₦airaland Forum

T-Bills Yields Drop as Lending Rates Increase
https://www.businesspost.ng/2018/09/06/t-bills-yields-drop-as-lending-rates-increase/

By Dipo Olowookere

For the second consecutive month, Nigeria’s external reserves depreciated, closing at $45.8 billion at the end of August 2018.

In July and August 2018, the total amount lost by the foreign reserves of Africa’s largest economy was $1.95 billion.

In August alone, the sum of $1.28 billion was lost, while the sum of $670 million was the amount lost in the month of July.

According to analysts at FBNQuest Research, the decline recorded in the month of July was mainly due to the repayment by the Federal Government of Nigeria (FGN) of $500 million to holders of a maturing Eurobond that is yet to be refinanced.

It further said, “This latest decline can be attributed to the changed stance of some players in the offshore community.”

Nigeria has suffered from contagion emanating from large and liquid emerging markets such as Argentina and Turkey. Policy flaws have contributed to the very large hits taken by these two markets.

According to FBNQuest Research, there have been no obvious flaws adding to the much smaller hit taken by Nigeria. It appears that offshore fixed-income players have sometimes exited the market on the maturity of their investments. Their remaining holdings have been credibly estimated at $20 billion.

The trend in weekly transactions at the investors’ and exporters’ forex window (NAFEX) has been downwards. Last week, they rose well above $1 billion for the first time since late June. (The transactions cover both sides of trades.)

Separate data collated by FMDQ showed that the CBN has been the largest source of inflows in the last five weeks reported.

Reserves at end-August covered 16.4 months’ merchandise imports, and 9.9 months when we add services on the basis of the balance of payments through to March 2018. This is a healthy fiscal buffer by any criteria.

The CBN’s definition of gross reserves excludes gold and SDR holdings but includes swap transactions with local banks, for which the largest independent estimate we have seen is $7 billion. It also includes Eurobonds, which can be justified on the grounds that these are FGN borrowings lodged with the CBN.

https://www.businesspost.ng/2018/09/05/why-nigerias-foreign-reserves-lost-2b-in-2-months/

T-Bills Yields Further Lose 0.35% as CBN Raises N171b from OMO Sale
https://www.businesspost.ng/2018/09/05/t-bills-yields-further-lose-0-35-as-cbn-raises-n171b-from-omo-sale/

Nigeria Orders MTN to Pay $2b Tax Days After $8.1b Refund Request
https://www.businesspost.ng/2018/09/04/nigeria-orders-mtn-to-pay-2b-tax-days-after-8-1b-refund-request/

By Dipo Olowookere

Africa’s leading telecommunications company, MTN Group, has been asked to pay the sum of $2 billion to the Nigerian government.

According Reuters, this is for the importation of foreign equipment and payments to foreign suppliers over the last 10 years by MTN which began operations in the Africa’s largest market in 2001 alongside Econet Wireless, which now operates under the name Airtel in Nigeria.

Business Post reports that last week, the Nigerian authorities, through the Central Bank of Nigeria (CBN), ordered MTN Nigeria to return $8.1 billion it allegedly moved out of the country illegally to its parent country, South Africa, which slipped into recession today.

This is not the first time MTN is having issues with the Nigerian government.

In 2015, the Nigerian Communications Commission (NCC), ordered MTN Nigeria to pay a fine of $5.2 billion for failing to disconnect phone lines of unregistered subscribers on its network.

The fine was later reduced to $1 billion after negotiations between both parties with the promise that MTN must list its shares on the Nigerian Stock Exchange (NSE).

According to the report by Reuters on Tuesday, MTN had been in talks with Nigeria’s Attorney General and Minister of Justice, Mr Abubakar Malami, about an investigation into tax compliance in a statement outlining the background to the case of the money sent out of the country.

“In this process, his (the Attorney General’s) office made a high-level calculation that MTN Nigeria should have paid approximately $2 billion in taxes relating to the importation of foreign equipment and payments to foreign suppliers over the last 10 years,” MTN said.

“MTN Nigeria will continue to engage with the relevant authorities on all these matters, and we remain resolute that MTN Nigeria has not committed any offences and will vigorously defend its position,” the company further said.

However, Mr Malami has declined to comment on the issue, referring Reuters to a spokeswoman at the Ministry of Justice, who could not immediately be reached by phone.

Shares in MTN dropped 5.6 percent to 81.95 rand as of 1250 GMT, bringing losses since last Thursday, when the central bank issued the $8.1 billion demand, to nearly 25 percent.

Business Post reports that on Monday, shares of MTN began trading on the floor of the Ghana Stock Exchange (GSE) after an initial public offering (IPO) from May 29, 2018 to July 31, 2018.

The offer received 33 percent subscriptions from both retail and institutional investors, who were both Ghanaians and non-Ghanaians.

https://www.businesspost.ng/2018/09/04/nigeria-orders-mtn-to-pay-2b-tax-days-after-8-1b-refund-request/

By Grant T. Harris

This week, China hosted leaders from across Africa for a summit in Beijing. The last summit was held in December 2015 in Johannesburg, South Africa, where Chinese President Xi Jinping announced $60 billion in funding support for infrastructure development in Africa.

The Forum on China-Africa Cooperation included an eye-popping announcement of billions of dollars more in Chinese financing to build infrastructure across the continent. But these massive loans can come with steep and opaque conditions.

It’s tempting for Americans to think this is not our problem. But as African countries sink deeper and deeper into Beijing’s carefully laid debt trap, the United States could pay a steep cost in reduced cooperation on counterterrorism and job creation.

Chinese debt has become the methamphetamines of infrastructure finance: highly addictive, readily available, and with long-term negative effects that far outweigh any temporary high. This is particularly true in sub-Saharan Africa, where China has become the largest provider of bilateral loans. Forty percent of sub-Saharan African countries are already at high risk of debt distress; by having so much debt concentrated in the hands of a single lender, they are dangerously beholden to their supplier.

Why does this matter? Because in Africa and elsewhere, governments have secured massive loans from Beijing using strategic assets—such as oil, minerals, and land rights— as collateral. If borrower nations find themselves unable to repay the loan, China can claim the strategic asset. Sri Lanka recently learned this the hard way and handed over control of the port of Hambantota, giving China a strategic foothold along a busy trade waterway.

According to Professor Brahma Chellaney at the New Delhi-based Center for Policy Research, “several other countries, from Argentina to Namibia to Laos, have been ensnared in a Chinese debt trap, forcing them to confront agonizing choices in order to stave off default.”

While Chinese debt diplomacy may not seem relevant to most Americans, it is a serious threat to US national security. Most directly, China’s crafty negotiations and seizure of strategic assets can limit US influence and access overseas.

For instance, the tiny country of Djibouti is home to the most significant American military base in Africa. Thanks to Chinese loans, Djibouti’s debt-to-GDP ratio surged from 50 to 85 percent between 2014 and 2016. If Djibouti were to default and relinquish the port that resupplies the US base, American military capability in Africa and the Middle East could be seriously threatened.

More broadly, unsustainable levels of debt can destabilize African states, which also compromises American security interests. Over-leveraged governments can get caught in a downward spiral of credit downgrades, reckless economic policies, and reduced spending on social services. With economic stagnation comes fewer opportunities for Africa’s fast-growing and young population. And the toxic brew of economic hopelessness and political disillusionment can drive disaffected youth toward violent extremism. That can threaten Americans abroad and, potentially, even at home.

Finally, China’s debt diplomacy shuts out opportunities for US businesses. Not only do Beijing’s cheap infrastructure loans come with conditions to employ Chinese companies, they also set out technical specifications for projects like high-speed railways and wireless networks in a manner that favours Chinese firms. The combined effect of these efforts “would push the United States away from its current position in the global economy and move China toward the centre,” according to Jonathan Hillman, a fellow at the Center for International and Strategic Studies. China already earns $180 billion annually from its investments in Africa; if its debt diplomacy remains uncontested, it’s likely that even more revenues and jobs will flow to China, instead of the US.

But this outcome is far from inevitable. The US has plenty of good options, but it needs to dramatically step up its game and support alternatives to Beijing’s aggressive finance initiatives. Perhaps most fundamentally, the US needs to focus on boosting African economic growth. Helping African states to strengthen investment climates and economic governance will help them attract more private sector capital and provide more entry points for US companies. A key component is assisting African efforts to increase transparency, so that all the costs and benefits of project finance options are openly known. Fully staffing US embassies and offering more technical assistance to evaluate loan agreements and investment contracts would be a good start.

To date, the Trump Administration’s Africa policy has been adrift, defined more by racial epithets than any cohesive strategy or results. By comparison, China has a clear vision that will yield long-term benefits.

In Africa and around the world, much more needs to be done to confront Chinese debt diplomacy. If not, the US will pay a heavy price in its commercial and national security interests.

Harris is CEO of Harris Africa Partners LLC and advises companies on investing in Africa. He was senior director for Africa at the White House from 2011-2015.

https://www.businesspost.ng/2018/09/04/chinas-billion-dollar-loans-to-africa-why-us-should-be-worried/

By Dipo Olowookere

Reports from South Africa show that the country’s economy, the second largest in Africa, has again dropped into a technical recession.

This was after the nation’s Gross Domestic Product (GDP) for the second quarter of 2018 compressed further by 0.7 percent, according to figures released on Tuesday by Stats SA.

This marks two consecutive periods of contraction the country was recording, which therefore equates to a recession.

Business Post reports that in the first quarter of this year, South Africa’s GDP contracted by 2.6 percent.

“Real gross domestic product (measured by production) decreased by 0.7 percent in the second quarter of 2018, following a decrease of 2.6 percent in the first quarter of 2018.

“The largest negative contributors to growth in GDP in the second quarter were agriculture, transport and trade,” the Stats SA said in its report today.

This is the first recession South Africa is entering into since its new leader, Mr Cyril Ramaphosa, took over from Mr Jacob Zuma, who also witnessed an economic recession while in office.

https://www.businesspost.ng/2018/09/04/breaking-south-africa-slips-into-recession-again-q2-gdp-drops-0-7/

BREAKING: South Africa Slips Into Recession Again, Q2 GDP Drops 0.7%
https://www.businesspost.ng/2018/09/04/breaking-south-africa-slips-into-recession-again-q2-gdp-drops-0-7/

Treasury Bills Yields Decline by 0.30% to 12.17%
https://www.businesspost.ng/2018/09/04/treasury-bills-yields-decline-by-0-30-to-12-17/

By Modupe Gbadeyanka

Last week, the free-fall in the Nigerian external reserves continued, depreciating by $216.2 million to close at $45.88 billion as at Thursday, August 30, 2018.

According to data obtained by Business Post from the Central Bank of Nigeria (CBN), as at Friday, August 24, 2018, the reserves stood at $46.091 billion, but declined to $45.875 billion as at Thursday, August 30, 2018.

Meanwhile, during trading last week, the Nigerian Naira lost week-on-week (w-o-w) against the US

Dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.08 percent to close at N362.64.

Also, Naira depreciated against the greenback at the parallel market to close at N361/$.

However, local currency remained unchanged against the Dollar at the Bureau De Change (BDC) segment at N357/$ as CBN sustained its special intervention.

Also, Naira/Dollar rate closed flat at the interbank foreign exchange market at N330/$ amid weekly injections by CBN of $210 million into the foreign exchange market via the Secondary Market Intervention Sales (SMIS): of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.

Meanwhile, most dated forward contracts at the interbank over-the-counter (OTC) segment appreciated; 2 months, 3 months and 6 months contracts gained 0.01 percent, 0.05 percent and 0.07 percent to close N368.33/$, N371.60/$, N383.06/$ respectively.

However, 1 month contract remained unchanged at N365.24/$ while spot rate contract lost 0.02 percent to close N306.15/$.

This week, there is expected to be stability in the exchange rate at the BDC segment as CBN continues its special intervention.

https://www.businesspost.ng/2018/09/03/foreign-reserves-shed-216m-in-one-week-to-close-at-45-8b/

N295b T-Bills Mature This Week as CBN Woos Investors With Higher Rates
https://www.businesspost.ng/2018/09/03/n295b-t-bills-mature-this-week-as-cbn-woos-investors-with-higher-rates/

This is a wonderful advice

Barrytone:
As money comes, you buy in secondary market and set a determination point where you add it all and hit 364 days at primary market. That way you make every interest available in the market.

T-Bills Yields Drop 0.20% as Cost of Funds Sheds 0.09%
https://www.businesspost.ng/2018/09/01/t-bills-yields-drop-0-20-as-cost-of-funds-sheds-0-09/

By Dipo Olowookere

Pan-African financial institution, United Bank for Africa (UBA) Plc, has announced the appointment of four prominent personalities to its board.

One of them is the former First Lady of Ekiti State, Mrs Angela Adebayo.

A statement issued by the lender said the appointment of Mrs Adebayo as well as Ms Angela Aneke, Mr Abdulqadir Jeli Bello and Mr Isaac Olukayode Fasola are subject to the approval of the Central Bank of Nigeria (CBN).

It was disclosed that the appointments follow the retirement of Mrs Rose Okwechime, Mr Adekunle Olumide, Mr Ja’afaru Paki and Mr Yahaya Zekeri, with effect from August 30, 2018.

Group Chairman of UBA Plc, Mr Tony Elumelu, while commenting on the appointments, disclosed that, “I am pleased to welcome Erelu Adebayo, Angela Aneke, Abdulqadir Bello and Kayode Fasola to the Group Board.

“These men and women bring a wealth of experience in their fields and will be tremendous assets, as we deliver on our mission to become the leading Pan-African financial institution in all our countries of operation.”

Mr Elumelu said further that, “I am particularly pleased that two of the newly appointed Non-Executive Directors are women, bringing the total number of women to four, a further demonstration of our commitment to ensuring equality for both men and women.”

Mr Elumelu thanked the retiring directors for their contribution, hard work and commitment to UBA, saying, “I would like to express my appreciation to our retiring Directors for their leadership and dedication to UBA and for their contribution to an already impressive 2018. I wish them the very best in their future endeavours.”

Business Post reports that this announcement comes on the heels of the bank’s strong H1 2018 performance with a PBT of N58.1 billion.

With the successful expansion of its retail operations, UBA now operates in 20 countries in Africa, following its recent acquisition of a licence in Mali and the United Kingdom. The bank also has offices in New York City and in Paris.

Erelu Angela Adebayo, who graduated with an M.Phil in Land Economy from Cambridge University, is the former First Lady of Ekiti State in Nigeria.

Mrs Adebayo previously served on the boards of several organisations, including the Dangote Foundation, DN Meyer Plc, Wemabod Estates. Mrs. Adebayo is a council member of the Nigerian Stock Exchange and has worked extensively on real estate development and she is the Chairman of the Erelu Adebayo Foundation for the underprivileged.

On her part, Ms Angela Aneke is a board advisor, banker and a strategic thinker with over 30 years’ experience in financial services, in the areas of financial control, strategy, transaction banking, corporate banking, retail banking and governance.

Ms Aneke has held executive management and board positions in several international and regional institutions, including Ecobank Transnational Incorporated and the UBA.

For Mr Isaac Olukayode Fasola, he is a consummate professional with over 30 years’ cognate experience obtained from Management and Board positions covering banking operations, risk management, credit analysis, insurance, asset management, business strategy/development, performance management and corporate governance.

Mr Fasola previously served as an Executive Director of a commercial Bank in Nigeria and holds two MBAs and is pursuing a Ph.D. in Business Administration.

Mr Abdulqadir J. Bello, a Chartered Accountant, has over 30 years’ corporate experience in the banking sector, during which period he held several senior Management positions in various banks. He also previously served as the Group Chief Credit Officer of UBA and thereafter as the Executive Director in charge of Risk Management for UBA Group.

https://www.businesspost.ng/2018/08/31/uba-appoints-former-first-lady-three-others-to-board/

Fidelity Bank Highlights Reason for Delay in Filing HY Results
https://www.businesspost.ng/2018/08/31/fidelity-bank-highlights-reason-for-delay-in-filing-hy-results/

AIICO Insurance Seeks Shareholders’ Nod to Raise Fresh Capital
https://www.businesspost.ng/2018/08/31/aiico-insurance-seeks-shareholders-nod-to-raise-fresh-capital/

UBA Appoints Former First Lady, Three Others to Board
https://www.businesspost.ng/2018/08/31/uba-appoints-former-first-lady-three-others-to-board/

MTN Ghana Share Sale Suffers Setback, Records 33% Subscription
https://www.businesspost.ng/2018/08/31/mtn-ghana-share-sale-suffers-setback-records-33-subscription/

T-Bills Yields Spike by 1% as CBN Releases No-Sale OMO Result
https://www.businesspost.ng/2018/08/31/t-bills-yields-spike-by-1-as-cbn-releases-no-sale-omo-result/

Investors Anticipate Huge Rise in Treasury Bills Rates Before Year End
https://www.businesspost.ng/2018/08/30/investors-anticipate-huge-rise-in-treasury-bills-rates-before-year-end/

Opportunities in a Bear Market
https://www.businesspost.ng/2018/08/30/opportunities-in-a-bear-market/

Brent Crude Oil Gains 0.6% to Trade at $77.60 Per Barrel
https://www.businesspost.ng/2018/08/30/brent-crude-oil-gains-0-6-to-trade-at-77-60-per-barrel/

BREAKING: Saraki Declares to Run for President 2019
https://www.businesspost.ng/2018/08/30/breaking-saraki-declares-to-run-for-presidency-2019/

Yes, it is a refund, not a fine, but when the money is refunded, it would be subjected to tax, which I believe MTN wants to escape.

Mpeace:
Its not like CBN is saying they should pay $8billion oh. CBN only wants them to return the money back to nigeria. When returned, the money will still belong to mtn. They will now be required to follow due forex process in taking it out of the country.

Yes, according to the statement released by MTN, it is contesting the fine.

Don't be surprised that the fine would be reduced after talks. This is Nigeria, where most people are ..............

hyness:
Its like Mtn is contesting the claim by CBN that they did not illegally repatriate the said sum, $8.1b back then.
https://punchng.com/mtn-refutes-claims-of-illegal-repatriation-of-8-1bn/

I think it is wrong to refer to people here as scammers. Nobody forces anyone to buy stocks here. The decision to buy any stock lies on the buyer. Stock market all over the world are volatile and information-driven.

This is a public forum and you are held responsible for any decision you take.

Like I always advise, sieve every information that comes to you and pick what you feel is the best for you. It is always the best thing to do.

deepsuk:
Am not suprised by the pumping that diamond bank is receiving on this forum...


usual scammers, frauders and financnial criminals that reside on this forum have come out of the woodwork.



so alot of fake fake news dey fo dis page....dis small buys dey collect 500 naira daily to come and pump useless stocks wey be future shellholder


be careful....whever u see any 1 asking u to buy caverton oando diamond bank transcorp....they are all scams not to say japaul and all dis useless insurance companies wey be shellholder companies that dey for dis stock exchange since lord lugard times



pray to jesus and stay away from any advice you receive on this forum from these criminal so called financial oracles that do turn you into shellholder or into prostitution and crimes because u wil b broke mhen

CBN Fine Won't Affect Us—Diamond Bank Assures Shareholders
https://www.businesspost.ng/2018/08/30/cbn-fine-wont-affect-us-diamond-bank-assures-shareholders/

Stanbic IBTC Holds Talks with CBN Over Fine
https://www.businesspost.ng/2018/08/30/stanbic-ibtc-holds-talks-with-cbn-over-fine/

Do you mean yesterday's auction? If yes, they were included in the article.

Regards

Barrytone:
https://www.businesspost.ng/2018/08/30/t-bills-yields-drop-0-20-as-cbn-sells-n207b-fresh-bills/

In my view, it is a good move.

alwayshigh:
Hi Dipoolowoo, Is this rights issue a good thing?

Guinness Nigeria 2018 FY Results Show 249% Rise in Profit
https://www.businesspost.ng/2018/08/30/guinness-nigeria-2018-fy-results-show-249-rise-in-profit/

T-Bills Yields Drop 0.20% as CBN Sells N207b Fresh Bills
https://www.businesspost.ng/2018/08/30/t-bills-yields-drop-0-20-as-cbn-sells-n207b-fresh-bills/

By Modupe Gbadeyanka

On Tuesday, August 28, 2018, the immediate past governor of Delta State, Mr Emmanuel Uduaghan, formally announced his defection from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).

Mr Uduaghan, a founding member of the PDP and Delta South Senate aspirant in 2019, confirmed his defection at a meeting of the APC national caucus held at the Presidential Villa in Abuja on Tuesday.

The meeting was attended by leaders of the party including national officers, state governors, former state governors, ministers and National Assembly members.

Speaking on reasons for his defection, Mr Uduaghan, in a statement entitled ‘Moving On To The Bigger Playing Field’ and sent to this newspaper by his spokesperson, said with his desire to attract development and bring a permanent solution to the Niger Delta crisis, propelled him to leave the PDP.

According to him, the APC is the only platform he can achieve his aims for the region judging from its progressiveness and the leadership style of the president, Muhammadu Buhari.

Read Mr Uduaghan’s full statement below:

The toughest challenge for any leader in the Niger Delta since 1997 has been the issue of Peace and Security. For over 12 years, I was deeply involved in the management of the issues of the region, first as Secretary to State Government, SSG, and then as Governor of Delta State for 8 years.

Strategically, we had ENGAGEMENT as our major tool. This involved government officials, with me in the forefront (sometimes personally going into the creeks without security at nocturnal hours), community leaders, traditional rulers, religious leaders, our youths, retired military officers, activists, etc. Of course, ensuring that Delta State Oil Producing Areas Development Commission, DESOPADEC, was active was also part of the engagement process.

Encouraging Interests, Activities

Since the inception of the current All Progressives Congress, APC, administration at the federal level, there has been an encouraging interest and activities by President Muhammadu Buhari to bring a permanent solution to the Niger Delta crisis. This has pointed in a direction that is at once progressive and developmental.

Topmost in these activities are the ENGAGEMENT PROCESSES. Rather than using the military to harass our people, the Buhari administration has embarked on various engagement processes that have led to agreements and brought hope to the people of the Niger Delta.



In the last years, Mr President has personally engaged several regional leaders and youths. Senior officials of his administration also engaged many Niger Delta leaders and youths. Very significant is that Mr. President mandated the Vice President Prof Yemi Osinbajo SAN, to visit virtually all the oil producing states, engaging various stakeholders. This is unprecedented in the history of the region. Such engagement processes have brought some measure of peace in the Niger Delta. Things can only get better.

Beyond the engagement processes, however, the Buhari administration has embarked on some infrastructural and human capital development activities in the region. In Delta State, the opening of a Maritime University; the setting up of a steering committee for the EPZ (GAS CITY), the plan for a deep sea port, the dredging of the Escravos-Warri River; the opening of the railway line to Delta Steel Company, the soon to be flagged off, by Mr. President, the Omadino-Escravos Road that will pass through many riverine communities; the various road construction works by the Niger Delta Development Commission (NDDC), the various TCN projects across the State are some of the positive activities in the region.

There are also various human capital development programmes especially the school feeding and the “social security net” that is making 5,000 Naira available to the poor, the continuation of the YouWin programme, the various SME programmes, and several other projects across the region have brought hope to the people.

Indeed, once Mr President was able to set his priorities pursuant to creating an environment for peace in the region, it became incumbent on every well-meaning Niger Deltan and Nigerian to assist the process of building an economically prosperous nation.

In this era of partisan politics, it is necessary for the people of the Niger Delta, and Delta State in particular, to identify more with the Federal Government led by the APC. By so doing, we can push some of the agreements between our leaders and the Federal Government through, and also engage the government to do more. Politics is about interests.

The Niger Delta is a major area of interest for me, because I staked my life going into the creeks severally without security and sometimes coming back at night negotiating peace. I will, therefore, give the strongest support to any President that shows commitment in the affairs of the Niger Delta.

I call on, and enjoin, other well-meaning leaders in the region, who have very useful contributions to make, to come on board and join hands in helping this Federal Government to pursue a robust development agenda that would uplift our people. Whatever milestone that appears not to have been achieved yet is not for lack of efforts. Joining hands with and supporting the process will lead to a faster delivery on expectations.



It is in the pursuit of this noble objective that I’m offering myself to help drive a process that would give the lives of our people in the Niger Delta more meaning. President Muhammadu Buhari needs people who will join hands with him to uplift our people. From my political experience, you have to be well represented and actively so at the “board room” when decisions are being taken. Delta State must be well represented. Niger Delta must be well represented.

It is noteworthy to state that some organisations have been deeply involved in efforts to develop the Niger Delta and can always be relied on to collaborate with our President. It is also noteworthy to add that some previous administrations made significant efforts to develop the region. The current administration made such a significant impact in spite of the fact that apart from Edo State, President Buhari did not score the required 25% in the entire Niger Delta in the election that brought him into government in 2015. This speak volumes of his genuineness to uplift the Niger Delta. Such an administration should be encouraged by the people of the Niger Delta. We can never be sure of the genuiness of another person who becomes the President.

I have, therefore, after series of consultations and prayers, taken the decision to leave the PDP and join the APC. In doing this, I want to thank the numerous leaders, supporters and interest groups that have been urging me to remain in PDP. I am happy that after explaining some of the deeper issues to you, some of you that are politicians have agreed to join the APC in the near future. So I am going into APC as “John the Baptist” to the numerous Deltans that are coming in, soon – very soon.

https://www.businesspost.ng/2018/08/29/pdp-not-big-enough-for-me-to-achieve-my-dreams-uduaghan/

H1 2018: UBA Delivers Double Digit Growth in Gross Earnings
**Declares 20 Kobo Per Share Interim Dividend
https://www.businesspost.ng/2018/08/29/h1-2018-uba-delivers-double-digit-growth-in-gross-earnings/

H1 2018: Access Bank Suffers 11.9% Drop in PBT, PAT Flat
https://www.businesspost.ng/2018/08/29/h1-2018-access-bank-suffers-11-9-drop-in-pbt-pat-flat/

You are right and this was because the emphasis was on the three states that contributed 99% to the total amount; Abuja, Lagos and Abia.

Anambra did not make up to what Akwa-Ibom and Ogun States made; $16m and 12.7m respectively, which was included in the story. The state only managed $5m.

But like stated earlier, the main story is the 99% contributed by the three states.

asha80:
in this your pic though anambra was shaded thick blue but nothing was said about capital importation there

Seplat Lists $350m Notes on London Stock Exchange
https://www.businesspost.ng/2018/08/29/seplat-lists-350m-notes-on-london-stock-exchange/

NSE Lifts Suspension on Shares of Standard Alliance Insurance
https://www.businesspost.ng/2018/08/29/nse-lifts-suspension-on-shares-of-standard-alliance-insurance/