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 Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 5:53am On Sep 17, 2020 |
Treasury Bills Stop Rate Now 1.09% as CBN Raises N158.8bn https://businesspost.ng/economy/treasury-bills-stop-rate-now-1-09-as-cbn-raises-n158-8bn/ 4 Likes |
| Politics › Edo 2020: CNPP Blasts FG Over ‘vote Buying By Proxy’ by dipoolowoo(op): 6:12pm On Sep 16, 2020 |
By Modupe Gbadeyanka The Conference of Nigeria Political Parties (CNPP) has accused the federal government of being involved in what it described as ‘vote buying by proxy’ ahead of Saturday’s governorship election in Edo State. The group, in a statement on Wednesday, strongly kicked against it, calling on the federal government to refrain from acts capable of killing Nigeria’s democracy. “Acts of benevolence by the federal government in states during campaign periods have gone beyond coincidences to becoming a suspicious vote buying by proxy as is being witnessed in Edo State today,” a part of the statement signed by the Secretary-General of CNPP, Mr Willy Ezugwu, warned. The group called on the international community “to seriously take note of the strategic death blows the ruling All Progressives Congress (APC) has continued to give Nigerian democracy since the historic election that brought the party into office in 2015.” The CNPP further said, “The APC and PDP must be made to realise that they are not the only registered political parties in Nigeria and that every act of election rigging perpetrated by these two political parties that have continued to alternate their members and candidates is a death blow on democracy in Nigeria.” “At least, the PDP could be forgiven for coming to a realisation that election rigging will kill the country’s democracy and gave Nigeria the most transparent election in the history of Africa in 2015, leading to the defeat of a sitting President who was also a candidate in the election. “The ordinary Nigerian electorate who believed in the change mantra of the APC voted the then opposition party into office, reasoning that the party, with the anti-corruption disposition of President Muhammadu Buhari, will leave up to its promise to do things differently. “Alas, five years down the line, Nigerians are now counting their losses rather than gains. APC is gradually killing all other political parties in the country,” the group said. Continuing, it said, “We must recall that even with the level of election rigging under the PDP led federal government before the globally celebrated 2015 general election that brought the APC to power, smaller political parties were able to win governorship elections in states like Abia, Ondo, Edo, Anambra, to mention a few states. “However, since the President Muhammadu Buhari led federal government have been conducting elections, opposition parties have been at the receiving end as the PDP and APC member can no longer be distinguished with their level of cross carpeting at the slightest convenience, and the result is the stunted democracy and a dying opposition parties that cannot win elections, not because they don’t have strong candidates but for the singular reason that they cannot afford to buy votes. “Under the Buhari administration, with anti-corruption war as its selling point, electoral corruption, through all manners of federal government-induced vote buying, has been invented in the last five years. “Such vote buying by proxy schemes like Tradamoni and school feeding programme, nicknamed social investment programme, were fully deployed ahead of 2019 general election, which was superintended by Vice President Yemi Osinbajo, who went from market to market to distribute cash to would-be voters before the elections, with allegations of the APC government collating the permanent voter’s card numbers of the beneficiaries. “In Kogi State recently, billions of naira were released to the state few days to the state governorship election, an act seen by many stakeholders in the Nigerian pro-democracy family as monies intended for vote buying. “Today, in Edo State, barely three days to the state governorship election, the National Directorate of Employment (NDE) under the Minister of State for Labour and Employment, Mr Festus Keyamo, and an APC member, found the wife of the APC governorship candidate, Idia Ize-Iyamu, as a partner in empowering women in the state. “How would the wife of a candidate in an election be partnering with the federal government a few days before the election to empower Edo people? How do you defend it? That is a clear vote buying by proxy. “Right now, desperate APC and PDP chieftains are engaging in a war of words over allegations and counter allegations of vote buying, which was never heard of in all the days of PDP’s electoral impunity. “The CNPP, therefore, calls on the Independent National Electoral Commission (INEC) and all security agencies to save Nigerian democracy by preventing all acts of vote buying before they occur. “If Nigeria must survive in 2023, it’s about time President Muhammadu Buhari prevailed on INEC to do what is right to save Nigerian democracy from desperate politicians who see elections as do or die. “No lover of Nigeria will stand while the APC and PDP continue to rape democracy in broad daylight. “The judiciary has not lived up to the general expectations of Nigerians in deciding post-election disputes. However, most pre-elections matters have been dealt with fairly by the judicial arm of the government but more needs to be done in post-election matters to discourage electoral violence and vote buying,” the CNPP stated. https://businesspost.ng/general/edo-2020-cnpp-blasts-fg-over-vote-buying-by-proxy/ 1 Like 1 Share |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:36pm On Sep 16, 2020 |
FBNQuest Shares Attractive Investment Opportunities for Stock Investors https://businesspost.ng/economy/fbnquest-shares-attractive-investment-opportunities-for-stock-investors/ NSE Adjusts Share Prices of GTBank, UBA, Stanbic IBTC https://businesspost.ng/banking/nse-adjusts-share-prices-of-gtbank-uba-stanbic-ibtc/ FG Expects Nigeria’s Economy to Bounce Back in Q1 2021 https://businesspost.ng/economy/fg-expects-nigerias-economy-to-bounce-back-in-q1-2021/ Shift in AIICO Insurance AGM Worries Observers https://businesspost.ng/economy/shift-in-aiico-insurance-agm-worries-observers/ |
| Politics › I Borrow To Attract Investors To Nigeria—buhari by dipoolowoo(op): 9:57pm On Sep 15, 2020 |
By Dipo Olowookere President Muhammadu Buhari has explained why his administration has been borrowing from various sources since assuming office on May 29, 2015. According to the former military head of state, the sourcing for loans to finance infrastructure by his government is mainly to attract investors to Nigeria. A statement on Tuesday by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, stated that if Mr Buhari had not taken these loans, Nigeria may have been in dire shortfall of infrastructure. “We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,” the President was quoted as saying at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja. He stressed that the funds must be taken to fix roads in the country so as to save lives from soaring road accidents. The President, who spoke after listening to a presentation by PEAC chaired by Professor Ayo Salami, regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods. On the issue of the economy, President Buhari noted the challenges posed by the “collapse of the oil market” and the decision of government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries (OPEC). “We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable. “So, we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn,” he said. Mr Buhari also stressed the position of agriculture in the government’s scheme to reduce joblessness and poverty, noting that, “For us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.” “If we hadn’t gone back to the lands, we would have been in trouble by now. That is why we virtually stopped the importation of food, thereby saving jobs and foreign exchange,” he said. The President also broached the issue of COVID-19 pandemic and how it necessitated the recent government policies as they relate to energy (electricity) and fuel, saying the federal government took such decisions because it places the country above politics. “COVID has reduced us to the same level as developed countries. “We are lucky we went back to the land. We eat what we produce. We are doing our best to secure the country and provide infrastructure for investment to be viable in the country,” he said. Commending the Chairman and the members of the council for their patriotism and service to the nation, President Buhari pledged to continue to draw from their wisdom, knowledge and experiences as the nation deals with challenging economic times. Earlier, Prof Salami had in his presentation highlighted the council’s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting. The council recommended steps for the effective implementation of government’s plan to lift 100 million Nigerians out of poverty, as well as measures to curb poverty disparity in Nigeria. The council promised to set out a full policy paper that would, in the first instance, stop more Nigerians from falling into poverty and thereafter, further plans on reducing the poverty headcount in the country. The PEAC also outlined a number of measures aimed at aggressively increasing the country’s non-debt investment inflow, including measures to improve investor perception of the country and the proposed establishment of a $5 billion – $10 billion investment and growth fund to invest in. https://businesspost.ng/economy/i-borrow-to-attract-investors-to-nigeria-buhari/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:13pm On Sep 15, 2020 |
Law Union and Rock Insurance to Delist from NSE https://businesspost.ng/economy/law-union-and-rock-insurance-to-delist-from-nse/ Fidelity Bank Expects Lower FX Income, NIM in H1 2020 https://businesspost.ng/banking/fidelity-bank-expects-lower-fx-income-nim-in-h1-2020/ Foreign Investor Increases Stake in Okomu Oil https://businesspost.ng/economy/foreign-investor-increases-stake-in-okomu-oil/ Verod to Pay Law Union Shareholders N1.23 Per Share https://businesspost.ng/economy/verod-to-pay-law-union-shareholders-n1-23-per-share/ More Woes for Nigeria as OPEC Sees Worsening Oil Demand https://businesspost.ng/economy/more-woes-for-nigeria-as-opec-sees-worsening-oil-demand/ OPay, WorldRemit to Offer International Mobile Money Transfer Service https://businesspost.ng/economy/opay-worldremit-to-offer-international-mobile-money-transfer-service/ Autochek Acquires Cheki Operations in Nigeria, Ghana https://businesspost.ng/auto/autochek-acquires-cheki-operations-in-nigeria-ghana/ Service Reflective Tariff Will Benefit Electricity Consumers—EKEDC https://businesspost.ng/economy/service-reflective-tariff-will-benefit-electricity-consumers-ekedc/ |
| Politics › BREAKING: Nigeria’s Inflation Hits 13.22% In August by dipoolowoo(op): 10:31am On Sep 15, 2020 |
By Adedapo Adesanya Inflation rate in Nigeria in the month of August 2020 rose by 13.22 per cent year-on-year, 0.40 per cent higher than the 12.82 per cent reached in the month of July. This indicated that consumers in the country paid 13.22 per cent more than what they paid for the same goods and services in the same period of last year. According to the data released on Tuesday by the National Bureau of Statistics (NBS), the increase in the inflation rate was due to the 16.00 per cent rise in the composite food index rose in August 2020 compared to 15.48 per cent in July 2020. The rise in the food index was because of increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables in the month under review. Also in the month, there were increases in the prices of passenger transport by air, hospital services, medical services, pharmaceutical products, maintenance and repair of personal transport equipment, vehicle spare parts, motor cars, passenger transport by road, miscellaneous services relating to the dwelling, repair of furniture and paramedical services. In the NBS report titled Consumer Price Index CPI/Inflation, it was stressed that increases were also recorded in all the 12 Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index. On a month-on-month basis, the headline index increased by 1.34 per cent in August 2020, 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent). During the period under review, urban inflation rate increased by 13.83 per cent in August 2020 from 13.40 per cent recorded in July 2020, while the rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in the seventh month. On a month-on-month basis, the urban index rose by 1.42 per cent in August 2020, up by 0.15 from 1.27 per cent recorded in the preceding month, while the rural index also rose by 1.27 per cent in August 2020, up by 0.04 from 1.23 per cent in July. In August 2020, the NBS said, all items index on a year-on-year basis was highest in Kogi (17.29 per cent), Bauchi (15.77 per cent) and Ebonyi and Yobe (14.71 per cent), while Lagos (11.45 per cent), Kwara (11.22 per cent) and Abuja (11.17 per cent) recorded the slowest rise in headline year-on-year inflation. In August 2020, food inflation on a year-on-year basis was highest in Kogi (22.03 per cent), Kwara (19.11 per cent) and Edo (17.95 per cent), while Gombe (14.33 per cent), Kano (13.99 per cent) and Bauchi (13.42 per cent) recorded the slowest rise https://businesspost.ng/economy/breaking-nigerias-inflation-hits-13-22-in-august/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 9:45am On Sep 15, 2020 |
BREAKING: Nigeria’s Inflation Hits 13.22% in August https://businesspost.ng/economy/breaking-nigerias-inflation-hits-13-22-in-august/ Naira Depreciates to N460/$1 at Black Market, BDC https://businesspost.ng/economy/naira-depreciates-to-n460-1-at-black-market-bdc/ Market Gains 0.05% on Buying Interest in Banking, Industrial Goods Stocks https://businesspost.ng/economy/market-gains-0-05-on-buying-interest-in-banking-industrial-goods-stocks/ |
| Business › Naira Depreciates To N460/$1 At Black Market, BDC by dipoolowoo(op): 4:23am On Sep 15, 2020 |
By Adedapo Adesanya The value of the Nigerian Naira against the United States Dollar depreciated by N5 at the black market on Monday to N460/$1 from N455/$1 it was exchanged last Friday. Also, the local currency lost N5 against the British Pound Sterling at the same parallel market yesterday to sell for N590/£1 in contrast to N585/£1 it traded previously and depreciated by N10 on the Euro to close the day at N530/€1 versus N520/€1. Business Post reports that despite the Central Bank of Nigeria (CBN) selling over $150 million to Bureaux De Change (BDC) operators since the resumption of forex sales last Monday, the Naira is still struggling to find its feet at the segment of the foreign exchange market. Yesterday, according to data from the Association of the Bureaux De Change Operators of Nigeria (ABCON), the domestic currency depreciated against the Dollar in Lagos by N4 to trade at N460/$1 compared with N454/$1 it traded previously. Against the Pound, the domestic currency lost N13 at the opening day of the new week to close at N598/£1 in contrast to the previously traded rate of N585/£1 while against the Euro, it lost N5 to quote at N535/€1 as against N530/€1 it quoted last Friday. At the nation’s capital, Abuja, the local currency registered a depreciate of N7 against the greenback on Monday to sell for N461/$1 as against N454/$1 of the previous session. On the Pound, the local currency depreciated by N25 to close at N605/£1 versus N580/£1 and declined by N20 on the Euro to trade at N535/€1 versus the previous rate of N515/€1. In Port Harcourt, the domestic performed poorly against the US Dollar as it lost N4 to quote at N460/$1 compared with N456/$1 it traded last Friday but closed flat against the Pound at N603/£1 and depreciated against the Euro by N14 to N534/€1 from N520/€1. At the Kano BDC market, the Naira traded flat against the Dollar yesterday at N440/$1. The value also remained unchanged against the Pound and Euro at N585/£1 and N515/€1 respectively. The domestic currency also maintained its stability against the American currency at the interbank segment of the forex market on Monday at N379/$1. At the Investors and Exporters (I&E) window, the Naira traded flat against the Dollar at N386/$1 yesterday amid a 1540.6 per cent or $319.82 million spike in the demand for forex at the window to $340.58 million from the previous session’s $20.76 million. https://businesspost.ng/economy/naira-depreciates-to-n460-1-at-black-market-bdc/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 3:44pm On Sep 14, 2020 |
NSE Reclassifies Vitafoam Nigeria Stocks to Medium https://businesspost.ng/economy/nse-reclassifies-vitafoam-nigeria-stocks-to-medium/ Ellah Lakes to Supply Cassava to Subsidiary of Makers of Indomie https://businesspost.ng/economy/ellah-lakes-to-supply-cassava-to-subsidiary-of-makers-of-indomie/ CBN Explains How to Access N250bn Gas Investment Loan https://businesspost.ng/economy/cbn-explains-how-to-access-n250bn-gas-investment-loan/ The Challenges Facing Nigeria’s Economy https://businesspost.ng/economy/the-challenges-facing-nigerias-economy/ Top 10 Players in Nigerian Fintech Space https://businesspost.ng/technology/top-10-players-in-nigerian-fintech-space/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 7:58am On Sep 14, 2020 |
Stocks Dividend Hunters Should Watch Out For This Week https://businesspost.ng/economy/stocks-dividend-hunters-should-watch-out-for-this-week/ Investors Trade 980.5m Financial Stocks Worth N7bn in Five Days https://businesspost.ng/economy/investors-trade-980-5m-financial-stocks-worth-n7bn-in-five-days/ LASACO, Two Others Plan AGMs for This Week https://businesspost.ng/economy/lasaco-two-others-plan-agms-for-this-week/ CBN Forex Policy Making Nigeria Unattractive—Foreign Investor https://businesspost.ng/economy/cbn-forex-policy-making-nigeria-unattractive-foreign-investor/ Obasanjo, PDP Envious of Buhari Achievements—Presidency https://businesspost.ng/general/obasanjo-pdp-envious-of-buhari-achievements-presidency/ |
| Politics › Obasanjo, PDP Envious Of Buhari Achievements—presidency by dipoolowoo(op): 5:45pm On Sep 13, 2020 |
By Dipo Olowookere Former President Olusegun Obasanjo has been lambasted by the presidency for having the effrontery to criticise the administration of President Muhammadu Buhari for the umpteenth time. In his latest outburst, the former Nigerian leader, who governed the nation first as a military officer and later as a civilian, said the country was getting more dividend under his former ‘boy’ in the military. But the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, in a statement on Sunday to respond to Mr Obasanjo’s comments, described the Ota, Ogun State-born farmer as the “Divider-in-Chief” of Nigeria. Mr Shehu said Mr Obasanjo and the Peoples’ Democratic Party (PDP), under which he governed the country, are only envious of the achievements of Mr Buhari. “This President has run an administration focused on infrastructure and development. He has repaired our damaged relations with neighbours and our traditional allies such as the UK, US, China, Russia, France, Germany, Saudi Arabia and the others with lots of benefits to the country. “It is a pro-business administration that has used diplomacy to unlock bilateral trade and investment. “He leads a government that has liberalized the investment climate and market access by achieving reforms that have placed the country in the list of the world’s top reforming economies. “Nigeria, which other nations had mocked and ridiculed for so many things that were wrong is today progressing at a pace reflecting its size and potential,” the presidency said. Mr Shehu said President Buhari has shown courage by removing fuel subsidy despite not being popular with many Nigerians. The presidency said this decision will help to plug some of the most horrendous notorious holes and release of scarce resources for the “more pressing needs of the people has also not escaped the ire of the former president.” “It takes courage and rare statesmanship on the part of a leader to do as President Buhari to shun populism and seek the best interest of the people and the state, providing the kind of reform and development that Nigeria urgently needs,” he said. According to him, “It’s a known fact that the withdrawal of subsidies had been on the wish list of the Obasanjo-led PDP. “They failed in achieving these measures because, one. there was a shared greed. They plundered the treasury as much as anyone could in the name of either subsidy or waiver with reckless impunity.” Mr Shehu said Mr Obasanjo is only attempting to divide the nation while President Buhari continues to promote nation-building and the unity of Nigeria. https://businesspost.ng/general/obasanjo-pdp-envious-of-buhari-achievements-presidency/ |
| Business › Naira Suffers Significant Decline Against Dollar After Buhari’s FX Directive by dipoolowoo(op): 8:24pm On Sep 12, 2020 |
By Adedapo Adesanya The foreign exchange (forex) market in Nigeria on Friday reacted negatively to the directive of President Muhammadu Buhari to the Central Bank of Nigeria (CBN) on Thursday ”not to issue a kobo” of the country’s reserves for the importation of food items and fertilisers. This directive means importers of food and fertiliser will no longer get forex at discounted rates from the government but will have to buy at the black market to bring in their goods into Nigeria. Business Post observed that at the Bureau De Change (BDC) segment of the FX market yesterday, the Naira came under huge pressure, losing significant value against the United States Dollar at the close of business. According to data sourced from the Association of Bureaux De Change Operators of Nigeria (ABCON), at the Lagos BDC market, the local currency depreciated against the Dollar by N4 to trade at N454/$1 compared to N450/$1 of the previous session. However, against the Pound, the local currency closed flat at N585/£1 but gained N29 on the Euro to sell for N530/€1 in contrast to N559/€1 it traded on Thursday. In Abuja, the local currency depreciated by N14 to close at N454/$1 versus N440/$1 and remained unchanged against the Pound and Euro at N580/£1 and N515/€1 respectively. At the Port Harcourt BDC market, the Naira lost N12 against the Dollar to quote at N456/$1 versus N440/$1 it was exchanged at the last session. Against the Pound, the Naira lost N17 to close at N603/£1 in contrast to N586/£1 of Thursday and against the Euro, it lost N7 to close at N520/€1 versus N513/€1. However, it was a different outcome at the Kano BDC market, where the domestic currency traded flat against the Dollar, Pound and Euro at N440/$1, N585/£ and N515/€1 respectively. At the parallel market, the local currency traded flat against the Dollar at N455/$1 but lost N5 against the Pound to quote at N585/£1 versus N580/£1 and remained unchanged against the Euro at N520/€1. At the interbank segment of the foreign exchange market, the Naira traded flat at N379/$1. A look at the Investors and Exporters (I&E) segment of the market showed that on Friday, the Naira appreciated by 17 kobo or 0.04 per cent to sell for N386/$1 compared with N386.17/$1 it traded at the previous session. It was observed that a decline in the turnover at the market segment yesterday supported the growth recorded by the local currency. During the session, transactions valued at $20.76 million were recorded compared with Thursday’s $30.8 million, representing $10.04 million or 32.6 per cent decline. https://businesspost.ng/economy/naira-suffers-significant-decline-against-dollar-after-buharis-fx-directive/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:11pm On Sep 12, 2020 |
Former GTBank MD Joins Stanbic IBTC Bank Board https://businesspost.ng/jobs/former-gtbank-md-joins-stanbic-ibtc-bank-board/ Major Investor Offloads Mutual Benefits Assurance Stocks https://businesspost.ng/economy/major-investor-offloads-mutual-benefits-assurance-stocks/ Naira Suffers Significant Decline Against Dollar After Buhari’s FX Directive https://businesspost.ng/economy/naira-suffers-significant-decline-against-dollar-after-buharis-fx-directive/ CSCS Stocks Depreciate for Second Straight Session https://businesspost.ng/economy/cscs-stocks-depreciate-for-second-straight-session/ Bank Stocks Drive N37bn Gain at Local Bourse Friday https://businesspost.ng/economy/bank-stocks-drive-n37bn-gain-at-local-bourse-friday/ DBN Advocates Sustainability Banking for Microfinance Banks https://businesspost.ng/banking/dbn-advocates-sustainability-banking-for-microfinance-banks/ Christianity, Astronomy, Solar System & Overpopulation of Mars https://businesspost.ng/featureoped/christianity-astronomy-solar-system-overpopulation-of-mars/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:12pm On Sep 11, 2020 |
Afreximbank Gives $200m Loan to Zenith Bank https://businesspost.ng/banking/afreximbank-gives-200m-loan-to-zenith-bank/ Two Directors Quit Wapic Insurance Board https://businesspost.ng/jobs/two-directors-quit-wapic-insurance-board/ United Securities Begins Online Registration of e-Dividend https://businesspost.ng/economy/united-securities-begins-online-registration-of-e-dividend/ Fraudulent Developers Discouraging Genuine Real Estate Investors https://businesspost.ng/economy/fraudulent-developers-discouraging-genuine-real-estate-investors/ Nigerian Youth: Gainful Engagement Through Social Media https://businesspost.ng/featureoped/nigerian-youth-gainful-engagement-through-social-media/ Zimvest Uses Technology to Demystify Wealth Creation https://businesspost.ng/economy/zimvest-uses-technology-to-demystify-wealth-creation/ Airtel Partners Google to Launch Mobile Data Platform https://businesspost.ng/technology/airtel-partners-google-to-launch-mobile-data-platform/ |
| Business › Gtbank Applies For Payments Firm, To Split Banking Operations Into Three by dipoolowoo(op): 11:28am On Sep 11, 2020 |
By Dipo Olowookere After conquering the banking sector in Nigeria, Guaranty Trust Bank (GTBank) Plc is looking to disrupt the financial technology (fintech) space by formally launching its payments arm. The Managing Director of the lender, Mr Segun Agbaje, informed analysts this week that an application for the establishment of GTBank’s fintech company would be filed before the end of the week. According to Mr Agbaje, this payments company will be part of the new structure of the company from the first quarter of 2021. GTBank is planning to operate as a financial holding company, which will enable the organisation to operate in other sectors and thereby increase its revenue and profits. In the past, GTBank and other banks were allowed to delve into other businesses, but the Central Bank of Nigeria (CBN), which regulates the sector, later directed banks to only face their core business, banking. This forced most lenders to sell-off their other businesses in insurance, stockbroking, asset management and others. Only those allowed to still have these arms are banks operating under a holding structure like Stanbic IBTC, FBN Holdings and a few others. GTBank is planning to become a holding company from next year to allow it to operate in other sectors in the financial services industry. At the analyst call monitored by Business Post, the MD/CEO of the financial institution said the proposed GTBank Holding Company (Holdco) will operate an asset management company, Pension Fund Administrator (PFA), a payments company and the banking business. However, he said the banking arm will be split into three and will comprise GTBank Nigeria, GTBank East Africa and GTBank West Africa. He noted that the managing director for the GTBank Nigeria will likely be announced by October 2020. “On the Holdco structure, arrangements are going very well and as you know, it is a financial holding structure, which means we will need regulatory approval from the central bank, SEC (Securities and Exchange Commission) and other areas we do business,” Mr Agbaje said. He explained that, “We will have the central unit, which will be the controlling body and a couple of business units. “In terms of the bank operations, we are going to split it into three; GTBank Nigeria, GTBank East Africa and GTBank West Africa. “We will then have other business units like asset management, a PFA and a payments company. Hopefully, this week, we will put in our application for final approval for the payments company.” Speaking further, the banker, who is retiring from the position in 2021, stated that, “For the asset management and PFA, we are going through due diligence as we speak on an entity.” “I believe we will be ready to go live will the Holdco structure by the first quarter of next year. We are just working on an operating model and others in preparation for the kickoff,” he declared, noting that, “I am really excited about the Holdco structure. I think everything that happened in the pandemic has proven that we are on the right part.” He expressed optimism that the proposed payments company of GTBank will succeed because of the level of inflows and outflows in the space. GTBank is not relatively new in the payments industry in Nigeria as it already has a platform called GTPay. However, the ecosystem is filled with top players like Interswitch, Paga, Paystack, Rave by Flutterwave, PayU, Remita, QucikTeller and a couple of others. https://businesspost.ng/banking/gtbank-applies-for-payments-firm-to-split-banking-operations-into-three/ |
| Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 5:14pm On Sep 10, 2020 |
Rate Drops to 1.10% as Investors ‘Beg’ CBN With N262bn for N128bn T-Bills https://businesspost.ng/economy/rate-drops-to-1-10-as-investors-beg-cbn-with-n262bn-for-n128bn-t-bills/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 3:21pm On Sep 10, 2020 |
GTBank Applies for Payments Firm, to Split Banking Operations into Three https://businesspost.ng/banking/gtbank-applies-for-payments-firm-to-split-banking-operations-into-three/ Why Interest Rate on Savings Deposit Was Reduced to 1.25%—CBN https://businesspost.ng/economy/why-interest-rate-on-savings-deposit-was-cut-to-1-25-cbn/ Rate Drops to 1.10% as Investors ‘Beg’ CBN With N262bn for N128bn T-Bills https://businesspost.ng/economy/rate-drops-to-1-10-as-investors-beg-cbn-with-n262bn-for-n128bn-t-bills/ NNPC Mulls Selling Majority Stakes in Four Refineries https://businesspost.ng/economy/nnpc-mulls-selling-majority-stakes-in-four-refineries/ Sparkle Plans Digital Distribution of Insurance by 2021 https://businesspost.ng/technology/sparkle-plans-digital-distribution-of-insurance-by-2021/ Smart Shopping Help Online Shoppers Save Money, Compare Prices https://businesspost.ng/featureoped/smart-shopping-help-online-shoppers-save-money-compare-prices/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:05pm On Sep 09, 2020 |
Rumour of CBN Planning to Revoke Unity Bank Licence Scares Investors https://businesspost.ng/banking/rumour-of-cbn-planning-to-revoke-unity-bank-licence-scares-investors/ Fidelity Bank to Issue N100bn Bond in Q4 2020 https://businesspost.ng/economy/fidelity-bank-to-issue-n100bn-bond-in-q4-2020/ Derivatives Cause Significant Rise in Trading Activity—Expert https://businesspost.ng/economy/derivatives-cause-significant-rise-in-trading-activity-expert/ Shoprite Announces Exit from Kenyan Retail Market https://businesspost.ng/brands-products/shoprite-announces-exit-from-kenyan-retail-market/ |
| Politics › Hike In Prices Of Petrol, Electricity Will Benefit Nigerians—buhari by dipoolowoo(op): 5:35pm On Sep 07, 2020 |
By Modupe Gbadeyanka Nigerians have been urged to see the increase in the prices of electricity and premium motor spirit (PMS) commonly known as petrol as a blessing in disguise. Speaking on Monday at the first year ministerial performance review retreat at the State House Conference Centre, Abuja, President Muhammadu Buhari said the new hike in electricity tariff will make Nigerians enjoy better service. According to him, “the implementation of a willing buyer, willing seller policy for the power sector has opened opportunities for increased delivery of electricity.” He assured Nigerians of the willingness and determination of the federal government to provide stable electricity to every home and industry. Mr Buhari noted that increase in the price of electricity and deregulation of the petroleum sector were crucial decisions that were taken at the beginning of the year, preceding the COVID-19 pandemic, and continuous delay in implementation of the policies, especially the deregulation of the petroleum would be detrimental to the economy, placing the burden of regular light cuts and fuel queues on Nigerians. “We are also executing some critical projects through the transmission, rehabilitation and expansion programme, which will result in the transmission and distribution of a total of 11,000 Megawatts by 2023,” he said. The President emphasised that the target of providing 11,000 megawatts by 2023 was realistic and realizable, and would provide a lifeline for many businesses and improve the living conditions of many Nigerians. Mr Buhari noted that he is aware of the economic challenges being faced by individuals, families and businesses, but stressed that the decisions had to be taken at this crucial time. The President said the COVID-19 pandemic led to a severe downturn in the funds available to finance the nation’s budget. “One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown, was the deregulation of the price of Premium Motor Spirit (PMS) such that the benefit of lower prices at that time was passed to consumers. “This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally would go up. “There are several negative consequences if the government should even attempt to go back to the business of fixing or subsidizing PMS prices. “First of all, it would mean a return to the costly subsidy regime. Today we have 60 per cent less revenues, we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration. “Nigerians no longer have to endure long queues just to buy petrol, often at highly inflated prices. Also, as I hinted earlier, there is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We now simply have no choice. “Nevertheless, I want to assure our compatriots that Government is extremely mindful of the pains that higher prices mean at this time, and we do not take the sacrifices that all Nigerians have to make for granted. “We will continue to seek ways and means of cushioning pains especially for the most vulnerable in our midst. We will also remain alert to our responsibilities to ensure that marketers do not exploit citizens by raising pump price arbitrarily,” he said. The President emphasised that he was “convinced that if we stay focused on our plans, brighter, more prosperous days will come soon.” https://businesspost.ng/economy/hike-in-prices-of-petrol-electricity-will-benefit-nigerians-buhari/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:26pm On Sep 07, 2020 |
Quality of Our Past Decisions Strategically Positioned us to Thrive—GTBank https://businesspost.ng/banking/quality-of-our-past-decisions-strategically-positioned-us-to-thrive-gtbank/ How We Recorded Impressive Half Year Results—Fidelity Bank CEO https://businesspost.ng/banking/how-we-recorded-impressive-half-year-results-fidelity-bank-ceo/ UPDC, Zenith Bank, LASACO Shares Witness Heavy Transactions https://businesspost.ng/economy/updc-zenith-bank-lasaco-shares-witness-heavy-transactions/ Union Bank Faults KGIRS’ Handling of Lokoja Branch Tax Issue https://businesspost.ng/banking/union-bank-faults-kgirs-handling-of-lokoja-branch-tax-issue/ CSCS Stocks Rise 3.57% in One Week at Unlisted Securities Market https://businesspost.ng/economy/cscs-stocks-rise-3-57-in-one-week-at-unlisted-securities-market/ NSE to Sensitise Investors, Others on Derivatives Market Tuesday https://businesspost.ng/economy/nse-to-sensitise-investors-others-on-derivatives-market-tuesday/ 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 10:25am On Sep 05, 2020 |
Dividend Hunters Drive Value of Stocks Higher by N49bn Friday https://businesspost.ng/economy/dividend-hunters-drive-value-of-stocks-higher-by-n49bn-friday/ CBN Authorises Addition of Usman to Access Bank Board https://businesspost.ng/jobs/cbn-authorises-addition-of-usman-to-access-bank-board/ EFG-Hermes Facilitates Two IPOs from Financial Services Sector https://businesspost.ng/economy/efg-hermes-facilitates-two-ipos-from-financial-services-sector/ Lagos Denies Imposing 5% Tax on Audio, Visual Contents; Suspends LSFVCB Boss https://businesspost.ng/showbiz/lagos-denies-imposing-5-tax-on-audio-visual-contents-suspends-lsfvcb-boss/ Is Interest Money Being Shared on Twitter? https://businesspost.ng/featureoped/is-interest-money-being-shared-on-twitter/ SMEs: The Future of African Economy https://businesspost.ng/featureoped/smes-the-future-of-african-economy/ CAMA 2020 Will Regulate, Not Control Churches, Others—Oyedele https://businesspost.ng/general/cama-2020-will-regulate-not-control-churches-others-oyedele/ Fidelity Bank Announces Gross Earnings of N105.8bn in H1 2020 https://businesspost.ng/banking/fidelity-bank-announces-gross-earnings-of-n105-8bn-in-h1-2020/ Access Bank Posts N81bn Profit, Gives 25 Kobo Interim Dividend https://businesspost.ng/banking/access-bank-posts-n81bn-profit-gives-25-kobo-interim-dividend/ |
| Christianity Etc › CAMA 2020 Will Regulate, Not Control Churches, Others—oyedele by dipoolowoo(op): 5:58am On Sep 05, 2020 |
By Dipo Olowookere The Head of Tax and Corporate Advisory Services at PwC Nigeria, Mr Taiwo Oyedele, has said the aim of the controversial Companies and Allied Matters Act, 2020 (CAMA 2020) especially concerning non-profit organisations, including religious bodies, is to regulate their activities and not to control them as it is being pushed. The CAMA 2020, which was signed into law recently but is yet to be gazetted, has generated controversies from different quarters, especially from church leaders, who claimed that the law was aimed at controlling the affairs of churches. Many respected Christian leaders have spoken on the matter, including the founder of Living Faith Church also known as Winners Chapel, Bishop David Oyedepo, who said one of the contending issues was the power given to the registrar general of the Corporate Affairs Commission (CAC) or the supervising minister to tamper with the board of trustee of a charity organisation. Under CAMA 2020, the commission may by order, suspend the trustees of an association or a religious body and appoint an interim manager or managers to coordinate its affairs where it reasonably believes that there has been any misconduct or mismanagement, or where the affairs of the association are being run fraudulently or where it is necessary or desirable for the purpose of public interest. But Mr Oyedepo stressed that no government can change the composition of his church’s board, while the Christian Association of Nigeria (CAN) has said the law was an attempt to wage a war against the church in the country. A few days ago, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, was at the Presidential Villa in Abuja for a meeting with President Muhammadu Buhari and it was speculated in some quarters that the respected cleric may have gone there because of the controversial law. After his meeting with Mr Buhari, the RCCG leader declined to address some anxious journalists waiting for him outside. On Wednesday, September 2, 2020, PwC organised a capability enhancement workshop for journalists and one of the speakers, Mr Taiwo Oyedele, spoke on the new CAMA 2020 law. He pointed out that the law was not intended to control charity organisations, which religious bodies belong, but mainly to regulate their activities. He said it was normal for any responsible government to regulate activities of any organisation that collects funds from members of the public, who must be protected. Mr Oyedele also said the new law was the most important business regulation in Nigeria especially as it has a significant impact on doing business, competitiveness, attracting investments, and economic growth. However, he stressed the need to gazette the CAMA 2020 with a future commencement date to facilitate ease of transition while emphasising the importance of effective implementation. He noted the need to harmonise CAMA with other laws such as the Companies Income Tax Act which still requires audited accounts by all companies regardless of size. In addition, more flexibility is required for foreign companies who wish to operate a business in Nigeria such that a branch registration should be permitted while incorporating a subsidiary will be optional, he posited. According to the tax expert, it is also necessary to ensure that the new law is kept under constant review with more frequent amendments or re-enactment say every five years. Also speaking at the event attended by over 100 financial journalists, including from Business Post, the Editor-in-Chief at Stears Business, Mr Tokunbo Afikuyomi Jr, highlighted the impact of the COVID-19 pandemic on news consumption patterns and what this means for the fortunes of journalists and their media houses. He noted that in times of uncertainty, trustworthy reporting becomes even more important than the speed to break the news, noting that with the shift to digital platforms by consumers, reporters must balance the rush to be the first to publish with providing factual information written from a unique angle that adds value to the readers. He also emphasised the need for clarity of thoughts and clarity of expression for excellent reporting. On his part, the Partner and Chief Economist at PwC Nigeria, Mr Andrew Nevin, tasked business journalists to add more value to their reporting. He lamented reproduction of economic data from agencies without providing sufficient context or insights, urging reporters to track key metrics such as the Sustainable Development Goals (SDGs) and other policy pronouncements of governments which they can use to benchmark their analysis of NBS statistics and enrich their general reporting on the economy. https://businesspost.ng/general/cama-2020-will-regulate-not-control-churches-others-oyedele/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:58pm On Sep 03, 2020 |
Zenith Bank Offers 30 Kobo Interim Dividend, Grows H1 2020 Earnings https://businesspost.ng/banking/zenith-bank-offers-30-kobo-interim-dividend-grows-h1-2020-earnings/ FRC Tackles R.T. Briscoe Nigeria Over Auditor’s Opinion https://businesspost.ng/economy/frc-tackles-r-t-briscoe-nigeria-over-auditors-opinion/ Guinness Nigeria to Focus Less on Lager Brands https://businesspost.ng/economy/guinness-nigeria-to-focus-less-on-lager-brands/ Nigeria Suffers Third Consecutive Quarterly Trade Deficit https://businesspost.ng/economy/nigeria-suffers-third-consecutive-quarterly-trade-deficit/ PZ Cussons Shareholders to Meet September 24 for Sale of Nutricima to Friesland https://businesspost.ng/economy/pz-cussons-shareholders-to-meet-over-sale-of-nutricima-for-20-3m/ Shareholders of Mobil Oil to Get N8.50 Dividend Payment Alerts October https://businesspost.ng/economy/shareholders-of-mobil-oil-to-get-n8-25-dividend-payment-alerts-october/ Buhari Releases 30,000 tons of Maize to Tackle High Food Prices https://businesspost.ng/economy/buhari-releases-30000-tons-of-maize-to-tackle-high-food-prices/ 3 Likes |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:04pm On Sep 02, 2020 |
H1’20: GTBank Declares N109.7bn Pre-Tax Profit, 30 Kobo Interim Dividend https://businesspost.ng/banking/h120-gtbank-declares-n109-7bn-pre-tax-profit-30-kobo-interim-dividend/ FG Pays Balance of Nigeria Airways N45bn Severance Package https://businesspost.ng/jobs/fg-pays-balance-of-nigeria-airways-n45bn-severance-package/ UBA to Pay Shareholders 17 Kobo Interim Dividend September 23 https://businesspost.ng/banking/uba-to-pay-shareholders-17-kobo-interim-dividend-september-23/ AIICO Insurance Opens Subscription for N3.5bn Rights Issue https://businesspost.ng/economy/aiico-insurance-opens-subscription-for-n3-5bn-rights-issue/ Nigeria Hikes Petrol Price by 9.3% to N151.56 Per Litre https://businesspost.ng/economy/nigeria-hikes-petrol-price-by-9-3-to-n151-56-per-litre/ OPEC Output Rises 1mbdp as Producers Ease Cuts in August https://businesspost.ng/economy/opec-output-rises-1mbdp-as-producers-ease-cuts-in-august/ BUA Group to Build 200,000 bdp Refinery in Akwa Ibom https://businesspost.ng/economy/bua-group-to-build-200000-bdp-refinery-in-akwa-ibom/ Stjepan Udovivic Resumes as 9mobile Chief Commercial Officer https://businesspost.ng/jobs/stjepan-udovivic-resumes-as-9mobile-chief-commercial-officer/ 1 Like |
| Politics › FG Pays Balance Of Nigeria Airways N45bn Severance Package by dipoolowoo(op): 3:51pm On Sep 02, 2020 |
By Dipo Olowookere The federal government has commenced payment of the balance of the N45 billion severance package of retirees of the defunct Nigeria Airways. Business Post confirmed that the payment of the 50 per cent balance started this week as beneficiaries have started receiving their bank alerts. One of the retirees who spoke with Business Post on Wednesday said, “Yes, it’s true, we have started getting our alerts since yesterday (Tuesday) and some this morning (Wednesday). We thank President Muhammadu Buhari for this gesture, may God continue to help him.” In April 2020, during one of the briefings with newsmen on COVID-19, the Minister of Aviation, Mr Hadi Sirika, had assured that the payment of the money to the former workers of the defunct airline would be made soon. “The President asked us to pay about 50 per cent of the affected workers then and they were paid. The remaining balance will be paid soon. “Every expenditure of government needs a legislative stamp, including that for Nigeria Airways pensioners. “The House of Representatives has already dealt with the matter and passed it. So, once they pass it at the Senate, which is after Easter, we will go ahead and pay,” the Minister had said. Business Post recalled that in March 2018, the federal government approved the payment of N45 billion to the former aviation workers as a severance package. However, 50 per cent of the money was paid to the beneficiaries later in 2018, with the promise to pay the balance in 2019. This newspaper reliably gathered that the payment is being done by the federal government in batches, with batch one and two receiving their payments. The money was supposed to be paid in July 2020, but there were issues which cropped up that delayed it. But Business Post was informed that efforts are being made to make up for the delay and beneficiaries should get their payments this month or latest before the end of the year. https://businesspost.ng/jobs/fg-pays-balance-of-nigeria-airways-n45bn-severance-package/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:57pm On Sep 01, 2020 |
UAC Nigeria Transfers 946.6 million Shares to Custodian Investment https://businesspost.ng/economy/uac-nigeria-transfers-946-6-million-shares-to-custodian-investment/ CBN Chops Interest Rate on Savings Deposit to 1.25% https://businesspost.ng/banking/cbn-chops-interest-rate-on-savings-deposit-to-1-25/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 1:31pm On Sep 01, 2020 |
BREAKING: NSE Suspends Trading in Shares of Six Firms https://businesspost.ng/economy/breaking-nse-suspends-trading-in-shares-of-six-firms/ Ecobank Slashes Monthly International Spending Limit to $20 https://businesspost.ng/banking/ecobank-slashes-monthly-international-spending-limit-to-20/ Equity Prices of LASACO Assurance, Tripple Gee Adjusted by NSE https://businesspost.ng/economy/equity-prices-of-lasaco-assurance-tripple-gee-adjusted-by-nse/ Access Bank Extinguishes Data Breach Rumour https://businesspost.ng/banking/access-bank-extinguishes-data-breach-rumour/ Nigerian Stock Exchange Fines 11 Companies N48m for Infractions https://businesspost.ng/economy/nigerian-stock-exchange-fines-11-companies-n48m-for-infractions/ Cornerstone Insurance Shareholders Approve Bonus Issue https://businesspost.ng/economy/cornerstone-insurance-shareholders-approve-bonus-issue/ NASD OTC Exchange Opens Week in Flat Terrain https://businesspost.ng/economy/nasd-otc-exchange-opens-week-in-flat-terrain/ Energy, Industrial Goods Stocks Raise Market Value by N9bn https://businesspost.ng/economy/energy-industrial-goods-stocks-raise-market-value-by-n9bn/ Verve Customers to Get N27m in ‘Good Life’ Promo https://businesspost.ng/technology/verve-customers-to-get-n27m-in-good-life-promo/ Panic Grips Forex Speculators as Naira Gains at Black Market https://businesspost.ng/economy/panic-grips-forex-speculators-as-naira-gains-at-black-market/ |
| Business › Nigeria Reduces Debt-to-gdp Ratio To 19% by dipoolowoo(op): 2:57pm On Aug 31, 2020 |
By Dipo Olowookere The debt-to-GDP (gross domestic product) ratio of Nigeria has slightly reduced to 19.00 per cent from 19.09 per cent within a period of 12 months, Business Post investigation has shown. According to a document from the Budget Office sighted by Business Post, in 2019, the debt-to-GDP ratio, which measures the ability of the country to repay its debts when compared with the value of goods and services it produces, was trimmed to 19.00 per cent in 2019 from 19.09 per cent in 2018. This newspaper gathered that in 2018, the total debt profile of the country, according to data obtained from the Debt Management Office (DMO), stood at N24.4 trillion, while the nominal GDP, as data from the National Bureau of Statistics (NBS) showed, was N127.8 trillion. A year later, according to the debt office, the nation’s total debt profile rose to N27.4 trillion, while the nominal GDP was N144.2 trillion. In 2017, the debt-GDP ratio of Nigeria was at 21 per cent, according to the then Minister of Finance, Mrs Kemi Adeosun, while speaking at an event in Ogun State, which took place in March 2018. In recent times, there have been talks about the rising debt profile of Nigeria, especially under the present administration of President Muhammadu Buhari, who some observers said has a huge appetite for borrowing. They claimed that with the present rate of borrowing, both from domestic and foreign sources, there would be a time Nigeria will not be able to payback. One of the loans that got many people talking was the ones from China, a country most analysts said does not have mercy on loan defaulters, citing the experiences of Zambia, Djibouti and others as examples. But the Nigerian authorities have said there’s nothing to fret about because the country, which is Africa’s largest economy and producer of crude oil, was capable of meeting its loan obligations. Last Monday, the stats office said the country’s economy as measured by the GDP, contracted in the second quarter of 2020 by 6.10 per cent. This was in contrast to the 1.87 per cent growth achieved in the first quarter of this year. The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic. But the presidency has asked Nigerians not to panic over the depression suffered by the nation’s economy in the second quarter of the year, saying when compared with other better economies, the country fared better. According to the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, “It also appears muted compared to the outcomes in several other countries, including large economies such as the US (-33 per cent), UK (-20 per cent), France (-14 per cent), Germany (-10 per cent), Italy (-12.4 per cent), Canada (-12.0 per cent), Israel (-29 per cent), Japan (-8 per cent), South Africa (projection -20 per cent to -50 per cent), with the notable exception of only China (+3 per cent).” For the debt-to-GDP ratio, the Budget Office headed by Mr Ben Akabueze, the percentage “is within the country-specific debt limit of 40 per cent and below the maximum threshold of 55 per cent recommended by the International Monetary Fund (IMF) and the World Bank for countries in Nigeria’s peer group, as well as the West African Monetary Zone Convergence threshold of 70 per cent.” Last month, the Mission Chief and Senior Resident Representative of the IMF for Nigeria, Ms Jesmin Rahman, projected that Nigeria’s debt-to-GDP ratio may rise to 36.5 per cent in 2020 as a result of the spike in government borrowing in the short-term, describing it as worrisome and should be closely monitored. “We project this (debt-to-GDP ratio) to increase to 36.5 per cent this year, which is a jump and then stay around 38 per cent of GDP in the medium term,” she was quoted as saying during an interview hosted by Citibank Nigeria in collaboration with the American Business Council. https://businesspost.ng/economy/nigeria-reduces-debt-to-gdp-ratio-to-19/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 12:06pm On Aug 31, 2020 |
CBN Delays Release of Stanbic IBTC Half-Year Results https://businesspost.ng/economy/cbn-delays-release-of-stanbic-ibtc-half-year-results/ UBA Expects Release of Q2 Financial Statements September 29 https://businesspost.ng/banking/uba-expects-release-of-q2-financial-statements-september-29/ Nigeria Reduces Debt-to-GDP Ratio to 19% https://businesspost.ng/economy/nigeria-reduces-debt-to-gdp-ratio-to-19/ University Press Stock Records Highest Weekly Growth on NSE https://businesspost.ng/economy/university-press-stock-records-highest-weekly-growth-on-nse/ NASD Investors Grow Wealth by N1.45bn in Five Days https://businesspost.ng/economy/nasd-investors-grow-wealth-by-n1-45bn-in-five-days/ ABCON Pledges to Sell Forex at CBN Approved Rates https://businesspost.ng/economy/abcon-pledges-to-sell-forex-at-cbn-approved-rates/ 2 Likes |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 1:48am On Aug 30, 2020 |
Yes, it has long been corrected already. We sincerely apologise for the error Mpeace: 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 1:46am On Aug 30, 2020 |
Guinness Nigeria Announces N12.6bn Loss in 2020, ‘Suspends’ Dividend Payment https://businesspost.ng/economy/guinness-nigeria-announces-n12-6bn-loss-in-2020-suspends-dividend-payment/ Seplat Appoints Former SEC DG to Strengthen Board https://businesspost.ng/jobs/seplat-appoints-former-sec-dg-to-strengthen-board/ Don’t Give Loans to Customers—CBN Orders Payment Service Banks https://businesspost.ng/banking/dont-give-loans-to-customers-cbn-orders-payment-service-banks/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 4:04am On Aug 29, 2020 |
FY202: FCMB Anticipates 75% Drop in Earnings, 76% Fall in Profit https://businesspost.ng/banking/fy-2020-fcmb-anticipates-75-drop-in-earnings-76-fall-in-profit/ Red Star Express Declares N469m Profit, to Share N324m as Dividend https://businesspost.ng/economy/red-star-express-declares-n469m-profit-to-share-n324m-as-dividend/ CAP, GTBank Lead Equities Market Back to Growth by 0.02% Friday https://businesspost.ng/economy/cap-gtbank-lead-equities-market-back-to-growth-by-0-02-friday/ Crude Sustains Fall after Hurricane Effects Pass https://businesspost.ng/economy/crude-sustains-fall-after-hurricane-effects-pass/ Harassment of Nigerians: FG Gives Ghana Last Warning https://businesspost.ng/general/harassment-of-nigerians-fg-gives-ghana-last-warning/ Nigerian Businesses to Regain Normalcy August 2021—Report https://businesspost.ng/economy/nigerian-businesses-to-regain-normalcy-august-2021-report/ Zenith Bank GMD Seeks Expansion of Nigeria’s Non-Oil Exports https://businesspost.ng/banking/zenith-bank-gmd-seeks-expansion-of-nigerias-non-oil-exports/ 1 Like |
