₦airaland Forum

First Bank Assures Oil Firms More Financial Support
https://businesspost.ng/2019/02/12/first-bank-assures-oil-firms-more-financial-support/

Agusto & Co Assigns ‘Bb’ Rating to Nigerian Insurance Sector
https://businesspost.ng/2019/02/12/agusto-co-assigns-bb-rating-to-nigerian-insurance-sector/

Nigeria's GDP Grows 0.27% in Q4 2018 to 2.38%
https://businesspost.ng/2019/02/12/nigerias-gdp-grows-0-27-in-q4-2018-to-2-38/

T-Bills Rates to Remain High on Liquidity Squeeze
**As Investors Snub Short, Mid-Term T-Bills for Long-Dated Notes
https://businesspost.ng/2019/02/12/t-bills-rates-to-remain-high-on-liquidity-squeeze/

Rates to Moderate as CBN Sells Fresh T-Bills, N783b Bills Mature
https://businesspost.ng/2019/02/11/rates-to-moderate-as-cbn-sells-fresh-t-bills-n783b-bills-mature/

90.9% Shareholders of Forte Oil Approve Sale of Power Unit to Otedola
https://businesspost.ng/2019/02/09/90-9-shareholders-of-forte-oil-approve-sale-of-power-unit-to-otedola/

NDIC Begins Verification of Fortis Microfinance Bank Depositors after Liquidation
https://businesspost.ng/2019/02/06/ndic-begins-verification-of-fortis-microfinance-bank-depositors-after-liquidation/

SEC Holds First 2019 CMC Meeting March 21
https://businesspost.ng/2019/02/09/sec-holds-first-2019-cmc-meeting-march-21/

T-Bills Market Bullish as OVN Rate Settles at 19.42%
https://businesspost.ng/2019/02/09/t-bills-market-bullish-as-ovn-rate-settles-at-19-42/

One-Month T-Bills Yield Gains 1.18% as CBN Sells N321b OMO Bills
https://businesspost.ng/2019/02/08/one-month-t-bills-yield-gains-1-18-as-cbn-sells-n321b-omo-bills/

CBN Mops up N66b as Yields Increase to 14.12%
https://businesspost.ng/2019/02/07/cbn-mops-up-n66b-as-yields-increase-to-14-12/

CSL Stockbrokers in Court over Sale of Shares of Deceased Clients
https://businesspost.ng/2019/02/05/csl-stockbrokers-in-court-over-sale-of-shares-of-deceased-clients/

Nigerian Equities Remain Positive Despite Losses by Heavyweights
https://businesspost.ng/2019/02/06/nigerian-equities-remain-positive-despite-losses-by-heavyweights/

CBN OMO Sale Oversubscribed by 153% as Yields Jump to 14.04%
https://businesspost.ng/2019/02/06/cbn-omo-sale-oversubscribed-by-153-as-yields-jump-to-14-04/

Malabu Scam: JP Morgan Seeks Quashing of $875m Nigerian Lawsuit
https://businesspost.ng/2019/02/05/malabu-scam-jp-morgan-seeks-quashing-of-875m-nigerian-lawsuit/

N347m Debt: UBA MD Kennedy Udoka Risks Jail Term
https://businesspost.ng/2019/02/05/n347m-debt-uba-md-kennedy-udoka-risks-jail-term/

9-Month T-Bills Yield Shed 1.16% to Settle at 15.44%
https://businesspost.ng/2019/02/05/9-month-t-bills-yield-shed-1-16-to-settle-at-15-44/

Diamond-Access Bank Merger: What’s in it for Stakeholders?
https://businesspost.ng/2019/02/04/diamond-access-bank-merger-whats-in-it-for-stakeholders/

Olusanya Resigns from Dangote Cement Board
https://businesspost.ng/2019/02/04/olusanya-resigns-from-dangote-cement-board/

Glo to Launch Mobile Financial Services Soon
https://businesspost.ng/2019/02/04/glo-to-launch-mobile-financial-services-soon/

Analysts Urge Investors to Trade Cautiously, Anticipate Selloffs on Banking Stocks
https://businesspost.ng/2019/02/04/analysts-urge-investors-to-trade-cautiously-anticipate-selloffs-on-banking-stocks/

NSE Fines First Aluminium Nigeria N476k
https://businesspost.ng/2019/02/04/nse-fines-first-aluminium-nigeria-476k/

N316b Maturing Bills to Boost Liquidity This Week
https://businesspost.ng/2019/02/04/n316b-maturing-bills-to-boost-liquidity-this-week/

NAHCO Maps Out Strategies to Pay Better Dividend
https://businesspost.ng/2019/02/03/nahco-maps-out-strategies-to-pay-better-dividend/

NSE Reclassifies Red Star Express as Low-Priced Stock
https://businesspost.ng/2019/02/03/nse-reclassifies-red-star-express-as-low-priced-stock/

FG Orders Probe of Osinbajo’s Caverton Helicopter Crash
https://businesspost.ng/2019/02/03/fg-orders-probe-of-osinbajos-caverton-helicopter-crash/

T-Bills Market Bullish as CBN Halts OMO Auction
https://businesspost.ng/2019/02/02/t-bills-market-bullish-as-cbn-halts-omo-auction/

By Dipo Olowookere

Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has raised an alarm over a sudden rise in the repatriation of looted funds in Nigeria by some politicians ahead of the next month’s elections.

Mr Magu made this disclosure during the general meeting of the Association of Chief Compliance Officers of Banks In Nigeria (ACCOBIN), which held on Thursday, January 31, 2019 in Lagos.

The EFCC chief, who called on financial institutions in the country to desist from laundering illicit funds for corrupt politicians and criminals, said many of them who had stolen the nation’s commonwealth had begun to repatriate the funds to the country for the purpose of influencing the elections through vote buying and compromise of election officers.

He charged members of the group to join hands with the agency to ensure that the coming election was not compromised, adding that the impact could be grievous and devastating.

“We are all under a civic duty to comply with our various responsibilities and ensure that we do the needful to obey the laws and regulations governing the elections,” Mr Magu said

He added that political inducement had now taken other forms and tagged in different names such as “stomach Infrastructure”, “empowerment schemes”, “non-interest yielding loans” and “outright cash handouts”, among others.

Mr Magu, who described members of the group as stakeholders in the fight against corruption, said, “Your obligations are not different from your usual filing of suspicious transactions reports to the relevant authorities, and the prompt filing of currency transaction reports as well as foreign transaction reports.

“We have also observed the upsurge of illicit financial flows into the country through the borders and it is disheartening to see the role financial institutions play in facilitating the flows of these funds into the country.

“It is obvious now that financial institutions serve as intermediaries between law enforcement agencies and the criminals.

“At a simple push of the button, so much is moved to any jurisdiction of their choice.”

He added that no country could combat the flow of illicit funds without the cooperation of financial institutions, adding that “in most cases, it is the financial institutions that provide the means, logistics and strategy for the criminals to thread on.”

He said investigations revealed that foreign properties bought with proceeds of crime were sold, and the proceeds transferred to Nigeria through international banks as legitimate funds that could be used to finance several activities including elections.

He said, “Goods bought with proceeds of crime abroad are sent to Nigeria to support empowerment programmes during election periods.

“The goods are mostly cleared with deficient trade documents processed through the international banks.”

According to him, the condemnable practice also includes moving proceeds of crime that had been taken across the border to neighbouring countries back to Nigeria by depositing such funds in banks with corresponding banking relationship with local banks in Nigeria.

These funds, he said, could be used to finance elections in the country by physical distribution of the funds for political inducement or financing empowerment schemes to solicit votes from citizens.

Mr Magu also said that private bankers for international banks had been found to be facilitating the movement of proceeds of crime, that is physical movement of cash to the country, via charted airlines under the cover that it belonged to the banks.

He, however, said the activities of the criminals could be checkmated by increased transaction monitoring by bank officials, while also reporting suspicious transactions to the relevant agencies without delay.

He urged the group to cooperate with the Commission to ensure that criminals were not given the chance to take over the government and, by extension, the economy of the country.

He re-iterated the fact that the EFCC would prosecute anybody or institution found breaching the provisions of the law.

In his remarks, the Vice President, ACCOBIN, Mr Wumi Adeniyi, expressed his gratitude to Mr Magu for honouring the invitation to the event.

Mr Adeniyi, who is also the Chief Compliance Officer, CCO, Heritage Bank Plc, commended Magu for what he described as his “boldness to fight corruption and economic and financial crimes in the country”.

He also highlighted some of the challenges facing banks’ compliance officers in the country and sought the assistance of the EFCC to tackle them. He said, “We encounter a lot of legal burdens, particularly as it concerns the arrest and detention of compliance officers, among others.”

https://businesspost.ng/2019/02/01/politicians-bringing-in-stolen-funds-for-elections-efcc/

Eterna Plc Raises N3b via Commercial Papers
https://businesspost.ng/2019/02/01/eterna-plc-raises-n3b-via-commercial-papers/

Nigeria to Expect $340.8m IPOs, $2.9b M&A in 2019—Report
https://businesspost.ng/2019/02/01/nigeria-to-expect-340-8m-ipos-2-9b-ma-in-2019-report/

Investors Stake N451b on OMO Bills as Yields Rise 0.01%
https://businesspost.ng/2019/02/01/investors-stake-n451b-on-omo-bills-as-yields-rise-0-01/

Shareholders Okay Delisting of Newrest ASL Shares
https://businesspost.ng/2019/01/31/shareholders-okay-delisting-of-newrest-asl-shares/

Fidson Slashes Rights Issue’s Price to N4
https://businesspost.ng/2019/01/31/fidson-slashes-rights-issues-price-to-n4/

Okuntola Joins GTBank Board as Executive Director
https://businesspost.ng/2019/01/31/okuntola-joins-gtbank-board-as-executive-director/

Northern Nigeria Flour Mills Reports N160m Loss
https://businesspost.ng/2019/01/31/northern-nigeria-flour-mills-reports-n160m-loss/

Flour Mills Posts 40% Drop in Profit Despite Efforts to Improve Performance
https://businesspost.ng/2019/01/31/flour-mills-profit-drops-40-amid-efforts-to-improve-performance/

Honeywell Flour Suffers 95% Drop in Profit in 9 Months
https://businesspost.ng/2019/01/30/honeywell-flour-suffers-95-drop-in-profit-in-9-months/

Guinness Nigeria Profit Rises 21% Amid 4% Drop in Revenue
https://businesspost.ng/2019/01/31/guinness-nigeria-profit-rises-21-amid-4-drop-in-revenue/

Ellah Lakes to Complete Restructuring Exercise Soon, Settles Debt
https://businesspost.ng/2019/01/30/ellah-lakes-to-complete-restructuring-exercise-soon-settles-debt/

Osuntoki Resigns from Access Bank Board as Director
https://businesspost.ng/2019/01/30/osuntoki-resigns-from-access-bank-board-as-director/

Investors Lose N13b as Stocks Shed 0.11%
https://businesspost.ng/2019/01/31/investors-lose-n13b-as-stocks-shed-0-11/

CBN Sells N225b T-Bills as Funds Rate Crashes to 4.50%
https://businesspost.ng/2019/01/31/cbn-sells-n225b-t-bills-as-funds-rate-crashes-to-4-50/

By Dipo Olowookere

A major investor has keyed into the dream of talented Nigerian music producer and executive, Mr Collins Ajereh, otherwise known as Don Jazzy.

In 2012, after splitting with his former friend and partner, Dapo Oyebanjo, fondly called D’Banj, who they both founder the defunct Mo’Hits together, Don Jazzy set up Mavin Records.

Seven years after its establishment, the record label is getting the interest of a company known as Kupanda Holdings, which is putting millions of Dollar into the business.

A report by Music Business Worldwide said the company wants the Nigerian firm to expand its scope to reach more talented artistes.

At the moment, Mavin Records boasts of local music acts like Tiwa Savage, Johnny Drille, Di’ja, D’Prince and Korede Bello.

“Our mission is to grow Mavin Global into the music powerhouse of Africa,” explained Don Jazzy (aka Michael Collins Ajereh), President and founder of Mavin Global.

“By collaborating with artists, African creatives, local and international partners, we can become a globally recognized household name and the go-to platform for connecting African music with the world,” Don Jazzy told MBW.

Also speaking, Tega Oghenejobo, Chief Operating Officer of Mavin, said, “With the resources and operational capacity Kupanda Holdings brings along with their investment, Mavin is now ready to grow our artist roster across the continent, and partner at a global scale.

“We are looking to build an institution that will support the fantastic creative ecosystem in Africa, and move Afrobeats to the forefront of the global industry.”

Over the past seven years, Mavin Records has leveraged digital platforms like YouTube and Instagram, where it has 1.7 million followers, to target its music to local fanbases, as well as the African diaspora in the US, Europe and UK.

Nigeria is the most populous country in Africa, with a population of 180 million. Its local record industry is projected to grow rapidly with increasing smartphone penetration and the rise of digital streaming platforms.

Mavin’s own YouTube channel has over 680,000 subscribers, and its videos have been viewed more than 353m times on the platform to date.

Mavin-signed artist Korede Bello commented: “I’m overjoyed to be part of this new era for Mavin. With the support of this team, I’m excited to release new music for my fans and connect with even more music lovers across the world.”

On his part, Bobby Pittman, Managing Partner of Kupanda Holdings, said: “Between Don Jazzy’s legacy of defining the sound of modern Afrobeats and developing top African artists, Mavin Global has a unique advantage and opportunity to build the record label that will accelerate bringing African popular music to the world.

“We are impressed by the Mavin team’s experience and are pleased to partner with them in their next phase of growth.” Kupanda Holdings is a joint venture between pan-Africa investment company Kupanda Capital and TPG Growth.

Business Post reports that Mavin Records started with Don Jazzy, Tiwa Savage, Dr Sid, D’Prince and Wande Coal.

Later, Wande Coal left the label and more artistes were brought like Reekado Banks, Korede Bello, Iyanya and others. Some months ago, Iyanya left the music outfit and later, Reekado followed.

https://businesspost.ng/2019/01/30/kupanda-holdings-invests-in-don-jazzys-mavin-records/

By Dipo Olowookere

The United Nations refugee agency, United Nations High Commissioner for Refugees (UNHCR), has launched an appeal for $135 million to assist hundreds of thousands of people displaced by the worsening Boko Haram insurgency in the Lake Chad Basin region.

The appeal, tagged 2019 Nigeria Regional Refugee Response Plan (RRRP), was launched in partnership with the UN Development Programme and other partners.

With more 250,000 children, women and men already uprooted from northeast Nigeria, surging militant attacks targeting civilians and are forcing thousands more to run for their lives each day. Young girls, old women and aid workers continue to bear the brunt of this escalating violence.

A recent upsurge in violence in north-east Nigeria has driven more than 80,000 civilians to seek refuge in already crowded camps or in towns in Borno State, where they are surviving in tough living conditions.

Nigerian refugees continue to arrive in very remote and impoverished communities in neighbouring countries. An estimated 30,000 have fled the city of Rann over the weekend alone to seek refuge across the Cameroonian border.

Thousands have also fled to neighbouring Cameroon and Chad in recent weeks. The hostilities have strained humanitarian operations there and forced aid workers to pull out from some locations. The destruction of livelihoods and infrastructure is widespread.

The escalation in the conflict has thwarted people’s intention of returning to their homes. Some refugees that attempted to return to their homes and communities have become displaced multiple times inside Nigeria or have become refugees a second time in Cameroon, Chad and Niger.

The newly launched aid appeal aims to broaden the humanitarian response towards a longer-term approach – to support those forced to flee and the communities hosting them. Refugee hosting communities are already living below the poverty line and in dire need of aid themselves with their ability to help the displaced being stretched to the limit.

The 40 UN agencies and humanitarian organizations that joined the 2019 Nigeria Regional Refugee Response Plan (RRRP) will cater for the needs of a quarter million Nigerian refugees and 55,000 of their hosts in Niger, Cameroon and Chad.

A total of some 2.5 million people are displaced across the Lake Chad region including more than 1.8 million inside Nigeria.

A Refugee Response Plan (RRP) is a UNHCR-led, inter-agency planning and coordination tool for large-scale or complex refugee situations. A similar appeal of US$157 million launched in 2018 was only 42 per cent funded, compared to 56 per cent of the US$241 million needed in 2017.

The UN and its partners are also seeking $848 million to continue providing food, water, shelter and protection to the most vulnerable people in Nigeria, as part of the 2019-2021 Humanitarian Response Strategy for the country, which is simultaneously launched in Abuja.

https://businesspost.ng/2019/01/30/unhcr-seeks-135m-for-fleeing-boko-haram-victims/

Poor Sales, Naira Instability Threaten PZ Cussons' FY Profits
https://businesspost.ng/2019/01/30/poor-sales-naira-instability-threaten-pz-cussons-fy-profits/

How to Make More Money Investing in Commercial Papers
https://businesspost.ng/2019/01/29/how-to-make-more-money-investing-in-commercial-papers/

Union Threatens to Picket First Bank, Zenith Bank, 6 Others
**Accuses Banks of Illegally Trading With Pensioners’ N700m
https://businesspost.ng/2019/01/29/union-threatens-to-picket-first-bank-zenith-bank-6-others/

Access Bank Board Approves 2018 Financial Results
https://businesspost.ng/2019/01/29/access-bank-board-approves-2018-financial-results/

Treasury Bills Yields Rise 0.14% on Selling Pressure
https://businesspost.ng/2019/01/29/treasury-bills-yields-rise-0-14-on-selling-pressure/