₦airaland Forum

By Modupe Gbadeyanka

The Nigerian economy has continued to show major growth after exiting recession in the second quarter of this year.

Data released on Monday, November 27, 2017, by the National Bureau of Statistics (NBS) revealed that in the third quarter of 2017, a total $4.2 billion was earned in capital importation by the country.

Business Post reports that this is a substantial increase compared with the past few quarters, especially in the second quarter of this year, when the capital importation was at $1.8 billion, representing an increased value of 147.5 percent on a year on year basis.

This inflow of capital in Q3 2017 is the first time since the beginning of 2015 that capital hit over $4 billion in a quarter.

The boom in capital importation in Q3 2017, according to the stats office, was mainly driven by significant growth in both Portfolio Investment and Other Investment.

Capital Importation can be divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various sub-categories.

Portfolio Investment, which was recorded at $2.8 billion in the third quarter of 2017, remained the largest component of capital import and contributed to 67 percent of the total amount.

This component expanded faster than the other two main categories with a year on year growth rate of 200.7 percent.

Foreign Domestic Investment recorded $117.6 million which fell by 65.5 percent year on year, while Other Investment increased by 124.55 percent compared to 2016 Q3.

Although Other Investment in 2017 Q3 more than doubled the value in the third quarter of 2016 from $516.2 million to $1.3 billion, it remained about 30 percent of the total capital importation.

https://www.businesspost.ng/2017/11/27/nigeria-records-4-2b-capital-importation-q3-2017/

CBN to Auction N117.2b Treasury Bills Wednesday
https://www.businesspost.ng/2017/11/27/cbn-auction-n117-2b-treasury-bills-wednesday/

By Dipo Olowookere

The value of shares transacted this week by investors on the floor of the Nigerian Stock Exchange (NSE) depreciated by N31.98 billion compared with last week.

A total turnover of 2.182 billion shares worth N22.795 billion in 17,019 deals were traded this week in contrast to a total of 2.804 billion shares valued at N54.776 billion that exchanged hands last week in 17,792 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.755 billion shares valued at N11.571 billion traded in 8,730 deals; thus contributing 80.44% and 50.76% to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 178.154 million shares worth N8.655 billion in 4,457 deals. The third place was occupied by Services Industry with a turnover of 143.821 million shares worth N92,479 million in 470 deals.

Trading in the Top Three Equities namely – Wapic Insurance Plc, Zenith International Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 973.088 million shares worth N5.854 billion in 2,493 deals, contributing 44.59% and 25.68% to the total equity turnover volume and value respectively.

Business Post reports that the NSE All-Share Index and Market Capitalization appreciated by 1.80% and 1.84% to close the week at 37,365.91 and N13.009 trillion respectively.

Similarly, all other indices finished higher during the week with the exception of the NSE Oil/Gas Index which depreciated by 1.45% while the NSE ASeM Index closed flat.

At the close of trading activities this week, 36 equities appreciated in price during the week, higher than 20 of the previous week.

In addition, 24 equities depreciated in price, lower than 43 equities of the previous week, while 111 equities remained unchanged higher than 108 equities recorded in the preceding week.

Also traded during the week were a total of 127 units of Exchange Traded Products (ETPs) valued at N13,837.30 executed in 5 deals meanwhile there were no trades recorded last week.

Furthermore, a total of 9,024 units of Federal Government Bonds valued at N9.485 million were traded this week in 15 deals, compared with a total of 5,950 units valued at N6.247 million transacted last week in 2 deals.

https://www.businesspost.ng/2017/11/25/nigerian-stock-market-turnover-declines-by-n32b-in-5-days/

By Dipo Olowookere

Africa’s richest man, Mr Aliko Dangote, has disclosed that one of his companies, Dangote Cement Plc, has grown its total production capacity across Africa to 45.8 million metric tonnes per annum.

The Nigerian businessman said this figure was correct as at the end of May 2017, making the firm one of the biggest cement producers on the continent.

Speaking on Thursday at the launch of his 1.5mtpa capacity cement plant in Mfila, Congo Brazzaville,

Mr Dangote noted that his aspiration is to rank among the top 10 cement producers in the world by 2020.

The new plant estimated at $300 million has potentials for about 1000 direct employment and thousands of several other indirect jobs.

Mr Dangote, who is the Chairman of Dangote Cement Plc, in his address, said his company was delighted to have completed the plant on schedule, saying the addition of Dangote Cement’s 1.5 million metric tonnes per annum plant has more than doubled the total cement production capacity of Congo-Brazzaville, which now stands at 2.550 million metric tonnes per annum, far in excess of national demand.

“It is envisaged that this will contribute substantially to the availability and affordability of cement in the country and the Republic of the Congo will no longer need to depend on imports to bridge the gap between demand and supply.

“It is our hope that the inauguration of the plant will boost Congo’s economy, conserve foreign exchange that would otherwise have been spent on imports for the country, and create employment opportunities down the value chain,” he stated.

Mr Dangote commended the Congolese government noting that the bold economic reform measures put in place by President Denis Sassou Nguesso administration have been quite salutary. “The construction industry, which is a major sector of the economy, is a beneficiary of his policies, and has been receiving the attention of investors. We believe that our investment will contribute to Congo-Brazzaville’s current economic renaissance under the leadership of the President Nguesso.”

He pointed out that his organization received tremendous support and encouragement both from the government and the people of Congo-Brazzaville, right from the conceptualisation stage of our project, to its final completion, and commissioning.

In appreciation of the good gesture of the government and the people, Dangote disclosed that without waiting to stabilise production, the Cement company had already commenced CSR projects with the construction of a road with a length of 30km around Yamba, which would have cost the local government approximately 240 million CFA to execute.

He stated further “we have also disbursed scholarships for students and we are also building a school and renovating a hospital within our host communities. Apart from these, we have repaired a dilapidated bridge on a major highway at a cost of $300,000, to enable heavy duty vehicles to cross the bridge. As a policy, we also ensure that we give priority to qualified indigenes from our local host communities in our recruitment drive.”

Also speaking at the commissioning, President of Congo, Mr Denis Sassou Nguesso, described the investment as an industrial revolution, sort of, within the Economic Community of the Central African States (CEMAC), saying his country was happy to host the investment.

According to him, his government has observed the operations of Dangote Cement in other African countries and it has helped buoy their economies by sparking off other allied industries expressing the hope that Congo situation would not be an exception.

The Congolese President described the coming on stream of the Dangote cement as timely and encouraging because it is starting operations at a time the total government revenues have plummeted by 31.3 percent and revenues from the oil sector have fallen 65.1 percent since 2015 due to a slide in global crude prices.

On his part, President Muhammadu Buhari, who was represented at the event by the Minister of Mines and Steel Development, Mr Kayode Fayemi, commended Mr Dangote and his cement company for championing economic renaissance of Africa with the construction of cement plants across several African countries saying the sterling accomplishment makes the Dangote Cement brand, and indeed Mr Dangote himself, worthy ambassadors of Nigeria.

President Buhari said his government has consistently supported and encouraged the Dangote Group in its quest to contribute its quota to the economic emancipation of the African continent, which is blessed with a plethora of natural resources.

“I believe that it is only home-grown practical solutions that can address the myriad issues plaguing Africa today and one of such challenges that Africa has been grappling with for decades is the infrastructure deficit.

“I am confident that massive investments in cement production, which is a key driver of infrastructural development, will contribute in no small measure, to addressing this perennial problem,” he said.

President Buhari recalled with satisfaction that local cement manufacturers such as Dangote Cement, Lafarge and BUA, have exploited one of the solid minerals, limestone which is a basic input for cement production and which Nigeria has in abundance, in different parts of the country to achieve self-sufficiency in local cement production in 2015, and is now a net exporter of the product.

“The backward integration policy of the Federal Government in the cement sector, which was launched in 2002, has contributed to this success story by successfully substituting imports with local production, we have saved over $2billion spent on cement importation into Nigeria, annually.

“We have also started using cement for road construction in the country due to its numerous advantages over the more common bituminous road. Again, in this area, Dangote Cement is leading the charge, through AG-Dangote, its joint venture with Andrade-Gutierrez, a construction giant in Brazil,” Nigeria’s President stated.

Dangote Cement commissioned its cement plants in four African countries namely: Ethiopia, Zambia, Cameroun and Tanzania.

The Congo-Brazzaville plant, which began operations in the third quarter of 2017, will be the fifth cement plant that would be inaugurated in the last two years.

https://www.businesspost.ng/2017/11/25/dangote-cement-production-hits-45-8m-mt-per-annum/

Dangote Cement Production Hits 45.8m MT per annum
https://www.businesspost.ng/2017/11/25/dangote-cement-production-hits-45-8m-mt-per-annum/

Overnight Rate Rises as CBN Sells N174b OMO Bills
https://www.businesspost.ng/2017/11/25/overnight-rate-rises-cbn-sells-n174b-omo-bills/

Moody's Downgrades Dangote Cement Rating to B1
https://www.businesspost.ng/2017/11/24/moodys-downgrades-dangote-cement-rating-b1/

Fitch Withdraws Nigeria's Seven Energy Ratings
https://www.businesspost.ng/2017/11/24/fitch-withdraws-nigerias-seven-energy-ratings/

Full Details of How SEC Floored Oando in Court
https://www.businesspost.ng/2017/11/24/full-details-of-how-sec-floored-oando-in-court/

Overnight Falls to 11.96% as CBN Sells N54.03b Bills
https://www.businesspost.ng/2017/11/23/overnight-falls-11-96-cbn-sells-n54-03b-bills/

BREAKING: Court Throws Out Oando Suit Against SEC
https://www.businesspost.ng/2017/11/23/breaking-court-throws-oando-suit-sec/

CBN Sells N44.43b Bills as Overnight Rate Falls to 29.17%
https://www.businesspost.ng/2017/11/23/cbn-sells-n44-43b-bills-overnight-rate-falls-29-17/

DMO Raises N87.77b from Bond Market
https://www.businesspost.ng/2017/11/23/dmo-raises-n87-77b-bond-market/

By Dipo Olowookere

Since leader of the Oodua Peoples’ Congress (OPC), Mr Gani Adams, was announced by the Alaafin of Oyo as the new Generalissimo of Yoruba, the Aare Ona Kakanfo, his Lagos home has been thronged by guests, who come to pledge their support for him.

The brave Yoruba ‘warrior’ has received several visitors and groups and one of such groups comprises the Igbos in Lagos, who visited him on Monday, November 20, 2017.

Business Post reports that the Eze Ndigbos in Lagos, during their visit, declared their support for the choice of Mr Adams as the Aare Ona Kakanfo of Yoruba land just as they declared that they were happy that the “title came to our own person.”

According to a statement released by the media team of Mr Adams, the leaders of Igbos in the local governments in the state, who paid the Aare designate a congratulatory visit in his Lagos home, promised to work with him politically and culturally.

Among the visiting Ezes were the Eze Ndigbo of Ikeja, Mr Uche Dimgba; the Eze Ndigbo of Gbogbo, Mr Livinus Chimezie; Eze of Coker/Aguda, Mr Jude Ezego; Eze of Ojodu, Mr Augustine Ebisi; Eze Peter Umeh of Mushin, Odiolowo, Iganmu land, Ejigbo, Agbado Oke odo and the Eze of Iba among others.

Speaking on behalf of the Ezes, the Eze of Ojodu, Mr Ibisi, said the Igbos were in solidarity with the Aare designate, stressing that they will work with him politically and culturally.

The Ezes, who brought drinks, kolanuts and alligator pepper with them, which they used for an extensive prayer at the meeting, said the onus rests on the Aare to give them the direction that pleases him for them to follow.

Pledging that the Igbos would always work with the Aare, the Eze of Ojodu said “we will continue to be with you, we only pray that God will continue to give us life to continue to be part of you.

“We are delighted about your belief in culture and tradition. Our culture is who we are. But people now mix it with religion. Culture is older than religion. We are what we are already before religion.

“The time is gone when the impression people have about the Aare is to fight war. The Kakanfo of today is for progress not war and we are here to declare to you that we are partners in progress.”

Thanking the Ezes for their visit which he described as historic, the Aare Ona Kakanfo said he was not surprised because the Igbo community had always associated with him and his group.

The Aare Ona kakanfo said the title was the most prestigious in Yoruba land, adding that the title was not without history.

According to him, he is mandated as the Yoruba Generalissimo to defend the interest of the Yoruba and ensure unity of the race.

He added that, like the Igbos, the Yorubas crave their identity, even as he pledged that he would love to maintain the cordial relationship that had existed between him and the Easterners, submitting that Igbos never constituted any threat to Yoruba land.

https://www.businesspost.ng/2017/11/22/igbos-lagos-pledge-allegiance-gani-adams/

SEC Partners Morocco’s AMMC to Boost Capital Market Investments
https://www.businesspost.ng/2017/11/22/sec-partners-moroccos-ammc-boost-capital-market-investments/

FCMB Gets Regulatory Approvals to Raise Stake in Legacy Pension to 88.2%
https://www.businesspost.ng/2017/11/21/fcmb-gets-regulatory-approvals-raise-stake-legacy-pension-88-2/

CBN to Replace ATM Card Pins with Biometrics
https://www.businesspost.ng/2017/11/21/cbn-replace-atm-card-pin-biometrics/

Traders Buy 198-Day Bills worth N18.20b at 17.80%
https://www.businesspost.ng/2017/11/22/traders-buy-198-day-bills-worth-n18-20b-17-80/

BREAKING: CBN Keeps Interest Rate at 14%
https://www.businesspost.ng/2017/11/21/breaking-cbn-keeps-interest-rate-14/

BREAKING: CBN Keeps Interest Rate at 14%
https://www.businesspost.ng/2017/11/21/breaking-cbn-keeps-interest-rate-14/

By Modupe Gbadeyanka

Rising from its last Monetary Policy Committee (MPC) meeting for the year today, the Central Bank of Nigeria (CBN) announced that the committee has resolved to retain the Monetary Policy Rate (MPR) at 14 percent.

Governor of the CBN, Mr Godwin Emefiele, while briefing newsmen of outcome of the meeting on Tuesday in Abuja, explained that reducing the rate at this moment may not be the best thing to do.

This news comes a day after the National Bureau of Statistics (NBS) revealed that the nation’s economy grew by 1.4 percent in the third quarter of this year.

It also comes nearly a week after the stats office said inflation rate in the country moderated further to 15.91 percent in October from 15.98 percent in September.

Mr Emefiele told newsmen that Nigeria’s external reserves have increased to over $34 billion, while the $3 billion Eurobond introduced by the Federal Government to the international capital market last week has been oversubscribed by $11 billion.

Details later.

https://www.businesspost.ng/2017/11/21/breaking-cbn-keeps-interest-rate-14/

By Dipo Olowookere

A new report released by Baker McKenzie, a multinational law firm, has predicted an increase in global deal activity next year.

The report, titled Global Transactions Forecast, which is in its third edition, attributed this rise to the easing of key economic and political risks as well as the emergence of positive macroeconomic deal drivers.

It specifically noted that deal making in Nigeria looks set to increase in 2018 and 2019 after a period of policy uncertainty which saw M&A transactions decrease.

Conditions in South Africa are also predicted to improve, but this will depend on political and economic conditions in the country in the next two years, the report added.

According to Baker McKenzie, globally, 2017 has been a period of apprehension for dealmakers and while economic growth has certainly slowed, the cliff-edge some were predicting has failed to materialise.

Following on the momentum created in the second half of 2017, The Global Transactions Forecast, developed in association with Oxford Economics, predicts a cyclical peak in 2018 for several macroeconomic and financial deal drivers, with 2018 marking the high point of the deal cycle for the world’s largest transaction centres.

Head of Africa at Baker McKenzie in Johannesburg, Mr Wildu du Plessis, noted that in Nigeria, policy and economic uncertainties had contributed to stalled dealmaking in the country. Uncertainties included a lack of access to foreign exchange, blockages to the government budget process, and low oil production that had constrained GDP growth.

“As these conditions ease in the final months of 2017 and into 2018, a rebound in M&A to around US$4 billion in both 2018 and 2019 is forecasted,” Mr du Plessis was quoted as saying in the statement made available to Business Post by Baker McKenzie on Tuesday.

In Nigeria, M&A transactions were valued at $1.2 billion in 2016, this is predicted to drop to $716.4 million in 2017.

In 2018, this is predicted to rise to $3.98 billion and to $3.94 billion in 2019.

There were 28 M&A transactions in 2016 and 28 are predicted again in 2017, 35 deals are expected in 2018, rising to 40 in 2019.

In South Africa, the forecast is similar. Growing political risk and a sluggish economy contributed to a halving in total M&A in 2017 versus 2016.

However, the forecast predicts that economy should improve in 2018 thanks to the impact of monetary policy easing and stronger commodity prices. But at around $9 billion in 2019, the forecast for the peak in M&A activity in this region will be less than a third of the level seen in 2015.

Mr Du Plessis noted, however, “For South Africa, there is no guarantee that the predicted upswing will come to pass. There is just too much political uncertainty. If the ANC National Conference in December does not deliver the solution that markets are hoping for, then deal flow and IPO activity will be affected and depressed. If on the other hand there is some hope of a change to the political situation, things may well indeed change for the better.”

Morne van der Merwe, Managing Partner of Baker McKenzie in Johannesburg said, “Current conditions in South Africa have slowed M&A growth in that international investors are reluctant to invest in South Africa due to the political and economic uncertainty. This uncertainty has caused a reduction in Foreign Direct Investment, which, in turn, hindered deal-making. Due to the downgrades and potential for further downgrades, the cost of raising capital for acquisitions has also become more expensive.”

In South Africa, M&A transactions were valued at $10.7 billion in 2016, this is predicted to drop to $4.5 billion in 2017.

In 2018, this is predicted to rise to $8.5 billion and to $9.2 billion in 2019.

In terms of deal volume, there were 115 M&A transactions in South Africa in 2016, this is predicted to rise to 172 transactions in 2017, 273 deals are expected in 2018, rising again to 295 in 2019.

Globally, “After a few soft patches in 2017 we have a more optimistic outlook for the global economy and dealmaking in 2018, as long as the brakes are not put any further on global free trade. We see an uplift in both M&A and IPO activity as dealmakers and investors gain greater confidence in the business prospects of acquisition targets and newly-listed businesses,” added Paul Rawlinson, Baker McKenzie’s global chair. “However, it’s not a done deal, with the threat of a Hard Brexit and a NAFTA collapse both still very real. Business will need to continue to make the case for liberal trade and investment frameworks.”

https://www.businesspost.ng/2017/11/21/nigeria-make-3-98b-business-deals-2018-report/

S&P Affirms UBA’s 'B/B' Ratings with Stable Outlook
https://www.businesspost.ng/2017/11/21/sp-affirms-ubas-b-b-ratings-with-stable-outlook/

CBN Sells N27.7b OMO Bills as Overnight Rate Hits 41.67%
https://www.businesspost.ng/2017/11/21/cbn-sells-n27-7b-omo-bills-overnight-rate-hits-41-67/

Stock Recommendation for this Week (Nov 20)
https://www.businesspost.ng/2017/11/21/stock-recommendation-week-nov-20/

By Modupe Gbadeyanka

In the third quarter of 2017, Nigeria recorded a growth in its Gross Domestic Product (GDP) by 1.4 percent, data released today by the National Bureau Statistics (NBS) revealed.

In the report obtained by Business Post, the stats office said this growth is the second consecutive positive growth since the emergence of the economy from recession in the second quarter of this year.

In the data released on Monday, NBS said, “This growth is 3.74 percent points higher than the rate recorded in the corresponding quarter of 2016 (–2.34 percent) and higher by 0.68 percent points from the rate recorded in the preceding quarter, which was revised to 0.72 percent from 0.55 percent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).

It noted that quarter on quarter, real GDP growth was 8.97 percent year-to-date Real GDP growth stands at 0.43 percent.

In the quarter under review, aggregate GDP stood at N29,451,303.99 million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98 percent.

“This growth is higher relative to growth recorded in Q3 2016 of 9.15 percent,” the stats office stated in the report today.

NBS further disclosed that in the period under review, oil production is estimated to have averaged 2.03 million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd).

Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd.

It added that real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016.

Growth also increased by 22.36 percent when compared to Q2 2017 which was revised from 1.64 percent to 3.53 percent.

Quarter-on-Quarter, the oil sector grew by 21.10 percent in Q3 2017. As a share of the economy, the oil sector contributed 10.04 percent of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 8.09 percent and 9.04 percent to GDP respectively.

It was also stated that the non-oil sector grew by -0.76 percent in real terms during the reference quarter. This is lower by -0.79 percent point compared to the rate recorded same quarter, 2016 and -1.20 percent point lower than in the second quarter of 2017.

This sector was driven this quarter mainly by Agriculture (Crop), Other services and Electricity, gas, steam and air conditioning supply.

In real terms, the Non-Oil sector contributed 89.96 percent to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91 percent) and in the second quarter of 2017 (90.96 percent).

https://www.businesspost.ng/2017/11/20/nigerias-gdp-records-1-4-growth-q3-nbs/

Nigeria's GDP Records 1.4% Growth in Q3—NBS
https://www.businesspost.ng/2017/11/20/nigerias-gdp-records-1-4-growth-q3-nbs/

Nigeria's GDP Records 1.4% Growth in Q3—NBS
https://www.businesspost.ng/2017/11/20/nigerias-gdp-records-1-4-growth-q3-nbs/

By Dipo Olowookere

One of the leading independent investment banking firms in Nigeria, Afrinvest, has predicted a 2.7 percent rise in the country’s Gross Domestic Product (GDP) in the third quarter of this year.

The National Bureau of Statistics (NBS) is expected to release the GDP for the Q3 of 2017 on Monday morning.

In the second quarter of this year, the Africa’s largest economy posted a marginal GDP growth of 0.55 percent and this pulled Nigeria out of recession it slipped into last year.

In the first quarter of 2017, according to the NBS, Nigeria’s GDP contracted by 0.52 percent (year-on-year) in real terms and it was the fifth consecutive quarter of contraction since the first quarter of 2016.

In its weekly market report, Afrinvest said it expects the Q3 2017 GDP to increase by 2.7 percent as a result of rebound in the oil production.

The Q2 2017 GDP growth was mainly influenced by increase in the oil production as a result of peace in the oil-rich Niger Delta region of the country.

“The NBS is due to release Q3:2017 GDP report on Monday and we expect growth to accelerate to 2.7 percent in the quarter from 0.55 percent in Q2:2017, driven by rebound in oil production and nascent recovery in the non-oil sector which disappointed in Q2,” Afrinvest said in the report.

During his 2018 budget presentation to the Senate on November 7, 2017, President Muhammadu Buhari said his administration expects the real GDP to grow by 3.5 percent.

https://www.businesspost.ng/2017/11/19/nigerias-gdp-grow-2-7-q3-2017-afrinvest/

Capital Market Investors Take N370b worth Cases to IST
https://www.businesspost.ng/2017/11/19/capital-market-investors-take-n370b-worth-cases-ist/

Nigeria’s GDP to Grow by 2.7% in Q3 2017—Afrinvest
https://www.businesspost.ng/2017/11/19/nigerias-gdp-grow-2-7-q3-2017-afrinvest/

T-Bills: CBN Raises N92.5b via OMO, N119.9b from Primary Market
https://www.businesspost.ng/2017/11/18/t-bills-cbn-raises-n92-5b-via-omo-n119-9b-primary-market/

CBN Sells N66b OMO Bills as Overnight Rate Jerks to 27.67%
https://www.businesspost.ng/2017/11/18/cbn-sells-n66b-omo-bills-overnight-rate-jerks-27-67/

Unilever Nigeria Lists Additional 1.96b Ordinary Shares on NSE
https://www.businesspost.ng/2017/11/18/unilever-nigeria-lists-additional-1-96b-ordinary-shares-nse/

Capital Market Infractions Reduced by 87.6% in 18 Months—SEC
https://www.businesspost.ng/2017/11/18/capital-market-infractions-reduced-87-6-18-months-sec/

T-Bills Market Trades Flat as CBN Raises N130.4b from OMO Auction
https://www.businesspost.ng/2017/11/16/t-bills-market-trades-flat-cbn-raises-n130-4b-omo-auction/

Help! Oando in Serious Danger—Shareholders Cry Out
**Renew Call for Tinubu’s Sack, Prosecution
https://www.businesspost.ng/2017/11/16/help-oando-in-serious-danger-shareholders-cry-out/