₦airaland Forum

Thanks Africonji for the defence.

The picture @TundeBricklayer posted is for Q1 2018 and not Q2 2018, which we reported. It is very easy for people to term report as "fake" without proper verification. Business Post is a reputable platform trying its best to dish out credible information.

While we admit that no one is above mistake, we do our best to make sure figures are verified before posting.

Even in the NBS report, they made an error of giving same amount to Lagos and Abia, which we detected and corrected when we checked the map, which indicated something different. That is how far we go to crosscheck facts and figures before posting.

Attached is a screenshot of the Q2 2018 we extracted our story from.

Africonji:
Lie! You claiming to know more than the reporter of the news?? So you know more than NBS? Jealousy kill you there. I know that $1-billion is still shocking you but you have not seen anything yet. Mark my words.

Lafarge Plans N90b Rights Issue, Creates Fresh 10 billion Shares
https://www.businesspost.ng/2018/08/29/lafarge-plans-n90b-rights-issue-creates-fresh-10-billion-shares/

Analysts Place 'Moderate Buy' Rating on Mobil Nigeria
https://www.businesspost.ng/2018/08/28/analysts-place-moderate-buy-rating-on-mobil-nigeria/

N117b Probe: Zenith Bank Confirms Questioning of MD/CEO by EFCC
https://www.businesspost.ng/2018/08/28/n117b-probe-zenith-bank-confirms-questioning-of-md-ceo-by-efcc/

Fidson to Pay 20 Kobo Dividend to Shareholders September 26
https://www.businesspost.ng/2018/08/28/fidson-to-pay-20-kobo-dividend-to-shareholders-september-26/

T-Bills Market Bullish as Money Market Rate Adds 6.04%
https://www.businesspost.ng/2018/08/28/t-bills-market-bullish-as-money-market-rate-adds-6-04/

AIICO Begins Agric Insurance Services After NAICOM Approval
https://www.businesspost.ng/2018/08/27/aiico-begins-agric-insurance-services-after-naicom-approval/

By Modupe Gbadeyanka

Last week, the National Bureau of Statistics (NBS) revealed in a report that the total value of capital importation into Nigeria stood at $5.5 billion in the second quarter of 2018.

According to the report, this was a decrease of 12.53 percent compared with Q1 2018, but a 207.62 percent increase compared with the second quarter of 2017.

It was disclosed that the decline recorded in the second quarter was as a result of a decline in Portfolio and Other Investments, which declined by 9.76 percent and 24.07 percent respectively.

The largest amount of capital importation by type was received through Portfolio investment, which accounted for 74.7 percent ($4.1 billion) of total capital importation, followed by Other Investment, which accounted for 20.5 percent ($1.1 billion) of total capital, and then Foreign Direct Investment FDI, which accounted for 4.7 percent ($261.4 million) of total capital imported in the second quarter.

However, an analysis of the report by Business Post showed that out of the $5.5 billion of the nation’s capital importation for the period under review, Abuja, Lagos and Abia States contributed 99.28 percent, while the remaining 34 states of the federation added a meagre 0.72 percent to the total value.

According to the stats office, the Federal Capital Territory (FCT) Abuja, at $2.6 billion, maintained its lead among recipients of capital import in the second quarter of 2018 after surpassing Lagos in the fourth quarter of 2017.

This represented 46.21 percent of the total capital importation into Nigeria in the quarter under review.

Abuja was followed by Lagos, which received the second largest amount of capital inflow of $1.7 billion or 30.08 percent of the total.

When compared with the preceding quarter, however, the capital inflow into Abuja and Lagos, declined by 28.13 percent and 37.80 percent respectively.

Furthermore, Abia State received $1.3 billion, accounting for 22.99 percent of the total capital importation in the quarter.

In all, Abuja, Lagos, and Abia together represented more than 99 percent of the total capital import in the second quarter.

The NBS said in its report that foreign capital investment in Akwa Ibom and Ogun States recorded $16.10 million and $12.74 million respectively, a decline of 63.09 percent and 48.05 percent, over the previous quarter.

Enugu State, which only had marginal foreign inflow previously, recorded $1.31 million in the second quarter and became the eighth top destination in Nigeria to attract foreign capital investment.

https://www.businesspost.ng/2018/08/27/abuja-lagos-abia-contribute-99-to-nigerias-5-5b-capital-importation-in-q2/

Stanbic IBTC Assists Dangote Cement With Fresh N50b Commercial Papers
**Records 158% Oversubscription
https://www.businesspost.ng/2018/08/27/stanbic-ibtc-assists-dangote-cement-with-fresh-n50b-commercial-papers/

Abuja, Lagos, Abia Contribute 99% to Nigeria's $5.5b Capital Importation in Q2
https://www.businesspost.ng/2018/08/27/abuja-lagos-abia-contribute-99-to-nigerias-5-5b-capital-importation-in-q2/

Evans Medical, Two Others Remain on NSE Delisting Watchlist
https://www.businesspost.ng/2018/08/26/evans-medical-two-others-remain-on-nse-delisting-watchlist/

Investment Opportunities in Commercial Papers
https://www.businesspost.ng/2018/08/26/investment-opportunities-in-commercial-papers/

N1.02trn Inflow to Spike Excess Liquidity as CBN Sells N207b T-Bills
https://www.businesspost.ng/2018/08/27/n1-02trn-inflow-to-spike-excess-liquidity-as-cbn-sells-n207b-t-bills/

N1.02trn Inflow to Spike Excess Liquidity as CBN Sells N207b T-Bills
https://www.businesspost.ng/2018/08/27/n1-02trn-inflow-to-spike-excess-liquidity-as-cbn-sells-n207b-t-bills/

You are welcome sir

BullBearMkt:
...thanks @dipoolowoo for the timely release of this info.

What to Expect at Stock Market This Week
https://www.businesspost.ng/2018/08/27/what-to-expect-at-stock-market-this-week/

Nigeria's GDP Records 1.50% Growth in Q2 2018—NBS
https://www.businesspost.ng/2018/08/27/nigerias-gdp-records-1-50-growth-in-q2-2018-nbs/

Weak Demand Pushes Treasury Bills Yields Higher by 0.05%
https://www.businesspost.ng/2018/08/25/weak-demand-pushes-treasury-bills-yields-higher-by-0-05/

Zenith Bank Maps Out Strategies to Achieve 5% Deposit Growth in FY 2018
https://www.businesspost.ng/2018/08/23/zenith-bank-maps-out-strategies-to-achieve-5-deposit-growth-in-fy-2018/

FG Redeems N359b Treasury Bills in Three Months
https://www.businesspost.ng/2018/08/23/fg-redeems-n359b-treasury-bills-in-three-months/

The NSE, Oscar Onyema Foundation and Corporate Governance
https://www.businesspost.ng/2018/08/22/the-nse-oscar-onyema-foundation-and-corporate-governance/

By Dipo Olowookere

A total of $202.4 million was used by the federal government in servicing external debts in the second quarter of 2018.

This is according to data harvested by Business Post from the website of the Debt Management Office (DMO).

A breakdown showed that $105.9 million was used by the Nigerian authorities to service Eurobonds, which comprised the 5.125% Eurobond 2018, 6.75% Eurobond 2021, 6.375% Eurobond 2023, 7.875% Eurobond 2032, 7.625% Eurobond 2047, 6.5% Eurobond 2027 and the 5.625% Diaspora Bond 2022.

Business Post gathered that in the first quarter of 2018, the sum of $225.3 million was spent on foreign debt servicing by the Nigerian government.

This showed a 10.2 percent decline in the total amount used by the federal government to service its external debts in Q2 when compared with Q1.

A look at the domestic debt servicing indicated that the sum of N656.6 billion was spent from April 2018 to June 2018.

This is against the N923.3 billion used on servicing local debts from January to March this year, bringing the total amount already spent for such purpose in the January to June 2018 to N1.6 trillion.

According to the debt office, out of the N656.6 billion used in the second quarter of the year, a total of N359.2 billion was spent on redemption of Treasury Bills.

Below is the breakdown of how the country serviced its debts in the second quarter of this year.

https://www.businesspost.ng/2018/08/22/how-nigeria-spent-202m-n657b-to-service-foreign-domestic-debts-in-q2/

International Breweries to Commission $250m Sagamu Plant August 28
https://www.businesspost.ng/2018/08/22/international-breweries-to-commission-250m-sagamu-plant-august-28/

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) recorded a 1.71 percent loss on Monday after the market achieved an increase of 1.87 percent last Friday.

It was observed that the decline posted by the equities market yesterday was mainly influenced by continued selloffs by investors.

While the All Share Index (ASI) depreciated by 602.81 points to finish at 34,663.48 points, the market capitalisation decreased by N220.1 billion to settle at N12.654 trillion.

Business Post reports that the volume of shares transacted by investors on Monday decreased by 37.75 percent, while the value rose by 26.49 percent.

At the close of business, investors traded a total of 220.5 million shares worth N3.2 billion compared with the 354.2 million equities valued at N2.5 billion exchanged last Friday.

It was a busy day for the Financial Services sector as it led the activity chart with 201.6 million shares exchanged for N2.4 billion, while the Consumer Goods industry followed with 6.5 million shares sold for N443 million.

A further breakdown showed that United Bank for Africa (UBA) emerged the most traded equity on Monday with an exchange of 42.7 million shares worth N354.8 million.

It was trailed by Zenith Bank, which sold 36.7 million shares valued at N804.1 million, and Access Bank, which exchanged 32.7 million equities for N310.4 million.

Skye Bank exchanged 18.3 million shares valued at N9.157 million, while FBN Holdings traded 15.6 million shares worth N151.6 million.

A look at the price movement chart indicated that the losers’ log was led by Nigerian Breweries, which lost N3 to close at N100 per share.

It was followed by Unilever Nigeria, which went down by N2.50k to settle at N52.50 per share, and GTBank, which decreased by N1.05k to finish at N36.95k per share.

PZ Cussons fell by N1 to close at N13.05k per share, while Zenith Bank reduced by 70 kobo to finish at N21.85 per share.

At the other side, Dangote Cement topped the gainers’ chart yesterday after adding N9.50k to its share value to end at N229.50k per share.

Newrest ASL Nigeria rose by 40 kobo to finish at N4.85k per share, while Stanbic IBTC Bank increased by 25 kobo to settle at N50.30k per share.

First City Monument Bank gained 10 kobo to close at N1.80k per share, while Cadbury Nigeria also went up by 10 kobo to close settle at N10.10k per share.

https://www.businesspost.ng/2018/08/21/equities-lose-n220b-on-monday-after-fridays-n236b-gain/

Eaton Invests N520m in NEM Insurance, Targets 10% Stake
https://www.businesspost.ng/2018/08/21/eaton-invests-n520m-in-nem-insurance-targets-10-stake/

It is the CBN that sells treasury bills to investors via secondary and primary market, not SEC.

While the primary market happens twice a month, the secondary market happens sometimes once or twice a week and in some cases, not at all.

kristlike:
With due respect sir. you have a false assertion about the regulators. it CBN that regulate money market while Security and exchange commission regulate capital market(where you find the primary and secondary market).
BT I'm a financial analyst. I studied Banking and finance

By Dipo Olowookere

The management of Ikeja Electric (IE) Plc has assured its customers of improved electricity supply within its network throughout the Eid-EI-Kabir holidays.

This assurance was made by the firm’s Head of Corporate Communications, Mr Felix Ofulue, in a statement issued in Lagos on Monday and made available to Business Post.

Mr Ofulue noted that Ikeja Electric is driven by an endless desire and resolve to offer customers extraordinary experience as the company will stop at nothing to ensure that all customers on their network enjoy the Eid-El Kabir holidays.

“Within our capacity, we will ensure that whatever allocation we receive from the national grid is distributed equitably to ensure improved supply within the period.

“Beyond that, while we know that occurrence of faults may be beyond our control, we have taken certain measures, including an essential duty team who will be available during the holiday period, to ensure that faults are promptly cleared whenever the need arises.

“So, we wish to advise customers to call the Customer Care helplines or contact any of Ikeja Electric offices closest to them to report any fault,” the spokesman said.

Mr Ofulue emphasised that all hands were on desk to ensure that customers enjoy a memorable holiday period.

He appealed to customers within its network to settle their monthly electricity bills promptly in order to avoid disconnection by the company.

While wishing all its customers a fantastic Sallah celebration, Mr Ofulue further cautioned against harassment of its employees on duty, stating that Ikeja Electric management will explore all available legal options to seek redress.

https://www.businesspost.ng/2018/08/21/ikeja-electric-assures-consumers-improved-power-supply-during-eid-el-kabir/

N364b Maturing Treasury Bills to Moderate Cost of Funds at Interbank
https://www.businesspost.ng/2018/08/20/n364b-maturing-treasury-bills-to-moderate-cost-of-funds-at-interbank/

By Dipo Olowookere

The National Bureau of Statistics (NBS) on Monday maintained that the Nigerian economy was out of recession.

The stats office made this clarification today in reaction to media reports quoting the Statistician General of the Federation/CEO of the agency, Mr Yemi Kale, as saying the country was still in economic mess.

The report published by some media outfits, excluding Business Post, had quoted an interview Mr Kale granted Arise TV as saying the nation was still in the economic downturn it slipped into in the second quarter of 2016.

Reacting to the reports via a statement on Monday morning, the NBS said at no time did its boss make such assertion.

However, it stressed that the economy was currently in the recovery stage, before finally getting into the stage of sustainable strong growth.

“Our attention has been drawn to publications across various media outlets which erroneously suggested the Statistician General of the Federation/CEO of the National Bureau of Statistics stated that the economy was still in recession in an interview on Arise Television.

“We want to emphasise and state categorically that the economy is out of recession and at no time did NBS or its CEO state otherwise as has been reported.

“You will recall that it was the same National Bureau of Statistics (NBS) that announced the end of recession in Q2 2017 following the announcement of the first positive growth in the nation's Gross Domestic Product (GDP) following five quarters of contraction.

“Economic growth as measured by GDP has remained positive ever since; (0.72 percent in Q2 2017, 1.17 percent in Q3 2017, 2.11 percent in Q4 2017 and 1.95 percent in Q1 2018).

“The NBS has stated several times that the stages after an economic recession is an economic recovery, where the economy moves gradually following the end of a recession towards sustainable strong growth.

“This is the state of recovery that we are now and was alluded to by the Statistician General during his interview.

“That the economy is in the second stage, heading towards sustainable growth, which is the last stage cannot and should not be wrongly interpreted as the economy is still in a recession.

“We appreciate if such misinformation is corrected,” the statement said.

https://www.businesspost.ng/2018/08/20/nigerian-economy-out-of-recession-but-still-in-recovery-stage-nbs/

Nigerian Economy Out of Recession, But Still in Recovery Stage—NBS
https://www.businesspost.ng/2018/08/20/nigerian-economy-out-of-recession-but-still-in-recovery-stage-nbs/

Hunt for High Dividend Yield Stocks to Dominate Market
https://www.businesspost.ng/2018/08/20/hunt-for-high-dividend-yield-stocks-to-dominate-market/

GCR Affirms AA-(NG) Rating on Stanbic IBTC Bank
https://www.businesspost.ng/2018/08/20/gcr-affirms-aa-ng-rating-on-stanbic-ibtc-bank/

The minimum is actually N50m when buying via PMA, but banks pull funds from different clients to make up that amount.

As a result, even if someone has 100,000, the banks will collect and add to others to bid as a whole.

The minimum used to be N10,000

mainaugustine:
the minimum you can invest with for t bills is 1mil.

By Dipo Olowookere

The Naira came under pressure this week as selloffs by foreign portfolio investors created a huge demand of foreign exchange at the market during the week.

At the close of business on Friday, the local currency lost 0.14 percent week-on-week against the Dollar at the investors and exporters (I&E) forex window.

However, the Nigerian legal tender remained unchanged against the US Dollar at the Bureau De Change segment and the parallel market to close at N357/$ and N360/$ respectively as CBN sustained its special intervention.

Also, the 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, analysts at Cowry Asset said.

Meanwhile, all dated forward contracts at the interbank over-the-counter (OTC) segment depreciated – spot rate, 1 month, 2 months 3 months and 6 months contracts lost 0.03 percent, 0.20 percent, 0.22 percent, 0.20 percent and 0.47 percent to close N306.10/$, N365.46/$, N368.52/$, N371.69/$ and N383.64/$ respectively.

Cowry Asset is predicting that next week, it expects slight depreciation at the I&E FXW segments amid expected sell-offs by foreign portfolio investors.

https://www.businesspost.ng/2018/08/18/naira-under-pressure-amid-selloffs-by-foreign-portfolio-investors/

SEC: Market Reaction to 2019 Elections Normal, Calls for Caution
https://www.businesspost.ng/2018/08/19/sec-market-reaction-to-2019-elections-normal-calls-for-caution/

Investment Income Buoys AIICO Insurance’s H1 Performance
https://www.businesspost.ng/2018/08/18/investment-income-buoys-aiico-insurances-h1-performance/

Diamond Bank Shares N1b to 550 Small Business Owners
https://www.businesspost.ng/2018/08/18/diamond-bank-shares-n1b-to-550-small-business-owners/

NSE Finally Delists Paints and Coatings Manufacturers Nigeria
https://www.businesspost.ng/2018/08/19/nse-finally-delists-paints-and-coatings-manufacturers-nigeria/

By Dipo Olowookere

Treasury bills worth N186.92 billion were sold by the Central Bank of Nigeria (CBN) last week via both the primary and secondary markets.

While N33.38 billion worth of the bills were sold off by the apex bank at the primary market, N153.54 billion worth of the instruments were auctioned via Open Market Operations (OMO).

It was observed that stop rates for the auctioned fresh T-bills moved in different directions across the tenor buckets: 91-day stop rate was flattish at 10 percent while 182-day stop rate rose to 10.50 percent from 10.40 percent.

However, the 364-day stop rates fell to 11.22 percent from 11.30 percent.

Also, N153.54 billion worth of T-bills were sold via the secondary market and the outflows were offset by N473.40 billion in matured T-bills on Thursday.

Also, indicative of liquidity surplus was the Standing Deposit Facility (SDF) worth N431.43 billion which outweighed the Standing Lending Facility (SLF) worth N8.67 billion, according to Cowry Asset.

Hence, NIBOR for overnight funds rate moderated to 8.25 percent from 8.90 percent amid sustained financial liquidity ease.

However, NIBOR for other tenor buckets rose: 1 month, 3 months and 6 months tenor buckets rose w-o-w to, 12.06 percent from 11.31 percent, 12.70 percent from 12.44 percent and 14.52 percent from 13.80 percent respectively, suggesting unwillingness of banks to lend to one other.

Elsewhere, NITTY rose for most maturities tracked amid sustained bearish activity due to the continued sell-offs by foreign portfolio investors: yields on the 1 month, 6 months and 12 months maturities increased to 10.34 percent from 10.24 percent, 13.01 percent from 12.77 percent and 12.86 percent from 12.76 percent respectively.

However, yield on 3 months maturity fell to 11.35 percent from 11.36 percent.

https://www.businesspost.ng/2018/08/19/cbn-sells-n187b-t-bills-in-one-week-as-lending-rate-falls/

CBN Sells N187b T-Bills in One Week as Lending Rate Falls
https://www.businesspost.ng/2018/08/19/cbn-sells-n187b-t-bills-in-one-week-as-lending-rate-falls/

By Modupe Gbadeyanka

Nigerians may soon have the opportunity to be part owners of the state-owned oil agency, the Nigerian National Petroleum Corporation (NNPC).

This is because the company is planning to list 40 percent of its shares on the Nigerian Stock Exchange (NSE).

However, this will only happen when President Muhammadu Buhari finally signs the Petroleum Industry Governance Bill (PIGB) into law.

Speaking on Thursday at the 2018 annual conference of the Association of Energy Correspondents of Nigeria (NAEC), Group Managing Director of NNPC, Mr Maikanti Baru, said the corporation was considering listing on the local exchange.

Mr Baru, who in his keynote address titled ‘PIGB: Emerging Issues and Concerns,’ highlighted the key thrusts of the PIGB including making the national oil company commercially driven hence the need to raise money from the stock market.

Represented by the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr Rowland Ewubare, the GMD said, “The PIGB is focused on the key governing institutions in Nigeria’s oil and gas industry and aims to separate the Regulatory, Policy and Commercial roles of public sector agencies and allocate respective roles to agency to properly positioned to perform them.

“For the NNPC, the PIGB requires the minister to within six months after its enactment, take such steps as are necessary under the Companies and Allied Matters Act (CAMA) to incorporate the two entities – the Nigerian Petroleum Assets Management Company (NPAMC) and the Nigerian Petroleum Company (NPC) as companies limited by shares which will be vested with certain liabilities and assets of the NNPC.

“The NPC shall be an integrated oil and gas company operating as a fully commercial entity across the value chain. Essentially, it shall be responsible for all assets currently held by NNPC except the production sharing contracts (PSCs). The NPC shall be a limited liability company registered under CAMA.

“The initial shares shall be held by the Ministry of Petroleum Incorporated (40 percent), the Ministry of Finance Incorporated (40 percent) and the Bureau of Public Enterprises (20 percent).

“However, 10 percent and an additional 30 percent of the shares of the company shall be floated on the Nigerian Stock Exchange between five years and 10 years from incorporation respectively.”

Mr Baru said the power of issuance, modification, amendment, extension, suspension, review, cancellation and reissuance, revocation and/or termination of award licenses/leases has been transferred to the commission in line with the new global trend, adding the PIGB has provided a legal framework and expanded role for the Department of Petroleum Resources.

Also the Chairman of the conference, Deputy Managing Director, Deepwater District, Total E&P Nigeria limited, Mr. Ahmadu-Kida Musa, assured that the company will by the last quarter of this year add 200,000 barrels of oil per day to the nation’s oil production.

https://www.businesspost.ng/2018/08/17/nnpc-to-list-40-shares-on-stock-exchange/