₦airaland Forum

By Dipo Olowookere

The total volume and value of shares transacted on the floor of the Nigerian Stock Exchange (NSE) depreciated this week amid profit-taking by investors.

The market remained largely bearish during the trading week despite some big players in the banking industry releasing their earnings for 2018 financial year.

The absence of positive news to boost confidence of investors left the NSE All-Share Index and market capitalisation 2.45 percent lower at the close the week at 31,142.72 points and N11.614 trillion respectively.

Similarly, all other indices finished lower with the exception of the NSE ASeM and NSE Oil/Gas indices which appreciated by 0.21 percent and 0.09 percent respectively.

Business Post reports that a total turnover of 1.113 billion shares worth N13.465 billion in 15,036 deals were traded this week by investors in contrast to a total of 1.290 billion shares valued at N13.873 billion that exchanged hands last week in 17,307 deals.

Financial stocks led the activity chart with 926.286 million shares valued at N9.696 billion traded in 9,906 deals, contributing 83.25 percent and 72.01 percent to the total equity turnover volume and value respectively.

Tech equities with 73.076 million shares worth N14.664 million in 35deals,, while consumer goods shares recorded a turnover of 36.749 million stocks valued at N2.562 billion in 2,301 deals.

Trading in FBN Holdings, ZenithBank and Diamond Bank accounted for 551.865 million shares worth N6.602 billion in 3,116 deals, contributing 49.60 percent and 49.03 percent to the total equity turnover volume and value respectively

During the week, 38 equities appreciated in price, lower than 24 in the previous week, while 45 equities depreciated in price, higher than 37 equities of the previous week, with 105 equities remaining unchanged lower than 107 equities recorded in the preceding week.

Also traded during the week were a total of 201 units of Federal Government Bonds valued at N205,083.12 were traded in 2 deals compared with a total of 15,496 units valued at N15.750 million transacted last week in 12deals, while a total of 10,598 units of Exchange Traded Products (ETPs) valued at N1.355 million were executed in 5 deals compared with a total of 2,971 units valued at N766,883.30 transacted last week in 7 deals.

https://businesspost.ng/2019/03/16/equity-turnover-drops-to-n13-5bn-in-one-week/

By Dipo Olowookere

Years after it was closed due to damage done to it as a result of Boko Haram attacks, the popular Gwoza Market in Borno State has now been reopened.

The community market was reopened after it was rehabilitated by the International Organization for Migration (IOM) in collaborated with residents of the area.

A statement issued by the IOM said 142 Gwoza residents participated in the rehabilitation of the market as part of a cash for work initiative aimed at strengthening the local economy through income opportunities and providing motivation for conflict affected individuals to invest in their community.

The market was badly damaged as a result of the protracted conflict with non-state armed groups in north-east Nigeria and remained unused for many years.

“The reopening of the local market is an important part of IOM’s support to the transition and recovery process in Gwoza,” said Afra Ure, IOM Nigeria Project Officer. “Apart from reinvigorating the local economy, it is also an important step towards a return to the community’s pre-conflict way of life.”

Though many people have returned to their homes in Gwoza since Nigerian forces regained control of the town in 2015, humanitarian assistance remains critical.

In addition to livelihood recovery assistance, IOM distributed 550 cash grants and shelter repair kits containing the necessary materials to rebuild homes.

“I have worked in an open space without shade in the old market for over four years,” said Modu, a local vendor. “But with the construction of stalls, I can comfortably display my fabric wraps and I believe even my customers will be more at ease to buy my products.”

Alongside Modu some 350 other vendors now sell cereals, vegetables, clothing and household items such as buckets, brooms and cleaning products in the new facilities.

As part of the efforts to improve the living conditions of people affected by the conflict, support their recovery and build their resilience, IOM has implemented livelihood projects consisting of community-level rehabilitation and vocational trainings across North-East Nigeria.

“I’m the leader of my household and I hope that working in the reopened market will help me get the necessary means to sustain my family… I’m optimistic,” said Fatima, who sells candy and other confectioneries at the market.

https://businesspost.ng/2019/03/16/boko-haram-rehabilitated-gwoza-market-reopens-years-after-closure/

Unilever Nigeria to Pay Dividend for FY2018
https://businesspost.ng/2019/03/16/unilever-nigeria-to-pay-dividend-for-fy2018/

By Modupe Gbadeyanka

A broadcast journalist has been sentenced by a court for one year after being found guilty of insulting a Governor.

The newsman, Steeve Mwanyo Iwewe, was convicted on March 1, 2019, in the Mbandaka criminal court on a charge of insulting Équateur Governor, Mr Bobo Boloko Bolumbu.

Already, the Committee to Protect Journalists (CPJ) has asked authorities in the Democratic Republic of Congo not to oppose Iwewe’s appeal.

Iwewe’s Souverain Pontife Ikolombe, who spoke with CPJ, said the journalist was sentenced to one year in prison and instructed to pay $200 in damages to Mr Bolumbu.

Ikolombe told CPJ that he will appeal the judgment at the Tribunal de Paix de Mbandaka appeals court, alleging that the original trial was improperly held.

Iwewe, who is currently in Mbandaka central prison, where he has been detained since his arrest on February 27, is the first journalist to be imprisoned in DR Congo since president Félix Antoine Tshisekedi Tshilombo took office on January 24.

“The Democratic Republic of Congo may have a new president, but it seems the ambition to censor journalists whom the authorities find undesirable is unchanged,” Angela Quintal, CPJ’s Africa program coordinator, said in New York. “Governor Bobo Boloko Bolumbu should not contest Steeve Mwanyo Iwewe’s appeal, so his conviction can be overturned and he can be released.”

Iwewe was arrested and beaten by the governor’s security agents on February 27 in Mbandaka while covering Bolumbu’s arrival at a protest against an increase in state taxes, according to his lawyer. Security officers told Iwewe to stop filming and taking photographs, but the journalist refused, Ikolombe told CPJ.

“You came here to do your work, let me also do mine freely,” Iwewe told the officers when they told him to stop reporting, according to local press freedom group Journaliste en Danger. The governor then ordered Iwewe’s arrest for insulting him, Ikolombe told CPJ.

CPJ’s repeated calls and WhatsApp messages to Bolumbu spokesperson Rossi Bolekwa went unanswered. CPJ also called Trésor Nsaebeinga, the director of Radio Television Sarah, but did not get a response.

The lawyer said that Nsaebeinga and Yanick Mbombo, another reporter at the station, had gone into hiding for fear of arrest following Iwewe’s detention.

https://businesspost.ng/2019/03/15/court-jails-journalist-for-insulting-governor/

UBA Grows Profit by 1.3% to N78.6bn, to Pay 65 kobo Dividend
https://businesspost.ng/2019/03/15/uba-grows-profit-by-1-3-to-n78-6bn-to-pay-65-kobo-dividend/

The EPS will most likely drop after merger

aremso:
with diluted shares post merger, will they ever have the same EPS?

Access Bank Declares 25 Kobo Dividend After Recording N95b Profit
https://businesspost.ng/2019/03/15/fy18-access-bank-declares-20-kobo-dividend-after-n95b-profit/

Oando Restricts Sale of Shares Ahead 2018 Results' Announcement
https://businesspost.ng/2019/03/14/oando-restricts-sale-of-shares-ahead-2018-results-announcement/

SEC to Amend Rules on Transfer of Shares, Two Others
https://businesspost.ng/2019/03/14/sec-to-amend-rules-on-transfer-of-shares-two-others/

FTN Cocoa Processors Moves to Avert Liquidation
https://businesspost.ng/2019/03/14/ftn-cocoa-processors-moves-to-avert-liquidation/

Why MTN Nigeria Listing on NSE is Delayed—CEO
https://businesspost.ng/2019/03/14/why-mtn-nigeria-listing-on-nse-is-delayed-ceo/

By Modupe Gbadeyanka

One of the leading telecommunications services providers, Airtel Nigeria, has announced the introduction of a new number range, 0901, in line with its vision to empower more people as well as create opportunities for more Nigerians to succeed.

In a statement issued in Lagos, the network service provider said the new 0901 number range, which brings its burgeoning numbering series scheme to eight, will offer more Nigerians an opportunity to experience seamless telephony/mobile Internet service on an innovative and affordable network with expansive 4G coverage.

Chief Commercial Officer of Airtel Nigeria, Mr Dinesh Balsingh, noted that Airtel was positioned as the network of first choice for voice calls and mobile Internet, adding that the introduction of a new number series was an affirmation that it enjoys the confidence and support of many telecoms consumers across the country.

“Airtel is pleased to expand its number range to accommodate more telecoms consumers who desire exceptional telephony and mobile Internet experience as well as affordability and new innovation.

“With the new 0901 number range, we are inviting more telecoms consumers to come experience the best and widest 4G and digital experience,” he said.

Aside the 0901 number range, Airtel currently has the following numbering series: 0802, 0808, 0708, 0812, 0701, 0902, and 0907.


https://businesspost.ng/2019/03/14/airtel-nigeria-introduces-new-number-range-0901/

One-Month T-Bills Yields Shed 1.79% to Settle at 8.66%
https://businesspost.ng/2019/03/13/one-month-t-bills-yields-shed-1-79-to-settle-at-8-66/

Why Investors Should Quickly Buy These Stocks
https://businesspost.ng/2019/03/12/why-investors-should-quickly-buy-these-stocks/

FG Targets Local Investors to Boost Capital Market
https://businesspost.ng/2019/03/12/fg-to-empower-local-investors-to-boost-stock-market/

Foreign Bank Secures $162.5m Loan for Access Bank
https://businesspost.ng/2019/03/12/foreign-bank-secures-162-5m-loan-for-access-bank/

Access Bank Denies Wrongdoing in Sale of Customer’s Goods
https://businesspost.ng/2019/03/11/access-bank-denies-wrongdoing-in-sale-of-customers-goods/

T-Bills Yields Hit 13.37% Amidst Buoyant Liquidity
https://businesspost.ng/2019/03/12/t-bills-yields-hit-13-37-amidst-buoyant-liquidity/

CBN May Lower Rate at N89.50bn T-Bills Sale
https://businesspost.ng/2019/03/11/cbn-may-lower-rate-at-n89-50bn-t-bills-sale/

Keep Eye on These Four Stocks This Week
https://businesspost.ng/2019/03/11/keep-eye-on-these-four-stocks-this-week/

Lafarge Africa N89.2b Rights Issue Records 100% Subscription
**Allocation to be Completed March 19
https://businesspost.ng/2019/03/09/lafarge-africa-n89-2b-rights-issue-records-100-subscription/

Vitafoam Nigeria Shareholders Approve Dividend, Bonus Shares
https://businesspost.ng/2019/03/09/vitafoam-nigeria-shareholders-approve-dividend-bonus-shares/

Mobil Nigeria Board Okays FY2018 Results, Proposes Dividend
https://businesspost.ng/2019/03/09/mobil-oil-nigeria-board-okays-fy2018-results-proposes-dividend/

Competition to Further Weaken Nigerian Breweries Earnings
https://businesspost.ng/2019/03/08/competition-to-further-weaken-nigerian-breweries-earnings/

GTBank’s Reduction of NPL Ratio to 7.3% Excites Shareholders
https://businesspost.ng/2019/03/08/gtbanks-reduction-of-npl-ratio-to-7-3-excites-shareholders/

T-Bills Yield Gain 0.26% on Absence of OMO Sale
https://businesspost.ng/2019/03/07/t-bills-yield-gain-0-26-on-absence-of-omo-sale/

By Dipo Olowookere

Following the success of the first edition of InterswitchSPAK National Science competition, organisers of the educational programme have announced registration for the second edition.

At a press briefing held on Wednesday, March 6, 2019 in Lagos, Interswitch, the lead sponsor of the competition, said it is only open to Senior Secondary 2 students across the country aged between 14 and 17 years.

The InterswitchSPAK National Science competition focuses on driving increased interest in the study of Science, Technology, Engineering, and Mathematics (STEM) subjects among students.

It will kick off with a national qualifying examination from which 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 aim of InterswitchSPAK is to encourage and guide the students along career paths that will help them achieve full optimization of their potentials and dreams to become inventors or entrepreneurs.

Group Chief Product and Marketing Officer at Interswitch, Ms Cherry Eromosele, encouraged all eligible students to participate and register in this second edition.

She noted that the importance of STEM education cannot be over-emphasized in our society; especially considering our current societal challenges.

“At Interswitch, we understand that technology is key to solving most of our challenges in Africa. Promoting and rewarding excellence in STEM subjects among secondary school students is our way of preparing the younger generation to take up this challenge,” she said.

Speaking on the registration process, Group Head, Brands, at Interswitch Group, Ms Enyioma Anaba, explained that the competition was open to girls and boys in public and private secondary schools in Nigeria, aged between 14 and 17 years.

She further explained that new schools are required to first register on the InterswitchSPAK platform before registering their students, while returning schools can directly register their students. Each such school is expected to register six students each, at least two of which must be girls.

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 totalling N7.5million.

The second-place winner will be awarded a three-year scholarship, a laptop, a silver trophy and monthly stipends for the three years totalling N4 million; while the third place winner will receive a year-long scholarship worth N1 million, a laptop, and a bronze trophy.

Business Post reports that the InterswitchSPAK National Science competition is a CSR initiative of the leading Nigerian Pan-African digital payment and commerce solutions company.

https://businesspost.ng/2019/03/06/registration-for-second-interswitchspak-national-science-competition-begins/

GTBank Declares N185b Profit in 2018, Proposes N2.45k Dividend
https://businesspost.ng/2019/03/06/gtbank-declares-n185b-profit-in-2018-proposes-n2-45k-dividend/

FY18: Seplat’s EPS, Profit Drop 45% Amid 65% Rise in Revenue
https://businesspost.ng/2019/03/06/fy18-seplats-eps-profit-drop-45-amid-65-rise-in-revenue/

That's even our position at Business Post. However, one problem might be the role of her husband in the 1985 coup that ousted Buhari.

But we believe Buhari must have forgiven him, having worked with her husband during the late Abacha regime.

Mpeace:
I think they will give it to Aisha. They didn't move her to her present position for nothing.

The truth is, in the report, they favoured North and South West to produce the next CBN Governor going by past trends.

Tolktob:
all this analyst self ,how will Access bank CEO from the southern part of the country be the next CBN governor ?

First Bank, Access Bank CEOs Likely to be Next CBN Governor—Analysts
https://businesspost.ng/2019/03/06/first-bank-access-bank-ceos-likely-to-be-next-cbn-governor-analysts/

T-Bills Market Bearish as CBN Further Cuts Rate by 0.03%
https://businesspost.ng/2019/03/06/t-bills-market-bearish-as-cbn-further-cuts-rate-by-0-03/

BREAKING: Shareholders Overwhelmingly Approve Diamond Bank, Access Bank Merger
https://businesspost.ng/2019/03/05/breaking-shareholders-overwhelmingly-approve-diamond-bank-access-bank-merger/

New Enlarged Access Bank Begins Operations April 1
https://businesspost.ng/2019/03/05/new-enlarged-access-bank-begins-operations-april-1/

Industrial Goods Sector: Toeing Path of Recovery
https://businesspost.ng/2019/03/05/industrial-goods-sector-toeing-path-of-recovery/

Policies to Increase National Disposable Income
https://businesspost.ng/2019/03/05/policies-to-increase-national-disposable-income/

Nigeria’s Economy to Further Face Downside Risk—Fitch
https://businesspost.ng/2019/03/05/nigerias-economy-to-further-face-downside-risk-fitch/

CBN Trims 6-Month OMO Bills Rate Amid Huge Demand
https://businesspost.ng/2019/03/05/cbn-trims-6-month-omo-bills-rate-amid-huge-demand/

Anxiety as Access Bank, Diamond Bank Hold EGMs Tuesday
https://businesspost.ng/2019/03/04/anxiety-as-access-bank-diamond-bank-hold-egms-tuesday/

Cadbury Nigeria Commences Closed Period
https://businesspost.ng/2019/03/04/cadbury-nigeria-commences-closed-period/

First Bank Targets Listing on London, Ghana Stock Markets
https://businesspost.ng/2019/03/04/first-bank-targets-listing-on-london-ghana-stock-markets/

Chellarams N540m Corporate Bond Matures
https://businesspost.ng/2019/03/04/chellarams-n540m-corporate-bond-matures/

MRS Oil Nigeria Appoints Ogwemoh to Board
https://businesspost.ng/2019/03/04/mrs-oil-nigeria-appoints-ogwemoh-to-board/

By Modupe Gbadeyanka

The presidential election in Nigeria may have come and gone, but the effect will be with the Africa’s largest economy for the next four years.

Last Saturday, Nigerians went to the polls to re-elect President Muhammadu Buhari for another four years.

In his first four years in office, which will officially end on May 29, 2019, the nation suffered its first recession in many years.

During the period, a lot of investors rushed to pull out their funds from the country and the stock market suffered for it.

Also, the President had to spend a chunk of his time in office treating himself at a hospital in London, creating the impression that he was not fully fit to govern the country.

As the country prepare for another four years of President Buhari, analysts at United Capital Research have given their views on the economic outlook in his second term in office.

“The outlook for the economy over the next four years is positive but modest as President Buhari’s victory signals policy stability,” the firm said.

It was stated that the administration will clearly continue to invest in infrastructure, sustain its welfare scheme, reinforce the drive to substitute imports for local production, and retain its intervention programs across the Agric, Power and the SMEs space, by building on its Economic Recovery and Growth Plan (ERGP).

“We expect the budget to remain large, broadly financed by borrowings. However, the role of the private sector may be limited by the absence of far-reaching liberal policies.

“This may keep investment low and output growth soft. Accordingly, we expect GDP growth to sustain a gradual uptick over the next four years, rising from 2.0% to 3.5% or more over the period.

“Inflation rate is likely to ease 10%/9%, though minimum wage implementation and power tariff adjustment may weigh on prices.

“Thus, interest rate may to revert to its long term 12% over the period. In the rest of the report, we highlight our views of the medium term economic outlook for Nigeria,” it said.

The firm further said beyond elections, the medium to long term outlook for the Nigerian economy depends on the position of government on the implementation of far-reaching economic reforms to fix the structural challenges in the economy.

“If not urgently addressed, structural constraints such as; the enormous infrastructural deficit, poor electricity supply, sharp rising population growth, dependence on oil export and oil revenue for budget funding, and the problem of the viability of sub-national governments, are bound to mar economic progress.

“Notably, system inefficiencies continue to undermine the ability of the federal government to diversify its revenue base, enhance social justice, allocate resources efficiently and drive economic diversification. If the stance of the current administration over the last four years is anything to go by, we do not envisage a significant drive for bold reforms.

“However, we expect investment in infrastructures such as rail project, road, and similar social amenities to continue in a bid to bridge the infrastructural gap.

“Again, the drive to diversify government revenue via improving the efficiency of tax authorities such as the FIRS, Customs and Ports Authorities, and support the SMEs boost job creation through intervention in the Agric sector will continue.

“Finally, efforts to ease doing business in Nigeria, via the initiatives of the Presidential Enabling Business Environment Council (PEBEC), by reviewing the bureaucracies and red tapes within the civil service and other government agencies, should be more obvious going forward,” the report said.

In its report, United Capital Research further during the period, it expects the present Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, if retained by the President for another term in office, to sustain its current fixed/multiple forex regime.

On monetary policy, it said aggressive liquidity mop-up via persistent OMO issuances may be retained considering that FX rate will broadly drive policy actions.

On the government’s anti-corruption war, the company said efforts to stamp-out corruption will be sustained and the EFCC will continue to clamp down on looters and individuals with allegations of misappropriation of public funds.

Over the last three to four years, the implementation of TSA, whistleblower’s policy and the efficiency unit of the Ministry of Finance, by the administration has supported significant improvement in independent revenue and recoveries.

“While this will remain appealing to the poor masses, it may rein in discretionary spending by the elite, ultimately limiting the growth rate of aggregate spending in the economy, especially on activities in the services sector,” it said.

On security and social political environment, it said a major aspect of the socio-political environment that seems to have benefited a lot from President Buhari’s first 4-year is the war against insurgency.

If the voting pattern from the region is anything to go by, the massive re-election of the President by voters in Borno and Yobe (the most affected States) suggests that the perceived containment of Boko Haram activities by the Buhari government is paying off.

“Hence, we imagine that another four years in office is positive for relative peace and security in the North Eastern region of the country,” it stated.

https://businesspost.ng/2019/03/01/what-awaits-nigerias-economy-in-buharis-2nd-term/

What Awaits Nigeria’s Economy in Buhari’s 2nd Term
https://businesspost.ng/2019/03/01/what-awaits-nigerias-economy-in-buharis-2nd-term/