₦airaland Forum

Zenith Bank Shifts Interim Dividend Payment Date
https://www.businesspost.ng/2018/08/17/zenith-bank-shifts-interim-dividend-payment-date/

CBN Rakes N154b from T-Bills Market via OMO as Demand Weakens
https://www.businesspost.ng/2018/08/17/cbn-rakes-n154b-from-t-bills-market-via-omo-as-demand-slows/

Bro, with the way things are going, the index might even go below 30,000. There is panic everywhere and with the dirty politics ongoing, it is natural for investors to "ja paa" (run).

Normally, foreign reserves shouldn't be what government should brag about, but the Excess Crude Account, which is actually what we have as savings. But those who know, know.

Ugosample:
Because most Nigerians are dead brained mofos


The political uncertainty in the country is driving investors out.

It's bad enough that the "safe havens" (USA Swiss, Japan etc) are looking more attractive to invest in, the political uncertainty and APC heating up this country is making matters worse


In addition, CBN is covering up this mass forex exodus by using more and more dollars to shore up the value of the naira

Quick question : when was the last time you heard this govt brag about growing the foreign reserves?
That should explain it.

And with oil prices uncertain, how long will the cbn continue to cover up ?

.Nigeria is fvcked and it's dumb and useless populace do not know


They are busy shouting APC and Saraki



When the ASI slips below 30,000 points which is sure to happen, then Nigeria will know the big shit they are in


USELESS shithole

Dear Demorezy, you can buy stocks through a stockbroker.

Kindly read this article for more understanding

Understanding Terms Used in Stock Market (Part 1)
https://www.businesspost.ng/2018/07/27/understanding-terms-used-in-stock-market-part-1/

Regards

demorezy:
How do I buy these stocks?

Dear Simpubozz, kindly check this

Understanding Terms Used in Stock Market (Part 1)
https://www.businesspost.ng/2018/07/27/understanding-terms-used-in-stock-market-part-1/

Regards

Simpubozz:
I'd wanted to understand the in-depth meaning of all these financial/economical terms in the financial domain. I'm usually perplex anytime I'm watching the business news and seeing all these terms (especially, d meaning of dangote gain 1naira, gtb loose 5kobo and so on). I will appreciate if someone can prescribe a rudiment book to read on this. thanks

By Dipo Olowookere

For the first time in nearly a year, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) dropped below the 35,000 mark on Thursday after losing 457.70 points to close at 34,618.43 points, the lowest point it has closed in more than one year.

Business Post reports that the last time the index slipped below 35,000 was on September 19, 2017 when it ended at 34,846.82 points, while it finished below today’s point on July 21, 2017 at 34,020.37 points.

It was observed that the market breadth remained negative despite the increase in market activities today on the trading floor of the exchange.

At the close of business, a total of 29 stocks depreciated in value, while only 16 equities managed to record price appreciation.

While the volume of shares transacted today rose by 13.49 percent to 237.8 million from 209.5 million, the value appreciated by 6.5 percent to N3.1 billion from N3 billion recorded yesterday.

Dangote Cement emerged as the day’s highest price loser after shedding N8 of its share value to settle at N206 per share. The stock has lost 10.43 percent this year alone with a 52-week low of N204.52k and 52-week high of N278.

Total Nigeria lost N7 today to close at N183 per share, while United Bank for Africa went down by 55 kobo to finish at N8.35k per share.

Newrest ASL Nigeria fell by 45 kobo to end at N4.05k per share, while NASCON depreciated by 30 kobo to close at N20 per share.

At the other side, Okomu Oil topped the gainers’ chart today after increasing by N1.45k to finish at N74.55k per share.

It was followed by Oando, which gained 40 kobo to close at N4.95k per share, and GTBank, which rose by 30 kobo to settle at N38.05k per share.

Portland Paints appreciated by 22 kobo today to end at N2.47k per share, while Axa Mansard garnered 15 kobo to close at N2.53k per share.

A look at the activity chart showed that the buying interest in the stock of United Bank for Africa continued today with a total of 36.5 million units worth N319.4 million transacted.

GTBank exchanged 23.5 million equities valued at N892.4 million, while FBN Holdings traded 21 million units of its stocks for N203.3 million.

Zenith Bank transacted 17.4 million shares worth N398.4 million, while International Breweries sold 13.1 million equities for N461.8 million.

Business Post reports that the equity capitalisation today recorded a loss of N167 billion to settle at N12.639 trillion.

With the huge loss recorded today, analysts at Business Post expect bargain-hunting to commence tomorrow because of the low prices stocks have fallen into.

https://www.businesspost.ng/2018/08/16/nigerian-equities-drop-to-one-year-low-after-1-29-loss-thursday/

Stanbic IBTC Grows HY Earnings by 17.5%, Profit up by 79%
https://www.businesspost.ng/2018/08/16/stanbic-ibtc-grows-hy-earnings-by-17-5-profit-up-by-79/

Free Float Deficiency: NSE Grants Extension to Union Bank, 5 Others
https://www.businesspost.ng/2018/08/16/free-float-deficiency-nse-grants-extension-to-union-bank-5-others/

NCDMB Tasks Upstream Oil Firms to List Shares on NSE
https://www.businesspost.ng/2018/08/16/ncdmb-tasks-upstream-oil-firms-to-list-shares-on-nse/

CBN to Resume Liquidity Mop up as Over N400b Hits System Today
https://www.businesspost.ng/2018/08/16/cbn-to-resume-liquidity-mop-up-as-over-n400b-hits-system-today/

T-Bills Market Rebounds as Money Market Rates Shed 1.3%
https://www.businesspost.ng/2018/08/15/t-bills-market-rebounds-as-money-market-rates-shed-1-3/

Thanks very much for the observation. The error has now been corrected. Thanks once again.

Coolcash1:
Dipo, Austin Avuru is not the Chief Operating Officer but Chief Executive Officer....Please take note.

Publicly Listed Firms in Nigeria Get Deadline to Register with SEC
https://www.businesspost.ng/2018/08/14/publicly-listed-firms-in-nigeria-get-deadline-to-register-with-sec/

Skye Bank Explains Reason for Delay in Filing Earnings
https://www.businesspost.ng/2018/08/14/skye-bank-explain-reason-for-delay-in-filing-earnings/

Seplat, NNPC Sign Shareholder Deal for Gas Project
https://www.businesspost.ng/2018/08/14/seplat-nnpc-sign-shareholder-deal-for-gas-project/

Selloffs Persist at T-Bills Market as Funding Rates Spike
https://www.businesspost.ng/2018/08/14/selloffs-dominate-t-bills-market-as-funding-rates-spike/

By FSDH Research

In March 2017, the Debt Management Office (DMO) introduced the Federal Government of Nigeria Savings Bond (FGNSB) to provide an avenue for low-income earners to earn consistently good returns over time.

The FGNSB provides an investment opportunity offering attractive returns with low investment risk. It is an initiative of the FGN to encourage a culture of national saving, which is amongst the lowest of certain selected countries.

The FGNSB also helps to diversify the funding sources of the government. The minimum investment in the Bond is N5,000 while the maximum investment is N50million.

Investors can purchase the FGNSB through a stockbroker who is accredited by the DMO. The FGNSB has two tenors on offer: two years and three years. The interest rate (coupon) on the three-year tenor is usually higher than the two-year tenor.

The average interest rate on the two-year tenor between March 2017 and August 2018 was 11.81%. The average interest rate on the three-year tenor between April 2017 (when it was introduced) and August 2018 was 12.74%.

The FGN pays the interest on the Bonds on a quarterly basis. This means a saver who invests N100,000 in the Bond, with an interest rate of 11.67%, will earn N2,917.50 every three months throughout the life of the Bond.

The FGNSB is a more attractive investment option than a savings account as it is exempted from all forms of tax and offers a higher interest rate than a savings account. Data from the Central Bank of Nigeria (CBN) shows that the average interest rate on savings deposits was 4.10% between March 2017 and June 2018.

An additional benefit of the FGNSB is its relative liquidity as investors can trade the Bond on The Nigerian Stock Exchange (NSE) if they wish to sell before maturity.

Investment in the FGNSB may be used as collateral to borrow money in any financial institution in Nigeria.

FSDH Research believes investing in the FGNSB is a good avenue for low-income earners to build wealth over a long period.

Our illustration shows that an investment of N100,000 in the FGNSB could grow to N1,702,099.02 in 25 years. This is possible if the interest earned and the maturing principal are reinvested at an interest rate of 11.50% annually, payable every quarter.

https://www.businesspost.ng/2018/08/13/investment-opportunities-in-the-fgn-savings-bonds/

CBN to Sell N33.4b Fresh T-Bills to Partly Offset N473b Inflows
https://www.businesspost.ng/2018/08/13/cbn-to-sell-n33-4b-fresh-t-bills-to-partly-offset-n473b-inflows/

Nigerian Stocks: Selloff to Persist as Investors Weigh Options
https://www.businesspost.ng/2018/08/13/nigerian-stocks-selloff-to-persist-as-investors-weigh-options/

Stocks to Buy, Sell or Hold This Week
https://www.businesspost.ng/2018/08/13/stocks-to-buy-sell-or-hold-this-week/

UBA Begins Saturday Banking Operations
https://www.businesspost.ng/2018/08/11/uba-begins-saturday-banking-operations/

Interim Dividend: GTBank Shifts Date of Closure of Shareholders’ Register
https://www.businesspost.ng/2018/08/11/interim-dividend-gtbank-shifts-date-of-closure-of-shareholders-register/

By Dipo Olowookere

In other to serve its numerous customers better, pan-African financial institution, United Bank for Africa (UBA) Plc has announced opening for business on Saturdays.

In a notice to its customers on Friday, the lender, however, disclosed that banking operations on Saturdays would only be offered in “select branches across the nation.”

UBA said the services to be offered during the Saturday banking would include cash deposit, cash withdrawal, funds transfer, ATM services, account opening and Moneygram and Western Union.

The lender said its branches Mushin, Ikeja, Idumota and Iddo are those in Lagos that will open on Saturdays.

For the Eastern part of the country, its branches in Aba, Port Harcour, Warri and Relief Market in Anambra State will open for business on Saturdays.

View the full list of UBA branches picked to offer Saturday banking services below.

https://www.businesspost.ng/2018/08/11/uba-begins-saturday-banking-operations/

Notore Q3 Earnings Show 20% Drop in Revenue, N3.9b Loss After Tax
https://www.businesspost.ng/2018/08/09/notore-q3-earnings-show-20-drop-in-revenue-n3-9b-loss-after-tax/

IFRS 9 Won't Affect Regulatory Capital of Nigerian Banks--Fitch
https://www.businesspost.ng/2018/08/09/ifrs-9-wont-affect-regulatory-capital-of-nigerian-banks-fitch/

Zenith Bank Makes 50% Provision on 9mobile Loan
https://www.businesspost.ng/2018/08/09/zenith-bank-makes-50-provision-on-9mobile-loan/

Conoil Predicts Bumper Harvest for Shareholders
https://www.businesspost.ng/2018/08/09/conoil-predicts-bumper-harvest-for-shareholders/

T-Bills Market Trades Bullish as Yields Drop 0.10%
https://www.businesspost.ng/2018/08/09/t-bills-market-trades-bullish-as-yields-drop-0-10/

GTBank Delivers Strong H1 Performance, Declares N110b PBT
https://www.businesspost.ng/2018/08/08/gtbank-delivers-strong-h1-performance-declares-n110b-pbt/

By Olubori Oduntan

Federal government has released the list of agro-commodities and items not allowed into the country.

The list was released by the Nigeria Agricultural Quarantine Service (NAQS).

A statement issued by the Head of Media and Public Relations at the agency, Dr. Gozie Nwodo, disclosed that the list was released as a result of complaints from some NAQS clients, that agricultural commodities they were bringing into Nigeria were confiscated or destroyed by its officers.

According to the complainants, there is no clear communication from NAQS regarding products that are permissible for import.

As a result, the agency said it was releasing the list to address the issue, urging clients dissatisfied with services rendered at any of its stations to mail their complaints or enquiries via: contact@naqs.gov.ng or call 0807 777 8943, 0809 133 3385.

NAQS said the items currently not allowed into Nigeria include cassava cuttings, soil, biocontrol agents, Genetically Modifies Organisms (GMOs), fresh meat/carcass, frozen poultry, poultry eggs, poisonous fish of the following families: Tetradontidea, Molidae, Diodontidae and Cantigasteridae, fish containing biotoxins, and radioactive fish or their product.

However, the agency stressed that the, “Import Prohibition List is a very dynamic subject, which changes regularly, depending on pests/diseases prevalence, trade and other considerations.”

It said further that, “For export, clients are to please note that countries reserve the right to prohibit some items, based on their interests, and inform quarantine authorities of partnering countries accordingly.

“Example is the resent ban earlier this year by the Sudanese government on some agro-commodities.

“Therefore, the rule of thumb remains to contact NAQS for guidance preparatory to import or export of any agricultural commodity.

“NAQS exists to serve Nigeria and Nigerians whilst abiding by international norms and conventions to which we, as a nation, are signatory.”

https://www.businesspost.ng/2018/08/08/see-list-of-agro-commodities-prohibited-from-entering-nigeria/

By Dipo Olowookere

Latest data from the Central Bank of Nigeria (CBN) has shown that the country’s foreign reserves have depreciated to $46.86 billion.

This was the amount left in the nation’s external purse as at Monday, August 6, 2018.

Business Post gathered that the reserves depreciated to this level from $47 million as at Friday, August 3, 2018.

There had been a free-fall in the external reserves in recent times with price of crude oil, Nigeria’s major source of forex earnings, relatively stable around $74 per barrel at the global market.

Business Post reports further that as at August 1, 2018, the amount in the external reserves was $47.1 billion.

An analysis done by us indicated that the reserves have suffered 0.44 percent loss since the beginning of the month of August 2018.

However, when compared with the same period of August 7, 2017, the foreign reserves have gained 50.44 percent year-on-year.

As at August 7, 2017, the amount in the nation’s external reserves was $31.2 billion. It rose to that level from $30.9 billion as at August 1, 2017.

Since early last year, precisely in April, the central bank has made it a duty to dip into the reserves to strengthen the Naira at the foreign exchange market.

This has kept the local currency relatively stable at N360 per Dollar at the black market after exchanging at over N500 per Dollar in February last year.

Business Post reports that the South Africa's net foreign reserves fell slightly to $42.440 billion in July from $42.447 billion in June, according to the Reserve Bank on Tuesday.

Also, data from the country’s central bank showed that the gross reserves declined to $50.511 billion from $50.582 billion in the same period.

In addition, the forward position, which represents the central bank's unsettled or swap transactions, decreased to $1.790 billion in July from $1.809 billion the previous month.

Nigeria and South Africa are the two biggest economies in the continent of Africa.

https://www.businesspost.ng/2018/08/08/nigerias-external-reserves-fall-to-46-8b/

No Plans to Issue Fresh Eurobond Anytime Soon—First Bank
**Finally Redeems $300m Eurobond
https://www.businesspost.ng/2018/08/08/no-plans-to-issue-fresh-eurobond-anytime-soon-first-bank/

Diamond Bank May Conclude Sale of UK Subsidiary Soon
https://www.businesspost.ng/2018/08/08/diamond-bank-may-conclude-sale-of-uk-subsidiary-soon/

Nigeria's Inflation to Close 2018 in Double Digits at 10.4%—Analysts
https://www.businesspost.ng/2018/08/07/nigerias-inflation-to-close-2018-in-double-digits-at-10-4-analysts/

T-Bills Yield Drop to 11.91% as Lending Rates Shed 0.21%
https://www.businesspost.ng/2018/08/07/t-bills-yield-drop-to-11-91-as-lending-rates-shed-0-21/

By Dipo Olowookere

The invasion of the National Assembly (NASS) by security operatives on Tuesday morning took its toll on the Nigerian stock market today.

The situation dominated the blogosphere and polity today as some lawmakers were prevented from gaining access into the complex because officials of the Department of State Services (DSS) mounted the main gate to the parliament.

Later in the day, the Director General of the DSS, Mr Lawal Daura, was fired by the Acting President, Professor Yemi Osinbajo, over the issue.

Business Post reports that at the Nigerian Stock Exchange (NSE), it was all red from when the market opened for business till when it closed for the day.

During the day’s trading, some investors, who were keeping tabs on happenings in Abuja, were selling off their stocks for cash, while few were stocking up their portfolio, taking advantage of the very low price they were getting the shares from panicking sellers.

At the close of transactions, the stock market suffered a 0.40 percent loss, leaving the Year-to-Date (YtD) gain to -4.99 percent.

Business Post reports further that the banking sector as well as the oil and gas sector suffered huge losses today. While the banking index declined by 1.08 percent, the oil and gas index depreciated by 4.69 percent.

Overall, the All-Share Index (ASI) lost 145.62 points to close at 36,333.80 points, while the market capitalization reduced by N53 billion to settle at N13.262 trillion.

However, the market breadth ended positive today with the stock market closing with 23 price gainers and 21 price losers.

The price gainers’ chart was led on Tuesday by Nigerian Breweries after its shares rose by N2.10k to settle at N103 per share.

It was followed by Flour Mills, which increased by 90 kobo to finish at N25.50k per share, and Newrest ASL Nigeria, which grew by 45 kobo to end at N4.95k per share.

Cadbury Nigeria also garnered 45 kobo to close at N9.95k per share, while United Capital appreciated by 28 kobo to settle at N3.08k per share.

On the flip side, Seplat recorded the highest price depreciation today with N60 of its share value lost to close at N650 per share.

CAP declined by N3.15k to finish at N28.35k per share, while GTBank lost 85 kobo to settle at N39.15k per share.

Lafarge fell by 60 kobo to end at N29.90k per share, while Forte Oil went down by 55 kobo to close at N23 per share.

Business Post reports that the volume of shares transacted by investors today increased by 36.07 percent, while the value of trades rose by 10.43 percent.

At the close of business, a total of 248.1 million shares were sold for N2.3 billion compared with the 182.3 million equities traded yesterday for N2 billion.

A further look at the transactions showed that the Financial Services sector led the activity chart with 207.2 million shares traded for N1.6 billion, while the Healthcare sector followed with 14.7 million equities sold for N7 million.

A deeper look at the activity chart showed that Wema Bank shares emerged the most traded, selling a total of 53.5 million units worth N37.5 million.

It was followed by GTBank, which transacted 23.4 million units for N925.1 million, and United Bank for Africa, which exchanged 22.2 million shares worth N214 million.

Diamond Bank traded 16.9 million equities valued at N21.2 million, while United Capital sold 14.2 million shares worth N43.2 million.

Investors will only hope that a calmer atmosphere tomorrow will have a positive effect on the market. Also, investors will hope that GTBank and other three other lenders release their half year earnings to lift the stock market.

https://www.businesspost.ng/2018/08/07/nigerian-stock-market-bleeds-as-nass-saga-scares-investors/

BREAKING: Osinbajo Sacks DSS Boss Lawal Daura
https://www.businesspost.ng/2018/08/07/breaking-osinbajo-sacks-dss-boss-lawal-daura/

By Benita Ayo

Mrs Lewis is a Nigerian in Diaspora who decided to invest her money in Nigeria. In order to do this, she sought the view of her long-time friend named Kunle, a Nigerian-based hotelier, who advised her to invest in the real estate sector of the Nigerian economy.

He convinced her to invest in properties located at the New Lagos (Lekki, Ajah and environs). This, according to Kunle, will appreciate with time and bring back huge returns on Mrs Lewis’ investments.

The idea sounded so good to Mrs Lewis that she wired $200,000 to Kunle for the purchase of some plots of land in the area, also telling him to purchase duplexes in her name.

Kunle, upon the receipt of the money through Western Union, met with LIA Estate Company in Lekki for the purchase of 10 plots of land and two duplexes.

Unknown to Kunle, the land sold to him on behalf of Mrs Lewis is subject of an ongoing litigation (lis pendis), a family property without approaching the principal family members and not to mention that the property is very close to the highway and has been earmarked for government’s future project.

The foregoing reflects the realities of the real estate sector in Nigeria today particularly, Lagos State. There are so many risks involved that it is even riskier to approach it without a legal counsel.

Majority of property transactions in Lagos are conducted by the clients themselves and they only involve the services of lawyers afterwards and this happens when they encounter one problem or another associated with the purchased property.

I have always believed that if a lawyer is meant to solve a problem, then a lawyer is also meant to avoid a problem.

I have also always emphasized the need as well as the importance of consulting a legal practitioner before any step may be taken to invest one’s hard earned money in any property.

No matter how good and mouth-watering a prospect may seem, it is always wise to find oneself a really good and experienced property lawyer, who will represent the client’s interest in such transaction.

After being briefed, a lawyer’s duties and responsibilities in a property transaction include;

To investigate the estate company (where you choose to buy from them)
Where you choose to buy from an individual, you must investigate the title of the person, etc
Where there is sound and good title, the lawyer approaches the seller (vendor) with an offer
Where there’s no counter-offer, the terms of the offer will be conveyed as an acceptance by the seller.
Where these steps are done (note that there are preliminary steps lawyers need to take prior to the consummation of a property transaction), the lawyer drafts the necessary documents.

For example;

A Sale Agreement: this is necessary where the actual sale will take place at a later date until a condition precedent is fulfilled. It is an executor sale
Contract of Sale: this becomes necessary where all conditions of sale have been met. It is an executed or completed sale
Deed of Assignment
Deed of Indemnity: this document becomes necessary in a land transaction where it is necessary for the buyer to absolve himself of any liabilities or loss or extra cost incidental to the purchase. The clause is often slotted in to the agreement but it is sometimes helpful to have a deed of indemnity executed on its own.
Having discussed the importance of legal consultation before embarking on a property investment mission, I have also discussed what a lawyer representing his client is expected to do. It is my hope and expectation that anyone looking to invest in property, particularly in Lagos, should do so through a lawyer with first-hand experience in property practice, bearing in mind the financial responsibilities involved as well as the attendant risks in such transactions.

In the scenario stated above, if Kunle had gone through a lawyer, a really good property lawyer, who knows his/her onion, he would have been advised against the purchase of property which is so close to the highway as a closer investigation would have revealed that it was within government acquisition.

The government might have decided to expand the highway and earmark such a property for its expansion projects. In this case, the buyer will suffer a huge loss.

Benita Ayo is an Associate at Ayodele, Olugbenga & Co, 9th floor, UBA House, Marina Lagos, Nigeria. She may be contacted on WhatsApp: 08063775768 and email: benny_ayo21@yahoo.com.

https://www.businesspost.ng/2018/08/07/property-real-estate-transactions-with-their-attendant-risks/