigerian Stock Market is Performing Poorly
https://businesspost.ng/2019/05/12/why-nigerian-stock-market-is-performing-poorly/

NSE Approves Delisting of First Aluminium Shares
https://businesspost.ng/2019/05/12/nse-approves-delisting-of-first-aluminium-shares/

Goldlink Insurance, Japaul, 47 Others Emerge Worst Performing Stocks
https://businesspost.ng/2019/05/12/goldlink-insurance-japaul-47-others-emerge-worst-performing-stocks/

Leaked Audio: CBN Says No N500bn Missing, Stolen
https://businesspost.ng/2019/05/12/leaked-audio-cbn-says-no-n500bn-missing-stolen/