₦airaland Forum

Bill to Stop Arbitrary Bank Charges Scales Second Reading at Reps
https://www.businesspost.ng/2017/12/21/bill-stop-arbitrary-bank-charges-scales-second-reading-reps/

Nigerian Stocks up by 1.10% as Investors Gain N148b
https://www.businesspost.ng/2017/12/21/nigerian-stocks-1-10-investors-gain-n148b/

Bill to Stop Arbitrary Bank Charges Scales Second Reading at Reps
https://www.businesspost.ng/2017/12/21/bill-stop-arbitrary-bank-charges-scales-second-reading-reps/

Nigerian Stocks up by 1.10% as Investors Gain N148b
https://www.businesspost.ng/2017/12/21/nigerian-stocks-1-10-investors-gain-n148b/

Bill to Stop Arbitrary Bank Charges Scales Second Reading at Reps
https://www.businesspost.ng/2017/12/21/bill-stop-arbitrary-bank-charges-scales-second-reading-reps/

Nigerian Stocks up by 1.10% as Investors Gain N148b
https://www.businesspost.ng/2017/12/21/nigerian-stocks-1-10-investors-gain-n148b/

Group Calls for Audit of SEC Finances Under Gwarzo
** Accuses FG, Anti-Graft Agencies of Stalling Probe
https://www.businesspost.ng/2017/12/21/group-calls-audit-sec-finances-gwarzo/

Fidelity Bank N30b Bond Gets GCR BBB(NG) Rating
https://www.businesspost.ng/2017/12/21/fidelity-bank-n30b-bond-gets-gcr-bbbng-rating/

By Carl Ndukwe

The Nigerian Senate does get quite a telling from the citizenry, and sometimes they very well deserve it. However, there are also many things, when they do, make the people proud. So, as we take stock of the year, here are some of those memorable bills through which our Senators have demonstrated that their service and fealty do indeed rest on the interests and wishes of the people.

1: Passage of the #NotTooYoungToRun Bill

Here we saw a Nigerian Senate that not only listens but also has it finger on the pulse of the people. By passing the NotTooYoungToRun Bill, which reduces the required ages for seeking political offices, the Senate has ignited greater participation of the youth, not just in politics but also in political leadership. For a country with over 70 percent of its population under 35, this is a wonderful development. Little wonder the passage of the bill has received widespread commendation across the country and beyond.

The Senate also went beyond just addressing youth participation in politics to deal with pressing constitutional issues that range from…. All together, the Senate passed 33 Bills as part of its Constitutional Review Exercise, 29 of which have now been forwarded to the State House of Assemblies for review. Here is a detailed analysis of the bills:

https://www.premiumtimesng.com/news/headlines/238287-analysis-33-major-amendments-senate-considered-nigerian-constitution.html

2: Passage of #OpenNASS

If the Senate’s passage of the NotTooYoungToRun Bill demonstrated ability to listen to the people, its decision to open the Budget of the National Assembly to the general public displayed an exemplary commitment to transparency and accountability. This was the first time, since Nigeria’s return to democracy over 17 years ago, that anyone could Google up and see, in fine print, every dime that the Senate did intend to spend and how it planned to spend it. Such move has raised the level of confidence and trust that ordinary Nigerians have in the Nigerian Senate and the important work that they do there.

3: Passage of the North East Development Bill

No single issue has, over the past decade, caused so much economic and social destruction to our country as the extremist insurgency in the North East of the country. So, it’s been a thing of great pride to see how everyone has contributed their best to this painful road of recovery. Here again, the Senate has led with commitment and focus, passing the North East Development Commission Bill (signed into law by President Muhammadu Buhari), which among other things establishes a commission tasked with the responsibility of rebuilding and rehabilitating the North East whilst ensuring the resettlement of the internally displaced persons into their homes. Surely, rebuilding the North east is the most definitive way to defeat the insurgents, and it’s great to see the Senate playing its part in the fight.

4 & 5: Passage of the Ease of Doing Business Bills

While the insurgency in the North East has been one of our biggest challenges, it is not the only one. Sadly, we rank very lowly on the global scene when it comes to the ease of doing business, so it was a very welcome development when the Senate tackled the issue head on. Over the course of the year, the Senate Passed two Access to Credit Bills (now signed into law, both of which has significantly boosted Nigeria’s ease of doing business rankings.

The first bill, the Credit Bureau Services Bill Passed in May 2017, helps reduce the risk of lending or engaging in business with individuals or companies with a financial history of not paying back while the second, The Secured Transactions in Moveable Assets, enables ordinary Nigerians use invoices and receipts to access loans and working capital. Together, both laws smoothen the rough edges of doing business in Nigeria by securing lenders from working with people who have questionable financial history and also enabling more Nigerians to borrow towards growing their businesses. This, no doubt, would translate in unlocking more growth potential for our economy.

6: Passage of the Whistleblower Protection Bill

Perhaps, just as important as empowering businesses is to growing our economy, so too curbing corrupt and improper conduct in the public and private sector. In this regard, it has been great to see the Senate take the lead in this campaign by passing the Whistle-blower Protection Bill.

So many memes have been out of this Bill on social media, and it goes to show just how popularity of the action taken by the Senate. The Bill is also very thoughtful in what it seeks to achieve in that it guarantees protection from all forms of victimization for Nigerians who speak up when they see something wrong.

7: Passage of The INEC Reform Bill

Understanding that the viability of our whole democracy lies in the integrity of our electoral system and the Senate did well to shore up our voting process through its INEC Reform Bill. Thanks to the bill, there shall now be full biometric accreditation of voters with Smart Card Readers, INEC Officers must now instantly transmit accreditation data and results from Polling Units to various collation centres and INEC is now mandated to keep Electronic registers of voters. INEC is now mandated to publish voters’ registers on its official website(s) for public scrutiny at least 30 days before a general election.

The bill also ensures that people are held responsible for their actions by prescribing jail time for defaulting INEC officers. But the best part of the bill is that it kick-starts, in earnest, the technological evolution of our voting system. INEC now has unfettered powers to conduct elections by electronic voting, is mandated to keep a National Electronic Register of Election Results as a distinct database or repository of polling unit by polling unit results for all elections conducted by INEC. Collation of election result is also now mainly electronic, as transmitted unit results will help to determine final results on real time basis. Such technology drive by the Senate would make our elections more free, fair and transparent.

8: Passage of the Petroleum Industry Bill

From sanitizing our electoral system to cleaning up the petroleum industry, the Senate made another landmark achievement with its passage of the Petroleum Industry Bill. This Bill aims to introduce new operational and fiscal terms for the management of the revenue that is accrued from the sector. In essence, it’s high time we got more out of our petro-dollar, especially now that oil prices have rallied.

The way the Senate also went about it is smart. It’s Bill not only allows the Nigerian government to retain a higher proportion of the revenue that it derives from oil industry operations, it also seeks to create a conducive business environment for petroleum operations and other SMEs. The Bill also enhances the exploration of petroleum resources for the benefit of all Nigerians whilst providing for the inclusion of more local content in the petroleum industry.

9: Passage of the Nigerian Financial Intelligence Unit (NFIU) Bill:

If there’s anything we’ve learnt from the anti-corruption cases of the past few years, it’s the importance of financial intelligence. That’s why the Bill, by the Senate, to create a robust, independent Financial Intelligence Unit is very much welcome.

The NFIU Bill also empowers the NFIU to, in line with international best practices, seek and exchange information with partner countries in order to improve international coordination on issues around financial crimes at home and abroad. The passage of the Bill into law would also re-admit and improve Nigeria’s standing within the Group while increasing their levels of cooperation and coordination to ensure that Nigeria achieves membership of FATF.

10: Mutual Assistance in Criminal Matters Bill:

Still riding on the need for greater international cooperation to combat crime, the Senate also passed the Mutual Assistance in Criminal Matters Bill, which would enhance collaboration between the Nigerian government and its foreign counterparts. This would significantly ease the challenges our law enforcements currently have identifying, recovering and confiscating proceeds of crime located abroad. Simply put, with this bills, no one can steal public money and transfer it in foreign banks for safekeeping, such stolen funds, or the properties with which they are acquired, would be easily retrieved or seized.

It’s important to note that as encouraging as these legislative actions are, a bill by itself just unlocks the door to opportunity. Someone still has to reach for the door handle, turn the knob, and walk through the door. It’s up to members of the polity to take advantage of this chance with both hands and drive towards the collective goals we seek for Nigeria in the vehicle provided by the Senate

Carl Ndukwe is an Abuja-based communications professional.

https://www.businesspost.ng/2017/12/21/10-things-senate-make-nigerians-proud-2017/

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) reversed an early loss today to close the day’s transactions on a positive note.

This made what could have been the third straight loss for the Nigerian stock market to be averted after the market closed 0.40 percent higher.

Gains recorded by Nestle and Seplat ensured that the stock market closed in the green territory on Wednesday.

Specifically, the All-Share Index (ASI) gained 150.10 points to settle 37,933.86 points, while the market capitalisation grew by N53.4 billion to close at N13.499 trillion.

In addition, the YtD return increased to 41.15 percent, while the market breadth closed negative with 25 price losers and 23 price gainers.

Business Post reports that Nestle, which topped the price gainers’ chart today, added N30.95k to its share value to finish at N1495 per share.

It was followed by Seplat, which grew by N27 to close at N567.5k per share, and Unilever, which appreciated by N1.90k to end at N43.89k per share.

GTBank increased by 60k to close at N40.50k per share, while Stanbic IBTC garnered 58k to finish at N41.50k per share.

At the other end, Flour Mills of Nigeria depreciated by N1.49k to close at N28.36k per share, while GlaxoSmithKline fell by N1.13k to finish at N21.61k per share.

PZ Cussons went down by N1.12k to close at N21.38k per share, Cadbury Nigeria went down by 40k to settle at N13 per share, and Access Bank declined by 38k to end at N10.2k per share.

It was observed that the volume of shares transacted today declined by 68 percent from 649.6 million to 207.9 million, while the total value of equities traded went down by 37.58 percent from N5.4 billion to N3.4 billion.

A further analysis showed that the Financial Services sector led the activity chart with 169.7 million shares traded at N1.7 billion, while the Consumer Goods industry followed with 17.6 million shares traded for 947 million.

https://www.businesspost.ng/2017/12/20/nestle-seplat-stop-stock-market-flop/

Nigeria 6th on Africa Financial Markets Index
https://www.businesspost.ng/2017/12/20/nigeria-6th-africa-financial-markets-index/

Dangote Replies BUA Group Allegations
https://www.businesspost.ng/2017/12/20/dangote-replies-bua-group-allegations/

FBN Holdings Rebrands Subsidiaries
https://www.businesspost.ng/2017/12/20/fbn-holdings-rebrands-subsidiaries/

Interbank Rate Jumps after CBN N130b Liquidity mop-up
https://www.businesspost.ng/2017/12/20/interbank-rate-jumps-cbn-n130b-liquidity-mop/

Nestle, Seplat Stop Further Stock Market Flop
https://www.businesspost.ng/2017/12/20/nestle-seplat-stop-stock-market-flop/

Interbank Rate Jumps after CBN N130b Liquidity mop-up
https://www.businesspost.ng/2017/12/20/interbank-rate-jumps-cbn-n130b-liquidity-mop/

Stanbic IBTC Allots 49.5m Scrip Shares to Shareholders
https://www.businesspost.ng/2017/12/19/stanbic-ibtc-allots-49-5m-scrip-shares-shareholders/

Stockbrokers Institute Inducts Onyema as Associate Member
https://www.businesspost.ng/2017/12/19/stockbrokers-institute-inducts-onyema-associate-member/

BUA Group-Dangote Crisis: Edo Indefinitely Shuts Down Disputed Mines
https://www.businesspost.ng/2017/12/19/bua-group-dangote-crisis-edo-indefinitely-shuts-disputed-mines/

Dangote Desperate to Kill Our Business Like Others—BUA Group
https://www.businesspost.ng/2017/12/19/dangote-desperate-to-kill-our-business-like-others-bua-group/

By Dipo Olowookere

The management of BUA Group has reacted to a statement released on Monday by Dangote Group alleging that the former was stealing and illegally mining limestone at mining sites in Obu, Okpella, Edo State.

In the statement released later on Monday, BUA Group described Dangote Group’s statement as one which “stinks of desperation in its continued attempt to disregard the judicial process and scheme a viable competitor out of business as has been their legendary antecedent.”

It said Dangote Group was scheming plans to ensure BUA Group was out of business like it allegedly did to Ibeto, Polo House Jetty Tincan previously owned by Usman Dantata, and others.

The firm said further that while it does not want to join issues with anyone on the matter because it was currently before a court of competent jurisdiction, it was however compelled to use the opportunity presented by “Edwin Devakumar’s reckless statements to clarify the cycle of misinformation being proliferated.”

BUA Group said, “In specific response to Edwin Devakumar of Dangote Group’s claim of BUA operating on ML2541 in Okene, Kogi State, we wish to restate that BUA does not have any operations whatsoever in Okene, Kogi State where the purported ML2541 is situated.”

“Our Mining operations are limited to Obu-Okpella, Edo State for which licenses ML18912 & 18913 were issued and revalidate by the same ministry in a publication.

“These licences have been owned, operated and fulfilled by BUA and its predecessors-in-title since 1976 as it is also a notorious fact that we have exercised total control and possession over the mining area covered by the above mining leases since 1976 when we operated under the name of Bendel Cement Company Limited,” the statement explained.

“We are thus wont to excuse Edwin’s claims to a lack of basic knowledge and understanding of the geography of Nigeria but he will be better served if he seeks professional opinion in critically understanding the geography of Nigeria or he should otherwise refer to documents from the boundary commission which clearly delineates boundaries within Nigeria.

“We also wish to ask – Why is Dangote, an international company which is also listed on the Nigerian Stock Exchange, so averse to letting the rule of the law and judicial process take its course?

“The court has maintained that Status Quo be maintained (This includes BUA’s current ownership of our mines in Edo State) but the management of Dangote Group Dangote, as has been their strategy in the past to other companies in competition with them, is still seeking to out-muscle competition through backdoor means rather than let the court decide.

“If anyone is not satisfied, they should write to the courts as an independent arbiter for an interpretation of ‘maintaining status quo’ rather than spread misinformation in the court of public opinion,” BUA Group advised in the statement.

“The antecedents of Dangote Plc in trying to outmuscle competition are not in doubt. Various cases abound within and outside the cement industry – one of which was their taking over of the limestone deposits of another competing entity in the south-south region of Nigeria until they ceded him 25% of their company.

“This was in turn resold to them for hundreds of millions of dollars. Or is it the case of Ibeto whose business was almost driven under but for the prompt intervention of the then late President Umaru Musa Yar’Adua. Or is it the case of Polo House Jetty Tincan previously owned by Usman Dantata, whose License was revoked by NPA and reallocated to Dangote on the same day in order to prevent a sugar refinery to be sited there by a competitor.

“The facts of the matter as far as we are concerned are that BUA’s operations are in Obu, Okpella, Edo State and not Okene Kogi. We once again ask that all parties should wait for the court to resolve the issue. We will not be cowed or intimidated and will continue to seek redress through the proper legal channels,” the statement said.

https://www.businesspost.ng/2017/12/19/dangote-desperate-to-kill-our-business-like-others-bua-group/

Naira Stays Firm at Black Market to Trade N365/$
https://www.businesspost.ng/2017/12/19/naira-stays-firm-black-market-trade-n365/

By Dipo Olowookere

On Monday, December 18, 2017, the Central Bank of Nigeria (CBN) resumed the sale of treasury bills through the Open Market Operations (OMO) to mop up liquidity.

During today’s exercise, a total of N353.25 billion worth of T-bills was sold to investors after offering to sell N450 billion worth of the instrument.

The 101-day bill worth of N38.48 billion was sold by the apex bank at 13.15 percent, while the 255-day bills worth N314.77 billion was given to traders at 14.95 percent.

The CBN had offered N200 billion of the 29-MAR bill and N250 billion of the 30-AUG bill. It was observed that this auction exercise by the central bank left the T-bills market relatively quiet.

Consequently, the average treasury bills yields increased by 55 basis points to 14.02 percent.

Meanwhile, as a result of the liquidity mop up by the CBN today, the money market rates increased on Monday.

Specifically, the overnight rate increased from 4.33 percent last Friday to 13.25 percent on Monday, while the Open Buy Back (OBB) rate moved from 3.75 percent to 12.33 percent.

The rates are expected to marginally rise tomorrow as traders anticipate a further sale of treasury bills through the OMO on Tuesday.

https://www.businesspost.ng/2017/12/18/cbn-resumes-omo-t-bills-auction-n353b-sale/

By Dipo Olowookere

The issuance of the debut FGN Green Bond worth N10.69 billion has commenced. The exercise kicked off on Monday, December 18, 2017 and will end on Wednesday, December 20, 2017.

According to information released by the Debt Management Office (DMO) yesterday on the exercise, the 5-year FGN Green Bond due in 2022 is offered at 13.48 percent.

Proceeds from the sale will be used solely for Green projects in the 2017 Appropriation Act already identified and certified.

The debt office, which is supervising the exercise on behalf of the Nigerian government, explained that investors can subscribe for the bonds for N1,000 per unit subject to a minimum subscription of N10 million and in multiples of N1 million thereafter.

The FGN Green Bond is backed by the full faith and credit of the Federal Government of Nigeria and would be listed on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange and can also be classified as Liquid Asset by the Central Bank of Nigeria (CBN).

https://www.businesspost.ng/2017/12/19/fg-begins-sale-of-n10-69b-debut-green-bond/

FG Begins Sale of N10.69b Debut Green Bond
https://www.businesspost.ng/2017/12/19/fg-begins-sale-of-n10-69b-debut-green-bond/

CBN Resumes OMO T-Bills Auction with N353b Sale
https://www.businesspost.ng/2017/12/18/cbn-resumes-omo-t-bills-auction-n353b-sale/

FG Begins Sale of N10.69b Debut Green Bond
https://www.businesspost.ng/2017/12/19/fg-begins-sale-of-n10-69b-debut-green-bond/

CBN Resumes OMO T-Bills Auction with N353b Sale
https://www.businesspost.ng/2017/12/18/cbn-resumes-omo-t-bills-auction-n353b-sale/

Shareholders Accuse Oando of Deceit, Insist on Forensic Audit
https://www.businesspost.ng/2017/12/18/shareholders-accuse-oando-deceit-insist-forensic-audit/

Dangote Cement Leads 18 Other Stocks to Weaken Nigerian Equity Market by N170b
https://www.businesspost.ng/2017/12/18/dangote-cement-leads-18-other-stocks-to-weaken-nigerian-equity-market-by-n170b/

By Dipo Olowookere

The Nigerian stock market kicked off the first trading day on a poor note, losing N170 billion at the close of transactions on Monday.

Business Post reports that profit-taking by investors today depleted the Nigerian Stock Exchange (NSE) by 1.24 percent with the Year-to-Date (YtD) gain shrinking to 41.24 percent.

Specifically, the All-Share Index (ASI) depreciated by 478.12 points to settle at 37,957.96 points, while the market capitalisation decreased by N170.2 billion to close at N13.508 trillion.

The market breadth today settled at equilibrium, as 19 stocks appreciated in price as well as 19 equities, which depreciated in value.

However, the volume of equities transacted increased by 76.86 percent from 425.3 million to 752 million, while the total value of shares traded rose by 1294.55 percent from N9.2 billion to N127.9 billion.

At the close of business on Monday, the Industrial Goods sector led the activity chart with 551.7 million shares exchanged for N124.2 billion, and was followed by the Financial Services industry, which sold 166 million shares valued at N3 billion.

The transactions recorded by the Industrial Goods sector was buoyed by the huge sales recorded by Dangote Cement, which traded 550 million shares worth N124.2 billion.

This transaction was done as an off-market trade at N225.68 in a single deal, which was negotiated between Meristem Stockbrokers Ltd (seller) and CSL Stockbrokers Ltd (buyer).

GTBank emerged the second most traded stock with 41.3 million shares sold for N1.7 billion, while Zenith Bank traded 35.3 million shares valued at N904.3 million.

FBN Holdings exchanged 21.7 million shares worth N192.3 million, and UBA transacted 21.5 million shares for N218 million.

A look at the price movement chart today showed Dangote Cement emerging the biggest price loser, depreciating by N10 to close at N230 per share.

It was trailed by International Breweries, which went down by N2.74k to finish at N52.10k per share, and NASCON, which depreciated by 96k to settle at N18.34k per share.

Cadbury Nigeria lost 87k to close at N13.90k per share, while Flour Mills of Nigeria declined by 83k to end at N30 per share.

On the other hand, Presco gained the highest amount, appreciating by N5.83k to close at N72 per share.

Lafarge increased by 49k to finish at N43.50k per share, and Dangote Flour rose by 38k to end at N12.18k per share.

Furthermore, Union Bank progressed by 37k to settle at N7.92k per share, while FBN Holdings went up by 26k to close at N9 per share.

https://www.businesspost.ng/2017/12/18/dangote-cement-leads-18-other-stocks-to-weaken-nigerian-equity-market-by-n170b/

NASD Suspends, Fines Pivot Capital Ltd, Two Others
https://www.businesspost.ng/2017/12/18/nasd-suspends-fines-pivot-capital-ltd-two-others/

By Agro Business Nigeria

Catfish farmers using earthen ponds, surface tanks, plastic tanks etc. often face the challenge of high fingerlings mortality rates when raising them.

As such, utmost care needs to be exercised in handling these fragile fishes in order to optimise production and profit.

A healthy pond grooms healthy fishes. Prior to stocking, 250kg of lime should be applied per acre of pond surface. Also, ensure that other unwanted wastes and organisms like frog are cleared before stocking the pond.

Fingerlings are most vulnerable when they are less than 10g in size, thus the highest mortality rates occur during this period.

Over stocking the pond also leads to high mortality. This is because they need to be fed with a relatively large quantity of feed which will thus result in higher amount of waste released into the pond.

High amount of waste in fish ponds degrades water quality and should be minimised as much as possible.

Secondly, catfish are carnivorous by nature, which means they feed on flesh. So one should ensure that when stocking fingerlings, they should be sorted weekly and fingerlings of the same size should be stocked together.

Again, fingerlings of similar sizes should be stocked into smaller tanks before transferring them to the main grow-out pond.

Overfeeding fingerlings and juveniles may also lead to high mortality rates because they have uncontrollable appetite, which leads to overfeeding and consequently death.

Another reason is transfer stress; when they are transferred from one location to another, such fingerlings/juveniles should be left for at least 24 hours before feeding.

https://www.businesspost.ng/2017/12/18/reduce-catfish-fingerlings-juveniles-mortality/

Report Unveils Top Five Business Risks for West Africa
https://www.businesspost.ng/2017/12/18/report-unveils-top-five-business-risks-west-africa/

Again, CBN Re-Introduces Charges on Cash Deposits, Withdrawals
https://www.businesspost.ng/2017/12/18/cbn-re-introduces-charges-cash-deposits-withdrawals/

Report Unveils Top Five Business Risks for West Africa
https://www.businesspost.ng/2017/12/18/report-unveils-top-five-business-risks-west-africa/

Again, CBN Re-Introduces Charges on Cash Deposits, Withdrawals
https://www.businesspost.ng/2017/12/18/cbn-re-introduces-charges-cash-deposits-withdrawals/

Market Looks Forward to N136.4b Maturing T-Bills This Week
https://www.businesspost.ng/2017/12/18/market-looks-forward-n136-4b-maturing-t-bills-week/

Nigeria’s Inflation Eases to 15.90% in November
**As Food Index Slows to 20.30%
https://www.businesspost.ng/2017/12/18/nigerias-inflation-eases-15-90-november/

Nigeria’s Inflation Eases to 15.90% in November
**As Food Index Slows to 20.30%
https://www.businesspost.ng/2017/12/18/nigerias-inflation-eases-15-90-november/

Market Looks Forward to N136.4b Maturing T-Bills This Week
https://www.businesspost.ng/2017/12/18/market-looks-forward-n136-4b-maturing-t-bills-week/

**As Food Index Slows to 20.30%

By Modupe Gbadeyanka

Data released by the National Bureau of Statistics (NBS) on Sunday night has revealed that in the month of November 2017, the headline inflation slightly dropped to 15.90 percent.

This was 0.01 percent points lower than the rate recorded in October, 15.91 percent, making it the 10th consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017.

According to the stats office, increases were recorded in all COICOP divisions that yield the headline index.

On a month-on-month basis, the headline index increased by 0.78 percent in November 2017, 0.02 percent points higher from the rate of 0.76 percent recorded in October. This represents the first rise in month on month inflation following five consecutive months on month contraction in headline inflation since May 2017.

The percentage change in the average composite CPI for the 12-month period ending in November 2017 over the average of the CPI for the previous 12-month period was 16.76 percent, showing 0.21 percent point lower from 16.97 percent recorded in October 2017.

Also, the urban inflation rate rose by 16.27 percent (year-on-year) in November from 16.19 percent recorded in October, while the rural inflation rate also eased by 15.59 percent in November from 15.67 percent in October.

On month-on-month basis, the urban index rose by 0.85 percent in November, up by 0.03 from 0.82 percent recorded in October, while the rural index rose by 0.724 percent in November, up by 0.009 when compared with 0.715 percent in October.

The NBS added that the corresponding 12-month year-on-year average percentage change for the urban index is 17.26 percent in November. This is less than 17.57 percent reported in October 2017, while the corresponding rural inflation rate in November is 16.29 percent compared to 16.41 percent recorded in October 2017.

Business Post gathered from the data that in the month of November, food index moderated to 20.30 percent (year-on-year), down marginally by 0.01 percent points from the rate recorded in October, 20.31 percent.

On a month-on-month basis, the food sub-index increased by 0.88 percent in November, up by 0.03 percent from 0.85 percent recorded in October. This represents the first rise in months on month rise following five consecutive disinflation in month on month inflation since a 2017 high of 2.57 percent in May 2017.

The average annual rate of change of the food sub-index for the 12-month period ending in November 2017 over the previous 12-month average was 19.39 percent, 0.25 percent points from the average annual rate of change recorded in October, 19.14 percent.

The rise in the index was caused by increases in prices of bread and cereal, milk, cheese, eggs, coffee, tea, cocoa, fish and Oil and fats.

https://www.businesspost.ng/2017/12/18/nigerias-inflation-eases-15-90-november/

By Dipo Olowookere

As at Thursday, December 14, 2017, a total of $36.9 billion was left in the foreign reserves of Nigeria, data from the Central Bank of Nigeria (CBN) reveals.

According to the apex bank, this amount grew by 0.4 percent from the previous day, Wednesday, December 13, 2017, when the reserves had $36.7 billion.

Nigeria’s foreign reserves have recorded a growth of 5.1 percent in from December 1 to December 14, 2017.

On December 1, 2017, the amount in the reserves was $35.1 billion.

Already, the external reserves of Africa’s largest economy have recorded 41.2 percent increase this year.

According to data obtained by Business Post on the website of the CBN, where details of the reserve management and movement are published, the country opened the year with $26.1 billion in the reserves.

The government had a target to increase the amount in its external reserves to $40 billion before the end of the year, but may not be met going by the rate the reserves have grown this year.

https://www.businesspost.ng/2017/12/17/nigerias-foreign-reserves-grow-36-9b/

By Dipo Olowookere

President Muhammadu Buhari has disclosed that success of the agriculture revolution under his administration has turned thousands of rice farmers into millionaires and drastically reduced rice import.

He also said the Anchors Borrowers’ Programme (ABP) launched by his government has made a huge success because according to him, about 12.2 million farmers have joined the rice and wheat revolution while the country is moving closer to self-sufficiency in major grains.

Speaking at the 25th Edition of the Nigeria Media Merit Award (NMMA) Ceremony in Lagos last Wednesday, Mr Buhari noted that, ”Apart from the successes we have achieved in tackling insecurity and fighting corruption, perhaps our most remarkable progress has been in the area of agriculture. Quietly but steadily, our agriculture revolution is bearing fruits.

The President, who was represented by the Minister of Information and Culture, Mr Lai Mohammed, further said, ”According to the Rice Exporters of Thailand, rice imports from Thailand fell from 644,131 tons in Sept 2015 to 20,000 tons in Sept. 2017, representing a 95% drop.”

He emphasised that self-sufficiency in rice was so important because it is the most widely consumed staple in Nigeria, and also because Nigeria’s daily expenditure on rice for over three decades stood at $5 million a day.

He said Nigeria was also doing well in Millet, Sorghum and Maize cultivation, adding that, “We are now the second largest producer of sorghum after the US, the third in millet after India and our breweries are now enjoying local sourcing of those commodities.

“For maize, we are producing 10 million tons while we need about 13 million tons for both human and animal nutrition.”

The President said Nigeria leads the world in the yam and cassava production and that efforts were being made to restore and improve on the country’s ranking in cocoa production, where it has fallen from 2nd to 7th position.

“We are also investing in a new line of tree crops targeting local and foreign end users and certain to earn foreign exchange.

“These are shea butter, palm trees, coconut, mangoes, bananas and plantains, kenaf and sisal hemp, castor and pineapple, among others.

“Overall, our ambition is that agriculture should rise from 25% to 40% of GDP so that we can banish poverty and overcome our economic anxiety,” he said.

President Buhari hailed the NMMA, which he called the preeminent media excellence award, and said the Nigeria media has done well over the years hence it deserves to be celebrated.

He, however, urged the media not to allow those who brought Nigeria to a sorry pass to muddle the waters by creating their own narrative which is far from reality

“This is important because there seems to be a feeling of numbness among the citizens about the conduct of those whose actions brought us here.

“Suddenly, these same people are engaging in revisionist history and blaming those who are working themselves to the bone to correct the misdeeds of the past. They are blaming everyone but themselves for the mess they threw the country into,” the President said.

He said those who mismanaged the country have shown no contrition, no apologies, no shame, but instead have engaged in sheer bravado, unbridled arrogance and revisionism, saying “The media owes it a duty not to allow Nigerians to forget, to say ‘Never Again’ to those who view Nigeria as nothing but a cash cow to be milked to death.”

https://www.businesspost.ng/2017/12/17/rice-farmers-now-millionaires-nigeria-buhari/

PZ Cussons Nigeria: Q2-18 PAT; Earnings Recover After a Bumpy Start to 2018
https://www.businesspost.ng/2017/12/16/pz-cussons-nigeria-q2-18-pat-earnings-recover-bumpy-start-2018/

CBN to Sell N1.3tr Treasury Bills in Q1 2018
https://www.businesspost.ng/2017/12/16/cbn-sell-n1-3tr-treasury-bills-q1-2018/

We Rejected SEC Forensic Audit to Protect Shareholders—Oando
https://www.businesspost.ng/2017/12/15/rejected-sec-forensic-audit-protect-shareholders-oando/

By Dipo Olowookere

Transactions at the Nigerian stock market ended on Friday on a positive note with investors smiling with N180.8 billion gain at the close of trading activities.

Unlike yesterday, when the All-Share Index (ASI) went down by 1.56 percent, it rose today by 1.32 percent after gaining 502.38 points to close at 38,436.08 points.

The market capitalisation on Friday appreciated by N181 billion to settle at N13.678 trillion, while the Year-to-Date (YtD) return closed at 43.02 percent.

Business Post reports that the volume and value of equities transacted today recorded significant rise with investors trading a total of 425.3 million shares worth N9.2 billion in 4,104 deals against the 289.3 million equities valued at N6.2 billion exchanged yesterday in 4,617 deals.

Zenith Bank emerged the most traded stock, trading 127.9 million shares for N3.3 billion, and was followed by GTBank, which sold 73.4 million shares for N2.9 billion.

Dangote Sugar exchanged 55.9 million shares valued at N1.2 billion, FBN Holdings traded 34.6 million shares at N302.4 million, while Diamond Bank transacted 20.7 million shares worth N29.9 million.

On the price movement chart, Dangote Cement topped the gainers’ log, appreciating by N10 to settle at N240 per share.

Nigerian Breweries grew by N3.50k to close at N142.50k per share, while Presco increased by N1.17k to finish at N66.17k per share.

Guinness Nigeria added N1 to its share value to end at N96 per share, and Zenith Bank expanded by 71k to close at N25.70k per share.

On the flip side, Okomu Oil emerged the highest price loser, depreciating by N3.75k to close at N71.25k per share.

It was followed by Lafarge, which lost 99k to close at N43.1k per share, and Cadbury Nigeria, which went down by 77k to finish at N14.77k per share.

Unilever declined by 50k to close at N40.20k per share, while Dangote Flour shed 45k to finish at N11.80k per share.

https://www.businesspost.ng/2017/12/15/nigerian-stocks-bounce-back-n181b-gain/