₦airaland Forum

Companies in Last-Minute Rush to Submit 2018 FY Earnings Friday
https://businesspost.ng/2019/03/27/companies-in-last-minute-rush-to-submit-2018-fy-earnings-friday/

SUNU Assurances Considers Expanding Market Share to Excite Shareholders
https://businesspost.ng/2019/03/27/sunu-assurances-considers-expanding-market-share-to-excite-shareholders/

Lafarge Africa Lists Additional 7.43bn Shares on NSE
https://businesspost.ng/2019/03/27/lafarge-africa-lists-additional-7-43bn-shares-on-nse/

GTBank Board Meets April 17 for 2019 Q1 Earnings
https://businesspost.ng/2019/03/27/gtbank-board-meets-april-17-for-2019-q1-earnings/

Nigeria's External Reserves Hit $44bn First Time in 2019
https://businesspost.ng/2019/03/27/nigerias-external-reserves-hit-44bn-first-time-in-2019/

By Dipo Olowookere

For the first time in 2019, the external reserves of Africa’s largest economy, Nigeria, reached $44 billion on Monday, March 25, 2019.

Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that the amount grew to the present level from $43.7 billion on Friday, March 22, 2019, representing 0.69 percent increase.

Business Post reports further that the last time the foreign reserves stayed in the $44 billion region was on October 2, 2018.

From October 3, 2018, the reserves started declining gradually to even $41 billion at some point in the year.

The CBN Governor, Mr Godwin Emefiele, who leaves office in June 2019, has managed the nation’s reserves effectively.

He has also regularly used part of the reserves to keep the local currency, the Naira, relatively stable at the foreign exchange market.

Every week, the apex bank intervenes in the forex market with the sale of $210 million to traders at the market.

This has kept the Naira relatively stable at N360-N363 per Dollar at the currency market since early 2016 when the intervention started.

The main source of forex for Nigeria is the sale of crude oil, though the present administration made efforts to diversify the economy when oil prices crashed in 2016.

https://businesspost.ng/2019/03/27/nigerias-external-reserves-hit-44bn-first-time-in-2019/

Lending Rate Falls to 17.29% as T-Bills Market Trades Flat
https://businesspost.ng/2019/03/27/lending-rate-falls-to-17-29-as-t-bills-market-trades-flat/

By Dipo Olowookere

President Muhammadu Buhari Tuesday in Abuja said the dark days of impunity are gone for good, assuring Nigerians that his administration will remain focused and committed to creating an inclusive and diversified economy.

Receiving the leadership of the Nigerian Institute of Quantity Surveyors (NIQS), led by Mr Obafemi Onashile, President Buhari, again, thanked Nigerians for clearly expressing their desire to move the nation forward.

“Let me start by thanking you for your kind prayers,” the President told members of the Institute, who came to congratulate him on his re-election and pledge their solidarity with his administration.

“Nigerians have clearly spoken of their desire for the country to move forward. On our part, we remain committed to the Change Agenda. By the grace of God, and with your continued prayers and support, the dark days of impunity are gone for good,” he added.

President Buhari used the occasion to highlight the administration’s achievements in stimulating the economy in the past three years, noting that growing the nation’s economy means “national growth must impact the silent majority.”

“This is why in the past three years; we focused on key job-creating sectors such as agriculture and infrastructure development.

“You will all recall that our agriculture and infrastructure programmes contributed to our exit from recession. This is a clear example of how, if we push ‘inclusive’ job-creating policies, growth will follow.

“We will remain committed to these and other programmes to ensure the success of our nation is felt by the majority of Nigerians,” he said.

On the incessant building collapses across the country, the President warned that those responsible for such incidents of professional negligence will feel the full wrath of the law.

He told members of the Institute that the recent tragic incident in Lagos, and many others across the country, were reminder of the need to strictly adhere to quality standards on construction projects.

“Young innocent lives must never be lost due to incompetence and greed. Simply put, no corners must be cut. I want to assure you that those responsible for such incidents of professional negligence will feel the full wrath of the law,” he said.

The President welcomed recommendations and suggestions from the Institute on how to enhance the construction industry, directing that they make a formal submission to the Minister of Power, Works and Housing as soon as possible.

In his presentation, the President of NIQS, Onashile appealed to the Federal Government to create a Directorate of Quantity Surveying and Projects Costs Management to address the issue of unclear delineation of professional functions amongst construction professions within the Government.

Onashile also made a case for Quantity Surveyors to be mandated and allowed to undertake cost management of projects of all forms on behalf of Government, among others.

The Institute while congratulating the President on his well-deserved re-election, expressed its support and “total confidence in his administration and leadership direction which have brought hope, progress and stability to Nigeria.”

A highpoint of the visit was the conferment of the Fellowship Grade of the NIQS-the highest cadre of membership- on President Buhari. The President was also honoured with the Life Champion of Anti-Corruption Crusade in Nigeria award.

https://businesspost.ng/2019/03/26/collapsed-buildings-era-of-impunity-over-buhari-talks-tough/

By Dipo Olowookere

The Central Bank of Nigeria (CBN) on Tuesday announced a drop in the Monetary Policy Rate (MPR) for the first time in over two years.

Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen on outcome of the Monetary Policy Committee (MPC) meeting held in Abuja, said members of the committee favoured a temporal cut in the benchmark interest rate in the country.

Business Post reports that the committee decided to slash the rate by 0.50 percent to 13.50 percent from 14 percent.

However, he said all other rates remain flat; the CRR at 22.50 percent and the Liquidity Ratio at 30 percent.

He explained that the reduction in the MPR is mainly to support the present economic growth in the country as well as in reaction to global economy.

https://businesspost.ng/2019/03/26/breaking-cbn-cuts-monetary-policy-rate-to-13-50-from-14/

BREAKING: CBN Cuts Monetary Policy Rate to 13.50% from 14%
https://businesspost.ng/2019/03/26/breaking-cbn-cuts-monetary-policy-rate-to-13-50-from-14/

Steps Diamond Bank Shareholders Must Take for Consideration of Cash, Access Bank Shares
https://businesspost.ng/2019/03/26/steps-diamond-bank-shareholders-must-take-for-consideration-of-cash-access-bank-shares/

See List of Stocks to Buy, Sell or Keep This Week
https://businesspost.ng/2019/03/26/see-list-of-stocks-to-buy-sell-or-keep-this-week/

SEC Seeks Further Media Support for Robust Capital Market
https://businesspost.ng/2019/03/25/sec-seeks-further-media-support-for-robust-capital-market/

UBA Unveils Strategy to Improve Performance in FY 2019
https://businesspost.ng/2019/03/25/uba-unveils-strategy-to-improve-performance-in-fy-2019/

T-Bills Yield Rises to 13.03% Amid Liquidity Squeeze
https://businesspost.ng/2019/03/26/t-bills-yield-rises-to-13-03-amid-liquidity-squeeze/

Diamond Bank Director Joins Access Bank Board
https://businesspost.ng/2019/03/25/diamond-bank-director-chizoma-okoli-joins-access-bank-board/

Buhari Commends First Bank’s Contribution to Economy
https://businesspost.ng/2019/03/25/buhari-commends-first-banks-contribution-to-economy/

Secure Electronic Technology Records N152m Loss in 2018
https://businesspost.ng/2019/03/25/secure-electronic-technology-records-n152m-loss-in-2018/

Top Five Stock Picks for the Week
https://businesspost.ng/2019/03/25/top-five-stock-picks-for-the-week/

See The New Access Bank Logo After Merger With Diamond Bank
https://businesspost.ng/2019/03/24/could-this-be-new-access-bank-logo-after-merger-with-diamond-bank/

The new logo is at the end of the post.

The Access Bank/Diamond Bank logo was conceptualized like the UBA/STB logo

Mcy56:
I didnt see any new logo when I clicked the link o.
They already said we'll be seeing changes from the day the court upheld their merger anyway.

Thank you, we appreciate your comment

SocialJustice:
Mumu blogger

By Dipo Olowookere

One transaction that caught the interest of stakeholders in recent time is the merger between Diamond Bank and Access Bank.

What started as a rumour in late 2018 and then metamorphosed into denials by both parties has now finally into a reality.

Last week, the court eventually legalised the process of the two financial institutions becoming a single entity.
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Some weeks ago, Business Post reported that managements of the two banks had agreed to have a new identity, which will reflect the two brands.

A moment ago, a source who claimed to be in the know of the merger deal between both lenders gave us what looks like the new brand logo of the enlarged bank.
ALSO READ First Bank Pledges More World Class Services To Customers
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From the image we saw, there is a fusion of Diamond Bank into Access Bank, with the Access Bank’s arrow.

Check the logo here https://businesspost.ng/2019/03/24/could-this-be-new-access-bank-logo-after-merger-with-diamond-bank/

Could This be New Access Bank Logo After Merger With Diamond Bank?
https://businesspost.ng/2019/03/24/could-this-be-new-access-bank-logo-after-merger-with-diamond-bank/

CBN Drops One-Year OMO Bill Rate to 13.04%
https://businesspost.ng/2019/03/22/cbn-drops-one-year-omo-bill-rate-to-13-04/

Julius Berger Nigeria Announces N2 Per Share Dividend, Nets N10bn as Profit
https://businesspost.ng/2019/03/21/julius-berger-nigeria-announces-n2-per-share-dividend-nets-n10bn-as-profit/

Adeboye Takes Over as Cadbury Nigeria Managing Director
https://businesspost.ng/2019/03/21/adeboye-takes-over-as-cadbury-nigeria-managing-director/

Why Are Nigerian Stock and Bond Markets Telling Different Stories?
https://businesspost.ng/2019/03/21/why-are-nigerian-stock-and-bond-markets-telling-different-stories/

Airtel Nigeria Mulls Listing Shares by Introduction on NSE
https://businesspost.ng/2019/03/21/airtel-nigeria-mulls-listing-shares-by-introduction-on-nse/

Nigerian Breweries Takes Major Step to Boost Earnings
https://businesspost.ng/2019/03/21/nigerian-breweries-takes-major-step-to-boost-earnings/

Thanks for the observation. It has now been corrected, thanks

Madu2013:
Is it exit or exist?
Pls op correct ur post

A Federal High Court sitting in Lagos has approved the proposed merger between Access Bank and Diamond Bank.

The court sanctioned the coming together of the two financial institutions on Tuesday, March 19, 2019, paving way for the formation of a strong single entity.

With this development, Diamond Bank will cease to exist to operate under its present name since its establishment in 1990 by businessman, Mr Pascal Dozie.

Earlier, the two lenders received the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to go on with the ‘marriage’.

In a notice to the Nigerian Stock Exchange (NSE) today, Access Bank said, “Having received the final approval of the CBN and SEC to the proposed merger between Access Bank Plc and Diamond Bank Plc, following the approval of shareholders that was obtained at the respective court-ordered meetings held on March 5, 2019, Access Bank hereby confirms that the court-sanction of the merger was obtained today, Tuesday, March 19, 2019.

“Accordingly, and as had been indicated in the scheme document, the effective date of the merger is March 19, 2019,” the statement read.

On Wednesday, the Nigerian Stock Exchange (NSE) announced placing full suspension on the trading of Diamond Bank shares on its platform.

https://businesspost.ng/2019/03/19/at-last-court-upholds-access-bank-diamond-bank-merger/

NSE Stops Trading of Diamond Bank Shares Ahead of Delisting
https://businesspost.ng/2019/03/20/nse-stops-trading-of-diamond-bank-shares-ahead-of-delisting/

Zenith Bank to Maintain Higher Dividend Payment
https://businesspost.ng/2019/03/20/zenith-bank-to-maintain-higher-dividend-payment/

At Last, Court Upholds Access Bank, Diamond Bank Merger
https://businesspost.ng/2019/03/19/at-last-court-upholds-access-bank-diamond-bank-merger/

Why Nigerian Banks Now Prefer Local Bond Issuance to Eurobonds—Fitch
https://businesspost.ng/2019/03/19/why-nigerian-banks-now-prefer-local-bond-issuance-to-eurobonds-fitch/

S&P Says Nigeria's External Debt Moderate, Affirms Ratings
https://businesspost.ng/2019/03/19/sp-says-nigerias-external-debt-moderate-affirms-ratings/

See List of Companies That Have Declared Dividends in 2019
https://businesspost.ng/2019/03/19/see-list-of-companies-that-have-declared-dividends-in-2019/

Treasury Bills Yields Depreciate to 12.70%
https://businesspost.ng/2019/03/19/treasury-bills-yields-depreciate-to-12-70/

Transcorp Shareholders Demand More Dividend Payout
https://businesspost.ng/2019/03/18/transcorp-shareholders-demand-more-dividend-payout/

The shareholders mainly appreciated the board and management for running the company well. In fact, they were impressed with the financial results and challenged them to do more in 2019FY. Boniface Okezie really praised Tony Elumelu at the meeting.

We are compiling our report on the AGM and should be uploaded soon. I will share the link here when published.

maishai:
Sir , can you give us minutes of what went down at Transcorps AGM

Moody's Assigns A1.ng Rating to Access Bank N15bn Bond
https://businesspost.ng/2019/03/17/moodys-assigns-a1-ng-rating-to-access-bank-n15bn-bond/

UBA Assures Shareholders Greater Dividends in FY2019
https://businesspost.ng/2019/03/17/uba-assures-shareholders-greater-dividends-in-fy2019/

NSE to Unveil Sustainability Disclosure Guidelines Tuesday
https://businesspost.ng/2019/03/17/nse-to-unveil-sustainability-disclosure-guidelines-tuesday/