₦airaland Forum

Obasanjo to ECOWAS: Adopt Single Currency to Boost Regional Market
www.businesspost.ng/2017/06/30/obasanjo-ecowas-adopt-single-currency-boost-regional-trade/

H1 2017 Report: GTBank Announces Early Closure of Branches Friday (Tomorrow)
http://www.businesspost.ng/2017/06/28/gtbank-announces-early-closure-branches-friday/

By Modupe Gbadeyanka

Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has disclosed that plans were underway to supply roasted cashew nuts worth $7 billion to Walmart Stores in the United States of America (USA).

Mr Ogbeh made this known while addressing newsmen in Abuja on Wednesday after the weekly Federal Executive Council (FEC) meeting presided over by the Acting President, Mr Yemi Osinbajo.

The Minister revealed that the management of the US-based firm was in Nigeria and demanded for about 130,000 tonnes of roasted cashew nuts to be supplied to them.

“Their (Walmart) management came here (Nigeria) recently and requested we supply them about 130,000 tonnes of roasted cashew nuts per annum with a total value is $7 billion.

“We assured them to meet this target and we will do this.

“This is part of the progress of this administration. They may look small, but they go a long way to boost our economy.

“It means more returns for cashew farmers in the country. You can see that our diversification agenda is yielding good results,” Mr Ogbeh said.

He further said that before the end of 2017, not less than six cashew processing factories would be established in Nigeria.

“Each of the plants would be situated in Benue, Enugu, Kogi, Kwara, Imo and Oyo States. These are the cashew belt for now,” the Minister disclosed.

http://www.businesspost.ng/2017/06/29/nigeria-sell-7b-cashew-nuts-walmart/

By Modupe Gbadeyanka

The management of GTBank has disclosed that it would close its branches across the country earlier than expected on Friday, June 30, 2017.

In a notice sent to its customers on Friday, June 16, 2017, the financial institution explained that early closure of its branches was to enable it finalise its “half year audit exercise.”

“Dear customer, please be informed that out branches will close early on Friday, June 30, 2017, to enable us complete our half year audit exercise,” the notice, obtained by Business Post, noted.

“We encourage you take advantage of our secure, convenient and always ON alternative channels for all your banking needs,” it added.

According to the notice, “Our Lagos branches will close at 3pm, and our branches outside Lagos will close at 2pm on this day.”

Concluding, GTBank thanked its numerous customers for “banking with us.”

GTBank, headquartered in Lagos, is a Nigerian multinational financial institution which offers online/internet banking, retail banking, corporate banking, investment banking and asset management services.

http://www.businesspost.ng/2017/06/28/gtbank-announces-early-closure-branches-friday/

Unilever Nigeria to List Rights Issue of 1.96b Ordinary Shares
http://www.businesspost.ng/2017/06/29/unilever-nigeria-list-rights-issue-1-96b-ordinary-shares/

Nigerian Stocks Gain N211b on Sustained Bargain Hunting
www.businesspost.ng/2017/06/29/nigerian-stocks-gain-n211b-sustained-bargain-hunting/

By Modupe Gbadeyanka

Managing Director and CEO of Heritage Bank Plc, Mr Ifie Sekibo, has disclosed that the lender will focus in supporting the agricultural space through financing farmers to purchase modern technology.

The bank chief noted that the funding will bring about transformative development in the sector, which has been getting government’s attention lately.

Mr Sekibo, in a statement released on Wednesday by the Group Head of Corporate Communications at Heritage Bank, Mr Fela Ibidapo, reiterated the financial institution’s commitment to further deepen the drive to support agribusiness value chain in order to fast track food security and sufficiency in the country.

He said the bank will continue to make farming profitable to stakeholders and attractive to the youth by boosting the agric base of the nation so as to support food sufficiency.

Mr Sekibo stated that Heritage Bank will support the drive for cash crop commodities that would boost Nigeria’s foreign exchange earnings, which the President Muhammadu Buhari’s administration has always been cautious given the dangers the continuous reliance on imported food items pose to its efforts to create jobs as well as develop and diversify the economy.

Also, the bank’s Group Head, Agriculture Finance, Mr Olugbenga Awe, disclosed that Heritage Bank was committed to the development of agribusiness and small and medium enterprises (SMEs).

"Our support cuts across the entire value chain with focus on large corporates and small holder farmers.  We encourage value addition and ultimately export," he said.

He, however, noted that the bank's support goes beyond food sufficiency to increasing cash crop commodities that would boost Nigeria’s foreign exchange earnings.

He hinted that Heritage Bank is effectively tackling the bottlenecks since it has long identified the opportunities in agribusiness, thereby offering solutions to ease of doing business in the sector.

"For ease of financing, we would be better off with functional commodity exchanges as a country. We can start by refinancing commodities through warehousing receipt systems, gradually we will move to crop receipt.

“With commodities exchange, the value-chain is strengthened and the whole system is structured.

“Exchange helps in reducing the long marketing chain, it helps in enforcement of commodity standards, it provides price certainty and in some cases storage and warehousing facilities," Mr Awe suggested.

He further noted that, "If we sustain the current momentum on rice, we shall surely export rice in the nearest future, and the operative word here is sustaining the momentum. However, there is need for strategic alignment on objectives.

“The current focus by government is on small holders’ farmers using the instrumentality of the Anchor Borrowers Programme (ABP) by Central Bank of Nigeria."

The Agriculture Finance’s Group Head also said to hasten the export drive, commercial farmers will have to step in and drive the process using mechanization on thousands of hectares of farmland with vast irrigation networks and all year round farming as most importers need large quantities delivered on schedule.

Meanwhile, he noted that with the Heritage Bank strategic partnership, CBN had continued to provide lot of supports through various on-lending scheme, as ABP has made visible and measurable impact especially in rice, while hoping other commodities especially grains would follow.

Mr Awe explained that via the strategic partnerships Heritage Bank have achieved vast footprints in agribusiness.

“For example, through our partnership with Triton Aqua Africa Limited and on-lending support from CBN, Heritage Bank has provided N2 billion for fishery to reduce our heavy reliance on fish import.

“Nigeria's current annual demand for fish is estimated at 2.7 million metric tonnes and we currently produce about 800,000 metric tonnes.

“With support from CBN through Commercial Agriculture Credit Scheme CACS, Triton is now producing about 27,000 metric tonnes and their projection is to reach 100,000 metric tonnes in five years.

“From recent forecast, they will meet that projection easily. The bank is also supporting rice farmers under the ABP in Bakolori, Zamfara, Sanga in Kaduna and Soyabeans farmers in Rijana, Kaduna. Heritage Bank also has ongoing projects across the country,” he said.

http://www.businesspost.ng/2017/06/28/heritage-bank-deepens-agro-business-funding/

Nigeria’s External Reserves Rise to N30.22b
http://www.businesspost.ng/2017/06/28/nigerias-external-reserves-rise-n30-22b/

Nestle, 25 Others Lift Stock Market by 1.67%
www.businesspost.ng/2017/06/28/nestle-25-others-lift-stock-market-1-67/

Nigeria’s Treasury Bills Market Closes Bearish
http://www.businesspost.ng/2017/06/27/nigerias-treasury-bills-market-closes-bearish/

By Dipo Olowookere

Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has appealed to Nigerians not to panic over plans by the Federal Government to begin exportation of yam to the United Kingdom and the United States this month end.

Mr Ogbeh assured Nigerians that this move will not lead to scarcity of yams in the country as being feared by many.

Some critics had said this plan by the FG to take yams out of the country to Europe and America was ill-time because, according to them, yams produced by Nigerian farmers were not enough to meet the demands of citizens.

They claimed a similar issue happened when Nigeria began exporting cassava, causing price of the commodity in the local market to skyrocket.

At the moment, a bowl of garri, made from cassava, which used to be around N100 to N200, now goes for over N1000.

But in a statement issued on Monday by the Minister, he said there was no need to panic about the non-availability of yams for Nigerians to consume.

“Dear Nigerians, let me once again, address your concerns about our new programme on yam export. On June 29, 2017, a total of 72 metric tons of yam will leave the shores of Nigeria to Europe and the US, heralding a new dawn in Nigeria’s food exports,” Mr Ogbeh said.

He pointed out that there was never a time shortage of yams was experienced in Nigeria, stressing that, “Over 30 percent of the yams we produce in Nigeria rot away. Export therefore provides opportunities to earn foreign exchange and produce more yams.”

He said if Ghana, which does not grow anywhere near one tenth of the yams grown in Nigeria was targeting $4 billion in yam exports, the nation can do better.

“The export of Nigerian yams is not new. It has just been going through other ports and largely unaccounted for, due to sharp practices.

“The Food and Agriculture Organization (FAO) says Nigeria accounts for 61 percent of yam production in the world. Nigeria has no reason not to engage in and benefit from this profitable trade in view of our large production capacity.

“We cannot diversify our economy if we do not explore new ways of creating wealth and earning foreign exchange especially in items on which we have competitive advantage and superior production capacity. There is no need to panic!

“We need to focus on the opportunities, as we partner with our development partners to create storage facilities to minimize post-harvest losses; and as we work on other exportable agro commodities, we are working on mechanized methods for the production of yam heaps to ease the burden of yam production and review its standards to ensure local improvement and global acceptability.

“To diversify our economy through Agriculture, we cannot, but support this private sector initiative and drive for our Agro commodity exports,” the Minister said in the statement.

www.businesspost.ng/2017/06/27/yam-export-wont-cause-scarcity-nigeria-ogbeh-assures/

European Stocks Surge as Banks Lead Gains
http://www.businesspost.ng/2017/06/26/european-stocks-surge-banks-lead-gains/

Futures Pointing to Initial Strength on Wall Street
http://www.businesspost.ng/2017/06/26/futures-pointing-initial-strength-wall-street-3/

Every Part of Nigeria Vital to our Financial System—Adeosun
http://www.businesspost.ng/2017/06/26/every-part-nigeria-vital-financial-system-adeosun/

By Dipo Olowookere

At least $1 billion is expected to be generated from a newly introduced tax evasion pardon schemed by the Federal Government.

Minister of Finance, Mrs Kemi Adeosun, was quoted in a statement issued by Deputy Director of Information in the Ministry of Finance, Mrs Patricia Deworitshe, to have said that the new initiative would be launched on Thursday, June 29, 2017.

The scheme, called Voluntary Asset and Income Declaration Scheme (VAIDS), would be jointly executed by federal and state governments and would concentrate on the national duty of all Nigerian companies and citizens to pay their taxes.

The tax awareness and compliance initiative is aimed at raising the revenue of the government, especially in this time of economic downturn.

Speaking on the initiative, the Minister said similar schemes in 2016 have been implemented successfully in India, Indonesia and South Africa.

She explained that VAIDS will bring Nigeria in line with international best practice and contribute to worldwide efforts to tackle corruption.

The Minister stated that the much needed funds would be generated and transparently invested, thereby reducing Nigeria’s borrowing needs, allow investment in vital infrastructure and spur development.

“During the last eight years, Nigeria has failed to reduce its debt levels despite high oil prices and nominal GDP growth. We have inherited a situation where our debt and underdevelopment is getting worse not better. This cannot continue.

“Neither can the behaviour of some of our richest citizens and multinationals operating in Nigeria, who seem to consider paying tax to be optional. From 2018, international law will make it easier than ever to track these evaders down and punish them.

“This scheme is in line with similar initiatives launched during 2016 in India, Indonesia and South Africa. We know they work, we know it’s the right thing to do and the Treasury desperately needs the money.

“Finally, the proceeds of this scheme will not disappear. We will provide regular updates on the funds collected to date, and how those funds are being put to very transparent use,” Mrs Adeosun further explained.

“Anticipated funds to be raised are at least $1 billion, which will reduce Nigeria’s borrowing needs, allow investment in vital infrastructure and spur development,” she stressed.

Recall that at an event in Lagos recently, Mrs Adeosun had said if the government was to grow the economy, it must make efforts at raising revenue through tax.

“If we want to grow, we must address the issue of paying tax. Our tax to Gross Domestic Product (GDP) ratio of six percent is rated one of the lowest in the world,” Mrs Adeosun had said at the programme.

The VAIDS is expected to give tax payers a time-limited opportunity to regularise their tax status without penalty.

According to Mrs Deworitshe, the plan provides a one-off opportunity for evaders to avoid the full force of the law between July 1 and December 31, 2017.

During this period evaders can regularise their tax status in exchange for immunity from prosecution of tax offences and a tax audit, and be free from penalty charges and interest.

Evaders who delay participation beyond December 31, 2017 will be liable for interest on overdue tax balances, the Finance Ministry said.

Mrs Deworitshe said under the new scheme, all tax evaders, when identified, would be subjected to the full force of Nigerian and international law, imprisonment of up to five years, severe extra penalties up to 100% of the outstanding tax due, compound interest at 21% per annum, forfeiture of assets.

http://www.businesspost.ng/2017/06/25/fg-targets-1b-from-new-tax-evasion-pardon-scheme/

Nigerian Corporate Eurobonds Record Mix Performance
http://www.businesspost.ng/2017/06/25/nigerian-corporate-eurobonds-record-mix-performance/

By Dipo Olowookere

The devaluation of the Naira will further increase inflation in the country, the Central Bank of Nigeria (CBN) has warned.

Spokesman of the bank, Mr Isaac Okorafor, gave this caution in Abia State during a programme this week.

He said there was no point adhering to calls from international bodies supporting the devaluation of the local currency.

"We cannot kill our people just because we want to please foreigners or international organisations. If we float the Naira now, I assure you that inflation will escalate.

“Therefore, it is not the best thing to do at the moment; people calling for this (devaluation of Naira) are not patriotic,” Mr Okorafor said.

The CBN Acting Director in charge of Public Communications was speaking at a sensitization forum in Umuahia on the various intervention schemes put in place by the apex bank.

Present at the meeting were young entrepreneurs, young school leavers, traders, farmers, cooperative societies, artisans amongst others.

Mr Okorafor maintained that the CBN would continue to stabilise the Naira and resist any policy that would make it go beyond the current exchange rate of less than N400 per US Dollar.

He said the best way out the forex crisis, apart from its present interventions, was for Nigerians to patronise made in Nigeria products.

The apex bank’s mouthpiece said if this can be done, money will flow within the economy and there would not be need for forex scarcity or economic downturn as it is being experienced at the moment.

Since February 2017, the CBN has pumped billions of Dollar into the foreign exchange market in order to ease the pressure on Naira.

Also, in order to make agriculture attractive to Nigerians, the central bank came with an Anchor Borrowers’ Programme aimed at providing support to farmers.

This has yielded good results especially in the area of rice production in the country.

www.businesspost.ng/2017/06/24/naira-devaluation-will-worsen-inflation-kill-nigerians-cbn/

Naira Devaluation Will Worsen Inflation, Kill Nigerians—CBN
www.businesspost.ng/2017/06/24/naira-devaluation-will-worsen-inflation-kill-nigerians-cbn/

Financial Stocks Contribute 77.2% to NSE Turnover
http://www.businesspost.ng/2017/06/24/financial-stocks-contribute-77-2-nse-turnover/

Equities Shed N279b to Extend Loss to 3rd Day on Selling Pressure
www.businesspost.ng/2017/06/23/equities-shed-n279b-extend-loss-3rd-day-selling-pressure/

DMO Raises N99.26b from N140b Bond Auction
http://www.businesspost.ng/2017/06/23/dmo-raises-n99-26b-n140b-bond-auction/

By Modupe Gbadeyanka

Monday, June 26 and Tuesday, June 27, 2017 have been declared as work-free days by the Federal Government to celebrate the end of Ramadan, Eid al-Fitr.

A statement issued on Thursday, June 22, 2017, by the Director Overseeing the Office of the Permanent Secretary (DOOPS), Dr Rufa’i Kawu Attahiru, urged all Muslim faithful and Nigerians in general to use the occasion of the celebration for sober reflection and pray for peace, unity and progress of the nation in its march to nationhood.

The statement said the Minister of Interior, Mr Abdulrahman Bello Dambazau, who declared the two days as holiday, appealed to “all Nigerians to shun hate speeches and divisive tendencies and join hands with the government of President Muhammadu Buhari to build a peaceful, strong and united Nigeria, which guarantees fundamental freedoms, including the right of residence in any part of the country, as enshrined in the constitution of the Federal Republic of Nigeria.”

The Minister reaffirms the determination of the administration to protect all lives and property of Nigerians, and added that the will of the present administration should not be tested as to its capability to deploy security agencies to deal with any individual or group that may threaten the corporate existence of the nation, as well as the peaceful co-existence of the people.

Mr Dambazau, who wished Nigerians a peaceful and rewarding celebration, further assured them of the government’s resolve to be just and fair to all.

http://www.businesspost.ng/2017/06/22/fg-declares-monday-tuesday-public-holiday-eid-al-fitr/

FG Declares Monday, Tuesday Public Holiday for Eid al-Fitr
http://www.businesspost.ng/2017/06/22/fg-declares-monday-tuesday-public-holiday-eid-al-fitr/

Conoil Posts N173.5m Profit for Q1 2017
http://www.businesspost.ng/2017/06/22/conoil-posts-n173-5m-profit-q1-2017/

European Stocks Fall for Third Day on Weak Oil Prices
http://www.businesspost.ng/2017/06/22/european-stocks-fall-third-day-weak-oil-prices/

Asian Stocks Close Mixed as Australian Shares Rebound
http://www.businesspost.ng/2017/06/22/asian-stocks-close-mixed-australian-shares-rebound/

Bears Sustain Grasp on Nigerian Stocks as Index Dips 1.64%
www.businesspost.ng/2017/06/22/bears-sustain-grasp-nigerian-stocks-index-dips-1-64/

NSE Plans to Review Market Indices
http://www.businesspost.ng/2017/06/22/nse-plans-review-market-indices/

ConOil Declares N2.8b Profit, Proposes N3.10k Dividend
www.businesspost.ng/2017/06/21/conoil-declares-n2-8b-profit-proposes-n3-10k-dividend/

Nigerian Stocks Lose N310b as Profit Taking Kicks in
www.businesspost.ng/2017/06/21/nigerian-stocks-lose-n310b-profit-taking-kicks/

National Assembly Reforming Obsolete Market Laws—Saraki
**Says “Nigeria Ready for Business, Global Competition”
http://www.businesspost.ng/2017/06/21/national-assembly-reforming-obsolete-market-laws-saraki/

Christmas Comes Early for Nigerian ETF Investors
http://www.businesspost.ng/2017/06/21/christmas-comes-early-nigerian-etf-investors/

Nigeria’s Pension Fund Assets Surge 3% in April
www.businesspost.ng/2017/06/21/nigerias-pension-fund-assets-surge-3-april/

Currency Futures Trading Volume Drops as Rates Converge
http://www.businesspost.ng/2017/06/21/currency-futures-trading-volume-drops-rates-converge/