₦airaland Forum

Lufthansa Sells 6% Stake in NAHCO to Godsmart
https://businesspost.ng/2019/01/09/lufthansa-sells-6-stake-in-nahco-to-godsmart/

Zenith Bank, UBA Boards Meet for FY 2018 Results
https://businesspost.ng/2019/01/09/zenith-bank-uba-boards-meet-for-fy-2018-results/

By Modupe Gbadeyanka

General Overseer of Freedom For All Nations (FANO), South Africa, Prophet Samuel Akinbodunse, has said the 2019 presidential election holding next month in Nigeria will not be won by either President Muhammadu Buhari or his main opposition, Mr Atiku Abubaker.

In his prophesies for 2019, the Nigerian cleric said the February 19 poll would be surprisingly won by a candidate having an ‘S’ in his name.

The FANO TV chief said God revealed to him that a youth has been chosen to become President of the most populous black nation in the world.

“I am a bit afraid. I wept over Nigeria in the place of my prayer in 2019. If Nigeria refuses to choose right, they may suffer again for the next four years.

“The Lord said He has spoken to many people who have the same mind with me that the person to bring transformation (to the country) is a youth and not the old men.

“God said a man like David, a rugged man, who will have no regrets and respect for nonchalant attitude is the one who He chose because of the cry of the innocent.

“In my prayers, I still saw a man with a name ‘S’ on the seat, God said He has put into him the transformation Nigeria needs.

“God said He won’t force Nigeria to obey Him but what will force them to obey will come upon them if they miss his word.

“God said when His mind and will is done in Nigeria, all these killings will stop,” the man of God was quoted as saying in a statement released by his media team on Monday.

The Nigerian Prophet further said in Africa politics, there will be shift and crisis, with some political heads disappointed.

“I see some people who have stolen from their country running to exile because of this shift that is coming,” he declared.

“The Lord said to me more than nine times that in 2019, He will open judgment on fake ministries, pastors, preachers of the worlds. Starting from January, you will see judgment being released on fake ministries.

“Many secrets in Christendom and politics will be exposed in 2019.

“There will be plenty of harvest for true churches because I see the network that gathers crowd for fake pastors being cracked down.

“The righteous, holy men and women should pray harder not to be a partaker of the punishment God is releasing on fake people,” he said.

Prophet Akinbodunse further said, “The Lord said the gathering of the saint that was gathered and led by white men has been answered and will release favour upon South Africa

“I see some politicians who have no fear of God being removed and replaced by those who have the fear of God.

“The ruling party will still rule the country. In my revelation I saw like a screen, ANC taking over Mandela by again

“The Lord said we should keep praying against fire outbreak

“The Lord said we should pray so ANC will not lose a popular leader in 2019 because I saw a political leader, very famous leaving ANC and I saw people in the stadium to mourn this person “Business will be very good in SA in 2019.”

https://businesspost.ng/2019/01/09/buhari-atiku-wont-win-2019-presidential-election-prophet/

SAHCO N1.89b IPO Ends Today
https://businesspost.ng/2019/01/09/sahco-n1-89b-ipo-ends-today/

T-Bills Yields Drop 0.09% Amid Weak OMO Subscriptions
https://businesspost.ng/2019/01/09/t-bills-yields-drop-0-09-amid-weak-omo-subscriptions/

Abraaj to Convert $10m Loan in C&I Leasing to Equity
https://businesspost.ng/2019/01/08/abraaj-to-convert-10m-loan-in-ci-leasing-to-equity/

By Dipo Olowookere

Subscribers of 9mobile are not happy with news report that its new owners, Teleology Holdings, is pulling out of the telecom company few months after the firm was handed over to it.

Business Post reports that in November 2018, Teleology announced the constitution of a new board of directors for 9mobile, former known as Etisalat Nigeria.

This followed the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria (CBN) and in fulfilment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.

Some days ago, presidential candidate of the opposition party, the Peoples Democratic Party (PDP), Mr Atiku Abubakar, claimed the family of President Muhammadu Buhari own a substantial amount of shares in 9mobile and Keystone Bank Limited.

Reports emerged yesterday that Teleology Holdings, a special purpose vehicle comprising telecom industry veterans and led by Mr Adrian Wood, pioneer Chief Executive Officer of MTN Nigeria, had withdrawn from further participation in the 9mobile project.

Mr Wood is understood to have resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile) as well as Teleology Nigeria Limited, and has already communicated his current disenchantment with the 9Mobile project to his confidants in Teleology.

It was gathered that Teleology Holdings Ltd will be seeking to exit its shareholding in the local joint venture Teleology Nigeria Limited, which will be required to change its name. The development may further compound the woes of the struggling 9mobile operation.

On December 18, 2018, in a pre-disconnection notice advertised by the Nigerian Communications Commission (NCC), HIS, the infrastructure services provider which hosts majority of 9mobile’s base stations, was granted permission to disconnect 9mobile and other debtor telecom operators within a 10-day ultimatum, ostensibly on account of 9mobile’s indebtedness.

Should this disconnection take place, subscribers on 9mobile’s network would have been effectively shut out completely from the telecommunications network and would be unable to make or receive calls, a development subscribers are very worried about.

9Mobile has been at the receiving end of considerable customer attrition since its financial troubles became public in 2017.

From more than 22million customers in its heyday in October 2016, for instance, the network had just a little over 15million active subscribers in November 2018, according to NCC data, and has consistently lost customers with each passing month.

Etisalat, the fourth of Nigeria’s GSM service providers, began trading as ‘9mobile’ following the financial consequences of defaulting in the servicing of a syndicated loan of $1.2 billion owed a consortium of 13 Nigerian banks.

In the aftermath, its erstwhile technical partners Etisalat Group exited the business and requested that the use of the ‘Etisalat’ brand name by the company be discontinued forthwith in Nigeria.

It was reported that since taking over of 9mobile, Teleology Holdings has become increasingly uncomfortable with actions taken outside of the agreed business plan, most important of which is how it has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.

The management services contract would have enabled Teleology Holdings and its team of experts oversee the implementation of its elaborate business plans including funding proposals — but that so far been impossible.

It is also being speculated within the industry that Mr Wood may be seeking a way out because of the controversy surrounding ownership of the firm and wants to keep his name and integrity intact.

https://businesspost.ng/2019/01/08/subscribers-panic-as-teleology-dumps-9mobile-after-atikus-revelation/

6-Month T-Bills Yield Gains 1.18% to Close at 14.53%
https://businesspost.ng/2019/01/08/6-month-t-bills-yield-gains-1-18-to-close-at-14-53/

T-Bills Market Bearish on Absence of OMO Sale by CBN
https://businesspost.ng/2019/01/05/t-bills-market-bearish-on-absence-of-omo-sale-by-cbn/

By Modupe Gbadeyanka

Authorities of the Redeemed Christian Church of God (RCCG) have announced that the annual fast observed by the mission will commence next week.

In a notice to church members, it was disclosed that this year’s edition will hold for only 49 days.

According to the notice, the annual religious rituals will kick off from Friday, January 11, 2019 and end on Thursday, February 28, 2019.

It was emphasised that the main prayer points for this year’s fast are for Nigeria; mercy, RCCG and divine insurance.

“The annual RCCG Fast starts on Friday, January 11, 2019 and ends on Thursday, February 28, 2019 (49 Days),” the notice said.

Every year, leadership of RCCG asks members to seek the face of God for divine direction in the new year.

https://businesspost.ng/2019/01/05/rccg-begins-49-day-fast-january-11/

NSE: What Investors Should Expect in 2019
https://businesspost.ng/2019/01/04/nse-what-investors-should-expect-in-2019/

Treasury Bills Yields Close at 15.04% on Selling Pressure
https://businesspost.ng/2019/01/03/treasury-bills-yields-finish-at-15-04-on-selling-pressure/

One-Year T-Bills Yield Drops to 17.29% After 0.06% Loss
https://businesspost.ng/2019/01/03/one-year-t-bills-yield-drops-to-17-29-after-0-06-loss/

Fixed Income Investors May Enjoy Higher Yields in 2019--Analysts
https://businesspost.ng/2019/01/02/why-nigeria-may-hike-pump-price-raise-interest-rate-devalue-naira-in-2019/

By FSDH Research

Certain key events, both at the global level and in Nigeria, will influence economic and business activities in 2019.

FSDH Research examines a few of these events and discusses the implications for businesses and investments in Nigeria.

The expected hike in interest rates in major advanced countries will lead to an increase in global yields and may put pressure on currency in Nigeria.

There are strong indications that the US Federal Reserve, Bank of England and European Central Bank will increase interest rates in 2019. The expected increase in the interest rate in the international market may also lead to an increase in the interest rate in Nigeria because of monetary policy adjustments to reduce capital flight.

Nigeria may lose a substantial amount of its projected crude oil revenue due to a limit on crude oil production and the drop in the global crude oil price. This may also lead to a drop in the supply of foreign exchange into Nigeria, resulting in a possible depreciation or devaluation of the Naira.

Nigerian businesses should look for local alternatives, where possible, for the raw materials needed for their production process.

They should also limit or eliminate foreign debt, particularly if they do not have foreign exchange receivables to mitigate the possible foreign exchange risk.

FSDH Research also advises that businesses should put in place appropriate foreign exchange hedging strategies. The Q3 2018 Balance of Payment (BoP) report that the Central Bank of Nigeria (CBN) published shows that earnings from crude oil and gas accounted for 94.4 percent of total export earnings during the period.

The external trade report that the National Bureau of Statistics (NBS) published for Q3 2018 shows that crude oil exports accounted for 85 percent of total exports. Therefore, any adverse movement in crude oil price or production has high negative implications on the Nigerian economy.

Although FSDH Research expects the general election in 2019 to be peaceful, its outcome will determine economic activity and business in Nigeria.

A peaceful election will ensure stability of the Nigerian economy and pave the way for the flow of investments, both Foreign Direct Investments (FDIs) and Foreign Portfolio Investments (FPIs) into Nigeria. Certain longterm business and investment decisions may be taken immediately after the election if the current government retains power.

However, if there is a change in power, investors may wait until after the presidential inauguration on May 29 before they take long-term investment decisions, to give them enough time to access details of the policies of the incoming government.

There are certain macroeconomic realities that the Nigerian government must contend with in 2019.

FSDH Research believes the fiscal deficit in 2019 may be higher than in 2018, and higher than what is projected for the year 2019. In order to execute certain plans that will move the economy forward, government may have to increase borrowing or partner with private sector operators on key projects.

An increase in borrowing will increase the interest rate, while partnership with the private sector will expand economic activity and create new job opportunities.

Already, the ratio of government’s debt service to revenue is high and at an unsustainable level. Therefore, additional debt, in an environment of rising interest rates, may reduce government’s ability to execute critical programmes that will improve the business environment.

While fixed income investors may enjoy higher yields in 2019 than in 2018, businesses may suffer under rising interest costs.

FSDH Research analysis shows that electricity and the pump price of Premium Motor Spirit (PMS) are two key prices that government will need to adjust in 2019 to free up funds for developmental purposes.

The adjustment may increase the inflation rate in the short-term, but it will benefit the economy in the long-term. More investments are required in the power sector than are currently available.

However, the sector may not attract investment in the absence of a cost-reflective tariff. Government already allows an off-grid power supply arrangement based on ‘willing buyer, willing seller’. The tariff at which this arrangement is settled is higher than the tariff for the power from on-grid supply. Appropriate policy responses from government and strategies from the business community may ameliorate the likely negative impacts of these key events in 2019.

https://businesspost.ng/2019/01/02/why-nigeria-may-hike-pump-price-raise-interest-rate-devalue-naira-in-2019/

Why Nigeria May Hike Pump Price, Raise Interest Rate, Devalue Naira in 2019
https://businesspost.ng/2019/01/02/why-nigeria-may-hike-pump-price-raise-interest-rate-devalue-naira-in-2019/

Total Begins Production at Nigeria's Egina Oilfield, Sees Boost in Cash Flow
https://businesspost.ng/2019/01/02/total-begins-production-at-nigerias-egina-oilfield-sees-boost-in-cash-flow/

Sterling Bank Joins NSE-30 Index as Ecobank Exits NSE Pension Index
https://businesspost.ng/2019/01/02/sterling-bank-joins-nse-30-index-as-ecobank-exits-nse-pension-index/

Diamond Bank, Two Others Lose NSE CG Index Status
https://businesspost.ng/2019/01/02/diamond-bank-two-others-lose-nse-cg-index-status/

By Dipo Olowookere

Owner of Osmoserve Global Ltd, Mr Scott Tommey, has distanced himself from the Advisory Council of the President Muhammadu Buhari campaign team constituted by wife of the President, Mrs Aisha Buhari.

Mr Tommey was named into the Advisory Council alongside some popular Nigerians like Mr Hameed Ali, Mr Suleiman Abba, Mr Buba Marwa, Mr Orji Uzor Kalu, Professor Pat Utomi, Prince Tonye Princewill, Mr Festus Keyamo (SAN) and Mr Muiz Banire (SAN).

But in a statement from his media office, Mr Tommey, an oil and gas magnate, said he does not want to be drawn into politics and will want to retain his apolitical status.

In the statement signed by Mr Femi Ajayi, his media aide, Mr Tommey said, “It has become pertinent to clarify the status of Mr Scott Tommey, the Chairman and Chief Executive Officer of Osmoserve Global Limited, named into the Advisory Council of President Muhammadu Buhari’s campaign team.

“While Mr Tommey is honoured to have been considered for this appointment, he feels obliged to let the public know that he is not into partisan politics neither is he a card-carrying member of the APC.”

Over the years, Mr Tommey, a man of great feats, has made several contributions toward the development of many sectors of the economy, especially oil and gas.

He has built a world-class multi-billion business enterprise in Osmoserve, whose specialty has brought physical infrastructural transformation to the region and given jobs to countless of the region’s hitherto unemployed youths.

Osmoserve Global is an indigenous company that provides marine and engineering services to the oil and gas industry.Business Post reports that Mr Tommey is not the first businessman to be in this shoe. Few days ago, Africa’s richest man, Mr Aliko Dangote, was named into a similar position by the APC only for the presidency to quickly say he was not in the campaign team.

https://businesspost.ng/2019/01/01/oil-mogul-scott-tommey-dissociates-self-from-buharis-campaign-team/

By Dipo Olowookere

A plot by a popular Nigerian business news blog to blackmail one of the fastest growing banks, Keystone Bank, has been unravelled.

Information filtering in revealed that the business news blog and its publisher (names withheld) recently strategised their plots to blackmail Keystone Bank Limited and its Managing Director/CEO, Dr Obeahon Ohiwerei.

According to sources close to the bank, the publisher of the blog had contacted Keystone Bank demanding a whopping N40 million to ‘kill’ purported stories which was discovered to be a fabrication of lies and allegation against the financial institution and its head.

However, the publisher was told point-blank that the bank could not afford such amount of money and the publisher, whose name starts with a ‘O’ and blog name starts with a ‘P’, was undaunted in his plan to obtain from the lender and its leadership.

He therefore, quickly pegged down his demand to N15 million, a negotiation which the bank also declined immediately.

Angered that his plot to blackmail the bank was becoming unsuccessful, the publisher threatened to publish the false stories to rubbish the bank and its CEO.

When contacted, a staff of the bank, who doesn’t want his name in the print, confirmed the story, emphasising that after building its reputation to its present standard, Keystone Bank will not succumb to cheap blackmails or any blackmail for that matter.

“We are waiting for him to make good his threats. I can assure you that the bank will not hesitate to use all legal means to seek redress as a deterrent to other unscrupulous elements out there,” the source said.

https://businesspost.ng/2019/01/01/popular-business-blog-hatches-plot-to-blackmail-keystone-bank/

Popular Business Blog Hatches Plot to Blackmail Keystone Bank
https://businesspost.ng/2019/01/01/popular-business-blog-hatches-plot-to-blackmail-keystone-bank/

3 Directors Leave Notore Chemicals, 3 Others Join
https://businesspost.ng/2019/01/01/3-directors-leave-notore-chemicals-3-others-join/

DAAR Communications Appoints Awoh as Director
https://businesspost.ng/2019/01/01/daar-communications-appoints-awoh-as-director/

CCNN Allots Shares to Kalambaina Cememt Shareholders After Merger
https://businesspost.ng/2019/01/01/ccnn-allots-shares-to-kalambaina-cement-shareholders-after-merger/

Happy New Year to my NSEMPA family. Thanks for your support in 2018 and we look forward to more in 2019.

By Dipo Olowookere

The Debt Management Office (DMO) has said Nigeria’s total public debt stock now stands at N22.38 trillion or $73.21 billion.

The nation’s debt stock comprises external and domestic debts of the federal government, the 36 states of the federation and the Federal Capital Territory (FCT).

In a statement issued by the debt office, it was disclosed that these figures were about the same recorded in June 2018.

It was stated that the external debt declined by 2.02 percent to $21.592 billion largely due to the redemption by Nigeria of a $500 million Eurobond which matured on July 12, 2018.

The Eurobond, which was issued for a tenor of 5 years in 2013, was the first Eurobond maturity for Nigeria and the ability of government to repay it seamlessly boosted the nation’s position as a good credit in the International Capital Market.

The domestic debt of the FGN, states and the FCT grew by 1.19 percent from N15.629 trillion in June 2018 to N15.814 trillion in September 2018.

According to the DMO, this increase of N185 billion was attributed to the FGN (N135 billion) and states and FCT (N50 billion).

The combination of an increase in the level of domestic debt and decrease in the external debt stock, resulted in a slight shift in the portfolio composition.

As at September 30, 2018, the share of domestic debt was 70.51 percent compared with 69.83 percent in June 2018. This trend is expected to be reversed in Q4 2018 as the new external borrowing of N849 billion (about $2.78 billion) provided in the 2018 Appropriation Act is expected to be raised within the quarter.

https://businesspost.ng/2018/12/31/nigerias-public-debt-stock-hits-n22-38trn/

T-Bills Yields Finish 2018 at 15.26% after N154b OMO Sale
https://businesspost.ng/2018/12/31/t-bills-yields-finish-2018-at-15-26-after-n154b-omo-sale/

Hunt for Undervalued Stocks to Dominate Market
https://businesspost.ng/2018/12/31/hunt-for-undervalued-stocks-to-dominate-market/

SAHCO Assures Investors of Better Investment Return
https://businesspost.ng/2018/12/31/sahco-assures-investors-of-better-investment-return/

SEC Urges Retail Investors to Consider Mutual Funds, CIS to Reduce Risks
https://businesspost.ng/2018/12/31/sec-urges-retail-investors-to-consider-mutual-funds-cis-to-reduce-risks/

CBN to Resume PMA with N74.8b Sale as N583.8b T-Bills Mature
https://businesspost.ng/2018/12/31/cbn-to-resume-pma-with-n74-8b-sale-as-n583-8b-t-bills-mature/

Merger: Fitch Places Diamond Bank, Access Bank on Rating Watch
https://businesspost.ng/2018/12/30/merger-fitch-places-diamond-bank-access-bank-on-rating-watch/

By Dipo Olowookere

Some commercial banks operating in Nigeria have announced that on Monday, December 31, 2018, they will close earlier than before.

One of the banks, Guaranty Trust Bank (GTBank) Plc, in a notice to its customers, said its branches in Lagos will close for the day by 3pm tomorrow, while those outside Lagos will conclude banking operations by 2pm.

“Please be informed that on Monday, December 31, 2018, our branches in Lagos will close at 3pm and our branches outside Lagos will close at 2pm.

“This is to enable us complete the cash count exercise for 2018 financial year.

“We encourage you to take advantage of our secure, convenient and always ON alternative channels for all your bank needs,” a notice from GTBank to its customers seen by Business Post said.

On its part, United Bank for Africa (UBA) Plc informed its customers that banking operations at its counters will stop by 12 noon on Monday.

“Season’s greetings to you and your loved ones. Please be informed that our branches will be open until 12 noon on Monday, December 31, 2018 to ensure your financial needs are met before the New Year holiday.

“We encourage you to make use of our electronic banking channels during this period. Our platforms give you access to 24/7 secure banking.

“Our branches will reopen for business on Wednesday, January 2, 2019.

“We appreciate your patronage and wish you the very best for 2019,” the notice from UBA to its customers read.

For Diamond Bank, it said, “Our branches will open for business on Monday, December 31, 2018 from 8am-2pm. “We will not open on Tuesday, January 1, 2019 in view of the public holiday. Normal banking hours will resume on Wednesday, January 2, 2019.”

https://businesspost.ng/2018/12/30/gtbank-others-announce-early-closure-of-branches-december-31/

By Dipo Olowookere

Deposit Money Banks (DMBs) and other financial institutions operating in the country have been ordered by the Central Bank of Nigeria (CBN) to from Wednesday, January 2, 2019 assign a tracking number to every complaint received from their customers.

This directive was contained in a circular issued on Friday and signed by a director at the apex bank, Kofo Salam-Alada.

Apart from the above, banks, after receiving customers’ complaints, are also expected to issue an acknowledgment to the customer, which must contain the assigned tracking number.

In addition, the financial institutions must commence upload of complaints to the Consumer Complaints Management System (CCMS) on a daily basis.

In the circular, the central bank said the banks should always “comply with the timelines stipulated in the CCMS for resolution of the various categories of complaints, warning that non-compliance will attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.”

The CBN explained in the circular that this development was in “furtherance of its mandate to promote a stable financial system,” adding that the CCMS was created to ease “complaints management to engender public confidence in the financial system.”

https://businesspost.ng/2018/12/29/banks-to-now-assign-tracking-number-to-customers-complaints/

Treasury Bills Market Closes Bearish as Funding Costs Escalate
https://businesspost.ng/2018/12/28/treasury-bills-market-closes-bearish-as-funding-costs-escalate/

By Dipo Olowookere

Shares of Forte Oil, Dangote Cement, Dangote Sugar and Dangote Flour all depreciated at the Nigerian Stock Exchange (NSE) on Friday after President Muhammadu Buhari appointed owners of the companies into his 2019 presidential campaign council.

Mr Aliko Dangote and Mr Femi Otedola of Forte Oil were appointed into the council alongside some prominent politicians in the country, including Mr Bola Ahmed Tinubu, the acclaimed National Leader of the ruling All Progressives Congress (APC).

The duo will serve in the Special Advisory Committee to President Buhari with Vice President, Mr Yemi Osinbajo; Mr Bola Ahmed Tinubu; Senate Leader, Mr Ahmed Lawan, House of Reps Leader, Mr Femi Gbajabiamila; and APC National Chairman, Mr Adams Oshiomole.

The appointments of the two notable businessmen in the country had received several backlashes from Nigerians.

At the stock market today, shares of the firms controlled by the duo declined at the close of the day’s trading session.

Business Post reports that Forte Oil lost N2.50k or 7.28 percent on Friday to settle at N31.85k per unit.

For Dangote Cement, it suffered N4.70k or 2.50 percent loss at the market today to finish at N183 per share.

Another company owned by Mr Dangote trading its equities on the local bourse, Dangote Sugar, declined today by 10 kobo or 0.65 percent to close at N15.25k per unit, while Dangote Flour shares fell by 5 kobo or 0.72 percent to quote at N6.85k per share.

It is not still clear if the two business moguls, who are very close friends, will accept the appointments.

This is because Mr Dangote had in the past not openly supported a political party during elections, while Mr Otedola was earlier rumoured to have showed interest in contesting for the governorship seat in Lagos State under the opposition Peoples Democratic Party (PDP), though he later supported candidate of the APC in the state, Mr Babajide Sanwo-Olu.

https://businesspost.ng/2018/12/28/dangote-cement-forte-oil-shares-fall-after-buharis-appointment/

Dangote Cement, Forte Oil Shares Fall After Buhari's Appointment
https://businesspost.ng/2018/12/28/dangote-cement-forte-oil-shares-fall-after-buharis-appointment/

By Dipo Olowookere

Not less than 39 stockbroking companies in the country have had their operating licences revoked by the Nigerian Stock Exchange (NSE).

Business Post reliably gathered that the affected firms had their expulsion confirmed by the Council of the NSE on December 13, 2018.

As a result, investors have been cautioned not to deal with stockbrokers, who have been kicked out of the system.

They have been advised to approach the expelled stockbroking firms and request for transfer of their stocks to any active licensed dealing companies.

A document obtained by Business Post on Friday revealed that the affected companies include Andruche Investments Plc, Angela Eccles Limited, Associated Trust Investment & Finance Limited, Beaver Securities Limited, Betraco Securities Limited, Cobal Ventures Limited, Corporate Focus Securities Limited, Enterprise Discount Bancorp Plc, and Financial Intermediaries Limited.

Others are GF Securities Limited, IB Finance Limited, IMT Securities Nigeria Limited, Integrated Securities Ltd, Integrated Ventures Nigeria Limited, Intercommerce and Consultant Limited, Investment & Capital Development Company Limited, Investment Trust Company Limited, Kamrash Securities Limited, Lakeside Asset Management Limited, M & F Investment & Securities Limited, Milestone Investment Services Limited, Millennium Investment Trust Limited and Moji Securities & Investment Nigeria Limited.

Also on the list are Morgan Trust Asset Management Plc (formerly known as IMB Morgan Plc and formerly known as IMB Securities Plc), Multibank International Securities Limited, Nationwide Finance And International Securities Limited, Novelty Investment Limited, Optimus Finance and Securities Limited, Pabod Finance & Investment Company Limited and Pabofin Securities Limited.

The remaining are Path Securities & Investment Ltd, Price Securities Limited, Shiroro Finance Ltd, SMDAC Resources Limited, Tassel Finance & Investment Company, Unique Securities & Finance Services Ltd, Upper Credit Securities and Investments, Wellsfargo Capital Limited, and Westland Investment Ltd.

Business Post gathered that as Monday, December 24, 2018, the capital market has a total of 195 active dealing member firms, 51 inactive dealing member firms, 5 dealing member firms deregistered by the Securities and Exchange Commission (SEC), 5 resignation in progress, 39 revoked licenses and 121 expelled dealing member firms.

https://businesspost.ng/2018/12/28/nse-revokes-licences-of-39-stockbroking-firms-see-list/