₦airaland Forum

The Federal Executive Council, FEC, on Wednesday approved N72.9billion for the reconstruction of the road from Apapa to the toll gate on Lagos-Ibadan expressway in Lagos State.

Fashola said the decision was taken to provide a long term solution to the road, which had suffered a lot of gridlock in recent times.

“The Ministry of Power, Works and Housing secured approval for the reconstruction of the Creek Road Tincan Island-Beach Land right through to Oworoshoki to the toll gate end of the Lagos-Ibadan expressway for the full reconstruction of that road which was built around 1975 as part of our first port expansion undertaken then in the 70s.

He named Dangote Group as the constructing firm for the road project, saying that the N72.9 billion for the execution of the project would be recovered through the funding credit tax policy of government.

http://dailypost.ng/2018/08/02/buhari-approves-n73bn-road-project-lagos-okays-dangote-contractor/

Apple Inc. became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications.

The consumer-technology giant briefly touched the milestone at 11.48 a.m. in New York trading Thursday, based on share count data the company disclosed in a recent regulatory filing. PetroChina Co. briefly crossed that valuation in late 2007 but slumped quickly as oil prices collapsed in the financial crisis. Other tech giants are not far behind Apple today, with Amazon.com Inc., Alphabet Inc. and Microsoft Corp. worth more than $800 billion each.

[https://www.google.ae/amp/s/www.bloomberg.com/amp/news/articles/2018-08-02/apple-becomes-first-u-s-company-to-hit-1-trillion-market-value

Mcy56:
Lol.
Na CP dey receive stone today. No be him first mention Uniondac self. Na Monkeyhunter and he said its based on FA.

FEAR won't even allow CP to touch Uniondac with a long pole. He can ONLY recommend then cheer and gear his followers to GOLGOTHA

phemmie06:
You're right but it was because of 50k bench mark of NSE, what about Japaul and some of these insurance companies?

Of course since the benchmark was shifted from 50k to 20k some folks now used the opportunity for pump and dump. It happened in unic insurance. Japoil. to mention but few now happening in uniodac. If in doubt ask mendes

currentprice:
i no blame those that take profit today na, 50% gain within a week in this bear period. but they just throw away big fish sha

Tell us you bought today and no more on the sideline

Mpeace:
Somepple did not heed the uniondiagnostic call of yesterday to sustain the bull today.

Uniodac an illiquid stock that took someone 2yrs to sell.
that CP monkey already gain 50% from July 26th closing price of 20kobo. Very soon some people will go carry the EMPTY CAN just like the case of japoil...

Well if mugu no fall how guyman wan take chop.

The 18.75 billion naira ($148 million) initial public offering by Nigeria's Dangote Flour Mills has received applications for more than six times the shares on offer, the company and issuing houses said on Monday.

Nigeria's stock market has been one of the world's best performers for the past few years, buoyed by high oil revenues and hopes of an economic take-off in Africa's most populous nation, which emerged from dictatorship in 1999.

Dangote offered 1.25 billion shares at 15 naira each in an IPO that closed in October and received applications for 7.8 billion shares, the banks and brokerages involved said in a notice.

The IPO was 621 percent subscribed after applications for 125.43 million shares were rejected because they did not comply with the terms of the offering, the notice said.

"This level of subscription is unprecedented in the history of initial public offerings in the Nigerian capital market," the company said in a statement.

It said as a result of the oversubscription, most interested investors were allotted only a fraction of what they applied for and would have the bulk of their monies returned to them with interest.

The IPO was to enable the company to meet the listing requirements of the Nigerian Stock Exchange and broaden the shareholder base of the mill, which is a unit of Nigeria's leading private conglomerate, Dangote Industries Ltd.

The issue came on the heels of a $420 million IPO by sister company Dangote Sugar Refinery DANG.LG, which was 140 percent subscribed.

https://www.google.ae/amp/s/mobile.reuters.com/article/amp/idUSL1356137020080114

Reminiscing the good old days

BREAKING NEWS!!!!!

Transcorp Plc has exited its juice business Terragro. Terragro was the operator of a 26,500 metric tonne capacity benfruit plant located in Benue State. Managment disclosed this during the company’s investor conference held today.

Transcorp Plc is currently trading at N1.27 in today’s trading session.

https://nairametrics.com/transcorp-plc-exits-juice-business-terragro/

Diamondbank on full offer @1.25.
Bargain hunters waiting @ 70kobo junction..

*ThE OcToPuS*

FOOD 4 THOUGHT.

Days before rubbing elbows with global business titans in Davos in January, Arif Naqvi set out to charm another circle of friends—Gulf Arab tycoons—in a last-ditch attempt to save his Dubai private equity firm.

But things were already on the cusp of spiraling out of control. Dogged by allegations Abraaj had mismanaged investors’ money, Dubai’s star financier soon couldn’t pay the rent.

After Naqvi, 58, surrendered control of Abraaj in June, it was revealed that for years, its main revenues didn’t cover operating costs. Abraaj borrowed to fill the gaps and now owes creditors over $1 billion. Once lenders turned off the taps, the firm collapsed, leaving losses, lawsuits and shattered reputations in its wake.

Abraaj’s reliance on multiple levels of leverage created a “highly unstable” business model that’s unusual for the private-equity industry, the court-appointed liquidators that are dismantling the firm said in a report dated July 11 and seen by Bloomberg.

Abraaj’s spectacular demise has dealt a severe blow to Dubai’s reputation as a global financial center. It rattled the trust of investors who included Bill Gates, the International Finance Corp. and U.S. and U.K. government agencies, triggered defaults on loans from at least 10 sources and set off lawsuits in the United Arab Emirates and Turkey.

The chronology of the collapse, drawn from conversations with about a dozen people with direct knowledge of the company, lays out how rapidly things fell apart for Naqvi, the suave Pakistani entrepreneur who built Abraaj from the ground up in the past 16 years only to see it crumble in under 10 months.

A fixture at the annual World Economic Forum in Davos, Naqvi had crafted Abraaj’s image as the face of Middle East private equity. Starting with $3 million of capital and $60 million of assets under management in 2002, it grew by leaps and bounds. At one point it managed almost $14 billion of assets for investors like the Bill & Melinda Gates Foundation and the retirement fund for teachers in the state of Texas.

Abraaj oversaw funds from 18 offices in emerging markets spanning Latin America, Africa and Asia—a network that several U.S. investors have since tried to buy at fire-sale prices.

Former employees said Naqvi did everything he could to portray Abraaj as a powerhouse. He lavished staff with big salaries, had generous budgets for travel and leased a private corporate jet. He sponsored events like Abraaj Week, an annual business conference that featured gala dinners at Dubai’s luxury Armani hotel in the world’s tallest tower, the Burj Khalifa. An avid art collector, Abraaj even financed a coveted annual art prize that furnished the winner with a $100,000 grant.

But the firm’s foundation was shaky: fees earned from managing investments between 2014 and 2017 at some points barely covered half of costs, according to numbers released in the liquidators’ report.

While it’s true that the world’s private equity firms thrive by borrowing money to fund acquisitions, they don’t typically use debt to pay for basic expenses, according to Ludovic Phalippou, associate professor of finance at Oxford University’s Said Business School.

“It is unusual for any PE firm to finance operations with a loan,” said Phalippou, author of Private Equity Laid Bare. “We could see this as Abraaj applying what they preach to themselves. In contrast, several major PE firms are actually publicly listed and have no leverage, the exact opposite of what they preach.”

Naqvi’s house of cards began teetering last September when investors in a $1 billion health care fund raised in 2016—including the Gates Foundation—asked questions about what happened to their money, according to four of the people.

In the course of monitoring investments, they grew suspicious that not all proceeds were deployed and wanted to know why because a clause in the fund stipulated that any extra cash would be returned to them, one person said. A spokesperson for the Seattle-based charity declined to comment.

Starting about a year earlier, Abraaj did in fact begin pulling tens of millions of dollars from at least one flagship fund—the Abraaj Private Equity Fund IV—to prop up its finances, three people said. By the early months of 2017, it was moving money out of the health care fund, too, they said. Abraaj then deposited borrowed cash into both funds’ accounts just before the auditors, KPMG, compiled subsequent quarterly earnings statements, they said.


Some former employees said the speed of the demise didn’t surprise them. They described Naqvi as “aggressive” and “competitive” and said he ran Abraaj like he was a king; little could happen without his approval and attempts to question his actions often drew furor.

Abraaj disputed the idea that Naqvi was that influential. In its statement, it said the firm “has always been run as a partnership” and that “dialogue and engagement has always been encouraged, both internally and externally.”

PwC said key financial statements were either missing or non-existent. In particular, the company produced only consolidated financials, not separate ones for the asset management and holding companies, making it difficult to analyze how money moved between the two.

https://www.bloomberg.com/news/features/2018-07-30/behind-the-spectacular-collapse-of-a-private-equity-titan

FOOD 4 THOUGHT

The Chairman of Zenith Bank Plc, Mr. Jim Ovia, has advised budding entrepreneurs not to be dissuaded by whatever challenges they might be facing presently, just as he narrated how he founded a bank with N20 million in 1990, despite the uncertain business environment during the military era.
Speaking in an interview on Bloomberg TV at the weekend, about his new book, ‘Africa Rise And Shine: How a Nigerian Entrepreneur from Humble Beginnings Grew a Business to $16 billion,’ he urged entrepreneurs to be responsive to opportunities lurking around.
Specifically, Ovia advised foreign investors not to be deterred by negative news and commentaries about Africa.

He explained: “We started the business with N20 million at an exchange rate of N5 to a dollar. So, we actually started the business with $4 million in 1990, and it has now blossomed.
“We now have a total asset base of $16 billion. If you look at the arithmetic, there have been over 1000 per cent growth. You can’t get that anywhere.

Even in the best economies in the world, you are not going to get that type of benefit. “So, that is the kind of risk entrepreneurs, businesses or international investors must take in Nigeria or any other African country and reap tremendously in terms of quantum growth in their business.”
According to him, just as he saw opportunities in the banking sector at the time Zenith Bank was set up, there were other opportunities that some other persons had in other industries.

“It was a matter of time and chance,” he insisted.
“Time and chance at that time because at that time, many people were scared to invest in Nigeria. We are talking about late 80s and to be precise, in 1990, many international investors were scared to invest, simply because we were under military rule.

“So, you could imagine the tremendous opportunities that existed in Nigeria and some other African countries, but because we were indigenous people, we knew that, that meant nothing.
“We had lived through that and we knew it doesn’t really affect the economy tremendously. Definitely, it was a matter of understanding what you do, because the corporate governance issue had improved significantly,” he said.

“So, we were able to invest at a time when international investors were terribly scared to invest. But we were patient and we waited very patiently to reap the benefits,” Ovia said.

The Zenith Bank chairman ruled out political uncertainty as a factor responsible for the downturn in the Nigerian Stock Exchange (NSE).

Ovia attributed the uninspiring performance of the NSE in recent time to the normalisation of interest rates in the United States and some other developed market.

“The capital market in Nigeria mimics the international environment also. Nigeria is not an isolated country. It is a country where we have international investors and interest rate is rising in the United States of America.

“Of course, there is capital flow to the US economy and that has absolutely nothing to do with politics.

“You will see that the that the capital markets in some other jurisdictions are also beginning to drop, just because interest rate is expected to rise in the US and other well-developed economies and that is what is affecting it. It is the same audience, its same market international market,” he explained.

https://www.google.ae/amp/s/www.thisdaylive.com/index.php/2018/07/30/ovia-recounts-how-zenith-bank-was-established-with-n20m/amp/

currentprice:
still thinking after the result/expected dividend. how can a BULL survive this plenty Bear.

technically 200 EMA next

cc fxuser

Sameway FEAR that made you sold your Cileasing @sub N1:40 now you are cheering and clapping for the fortunate ones in the bus. Kontinue.... better pray against the spirit of being a SIGNPOST

CP. Chibuking.Oracle and coy rightnow

Facebook CEO Mark Zuckerberg’s net worth has fallen more than $16 billion after the company was reported weaker-than-expected second-quarter results and issued guidance that its financial future isn’t as rosy as some investors thought it might be.

However, set against this backdrop, one activist investor wants Zuckerberg out as the firm’s chairman. You could imagine what the could do to the company.

http://naijablog.ng/2018/07/30/breaking-facebook-ceo-mark-zuckerberg-loses-16-8billion-in-2hrs-more-than-aliko-dangotes-entire-networth/

For those that dispute the efficacy of FOREIGN INVESTORS.

currentprice:
how market brov

How market

People mostly tend to get at each others neck when they aren't trading with their idle funds.

Some of us are patiently waiting for Dangflour at sub-N7.

Bargain Hunters take note!!!

WE shouldn't forget that 2018 is the GAME. So let's stay FOCUS.

*ThE OcToPuS*

Being a LEO and a SLAVE DRIVER.

Today is my birthday and Saraki his PDP cohorts gave me a memorable birthday gifts.

Power to the people

SEPLAT from #780 to #620 now heading back to N300...Courtesy Election build up and Niger Delta militants are not smiling....BARGAIN HUNTERS TAKE NOTE!!!

*ThE OcToPuS*

Chibuking81:
Oando and Trsnscorp are groups of forward looking statement.

When their forward looking statement will come to fulfilment Chibuking don't know.

Those 2 aforementioned STOCKS will make people RICH this year

*ThE OcToPuS*

Mpeace:
40milliin transcorp bids yet not on full bid. Winch of fake bids. Lol

With 96million bid to 6million Offer.

FOMO is about to carry the day. if you can't beat them better join them

fxuser:
Oando call was spot on !
Buy d fear / panic
Nt sure about this one . .

Dow futures fall 120 points after Trump says he's 'ready to go' to $500 billion in tariffs on China

U.S. stock index futures declined after President Donald Trump said he is ready to put tariffs on every Chinese good coming to the U.S. if necessary.

"I'm ready to go to 500," the president told CNBC's Joe Kernen in a "Squawk Box" interview.
Futures declined after the airing of the interview Friday morning New York time

https://www.cnbc.com/2018/07/20/us-markets-focus-on-earnings.html?__source=newsletter%7Cbreakingnews

Agbalowomeri:
Transcorp that is headed below 50kobo

Transcorp next VALUE ZONE is circa 80kobo BARGAIN HUNTERS TAKE NOTE.

*ThE OcToPuS*

PETERiCHY:
@ Tritri it's time to repurchase your OANDO @#4:80 with 20% profit surebet.. BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS*

OANDO on FULL BID @N5:20 and it's heading back to N10 courtesy of FOMO.

*ThE OcToPuS*

Mcy56:
Thought you are an investor. Just wondering if its of relevance to you.

Have you forgotten his favourite holding period is infinity.

Well BARGAIN HUNTERS ASSOCIATION are patiently waiting for FBNH @ Sub N4.

*ThE OcToPuS*

@ Tritri it's time to repurchase your OANDO @#4:80 with 20% profit surebet.. BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS*

Mcy56:
Ancestors dey this thread?

Pa Emma and Sir Wanajo are ANCESTORS.
You can add yours ...........

NSEMPA guys rightnow

Africa’s largest cement producer, announces the issuance of 50 billion Series 1 and 2 Notes under its 150 billion Commercial Paper Programme, announced on 27th June 2018.

https://brandspurng.com/dangote-cement-plc-announces-issuance-of-%e2%82%a650-billion-series-1-2-notes-under-%e2%82%a6-150-billion-commercial-paper-programme/

Congratulations Nigeria, we just qualified for the round 16.

Nigeria 2-0 Iceland
Nigeria 1- 0 Argentina

The Mystic Pig was actually right.

Thank you.

currentprice:
which issue u want clarification? i have pass the person that will be leaving fake life naw, selling cileasng doen't mean i should bad mouth the stock when notting has happen fundamentally.

stock i knew was not caverton mate when caverton was trading at 2.90, cileasing decalear good result when it was 1.90 and fell below 1.30

i loaded at 1.28 sold at 1.79. sold not because it bad stock but because i wanted to leave the mkt because of my own personal reason.

since i bought at 1.28... cileasin low traded was 1.40 though it might shows 1.33 at bid side but nobody can see it buy below 1.40 so i don't know where peter saw where i sold at loss

You left the market out of fear when Cileasing was trading circa #1:40 and made it official.

The records are there for all to see but you can Kontinue with ur Damage Control

currentprice:
i am so lucky to sell stock bought few week ago at a gain today, officially i have no single unit of stock in the mkt for now

we shall back again for the loot when bull show face

make u na met me at regular junction for 33

cc all stones throwers

Out of fear you sold at a loss. Now that Cileasing is heading to N2:00k we are patiently waiting for CP to suddenly turn around and tell us his now fully invested the market.

currentprice:
i hve said it before and continue saying it cileasing is very likely going to be among best stock of the year. watch out

congrats in advance to those who hear the call and bought below N1.40 pls hold tight,,, you have gold.......cileasing is too much undervalued.

Really then why did you sold yours below N1:40