₦airaland Forum

Airtel Pulls Out of 9Mobile Sale, Two Others Likely to Join
https://www.businesspost.ng/2018/01/19/airtel-pulls-9mobile-sale-two-others-likely-join/

Analysts Predict Bullish Future for Nigeria’s REITs Market
https://www.businesspost.ng/2018/01/19/analysts-predict-bullish-future-nigerias-reits-market/

Interbank Rate Declines as CBN Mops Up N195b via OMO Sales
https://www.businesspost.ng/2018/01/19/interbank-rate-declines-cbn-mops-n195b-via-omo-sales/

FG to Borrow N385b from Bond Market in Q1’18
https://www.businesspost.ng/2018/01/19/fg-borrow-n385b-bond-market-q118/

SEC Extends Free e-Dividend Registration to February 28
https://www.businesspost.ng/2018/01/19/sec-extends-free-e-dividend-registration-february-28/

Stanbic IBTC Board Meets to Discuss Dividend, Financial Results
https://www.businesspost.ng/2018/01/18/stanbic-ibtc-board-meets-discuss-dividend-financial-results/

FG to Borrow N385b from Bond Market in Q1’18
https://www.businesspost.ng/2018/01/19/fg-borrow-n385b-bond-market-q118/

By Osaremen Ehi James

At my local RCCG place of worship, a provincial headquarters in Lagos, it is a common thing to see families, especially women and their kids dressed gorgeously.

However, accompanying them are teenagers or under-teens dressed like those from war-torn Syria or Libya Slave Market, apparently their maids.

These maids are spotted during the service dozing off, obviously from being 'brutally' used at home doing 'imaginary and endless' home chores.

At a church service in one of the Sundays of December 2017, a woman sitting two rows away from mine signalled her 'maid' sitting beside me to get her phone across to her in order to take selfie in church. I asked myself, ‘is her phone now too heavy for her to need a maid to hold for her?’

One thing that still amazes me is ‘why do we come to the house of God, which should a place of love, to show how wicked we are?’

If someone can be that wicked to a maid in the house of God, one can only imagine what the house help goes through at home.

This and others make me wonder the kind of Christianity we practise in this part of the world. The religion is meant to show love, but those that practice it do otherwise.

Church leaders tell their members not to have anything to do with fellow Christians from other denominations for selfish reasons. Being in a gathering of people from other religion(s) is even seen as a taboo.

Interestingly, these so called men of God grab every opportunity to laugh, wine and dine with ‘people of the world’, especially politicians, who we all know in Nigeria are not near God-fearing.

Back to my main point, will it be a sin if a maid is treated like one's child; eat good food, attend good schools, wear good cloths and others?

Don't forget, some parents leave their children in the hands of these maids to take care of. Now, how will a maid that has been made worthless not pass his/her frustration on the kids?

I hope clerics will look into this issue and warn their members to stop giving bad name to Christianity.

On my own part, I will surely take this issue up with my church leadership. Our lives must reflect the lifestyle of Jesus Christ. After all, Christians were first called so in Antioch (in present day Turkey) because their lifestyles reflected Christ.

Osaremen Ehi James is a Lagos-based journalist and can be reached via textjames@gmail.com

https://www.businesspost.ng/2018/01/18/christians-maltreating-maids/

By Dipo Olowookere

Monday, February 5, 2018, has been fixed for ruling on the case brought against Diamond Bank Plc by one of its customers, Mr Olajide Friday.

The plaintiff, a car dealer, accused the bank of sending a fake credit alert of N2.5 million to him, value of a vehicle he sold to a customer.

Counsel to the auto dealer, Mr Cyril Nwaogu, informed Justice Angela Otaluka of the FCT High Court, Lugbe, that his client, three days after the said transaction, approached the bank to withdraw the money only to be told that the amount was not in his account.

He said Mr Friday, who had already released the car to the buyer, though devastated, wrote severally to Diamond Bank, which allegedly promised to look into the matter.

However, he lamented that the bank, after its internal investigation, failed to credit his account with the amount, which forced him to institute a suit against the lender.

“I had a N2.5 million transaction with my client and he called me that he has paid the money into my account, which I received a credit alert on the usual platform from the bank,” Mr Friday said.

According to him, when he received the alert, he never questioned its authenticity as it was the usual way he received alerts from the bank, and had to release the car the moment he got the SMS alert from Diamond bank.

The car dealer blamed Diamond Bank for such anomaly, adding that receiving SMS alert was the only medium he could know that payment had been made.

His counsel, while corroborating his claims, said, “My client got an alert from a customer that the sum of N2.5 million has been credited to the plaintiff and he released the car, but on getting to the bank we discovered that the money was not credited to his account.

“We wrote to Diamond bank severally, but the bank promised to revert to us their findings, but we did not hear from it again, that was why we came to court.”

But counsel to Diamond bank, Mr Austin Uwanna, told the court that his client would be applying for N500,000 damages from the plaintiff.

He said that the suit was baseless and unfounded because Diamond bank was not a party to the transaction.

Mr Uwanna said that the plaintiff agreed with his customer that he would receive alert from the transaction, stressing that diamond bank was not a party to such agreement.

The defence counsel said that the plaintiff went to the bank and did not see any alert, adding that the bank could not be said to be culpable in such matter.

After listening to both counsels, Justice Angela Otaluka reserved judgment till Monday, February 5, 2018.

https://www.businesspost.ng/2018/01/18/n2-5m-fake-credit-alert-diamond-bank-customer-know-fate-feb-5/

I’m Hopeful MPC Meeting Will Hold Next Week—Emefiele
https://www.businesspost.ng/2018/01/18/im-hopeful-mpc-meeting-will-hold-next-week-emefiele/

CBN Sells N230b Treasury Bills via PMA as Rates Further Drops
https://www.businesspost.ng/2018/01/18/cbn-sells-n230b-treasury-bills-via-pma-rates-drops/

Forex, Political Activities to Impact Stock Market in 2018—NSE Boss
https://www.businesspost.ng/2018/01/17/forex-political-activities-impact-stock-market-2018-nse-boss/

NESG Unveils 2018 Macroeconomic Report Thursday
https://www.businesspost.ng/2018/01/17/nesg-unveils-2018-macroeconomic-report-thursday/

By Chinedu Okpi

Expatriate quota/business permit is consent in writing issued by the Minister of Interior on behalf of the Federal Government of Nigeria to an applicant company (be it a joint venture wholly foreign or Nigerian owned) to employ a foreign expert to a specifically designated job description.

To put it more aptly, Expatriate quota slots are granted to a company registered with the Corporate Affairs Commission (CAC) and not to individuals. Therefore it is the duty of the company and not that of the employees to obtain an expatriate quota.

Expatriate quota has been divided into two and they are:

PERMANENT UNTIL REVIEWED (PUR) which is issued to the Chairman of the company as well as the Managing Director.
TEMPORARY which is reserved for the position of a Director and other designated job descriptions.

The requirements for expatriate quota business permit are as follows:

Application on the letter headed paper of the company addressed to The Permanent Secretary Federal Ministry of Interior Old secretariat Area 1 Garki Abuja.
Certificate of incorporation: is the legal document issued upon completion of the registration of a company by the Corporate Affair commission of Nigeria. The reason for the demand of this document by the Ministry is to ascertain the fact that such company was properly registered and also to make certain that the Name and R.c. No. on all submitted documents tally with the one on the Certificate
CAC Form 2 and 7 or CAC1.1: Form CAC 2 or 2A (used for post incorporation activities at the commission) is used to determine whether the share capital of the company is up to N10,000,000 (Ten Million Naira). It is imperative to note that an application for grant of an expatriate quota to a company will fail if the authorized share capital of the company is not N10,000,000 (Ten Million Naira) or above. On the other hand Form CAC 7 or 7A (used for post incorporation activities) is utilized for the purpose of determining the Nationalities of the directors as well as to know if they are resident in Nigeria. Form CAC 1.1 is the most recent CAC Pre-incorporation form that has taken the place of both forms; CAC 2 and 7 as well as 2.1 and 4. Therefore it is important to note that Form CAC 1.1 came into use on the last day of March 2017 therefore confining all other forms to the vestige of the past.
Memorandum and Articles of Association in corporate governance is a fundamental document that defines the kind of business(es) the company undertakes as well as the duties and responsibilities of the directors to the board and the shareholders. It is a fundamental requirement for applying for an expatriate quota because it is used to determine all requisite licenses that should accompany the application. For instance if a company is engaged in the oil and gas sector the Memorandum and Articles of Association will state that fact and the Ministry will ensure that the applicant has complied effectively with the Local Content Act 2010. Same is applicable to all other regulatory agencies in Nigeria.
Certified Feasibility Report: This requirement is important because it is used for the assessment of the practicality of the proposed business venture by the issuing authority.
Tax Clearance Certificate: is a written notification from Federal Inland Revenue Services (FIRS) that the applicant’s tax affairs are in order as at the date on the issued certificate. For a new tax payer obtaining a Tax Identification Number is paramount and other documents such as certificate of incorporation and Form CAC 3 (Notice of registered address) ought to be furnished to FIRS
Bank Reference letter: is simply a letter from a bank where you have an account stating you are a customer for a certain period of years. For the purpose of applying for an expatriate quota in Nigeria the letter must contain the fully information: Full Name and contact of bank Date account was opened Name of company having the account and address General recommendation as to character business qualifications etc Name of Officer and title and Date the letter was issued.
Lease agreement or Certificate of Occupancy of the business premises of the applicant company is one of the most important documents required for the grant of an expatriate quota in Nigeria. The Rationale behind this constraint is that the Ministry have it in mind to ensure that all applicants preserves the Geographic development plan of the environment their business is located. Thus for illustration a company engaged in the production of lethal material will not be granted an expatriate quota if their registered address in a residential location
Joint Venture agreement is required in case of partnership with a foreigner
Certificate of Capital importation is a legal document which provides customers with statutory evidence of capital inflow/investment into a Nigerian company. It also facilitates the repatriation of dividends and capital to the foreign investor.

The following documents are required for the issuance of Certificate of Capital Importation of cash as equity investment:

Letter from the customer requesting for CCI
Board resolution authorizing the investment (from the Nigerian Company)
A copy of the Nigerian company's certificate of incorporation
Tested SWIFT telex copy stating amount and purpose of inflow
Name and address of foreign investor (to be provided by the Nigerian company).
Registration number and date of registration of investors
Nature of Business of Investor
Sector of Operation of the beneficiary

Proposed salary Job description designation and qualification of expatriate.

Fees for Expatriate quota and Business permit

Processing fee - N30,000
Online registration - N51,000
Business permit- N100,000
Each quota position - N30,000 (i.e. 30k x No. of quota required)

To enhance your chances of securing the exact number of expatriate quota slots a company requires, it is crucial for the applicant to double the number of slots so required in the application letter. To be precise, if a company desires to secure five foreign experts, it is basic to apply for 15 slots so that after all reductions by the Minister, the intended 5 slots will be approved to the company.

Please note that a company can only pay for any specific number of slots approved thus if more than 5 slots is approved from the example given above, the company reserves the right to reject the ones in excess.

https://www.businesspost.ng/2018/01/17/obtain-expatriate-quota-business-permit-nigeria-step-step-guide/

CBN Offers N230b T-Bills to Investors at Primary Market
https://www.businesspost.ng/2018/01/17/cbn-offers-n230b-t-bills-investors-primary-market/

T-Bills Market Bearish as Yields, Overnight Rate Rise
https://www.businesspost.ng/2018/01/16/t-bills-market-bearish-yields-overnight-rate-rise/

Forex Market Gets Fresh $210m Intervention from CBN
https://www.businesspost.ng/2018/01/16/forex-market-gets-fresh-210m-intervention-cbn/

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) has been adjudged the best performing in the world since the beginning of 2018.

The stock market has recorded 12 percent growth two weeks into the new year.

In 2017, the local bourse was the third best performer in the world, growing by over 40 percent year-on-year.

According to a report by Bloomberg on Monday, January 15, 2018, the rising price of crude oil in the global market has buoyed this and the Nigerian equity market could rise further if the price of oil continues to increase.

“For investors wanting more exposure to consumers in Africa and Nigeria, in particular, the outlook is good,” said Paul Clark, a money manager in Johannesburg at Ashburton Investments, which owns Nigerian stocks including Seplat Petroleum Development Co. “The banking sector is probably the most attractive at the moment, especially the tier-2 lenders.”

According to Bloomberg, Foreign investors have been crucial in driving the market higher. The New York-based Global X MSCI Nigeria ETF attracted record weekly net inflows last week. That helped to increase the exchange-traded fund’s market capitalization to almost $90 million, double the level in May last year.

Even after the gains, Nigerian valuations are the least expensive among the major African equity indexes. Nigerian stocks trade at a forward price-to-earnings ratio of 10.1, while South Africa’s are at 14 and the MSCI Emerging Market Index is at 13.

That suggests there’s further upside, according to Cape Town-based fund Allan Gray. While foreign investors turned negative on Nigeria after following the 2014 oil crash and subsequent recession, the economy picked up last year and growth is forecast by the International Monetary Fund to accelerate to 2.1 percent in 2019.

“For long-term investors, Nigerian equities were a screaming bargain,” said Nick Ndiritu, co-manager of Allan Gray’s $389 million Africa equity fund, which doesn’t include South Africa. “Investor sentiment has turned more bullish on Nigeria and a re-rating of the Nigerian stock market is now under way.”

Still, there are some warning signs. The 120-day correlation between Nigerian stocks and Brent crude is now around the highest in two years. If oil prices reverse their 45 percent climb since June, Nigerian assets could take a hit.

That’s one reason HSBC Holdings Plc has a negative outlook on the stocks. The U.K. bank also says Nigeria will have to free its currency further. While the central bank eased some capital controls last year and opened a trading window for foreign portfolio investors, it continues to operate several exchange rates.

“Nigeria’s multiple exchange rate system is likely to remain a key drag, keeping long-term investors on the side lines,” HSBC analysts David Faulkner, John Lomax and Kishore Muktinutalapati said in a note on Jan. 11.

https://www.businesspost.ng/2018/01/15/nigerian-shares-worlds-best-performer-two-weeks-12-surge/

Nigerian Shares World’s Best Performer in Two Weeks with 12% Surge
https://www.businesspost.ng/2018/01/15/nigerian-shares-worlds-best-performer-two-weeks-12-surge/

Nigerian Equities Open Week Strong as Bulls, Bears Battle for Control
https://www.businesspost.ng/2018/01/15/nigerian-equities-open-week-strong-bulls-bears-battle-control/

By Dipo Olowookere

Trading activities kicked off the new week on a positive note after the market upturned early losses to finish 0.51 percent higher.

Business Post reports that during transactions on Monday, both the bulls and bears battled for supremacy, but the market eventually settled for the bulls, reversing the loss posted at the market’s last trading session.

However, the volume and value of equities transacted by investors on the floor of the Nigerian Stock Exchange (NSE) depreciated by 47.62 percent and 55.74 percent respectively.

A total of 730.6 million shares worth N6.3 billion exchanged hands today in 7,964 deals compared with 1.4 billion shares traded last Friday in 11,385 deals worth N14.2 billion.

Transcorp continued this week as investors’ toast, emerging the most traded stock in terms of volume, exchanging a total of 193.9 million units worth N400 million.

It was followed by Diamond Bank, which sold 85.7 million shares valued at N221.9 million, and FCMB, which transacted 57.6 million shares for N157.9 million.

Fidelity Bank traded 55.9 million shares worth N179.7 million, while Access Bank exchanged 35.3 million shares valued at N414.3 million.

Business Post reports that the market breadth closed at equilibrium on Monday with 26 price losers and gainers.

International Breweries led the advancers’ table, appreciating by N3 to close at N63 per share, while Dangote Cement also went up by the same amount, N3, to settle at N255 per share.

GTBank rose by N1.10k to close at N50.10k per share, PZ Cussons grew by N1 to finish at N23.99k per share, and Zenith Bank added 74k to its share value to wrap the day at N32 per share.

However, it was a bad day for Lafarge, which lost N2.84k of its share price to close at N54.6k, leading the laggards’ chart at the close of business today.

Forte Oil followed with N2.47k of its share value lost to settle at N50.15k per share, and Nigerian Breweries, which fell by N1.97k to end at N149.8k per share.

Flour Mills of Nigeria went down by N1.35k to finish at N30 per share, while Dangote Sugar depreciated by 97k to close at N20.30k per share.

A look at the major market indices showed that the All-Share Index (ASI) increased by 220.10 points to settle at 43,119.00 points, while the market capitalisation improved by N78.9 billion to close at N15.5 trillion, with the year-to-date (YtD) return expanding to 12.75 percent.

https://www.businesspost.ng/2018/01/15/nigerian-equities-open-week-strong-bulls-bears-battle-control/

Fresh Crisis as Firm Warns Investors to Stay Off 9mobile Sale
https://www.businesspost.ng/2018/01/15/fresh-crisis-firm-warns-investors-stay-off-9mobile-sale/

NSE Elevates Tinuade Awe to Executive Director Regulation
https://www.businesspost.ng/2018/01/15/nse-elevates-tinuade-awe-executive-director-regulation/

By Modupe Gbadeyanka

A Yoruba Youth socio-cultural group called Igbimo Odo Yoruba has rejected plans by the Federal Government to establish cattle colonies across the country for herdsmen.

Leader of the group, Comrade Olufemi Lawson, in a statement on Monday, emphasised that the position of the Yoruba youth was in reaction to a statement credited to the Minister of Agriculture, Mr Audu Ogbeh, that the cattle colonies were to curb increasing cases of clashes between farmers and herdsmen in the country.

Mr Lawson said the youths will vehemently resist any attempt by the Federal Government to introduce the cattle colonies in any part of the Southwest, and other Yoruba speaking parts of the country.

According him, every legitimate means within its reach would be used to fight the government, stressing that creation of the colonies was another attempt to re-colonise Nigerians, particularly the people of the Southern part of the country.

"It is absolutely sad that at this age and time in our history as a people, certain persons will resort to arbitrary use of state power to grab the ancestral lands of our people in order to reward a minute but violent group of herdsmen, who have continually assaulted, molest and violate the right to life of innocent Nigerians across the country without any concrete action to checkmate their excesses by the Federal Government,” Mr Lawson said in the statement made available to Business Post.

The group further said it was alarmed by the 'insensitive' position of the Federal Government, coming at the very moment when several states are counting their losses, particularly of human life, as a result of attacks on innocent farmers, women and young children allegedly by Fulani herdsmen.

“We cannot continue to overlook the humongous disasters that these herdsmen have continued to wreck on our communities, leading to loss of means of livelihood, assault on our women and loss of lives.

“Sadly, all these atrocities have not been enough to attract any concrete action from the federal government, neither have they resulted into the arrest or prosecution of the perpetrators of these crimes and their sponsors.

“What we have witnessed instead is the audacity of these elements to claim responsibility for their crimes and even make media appearances to justify their actions against armless people, who are being maimed endlessly by these gang of herdsmen,” the statement read.

“While we want to specially commend Governor Ayodele Fayose of Ekiti State for the radical approach of his government towards tackling the menace of these (alleged) Fulani herdsmen in Ekiti State, we wish to seriously warn other Governors of the Southwest that any attempt by them to conspire with the proponents of the 'Cattle Colonies' whose main agenda is to unjustly grab our lands out of our possession, shall be resisted by our generation and generations to come,” the statement stressed.

The group also advised the Federal Government that rather than proposing the establishment of cattle colonies, which is seen as a colonial anti-people land grabbing strategy, government should first take decisive actions by bringing to justice all perpetrators of violence hiding under farmers/herdsmen clashes without further delay.

It also urged the Federal government to stop looking too far in finding a lasting solution to issues of grazing in the country as practicable solutions have already been proffered through various recommendations of the past. Most recent, as contained in the recommendations of the 2014 National Conference.

https://www.businesspost.ng/2018/01/15/yoruba-youth-group-rejects-fgs-cattle-colonies/

Stock Watch: Recommendation for this Week (January 15)
https://www.businesspost.ng/2018/01/15/stock-watch-recommendation-week-january-15/

Coronation, Stanbic IBTC Lead 2017 NASD Trades by Value
https://www.businesspost.ng/2018/01/12/coronation-stanbic-ibtc-lead-2017-nasd-trades-value/

N263b Maturing Bills to Boost Financial System Liquidity This Week
https://www.businesspost.ng/2018/01/15/n263b-maturing-bills-to-boost-financial-system-liquidity-this-week/

N263b Maturing Bills to Boost Financial System Liquidity This Week
https://www.businesspost.ng/2018/01/15/n263b-maturing-bills-to-boost-financial-system-liquidity-this-week/

9mobile Sale Suffers Huge Setback as Court Quashes Process?
https://www.businesspost.ng/2018/01/14/9mobile-sale-suffers-huge-setback-court-quashes-process/

Overnight Rate Jumps as T-Bills Market Trades Flat
https://www.businesspost.ng/2018/01/13/overnight-rate-jumps-t-bills-market-trades-flat/

By Dipo Olowookere

Son of President Muhammadu Buhari, Yusuf, is now ready to be discharged from the hospital after he was involved in a horrific motorcycle accident in Abuja on Boxing Day of 2017.

Yusuf, reportedly the only son of the President, was taken to Cedarcrest Hospitals in Abuja after the road mishap, where he was placed in the Intensive Care Unit (ICU) of the health facility.

A statement issued by management of the hospital today and shared by one of the President’s aides, Mr Bashir Ahmad, it was disclosed that after the successful surgical operations carried by a team of neurosurgeons and orthopaedic surgeans, Yusuf was now stable and making "remarkable progress."

However, the hospital emphasised that no friend of the President’s son was involved in the accident as widely reported in the media.

The statement also disclosed that at no time did the wife of the President, Mrs Aisha Buhari, collapsed during the period as also widely reported.

“Her Excellency the First Lady was not at any time treated for shock and she was not admitted into Cedarcrest at any time.

“In addition, Cedarcrest Hospitals has remained open to other in patients and out patients and at no time were any patients denied access to the hospital,” the statement signed by the Medical Director, Cedarcrest Hospitals, Dr Felix Ogedegbe, said.

Below is the full press statement by the hospital;

Mr Yusuf Muhammadu Buhari, son of His Excellency President Buhari, was admitted into Cedarcrest Hospitals Abuja in the late hours of the 26th of December 2017, following injuries sustained as a rider of a motorcycle.

Following initial stabilization, he was taken into intensive care. He underwent successful emergency surgical operations the following morning carried out by our team of neurosurgeons and orthopaedic surgeons.

Over the following week, his condition improved remarkably and he was transferred from intensive care to the ward. He has remained stable ever since and has continued to make remarkable progress. He is now ready to be discharged.

His extremely speedy response to treatment so far is testimony to the world-class early care he has received here in Cedarcrest, Abuja.

We are grateful to His Excellency, President Buhari and Her Excellency the First Lady Mrs Aisha Buhari for the confidence in us and for allowing us to look after Yusuf. This show of confidence goes a long way to strengthen our collective belief in our resolve to offer world-class health care locally.

We are extremely grateful to our entire hospital team for their dedication and hard work during this period.

We are also grateful to the Honourable Minister of Health, the Honourable Minister of State for Health, and the eminent advisory team of specialists assembled by the Honourable Minister of Health who supported us in the course of looking after Yusuf.

We are grateful to all Nigerians who prayed for Yusuf, his family and his carers. His response to treatment so far is clear testimony to answered prayers.

We did note some very misleading reports about this incident making the rounds in some social media outlets. Most of them would not ordinarily need to be responded to.

Suffice to say that there was only one person involved in this incident. No one else required treatment for this incident or its aftermath. Yusuf’s friend was not involved in the accident and did not sustain any injuries whatsoever.

Her Excellency the First Lady was not at any time treated for shock and she was not admitted into Cedarcrest at any time.

In addition, Cedarcrest Hospitals has remained open to other in patients and out patients and at no time were any patients denied access to the hospital.

Thank you very much.

Dr Felix Ogedegbe, FWACS

Abuja Medical Director,

Cedarcrest Hospitals.

https://www.businesspost.ng/2018/01/12/buharis-son-leaves-hospital-ghastly-accident/

Shareholders Okays Delisting of 7up Bottling Company From NSE
https://www.businesspost.ng/2018/01/12/shareholders-okays-delisting-7up-bottling-company-nse/

UBA Board Meets to Propose Final Dividend, Consider Results
https://www.businesspost.ng/2018/01/12/uba-board-meets-propose-final-dividend-consider-results/

T-Bills Market Bullish as CBN Resumes OMO Sales
https://www.businesspost.ng/2018/01/12/t-bills-market-bullish-cbn-resumes-omo-sales/

By Dipo Olowookere

The positive momentum on the floor of the Nigerian Stock Exchange (NSE) continued on Thursday with the market appreciating further by 2.93 percent.

It was observed that as foreign investors take positions in consumer goods stocks, local pension funds garnered equities after being lured by the 2017 gains recorded by the stock market, converting their investments in the bond market into the equity market as a result of Federal Government’s decision to lower its local borrowing costs.

Business Post reports that Thursday’s bullish close was buoyed by sustained positive sentiments in the market as well as gains recorded by market heavyweights like Dangote Cement, Seplat and Nigerian Breweries.

At the close of business today, the All-Share Index (ASI) went up by 1,225.43 points to settle at 43,041.54 points, crossing the 43,000 mark for the first time since 2008.

Also, the market capitalisation increased by N436 billion to settle at N15.317 trillion, crossing the psychological milestone of N15 trillion for the first time in some years.

Furthermore, the year-to-date return, after the close of trades on Thursday, stood at 12.55 percent, while the market recorded 58 stocks appreciating in value and 10 depreciating shares.

The volume and value of shares exchanged by investors at the market today increased significantly with a total of 1.2 billion shares worth N17.4 billion exchanging hands in 8,968 deals against 1.1 billion units sold yesterday in 8,025 deals for N13.3 billion.

Like yesterday, Transcorp was the sold the highest number of shares, trading 208.8 million shares worth N439.2 million.

Diamond Bank transacted 149.7 million shares for N368.3 million, and Zenith Bank exchanged 129.4 million shares valued at N4.4 billion.

FBN Holdings traded 93.2 million shares worth N1.1 billion, while Access Bank transacted 89.5 million shares valued at N1.1 billion.

Our correspondent reports that when market closed for the day on Thursday, January 11, 2018, Seplat emerged the highest price gainer, adding N15.1k to its share price to settle at N675.1k per share.

It was followed by Nigerian Breweries, which rose by N6.68k to finish at N152.68k per share, and Guinness Nigeria, which advanced by N5.1k to end at N105.21k per share.

Dangote Cement increased by N5 to finish at N252 per share, while Okomu Oil appreciated by N4.46k to close at N72.15k per share.

On the flip side, Flour Mills of Nigeria, which begins subscription for its N40 billion rights issue next Monday, was the biggest price loser at the market today, shedding 40k to settle at N33 per share.

Dangote Sugar lost 30k to close at N21.50k per share, while Berger Paints depreciated by 25k to finish at N9.10k per share.

Cadbury Nigeria went down by 20k to settle at N16.80k per share, while University Press declined by 13k to close at N2.63k per share.

Investors are upbeat that the bullish run would be extended to the seventh trading session tomorrow, but they would not be surprised if profit-taking begin to take effect next week.

https://www.businesspost.ng/2018/01/11/nigerian-stock-market-hits-10-year-high-market-cap-closes-n15tr/

Flour Mills N40b Rights Issue Subscription Begins Monday
https://www.businesspost.ng/2018/01/11/flour-mills-n40b-rights-issue-subscription-begins-monday/

Rates might not likely go up to the 18% and above days anymore since govt has cut domestic borrowings.

T-Bills Market Bullish Amid Absence of CBN OMO Sales
https://www.businesspost.ng/2018/01/11/t-bills-market-bullish-amid-absence-cbn-omo-sales/

By Dipo Olowookere

Commercial banks operating in the country have been accused of deliberately flooding the market with dirty Naira notes, which have become an eyesore to citizens.

This is mainly seen in the N100 notes.

At several Automated Teller Machines (ATM) spread across the country, customers are given mutilated notes, a thing that has become a source of worry to many.

Acting Director of Corporate Communications at the Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, while commenting on the issue, also accused the banks of hoarding new notes.

He said commercial banks in the country receive enough new notes and wondered why they are not being circulated.

The CBN spokesman absolved the apex bank from the debacle, pushing it to the commercial banks. He said the banks were supposed to employ people to do the sorting for them, but they refused in order to avoid the cost of employing personnel for this.

“Instead of bringing them to us sorted, the banks bring them unsorted. Then we started charging them N12,000 per box. A box of N1000 notes contains N10 million worth. So, a box of N500 notes is N5 million in that order. So, in a bid to avoid cost, they preferred to re-circulate old and mutilated notes,” Mr Okoroafor said.

On why so many mutilated Naira notes are still in circulation, CBN image maker claimed that people handle these notes badly, making them unable to get to their lifespan anymore.

He said for the lower denomination notes, they have a higher velocity of circulation.

“What that means is that you use it more often and as you use it in exchange, it gets worn out and gets torn more frequently. So, that also creates another problem.”

https://www.businesspost.ng/2018/01/10/banks-deliberately-flood-market-dirty-naira-notes-cbn/

Union Bank N50b Rights Issue Records 20% Oversubscription
https://www.businesspost.ng/2018/01/09/union-bank-n50b-rights-issue-records-20-oversubscription/

Seplat Announces Closed Period
https://www.businesspost.ng/2018/01/09/seplat-announces-closed-period/

By Dipo Olowookere

Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has urged Indian investors to consider coming to Nigeria for investment opportunities with a promise that they will not regret taking the decision.

Mr Ogbeh made this call while speaking during his tour to the Asian nation to explore new partnerships on agricultural development between Nigeria and India.

While at the Jute Mills Association of India, the Minister declared that Nigeria was open for Agribusiness, with incentives for investors, noting that with the Africa’s largest economy’s increased He discussed collaborations for Nigeria’s large scale cultivation of Jute and Kenaf; and the adoption of jute bags for packaging agricultural produce in line with food safety standards and global best practices.

He, therefore, invited the Indian Jute Mills to seize the huge opportunity in the Nigerian market; and invest in jute bag manufacturing in Nigeria.

The Minister emphasized that non-biodegradable packaging material such as polypropylene is not safe for our food and the environment, advocating the use of jute packaging which are carbon neutral and biodegradable.

Mr Ogbeh described India’s resilience in developing its agricultural sector especially the giant strides recorded in its dairy sector as an inspiration to Nigeria, adding that If India could do it, Nigeria can do it too.

During his visit, the Minister was taken to the Gujarat Co-operative Milk Marketing Federation, which has for decades driven the development of India’s dairy sector, using latest techniques of animal husbandry to empower 3.5 million dairy farmers in 18,000 villages through the Amul milk brand.

He was later taken on a guided tour of Amul Milk Factory, India’s largest dairy production factory and Asia’s largest milk producer.

Mr Ogbeh also undertook a tour of the Gujarat Industrial Development Area where he looked at technology transfer in small-scale processing machines designed for smallholder farmers such as semi-automated cashew shelling machines.

His tour of Gujarat Industrial Development Area of small scale cashew projects and India’s largest milk processing factory was part of an understudy of India’s Agric co-operative models ahead of the implementation of the Livelihood Improvement Family Enterprise – LIFE programme, which aims to empower rural youth and women in Nigeria.

In Calcutta, the Minister visited Wellington Jute Mill, the first Jute mill in Asia established by James Finlay & Co in 1873 and now owned by Ai Champdany Industries Ltd. At full capacity, the mill produces 120 Metric tons per day and employs 3,000 workers. The Minister described the age-long expertise of the factory as an invaluable experience from which Nigeria can learn and gain a lot.

A delegation of the National Seeds Corporation of India also held a meeting with the Minister in New Delhi as he wrapped up his official visit to India. Partnering with Nigeria’s National Seeds Council to developed improved seed varieties for increased agricultural productivity was top on the agenda.

Business Post gathered that when the Minister arrived India, he was received by the Indian Minister of Agriculture and Farmers’ Welfare, Mr Radha Mohan Singh; the Nigerian High Commissioner to India, Mr Chris Eze; and some Agribusiness investors in New Delhi.

Mr Singh described Nigeria as India’s largest trading partner in Africa and disclosed that in 2015, India had announced concessional loans of $10 billion to African countries.

He added that recently, India increased training slots under the Indian Technical and Economic Cooperation – ITEC Programme covering short-term training programmes in agriculture and allied sectors from 200 slots to 310 slots annually to Nigeria.

https://www.businesspost.ng/2018/01/09/nigeria-open-agribusiness-ogbeh-tells-indian-investors/