₦airaland Forum

By Dipo Olowookere

Lagos, Delta and River States have emerged the most competitive states in Nigeria in terms of economy, human capital, infrastructure and institutions.

The ranking was released on Wednesday by the National Competitiveness Council of Nigeria (NCCN) and was witnessed by former Governor of Cross River State, Mr Donald Duke.

The competitiveness index ranked all the 36 states of the federation as well as the Federal Capital Territory (FCT) Abuja across four key areas: Human Capital, Infrastructure, Economy and Institutions and it was the first ever National Competitiveness Report and Sub-National Index in the country.

Chief Executive of NCCN, Mr Chika Mordi, told newsmen at the unveiling of the survey that “Nigeria remains challenged in its competitiveness.

“We expect the SNI to have a catalytic effect in competitive state policies which will ultimately lead to greater business productivity, resulting in job creation and poverty reduction.”

In the index, Borno and Gombe States were ranked 36th and 37th respectively.

According to Mr Mordi, “The index is a culmination of 20 months of intense work. We have worked rigorously to ensure objectivity and transparency in our methodology data collection, analysis and interpretation.

“Where possible we applied effective tools for cross-validation, and ease of replicability. It is by no means perfect, but we envisage improvements with subsequent iterations of the index.”

He said Borno and Zamfara States lost significantly in the area of Human Capital – plagued by issues with healthcare and education.

According to the report, all of the states performed strongly in at least one of the four broad themes, and 23 indicators.

The new Sub-National Index presents a significant platform for research and discussion, elevating the national conversation about moving Nigeria away from crippling oil dependency, and embracing a diversified economy with sustainable market-based development.

The report also emphasizes the importance of competitiveness at the state level, highlighting local and state governance, and the vital role each state plays in the overall path to job-rich growth.

According to NCCN, data were collected for its unprecedented report in collaboration with the National Bureau of Statistics (NBS) and private surveying agencies.

The organisation conducted a household survey across all 36 states and the FCT, resulting in a sample of 8,147 households.

They also conducted a business climate survey, collecting information from two thousand (2000) private business establishments chosen at random, and using probability proportional to size (PPS) within each sector.

Out of this number, 1820 businesses responded to the survey, representing a 91 percent response rate.

https://www.businesspost.ng/2017/11/02/lagos-delta-rivers-lead-competitiveness-index-nigeria/

CBN Sells N113.7b Bills via OMO as Overnight Rate Drops to 7%
https://www.businesspost.ng/2017/11/02/cbn-sells-n113-7b-bills-via-omo-overnight-rate-drops-7/

CBN Sells N113.7b Bills via OMO as Overnight Rate Drops to 7%
https://www.businesspost.ng/2017/11/02/cbn-sells-n113-7b-bills-via-omo-overnight-rate-drops-7/

By Modupe Gbadeyanka

All is now set for the maiden edition of the Ota Trade Exhibition (OTE), which is slated for Thursday, November 30, to Sunday, December 3, at the Ijamido Town Hall in Ota, Ogun State.

Already, many entrepreneurs, especially those in the small and medium-scaled sector, have started jostling for space at the event so as to showcase their products to the array of people ready to storm the exhibition.

Organisers of the event, Perfect Brands, explained that the 2017 OTE is aimed at supporting Nigeria’s quest to achieve a virile industrialised economy by providing a platform for the nation’s small and medium scale enterprises.

According to Chief Executive Officer of Perfect Brands, Mr Fisayo Ajibola, the theme of the fair ‘Providing Veritable Platform for Commerce and Industry Growth’ is apt and timely in the face of the current economic realities which underscore the need for diversification and inter-sectoral synergy.

Mr Ajibola, during the unveiling and public presentation of the OTE 2017 prospectus, called on all industry players to support the efforts of the local government in making Ota, the business hub of Ogun State a force to reckon with.

Also speaking at the event, the Executive Chairman of Ado-Odo/Ota Local Government, Prince Bashir Oladele Adeniji, said the he was delighted to be host the exhibition at this crucial time when the country’s economy is undergoing a recovery from recession it slumped into last year.

He expressed optimism that this exhibition will impact positively on the socio-economy of Ota and its neighbours as it will further open up Ota to world and positions it towards maximizing its full potentials as the industrial and commercial nerve centre of Ogun State.

“The exhibition will bring people from all walks of life to Ota from manufacturers to vendors and shoppers and this is good for us all. Everyone will benefit when the biggest and quality brands come to display in Ota.

“Our government is looking forward to this and we enjoin everyone to embrace the unique opportunity and make the best out of it.  We as a government will continue in our effort to ensure the ease of doing business,” Mr Adeniji added.

The exhibition project coordinator, Mr Abiodun Ogundele, also disclosed that 50,000 visitors and over 500 exhibitors across the country were expected at the general consumer fair billed to last four days.

“The fair will close with a gala night and an interactive session that will afford experts, business owners and other stakeholders the opportunity to discuss ways to position Ota as the mainstream of commercial activity in Ogun State and as well network in a relax atmosphere” Mr Ogundele assured.

Ota Trade Exhibition is an annual fair that will have multinationals, local manufacturers and SMEs among others showcase their services and products to the whole world at large.

It will also be an avenue for companies within and outside Ogun State to have a first-hand feel of their consumers and intimate them with their product and services.



https://www.businesspost.ng/2017/11/02/2017-ota-trade-exhibition-begins-november-30/

SEC Partners CBN, CSCS, Others to Flush Out Fake Investment Firms
https://www.businesspost.ng/2017/11/02/sec-partners-cbn-cscs-others-flush-fake-investment-firms/

Investors Trade $9b Worth of OTC FX Futures Contracts on FMDQ
https://www.businesspost.ng/2017/11/02/investors-trade-9b-worth-otc-fx-futures-contracts-fmdq/

Overnight Rate Drops to 10.17% as CBN Sells N100.84b T-Bills
https://www.businesspost.ng/2017/11/02/overnight-rate-drops-10-17-cbn-sells-n100-84b-t-bills/

Overnight Rate Drops to 10.17% as CBN Sells N100.84b T-Bills
https://www.businesspost.ng/2017/11/02/overnight-rate-drops-10-17-cbn-sells-n100-84b-t-bills/

CBN Sells N26b OMO Bills as Overnight Rate Drops to 19.25%
https://www.businesspost.ng/2017/11/01/cbn-sells-n26b-omo-bills-overnight-rate-drops-19-25/

Flour Mills Posts N298b Revenue in H1, Donates N750m for Apapa Road
https://www.businesspost.ng/2017/11/01/flour-mills-posts-n298b-revenue-h1-donates-n750m-apapa-road/

Oando Boosts Revenue to N383b, Profit to N7b in 9 Months
https://www.businesspost.ng/2017/11/01/oando-boosts-revenue-n383b-profit-n7b-9-months/

Nestle Nigeria Offers N15 Interim Dividend after 4,641% Rise in Q3 Profit
https://www.businesspost.ng/2017/10/31/nestle-nigeria-offers-n15-interim-dividend-4641-rise-q3-profit/

Stock Recommendation for This Week (October 30)
https://www.businesspost.ng/2017/10/30/stock-recommendation-week-october-30/

Reps to Probe SEC Boss’ N105m Severance Pay Mess
https://www.businesspost.ng/2017/10/30/reps-probe-sec-boss-n105m-severance-pay-mess/

By Dipo Olowookere

Some investors in the Nigerian capital market have expressed serious concern over recent reports of an alleged financial misconduct at the nation’s apex capital market regulator, the Securities and Exchange Commission (SEC).

Those who spoke with Business Post said the allegation of illegal payment of N104.85 million severance package to the Director General of SEC, Mr Mounir Gwarzo, could send a wrong signal to investors.

Already, since after the day the news was first reported on Wednesday, October 25, 2017, the Nigerian stock market has closed in the negative territory.

According to petition against Mr Gwarzo, after he was appointed in 2015 by former President Goodluck Jonathan, he allegedly paid himself N108.9 million as entitlement for being an Executive Commissioner of the regulator for two and a half years.

It was said that despite the opposition against, he allegedly received the amount as benefits of his former position.

He was also alleged to have used his position to favour companies linked with him and some of his close associates by awarding contracts to the firms.

“On assumption of office as the DG of the Commission, Mr Gwarzo immediately requested that the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), be paid to him as severance package for the cessation of his appointment as Executive Commissioner of the Commission.

“The requested severance package in the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), was paid by the Commission into Mr Gwarzo’s bank account, held with Guarantee Trust Bank PLC, with account number 0023868895.

“Mr Gwarzo received the above stated payment of a severance package in total disregard of the opinion of Mr Frana Chukwuogo, the Acting Head of the Commission’s Legal Department, who clearly stated, in accordance with best practices, that a severance payment can only be paid to an employee of the Commission who has concluded his or her service and has completely disengaged from the Commission and not to an employee who has been promoted within the Commission and has not severed his employment with the Commission,” the petition read.

The petition further said, “Mr Gwarzo and two of his relatives are Directors of Outbound Investment Ltd. (the Company). Since Mr Gwarzo assumed office as DG of the Commission, the Company has been the sole supplier of diesel to the Commission.

“The Company has also supplied air conditioners to the Lagos Zonal office of the Commission, as well as supplied fridge to the Commission. See Appendix BI attached hereto.

“Payments made by the Commission to the Company for contracts executed can be verified from the Company’s bank account held with United Bank for Africa Plc, with account number 1016723428.

“In addition, the Company has executed more contracts for the Commission which are not listed in Appendix B1, however these contracts can be verified from the Commission’s accounting records.

“Mr Gwarzo is the DG of the Commission is a Director of Medusa Investments Limited (the Company). The only other Director of the Company is Khadija Mustapher, who is also the wife of the DG of the Commission. See Appendix B3 attached hereto.

“The Company has actively been used by Mr Gwarzo, as a shell to carry out illegal transactions as is verifiable from the frequent transactions carried out through the Company’s bank account held with Guaranty Trust Bank Plc, with Account Number 0023953920. Mr Gwarzo is a signatory to the said Company account. See Appendix B1 attached hereto.

“Mr Haris Haliru Gwarzo, the younger brother of the DG of the Commission, is the Sole proprietor of Northwind Environmental Services (the Company). The Company has been engaged by the Commission to clean the Commission’s Kano Zonal Office, since the inception of Mr. Gwarzo’s tenure as the DG of SEC. See Appendixes B1 and B4 attached hereto.

“Payments made by the Commission to the Company for contracts executed, can be verified from the Company’s bank account with Diamond Bank Plc, with Account Number 0095179297.”

According to some investors who spoke with Business Post on the issue, things like this are not good for the Nigerian capital market.

“The matter has started to have a negative effect on the stock market. You can see that a day after the news broke, the market reacted to it negatively.

“Things like this bring panic to investors, who will quickly want to dispose of their portfolios so as not to be caught unawares,” an investor in the Nigerian capital market, Mr Sunday Adesanya, told our correspondent.

Another investor, who begged not to be named, said, “The right thing for the DG to do now is to resign to allow full investigation into the matter. News of financial misconduct at the nation’s capital market regulator isn’t good for the market, which has had a fair performance this year. I just hope the House of Representatives get to the root of this matter.

Meanwhile, as at the time of publishing this report, SEC did not respond to an email Business Post sent on Friday for comments on fears raised by investors.

https://www.businesspost.ng/2017/10/29/reports-financial-misconduct-sec-worry-investors/

Reports of Financial Misconduct at SEC Worry Investors
https://www.businesspost.ng/2017/10/29/reports-financial-misconduct-sec-worry-investors/

CBN to Auction N100.84b Treasury Bills This Week
https://www.businesspost.ng/2017/10/29/cbn-auction-n100-84b-treasury-bills-week/

Access Bank Q3-17: Declines in Loan Loss Provision, Opex Supported PAT Growth
https://www.businesspost.ng/2017/10/27/access-bank-q3-17-declines-loan-loss-provision-opex-supported-pat-growth/

CBN Threatens to Ban Exporters from Accessing Forex, Banking Services
https://www.businesspost.ng/2017/10/27/cbn-threatens-ban-exporters-accessing-forex-banking-services/

FBN Holdings: Lacklustre Performance Across Income Lines in Q3-17
https://www.businesspost.ng/2017/10/27/fbn-holdings-lacklustre-performance-across-income-lines-q3-17/

By Dipo Olowookere

News just reaching our news desk confirms that Professor Oluwatoyin Ogundipe has been appointed as the new Vice Chancellor of the University of Lagos (UNILAG).

His appointment as the new VC of the school comes after a year he was announced as Deputy Vice Chancellor (Academics and Research) of UNILAG.

Mr Ogundipe is a professor of Botany.

Details later.

https://www.businesspost.ng/2017/10/27/breaking-unilag-appoints-prof-ogundipe-new-vice-chancellor/

CBN Auctions N92.5b OMO Bills Friday
https://www.businesspost.ng/2017/10/27/cbn-auctions-n92-5b-omo-bills/

By Adeniyi Ogunfowoke

Being friends or close pals for years with someone does not automatically make them a viable business partner.  There are critical things you have to consider before you start working with someone on a business idea.

Jumia Travel, the leading online travel agency, highlights points to consider to avoid a bad business partnership.

Trust

Trust is pivotal for a partnership to stand the test of time. The question is do you trust this individual as a business partner? If the answer is no, just ditch the idea of working with them.

Decide if you want them as partner, employee or consultant

Don’t partner with someone just because you can’t afford to hire them. It is better to hire them as a consultant than to give away a part of your company or to find out later that he/she is not a good partner for you.

Shared values

Successful partners generally agree on standards regarding what is acceptable and unacceptable. These values guide their actions, judgments, and choices. When partners’ values align, they are more likely to make reliable decisions and remain united.

Accountability

Whether you are a startup or an established business, having an unaccountable business partner will someday lead to the collapse of your enterprise.

Partnership agreement

No matter how strong your relationship is now, certain circumstances can threaten and possibly end partnerships. Avoid feelings of regret by proactively structuring an agreement that is fair and protects both parties. If the person does not agree to the agreement, just move on.

Someone you can communicate with

Communication is the key to any healthy relationship, business or otherwise. Partners should be able to speak honestly and openly about everything in the relationship, from a professional and personal perspective.

Ogunfowoke Adeniyi is a PR Associate at Jumia Travel

https://www.businesspost.ng/2017/10/27/6-key-factors-consider-choosing-business-partners/

CBN Sells 203-Day Bills Worth N52.6b at 17.8% Stop Rate
https://www.businesspost.ng/2017/10/27/cbn-sells-203-day-bills-worth-n52-6b-17-8-stop-rate/

Nigeria Inflation to Hit 9% Mid-2018—Emefiele
https://www.businesspost.ng/2017/10/27/nigeria-inflation-hit-9-mid-2018-emefiele/

Nigerian Breweries Assures Investors of Good Returns, Declares N7.9b Interim Dividend
https://www.businesspost.ng/2017/10/27/nigerian-breweries-assures-investors-good-returns-declares-n7-9b-interim-dividend/

Total Nigeria Proposes N3 Interim Dividend
https://www.businesspost.ng/2017/10/26/total-nigeria-proposes-n3-interim-dividend/

Dangote Sugar Posts N26.5b Profit in 9 Months as EPS Grows 163%
https://www.businesspost.ng/2017/10/26/dangote-sugar-posts-n26-5b-profit-9-months-eps-grows-163/

Access Bank Declares N72.9b Pre-tax Profit in 9 Months
https://www.businesspost.ng/2017/10/26/access-bank-declares-n72-9b-pre-tax-profit-9-months/

Nigeria’s External Reserves Near 3-Year High, Now $33.6b
www.businesspost.ng/2017/10/26/nigerias-external-reserves-near-3-year-high-now-33-6b/

By Dipo Olowookere

The amount left in Nigeria’s external reserves has continued to rise and at the moment, the Africa’s largest economy has about $33.6 billion in its reserves, Business Post has learnt.

Data obtained by Business Post on the website of the Central Bank of Nigeria (CBN) showed that the $33.6 billion is what the country has left in its foreign reserves as at Tuesday, October 24, 2017.

The amount increased from $33.55 billion on Monday, October 23, 2017 to $33.58 billion the next day, according to the apex bank.

The latest figure is the highest in nearly three years.

In recent times, the external reserves of the West Africa’s biggest economy have been on a steady rise.

According to data obtained by Business Post from Trading Economics, Nigeria’s reserves closed at $34.2 billion in December 2014 and then $32.4 billion in January 2015.

In May 2015, the reserves closed at $29.6 billion and then slumped to $29 billion the next month.

However, it rose jumped to $31.5 billion in July 2015 before receeding to $31.2 billion in August and then $30.3 billion in September.

In October, the reserves fell to $29 billion and closed in December at $29.1 billion.

In January 2016, the foreign reserves dropped to $28.2 billion and $26.4 billion in June.

By August 2016, only $24.6 billion was left in the reserves and $23.9 billion in October 2016.

However, since then, the reserves have been on a steady rise, growing to $30.8 billion in April this year, but depreciated to $30.3 billion in June 2017.

The reserves went up the next month to $30.7 billion and have not looked back since, growing to $33.6 billion as at October 24, 2017.

www.businesspost.ng/2017/10/26/nigerias-external-reserves-near-3-year-high-now-33-6b/

Why We Challenged SEC Action Against us in Court—Oando
https://www.businesspost.ng/2017/10/24/challenged-sec-action-us-court-oando/

Oando Gets Court Order to Stop Forensic Audit, Share Price Suspension
https://www.businesspost.ng/2017/10/24/oando-gets-court-order-stop-forensic-audit-share-price-suspension/

Full Details of SEC Investigation into Oando Affairs
https://www.businesspost.ng/2017/10/24/full-details-of-sec-investigation-into-oando-affairs/

Stock Recommendation for this Week (October 23)
https://www.businesspost.ng/2017/10/24/stock-recommendation-week-october-23/

Oando Shares now Available for Trading—NSE
https://www.businesspost.ng/2017/10/23/oando-shares-now-available-trading-nse/

Seplat Suffers N1.6b Post-Tax Loss Despite 71% Rise in Q3 Revenue
https://www.businesspost.ng/2017/10/23/seplat-suffers-n1-6b-post-tax-loss-despite-71-rise-q3-revenue/