₦airaland Forum

Access Bank Positions Self for Possible Negative Shocks
https://businesspost.ng/2019/04/18/access-bank-positions-self-for-possible-negative-shocks/

FG Picks 13 Banks to Sell First N20bn 30-Year Bond to Investors
https://businesspost.ng/2019/04/18/fg-picks-13-banks-to-sell-first-n20bn-30-year-bond-to-investors/

CBN Cuts Treasury Bills Stop Rates at Primary Market
https://businesspost.ng/2019/04/18/cbn-cuts-treasury-bills-stop-rates-at-primary-market/

United Capital Delivers Disappointing Q1 2019 Results
Profit, Gross Earnings, EPS Significantly Decline
https://businesspost.ng/2019/04/17/united-capital-delivers-disappointing-q1-2019-results/

FY 2018: NAHCO to Pay N406m Dividend After 74.6% Drop in Profit
https://businesspost.ng/2019/04/17/fy-2018-nahco-to-pay-n406m-dividend-after-74-6-drop-in-profit/

GTBank Declares N49.3bn Profit, EPS of N1.74k in Q1 2019
https://businesspost.ng/2019/04/17/gtbank-declares-n49-3bn-profit-eps-of-n1-74k-in-q1-2019/

Zenith Bank Suffers 6.6% Drop in Q1 2019 Earnings
https://businesspost.ng/2019/04/17/zenith-bank-suffers-6-6-drop-in-q1-2019-earnings/

By Dipo Olowookere

The suspended Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has been discharged and acquitted of corruption charges filed against him at the High Court sitting in the Federal Capital Territory (FCT), Abuja.

Justice Husseini Baba-Yusuf in his ruling on Tuesday held that the prosecution team could not prove beyond a reasonable doubt that the embattled SEC chief and one other accused person, Mr Zakwanu Garba, an Executive Commissioner of the capital market regulatory body, committed the offence levelled against them.

Mr Gwarzo was accused of using his office to approve the payment of severance package worth N105 million for himself while still in service.

He was arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) along with Mr Garba on a five-count charge.

At the ruling today, the judge said, “Exhibit 19, which is a memo from the governing board of SEC, has clearly demonstrated that the decisions of the board of SEC as the highest decision and policy-making body of commission is legal.

“As a result of this, the first defendant is acquitted on the first charge.”

The judge also absolved Mr Gwarzo of the allegations that he used his official position to corruptly enrich himself by using the monies paid to him as car grant as the DG of SEC, saying, “The burden of proof was on the prosecution but through its own exhibit, which includes a board resolution which approved the car benefit for an executive director who had spent more than two years in office, the charge against Mr Gwarzo has not been established” and thereafter acquitted him of the charge.

Mr Gwarzo was suspended from office in November 2017 by the former Minister of Finance, Mrs Kemi Adeosun, after setting up an investigative panel to look into the allegations against him.

It was then speculated that the embattled SEC chief got into trouble because he insisted on conducting a forensic audit on one of the biggest indigenous oil firms in the country, Oando Plc, headed by Mr Adewale Tinubu, to save the integrity of the capital market regulator.

Oando was accused of gross financial misconducts by two petitioners and SEC suspended trading of shares of the company on the Nigerian Stock Exchange (NSE). However, the suspension has since been lifted.

Though Mr Gwarzo protested that Mrs Adeosun had no right to suspend him from office, an acting DG was named for the commission in the person of Ms Mary Uduk, who is still occupying the position at the moment.

https://businesspost.ng/2019/04/16/court-discharges-acquits-suspended-sec-boss-of-fraud/

Court Discharges, Acquits Suspended SEC Boss of Fraud
https://businesspost.ng/2019/04/16/court-discharges-acquits-suspended-sec-boss-of-fraud/

Access Bank Records N41.2bn Profit in Q1 2019
https://businesspost.ng/2019/04/16/access-bank-records-n41-2bn-profit-in-q1-2019/

By Dipo Olowookere

The National Bureau of Statistics (NBS) on Tuesday said inflation rate in Nigeria eased to 11.25 percent in the month of March 2019 from 11.31 percent recorded in the month of February 2019.

In its report this morning, the stats office said the consumer price index (CPI), which measures inflation, moderated year-on-year by 0.06 percent in the period under review.

However, the NBS said on month-on-month basis, the headline index rose by 0.79 percent in March 2019, showing 0.06 percent rate higher than the rate recorded in February 2019, which was at 0.73 percent.

It was explained that the percentage change in the average composite CPI for the 12 months period ending March 2019 over the average of the CPI for the previous 12 months period was 11.40 percent, showing 0.16 percent point from 11.56 percent recorded in February 2019.

Furthermore, the urban inflation rate increased year-on-year by 11.54 percent in March 2019 from 11.59 percent recorded in February 2019, while the rural inflation rate increased by 10.99 percent in March 2019 from 11.05 percent in February 2019.

On a month-on-month basis, the urban index rose by 0.81 percent in March 2019, up by 0.05 from 0.76 percent recorded in February 2019, while the rural index also rose by 0.77 percent in March 2019, up by 0.06 from the rate recorded in February 2019 (0.71) percent.

The corresponding 12-month year-on-year average percentage change for the urban index is 11.78 percent in March 2019. This is less than 11.95 percent reported in February 2019, while the corresponding rural inflation rate in March 2019 is 11.08 percent compared to 11.23 percent recorded in February 2019.

In the report, the stats office stated that the composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019.

This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.

On month-on-month basis, the food sub-index increased by 0.88 percent in March 2019, up by 0.06 percent points from 0.82 percent recorded in February 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending March 2019 over the previous twelve-month average was 13.42 percent, 0.20 percent points from the average annual rate of change recorded in February 2019 (13.62) percent.

https://businesspost.ng/2019/04/16/nigeria-inflation-moderates-to-11-25-in-march/

Okomu Oil: Compelling Growth Story Despite Weak Earnings
https://businesspost.ng/2019/04/15/okomu-oil-compelling-growth-story-despite-weak-earnings/

PenCom Blacklists Bonds of Kwara, Akwa Ibom, 7 Others
https://businesspost.ng/2019/04/15/pencom-blacklists-bonds-of-kwara-akwa-ibom-7-others/

By Nneka Okumazie

Sometimes, the expectation of material perfection is the disappointment some have about RCCG Parishes in certain locations.

Sometimes too, some seem to find no connection to the physical needs of life and the presence of church in places – of scary poverty.

The presence of parishes in different forms and shapes are for service, impact, choice and convenience not just church for the purpose of data.

There’s a public perception of genuine Christianity that also affects how the church is judged. There are things misunderstood, misinterpreted, assumed and fabricated that many carry along, in hate and bitterness against the church.

The church, having Christ as the head, follows His command to be witnesses everywhere. The purpose of the church can also be described as conversion, or redemption, or salvation. It is a continuous work for devout Christians, as is the target for potential Christians.

Genuine salvation could make the world a better place by expelling: sexual immorality, impurity, lustful pleasures, idolatry, sorcery, hostility, quarrelling, jealousy, outbursts of anger, selfish ambition, dissension, division, envy, drunkenness, wild parties, and other sins like these.

Yes, it may appear that some profess Christianity yet indulge in things unexpected of them. But the word of God is clear: God is holy.

God is a spirit. The church, in worship to Him has to be in spirit and in truth. Lots of things done physically are inclined to connect to the spirit. Genuine Christianity is transmission in the spirit.

Church parishes are places of true hope. There are some who are crushed by the troubles of the world and find no hope or comfort in anything else but the word of God.

There are some who lean on the peace of God – through the storms of life. There are also some who depend on prayer, speaking into the spirit, to be at advantage in the physical.

The church offers faith, and faith offers hope. There are some who don’t see this life as everything about their existence. There are some who know their creator keeps His church, so they serve in support of Him.

There are some who have contributed to changed lives somewhere, through the church, without knowing. There are some who have had far reaching impact because of their work – which may seem like a small effort but mattered to the kingdom.

There are also some whose life, or loved ones, school, or business, etc. obtained mercy and grace because of some service in church that touched the Lord.

[Zephaniah 2:3, Seek the Lord, all you meek of the earth, who have upheld His justice. Seek righteousness, seek humility. It may be that you will be hidden in the day of the Lord’s anger.]

Yes, some people seem to be having their own Christianity experience temporarily tough. It makes intercession from all important, for those genuinely committed.

[Proverbs 10:7, The memory of the righteous is blessed, But the name of the wicked will rot.]

It sometimes seems certain parishes maybe struggling to have more members, or even be financially fine, but it never means the church should shutter.

One person maybe the reason for a parish; genuine Christians there can continue to worship the Lord and learn at His feet.

The church of God present somewhere is a reminder of Jesus and can lead to change of heart – anytime – against a wicked decision.

Yes, it is possible RCCG can decide in future to realign their parish model. But because the church belongs to God, it has to be made prayerfully to avoid falling into the trap of conformity – missing out on Christ’s lead.

There can be parish strengths, so for some around each other, one maybe heavy on prayers, another maybe heavy on scriptures, another maybe massive on worship, another may cater to career/business/education, etc. It can also be seasons where strengths are quarterly rotated.

Yes, everything matters in Christianity, especially holiness, but because of demographics, it may be possible to align people with what they might want, but everything must be in spirit and in truth.

The Lord expects love to flow wherever His church goes. The church must do and teach goodness and kindness, for members and everyone in general because there is a lot of wickedness, hate, bitterness, deceit, unknown intentions, greed envy, evil, etc. in the world.

[Proverbs 11:7, When a wicked man dieth, [his] expectation shall perish: and the hope of unjust [men] perisheth.]

For some in life, many things are uncomfortable for them until it becomes necessary. So they complain and get bitter about stuff, until they happen to need it, or happen to find it advantageous.

As much as people always get to the point where they just think, where they ask questions about what they know about life and don’t know, there is the place for God, calling, and a point of contact is His church.

[1 Corinthians 15:58, Therefore, my beloved brethren, be ye stedfast, unmoveable, always abounding in the work of the Lord, forasmuch as ye know that your labour is not in vain in the Lord.]

The church is also the place to encounter healing from the Lord from all kinds of troubles.

[Psalm 107:20, He sent His word and healed them, And delivered them from their destructions.]

Christ encouraged fellowshipping together and promised to always be present.

[Matthew 18:20, For where two or three are gathered together in My Name, there am I in the midst of them.]

Prayers, faith and worship are also reasons to fellowship.

[Acts 12:5, Peter therefore was kept in prison: but prayer was made without ceasing of the church unto God for him.]

[Romans 10:17, So then Faith [cometh] by hearing, and hearing by the word of God.]

[Acts 16:25, And at midnight Paul and Silas prayed, and sang praises unto God: and the prisoners heard them.]

[Acts 16:26, And suddenly there was a great earthquake, so that the foundations of the prison were shaken: and immediately all the doors were opened, and every one’s bands were loosed.]

https://businesspost.ng/2019/04/15/christianity-easter-adeboye-should-rccg-merge-parishes/

See Major Stocks to Monitor and Possibly Buy This Week
https://businesspost.ng/2019/04/15/see-major-stocks-to-monitor-and-possibly-buy-this-week/

GTBank Holds AGM Thursday in Lagos
https://businesspost.ng/2019/04/15/gtbank-holds-agm-thursday-in-lagos/

What to Expect at Equities Market This Week
https://businesspost.ng/2019/04/15/what-to-expect-at-equities-market-this-week-2/

Nigeria Likely to Adopt Single Exchange Rate 2020—Fitch
https://businesspost.ng/2019/04/13/nigeria-likely-to-adopt-single-exchange-rate-2020-fitch/

Golden Guinea Breweries Resumes Production After N3.6bn Lifeline
https://businesspost.ng/2019/04/13/golden-guinea-breweries-resumes-production-after-n3-6bn-lifeline/

Buy Pressure to Further Weaken T-Bills Stop Rates
https://businesspost.ng/2019/04/15/buy-pressure-to-further-weaken-t-bills-stop-rates/

By Dipo Olowookere

More than 3,500 children, most of whom were aged 13 to 17, were recruited by non-state armed groups like Boko Haram between 2013 and 2017 and have been used in the ongoing armed conflict in northeast Nigeria, UNICEF said today ahead of the fifth anniversary of the Chibok abduction.

The UN children’s agency said that these numbers are only those that have been verified, while the true figures are likely to be higher.

In addition to these children, 432 children were killed and maimed, 180 were abducted, and 43 girls were sexually abused in north-east Nigeria in 2018.

Meanwhile, more than 100 of the abducted Chibok girls remain missing.

The anniversary of the abduction, marked on 14 April, is a grim reminder that widespread abductions of children and grave violations of children’s rights continue to take place in the north-east.

“Children should feel safe at home, in schools and on their playgrounds at all times,” said Mohamed Malick Fall, UNICEF Representative in Nigeria.

“We are calling on the parties to the conflict to fulfill their obligations under international law to end violations against children and to stop targeting civilian infrastructure, including schools. This is the only way we can begin to make lasting improvements in the lives of children in this devastated part of Nigeria.”

Since 2012, non-state armed groups in northeast Nigeria have recruited and used children as combatants and non-combatants, raped and forced girls to marry, and committed other grave violations against children. Some of the girls become pregnant in captivity and give birth without any medical care or attention.

UNICEF continues to offer its support to the Government of Nigeria in its strong efforts to protect the country’s children. UNICEF works with the Borno State Ministry of Women Affairs and Social Development and other partners to support children who have been rescued or escaped from captivity.

In 2017 and 2018, UNICEF and its partners provided community-based reintegration services to more than 9,800 people formerly associated with armed groups, as well as vulnerable children in communities. These services help to trace children’s families, return them to their communities, and offer psychosocial support, education, vocational training, informal apprenticeships, and opportunities to improve livelihoods.

https://businesspost.ng/2019/04/12/boko-haram-recruits-over-3500-children-as-fighters/

By Dipo Olowookere

Indications have emerged that Heritage Bank yesterday on an order of Federal High Court Ikoyi Division seized the property of Smooth Promotions Limited, owner of Hip TV, owned by Ayo Animashaun, situated at No. 4 Ogundana Street, Off Allen Avenue, Ikeja; Lagos following inability to pay back the bank loan worth hundreds of millions.

The asset was seized in execution of an order of the court authorising Mr Gani-Gidado Abubakar, who is a Solicitor and Insolvency Practitioner, as the Receiver/Manager of Smooth Promotions Limited pending the determination of the orders of Court in Suit No: FHC/L/CS/362/19.

Meanwhile, Mr Animashaun, on his social media platform, hinted that he is suing Heritage bank through his attorney, Kemi Pinheiro LP, but refused to go into details.

But a visit to the premises of the aforementioned property showed that the bank has taken possession of the property under the court order.

Also, a source who is familiar with the case disclosed that as the obligor, Mr Animashaun, who is allegedly indebted to Heritage Bank to the tune of N185 million, and all effort to have him pay up his debt has proved abortive over a long period of time, which prompted the bank to secure a court injunction from a Federal High Court in Ikoyi.

The court injunction published on Thisday Newspapers, empowers Heritage Bank to take over all properties, assets including production materials belonging to Mr Animashaun’s Smooth Promotions.

“NOTICE is hereby given that all the properties comprising of but not limited to plants and machineries belonging to SMOOTH PROMOTIONS LIMITED and falling within the ambit of the receivership have been taken over and are now in firm possession of the Receiver/Manager,” the publication stated.

Whilst the publication further noted that banks, financial institutions, companies, general interested members of the public, debtors and creditors have been directed that all deposits, cash and other Assets currently held should be held until the issuance of further instructions and pay directly to the Receiver/Manager respectively.

Meanwhile, Mr Animashaun had earlier declined further reactions on the above report; he claims the case is ongoing in court, but promised to do so when he is permitted to do so.

https://businesspost.ng/2019/04/12/photos-heritage-bank-takes-over-hip-tv-to-reclaim-n185m-debt/

Seplat, NNPC to Establish $700m Gas Plant in Imo
https://businesspost.ng/2019/04/12/seplat-nnpc-to-establish-700m-gas-plant-in-imo/

Ecobank Sells $450m Eurobonds to Refinance Debts
https://businesspost.ng/2019/04/12/ecobank-sells-450m-eurobonds-to-refinance-debts/

FBN Holdings Proposes Cash Dividend of 26 Kobo Per Share
https://businesspost.ng/2019/04/12/fbn-holdings-proposes-cash-dividend-of-26-kobo-per-share/

FBN Holdings Grows Profit to N59.7bn in 2018 as EPS Rises to N1.65k
https://businesspost.ng/2019/04/12/fbn-holdings-grows-profit-to-n59-7bn-in-2018-as-eps-rises-to-n1-65k/

By Dipo Olowookere

As part of its restructuring strategies, GlaxoSmithKline Consumer Nigeria Plc has announced Fidson Healthcare as its local manufacturing partner.

Earlier this month, the management of GSK Nigeria announced its intention to shut down the company’s factory in Agbara, Ogun State as part of its restructuring programme.

GSK Nigeria had disclosed that ahead of the closure expected in the third quarter of 2021, it would source for a “suitable third party local manufacturer” to handle some of its productions, stating that its board had approved a change in its supply chain model effective Q3 2021.

“Following an extensive review of its product supply operation, the Board of Directors has approved a restructuring of GSK’s current operating model to better serve the Nigerian patients and consumers.

“This restructuring, which would be effective in Q3 2021, involves working with local contract manufacturers for the supply of GSK’s products, where possible.

“This would support the building of local expertise, transfer of technical knowledge and improve local production capacities in the country,” the company had said.

On Friday, GSK Nigeria informed the investing public that it has settled for Fidson as its local manufacturing partner.

“Following the earlier announcement on the restructuring of its supply chain operating model, GlaxoSmithKline Consumer Nigeria PLC wishes to announce the selection of Fidson Healthcare Plc as GSK’s preferred local contract manufacturing partner, as part of the changes in our Consumer Healthcare supply chain operating model.

“With this selection and subject to the meeting of appropriate regulatory requirements, GSK will be transitioning the manufacturing of its wellness and respiratory products in the first instance to Fidson from Q3, 2021.

“Until then it would be business as usual at the Agbara Factory as GSK continues to ensure supply continuity for all its locally manufactured brands.

“In choosing Fidson, GSK believes that the partnership would help build and sustain local expertise, technical knowledge and improve local production capacities.

“It is equally important to note that all changes communicated do not impact GSK’s broader commitments to Global Health in Nigeria and across Africa.

“Further note that notwithstanding this restructuring exercise, GSK Nigeria will continue to be listed on the Nigerian Stock Exchange (NSE),” the company said.

https://businesspost.ng/2019/04/12/gsk-nigeria-chooses-fidson-as-local-manufacturing-partner/

GSK Nigeria Chooses Fidson as Local Manufacturing Partner
https://businesspost.ng/2019/04/12/gsk-nigeria-chooses-fidson-as-local-manufacturing-partner/

Nigerian Breweries Raises N15bn to Fund Operations
https://businesspost.ng/2019/04/12/nigerian-breweries-raises-n15bn-to-fund-operations/

Money Market Rates Crash to 10.14% Amid Inflows of N33bn
https://businesspost.ng/2019/04/12/money-market-rates-crash-to-10-14-amid-inflows-of-n33bn/

This was the first question that came into my mind when I saw their notice.

Remember, they were one of the earliest companies to announce board meetings for FY 2018 accounts approval. They announced theirs in February and others who announced after them have since released their results.

Maybe the issue is their look book.

[quote author=DeRuggedProf post=77460277][/quote]

First Bank Restricts Sale of Shares at Stock Exchange
https://businesspost.ng/2019/04/11/first-bank-restricts-sale-of-shares-at-stock-exchange/

Shareholders Not Benefitting From NSE Listing—First Aluminium
https://businesspost.ng/2019/04/11/shareholders-not-enjoying-benefits-of-nse-listing-first-aluminium/

By Modupe Gbadeyanka

The qualifying examination for the InterswitchSPAK 2.0 competition will hold on Saturday, April 13, 2019, the organisers have said.

Business Post reports that registration for the schools and students commenced on March 7, and closed on April 7, 2019.

The InterswitchSPAK National Science Competition, organised by the Interswitch Group, is in its second edition. The competition is part of the company’s Switch-a-Future CSR initiative of the company. The first edition was concluded in February 2019.

Group Chief Product and Marketing Officer of Interswitch, Ms Cherry Eromosele, stated that the competition is only open to SS2 (Year 11) students, aged 14 to 17 years, in full-time enrolment in both public and private schools in Nigeria.

“The qualifying examination kicks off the InterswitchSPAK 2.0 National Science Competition. Over 18,000 students have been registered from about 3,011 secondary schools across Nigeria. But only the best 81 among them will be selected for the next stage of the competition. So I urge all of them to put their best feet forward,” she said.

“The examination will hold across 90 centres in the country on Saturday, April 13, 2019. Students are expected to arrive at their designated examination centres at 8am for accreditation, with their registration slips duly signed and stamped by their school principals,” she added.

Ms Eromosele explained that the competition is moderated by the National Examination Council (NECO).

“There will be 100 questions drawn from Physics, Chemistry, Biology and Mathematics, based on the current SS2 scheme of work and the whole process (including questions and scoring) is supervised by our technical partner, NECO,” the Interswitch executive said.

The organisers advised the registered candidates to come to the exam venues with their HB pencil, eraser, ruler, statistical table, and no calculators.

Students are further advised to come in their school uniforms and be punctual as students who arrive later than 10am will not be allowed to write the examination.

Registered schools are advised to check their registered email boxes for the mail with all the information about the examination.

Participating students can also confirm their centres on www.interswitchSPAK.com.

https://businesspost.ng/2019/04/11/interswitchspak-2-0-qualifying-examination-holds-april-13/

T-Bills Yields Drop 0.16% as Overnight Rate Rises to 16.29%
https://businesspost.ng/2019/04/10/t-bills-yields-drop-0-16-as-overnight-rate-rises-to-16-29/

These 43 Companies Have Declared Dividend in 2019
https://businesspost.ng/2019/04/09/these-43-companies-have-declared-dividend-in-2019/

12-Month Treasury Bills Yield Rises to 14.73%
https://businesspost.ng/2019/04/09/12-month-treasury-bills-yield-rises-to-14-73/

You Could Gain 140% Buying These Five Stocks This Week
https://businesspost.ng/2019/04/08/you-could-gain-140-buying-these-five-stocks-this-week/

Onyeagwu to Take Over as Zenith Bank GMD June 1
https://businesspost.ng/2019/04/08/ebenezer-onyeagwu-takes-over-as-zenith-bank-gmd-june-1/

Fidelity Bank Appoints Joshua, Odeghe, Imam Executive Directors
https://businesspost.ng/2019/04/08/fidelity-bank-appoints-joshua-odeghe-imam-executive-directors/

CBN Auctions N622bn Treasury Bills in One Week
https://businesspost.ng/2019/04/08/cbn-auctions-n622bn-treasury-bills-in-one-week/

Investors to Aggressively Mop up Fundamentally Sound Stocks This Week
https://businesspost.ng/2019/04/08/investors-to-aggressively-mop-up-fundamentally-sound-stocks-this-week/

SAHCO IPO Records 65% Subscription, Raises N1.2bn
https://businesspost.ng/2019/04/06/sahco-ipo-records-65-subscription-raises-n1-2bn/

Fitch Expects Access Bank to Repay Diamond Bank's $200m Eurobond Next Month
https://businesspost.ng/2019/04/05/fitch-expects-access-bank-to-repay-diamond-banks-200m-eurobond-next-month/