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“Gb’omu le’na” in Yoruba language, the dominant language in Nigeria’s South-west – literally means to place breasts on a lit lantern. It was coined by some Nigerians today to express the excruciating pain that comes with the repayment plans for loans drawn from some micro-finance banks (MFBs) or micro-finance institutes (MFI).

Borrowers, mostly petty traders and local artisans, constantly suffer palpitations as they strive to make their payments in weekly instalments. Defaulters are usually locked up in toilets or paraded in public to beg for alms.

From Ibadan to Ile-Ife, Osogbo to Ilesha, Ilorin to Abeokuta, and other major towns and villages across Nigeria, tension usually erupts among local traders at the mention of LAPO, which is an acronym for "Lift Above Poverty Organisation", a registered non-governmental poverty alleviation group, which has a microfinance bank as an affiliate.

According to its customers, LAPO registers clusters of groups, through which loans are disbursed to individuals. Arrowheads of the groups are appointed as leaders, and a semi-illiterate member is made the secretary. The groups, with usually range between 10 and 30 members, are managed by the bank’s credit officers (CO), who until lately are mostly secondary school leavers or holders of national diploma certificates. The rising unemployment situation has forced higher degree holders to take up what many describe as a demeaning job.

Minimum loan disbursed to first-time borrowers, according to operators, is N20,000 while N50,000 is the maximum. It could grow to as high as N300,000 if the borrowers have a history of not defaulting. But to be eligible for a loan, customers save with the bank 10 per cent of what they plan to borrow. They also pay for registration, insurance, forms, among others. Small loans are repaid in instalments for between 23 and 30 weeks, depending on the MFB or MFI. Each week, an average of N300 is also added to repayments as savings.

ELIGIBILITY
The secretary of Ibadan-based Halleluiah Group, a registered group with LAPO MFB, Raheem Ishola, said for a customer to be eligible for N50,000 loan, he or she will have to ”first save N5,000; pay N300 for Insurance, N1,150 for group registration, N200 for bank form, among other charges.”

“Such customer will then be paying N2,800 every week for 23 weeks, which is equivalent to six months. N300 out of the weekly payment is the customer’s savings,” Mr Ishola, a member of the association of Nigerian barbers, said.

CRUDE LOAN RECOVERY METHODS
Today, LAPO’s ‘booming business’ has attracted tens of such MFBs or MFIs joining the fray. The new entrants, including Grooming MFB, SEAP (Self Reliance Economic Advancement Programme) MFB, Grace and Mercy MFI, among others, have also introduced many schemes with various repayment plans, which many customers describe as hellish. Just like they call every seasoning Maggi, local Nigerian traders have replaced other MFBs’ or MFIs’ names with LAPO. But expressions on their faces, at its mention, signal pain and hardship.

Muiz Oyewole worked for ten months as a credit officer with Grace and Mercy MFI in Ilorin, Kwara State capital. His ‘ugly’ experience with customers forced him out of a job prematurely.
Muiz Oyewole, former Credit Officer, Grace and Mercy

He said: “Before I left, I had 320 savers and disbursed about N14 million. But the pains my clients used to go through to meet weekly repayment was frustrating. I used to counsel them, and for the first eight months, I recorded no default. Between my 9th and 10th month, my unpaid loan had grown to N16,500. (This was) Because any amount not paid would be deducted from salary at month ends. Since I couldn’t withstand public harassment of women old enough to be my mothers, I had to quit.”

Corroborating Mr Oyewole, a serving official of Grooming MFB, Gbagi branch, Ibadan, who asked not to be named, said deductions in salaries and other ‘unfair treatment’ suffered by credit officers over defaults were responsible for the crude loan recovery methods.

The official said: “Involving police to recover small loans could cost more than the loan. So, credit officers connive with groups’ leaders to ‘arrest’ defaulting customers and ensure that through whatever means, they repay their loans. Banks are unconcerned about recovery method applied as long as credit officers’ accounts are balanced. Group members, for some selfish reasons, also encourage the molestation of their colleagues. Defaulters’ goods are sometimes confiscated, or they may be paraded on streets or locked up in pit toilets. Sometimes defaulters are dragged to palaces or family heads for intervention.”

VICTIMS RECOUNT ORDEALS
Sekinat Ogunola, a seller of “Koko” (pap), lives in Maku community, Sawmill Area, Ibadan, Oyo State. She was on May 18 dragged to the streets within the neighbourhood over the N20,000 she owed Grooming MFB. According to the 36-year-old mother of four, she had just returned from the market on the fateful Saturday when some officials of the bank knocked on her door.

“I had only a blouse and a wrapper on when they came. The young man said he was from ‘Grooming.’ He didn’t know me before, but as soon as I confirmed my identity, he signalled his other colleagues and five others besieged me, pronto. They demanded the N20,000, but before I could say a word, they dragged me out. Hard times forced me into this mess. I once had a shop at Orita Merin where I was selling groundnut oil, but things changed so suddenly. I ignored shame and resolved to be selling ‘koko’ because it required little capital,” she said. Ms Ogunola’s eight-year-old daughter- Fareedah, cried as her mother was being pushed around.

Ms Ogunola’s husband, Musibau, a bricklayer, did not help matters. He reportedly abandoned the care of the four children to his wife.

“Our first child- Karimot, now 16 years old, has since been withdrawn from school and now a hairdressing apprentice,” Mrs Ogunola said. She said a hairdresser, identified simply as Iya Ibeji (mother of twins), introduced her to a cooperative group she leads. Not suspecting Iya ibeji’s motive, Ms Ogunola jumped at the offer.

“I said I only needed N20,000 to support my ‘koko’ business. Iya Ibeji said okay. She asked me to pay N1,150 for registration. Later, she asked for N5,000, saying by the third week I would be entitled to N50,000. She urged me to apply for N50,000, saying she would take the N30,000 and repay it,” Ms Ogunola said.

She said she paid about N11,000 to access the N50,000 loan in December 2018. Since then, every Monday, she had been paying N2,800 until April when ”she was broke”. Iya Ibeji reportedly did not pay a dime, but instead, ran away from the neighbourhood. Her whereabouts are unknown to date.

Rasheedat Sodiq from Oluode Compound, Osogbo, Osun State, was not lucky to tell her story. ‘Iya Mustapha,’ as she was fondly called, kept N100,000 loan borrowed from LAPO in April in her room ahead of the planned trip to Owena market the following day. But on the market day, she discovered that N40,000 was missing. The mother of three collapsed on the spot. Her children’s shout of ‘Maami (mother),’ alerted the neighbours who rushed her to an undisclosed hospital. She was treated for high blood pressure before she gave up the ghost less than 48 hours after she was admitted.

According to a family source, who asked not to be named, Rasheedat used to hoard kola nut during its season and resell during scarcity. “That was what she wanted to do with the loan,” the source said.

On her part, Badekale Taiwo, a hairdresser based in Lalupon, Ibadan, said she had taken LAPO loan twice but prayed never to have anything to do with it again. She said; “I was a member of Itesiwaju group under LAPO. I shared the first N50,000 I borrowed with a friend. The second time, I borrowed N80,000, but my friends who needed money to repay their loan took N60,000. You know some people are comfortable with debts.”

The hairdresser, who also sells drinks and children’s clothes, said blood pressure ‘almost killed her’ before she paid the N80,000. “As soon as I paid up in February, I said bye-bye to them. I haven’t even gone there to apply for my savings because of each time the office at Oki, around Olodo Area of Ibadan, the sight of defaulters being molested used to scare me.”
Different stroke

But Taye Nurudeen, a locust bean seller at Masopa village, Egbeda Area of Ibadan, said she has been able to manage the loans well. The mother of seven, including three sets of twins, accused defaulters of diverting their loans for other purposes. “LAPO loan cannot be used for anything else except the business. So those who use the money to buy clothes or organise a party, I don’t pity them when they lock them up in toilets. We have them in my group too.”

The leader of Ajebamidele group at Oke-Bale in Osogbo, Morili Hammed, said she had started with LAPO long ago, but due to rising cases of defaults, the group’s membership has been reduced from more than 40 to just 14. “Defaulters are our major troubles. I have been locked up by police in the past because of defaulters in my group. So I wouldn’t pity anyone disgraced publicly for defaulting. If they say, we shouldn’t take LAPO, where is the alternative?” Mr Hammed said.
Worried Monarch

Following cases of harassment of debtors by the banks frequently brought to his palace, the Ooni of Ife, Eniitan Ogunwusi, has kicked against the banks’ loan recovery methods. Speaking with PREMIUM TIMES, both the monarch’s spokesman, Moses Olafare, and his special adviser on empowerment and wealth creation, Lamide Awofile, confirmed that the Ooni paid debts on behalf of borrowers.

Mr Awofile said; “Day in, day out, people come to the palace to complain of being molested by these microfinance banks over an inability to repay the loan. You can imagine young boys in Sabo Area sleeping with married women so that they can repay loans. I can confirm to you that I witnessed that myself. I couldn’t believe it. The situation informed Kabiyesi’s decision to put in place various measures to help the people secure loans through either the Bank of Industry or Agriculture. The Ooni Ogunwusi Women Empowerment Micro Loan Scheme has also offered loan to not less than 300 women. We have also just graduated and equipped about 70 youths from our fashion institute.”

He said illiteracy and lack of adequate information had pushed many grassroots men and women in the bondage of the microfinance banks, “with their health negatively impacted.”

RIPPLE HEALTH EFFECT
Bello Olalekan is a senior registrar at the department of family medicine, Ladoke Akintola University of Technology Teaching Hospital (LAUTECH), Osogbo. He said the history of many of his patients show that ”they are suffering from economic hardships, with a good number of them indebted to these microfinance banks or other schemes.”

He said; “Look at that young man at the waiting room, he is just 36 years old and he is suffering from hypertension. He has been running from pillar to post over the issue of a loan. Because there is no money to access hospital, he comes from Lagos regularly to see me here.”

But, a consultant cardiologist at the Ogbomosho branch of the hospital, Adeseye Akintunde, said it would be difficult to link loans from microfinance banks to rising cases of cardiovascular diseases. “There is no data to confirm that. But the truth is that hard times and lifestyles usually ignite all sorts of cases,” Mr Akintunde said.

CBN, LAPO REACT
An official of the Central Bank of Nigeria (CBN) said the apex bank will investigate the matter and respond. Speaking with PREMIUM TIMES on the phone, the official, who identified himself as Bartholomew, said the apex bank would ”investigate the matter and respond appropriately. “But I will advise you send a mail detailing your questions to us,” he told our reporter.

On Monday, CBN acknowledged the mail sent in by the reporter requesting for a reaction to the report. The bank responded thus: ”Your request has been forwarded to the appropriate department for further action.” However, as at the time of filing this report, the bank is yet to send in its response.

Also speaking on behalf of LAPO, an agent, Jonathan Monday, said he would neither confirm nor deny the claim. He said the matter would require proper investigation. “This claim has not gotten to us before. So I will neither confirm nor deny it. It is a matter we will need to investigate,” Mr Monday said. He promised to get across to the ‘appropriate authority’ and report back to our reporter. He is yet to do so after almost two weeks.

Similarly, a representative of Grooming MFB, Akinrinde Akinwale, said he was not capable of responding to such matter. He asked our reporter to call back after 30 minutes for a response. The phone number has remained unavailable since then.

Meanwhile, a former head of risk management of Infinity Microfinance Bank, Lagos, who does not want to be named, confirmed the crude loan recovery methods by LAPO and other microfinance banks. He said the CBN ”could never have approved such practices.”

He said; “I retired as an MD of an MFB in Osun in 2016 and I can confirm to you that LAPO and a few others are notorious for such practices. Customers would rather keep their soup money for LAPO and go hungry. If you are supposed to make a payment today, you dare not defer it till tomorrow.

“What the CBN rule states are that your portfolio at risk, that is, the loan yet to be recovered as at the time you are preparing your report must not go above five per cent of shareholders’ fund. But in a situation where you have more than that, genuine reasons are still tolerated, especially when seasonal businesses are involved. The current business environment in Nigeria does not guarantee adequate sales to ensure prompt repayment of loans. So, banks are permitted to give customers grace.”

SOURCE: https://www.premiumtimesng.com/business/financial-inclusion/333583-breasts-on-lantern-agonies-of-borrowers-of-nigerian-micro-credit-loans.html

Speaker of the House of Representatives, Yakubu Dogara has narrated how his contact with the Presiding Bishop of Living Faith Church, David Oyedepo in 1988 changed his entire life forever. According to Dogara, who met with Oyedepo, he had been a son of the bishop since his university days.

“I first came in contact with Bishop David Oyedepo when I heard him say something in Bauchi in 1988 and it changed my entire life forever. 1988 in Bauchi, I picked it up and ran with it, and my life has been incredibly transformed. For the last 27 years, I have been following the teaching I have received in Living Faith Church, faithfully. I am a proud son of this Commission. Yes in the midst of wolves, I am a practicing Christian. No truly spiritual person ever gets stranded in life,” he said.

According to Dogara, “Many years ago, When Covenant University was taking off with its construction, I sacrificed my 6 months salary (as a lawyer in practice) wholesale to God for the construction of the University. It was a tough decision but I have never had to struggle for anything in life. Everything works in divine frequency for me. Forget the riches and the blessings of the heathens, the blessings of the Lord maketh rich and added no sorrow. Nothing can be compared to serving God.

“If it were not for the teachings we received on this altar, maybe all my political victories may not have come. We had Goliaths in the run up to the election; there were Tobias and Sambalats. We had Balams who were asked to curse us but God was and is with us, for whom the Lord has blessed no man can curse.

“It pays to serve God in this life and ultimately, in the life to come,” he said.

SOURCE: https://www.gist mania.com/talk/topic,390558.0.html

21-year-old man, Umar Audu, has been arrested by men of the Niger state police command for allegedly killing one Abubakar Mohammadu of the Fulani Camp, Wawa village in New-Bussa, Borgu Local Government Area of the state, for making advances at his wife, Hassan Audu.

According to police sources, trouble started when Audu's wife, Hassan, complained to him that Mohammed who is a neighbor and resides in their compound, was asking her to have sex with him despite the fact that he knows she is married. Audu confronted Mohammed and warned him several times to leave his wife alone.

Things came to a halt recently when Audu attacked Mohammed with a matchete, inflicting deep cuts on his head which led to his death. When interrogated, Audu says he doesn't regret killing Mohammed.

“I don’t regret killing him because Mohammadu decided to die like a chicken. In his next life, he will not make advances to married women. I am ready to bear the consequences. Let the law take its course. I am fulfilled that Mohammadu will never see my wife again, Allah will judge him.” Audu said

Audu is currently in police custody and will be charged to court soon.

SOURCE: https://www.gist mania.com/talk/topic,390572.0.html

There is no recipe for a happy marriage; different marriages are based on different arrangements that suit the couples involved.

Sometimes a woman marries a very wealthy man and ends up being pampered for the rest of her life and sometimes the man might not be very wealthy or might even be POOR and the woman still finds a way to make the entire relationship work by not focusing on what they don't have but capitalizing on what they have and can share. Sometimes there is just no solution; some marriages just cant work because they were built on shaky foundation.

We have this story from one of our members on a recent encounter she had with her husband concerning money for food. She feels the weight has not been evenly shared and wants a re-assessment, check out her message below:

QUOTE
"I don't know how this may sound but am I suppose to contribute money in a home where my husband is comfortable to do everything? My husband doesn't gives me money for food or kitchen use, he always tells me to use my salary and if I raise a sound, he asks me what am I using my salary for?

I have endured this for a long time until last week when I refused to buy food stuff or make anything from my money. He got home from work and he asked me what did I make, I told him I didn't make anything as I didn't have enough money again to cook. And he asked me what happened to my salary and I told him it has finished and he kept quiet. We still have provisions; he proceed to take tea and bread then he went to bed.

Since that night, he has been coming back home with full stomach or he takes tea and bread at night. Now I am thinking if I am to be blamed cos I didn't disagree from the beginning of the marriage concerning this ?

He takes care of everything apart from this though.... please how do I handle this? I am getting fed up."

SOURCE: https://www..com/talk/topic,390543.0.html

Dear NAIRALANDERS, what is your advice in this situation?

Disclaimer: Due diligence is advised!!!

See below the Meristem stock analysis/recommendation for this week...

SOURCE: https://businesspost.ng/2019/06/03/stock-recommendation-for-this-week-4/

Tragedy struck at Umuelemai in the Isiala Mbano Local Government Area of Imo State on Friday after a man allegedly stabbed his kinsman, Longinus Ibezie, to death while they were drinking beer at a pub. The incident has thrown the community into panic even as the police intervened in the matter.

The suspect, Michael Ezeala, who is currently cooling off his heels in the police cell, and the victim hail from Obinette village in the Isiala Mbano Local Government Area.

Our correspondent gathered that the victim, a father of one, was until his death a member of the Imo Security Watch, a local security formation in the state. An eyewitness, who hails from the same village with the duo, told our correspondent that trouble started when the suspect got angry in the middle of their discussion. The suspect allegedly broke a bottle after pushing the victim down and allegedly stabbed him continuously until he died.

“The two of them were drinking together and all of a sudden, the suspect got angry. He pushed the victim down, broke a bottle of beer and stabbed him mercilessly,” the source stated.

He said people tried taking the suspect to the hospital, but it was too late as he had given up the ghost before help could come his way. The source added that people in the area alerted the police, who came and arrested the owner of the pub and the suspect.

Efforts made to reach the police spokesperson in the state, Orlando Ikeokwu, proved abortive, but a police source, who preferred anonymity confirmed the incident to our correspondent.

SOURCE: https://punchng.com/man-stabs-kinsman-to-death-in-imo-pub/

A cleric, Prince Adams, kidnapped along with his family members, recounts his ordeal in the kidnappers’ den with ARMSTRONG BAKAM

How were you kidnapped?

On April 11, 2019, my wife and I with our two children and three other passengers boarded a vehicle going to Port Harcourt, Rivers State from Lagos. When we got to Owerri, Imo State, the driver said he was no longer going. We were moved from that vehicle to another one. We took off from Owerri at 9.30pm on a Friday. We had just passed the third checkpoint when suddenly, we heard indiscriminate gunshots and our driver, all of a sudden, lost control and veered off the main road.

We didn’t know that a bullet had hit him on the forehead and he died instantly. The car somersaulted four times. All I was just saying was ‘blood of Jesus!’ And finally, it came to a standstill. We tried opening the door but couldn’t and while doing that, some people kept shooting and coming towards us. I still remember clearly how the glasses of the vehicle were shattered by their bullets. Finally, they got to where we were. They came with guns and cutlasses and started hitting the car ordering, ‘Everybody, come out!’

What happened after ordering you out of the vehicle?

Somebody hit me on my lips and immediately it was swollen and then one of them pulled my boy and wanted to cut him with his cutlass. I pulled the boy back to me and without thinking twice, I just fell on the boy and the cutlass hit me on my back. I thought it was just a robbery, but the next thing after taking our luggage, they asked us to start moving.

I asked them where we were going but they told me to keep quiet. We walked into the forest which was around Elele Police Station for about one hour 30 minutes. Then, their leader came and they opened my bag containing laptop, ATM cards, passport, money, ‘anointing’ oil and other valuables. When they opened the bag, their leader asked me, “Please sir, are you a pastor?” I told him, “Yes, I am.”

He asked where we were coming from and I told him I was coming from Ghana with my family. He asked me how much money I had in my account, I told him I had about N370,000 or so. He asked me to tell him the exact amount but I told him I couldn’t. He asked me how much money was in my bag and I told him about N400,000. Their leader said they were sorry we were not the people they were targeting but they got wrong information but that we should just accept it like that. He said they wasted many bullets and would have to use our money as compensation. He said their plan was to sell us for N5m each to ritualists and that would be N35m for all of us. After taking our money and valuables, we walked into the thick forest for about two hours.

How were you treated in the forest?

Finally, we got to a place where we lay on bare floor and it rained that day – water was all over the place and it was cold. We all slept there and at about 6am the next day, the leader said instead of selling us for N20m, all of us should just pay N5m and we would be freed. He asked me to call anybody I knew to bail us.

Who did you call and where you able to raise the N5m?

I called my pastor so that they would back us up in prayers. I used their leader’s phone to call and I told him (my pastor) that we had an incident on the way to Port Harcourt and there was robbery. I equally told him that after the robbery operation, they kidnapped us and snatched the phone from my hand. I had two phones and after the accident, I threw one of them under the vehicle’s seat. After the incident, police came and it was the phone they used to call my family in Port Harcourt and there was confusion all over because they were expecting us.

Did they maltreat you and others in their den?

On Saturday, their ‘big man’ came back in the evening and asked me to go to town and raise the money leaving my wife and children behind. But I refused. The good thing is that my children – Michael, 7, and Serena, 3 – didn’t panic throughout. I told him to allow my wife and the kids to go but he refused, saying except if she could go with the daughter and leave me with the son, I refused. So they left us.

On Sunday night, two guys escaped and they met two other kidnappers on the way and told them they had been kidnapped. They shot them in the legs and used a cutlass to cut their body parts and that was how they died. When the other guy came, he said he was taking their parts to one Alhaji who buys human parts.

Did that gory experience make you apprehensive?

The painful part for me was that when I saw how they dealt with those guys and killed them, I couldn’t really stand it. Finally, at about 6pm, one of them said to me, “Sir, you have to get ready and leave now.” They placed us on three motorbikes and took us to a place close to the town; they left us there. We found ourselves in an area called Ahoada and we asked for direction.

How did you feel after you were released?

Thank God one of the kidnappers gave me N1, 000 and that was how we used it to get to Port Harcourt. The next day, on Tuesday, we had to go back to the police station and that was how I got my phone back and we gave account of what happened. The police officer said they retrieved more than 30 empty shells of bullets from the car and amazingly, they just could not believe how any of the bullets didn’t hit any of us in that vehicle, except the driver. When I look at it today, I realise that God did something marvellous beyond human comprehension.

How many were the kidnappers?

The kidnappers were more than 20 and they all wore black clothes. They covered their faces in the day but in the night, they left them open. They mostly spoke in Pidgin English. Some of them are Igbo, some Ikwerre, one from Ivory Coast and some from Akwa Ibom.

What did they feed you people with?

They fed us with garri once in the afternoon.

SOURCE: https://punchng.com/kidnappers-said-they-planned-to-sell-us-to-ritualists-for-n35m-cleric/

The battle for headship of the Securities and Exchange Commission (SEC) got fiercer Monday morning as the Association of Senior Civil Servants of Nigeria, SEC Branch, locked up offices of the Commission's headquarters over attempts by suspended DG Mounir Gwarzo to resume duties.

As early as 7am, the protesting workers had shut all entry points into SEC headquarters to prevent vested interests from reinstating Gwarzo who had been indicted for abuse of office and corruption by an Administrative Panel of Inquiry set up by the Federal Ministry of Finance, headed by the Permanent Secretary, Dr Mahmoud Isa-Dutse. Gwarzo was also indicted by an House of Representatives Ad-Hoc Committee which investigated his suspension by the former Minister of Finance, Mrs Kemi Adeosun.

“We are SEC staff members of Senior Staff Association of Nigeria, SEC branch. We are a labour union that press home demands and concern with welfare of members,” said Nelson Oleghe, Chairman, Association of Senior Staff Union, SEC Branch.

“The suspended DG of SEC has been on suspension for almost two years following allegations of abuse of office levelled against him. the recommendations of the Special Investigation Panel that indicted him by the former Honorable Minister of Finance, Kemi Adeosun. The suspended DG was charged to court by ICPC. The case was poorly handled by the judge and ICPC. In all of the court cases the issues of fraud was not mentioned and areas pointed out by the SIP was not touched by the judges.”

Oleghe said the union learnt from a reliable source that the suspended DG after being “pronounced free by the court$” he wants to stage a come back and resume duties.

“After due deliberations at an emergency meeting held on Sunday June 02, 2019 we have unanimously agreed to hold a peaceful protest to stop the purported action about to be taken by the suspended DG.We call on all staff of the union, press and general pubic to be aware and witness our action. We believe that an institution that prescribes good corporate governance should be seen taking the lead. We say no to Gwarzo,” he added.

The National Industrial Court (NIC) last Thursday ordered the reinstatement of Mounir Gwarzo, the suspended Director-General of the Securities and Exchange Commission (SEC), with all his salaries and allowances paid to him. In his ruling, Justice Sanusi Kado held that the Minister of Finance, who is the second defendant in the suit, lacked the power to suspend Gwarzo, even as he dismissed three issues raised by defence counsel through their preliminary objection, ruling that the suit was not statute barred.

SOURCE: https://www.sunnewsonline.com/workers-shut-sec-over-attempts-to-reinstate-suspended-dg/

The Securities and Exchange Commission said on Sunday that it had set up an interim management team to oversee the affairs of Oando Plc.

SEC said in a statement, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

“The commission wishes to reiterate its commitment to maintaining the integrity of the market.”

SEC had on Friday announced the conclusion of the investigation of Oando and ordered the Group Chief Executive Officer of the company, Mr Wale Tinubu, and other affected board members to resign. The apex capital market regulator also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr Omamofe Boyo, from being directors of public companies for a period of five years. It also directed the convening of an extraordinary general meeting on or before July 1, 2019, to appoint new directors.

The commission said findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses, “stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”

SOURCE: https://punchng.com/sec-sets-up-interim-management-team-for-oando/

In his first day in office, Governor Babajide Sanwo-Olu signs executive order against indiscriminate dumping of refuse, waste management, traffic management among others in the administration’s drive towards achieving a greater Lagos for all.

See photos below...


SOURCE: http://justumagazine.com/first-day-in-office-governor-babajide-sanwo-olu-signs-executive-order-against-indiscriminate-dumping-of-refuse-waste-management-and-traffic-management/

A Presidential directive was declared on Wednesday 22nd May towards direct clearance of the Apapa gridlock and restoration of law and order to Apapa and its suburbs. It mandated the instant dismissal of all trucks from bridges and roads within Apapa and all adjoining streets heading into the area.

Following issuance of the directive, over 90% compliance has been recorded, as the Nigerian Navy command has handed over traffic enforcement duties to the head of the Police team in the new taskforce, and a full team of 800 LASTMA and FRSC traffic management officials were stationed with 300 officers of the NPF implementing safety for the operation. All roads and bridges heading into Apapa were freed of trucks by Saturday 25th May 2019; and Eko Bridge, Carter Bridge, Stadium, Ijora, Costain, Orile Iganmu, Breweries, and Oshodi Expressway were all freed of articulated vehicles.

Implementation of the revised call-up system jointly developed by the Nigerian Port Authority (NPA), the terminal operators and the truckers’ union also commenced over the weekend, resulting in a single lane movement for free, unhindered flow of vehicles with legitimate business into the ports. A corridor was also created for movement of empty containers and exports directly from Lilypond into the ports, while all empty container-laden trucks are being directed to 54 trailer parks, and non-compliant trucks impounded by LASTMA and NPF operatives.

Speaking on the progress of the operation, Dr Jumoke Oduwole, SSA to the President on Industry, Trade and
Investment/PEBEC Secretary stated: “We acknowledge the enormity of the assignment of the taskforce, and
we are all committed to resolving this issue in line with Mr President’s directive. The sheer volume of trucks remains significant, therefore establishing a functional traffic management system will be a work in progress. We applaud the efforts of the traffic and security agencies who have ensured the recent steady progression of trucks towards the port, and all others who are collectively working to implement a lasting solution.”

The directive was issued as the outcome of an emergency meeting convened and chaired by His Excellency,
the Vice President Prof. Yemi Osinbajo, SAN at the request of President Muhammadu Buhari. The meeting
sought to proffer lasting solutions to cleaning up the gridlock and decongesting the Lagos ports, as legacy
traffic congestion issues have continued to restrict operations in and around Apapa and its environs.

In attendance were key MDA heads and representatives from across the government, including the
Honourable Minister of Power, Works and Housing, Mr Babatunde Raji Fashola; Inspector General of Police,
Mr Mohammed Adamu; representative of the Chief of Naval Staff, Rear Admiral B.E.E Ibe-Enwo, Permanent
Secretary, Lagos State Ministry of Transportation, Dr Salaam Taiwo Olufemi, and NPA's Executive Director
Marine Operations, Dr Sokonte Davies, among others.

At the meeting, issues highlighted as root causes of the congestion were tackled with a view to achieving immediate results. A Presidential Taskforce, to be chaired by His Excellency, Vice President Prof. Yemi Osibanjo was therefore commissioned to restore law and order to Apapa within 2 weeks of its inauguration. The Taskforce, which will report directly to the Presidency, has its terms of reference to include developing an efficient and effective management plan for the entire port area traffic including the cargo, fuel distribution and business district traffic, enforcing the permanent removal of all trucks, and the development of an effective manual truck call-up system pending introduction of the electronic truck call-up system, implementation of a workable empty container return and export container truck handling policy, amongst others.

Members of the taskforce include Mr Kayode Opeifa, former commissioner of transport in Lagos State as the Executive Vice Chairman, a representative of the Presidential Enabling Business Environment Council (PEBEC), the NPA and the Nigerian Customs Service (NCS), Nigerian Port Authority (NPA). Other members of the Taskforce will include a special unit of the Nigeria Police Force led by a Commissioner of Police, representatives of the Truck Transport Union, the Lagos State Government through LASTMA, and other relevant MDAs.

The Nigerian Navy and all other military formations were mandated to order immediate withdrawal of their personnel from traffic management duties in and around the Apapa axis, while military and paramilitary checkpoints in front of the ports and environs are to be dismantled. In addition, Lagos State Government’s LASTMA was authorised to move into Apapa as the lead traffic management agency, while the NPA was to commence immediate use of the Lilypond Terminal and Trailer Park A as a truck transit park. The directive further mandated compliance by all security personnel and MDAs, while heads of the NCS, NPA, the Federal Ministry of Power, Works and Housing (FMPW& H) and all other security operatives are to be held accountable for their officers’ adherence.

It will be recalled that a technical session on the gridlock and call-up system reforms was hosted by the Enabling Business Environment Secretariat of the PEBEC on the 16th of April, which re-engaged all stakeholders and encouraged all agencies in the joint task force to work together to resolve the issue.

SOURCE (abridged): https://brandspurng.com/2019/05/30/apapa-port-gridlock-freed-following-presidential-order/

A Singapore-based company director has admitted in court his connection with a 2008 case in which Citibank in New York was duped into transferring US$27.2 million (S$37.2 million) from the corporate account of the National Bank of Ethiopia (NBE) to various beneficiaries worldwide. A Singapore district court heard that between Oct 2 and 16 that year, Citibank received 24 payment instructions purportedly sent by NBE. The lender later transferred the money to various accounts in countries such as Australia, Japan and China.

One of the accounts was provided by the Nigerian director of a Singapore-based wholesale company. Paul Gabriel Amos had received a call from a friend asking him for an account to transfer ill-gotten gains into. According to court documents, that friend Robert Umohette told Amos about his involvement in various projects with the Ethiopian government and how he had helped cheat it of money. Amos agreed to take part in the plan on condition that he would receive a cut of the criminal proceeds.

The 47-year-old Singapore permanent resident was later caught and sentenced yesterday to three years' jail after pleading guilty to two counts of dishonestly receiving stolen property totalling more than $1 million. He also admitted to one count of money laundering. Deputy Public Prosecutor Shamini Joseph told District Judge Victor Yeo that even though Amos agreed to take part in his friend's plan, he did not want to "get into trouble" with the Singapore authorities by using his company's account.

He later spoke to a man identified only as Mohammad Sohail and they decided to use the bank account of an Australia-based firm, Mac-Warners, to receive the cash. Court documents did not state how the company was linked to the pair. On Oct 2, 2008, Citibank unwittingly transferred over US$1.8 million from NBE's corporate account to one belonging to Mac-Warners. The court heard that Amos was then instructed by Umohette to transfer a portion of the cash to a bank account belonging to a Singapore-based firm named Ideal Con.

Acting on Amos' instructions later that month, Mohammad Sohail transferred about US$670,000 from Mac-Warners' bank account to Ideal Con's. The court heard that Amos also received more than $420,000 for his commission.

Separately, Amos was fined $4,200 and disqualified from driving all classes of vehicles for a year for offences including driving his blue Lamborghini in a dangerous manner. He was driving along the East Coast Parkway on Oct 2, 2016 when he sped through a narrow gap between two vehicles.

SOURCE: https://www.straitstimes.com/singapore/courts-crime/businessman-jailed-for-role-in-money-laundering-scheme

There was confusion in the Zuba area of the Federal Capital Territory on Thursday after an angry mob set a police post and four patrol vehicles ablaze over alleged police brutality. The mob, consisting mainly of motorcyclists and hoodlums numbering over 200, burnt tyres on the Madalla-Zuba end of the Abuja-Kaduna Expressway.

The rampaging mob also threw stones and pebbles at police personnel in sight. Their action disrupted human and vehicular movement on the expressway from around 8am to 10am when police reinforcements arrived and brought the situation under control.

It was gathered that trouble started around 8am when a motorcyclist identified as Salisu Hamidu was knocked down by policemen on a stop and search duty. An eyewitness said the motorcyclist sustained injuries on the head. Other eyewitnesses, who corroborated this account, alleged that the policemen involved tried to seize the victim’s motorcycle in order to extort money and the development led to a protest by other motorcyclists, who witnessed the accident.

The FCT Police Public Relations Officer, DSP Anjuguri Manzah, confirmed the incident, adding that the command would carry out “discreet investigation that will lead to the identification, arrest and prosecution of the perpetrators of the act.”

SOURCE: https://www.withinnigeria.com/2019/05/24/rampaging-mob-set-four-police-patrol-vehicles-on-fire/

A 3-year-old girl who was stolen alongside her sister, Amanda, in June 2018, by two female tenants of their father in Utesi, Edo State, has finally been recovered by the police. Christabel Omokpia was found in Enugu State after being sold for N850,000 by an orphanage in Rivers State. .

Their mother, Faith, had left them in the care of the tenants, Mary and Rose, who disappeared with them. Christabel was first sold for N450,000 by the tenants and she was later sold for N500,000 to one Ogechi Favour. She was later sold for N850,000 to one Anioke Augustine in Enugu State. The girl could not recognise her parents again after she was reunited with her family on Wednesday night.

Spokesman for Edo Police Command, DSP Chidi Nwabuzor, said four suspects earlier arrested in connection to the missing children were already in prisons in Ondo and Edo States. .

On the whereabouts of Amanda, DSP Nwabuzor said the police would do its best to recover her. It was learnt that the woman that bought her and took her to Ogwas-Chikwu in Delta State.

SOURCE: http://samgist.com/girl-stolen-by-tenants-and-sold-three-times-finally-recovered/

Are you a chess player? Well, not a lot of people are. Therefore, if your answer is no, you really need to try it. After all, it is called “the game of kings and queens” for a reason.

Chess is a board game that has been around for centuries. It has to do with the art of war. It’s all about strategy, tactics, and the ability to outmaneuver your opponent; the final aim being to "checkmate" them (that is, capture their king). Once that happens, the game is over.

Chess has been shown to:
-- Improve IQ
-- Build confidence
-- Improve problem-solving skills
-- Teach planning and foresight
-- Improve concentration
-- Exercise both sides of the brain
-- Improve memory
-- Enhance creativity

It’s quite obvious that these benefits are indispensable when it comes to successfully running a business; especially if you are in a highly competitive market.

What goes on in the game is the perfect metaphor for business competition. In fact, you can learn a thing or two by playing chess. These lessons will prove very useful to you if you are an entrepreneur trying to plant your feet and control considerable market share. It will surely improve your ability to make sound business decisions. No wonder you can find a Chessboard in the home or office of top CEOs (Bill Gates, Peter Thiel), world leaders (Barack Obama, Bill Clinton) and even famous TV personalities (Arnold Schwarzenegger, Julia Roberts of Pretty Woman).

HOW DOES PLAYING CHESS RELATE TO RUNNING A BUSINESS?
The parallels between chess and business are clearly evident. The game is about war; specifically about protecting the invaluable piece (the king), and outthinking the opponent who’s trying to defeat you. There are different strategies for both offensive and defensive play, and the best chess players should have experience with both. As a business person, you need to successfully navigate defensive and offensive positions in your industry.

If you’ve seen people play chess, or maybe you play, you’ll notice that the opponents patiently wait their turn, study the board, anticipate their next move, and go through potential scenarios in their head. This is not so different from what is obtainable in the business world.

Both are based on "SWOT" analysis. That is, recognizing your Strengths, Weaknesses, Opportunities, and Threats.

Chess also involves an opening, a middle game, and an endgame. This is quite similar to the business cycle (expansion, peak, contraction, and trough).

WHAT LESSONS DOES CHESS TEACH?
To play the game you first have to master the rules, understand the players, and ultimately, play to win.

1. MASTER THE RULES
Before you can take part, you have to learn the rules. That’s also the way it is in business. If you jump in without first understanding the dynamics of how things work, including consumer demand, market regulations, pricing techniques, and what have you, you are most likely headed for failure. That is why it’s important to start small and grow gradually, expanding your reach as you get more experienced.

2. UNDERSTAND THE PLAYERS
Just like in chess, you need to understand your competition if you want to succeed in business. Chess players spend time studying how their opponents think. This way, they can device countermeasures that will enable them to stay ahead, withstand an attack, and make a counter-attack.

That’s exactly what you need to do as an entrepreneur. Learn what your competitors are doing. Who are they? What are they offering consumers that you are not? How can you make your products, services, and marketing efforts better? These and many more are important questions you have to ask yourself.

3. PLAY TO WIN
In chess, you have to keep the ultimate goal in mind. If you play emotionally or succumb at the first signs of hardship, you won’t win. You have to be ready to make tough choices. Some people play conservatively. They hang on tight to their pieces and refuse to make sacrifices. That’s also the way it is in business. To achieve your goals, you have to stay flexible. Know when to make adjustments, whether in your product combinations, management techniques, or marketing efforts.

Always keep your eyes on the big picture.

4. DON'T RUSH TO MAKE A MOVE; THERE MIGHT BE A BETTER ONE.
Inexperienced players stop searching for a move once they’ve located a good one. They forget there might be a better one. In business, you have to make sure you make choices based on the complete set of information from the whole landscape. Don’t jump into the first option that looks good. Consider all your options.

5. PLAN SEVERAL MOVES AHEAD
Chess players plan their moves and consider potential responses to those moves. Experienced players foresee moves several turns ahead. That’s how they manage to outwit their opponent. This is what you must do as an entrepreneur. Making a good forecast is crucial to business success. You also need to device contingency plans for situations that may arise in the future. “We’ll figure it out when we get there” might be a risky proposition you won’t be able to afford.

6. DON'T PLAY THE PLAN; PLAY THE BOARD
When playing chess, your opponent constantly devices measures to undermine your plans. While it is important to make plans, it’s even more so to know when to abandon them or simply make adjustments. While you have your business strategies in place, competitors are also applying their own to capture more market share than you do. Your aim should not be to follow a rigid set of plans. What determines your success or failure is your ability to adapt well and on time and respond effectively to counter what your competitors are doing.

7. KNOW THE VALUE OF THE PIECES
Each chess piece has a specific value. By knowing them, you are better suited to make decisions on how to place them across the board. Similarly, when you know the value of your employees, customers, and associates, it will be easier to make wise decisions regarding job responsibilities, consumer targeting, and many more.

8. MANAGE YOUR RESOURCES
To win, learn how to manage your resources. In business, this applies to cash. If you run out of cash, you are done. You need to make sure you are not overspending. Every single expense you make should earn profit. Nothing should be wasted. You also need to ensure you are raising money appropriately as you go. Your expenses should never exceed your revenue.

9. KEEP AN EYE ON THE CLOCK
“Time is material” – this is a common saying in chess. You not only have to manage your pieces, you also have to manage time. In a tournament setting, the games are timed so you have a limited period to make a number of moves. It doesn’t matter if you are beating your opponent on the board, once you run out of time, you lose and your opponent takes the game, although you were doing exceptionally well on the board.

To prepare, players spend months or even years memorizing potential strategies and moves. This way, they can recall at a moment’s notice the move they have to make so they won’t spend too much time thinking. Business practices also require planning and strategic thinking, balanced with the ability to make quick decisions whenever necessary. Although not every decision must be made at the spur of the moment, there are situations that require immediate action. If you delay too much before you act, you will fall behind your competitors.

This is why it is important to prepare in advance. A wise entrepreneur can make decisions which appear to be quick, but in reality, are a result of months of study and preparation.

10. MAKE SACRIFICES
In chess, you learn to make necessary sacrifices that will give you the upper hand, or enable you to capture the king (Checkmate!). There are situations where you have to offer up a piece with intentions of gaining an advantage later on.

11. LEARN THE VALUE OF PATIENCE
Before you can attack effectively, you have to take time to place your pieces in effective positions. A premature attack might backfire. The same idea is obtainable in business. Avoid making rash moves. Only make a move when everything is in place. For instance, don’t be in a hurry to start a business or launch a new product before conducting market research, no matter how excited you are about it.

12. CREATE A BALANCE BETWEEN SKILL AND INTUITION
There’s a balance in chess between intuition and analysis. There is always a human element that can’t be replaced by months or years of study and preparation. Chess is an infinite game with millions of possible moves. Therefore, it’s not possible to know and plan for every contingency. There are moments when you have to make a move based on intuition.

Once a player finds the balance between intuition and skill, their game improves remarkably. Many great chess players have come out on top a number of times when they went with their gut rather than their skills. As an entrepreneur, you need to find this balance. It is what thinking outside the box is all about. It is also the key to creativity and great achievements and may be the difference between success and failure. Be it unique marketing campaigns, new and unique products and services, and other products of intuition.

In conclusion, if you want to succeed in business, you have to be ruthless. This is exactly what chess is about.

SOURCE: https://nairametrics.com/2019/05/23/12-lessons-on-business-strategy-from-the-game-of-chess/

The equities market rose significantly by 3.07%or 927.01 points to end the session at 31,145.15. We observed that it was the highest single day gain since December 2018 while index also ended near two-month high.

Two things are noteworthy in this recent market trajectory:

Firstly, intense negative sentiments pressured a number of bellwether counters near their 52-week lows while others even recorded new lows. Top on the list were ZENITHBANK, GUARANTY, NESTLE, ACCESS and UBA. However, MorganCapital Research cannot over emphasis the opportunity of taking position in these stocks.

Secondly, the contest between DANGCEM and MTNN for market supremacy took a turn today as the two equity market leading stocks gained about 10% each which kept the bourse elevated even amid worsened market breadth. Therefore, we advise investors to trade the new bride with caution so as not to be trapped in the bull run.

That being said, sentiment was mixed in other liquid counters. Positive interest was renewed in VITAFOAM, GLAXOSMITH, UACN and CUSTODIAN while the bulls drove THOMASWY, UPL and CADBURY further uptrends. Dissimilarly, sell pressure further depressed JAPAULOIL, UCAP, LIVESTOCK and UBA while investors withdrew position in COURTVILLE, AFRIDPRUD, TANSCORP and GUARANTY.

SOURCE: Morgan Capital Research

On Thursday 16th May 2019, MTN made history as the first telecommunication major in Nigeria to be listed on the country’s stock exchange. Pascal Dozie, MTN Nigeria chairman, who spoke at the historic event, said: “Today is a major milestone in the evolution of MTN in Nigeria and it is fitting that it takes place 18 years to the day since I made the first call on the MTN network on May 16, 2001″.

“Since our initial investment in 2001, we have worked in partnership with Nigerians to deliver the largest network in Nigeria, with over 60 million people now able to access mobile communications services. We employ over 1,600 people and our operations create employment for more than 500,000 Nigerians. Our technology has empowered millions of people and businesses in rural and urban areas.”

HERE ARE SEVEN THINGS TO KNOW ABOUT THE LISTING:

1. Second Biggest Company on the Exchange
The biggest company on the Nigerian Stock Exchange (NSE) is Dangote Cement, and the second biggest was Nestle — until Thursday. On Thursday, MTN became the second biggest company on the Nigerian bourse, with a market cap of over N2 trillion, some hundred billions short of Dangote Cement, which is currently valued at N3 trillion.

If MTN continues at its opening trajectory, it may well compete fiercely with Dangote Cement for the biggest company on the exchange before the end of the 2019 fiscal year.

2. Gained N180bn in 16 minutes
MTN was admitted into the Nigerian stock at a share price of N90 per ordinary share. Following formalties like speeches, meetings and handshakes, the South African telco giant could not trade until 2:14 pm on Thursday, showing that it had only 16 minutes to trade before the market closed. However, in those 16 minutes, MTN share rose by 10 percent, from N90 to N99 per ordinary share — raising its market cap from N1.83 trillion to N2.01 trillion, immediate addition of 10 percent to its market size.

This means MTN Nigeria gained N183 billion — or over $500 million — in 16 minutes!

3. Product of Negotiation for N1.04trn fine
With a public relations overdrive, it is easy to say MTN is listing on the NSE for many of the reasons highlighted in the fine speeches given Thursday on the 9th floor of the exchange building — but that is not the case.

In 2015, the Nigerian Communication Commission hit MTN with a fine of N1.04 trillion, which many said was going to be the end of the telco in Nigeria. To get out of trouble, MTN pulled a “get-out-of-jail” card, which included promising the Nigerian government that it would list on NSE. Three years and seven months after, MTN has finally fulfilled that promise.

4. MTN is first again
MTN Nigeria, a part of the MTN Group, regarded as Africa’s leading cellular telecommunications company, has clinched another first with this listing, becoming the first telecommunications network provider to be listed on the NSE Premium Board.
Other big telcos in the country are privately owned, and cannot be classified as public liability companies.

5. MTN joined the big boys club
MTN did not just list on the exchange, but it listed on the Premium Board of the NSE, which means it just joined the league of the biggest publicly traded companies in Nigeria. This club has the likes of Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.​

Speaking about this on Thursday, Abimbola Ogunbanjo, national council president of the NSE, said this “will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development”.

6. Only 21% of MTN Nigeria is available for trading
The market and Nigerians are excited about the possibility of owning part of the Yhello brand by buying MTN shares at the exchange. But there is more than meets the eye. MTN Group currently owns 79% of MTN Nigeria, while local investors — and maybe some international investors — own only 21%.

The 21% is available for trading, based on the discretion of those who own those shares. The 79% held by MTN Group is not available for trading until a later date — which remains unknown.

7. There will be an IPO
According to Pascal Dozie, MTN will be back at the exchange for an initial public offer (IPO) in the not so distant future. An IPO is the process of offering shares in a private company to the public for the first time — this is when part or all of MTN’s 79 percent may be up for trading to the public.

Love it or loathe it, besides all the controversies, MTN indeed made history on Thursday when it added about N2 trillion to the Nigerian Stock Exchange!

SOURCE: https://www.thecable.ng/next-to-dangote-gained-n183bn-in-16-minutes-7-things-to-know-about-mtn-listing

Africa's leading telecoms group MTN has listed on the Nigerian Stock Exchange (NSE) in a move that could pave the way for the sale of shares to investors in its biggest market. MTN, which has its primary listing on the Johannesburg stock exchange, won't be issuing new shares or raising funds in Nigeria at this stage. But it could do so in the future.

"This is just the beginning, we still intend to pursue a future public offer giving more Nigerians greater access to the MTN opportunity," the company said in a statement.

With more than 65 million users, Nigeria is MTN's biggest market in Africa, according to the Nigerian Communications Commission (NCC). It also accounts for a third of the company's annual profit. But in recent years, the South African group has faced many problems in Nigeria.

CAN MTN SURVIVE ITS TROUBLES IN ITS BIGGEST MARKET?
In 2015, the NCC fined MTN $5.2 billion for failing to disconnect more than 5 million subscribers with unregistered SIM cards. MTN's shares plunged by as much as 12% in Johannesburg when the fine was announced. The SIM cards, according to the NCC, were a security risk. Nigeria has endured several terrorist attacks carried out by Islamist militants. The widespread use of unregistered cards made it difficult for security officials to track suspects.

Following negotiations with the regulator, the fine was eventually reduced to $1.7 billion, and MTN agreed to list on the NSE as part of the settlement.

SIGNIFICANT MOVE FOR THE EXCHANGE
MTN Group finance chief Ralph Mupita said the listing was a necessary step towards building the country's equity capital markets and increasing local ownership of MTN Nigeria. Nigeria's stock exchange suffered major losses during the global financial crisis and recession that followed. The local banking sector, which was overly exposed to the capital market and the oil and gas sector, was hit hard and investors lost huge sums of money. MTN's listing is one of the most significant since the financial crisis and could help rebuild confidence in the Lagos stock exchange.

LITTLE INVESTOR IMPACT
MTN's arrival may be an important move for the NSE but it does little to attract new investors. Given that MTN is only listing existing shares for now, financial commentator Feyi Fawehinmi believes it won't do much for the market or increase the number of people who are able to share in the company's prosperity.

"The only way new investors can get shares is if one of the existing investors decides to sell," Fawehinmi told CNN.
"But given the kind of dividend payouts MTN has been doing lately, it is hard if not impossible to see why any shareholder will sell," he added.

SOURCE: https://edition.cnn.com/2019/05/16/africa/mtn-nigerian-stock-exchange-listing-intl/index.html

Mary Uduk, the Acting Director General of the Securities and Exchange Commission (SEC), has warned Nigerians against the activities of the fraudsters who are behind the latest ponzi scheme in the country — Loom Money Nigeria. Ms Uduk gave the warning during a joint press conference in Abuja with the Minister of Finance, Mrs Zainab Ahmed.

Loom’s Modus Operandi: According to Uduk who was represented by SEC‘s Acting Executive Commissioner of Operations, Isyaku Tilde, the fraudsters carry out their illegitimate business activities via social media platforms such as Facebook. They target young Nigerians, luring them to invest as low as N1000 and N13,000 to get as much as 8 times the value of the investment in 48 hours.

According to the Acting DG, Loom Money Nigeria had no tangible business model. She, then described the digital venture as a Ponzi scheme, where returns would be paid from other people’s invested funds.

“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. The platform has embarked on an aggressive online media campaign on Facebook and whatsapp to lure the investing public to participate by joining various Loom whatsapp groups to invest as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp. If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts.

“We therefore wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”

Recall that Nairametrics had earlier reported on the risks associated with engaging in Loom Money Nigeria.

What is Loom Money Nigeria?
Loom Money Nigeria is the latest ponzi scheme in the country. Nairametrics understands that it is a peer-to-peer pyramid scheme that follows the same pattern as the now collapsed MMM.

SOURCE: https://nairametrics.com/2019/05/17/sec-warns-ponzi-thirsty-nigerians-against-loom-money-nigeria/

What you spend rather than what you earn helps determine how satisfied you are with life, a new study says. Research from the U.K. Office for National Statistics found spending on hotels, restaurants and household furnishings was associated with life satisfaction. Unsurprisingly, spending on insurance and mobile phones was not.

But the ONS said that overall spending and income mattered less than personal circumstances when measuring life satisfaction. Good health, marital status and economic activity had the strongest associations with how positively life satisfaction is rated. Its analysis found that age also mattered: the young have higher life satisfaction than those in their 40s but life satisfaction rises again in later years, before falling again for those in their 80s.

HIGHER INCOME BOOST
Living circumstances were also important. Those who own their homes or have mortgages rate their life satisfaction more highly than those in private and social rented housing. Households with dependent children were also more likely to be satisfied than those without, the ONS found.

But while spending is more important than income, households with an income of between £24,000 and £44,000 would feel more satisfied if their income increased, the ONS found. The ONS, which is looking beyond the official GDP gauge to try to form a broader picture of the economy, said: "There is no evidence of a statistically significant association between household disposable income and life satisfaction overall after accounting for other characteristics [such as age, marriage and employment status]".

"You are more likely to report higher life satisfaction if you have higher household spending and spending appears to matter more than household income to people's life satisfaction," the ONS said.

HEALTH MATTERS
Being retired, among other factors, also had a positive impact on life satisfaction. Whereas being unemployed or economically inactive due to sickness or disability had a significant negative impact, the ONS said.

Health had a larger effect on reported life satisfaction than any other other characteristic or circumstance in the analysis. The odds of reporting higher life satisfaction are three times greater for someone reporting very good health than for someone reporting fair health, the ONS said.

The odds of reporting higher life satisfaction are 5.7 times lower for someone reporting very bad health than for someone reporting fair health. Health was also important the last time the ONS looked at this subject in 2013. The impact of someone's marital status also appears to matter more for people's life satisfaction than it did six years ago.

The ONS' findings are based on two separate surveys; its annual population survey and a separate survey on the effects of taxes and benefits.

SOURCE: https://www.bbc.com/news/business-48279876?ocid=socialflow_twitter

Bacteriologist:
Hello stock traders, I am a novice trader, I trade mostly Forex. Though I hear the stock market is equally a good place to invest in for better returns, I know next to nothing about the market.

So I need professional advice on the recently announced MTN shares listed at N90 per share. What are your thoughts? Is it a good price? Would you advice I buy some of it? What broker would you recommend I trade this stock with?

Check this post:

https://www.nairaland.com/5188859/how-buy-mtn-shares-nigerian#78407888

It’s official, Nigeria’s largest GSM Company, MTN Nigeria, will be listed on the Nigerian Stock Exchange (NSE) on Thursday 16th of May 2019. As followers of the NSE, we have waited for years for this to happen and we are glad to finally see this long-awaited announcement come alive.

WHAT DOES THIS MEAN?
By listing MTN on the NSE, its shares can now be traded everyday by buyers and sellers. Until, now this was not possible, as its shares were held privately by its investors. You could only previously buy and sell MTN shares in South Africa, until last year’s Ghana IPO.

WHO CAN BUY AND SELL MTN SHARES?
MTN shares can only be bought or sold by retail and institutional investors who have a CSCS account and have an account from any registered stockbroker. You cannot buy MTN shares if you do not have a stock brokerage account from a stockbroker registered in Nigeria. To find a registered stockbroker just check the attached list of the top 10.

WHY BUY MTN SHARES?
MTN Nigeria is a behemoth of a company, reporting massive profits that run into over N160 billion. In its latest investor conference, it said that it reports a return on equity of about 90%. This means it makes a profit of N90 for every equity of N100 it invests. That’s unheard of for any quoted company in the country.

MTN also claims to pay over 80% of its profits as dividends. It is also likely to list at N90 (and expected to climb as investors scramble for the shares), thereby placing it at a price-earnings multiple of 11x. It’s double-digit revenue and profit growth suggest this is actually a cheap price.

WHAT PRICE IS GREAT?
Going by the numbers we have seen, MTN might be listed at N90 giving it a price-earnings ratio of 11x (we assumed an earnings per share of N8 based on profits of N160b). If you consider that MTN‘s price-earnings ratio has the potential to rise to as high as 30x, then the share price could easily be N240 by year end. MTN South Africa trades at 29x earnings per share, so this theory is not far fetched. MTN could, therefore, be a good stock to buy for any price between N90 and N160 giving investors a good upside.

HOW DO I BUY MTN SHARES?
As stated above, you will need to have a stock brokerage account if you are to buy MTN shares. The shares will be listed on Thursday 16th May 2019, which means investors (both retail and institutional) have a shot at buying. However, to buy means there must be a willing seller. Once you have a willing seller ready to accept your offer price, then you are sure to have a deal.

QUICK STEPS TO START
-- Deposit money into your stock brokerage account
-- Instruct your stockbroker to buy for you at your determined price
-- You can also buy yourself if you operate an online trading account with the same stock brokerage account.
-- If you go through the online portal, you place your bid and hope that an offer is available for you at the right price and you have a deal.
-- You get an email from your stockbroker confirming that you now own shares in MTN

UPSHOTS
We think MTN shares are going to be really scarce for now as investors who own it are private. They will only sell if they really need cash and if the price is right. MTN revealed its plans to have an IPO (Initial Public Offering) “soon” which will create new shares. This might be when a lot of Nigerians will get the opportunity to buy. Do not expect the price to be N90 by then.

SOURCE: https://nairametrics.com/2019/05/15/how-to-buy-mtn-nigeria-shares-on-the-nigerian-stock-exchange/

A 20-year-old alleged kidnapper based in Ogun State, Chinwetalu Oranu, has been arrested in Onitsha, Anambra State. In a statement by the Police Public Relations Officer, Mohammed Haruna, Oranu was arrested for his alleged involvement in the abduction of one Obiora Okonkwo in Agbara industrial layout, Ogun State.

Mohammed who disclosed this said the suspect was arrested by officers attached to the Special Anti Robbery Squad and Operation Puff Adder at Omagba Phase 1, Onitsha. He said, “In order to further stem the tide of armed banditry and other heinous crimes in the state, operatives attached to Special Anti Robbery Squad and operation Puff Adder had at 2pm arrested at Omagba phase 1, Onitsha, one Chinwetalu Oranu ‘m’ aged 20 years. Suspect masterminded the kidnap of one Obiora Okonkwo at Agbara industrial layout in Ogun State on the 30/4/2019 and has confessed to the crime.”

The PPRO added that the suspect would be handed over to the Ogun State Police command where the offence was committed for further investigation and prosecution.

In a related development, two persons were arrested for allegedly robbing one Peter Morah of his motorcycle and two mobile phones at gunpoint. The suspects, Ajumobi Chibueze, aka Ijele, 24 years and Bosa Chidi, 28 years were tracked down by Police operatives attached to the Command Special Anti Robbery Squad and operation Puff Adder.

Mohammed said all items robbed have been recovered from the suspects. He said the case was being investigated after which suspects would be charged to court.

SOURCE: https://punchng.com/alleged-kidnapper-from-ogun-arrested-in-anambra/

American technology giant, Microsoft Corporation, has unveiled its first Africa Development Centre (ADC), with two offices in Nairobi, Kenya, and Lagos, Nigeria.

THE ADC IS WORTH $100 MILLION
Microsoft said that an estimation of the investment in the ADC project and employment of qualified local engineers sums up at $100 million in the first five years of operation. The company further disclosed it plans to hire highly-qualified to develop the technologies suitable for Nigeria and Kenya.

“Our desire is to recruit exceptional engineering talent and provide the opportunity to work on the latest technologies suitable for Kenya, Nigeria and the rest of the world. In doing so, engineers are able to enjoy meaningful work from their home countries, while plugged into a global engineering and development organisation.”

GOAL OF THE CENTRE
The ADC will serve as a premier centre of engineering for Microsoft, building world-class talent capable of creating innovative solutions for local and global impact. It is expected to establish a collaborative engineering springboard for new technology investments in Kenya. Commenting further on the plans for the Africa Development Centres, Microsoft‘s Vice President for Gaming, Phil Spencer, said the following:

“The ADC will be unlike any other existing investment on the continent. It will help us better listen to our customers, develop locally and scale for global impact. Beyond that, it’s an opportunity to engage further with African partners, academia, governments and developers – driving impact and innovation in sectors important to Africa.”

THIS IS ONE AMONGST MICROSOFT ’s MANY PROJECTS IN AFRICA
This move follows Microsoft‘s recent initiative to make Artificial Intelligence (AI) available to every country in Africa through its 4Africa initiatives.

ABOUT MICROSOFT
Microsoft Corporation is an American multinational technology company with headquarters in Redmond, Washington. It develops, manufactures, licenses, supports, and sells computer software, consumer electronics, personal computers, and related services. The company’s best-known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, as well as the Internet Explorer and Edge Web browsers.

Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers.

SOURCE: https://nairametrics.com/2019/05/14/microsoft-unveils-technology-development-centres-in-2-african-countries/?utm_source=Nairametrics+Newsletter&utm_campaign=4666ebefda-EMAIL_CAMPAIGN_2019_02_26_05_19_COPY_18&utm_medium=email&utm_term=0_c96c21e814-4666ebefda-62571785&mc_cid=4666ebefda&mc_eid=5d37a2b3b9

Morgan Stanley Capital International (MSCI) recently released its Semi Annual Half year Index review, which will take effect on 28 May, 2019.

CHANGES MADE
For its Nigerian Index, four stocks were removed, while weighting of several others was increased. Diamond Bank, Access Bank, UBA and Unilever Nigeria were removed from the MSCI Nigeria index. Weightings for Dangote Cement, Guaranty Trust Bank, Nestle Nigeria, Zenith Bank, Nigerian Breweries, Stanbic IBTC Holdings, Seplat, FBN Holdings and Ecobank Trans International where increased. GTB had the largest share of the Nigerian index at 19.89%; Dangote Cement follows closely at 18.69%; Nestle Nigeri takes the third position at 17.05%.

For the MSCI NIgeria IMI index, Fidelity Bank was removed, while Dangote Cement and Lafarge Africa had their weightings increased.

WHY WERE THE FOUR STOCKS REMOVED?
The stocks may have been removed due to decline in their market capitalization for the period under review. The Nigerian stock market has performed poorly in 2019, and the All Share Index is down 9.37% year to date.

IMPLICATIONS OF THE CHANGE
Stocks removed from the indices may witness sell downs, as foreign portfolio investors will rebalance their portfolios accordingly. The rebalancing however in no way implies change in fundamentals of the stocks, which remain sound.

The MCSI Frontier Market Index was created in 2007 and tracks stock markets of countries which are more volatile than emerging markets. The 21 countries in the Index are Argentina, Bahrain, Bangladesh, Croatia, Estonia, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Lithuania, Mauritius, Morocco, Nigeria, Oman, Romania, Serbia, Slovenia, Sri Lanka, Tunisia, and Vietnam.

It also includes the West African Economic and Monetary Union, which consists of Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

SOURCE (abridged/updated): https://nairametrics.com/2019/05/14/mcsi-rebalances-nigeria-indexes/

Below is the summary of the recent MTN Investors Presentation

OVERVIEW
1. Largest mobile operator in Nigeria with 60.3m subscribers
2. 50% market share by revenue
3. 20.4m active data users
4. Largest Fibre Network Coverage of 25,000 km
5. 20 million Nigerians live in places where MTN is sole communication provider
6. Connecting 850+ large corporates, 100+ public sector and 800,000+ small businesses.

INVESTMENT CASE
1. MTN is operating in the largest economy in Africa.
2. Exciting demographic opportunities with fastest growing youth population requiring data.
3. Well positioned for long term with largest fibre network in Nigeria
4. Low banking penetration presents fantastic opportunity in Fintech/digital banking sector as it has obtained a payment service bank license from CBN.

FINANCIALS
1. Total Revenue grew 12% & 17% in 2017 & 2018 respectively.
2. EBITDA Margin has been at least 39% in last 3 years.
3. Very low debt level with net debt to EBITDA at 0.4x & Interest Coverage of 15.4x
4. MTN intends to pay out 80% of distributable income as dividend.
5. Return on Equity is 90%
6. Return on Assets is 17%

OUR OPINION
On the back of what we saw from the presentation, MTN appears to have solid fundamentals and strong growth potential. It is a mature company in a growing market. We would invest in the stock if we had to make the decision today, but the listing price (which is not yet available) might affect that decision.

SOURCE (abridged): Arthur Stevens Asset Management

MTN Nigeria is to be officially introduced on the Nigerian Stock Exchange (NSE) on Thursday 16th May, as the telecom company has concluded all relevant processes which will enable it list on the Nigerian bourse, two officials told Daily Trust yesterday. The NSE and MTN officials who pleaded anonymity confirmed to our reporter that the telecom operator’s 20.3billion shares are expected to start trading this week.

‘’Yes, I can confirm that we are listing this Thursday’’, a top MTN official told Daily Trust yesterday.
‘’All I can say is that Nigerian investors will start trading in MTN sometime this week’’, a top NSE official familiar with the MTN listing said.

The telecommunication giant last week said it had completed registration of 20.3billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC). It said the successful completion of the process set in motion the next steps in the company’s intended listing by introduction on the Nigerian Stock Exchange (NSE).

MTN CEO, Ferdi Moolman, said, “I am excited we have achieved another milestone in our listing process, and we want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the NSE to complete the listing process.”

The South African telecoms giant had in April announced its conversion from a private company to a public company. The conversion to a public company is a legal requirement and a key milestone in the preparatory process for MTN’s listing on the NSE, Mr. Moolman, had said in a statement in April. Moolman said MTN’s intended listing on NSE would create a new telecom asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.

He had also said it was a re-affirmation of the company’s long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.

SOURCE: https://www.dailytrust.com.ng/mtn-to-list-on-nse-thursday.html

Some Nigerians are ever so eager (if not desperate) to make money, regardless of whether it is through legal means or illegal. This explains why quite a number of them fall prey to ponzi schemes. Following the launch of the latest ponzi scheme in town called Loom Money Nigeria, many have thrown caution to the wind as they rush to partake, forgetting the recent drama and bitterness that accompanied the collapse of MMM.

WHAT IS LOOM MONEY NIGERIA?
Loom Money Nigeria is the latest ponzi scheme in the country. Nairametrics understands it is a peer-to-peer pyramid scheme that follows same pattern as the now collapsed MMM.

HOW LOOM FUNCTIONS
The ‘Loom’ sits in a circle and every time a new person is recruited, others are pushed closer to the centre of the circle where they’re promised a payout. There are 4 main levels in Loom: Purple, Blue, Orange, and Red. When eight people join the programme, the person in Red (centre) qualifies to get his target amount and and can leave. Afterwards, the Loom will split into top half and bottom half as the circle begins again.

Basically, the higher number of people you add to the Loom, the quicker the movement for you to withdraw your initial investment. However, if people are unable to find investors and move closer to the centre of the circle, the last people to invest lose their money.

STEP-BY-STEP PROCEDURES OF LOOM MONEY
-- You are invited/lured to join by either friends, relatives, colleagues, etc.
-- You are then asked to invest either N1,000 or N13,000, with promise you will earn 8 times the initial amount when your circle is complete.
-- After “investing”, you are then required to invite more people.
-- You must be aware of the four steps earlier mentioned.
-- The more people you add, the sooner you get to “cash out”.

IS LOOM REAL?
While people who are into this Ponzi scheme have proof of payments to lure new people onto the platform, it is pertinent to note that Loom Money Nigeria is not a sustainable investment, neither is it legal.

THE IMPENDING DOOM
Practically, you pay to get involved in a Ponzi scheme. Loom Money Nigeria relies on “you” to recruit others to join up and part with their money just as you did. In order for everyone in the scheme to make profit, the supply of new members is expected to be unending. Each Whatsapp group or other social media platforms is expected to be growing with new members to make the kind of money Loom Money Nigeria is promising.

Therefore, should some members fail to keep up with commitments expected of them to get their expected returns, the money coming into the scheme will ultimately dry up; causing people to lose their initial investments just as was the case with MMM.

THE TRAGEDY
Loom Money Nigeria is dangerous and the end result is expected to be tragic. This is because by inviting friends and family members to join the platform in order for you to cash out, you are basically scamming them. Essentially, you’re scamming your family and friends because it is your immediate circle that you are inviting into the Ponzi scheme — it’s basically like transferring money around to different people until the people at the bottom of the get eventually gets cheated.

QUICK REMINDER
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Ponzi schemes typically deceive victims into believing profits are coming from product sales or other means, as they remain unaware that other investors are the source of funds.

According to the Central Bank of Nigeria (CBN), despite the harsh economic climate, Nigerians, as at December 2016, threw about N12 billion away on Ponzi schemes such as the popular but now defunct MMM.

SOURCE (abridged): https://nairametrics.com/2019/05/06/beware-of-the-latest-ponzi-scheme-in-town-called-loom-money-nigeria/

See attached summary of dividends/bonuses declared so far in 2019 by companies on the NSE.

SOURCE: Arthur Stevens Asset Management Ltd.

Do you know the terms for number of goals scored in football?

Here they are:

1 goal = Goal
2 goals = Brace
3 goals = Hat-trick
4 goals = Haul
5 goals = Glut
6 goals = Double hat-trick
7 goals = Haul-trick
8 goals = Double haul.

The Lagos State Police Command has debunked report of alleged complicity in the death of an Okada rider who was said to have been chased to death by the police. In a statement released by Police Public Relations Officer, DSP Bala Elkana, the Command stated that the allegation was false and misrepresentation of facts.

The statement reads: “Attention of Lagos State Police Command has been drawn to a video circulated on the social media in respect of an Okada Rider said to have been chased to his death by a Police Officer. The allegation is false and a complete misrepresentation of the facts. The fact is that on 8th, May 2019 at about 6.05am the Police at Ago Okota Police Station heard a loud sound few meters away from the station and rushed out to ascertain what was going on. They found a motorcyclist laying down in the pool of his own blood with his motorcycle on the ground.

“The victim was taken to the hospital but eventually died. On inquiries from eyewitnesses around the scene, it was gathered that the motorcyclist was involved in a fatal accident with a vehicle along Ago Palace way. An eye witness known as Mr. Adedayo Benson stated that this morning he was standing in front of century hotel and saw the okada man, who was riding on a high speed ran into a road bump/speed breaker and suddenly applied his break but was hit by a Camry car who was driving behind.

“That the driver of the Camry ran before the arrival of the Police. Investigation into the accident is ongoing to track and apprehend the driver of the Camry vehicle with a view of bringing him to justice.”

SOURCE: https://dailypost.ng/2019/05/08/police-speak-crushing-motorcyclist-death-lagos/