₦airaland Forum

By Modupe Gbadeyanka

The disruption of the nation’s political landscape by the suspension of the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, by President Muhammadu Buhari last Friday took its toll on the local stock market.

The equities market reacted to the issue with an upturn of the positive momentum witnessed in two weeks.

heavy profit-taking activities were witnessed during the trading session, which negatively impacted on the nation’s bourse.

At the close of transactions yesterday, the Nigerian Stock Exchange (NSE) closed 0.26 percent lower, triggering the year-to-date loss higher to 0.27 percent.

The All-Share Index (ASI) depreciated on Monday by 82.39 points to finish at 31,344.24 points, while the market capitalisation decreased by N31 billion to settle at N11.688 trillion.

Also, the volume and value of shares transacted by investors declined yesterday by 46.62 percent and 41.36 percent respectively. While the volume of equities traded dropped to 222.7 million from 417.2 million, the value decreased to N1.8 billion from N3.1 billion.

At the market on Monday, losses were recorded across all sectors except the Industrial index, which appreciated slightly by 0.01 percent.

The banking sector dropped 0.50 percent, insurance fell by 1.14 percent, consumer goods decreased by 0.17 percent and the oil/gas going down by 0.40 percent.

The worst performing stock on Monday was Berger Paints, which lost 9.68 percent to close at N7.

It was followed by Consolidated Hallmark Insurance, which dropped 8.57 percent to settle at 32 kobo, and Mc Nichols, which fell by 7.69 percent to end at 36 kobo.

On the flip side, NPF Microfinance Bank was the best performing stock, appreciating by 9.59 percent to finish at N1.60k per unit.

Union Diagnostics and Clinical Services increased its share value by 7.41 percent to settle at 29 kobo per share, while Oando gained 5.15 percent to close at N5.10k per unit.

Fidelity Bank was the most actively traded stock during yesterday’s session, with a turnover of 23.7 million equities sold for N56.6 million.

It was followed by UBA, which exchanged 21.8 million shares valued at N162 million, and Diamond Bank, which sold 21.2 million shares worth N48.4 million.

https://businesspost.ng/2019/01/29/fresh-political-uncertainty-weakens-nigerian-stock-market-by-0-26/

By Modupe Gbadeyanka

In order to further optimize operations through adequate maintenance of installations and reduction of downtime, Nigeria’s leading Electricity Distribution Company, Ikeja Electric Plc (IE), has commenced the electronic tagging of electricity poles across its network.

The exercise known as E-Pole Tagging Project entails labelling of all 11KV and 33KV High Tension (HT) poles with electronic Quick Response (QR) Code stickers. It will accelerate fault clearing, ensure proper record keeping for poles and feeders that need urgent maintenance to bring about stable power distribution to customers.

Speaking on the initiative, Head of Corporate Communication at Ikeja Electric, Mr Felix Ofulue, said, “At Ikeja Electric, we are consistent and committed to improving our operations in line with best practice in order to give the desirable services to our customers. We are engaging in activities that will provide significant outcome and impact positively on the sector.”

“This consistency shows that we are driven by commitment and passion to add value to the lives of our customers through exploring ways of improving the network,” he said.

The project, according to the company, kicked off three weeks ago and is expected to end by December 31, 2019.

It will cover 274 units of 11KV overhead Feeders and 64 units of 33KV overhead feeders. The electronic stickers are designed in QR Code (Quick Response Code) format. Information about the feeders and poles are embedded into the fibre metallic stickers that are attached to the poles.

These information can be read by scanning the QR Code on the stickers pasted on the poles with any smartphone devices. The scanned information will show the Index Number, Feeder Name, Pole Material Type (Wooden or Concrete), Pole ID, Longitude/Latitude and Pole Structure (Single or Dual Poles).

The initiative will enable the technical team to track work and maintenance history, reducing human error in the upkeep of regular maintenance and speeding up tracking times for new work orders. The project is a continuation of the CETAAM Project contracted to KEPCO.

Part of the recent improvement done by the DisCo includes upgrading of the PTC Undertaking at Ikeja GRA to offer a highly effective Point-of-Sales self-service, fully automated Electronic Queue Management System (EQMS) and well-trained Executives Sales Representative.

Other projects executed to scale up supply across our network also include commissioning of the Mushin 1x15MVA Injection Substation and the New Oworo 15 MVA Injection Sub-Station.

Towards the end of last year, IE carried out a thorough rehabilitation of the Agege Injection Substation with the replacement of two obsolete high voltage switchgears, while it has also set up a Preventive Maintenance Team to check failure of equipment and guarantee stable power supply.

https://businesspost.ng/2019/01/28/ikeja-electric-begins-electronic-tagging-of-poles-for-better-services/

CCT Adjourns Justice Onnoghen’s Trial Indefinitely
https://businesspost.ng/2019/01/28/cct-adjourns-justice-onnoghens-trial-indefinitely/

Investors Anticipate Further Hike in Stop Rates at Wednesday’s N255b PMA
https://businesspost.ng/2019/01/28/investors-anticipate-further-hike-in-stop-rates-at-wednesdays-n255b-pma/

Five Stocks to Likely Consider This Week
https://businesspost.ng/2019/01/28/five-stocks-to-likely-consider-this-week/

Neimeth Shareholders Meet to Approve Bonus Issue of One for 10
https://businesspost.ng/2019/01/28/neimeth-shareholders-meet-to-approve-bonus-issue-of-one-for-10/

Sovereign Trust Insurance Gets NSE Approval for N2.1b Rights Issue
https://businesspost.ng/2019/01/28/sovereign-trust-insurance-gets-nse-approval-for-n2-1b-rights-issue/

2018 Budget Implementation Less Than 5%—Lawmaker
https://businesspost.ng/2019/01/25/2018-budget-implementation-less-than-5-lawmaker/

By Modupe Gbadeyanka

One of the top artistes and music producers in Nigeria, Solomon Oyeniyi, otherwise known as K-Solo, has expressed regrets supporting and voting for President Muhammadu Buhari in 2015.

In a post on his verified Twitter page, the respected entertainer said he threw his full weight behind the President nearly four years ago because he taught the former military Head of State would take the country forward and bring about the positive change he promised electorates then.

"I regret that I voted for President Buhari.

"I thought with him things will be a lot different, so much believed in him that I campaigned for him here and off here.

"I knw it’s not only my vote that put him there, but my vote was counted for him and that’s a mistake I’ll forever live with.

"EFCC - Magu
NFIU- Hamman-Tukur
Police- Mohammed
DSS- Bichi
NIA- Ahmed
AGF - Malami
Appeal Court - Bulkachuwa
High Court - Abdul Kafarati
Supreme Court - Tanko
The entire judiciary is in the hands of a section of the country.

"This is brazen. Nigerians How do you defend this? We have to wake up. Buhari may not even be on that Sit in 2023," K-Solo tweeted.

Continuing, he said, "We cant have folks suffering n be here acting like its all fine, when we are paid to Promo all there Enpowerment ish.....Like in Ameachi's Voice "we all dey suffer"."

https://businesspost.ng/2019/01/27/nigerian-artiste-regrets-voting-for-buhari-in-2015/

By Kester Kenn Klomegah

The volume of trade between Nigeria and Russia has risen to $600 million as at the end of 2018 from $250 million in 2013 and $300 million at the end of 2015.

This means the volume of trade between the African nation and the Eastern European country rose by 140 percent in five years and 100 percent in three years.

Speaking recently at an event organised by the Russian-Nigerian Business Council, Vice-President of the Russian Chamber of Commerce and Industry, Mr Vladimir Padalko, described Nigeria has one of the three largest trade partners of Russia among sub-Saharan African countries.

Business Post reports that Mr Padalko emphasised that more can still be achieved by both nations because the $600 million figure is “still seen as far below the full potential of trade and economic cooperation between the two countries.”

However, Mr Padalko pointed to prospective areas including the exploration and production of hydrocarbons and solid minerals, the supply of engineering and chemical products, aircraft technology, cooperation in the nuclear industry, energy, and others.

Dmitry Osipov, Chairman of the Russian-Nigerian Business Council, General Director of PJSC Uralkali (this company is one of the world’s largest producers of potash fertilizers) stressed that the Council regards Africa in general and Nigeria in particular as a promising market.

“The Business Council provides the companies from both countries, regardless of their form of incorporation, with an additional opportunity to expand and diversify business cooperation, including joint investment and business projects. Uralkali is no exception.

“We see Africa as a whole and Nigeria in particular as a very promising market where we could implement several projects within the framework of ensuring global food security,” he said.

In this case, the interests of the Russian business and the Nigerian leadership coincided as both chose agriculture as one of the pivotal points of growth of the country’s economy. Osipov informed that the Business Council includes representatives made of thirty-four Russian companies and practically each of them has its own business interests in Nigeria.

However, the range of economic spheres can be extended. And here, the Russian-Nigerian Business Council should play its role, among them identifying the most important tasks, analyzing the existing problems and the development of a consolidated position of domestic business in the areas of trade and economic cooperation between the two countries. It also sees as important the organization of business interaction with representatives of Nigerian authorities, the establishment and expansion of business contacts with Nigerian entrepreneurs.

Abuja Chamber of Commerce President, Adetokunbo Kayode, stressed that the history of Russian-Nigerian trade relations, and noted that much has changed. He said that the Federal Government of Nigeria has created a favorable business climate to attract foreign investors to Nigeria. Nigeria is developing rapidly. Now it is the largest market of the continent. The population growth presents a large market for consumer products. Therefore, the presence of Russian business in the heart of Africa is welcomed.

Mercy Haruna, Minister-Counsellor of the Nigerian Embassy in Russia; Rex Essenowo, Chairman of the Russian Branch of Nigerians in the Diaspora in Europe (NIDOE); Kirill Aleshin from the Institute of African Studies; Oleg Svistonov from Rusal Company in Nigeria and other speakers noted the importance of intensifying development of trade and economic relations between Russia and Nigeria.

The NIDOE-Russia was established as a forum for Nigerian professionals residing in Russian Federation to participate in the development of Nigeria. It works closely with the Presidency, the Federal Ministry of Foreign Affairs, the Senate’s Committee on Diaspora Affairs and the Embassy of the Federal Republic of Nigeria.

The meeting finally made specific proposals on the work of the Business Council. An agreement on cooperation (that aimed at expanding and developing business cooperation between Russian and Nigerian entrepreneurs) was signed between the Russian Chamber of Commerce and Industry and the Abuja Chamber of Commerce and Industry.

https://businesspost.ng/2019/01/27/nigeria-russia-trade-volume-rises-100-in-3-years-to-600m/

By Modupe Gbadeyanka

A lawmaker from Kwara State, Mr Aliyu Ahman-Pategi, has lamented the poor implementation of the 2018 budget by the executive.

The political economist, who is representing Edu/Moro/Patigi constituency at the lower chamber of the National Assembly, said the level of implementation of the 2018 budget was less than five percent, which he described as very poor.

Mr Ahman-Pategi, while contributing to the debate on the 2019 budget estimate of N8.8 trillion on Wednesday, said the executive was just making the efforts of the parliament a waste of time if the implementation was poor.

“The percentage of implementation of the 2018 budget is less than 5 percent, which means it was a wasted financial year.

“It is natural for lawmakers not to be encouraged to debate the 2019 budget and other budgets because we have it at the back our minds that the implementation would be poor after going extra miles to go through the documents and pass them,” the lawmaker said on the floor of the green chamber.

He therefore, called on the executive to ensure the budgets are ready for transmission to the parliament before October of the preceding year to allow input of legislators to be concluded in time for speedy passage and implementation.

Mr Ahman-Pategi lamented the continuous borrowing of the present administration without channelling the funds to developmental projects, noting that this keeps making the percentage of debt services to rise.

He also called that the money proposed for the social intervention fund be used to pay owed contractors so that they can return to site and engage Nigerians in carrying out the jobs so that wealth can be spread.

Corroborating his colleague, a lawmaker of Kaduna State, Mr Simon Arabo, said the level of implementation of the 2018 was inexcusably poor especially when aligned with the revenue that was generated.

He stated that the implementation was obviously deliberate to create artificial scarcity since the government bragged about increased revenue generation from the organs of government.

He stated that it was alarming that Nigerians do not even know how much oil is generated and sold daily, there is so much oil theft still going on, also frowning at the current administration’s penchant for excessive borrowing.

https://businesspost.ng/2019/01/25/2018-budget-implementation-less-than-5-lawmaker/

Hello House, this news might interest you.

Buhari Removes Onnoghen, Swears in Muhammad as Acting CJN
https://businesspost.ng/2019/01/25/buhari-removes-onnoghen-swears-in-muhammad-as-acting-cjn/

By Modupe Gbadeyanka

The Securities and Exchange Commission (SEC) on Thursday described as worrisome the growing amount of unclaimed dividends in the Nigerian capital market.

Head of Lagos Zonal office of SEC, Mr Stephen Falomo, while speaking in Akure, Ondo State yesterday, said as at January 2018, the total amount was confirmed to be over N100 billion.

According to him, this figure will continue to swell as more companies declare dividends, which will still remain uncollected by investors.

“Companies would continue to declare dividends and this figure is expected to further grow. The huge figure and continuous growth of unclaimed dividends clearly suggest an urgent need to stem trend,” he said at an e-dividend enlightenment campaign yesterday.

Mr Falomo said the way out is for Nigerian investors to enrol for the e-dividend regime by completing an e-Dividend ‘Mandate Form’ and submitting same at the nearest branch of his/her bank or registrar’s office, for identity validation leveraging the BVN platform of the NIBSS.

Head of Zonal Offices Coordinating Department at SEC, Mr Edward Okolo, who represent the acting Director General of the agency, Ms Mary Uduk, also urged investors to take advantage of the on-going e-dividend registration as well as the regularisation of multiple subscription accounts in a bid to reduce the unclaimed dividends profile and increase liquidity in the capital market and the economy.

She disclosed that the forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated and consequently, enjoined those who have not come forward for the regularization of shares purchased with multiple identities, to do so.

According to her, “The essence of the E-Dividend Mandate Management System is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.”

She described, “Unclaimed dividend as an undesirable feature of the Nigerian capital market which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

“It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others.”

She stated that the E–Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after declaration by the paying company and within a stipulated payment period through simple interbank transfer.

At the gathering, Ms Uduk also urged state governments to take advantage of the enormous opportunities available in the capital market to revitalise moribund companies in their state in a bid to create wealth for the citizens.

She said some of the companies still have potentials adding that the capital has instruments to revamp such companies through private equity funding and partnerships.

Also speaking at the event, Secretary to the Ondo State Government, Mr Ifedayo Abegunde, commended the SEC on its efforts at sensitising investors and assured that the state government will assist in any way possible to ensure that its citizens derive the benefits of their investments.

https://businesspost.ng/2019/01/25/over-n100b-belonging-to-investors-still-uncollected-sec/

Merger: Access Bank, Diamond Bank Shareholders Meet March 5
https://businesspost.ng/2019/01/25/merger-access-bank-diamond-bank-shareholders-meet-march-5/

NSE Lists Additional 745.2m Shares of May & Baker
https://businesspost.ng/2019/01/25/nse-lists-additional-745-2m-shares-of-may-baker/

Reduction of NPLs in Banking Sector Gladdens CBN
https://businesspost.ng/2019/01/25/reduction-of-npls-in-banking-sector-gladdens-cbn/

UAC Remains Mute on Cause of Fire, Says No Life Lost
https://businesspost.ng/2019/01/25/uac-remains-mute-on-cause-of-fire-says-no-life-lost/

T-Bills Yields Settle at 14.50% as CBN Mops up N410b
https://businesspost.ng/2019/01/25/t-bills-yields-settle-at-14-50-as-cbn-mops-up-n410b/

By Modupe Gbadeyanka

For a while, the tax revenue to Gross Domestic Product (GDP) ratio of Nigeria had been at a paltry 6 percent, but this figure has risen now to 7 percent.

Minister of Finance, Mrs Zainab Ahmed, while speaking on Wednesday at a function in Abuja, disclosed that the tax to GDP ratio of Africa’s largest economy was presently at 7 percent.

However, she said this figure was still low, challenging revenue generation agencies in the country to brace up and broaden the non-revenue base of government.

Mrs Ahmed, who spoke at the unveiling of federal government’s Strategic Revenue Growth Initiatives (SRGI) for sustainable revenue generation in all sectors of the economy, noted that government plans to achieve “sustainability revenue generation to optimally collect revenues, so we always maintain fiscal buoyancy and resilience.”

She said thereafter, government will identify new revenue streams and enhance the enforcement with regards to revenue collection on our existing revenue streams.

According, when the above is achieved, another move would be to create a “cohesion between revenue generating entities and equipping them with cutting-edge tools and expertise needed to support high performance, so we can turnaround our current performance on revenue outturn to meet revenue targets that we are charged with.”

“The revenue initiatives have been broken into clear implementable portfolios for each relevant MDA and I believe that these are well thought out initiatives targeted at improving our tax base and collections, ensuring we have big data to work with, deploy a single trade platform, among many others,” Mrs Ahmed said.

She further that, “We have faced difficulty in mobilising domestic funds necessary for human capital development and infrastructure that are both drivers of sustainable economic growth.

“Our current revenue to GDP ratio of about seven percent is unsatisfactory and we are keen on exerting all efforts in turning this around.

“The case remains the same with our current contribution between oil and non-oil revenues to oil and non-oil GDP, for which our analysis on oil revenue to oil GDP reveals as 39 percent while non-oil revenue to non-oil GDP as 4.2 percent.

“Our VAT revenue to GDP in Nigeria for example stands at 0.8 percent, which compares unfavourably to the ECOWAS average of 3.4 percent. So also, is our excise revenue which is 4.1 percent, compared to Ghana at 15 percent or Kenya at 19.5 percent.”

Last year, Executive Secretary of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, had said his agency would make efforts to increase the national tax revenue to GDP ratio to at least 20 percent by December 31, 2018.

However, with the latest information by his boss, the Finance Minister, this target was never met by the tax agency.

“Revenue authorities nationwide should ensure that all efforts are made to increase the national tax revenue to the Gross Domestic Product ratio to at least 20 percent by December 31, 2018,” FIRS had said in a communiqué issued last September.

Business Post reports that some Nigerians still find it difficult to pay tax to government because of issue of transparency on the part of government. Citizens provide virtually every basis things for themselves, including water, electricity, shelter, food, sometimes roads and others.

Though the number of people in the tax net is increasing by the day, a lot of taxpayers still have to be captured by government. At the moment, the tax base is nearly 20 million in a population of nearly 200 million.

https://businesspost.ng/2019/01/24/nigerias-tax-revenue-to-gdp-ratio-rises-to-7/

VIDEO: Fire Guts UAC Building in Marina Lagos
https://businesspost.ng/2019/01/24/video-fire-guts-uac-building-in-marina-lagos/

The situation has been brought under control.

Unity Bank Board Meets for 2018 FY Results, Capital Raising
https://businesspost.ng/2019/01/24/unity-bank-board-meets-for-2018-fy-results-capital-raising/

Rates Remain Flat at CBN OMO Auction
https://businesspost.ng/2019/01/24/rates-remain-flat-at-cbn-omo-auction/

Union Bank Begins Sale of N20b Commercial Papers
https://businesspost.ng/2019/01/23/union-bank-begins-sale-of-n20b-commercial-papers/

By Modupe Gbadeyanka

The Senator representing Osun Central constituency of Osun State at the National Assembly, Mr Olusola Adeyeye, has accused one of the airline operators in the country, Arik Air, of putting the lives of Nigerians at risk.

The lawmaker said the company was allegedly doing this by not servicing its airplanes properly.

Speaking on the floor of the Senate on Wednesday, Mr Adeyeye claimed on three different occasions, he boarded Arik Air with faulty air conditioning system.

He further accused the airline and others of operating on substandard maintenance.

Citing Order 43, Senator Adeyeye cites Order 43 on a matter of urgent public importance, told his colleagues that, “I was on an Arik (Air) aircraft on three different occasions and the air conditioning did not work.”

“Aircrafts take off without being properly serviced or serviced on time and this is unfair to Nigerian citizens,” Mr Adeyeye lamented.

In his remarks, the Senate President, Mr Bukola Saraki, who presided over the session, thanked the lawmaker for bringing the matter up for deliberation.

Mr Saraki said, “Anything that has to do with the lives of our people should be looked into.”

He then asked “Chairman of the Committee on Aviation take this matter up and report back to us within a week. Let us find out what the issues are.”

Meanwhile, efforts by Business Post to get the reaction of Arik Air through its Head of Communications, Mr Adebanji Ola, on this matter were not successful as at press time.

Arik Air, formerly a privately-owned firm, was established in 2006, but was taken over by the Nigerian government in 2017 through the Asset Management Corporation of Nigeria (AMCON) after it failed to repay its $429 million debts.

In a recent report by ThisDay, Mr Ola admitted that the future of Arik Air could be threatened because of the present state of the airline.

He was reported to have said Arik Air existed today and maintained existing workforce because of the intervention by AMCON, pointing out that if not for the intervention, Airk Air would have gone under in 2017.

In recent times, Arik Air has been in the news for the wrong reasons, which is becoming very worrisome to some of its loyal customers.

https://businesspost.ng/2019/01/23/senator-laments-poor-maintenance-of-arik-air-aircrafts-says-passengers-lives-at-risk/

90-Day T-Bills Yield Rises to 12.05%
https://businesspost.ng/2019/01/23/90-day-t-bills-yield-rises-to-12-05/

Yields Lose 0.04% on Offshore Interests in Short-Dated T-Bills
https://businesspost.ng/2019/01/22/yields-drop-0-04-on-offshore-interests-in-short-dated-t-bills/

By Modupe Gbadeyanka

For those who have tried to open a corporate bank account in Nigeria, they must have come across the word ‘SCUML.’ In some cases, without this document in your possession, banks cannot complete the account opening process for you.

SCUML is an acronym for Special Control Unit Against Money Laundering and it is issued by the Economic and Financial Crimes Commission (EFCC).

If someone had in the past told you that obtaining the SCUML certificate costs a lot and difficult to obtain, we are here to let you know that all you need is a computer, internet access and a scanner to scan your documents, which must be less than 2MB and merged as one file.
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SCUML is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non-Financial Institutions (DNFIs) in line with the Money Laundering (Prohibition) Act ML(P)Act 2011 and the Prevention of Terrorism Act (PTA) 2011.

Who are Designated Non-Financial Institutions?

Section 25 of the ML (P) Act defines DNFIs as dealers in jewellery, cars and luxury goods, Precious stones and metals, Real estate, Estate developers, Estate surveyors and Valuers, Estate Agents, Chartered accountants, audit firms, tax consultants, clearing and settlement companies, hotels, casinos, supermarkets, Dealers in Merchanised Farming equipment and machineries, Practitioners of Mechanised farming, Non-Governmental Organisations (NGOs) or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.

Does SCUML registration attract any fee?

No! Registration can be done on the SCUML website at NO COST.

What is a suspicious transaction?

A suspicious transaction is a transaction in which a DNFI suspects that it may involve proceeds of any of the offences specified in the Money Laundering (Prohibition) Act 2011 as amended, regardless of the value involved; or

(a) Appears to be made in circumstances of unusual or unjustified complexity; or

(b) Appears to have no economic justification or lawful objective; or

(c) Gives rise to suspicion that it may involve financing of terrorism.

STR has no threshold; it could be based on any amount. This report should be submitted to the Nigeria Financial Intelligence Unit (NFIU) solely.

What is Currency Transaction Report?

A CTR is a report that Designated and Non-Financial Institutions (DNFIs) are statutorily required to file with the Nigeria Financial Intelligence Unit (NFIU) on transactions that involve amounts in excess of N10,000,000 (Ten Million Naira) and N5,000,000 (Five Million Naira) for corporate bodies and Individuals respectively. However, based on the Memoradum of Understanding between Special Control Unit against Money Laundering and the Nigerian Financial Intelligence Unit, DNFIs are to report CTRs directly to SCUML.

What is Cash Based Transaction Report?
This is a report that Designated Non-financial Institutions are required to file with the Special Control Unit against Money Laundering (SCUML) for each deposit, purchase or sale and other payments , by a customer to the DNFI, which involves cash transaction in excess of $1,000 or its equivalent in Naira or other currencies.

https://businesspost.ng/2019/01/21/how-to-obtain-scuml-registration-from-efcc-with-ease/

N75b Rights Issue: Access Bank Cancels Next Month’s EGM
https://businesspost.ng/2019/01/21/n75b-rights-issue-access-bank-cancels-next-months-egm/

NSE, Afrinvest Unveil New Indices to Optimise Investors Returns
https://businesspost.ng/2019/01/21/nse-afrinvest-unveil-new-indices-to-optimise-investors-returns/

Aba Fire Incident Won't Affect Our Performance—Guinness Nigeria
https://businesspost.ng/2019/01/21/aba-fire-incident-wont-affect-our-performance-guinness-nigeria/

By Modupe Gbadeyanka

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has hinted that the nation’s apex bank will add more items to those already prevented from accessing foreign exchange for importation into the country.

At the moment, there are 42 items importers cannot get forex for at the interbank market, with a view to bringing into the country.

The list initially had 41 items on it, but last month, the central bank added fertiliser to the log.

During an inspection of Dangote Refinery, Petrochemicals and Fertilizer projects in Lagos at the weekend, Mr Emefiele said about eight new items would be added to the restriction list to make it 50 in total.

He said for Nigeria to grow and to encourage more investors like Mr Aliko Dangote to invest in the country, efforts must be made to ensure things that can be locally produced are not imported into the nation.

“We are looking at increasing the items not eligible for forex to 50. We are ready to support in Naira and also ready to provide foreign exchange for any investor who is ready to support Nigeria’s transformational agenda.

“I use this opportunity to repeat that we are ready to support any individual like Aliko Dangote who is willing to invest in this country. We will continue to support companies that display the determination to support the CBN. I feel so delighted and I am happy this is happening in my own life-time and I am sure you are all so happy,” the CBN chief said.

Mr Emefiele praised Mr Dangote, Africa’s richest man, for the volume of work done on the projects since his last visit over two years ago.

He also enthused that the refinery and fertilizer projects would help Nigeria to create thousands of jobs and check importation of fuel by the federal government; thereby saving government huge amounts of forex currently being spent on fuel import.

He added that about 55 to 60 percent of Nigeria’s spending on foreign exchange for the importation of petroleum products and food items would be saved when the Dangote Refinery come on stream.

According to Mr Emefiele, one third of Nigeria’s spending on forex will also be retained when the Dangote Refinery is completed.

Business Post reports that importers of items on the restriction list are only not allowed to get cheaper forex from government to bring in those commodities. However, they can source for forex elsewhere to import the goods.

https://businesspost.ng/2019/01/21/cbn-to-increase-items-on-forex-restriction-list-to-50/

eTranzact Shareholders Approve Share Capital Raise to N9.1b
https://businesspost.ng/2019/01/21/etranzact-shareholders-approve-share-capital-raise-to-n9-1b/

Five Stocks to Watch out for This Week
https://businesspost.ng/2019/01/21/five-stocks-to-watch-out-for-this-week/

N382b Inflows in Maturing T-Bills Likely to Weaken Rates
https://businesspost.ng/2019/01/21/n382b-inflows-in-maturing-t-bills-likely-to-weaken-rates/

Lafarge Africa Shifts Offer Period for N89b Rights Issue
https://businesspost.ng/2019/01/21/lafarge-africa-shifts-offer-period-for-n89b-rights-issue/

Sovereign Trust Insurance Applies to Raise N2.09b via Rights Issue
https://businesspost.ng/2019/01/21/sovereign-trust-insurance-applies-to-raise-n2-09b-via-rights-issue/

Zenith Bank Board Approves 2018 FY Results
https://businesspost.ng/2019/01/20/zenith-bank-board-approves-2018-fy-results/

Access Bank Confirms Plan to Sell N15b Green Bonds
https://businesspost.ng/2019/01/20/access-bank-confirms-plan-to-sell-n15b-green-bonds/

Foreign Investor Buys 29.9% Stake in NEM Insurance
https://businesspost.ng/2019/01/18/foreign-investor-buys-29-9-stake-in-nem-insurance/

Access Bank Targets Sale of N150b Green Bonds
https://businesspost.ng/2019/01/18/access-bank-targets-sale-of-n150b-green-bonds/

T-Bills Yields Hit 6-Week Low of 14.73% amidst Buying Pressure
https://businesspost.ng/2019/01/18/t-bills-yields-hit-6-week-low-of-14-73-amidst-buying-pressure/