₦airaland Forum

Your point is noted

megafaraday:
In as much as people are encouraged to read up previous pages for answers to their possible enquiries, it wouldn't be a bad idea to answer such enquiry if you can or just look away. Sometimes you need an info very quickly and you're not even sure how many pages you will open before you come across your answer. Searching the thread would have been it, but right now that is not possible.
If the question is about treasury bill, then it should be welcome even if it has been asked before. If you are irked by that, simply ignore.
My humble submission

T-Bills Yields Rise by 0.25% as CBN Sells One-Year Bills at 14%
https://www.businesspost.ng/2018/10/18/t-bills-yields-rise-by-0-25-as-cbn-sells-one-year-bills-at-hit-14/

Seplat Sheds N15 Per Share on News of Chairman's $144m Court Case
https://www.businesspost.ng/2018/10/18/seplat-sheds-n15-per-share-on-news-of-chairmans-144m-court-case/

Moody's Affirms First Bank’s Deposit Ratings, Predicts Drop in NPL Ratio
https://www.businesspost.ng/2018/10/18/moodys-affirms-first-banks-deposit-ratings-predicts-drop-in-npl-ratio/

Zenith Bank Grows Profit to N144b in 9 Months Amid 11% Drop in Revenue
https://www.businesspost.ng/2018/10/18/zenith-bank-grows-profit-to-n144b-in-9-months-amid-11-drop-in-revenue/

Nigeria Sells N147.6b Treasury Bills, Raises Rates by 0.26%
https://www.businesspost.ng/2018/10/17/nigeria-sells-n147-6b-treasury-bills-raises-rates-by-0-26/

Senate Tells CBN to Stop Monthly ATM Maintenance Fee, Summons Emefiele
https://www.businesspost.ng/2018/10/17/senate-tells-cbn-to-stop-monthly-atm-maintenance-fee-summons-emefiele/

FCMB to Release Q3 Earnings November 29
https://www.businesspost.ng/2018/10/17/fcmb-to-release-q3-earnings-november-29/

GTBank Announces N142b PAT, N5.03k EPS in Q3 2018
https://www.businesspost.ng/2018/10/17/gtbank-announces-n142b-pat-n5-03k-eps-in-q3-2018/

Lafarge Posts 1,205% Loss in Q3 as Cost of Sales Rises by 7.5%
https://www.businesspost.ng/2018/10/17/lafarge-posts-1205-loss-in-q3-as-cost-of-sales-rises-by-7-5/

Q3 2018: UBA Impresses with N375b Earnings, N62b PAT
https://www.businesspost.ng/2018/10/17/q3-2018-uba-impresses-with-n375b-earnings-n62b-pat/

Lafarge Board Holds Emergency Board Meeting Today
https://www.businesspost.ng/2018/10/16/lafarge-board-holds-emergency-board-meeting-today/

Nigeria’s Inflation Rises To 11.28% In September
https://www.businesspost.ng/2018/10/16/nigerias-inflation-rises-to-11-28-in-september/

By Dipo Olowookere

The National Bureau of Statistics (NBS) on Tuesday released the inflation rate in Nigeria for the month of September 2018.

According to the stats office, the Consumer Price Index (CPI), which measures inflation, increased to 11.28 percent year-on-year in September 2018.

This was 0.05 percent higher than the rate recorded in August 2018, which stood at 11.23 percent, making it the second time in a row the rate was climbing.

In the data released today, the NBS said increases were recorded in all COICOP divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 0.84 percent in September 2018, down by 0.21 percent points from the rate recorded in August 2018, 1.05 percent.

It was disclosed that the percentage change in the average composite CPI for the 12 months period ending September 2018 over the average of the CPI for the previous 12 months period was 13.16 percent, showing 0.39 percent point from 13.55 percent recorded in August 2018.

Furthermore, the urban inflation rate increased by 11.70 percent year-on-year in September 2018 from 11.67 percent recorded in August 2018, while the rural inflation rate increased by 10.92 percent in September 2018 from 10.84 percent in August 2018.

On a month-on-month basis, the urban index rose by 0.86 percent in September 2018, down by 0.14 from 1.00 percent recorded in August, while the rural index also rose by 0.82 percent in September 2018, down by 0.14 percent from the rate recorded in August 2018, 0.96 percent.

The corresponding 12-month year-on-year average percentage change for the urban index is 13.58 percent in September 2018. This is less than 13.95 percent reported in August 2018, while the corresponding rural inflation rate in September 2018 is 12.80 percent compared to 13.21 percent recorded in August 2018.

Business Post gathered from the data released by the stats office that the composite food index rose by 13.31percent in September2018 compared to 13.16 percent in August 2018.

This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish.

On month-on-month basis, the food sub-index increased by 1.00 percent in September 2018, down by 0.42 percent points from 1.42 percent recorded in August.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2018 over the previous twelve-month average was 15.92 percent, 0.58 percent points from the average annual rate of change recorded in August, 16.50 percent.

https://www.businesspost.ng/2018/10/16/nigerias-inflation-rises-to-11-28-in-september/

SEC, NSE Approve CCNN, Kalambaina Cement Merger
https://www.businesspost.ng/2018/10/16/sec-nse-approve-ccnn-kalambaina-cement-merger/

One-Year T-Bills Shed 0.08% as Money Market Rates Jump to 42.12%
https://www.businesspost.ng/2018/10/16/one-year-t-bills-shed-0-08-as-money-market-rates-jump-to-42-12/

By Modupe Gbadeyanka

One of the founders of foremost payments technology company, Flutterwave, Mr Iyinoluwa Aboyeji, has resigned from his position as chief executive officer.

With his exit from the firm, co-founder of Flutterwave, Mr Olugbenga Agboola, will replace him as the new CEO of the company.

In his farewell message, Mr Aboyeji explained that he was leaving the firm based on family reasons.

He specifically said his decision to quit as CEO of Flutterwave was mainly to pursue his family goals, thanking the team at Flutterwave for the cooperation given to him while he led the firm.

“Today will be my last day at Flutterwave. After much thought and prayer I decided to step down from my role as CEO and focus on giving back to the startup community I owe so much of my success to.

“Just a little over 2 years ago in May of 2016, myself and my co-founders at Flutterwave started on this unlikely and amazing journey to build payments technology and infrastructure that could connect Africa to the global economy and usher in a new wave of prosperity across Africa. We knew it would be an incredibly difficult and intriguing mission but we never imagined we would have the kind of impact we did so quickly.

“Two years later, the team at Flutterwave has built one of the world fastest growing payments business of all time from Africa, processing over N700 billion in payments across over 50 million transactions generating revenues in the billions of naira.

“Beyond its scale, its human impact has been profound, from connecting thousands of riders and drivers to daily enabling thousands of families in diaspora share prosperity with their love ones at home. It has been an incredible privilege to lead the team through an era of incredible growth and impact. I wouldn’t trade this experience for the world.

“This would have been impossible without the hard work and genius of the talented team of young people who are Flutterwave, the incredible support of our investors and advisors and the good will of so many who have been our biggest champions and advocates.

”Over the next few months, as I figure out what is next, I’ll be catching up on sleep, spending time with my family and supporting and advising start-ups in our community (more to come on that).

“Everyone who knows me well knows what matters most to me is my lifelong commitment to building the future of our country and our continent. As I take some time to rest and reflect on the incredible experiences I have had building two world class African success stories at Andela and Flutterwave – I am excited about the opportunities the future of our continent holds and I remain dedicated to supporting the next generation of entrepreneurs who will go on to build the next Andela’s and Flutterwave’s.

“Thank you for your love and support on this journey,” a statement issued by Mr Aboyeji said.

Reacting, the new CEO of Flutterwave, Mr Olugbenga Agboola, said, “On behalf of the entire Flutterwave team, we wish Iyin (Aboyeji) luck in his future endeavours.

“Moving forward, the entire Flutterwave team and I are excited for Flutterwave’s future and look forward to growing the company.”

Flutterwave is building modern payments technology and infrastructure for Africa with its solutions enabling banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.

Since its founding in May 2016, Flutterwave has processed over $2.3 billion in payments across 60 million transactions and partnered with Standard Bank, First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, and Ecobank.

Flutterwave clients include Transferwise, Flywire, Booking.com, JumiaPay, and Uber, amongst others.

Few days ago, the firm announced that it had completed its Series A Extension round of financing, which included investments from MasterCard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others.

This made the total amount it has raised till date to over $20 million.

As part of the financing, current Green Visor Capital Chairman & General Partner and former Chairman and CEO of Visa, Mr Joe Saunders, joined the Flutterwave Board of Directors.

https://www.businesspost.ng/2018/10/15/flutterwave-co-founder-resigns-for-family-reasons/

Conoil Excites Shareholders With Positive Q3 Results
https://www.businesspost.ng/2018/10/15/conoil-excites-shareholders-with-positive-q3-results/

By Modupe Gbadeyanka

The verification of former employees of defunct Nigeria Airways Limited commenced on Monday, October 15, 2018.

The exercise is taking place simultaneously in three centres in Lagos, Kano and Enugu and will conclude on Monday, October 22, 2018.

Information available at the disposal of Business Post indicated that after the verification, the payment would proceed.

Pictures showed that the former workers are in high spirits as they finally begin the process of receiving their entitlements.

View photos here: https://www.businesspost.ng/2018/10/15/photos-fg-begins-verification-of-ex-nigeria-airways-workers/

N495b T-bills Mature as Analysts Predict Rise in PMA Rates
https://www.businesspost.ng/2018/10/15/n495b-t-bills-mature-as-analysts-predict-rise-in-pma-rates/

VIDEO: See How Kano Governor Allegedly Put Bribe Inside Pocket
https://www.businesspost.ng/2018/10/14/video-kano-governor-allegedly-puts-bribe-inside-pocket/

By Dipo Olowookere

After much wait, an online news platform, Daily Nigerian, has released the video it claimed it was in its possession showing Governor of Kano State, Mr Abdullahi Ganduje, allegedly collecting bribe worth $5 million from contractors executing projects in the northern Nigerian State.

Before now, there had been news about the issue, with President Muhammadu Buhari reportedly directing an investigation on the allegation.

Also, Mr Ganduje had reacted to the matter, threating to sue the new platform for blackmail and defamation.

According to the Commissioner for Information in Kano State, Mr Muhammad Garba, the video was carefully manipulated and designed by opposition elements to deface the image of the hardworking and compassionate Governor as a crooked person.

“We wish to state that there is no iota of truth to these allegations and if indeed there is any such alleged video, it is at best cloned,” Mr Garba had claimed in a statement.

“To further prove that the online media is bent on discrediting, blackmailing and assassinating the character of the Governor, the online media has yet to reveal the identity of the giver of the bribe, who is also supposed to be a culprit in the eye of the law,” the commissioner said.

“We are therefore calling on the general public to be vigilant as we heard from good authority that many of such cloned videos involving highly placed persons considered as obstacle to the opposition agenda ahead of 2019 will be released in piecemeal.

“The government of Kano state is taking this matter seriously, and will exploit every appropriate and legal avenue to ensure that it gets to the root of the matter and the perpetrators are brought to book,” the statement had said further.

Watch the video here

https://www.businesspost.ng/2018/10/14/video-kano-governor-allegedly-puts-bribe-inside-pocket/

Court Orders Seplat Chairman to Pay Diamond Bank, Skye Bank $114m
https://www.businesspost.ng/2018/10/14/court-orders-seplat-chairman-to-pay-diamond-bank-skye-bank-114m/

Nigeria Not in Debt Crisis at the Moment—DMO
https://www.businesspost.ng/2018/10/12/nigeria-not-in-debt-crisis-at-the-moment-dmo/

By Dipo Olowookere

Despite the recent rise in the price of crude oil in the global market, the foreign reserves of Nigeria, one of the producers of the black gold, have continued to depreciate.

Nigeria, Africa’s largest economy in Africa, relies heavily on crude oil to earn foreign exchange, but despite the huge money the country makes from the sale of the commodity and a steady supply of the oil, its external reserves are going down, causing some observers in the country to worry what the problem really is.

Business Post reports that the reserves grew by $9 billion in H1-18 to close at $47.9 billion, but lost $3.5 billion in the third quarter of this year to settle below $45 billion.

According to analysts at United Capital Research, in Q3 2018, oil prices increased by 4.1 percent, trading over $80 per barrel.

Clearly, pressure on the reserves gives an insight into the sentiment playing out in the currency market despite the implementation of the Nigeria-China currency swap program this year.

Although relatively stable compared to peers across emerging and frontier markets, the Naira shed 0.7 percent in Q3-18 at the Investors & Exporters window as the demand for the greenback strengthened.

United Capital said pressure on the reserves was driven by two major factors: the sharp reversal of portfolio funds which constitute the bulk of capital importation into the Nigerian economy from mid-2017 to mid-2018, due to rising treasury yields in the US and the increasing political tension in the Nigerian economy with a traditional effect of driving off capital inflow into the country.

“Going forward, we expect the pressure on the local unit to be sustained as the build-up to the 2019 election reaches the climax,” the firm said.

Thus, the external buffer will further nosedive as the Central Bank of Nigeria (CBN) pushes forward to defend the Naira.

“On the bright side, we do not see a devaluation in the near term, given that Nigeria’s current $43.6 billion reserves covers up to 12 months of import,” it said in a recent report.

https://www.businesspost.ng/2018/10/14/nigerias-external-reserves-shed-3-5b-in-q3-despite-rise-in-oil-price/

Our Debt Recovery Efforts Will Reflect in FY 2018 Results—Sterling Bank
https://www.businesspost.ng/2018/10/14/our-debt-recovery-efforts-will-reflect-in-fy-2018-results-sterling-bank/

By Dipo Olowookere

The local currency put up a weak performance at the foreign exchange (forex) market last week amid declining external reserves that fell further by 1.30 percent to $43.35 billion as at Thursday, October 11, 2018.

The loss recorded by the Naira was almost across all segments of the forex market.

Specifically, the Naira/Dollar rate depreciated at the Investors & Exporters (I&E) forex segment by 0.08 percent to close at N364.12/$.

Also, the local currency lost 0.33 percent week-on-week (w-o-w) at the interbank foreign exchange market to quote at N362.52/$ despite the weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the market via the Secondary Market Intervention Sales (SMIS).

A breakdown of the intervention showed that $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.

The exchange rate also depreciated at both the Bureau De Change (BDC) segment and the parallel market by 0.28 percent each to close at N359/$ and N362/$ respectively despite CBN’s sustained weekly intervention.

Meanwhile, according to Cowry Asset, most dated foreign exchange rate forward contracts at the interbank over-the-counter (OTC) segment depreciated.

Specifically, the 1 month, 2 months and 3 months contracts lost 0.08 percent, 0.06 percent and 0.02 percent to close N367.71/$, N371.26/$ and N374.73/$ respectively.

However, the 6-month contracts gained by 0.02 percent to close for the week at N386.21/$.

https://www.businesspost.ng/2018/10/14/naira-weakens-at-forex-market-as-foreign-reserves-drop-to-43b/

T-Bills Market Trades Flat on Liquidity Constraint
https://www.businesspost.ng/2018/10/14/t-bills-market-trades-flat-on-liquidity-constraint/

By Modupe Gbadeyanka

Director-General of Nigeria’s Debt Management Office (DMO), Ms Patience Oniha, has allayed fears of some observers that the country was already in a debt crisis.

However, the debt office boss admitted that the nation was not generating enough revenue to fund some critical operations, but stressed that Nigeria was still capable of servicing her debts.

Ms Oniha, in a chat with newsmen on the sidelines of the International Monetary Fund and World Bank Group summit in Indonesia, noted that efforts were being done to avert a debt crisis in the Africa’s largest economy.

This, she said, federal government was doing by shoring up the revenue base by diversifying the economy.

“Debt crisis means you are no longer able to service your debts, which is what we are talking about. We can’t stop talking about it, the figures are there.

“I agree that we are not generating as much revenue as we should, but we are not in a debt crisis as many have feared,” Ms Oniha told journalists.

She said further that, “When you compare your revenue to your Gross Domestic Product (GDP), it is low and we cannot run from the fact that we need to generate more revenue.”

“Generating more revenue does not mean we should focus only on increasing production in the Niger Delta or praying for oil prices to rise, we have to generate long-term revenue. How do you generate that?

“You have to enforce compliance, which is all about increasing the tax base and making sure that those who are paying are paying the correct amount and not just paying a small amount to escape. The option that was talked about here about raising taxes,” she added.

Business Post recalls that earlier this month, analysts at FSDH Research had called on government to avert an imminent debt crisis in the country.

The firm had said in its report that the growth in Nigeria’s debt was higher than the growth in revenue, pointing out that Nigeria has the lowest government revenue to Gross Domestic Product (GDP) ratio at 6 percent among some selected countries.

According to the company, Nigeria’s over-dependency on crude oil revenue, combined with volatility in both the price and production of crude oil are the major reasons for sluggish growth in government revenue.

It said growing non-oil revenue will require that the Nigerian economic environment has inherent structures that can support business growth, noting that such structures include adequate physical infrastructure, policies, legal and regulatory frameworks that will make the economy business-friendly to generate taxable profits.

“Our analysis of the ratio of the interest payment on domestic debt relative to the FGN allocation from the Federal Account Allocation Committee (FAAC) shows that the FGN is spending too much of its revenue to pay interest on loans.

“This leaves the government with little resources to spend on critical sectors of the economy that could support strong growth and maintain a healthy economy to generate revenue,” it said.

FSDH Research said further that, “The current high interest payment relative to revenue may also increase the credit risk of the country. Although the government has been able to meet its debt obligations (interest and principal payments) so far, if the current situation is not addressed, the interest rate on government loans may increase because of the perceived elevated risk. This would also lead to higher interest rates for private sector operators.”

The firm disclosed that the external environment was becoming tighter than before because of the rising interest rate in the US.

https://www.businesspost.ng/2018/10/12/nigeria-not-in-debt-crisis-at-the-moment-dmo/

By Modupe Gbadeyanka

Treasury bills worth N45.7 trillion were transacted on the floor of the FMDQ OTC Market from January 2018 to August 2018, Business Post has learnt.

According to the data obtained from the FMDQ OTC Market Turnover Report, this represents 39.48 percent of the total market turnover for the period under review, which stood at N115.7 trillion.

In addition, foreign exchange market transactions comprising Spot FX and FX Derivatives accounted for 37.51 percent, whilst Repos/Buy-Backs product categories accounted for 15.39 percent of overall market turnover.

Bonds and Unsecured Placements & Takings, which contributed the least to overall market turnover, accounted for 7.08 percent and 0.54 percent respectively.

In value terms, Forex recorded N28.3 trillion, forex derivatives had N15.1 trillion, FGN Bonds N8 trillion, with other bonds at N101.4 billion and Eurobonds at N50 billion.

Repurchase Agreement/Buy-Backs accounted for N17.8 trillion, Unsecured Placements/Takings recorded N601.7 billion, while Money maket derivatives had N25.6 billion.

The top 10 Dealing Member (Banks) accounted for 76.71 percent (N88.74 trillion) of the overall turnover in the market, with the top three accounting for 62.27 percent (N59.70 trillion) of this sub-section of the market.

Stanbic IBTC Bank Plc, Access Bank Plc and United Bank for Africa Plc were the leaders in the value traded for the overall over-the-counter (OTC) market, ranking 1st, 2nd and 3rd respectively.

The FMDQ OTC Market Turnover Report shows the turnover on all products traded on the FMDQ secondary market: Foreign Exchange (FX), Treasury Bills (T-bills), Bonds (FGN Bonds, other Bonds (Agency, Sub-national, Corporate & Supranational) & Eurobonds)) Commercial Papers and Money Market (Repurchase Agreements (Repos)/Buy-Backs and Unsecured Placements/Takings). These figures exclude primary market auctions in T-bills and Bonds.

The data, collated from the weekly trade data submissions by FMDQ Dealing Member (Banks), represents trades executed amongst the Dealing Member (Banks), Dealing Member (Banks) & Clients, and Dealing Member (Banks) & the CBN.

https://www.businesspost.ng/2018/10/10/investors-trade-n45-7tr-t-bills-n8tr-fgn-bonds-in-8-months/

By Modupe Gbadeyanka

Analysts at FSDH Research say they expect the inflation rate (year-on-year) to increase further to 11.37 percent in September 2018 from 11.23 percent recorded in August 2018.

The firm based its projection on the increase in the prices of some food items as the major driver of the expected increase in the inflation rate.

On Tuesday, October 16, 2018, the National Bureau of Statistics (NBS) is due to release the inflation rate for the month of September.

In its last release, the inflation rate halted the 18th consecutive drop in August 2018, raising fears in some quarters, especially with a contraction in the nation’s Gross Domestic Product (GDP) in the second quarter of this year.

According to FSDH Research, the Food Price Index (FPI) report the Food and Agriculture Organization (FAO) published for the month of September 2018 notes that food prices in the international market decreased from the August levels.

All the categories of commodities used in the calculation of the FAO Food Index dropped in value, except sugar. Drought conditions in Brazil, the world’s largest sugar producer and exporter, impacted negatively on sugarcane yields thereby forcing prices of sugar up.

However, large supply global prospect and weak global import demand in cereal, oil and dairy products exerted downward pressure on these prices.

FSDH Research’s analysis indicates that the value of the Naira depreciated at both the Nigerian Autonomous Foreign Exchange (NAFEX), and the parallel market in September 2018. At the NAFEX and parallel markets, the value of the Naira depreciated by 0.29 percent and 0.07 percent to close at

$/N363.72 and $/N306.35 respectively.

The depreciation recorded in the value of the Naira in the foreign exchange market reduced the positive impact of the decrease in the international prices on imported consumer goods in Nigeria.

The prices of food items that FSDH Research monitored in September 2018 moved in varying directions, and led to an overall 1.10% increase in our Food and Non-Alcoholic Index. This Index increased year-on-year by 13.37 percent, up from 253.84 points recorded in September 2017.

“We also observed an increase in the prices of Transport and Housing, Water, Electricity, Gas & Other Fuels divisions between August and September 2018. We estimate that the increase in the Composite Consumer Price Index (CCPI) in September would produce an inflation rate of 11.37 percent,” the firm said.

https://www.businesspost.ng/2018/10/12/nigerias-september-inflation-to-further-jump-to-11-37-fsdh/

Would Markets Blow off Good Q3 Earnings?
https://www.businesspost.ng/2018/10/12/would-markets-blow-off-good-q3-earnings/

SEC Gives Deadline for Stockbrokers to Join Trade Groups
https://www.businesspost.ng/2018/10/12/sec-gives-deadline-for-stockbrokers-to-join-trade-groups/

Nigeria’s September Inflation to Further Jump to 11.37%—FSDH
https://www.businesspost.ng/2018/10/12/nigerias-september-inflation-to-further-jump-to-11-37-fsdh/

CBN Maintains 364-Day T-Bills Rate at 13.50%
https://www.businesspost.ng/2018/10/11/cbn-maintains-364-day-t-bills-rate-at-13-50/

By Modupe Gbadeyanka

Owners of foremost payment platform in Nigeria, Quickteller Paypoint, Interswitch Financial Inclusion Services (IFIS), have announced that customers using its platform would no longer be charged a fee to complete some transactions.

This is because the firm has sealed deals with key billers in various sectors (Betting, Energy and Electricity, Cable) companies that will enable customers transacting on its platform to conduct financial transactions at no charge.

Transactions that will enjoy this new benefit include utility bill payments, betting, wallet funding and cable TV subscription.

Before now, customers were required to pay a fee of N100 on each payment transaction, but Quickteller has now paired with some of the organisation’s biller partners to bear the transaction cost. As a result, customers can now make most of their transactions at no additional cost to them.

While this takes off the burden of transaction fees from the customers, it has been carefully processed to safeguard Quickteller Paypoint agents, such that they are able to retain their customary commission and other incentives.

Titilola Shogaolu, Divisional Chief Executive Officer (DCEO) of Interswitch Financial Inclusion Service, said: “At Interswitch Financial Inclusion Service, we are not only committed to closing the financial exclusion gap, we are continuously working to provide convenient services that will enhance the adoption of digital payments and this latest incentive is just one of the many ways through which we are achieving this”.

Quickteller Paypoint is a one-stop service that provides electronic payment solutions to the under-banked, through agents who earn exciting commissions and other incentives. The over 16,000 agents, who are spread across the country offer various financial services to customers, such as: bill payment, funds transfer, cash deposits, cash withdrawals, and airtime top-up.

The list of the billers that Quickteller Paypoint is partnering with to deliver this value service includes: Eko Electricity Distribution Company (EKEDP), Abuja Electricity Distribution Company (AEDC), Enugu Electricity Distribution Company (EEDC), Jos Electricity Distribution Company (JEDC), WAKABET, BETWAY, Kwese, Ariaria Market Energy Solutions Limited, Rensource and Zola Electric.

Shogaolu also spoke on the future plans of Quickteller. She said: “Quickteller Paypoint is not stopping at this. We are working hard to secure more of such deals in order to deliver better value to our customers, and more profit to our valued agents.”

https://www.businesspost.ng/2018/10/10/quickteller-stops-collection-of-n100-transaction-fee/

By Dipo Olowookere

Value of stocks transacted at the Lagos exchange further depreciated during the midweek session as profit-taking persisted.

This is because investors were very anxious of political happenings in the country ahead of the general elections early next year.

At the close of business on Wednesday, the Nigerian Stock Exchange (NSE) was down by 0.11 percent with the year-to-date loss at 15.32 percent.

Also, the All-Share Index (ASI) depreciated by 35.12 points to close at 32,382.58 points, while the market capitalisation reduced by N13 billion to settle at N11.822trillion.

Business Post reports that the highest price loser yesterday was Nigerian Breweries after going down by N2.50k to close at N85.50k per share.

Transcorp Hotels depreciated by 65 kobo to finish at N6.10k per share, while UAC of Nigeria went down by 50 kobo to end at N11 per share.

FBN Holdings suffered a 25 kobo loss to close at N9.20k per share, while Mobil Oil Nigeria crashed by 20 kobo to settle at N175 per share.

On the flip side, Nestle Nigeria recorded the biggest price appreciation, growing by N15.30k to close at N1420.30k per share.

It was followed by CAP, which grew by N3 to end at N33 per share, and Unilever Nigeria, which advanced by 50 kobo to settle at N42.50k per share.

Flour Mills also rose by 50 kobo to end at N20.40k per share, while Red Star Express appreciated by 30 kobo to finish at N4.60k per share.

At the close market yesterday, the volume of equities traded by investors decreased by 61.50 percent from 349.5 million to 134.6 million, while the value appreciated by 32.23 percent from N1.5 billion to N1.9 billion.

A look at the activity chart showed that the Financial Services sector led with 91.3 million equities sold for N859 million, while the ICT followed with 12.4 million shares traded for N3 million.

FCMB emerged the day’s most transacted stock, accounting for 18.3 million units sold for N31.1 million.

Fidelity Bank exchanged 17.2 million shares valued at N32.2 million, while FBN Holdings traded 15.8 million units worth N145.7 million.

Chams Plc sold 12.4 million units of its shares for N3.2 million yesterday, while GTBank exchanged 12.1 million equities for N444.7 million.

https://www.businesspost.ng/2018/10/11/nigerian-stocks-further-lose-value-in-midweek-trade-by-0-11/

T-Bills Market to Stay Bearish as Investors Anticipate N277b Inflows
https://www.businesspost.ng/2018/10/11/t-bills-market-to-stay-bearish-as-investors-anticipate-n277b-inflows/

Investors Trade N45.7tr T-Bills, N8tr FGN Bonds in 8 months
https://www.businesspost.ng/2018/10/10/investors-trade-n45-7tr-t-bills-n8tr-fgn-bonds-in-8-months/