₦airaland Forum

NSE Signs Deal to Broadcast Stock Market Activities Live on TVC
https://www.businesspost.ng/2017/09/10/nse-signs-deal-to-broadcast-stock-market-activities-live-on-tvc/

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) closed for the week on Friday on a negative note, reversing the two-day gain recorded on Wednesday and Thursday.

Business Post reports that the equity market finished 0.44 percent lower following losses recorded by Presco and 21 other stocks.

The All-Share Index (ASI), which crossed the 36,000 mark again yesterday, dropped below the mark today after shedding 158.95 points to settle at 35,957.24 points.

Our correspondent reports that investors embarked on profit taking on Friday, ahead of resumption by schools next Monday, leaving the market capitalisation to lose N55 billion at the close of trade to finish at N12.4 trillion.

It was observed that the volume and value of shares transacted today declined with 152.5 million shares worth N3.1 billion exchanged in 4,079 deals in contrast to 222.7 million shares traded yesterday in 4,622 valued at N4.2 billion.

GTBank was the most active stock today with a total of 22.2 million units transacted at N864 million. It was followed by Zenith Bank, which traded 21.8 million shares worth N517.3 million, and Access Bank, which sold 15.6 million shares at N150.8 million.

Furthermore, Lafarge traded 11.5 million shares worth N611.8 million, while UACN exchanged 8.9 million shares valued at N128.3 million.

Mobil led the 18 appreciating equities at the market on Friday, growing by N5.49k to settle at N170.50k per share.

It was trailed by Unilever, which advanced by N1.95k to close at N40 per share, and Dangote Sugar, which rose by 50k to finish at N14 per share.

On the part of Nigerian Breweries, it also moved up by 50k just like Dangote Sugar to close at N184.50k per share, while Berger Paints swallowed 30k to swell to N7.30k per share N7.30k per share.

On the flip side, Presco threw away N3.41k to shrink to N64.98k per share, while Beta Glass shed N2.99k to settle at N56.85k per share.

Okomu Oil lost N2.64k to close at N63 per share, Dangote Cement fell by N1.91k to end at N215 per share, and Lafarge went down by 73k to finish at N52.77k per share.

https://www.businesspost.ng/2017/09/08/nigerian-stock-market-loses-n55b-reverse-2-day-gain/

**Begs Buhari to Tame Him

By Modupe Gbadeyanka

The Nigerian Senate has described legal luminary, Professor Itse Sagay, as someone presenting himself like a rascal.

Chairman, Senate Committee on Media and Public Affairs, Mr Aliyu Sabi Abdullahi, in a statement issued on Thursday, accused Prof Sagay of spreading falsehood and making hate speeches against the National Assembly.

The upper parliament urged President Muhammadu Buhari to rein in the chairman of the Presidential Action Committee on Anti-Corruption (PACAC) and “stop him from further creating needless tension in the relationship between the executive and the legislature.”

The Senate said the former university teacher was fond of using every opportunity he has to make public speeches to disparage the Federal legislature by using uncouth and unprintable words to describe the legislators and the institution they represent.

Mr Abdullahi said in the statement that Mr Sagay had been one of the few divisive elements in the Mr Buhari administration who believe their relevance is enhanced only when they create constant tension between the legislature and the executive while also setting members of the executives against each other.

The Senate spokesman noted that while the legislators had ignored past statements made by the Professor of law, his recent speech at a public lecture in Lagos organized by the Society of International Law where he allegedly gave false details about the salary and allowances of the legislators and the various bills passed bordered on inciting members of the public against the legislators and deliberately circulating hate speech; which the government was working hard to contain.

"Ordinarily, we would ignore Sagay whose statements and attitude present him like a rascal and sadist instead of a former university teacher.

“However, his last speech in Lagos during which he was reeling out false and exaggerated figures about the salaries nod allowances of legislators and also lied about the passage of anti-corruption bills showed that he just deliberately set out to undermine the legislative institution and lower its reputation in the estimation of right thinking members of the society and we therefore believe we should put him in his rightful place.

"As an academic whose creed should be to find facts and make comments based on truth, we believe that Sagay should stop spreading beer parlour rumours about the salaries and allowances of legislators when he could simply get the facts from the Revenue Mobilization and Fiscal Allocation Commission (RMFAC) which is the body constitutionally charged with the responsibility of fixing salaries and allowances of all public officials.

"Let us make it clear that our salaries and allowances are open books and the details can be taken from the RMFAC by any interested party.

"Prof Sagay at his lecture in Lagos also made comparisons which did little credit to his background as a lecturer as he was talking of the salary of the United States President and that of a Nigerian legislator. That is like comparing oranges with apples. Only a senile, jaded, rustic and outdated Professor of Law like Sagay will make such a comparison which falls flat on its face, even to an ordinary lay man. Surely, Sagay is basing his analysis on street talks.

"Sagay could not even check the records before proclaiming that the National Assembly has not passed a single bill for the promotion of anti-corruption war since it commenced business in July 2015.

“First, the 8th National Assembly was inaugurated on June 9, 2015 not July. Also, it is on record that the Senate has passed the Whistle Blowers' Protection Bill, Witness Protection Bill, Mutual Legal Assistance in Criminal Matters Bill and the Nigerian Financial Intelligence Agency Bill.

"This man talks like a man who is constantly under the influence of some substance and perhaps possessed as he employs the language of a tout with no civility. He is probably constantly excited and incensed by the fact of having his first opportunity to find himself in the corridors of power.

"He pontificates and talks as if the war against corruption of the Buhari administration depends solely on him to survive.

“He once publicly attacked the Attorney General of the Federation and accused him of not doing enough to prosecute the war.

“In the Lagos speech, he took a blanket swipe at the judiciary and rubbished that entire institution which he as a lawyer has the professional, ethical and constitutional duty to respect.

"This is a man who cannot stand for councillorship election and win. We challenge him to state what his contributions are in the election of our amiable President, Muhammadu Buhari and what new ideas he has contributed to making the fight against corruption more effective since his appointment.

“With an easily excited man like him as head of an advisory body, the nation has continued to lose anti-corruption cases in courts due to the failure of his advices. He needs to do more work and talk less because media prosecution cannot win the war on corruption," Mr Abdullahi stated.

https://www.businesspost.ng/2017/09/07/prof-sagay-behaves-like-tout-rascal-senate/

By Modupe Gbadeyanka

Transactions on the trading floor of the Nigerian Stock Exchange (NSE) ended in the green zone on Thursday, extending the northward movement to the second straight day.

The stock market finished 1.42 percent higher today, pushing the year-to-date return to 34.37 percent.

However, the market breadth closed negative with 19 advancing stocks and 22 losers.

In the same vein, the volume and value of shares transacted by investors declined today compared with what was traded yesterday.

Business Post reports that Thursday’s positive performance at the market was mainly influenced by gains recorded by Dangote Cement, which added N9.79k to its share value to settle at N216.91k per share.

Also, Guinness Nigeria appreciated by N8.94k to close at N96.33k per share, while Stanbic IBTC progressed by N1.49k to finish at N39.90k per share.

Furthermore, Nigerian Breweries grew by N1.40k to end at N184 per share, and Flour Mills of Nigeria moved up by N1 to finish at N30 per share.

At the other end, Seplat declined by N24.10k to close at N457.90k per share, while Mobil fell by 99k to end at N165.1k per share.

In addition, NCR Nigeria Plc depreciated by 36k to end at N6.97k per share, FBN Holdings went down by 26k to settle at N5.76k per share, and Oando sank by 23k to wrap the day at N6.30k per share.

A look at the major market indicators today showed that the All-Share Index (ASI) increased by 507.12 points to settle at 36,116.19 points, while the market capitalisation expanded by N175 billion to close at N12.5 trillion.

A total of 222.7 million shares were traded in 4,622 deals by investors on Thursday worth N4.2 billion in contrast to 281.8 million shares transacted on Wednesday in 4,066 deals valued at N5.4 billion.

Financial stocks remained the toast of investors on the trading floor of the NSE with Sterling Bank emerging the most active stock after the day’s activities, trading 36.6 million shares worth N37.3 million.

It was trailed by Royal Exchange, which exchanged 35.7 million shares worth N17.9 million, and Fidelity Bank, which sold 22 million shares valued at N29.4 million.

Access Bank moved 21.6 million shares worth N212.5 million, while Zenith Bank traded 18.5 million shares valued at N442.7 million.

Investors are upbeat that the bullish sentiments would remain as they continue to savour news of Nigeria exiting recession.

https://www.businesspost.ng/2017/09/07/nigerian-stock-market-investors-gain-n175b/

Nigerian Stock Market Investors Gain N175b
https://www.businesspost.ng/2017/09/07/nigerian-stock-market-investors-gain-n175b/

Flour Mills of Nigeria Shareholders Approve N1 Dividend Payment
https://www.businesspost.ng/2017/09/07/flour-mills-nigeria-shareholders-approve-n1-dividend-payment/

FY 2017: PZ Cussons to Pay 50k Dividend to Shareholders
https://www.businesspost.ng/2017/09/07/fy-2017-pz-cussons-pay-50k-dividend-shareholders/

By Dipo Olowookere

The latest Africa Agriculture Status Report (AASR) has predicted that the rapidly growing food market in Africa may be worth more than $1 trillion each year by 2030.

The report, launched at this year’s African Green Revolution Forum (AGRF) in Cote d’Ivoire, revealed that agriculture will be Africa’s quiet revolution, with a focus on SMEs and smallholder farmers creating the high productivity jobs and sustainable economic growth that failed to materialise from mineral deposits and increased urbanisation.

It noted that the power of entrepreneurs and the free market is driving Africa’s economic growth from food production, as business wakes up to opportunities in the sector.

AASR said despite 37 percent of the population now living in urban centres, most jobs have been created in lower paid, less productive services rather than in industry, with this service sector accounting for more than half of the continent’s GDP.

Smart investments in the food system can change this picture dramatically if planned correctly, it submitted.

Commenting on this year’s report findings, President of the Alliance for a Green Revolution in Africa (AGRA), Dr Agnes Kalibata, noted that, “Africa has the latent natural resources, skills, human and land capacity to tip the balance of payments and move from importer to exporter by eating food made in Africa.

“This report shows us that agriculture involving an inclusive transformation that goes beyond the farm to agri-businesses will be Africa’s surest and fastest path to that new level of prosperity.”

To succeed, Africa’s agricultural revolution needs to be very different to those seen in the rest of world. It requires an inclusive approach that links millions of small farms to agribusinesses, creating extended food supply chains and employment opportunities for millions including those that will transition from farming.

This is in contrast to the model often seen elsewhere in the world of moving to large scale commercial farming and food processing, which employs relatively few people and requires high levels of capital.

The report highlights the opportunity for Africa to feed the continent with food made in Africa that meets the growing demand of affluent, fast growing urban populations on the continent looking for high value processed and pre-cooked foods.

Furthermore, it advocates that this opportunity should be met by many of the continent’s existing smallholder farmers.

Currently part of this growing demand for Africa’s food is met by imports. These amount to $35bn p.a. and are expected to cost $110bn by 2025 unless Africa improves the productivity and global competiveness of its agribusiness and agriculture sectors.

The report acknowledges that the private sector holds the key to the transformation of the food system so far.

“Impressive value addition and employment is being created by SMEs along value chains in the form of increased agricultural trade, farm servicing, agro processing, urban retailing and food services.

“Large agribusinesses like seed companies, agro processors and supermarkets are also playing an increasing role in the food value chain in many regions,” said Peter Hazell (IFPRI), the technical director of the report.

However, the study is clear that left to the private sector alone, growth in the agrifood system will not be as fast as it could, nor will it benefit as many smallholder farmers and SMEs as it could.

Government support is needed to both stimulate and guide the transition. As a high priority, governments need to create an enabling business environment and in particular, meet targets to invest ten percent of GDP in agriculture, agreed at the 2003 African Union (AU) Summit as part of The Comprehensive Africa Agriculture Development Programme (CAADP).

The report also urges governments to nurture a globally competitive food production sector through measures such as increasing infrastructure investment in secondary cities and towns, improving the reliability of energy and water supplies, building more wholesale market spaces, promoting open regional trade, identifying and investing in first mover crops and introducing stricter standards for food safety and quality.

The authors also call on governments to stimulate new private public partnerships for more innovative financing and insurance provision which can lead to increased resilience for farmers and their households. While globally agricultural insurance is a $2 billion business, Africa accounts for less than two percent of the market.

Other fiscal stimulus measures suggested include improving financial regulations, developing better credit-reporting processes, opening up special economic zones, supporting digital warehouse receipt systems and sharing risk with lenders through credit guarantees and matching funds.

The report points out other new opportunities to target support presented by digital technology such as satellite tracking and big data. These can help locate new high value agri-economic zones and smarter financing and food security polices, especially in the face of climate change.

“Smart support is just as important as scale of support for Africa’s highly diverse group of famers and agribusinesses. To step up their game, businesses needs assistance tailored to distinct groups of viable small farms and agribusinesses at different development stages, rather than blanket support for all,” added AGRA President, Dr Kalibata.

The report’s authors conclude that although progress is being made, Africa needs to pick up the pace if it is to compete globally and turn itself from importer to exporter by feeding its people with food made in Africa.

“Hopefully the prize of a rapidly growing and valuable market for food made in Africa will spark widespread political will and attract the best business talent to build a high value food sector,” said Peter Hazell. “This private public partnership will be essential to provide the trinity of high productivity employment, sustainable economic growth and food made in Africa for Africa and the world.”

https://www.businesspost.ng/2017/09/06/africas-food-market-may-worth-1tr-yearly-2030-report/

SEC Approves Oando Plc September 11 AGM in Uyo
https://www.businesspost.ng/2017/09/06/sec-approves-oando-plc-september-11-agm-uyo/

Guinness Nigeria Board Proposes 64k Final Dividend
https://www.businesspost.ng/2017/09/06/guinness-nigeria-board-proposes-64k-final-dividend/

NSE Index Sheds 3.12% as Mobil Tops Losers’ Chart With 14.25% Fall
https://www.businesspost.ng/2017/09/01/nse-index-sheds-3-12-mobil-tops-losers-chart-14-25-fall/

Treasury Bills Yields Spike at Primary Market Auctions in H1 2017—Report
https://www.businesspost.ng/2017/09/01/treasury-bills-yields-spike-primary-market-auctions-h1-2017-report/

NSE Suspends Trading on Shares of Avon Crowncaps & Containers
https://www.businesspost.ng/2017/09/01/nse-suspends-trading-shares-avon-crowncaps-containers/

SEC Approves Union Bank N50b Rights Issue
https://www.businesspost.ng/2017/08/31/sec-approves-union-bank-n50b-rights-issue/

Ecobank Quotes N12.53b Commercial Papers on FMDQ
https://www.businesspost.ng/2017/08/31/ecobank-quotes-n12-53b-commercial-papers-fmdq/

Key Highlights From Access Bank H1 2017 Conference Call & Earnings Presentation
https://www.businesspost.ng/2017/08/31/key-highlights-access-bank-h1-2017-conference-call-earnings-presentation/

Access Bank Takes N4b Impairment on 9mobile Loan
https://www.businesspost.ng/2017/08/31/access-bank-takes-n4b-impairment-9mobile-loan/

Mobil Falls For 4th Consecutive Day as NSE Investors Lose N185b
https://www.businesspost.ng/2017/08/30/mobil-falls-4th-consecutive-day-nse-investors-lose-n185b/

Prestige Assurance Plc Writes NSE on Share Capital Reduction
https://www.businesspost.ng/2017/08/30/prestige-assurance-plc-writes-nse-share-capital-reduction/

Allianz Buys 98% Stake in Nigeria’s Ensure Insurance Plc
https://www.businesspost.ng/2017/08/30/allianz-buys-98-stake-nigerias-ensure-insurance-plc/

The closure date is Thursday, August 31, 2017.

jinnyz:
Please when is UBA closing their register for interim dividend?

Stock Analysis: UBA Plc, Upward Revision to 2017F Estimates; BUY
https://www.businesspost.ng/2017/08/30/stock-analysis-uba-plc-upward-revision-2017f-estimates-buy/

HY 2017: Fidelity Bank Grows Profit by 65.6% to N9b, Declares no Interim Dividend
https://www.businesspost.ng/2017/08/30/hy-2017-fidelity-bank-grows-profit-by-65-6-to-n9b-declares-no-interim-dividend/

UBA Makes Provision on N38b Loan to 9mobile
https://www.businesspost.ng/2017/08/29/uba-makes-provision-n38b-loan-9mobile/

SEC, NSE Approve International Breweries Merger Plan
https://www.businesspost.ng/2017/08/29/sec-nse-approve-international-breweries-merger-plan/

Stanbic IBTC Board Okays 60k Interim Dividend, Holds AGM Sept. 12
https://www.businesspost.ng/2017/08/29/stanbic-ibtc-board-okays-60k-interim-dividend-holds-agm-sept-12/

NSE: Equity Market Extends Downtrend as Index Drops 0.42%
https://www.businesspost.ng/2017/08/29/nse-equity-market-extends-downtrend-index-drops-0-42/

Stock Watch: Recommendations for The Week (August 28)
https://www.businesspost.ng/2017/08/29/stock-watch-recommendations-week-august-28/

Drop in Nigerian Treasury Bills Yield Imminent
https://www.businesspost.ng/2017/08/28/drop-nigerian-treasury-bills-yield-imminent/

Nigeria’s Inflation Rate Eases to 16.05% in July 2017—NBS
https://www.businesspost.ng/2017/08/28/nigerias-inflation-rate-eases-16-05-july-2017-nbs/

Nigerian Stocks Open Week in Red Third Time in August
https://www.businesspost.ng/2017/08/28/nigerian-stocks-open-week-red-third-time-august/

Oando Gives Update on SEC Investigation, Says Petitions Lack Merit
https://www.businesspost.ng/2017/08/28/oando-gives-update-sec-investigation-says-petitions-lack-merit/

GCR Affirms FCMB A-(NG) Rating with Negative Outlook
https://www.businesspost.ng/2017/08/27/gcr-affirms-fcmb-ng-rating-negative-outlook/

By Modupe Gbadeyanka

Vice-Chairman of Sickle cell Support Society of Nigeria (SCSSN), Prof Obiageli Nnodu, has disclosed that about 3.6 million Nigerians are affected by the sickle cell disease, representing 2 percent of the country’s population.

Professor Nnodu made this disclosure in an interview at the just concluded conference organised by SCSSN in support of Pfizer in Enugu last week.

Professor Nnodu, who is also a consultant Gynaecologist, said apart from those directly affected, 25 percent of Nigerians are carrying the gene and therefore noted that there’s every need to tackle its prevalence.

She said Sickle Cell Support Society of Nigeria is an umbrella body that brings together professionals, advocates, and other interested parties both within the country and in diaspora to tackle different aspects of Sickle Cell disease.

The Professor of Gynaecology said SCSSN has a special focus on the coordination of different groups, bodies and organisations working on sickle cell disease who hitherto done their programmes in an uncoordinated manner.

The SCSSN Vice- Chairman called the Ministry of Education to include sickle cell education in the country’s school curriculum, so that from primary level children would have the necessary knowledge about sickle cell disease and can as well educate their parents who are not exposed to such health problem.

She said that since 2010, when the umbrella body came into operation, the activities of groups and bodies working on sickle cell have received a boost through coordination.

According to her, “Before 2010 many people were working on sickle cell, they were individualised and uncoordinated but this umbrella body has brought everyone together for effective and coordinated work.”

“We have achieved many goals within the period which include a handbook on sickle cell that is available in our website, but most importantly is the use of instant sickle cell kit which we subjected to clinical evaluation to ensure it is effective in finding the gene status of persons.

“We have worked with the Federal Ministry of health to develop uniform guidelines and strategic planning for efficient delivery of Sickle Cell Programmes among others,” she said further.

Professor of Hematology at the Muhumbili University of Tanzania, Lucio Luzzatto, who was the keynote speaker, echoed sentiments shared by others that government must pass a bill on sickle cell control and management to better insure the life of the people living with the disease.

On his part, Medical Director of Pfizer, Dr Kodjo Soroh, submitted that the high death rate of sickle cell disorder can be prevented through proper management and increased disease awareness programmes in rural areas.

He said there is no way government can better manage the situation without making policies that will guarantee treatment for people with the disease.

The Medical Director stressed that Pfizer will continue to support activities on how policies can be improved to adequately impact on Sickle cell patients.

https://www.businesspost.ng/2017/08/27/25-nigerians-carry-sickle-cell-gene-expert/

Our 40th AGM Not Suspended or Postponed by SEC—Oando Plc
https://www.businesspost.ng/2017/08/26/40th-agm-not-suspended-postponed-sec-oando-plc/

By Modupe Gbadeyanka

An ultimatum telling Nigeria’s Igbo minority in the north of the country to flee their homes is of “grave concern”, a group of United Nations human rights experts has warned.

The experts also deplored a hate song and audio message being circulated on the internet and on social media.

The Hausa-language audio message urges northern Nigerians to destroy the property of Igbo people and kill anyone who refuses to leave by 1 October, the same date given in the ultimatum.

“We are gravely concerned about this proliferation of hate messages and incitement to violence against the Igbo and their property, especially considering the previous history of such violence,” the experts said.

“The Government must be vigilant, as hate speech and incitement can endanger social cohesion and threaten peace by deepening the existing tensions between Nigeria’s ethnic communities.”

The ultimatum was issued on 6 June 2017 during a press briefing by the Arewa Youth Consultative Forum in the city of Kaduna. It called for sustained and coordinated campaigns to remove the Igbo population from the northern region.

The human rights experts noted that some local and national figures, as well as some media representatives, had publicly denounced any form of hate speech and incitement, but said other officials still needed to follow suit.

“We are deeply concerned that some prominent local leaders and elders have not condemned the ultimatum, hate speech and the perpetrators,” the experts stressed.

“We call on the Government, media and civil society representatives, and local and religious leaders, to reject and condemn hate speech and incitement to violence unequivocally and in the strongest possible terms.”

The UN experts said any incidents of hate speech and incitement to violence had to be investigated and the perpetrators prosecuted and punished.

“This includes the people behind the ultimatum and those responsible for the creation, publication and circulation of the hate song and audio message,” they added.

https://www.businesspost.ng/2017/08/25/un-experts-condemn-death-threats-targeting-igbos/