₦airaland Forum

elektra:
But wetin dey wrong for that zebra picture now? Safaris are one of Africa’s attractions, so why are they vexing?
Ordinary question: what is the best thing about Africa?
See as dem dey para, some of them no even bother to answer sef.

The concept of safari is outdated and Africa as a continent has evolved beyond just safari. This is known to DHL that claimed no one knows Africa better than they do, yet refused to show our development and diversity.

We are more than just safaris. We are unique people that speak more than 2000 languages. That single story must change.

Brent crude oil rose above $61 a barrel on Tuesday following series of adjustments made by the OPEC and Non-OPEC members at ensuring price stability.

Brent, against which half of the world’s oil is priced, surged to $61.32 a barrel by 8:00pm, gaining about 37 percent from its 2017 lows in June.

The United States West Texas Intermediate crude was seven cents or 0.1 percent higher at $54.21, still near its highest since February and close to its highest for more than two years.

Traders and brokers said investors were adjusting positions after price rises of around five percent in October.

The US crude exports have jumped close to two million bpd and production has risen almost 13 percent since mid-2016 to 9.5 million bpd.

“The problem is as soon as prices move up it’s too easy for the US producers to add another rig or another completion crew,” said Stewart Glickman, energy equity analyst at CFRA Research in New York, “Then they increase production and you’re back where you started.”

Six analysts polled by Reuters ahead of inventory reports estimated, on average, that crude stocks were forecast to have fallen by 2.6 million barrels in the week ended October 27.

Iraq’s move to increase oil exports from its southern ports by 220,000 bpd to 3.45 million bpd to make up for supply disruptions from its northern Kirkuk fields also weighed on prices, traders said.

http://investorsking.com/brent-crude-oil-rises-61-per-barrel/ mynd44

The series of changes implemented by the federal government to reduce leakages and boost revenue generation have started crystalizing as the revenue from Value Added Tax surged to a record high in 10 months.

According to the Minister of Finance, Mrs. Kemi Adeosun, revenue inflow from Value Added Tax (VAT) rose to N797 billion between January and October 2017.

The minister who released the details on Tuesday in Abuja, also noted that the highest VAT revenue was achieved in September when N86.71 billion VAT revenue was recorded.

Similarly, the sums of N84.67 billion and N83.315 billion were recorded in the month of May and October, respectively.

However, March experienced the lowest VAT revenue of N69.20 billion.

The minister reaffirmed government’s commitment to growing the tax revenue base in order to further stimulate economic growth.

She said, “Revenue mobilisation is key to national growth and critical to the success of Nigeria’s economic reform agenda. We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

“With a tax to Gross Domestic Product ratio of only six percent, which is one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth. Improving VAT and other tax collections is key to Nigeria’s revenue strategy.”

Current VAT framework allows the Federal Government to get 15 percent of the total VAT revenue, while states and local governments receive 50 percent and 35 percent, respectively.

The minister assured that the Federal Government would continue to collaborate with the right authorities to grow the non-oil revenue base, this includes raising the VAT revenue to N100 billion a month.

Nigeria jumped to 145 on the World Bank’s Ease of Doing Business ranking, up from 169 of 190 listed countries.

http://investorsking.com/nigeria-generates-n797bn-revenue-vat-10-months/

Access Bank Plc announced a pre-tax profit of N72.9 billion for the third quarter, up from the N69 billion recorded in the corresponding quarter of 2016.

On a yearly basis, the gross earnings surged from N275 billion recorded in the 3Q 2016 to N365 billion in 2017, representing an increase of 33 percent.

Profit after tax climbed by 4 percent from N54.1 billion in the 3Q of 2016 to N56.4 billion in the third quarter of 2017.

According to the group managing director, Herbert Wigwe, Access Bank continues to gain momentum from a well-diversified earnings that are driven primarily by strong performance from core revenue lines.

“We continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our retail and digital offerings. I am excited at the prospects in the coming months.”

Also, the bank’s 3Q performance showed operating costs dropped by 18 percent quarter-on-quarter to N49.5 billion in September. Further validating the bank’s commitment to improve operating efficiency while reining in costs.

The lender added that capital and liquidity buffers of 20.5 percent and 46 percent, respectively, are well above the minimum regulatory requirement.

“The Board and Management remain extremely grateful to our more than 8 million customers, shareholders and dedicated employees for enabling us achieve several milestones within this period. We look forward to the next five years, with confidence in our ability to deliver superior service and optimised shareholder value,” Wigwe stated.

http://investorsking.com/access-bank-declares-n56-4bn-profit-3q/

Unity Bank Plc announced N2.72 billion profit before tax for its unaudited third quarter financial report.

The commercial bank attributed the modest performance to the challenging operating environment while pointing to key financial indices to validate sustained growth.

“This attests to the bank’s ability to remain profitable and resolute in its commitment to delivering value and return on investment to its shareholders and customers,” it said in a statement.

The commercial bank reported gross earnings of N65.03 billion in the third quarter, up from N64.58 billion recorded in the corresponding quarter of 2016. Post- tax profit stood at N2.45 billion.

However, operating expenses were down 2 percent from N18.9 billion in the 3Q of 2016 to N18.6 billion in the 3Q of 2017. This, the bank attributed to cost containment initiatives instituted by the bank to optimize resources for efficiency and effectiveness.

Earnings per share stood at 20.94 kobo in the quarter.

Speaking on the report, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer, Unity Bank said “the bank in the process of repositioning itself had tapped into the emerging opportunities in the enlarged economic space within Nigeria particularly in the agriculture and the Small and Medium Enterprises value chains.”

http://investorsking.com/unity-bank-reports-n2-72bn-profit-3q/

Ojuelegba playing

Steel chin Carlos Takam, a tough fighter. AJ will need a lot of jab and fight from inside because of Takam forward style and strength, Takam doesn't joke.

Mariinee:
Ugh...please stop spreading lies. This isn't about the black skin or something but the girl is UGLY. Like ugly in Uppercase.
We shouldn't encourage hypocrisy in the bid to promote the black skin. I'm sure the only reason why she's still keeping that complexion is because it is her means of livelihood.

Beauty lies not just in the face but combination of everything that represents the being in you. Celebrate her, please!

Oil search in Nigeria’s inland basins has received a boost following the commencement of exploration activities in the Nasarawa State’s section of the Benue Trough by the Nigerian National Petroleum Corporation.

The Group Managing Director, NNPC, Dr. Maikanti Baru, announced this during a visit to the Nasarawa State Governor, Tanko Almakura, in Lafia on Thursday.

Baru stated that the visit was in fulfilment of the presidential mandate that the NNPC should resume oil exploration activities in some of the nation’s inland basins, including the Chad Basin and Benue Trough.

He said the mandate was driven by the urgent need for the country to increase its oil and gas reserves, thereby improving revenue streams and creating more business and employment opportunities for Nigerians.

“I am happy to be personally here to kick-start the beginning of a high-profile stakeholders’ engagement towards oil exploration in the Nasarawa State’s part of the Benue Trough,” he stated.

Baru noted that NNPC, through its Frontier Exploration Services, would do everything possible to operate peacefully among the people and with much respect for the environment.

He said the corporation’s Frontier Exploration Services had already mobilised Integrated Data Services Limited, an upstream arm of the NNPC, to acquire seismic data in the Benue Trough from the Keana area.

“I am convinced that the success of the results from the IDSL’s seismic data acquisition will lead to the drilling of exploration wells in the area, which hopefully will launch Nasarawa State into the league of oil producing states in the country,” Baru said.

Earlier, the governor had expressed delight over the oil search in his state and assured the NNPC of the state government’s support towards the oil search in the frontier.

http://investorsking.com/nnpc-begins-oil-exploration-nasarawa/

The captain of Ghana’s national soccer team, Asamoah Gyan, has secured a license to open an airline that will be named after his on-field nickname, Baby Jet.

Gyan “is working feverishly to establish an airline, called Baby Jet Airlines,” President Nana Akufo-Addo said Wednesday, according to a copy of a speech delivered at an aviation industry show in the capital, Accra. “I want to appeal to other Ghanaians, both home and abroad, to invest in the rapidly growing aviation sector.”

Passenger arrivals at Accra’s main international airport grew by almost a quarter to 373,429 in September from the same month a year ago, Akufo-Addo said. The construction of a new terminal will be completed in April, he said.

Gyan, 31, is the leading goalscorer for Ghana’s national team with 51 goals and has represented the country at three World Cup tournaments. He is currently playing for Turkish club Kayserispor. Previous sides include Udinese in Italy and English team Sunderland.

http://investorsking.com/ghana-soccer-captain-baby-jet-gets-license-open-airline/ mynd44

Cus D'Amato told Mike Tyson the same thing. He said if they can stop you from having sex, they can stop you from breathing.

Global oil prices gain on Tuesday following the news of OPEC planning to extend production cuts and work on a viable exit strategy.

Brent crude oil gained 0.52 percent to $57.57 a barrel at 03:03 p.m. Nigerian time. While the West Texas Intermediate oil rose 0.77 percent to $52.30 a barrel, up from 38 cents.

In the past, traders have criticized the cartel for not having an exit strategy for its aggressive production cuts. Rather, hoping global demand would increase in the long run and eventually absorb supplies.

“The market will probably take it positively if OPEC can explain their thinking on how it works when they’re not voluntarily holding back oil from the market anymore,” said Torbjorn Kjus, an analyst at DNB Markets. “There’s a fear in the market that when the deal runs out, then it’s every man for himself again, and that’s not what they’re thinking.”

Last week, OPEC Secretary-General Mohammad Barkindo said balanced oil market is in sight and that production cuts have reduced half the oil-inventory surplus.

“A balanced oil market is now fully in sight,” Barkindo said at the Oil & Money conference in London on Thursday. “Stability is steadily returning and there is far more light at the end of the dark tunnel we have been traveling down for the past three years.”

U.S. inventories dropped by 3 million barrels last week, making it a fifth consecutive decline, according to a survey published by Bloomberg before government data due Wednesday.

“The oil inventory surplus in industrialized nations compared with the five-year average has fallen below 160 million barrels, less than half the level at the start of the year, he said. Stronger demand means that decline has accelerated since May,” Barkindo said.

http://investorsking.com/crude-oil-gains-opec-plans-extend-production-cuts/

The German Ambassador to Nigeria, Dr Bernhard Schlagheck, disclosed in Abuja on Monday that the volume of trade between Nigeria and Germany shrank to €3.5bn in 2016.

Schlagheck said in an interview that the trade volume dropped by about €2.5bn from €6bn recorded in 2015.

The envoy blamed the fall on the economic downturn in Nigeria, expressing his determination to work toward increasing the volume of trade between the two countries.

He said that as part of efforts to deepen bilateral economic relations, the German Government was supporting market exploration missions by business delegations to Nigeria.

Schlagheck said that Germany had committed millions of Euros to vocational training in Nigeria and was prepared to keep promoting the programmes.

“The German Government has a whole range of activities in various states in this country and we have invested €50m in vocational training in Nigeria in a year.

“We are doing a lot of other training in Nigeria. In various states, we have projects of German enterprises with some private partners.

“So, we have whole lots of training to enhance capacity building in Nigeria.”

Schlagheck said that a training session on technical facility management through Germany Dual Vocational Training in partnership with the Abuja Chamber of Commerce had just been concluded in Abuja.

According to him, DVT system is the commonest form of vocational training in Germany.

The envoy explained that “dual” in this context meant a combination of practical, on-the-job training and theoretical education at a vocational school to ensure proper balance of theory and practice.

The President of the Abuja Chamber of Commerce and Industry, Mr Tony Ejinkeonye, also said that the training would impact on the fortunes of member companies as well as on the Nigerian economy.

He said that the project started in March 2015, was initiated by the chamber and Giessen-Friedberg with a view to adding quality to vocational education in Nigeria.

“The apprenticeship scheme is used widely in Germany and it has over the years contributed to the success story being recorded in that country’s manufacturing sector.’’

http://investorsking.com/germany-nigeria-trade-volume-falls-e3-5bn/

Nigeria has revised down its forecast for 2017 economic growth to 1.5 per cent from 2.19 per cent, according to a document reportedly seen by Reuters on Thursday.

The report said oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day for 2017, as of July, against an estimated 2.2 million barrels per day.

Titled ‘The 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper,’ the document was prepared by the Ministry of Budget and National Planning and is dated August 2017.

The International Monetary Fund last week affirmed its earlier forecast of only 0.8 per cent growth for Nigeria this year, indicating that the government’s projection of 2.19 per cent growth in the economy for 2017 was unrealistic.

This is well below the global economic growth projection of 3.6 per cent, a slight increase from the 3.5 per cent earlier projected in July.

The IMF had earlier predicted the exit of Nigeria from recession this year with an economic growth of 0.8 per cent, but warned that threats to recovery remained elevated, and that the economy would not grow enough to reduce unemployment and poverty.

The IMF then advised the Federal Government to pursue a policy of fiscal consolidation through higher non-oil revenues, to ensure stability in growth.

Nigeria slipped into a recession last year as low crude oil prices and production slashed government revenues, caused dollar shortages and crippled the nation’s economy.

The IMF had said, “Economic growth in Nigeria is expected to recover slightly to 0.8 per cent this year after the country slipped into its first recession in more than two decades last year.”

http://investorsking.com/nigeria-lowers-2017-economic-growth-forecast-report/

Shareholders of Zenith Bank Plc should be expecting a bumper harvest at the end of 2017 financial year if the impressive performance recorded for the nine months ended September 30, 2017 is sustained.

The results released yesterday showed growth in major performance indicators despite the challenging operating environment. The bank recorded gross earnings of N531.3 billion, showing a growth of 39.7 per cent above the N380.4 billion posted in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion, while non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion.

Still reflecting the challenges borrowers are facing in repayment of loans, the bank’s credit impairment charges rose by 115 per cent from N21.9 billion to N47.1 billion.

Zenith Bank grew its profit before tax (PBT) by 30.8 per cent from N116.6 billion to N152.5 billion, while profit after tax (PAT) grew faster by 36 per cent to N129.2 billion, compared with N95.4 billion in 2016.

The bank enjoyed high customer loyalty and patronage as deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September. But loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion. Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.

Shareholders of Zenith Bank received an interim of N7.8 billion for the half year (H1) ended June 30, 2017. The dividend translates to 25 kobo per share.

The Chairman of Zenith Bank Plc, Mr. Jim Ovia had told shareholders last March that in line with its commitment to delivering superior returns to its much-valued shareholders, the bank ensured that a good chunk of the profit was set aside for shareholders.

According to him, even in the face of a very challenging operating environment, Zenith Bank has maintained its culture of outstanding performance and industry leadership.

He said: “As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market.”

The Group Managing Director/Chief Executive Officer of Zenith Bank, Mr. Peter Amangbo said as an institution of well-primed people, the bank relied on its pool of exceptional staff to make sound and timely decision and addressed issues in a manner that anticipated developments and demonstrated excellent understanding of the dynamics of the market and economy.

http://investorsking.com/zenith-bank-grows-nine-months-profit-36-n130bn/

The Central Bank of Nigeria on Thursday sold another N98 billion of treasury securities to reduce Naira liquidity and support the currency.

The apex bank sold the 91-day bill at a higher interest rate of 16 percent, while the 196-day bill was offered at 17.81 percent.

Total subscriptions were N194.6 billion.

This was after 10.25 billion of a 91-day bill was auctioned at an interest rate of 13.1 percent on Wednesday, and N11 billions of 182-day bills at 15.3 percent and N112 billions of one-year paper at 15.50 percent.

Total subscriptions were N194.6 billion.

The local currency remained fairly stable on Thursday, trading at N305.60 against the U.S. dollar on the official market window, the same level it has been trading in the last three months.

On the Investors & Exporters window, the Naira traded at N360 to a US dollar. While on the parallel market the Naira remained at N363 per dollar.

Central bank intervention has helped sustain the Naira value against the US dollar and moderate rising consumer prices to 15.98 percent in September.

Meanwhile, the 2017 economic growth forecast was revised down from 2.19 percent to 1.5 percent, according to a Reuters report released on Thursday.

The revision was based on oil production which stood at about 1.9 million barrels per day as of July 2017, while the estimate used in the previous projection was 2.2 million barrels per day.

This was after the International Monetary Fund affirmed its 0.8 percent projection for 2017 economic growth last week, saying the 2.19 percent estimated by the Federal Government is unrealistic given current headwinds.

Nigeria generates two-thirds of its revenue from crude oil.

http://investorsking.com/cbn-sells-treasuries-mop-naira/

Spending $2 million a month, yet blaming lawyer, business manager. When you go blame yourself Pirate?

Johnny Depp added his longtime entertainment lawyer to the list of people he says are to blame for his vanished fortune and wants $30 million in contingency fees paid over the past 18 years returned.

The star of Walt Disney Co.’s “Pirates of the Caribbean” franchise — which has garnered about $4.5 billion in box-office sales globally — sued Jacob Bloom on Tuesday for malpractice, among other claims. Depp says the lawyer was in cahoots with his former business managers at the Management Group, who the actor is already suing for allegedly mismanaging hundreds of millions of dollars he made.

The legal fallout between Depp and his former advisers has provided a rare glimpse into dealings between megastars and the people they entrust with running their business and private life.

Specifically, the 54-year-old actor claims, Bloom helped arrange a predatory, “hard money” loan that has been sucking up his residuals from six movies while his business manager and lawyer were still getting their cut from his share of the movies.

Bloom and the Management Group “structured the loan, without the legally required disclosures to Mr. Depp, as a vehicle to provide themselves with immediate priority to millions of dollars of voidable contingency fees tied to the success of Mr. Depp’s film residuals,” all before Mr. Depp received a cent, according to the complaint filed in Los Angeles.

Bloom didn’t immediately return a call for comment on the allegations.

After Depp sued his former business managers in January for mismanagement and negligence, the Beverly Hills-based Management Group fired back, claiming the actor repeatedly ignored their advice that his $2-million-a-month lifestyle, including $30,000 just for wine, wasn’t sustainable.

Depp’s over-the-top outlays have included a 45-acre chateau in the South of France, a chain of islands in the Bahamas, a 150-foot (46-meter) luxury yacht, art works by Andy Warhol and Gustav Klimt, 70 collectible guitars, 40 full-time employees around the world and a specially made cannon that he used to blast the ashes of Hunter Thompson over Aspen, Colorado, according to his former business managers.

The case is Depp v. Bloom Hergott Diemer Rosenthal LaViolettte Feldman Schenkman & Goodman LLP, BC680066, California Superior Court, Los Angeles County (Los Angeles).

http://investorsking.com/johnny-depp-also-blaming-lawyer-vanished-fortune/ mynd44

Richard Branson, billionaire founder of the Virgin group, has revealed he was targeted by a fraudster posing as Britain’s defense minister who tried to get him to contribute $5 million to a supposed secret ransom payment.

Appealing for information to help identify the conman, Branson said he suspected the same person had later impersonated him to steal $2 million from a friend of his by pretending to raise funds for people affected by Hurricane Irma.

“This story sounds like it has come straight out of a John le Carre book or a James Bond film, but it is sadly all true,” Branson wrote in a blog.

Instantly recognizable with his wavy blond hair and beard, Branson is one of Britain’s best-known businessmen. The Virgin brand is licensed for use by a range of businesses from airlines to train companies to telecoms and gyms.

Branson wrote that six months ago, after an elaborate set-up involving a note on fake government notepaper, he spoke on the phone to someone purporting to be Defence Secretary Michael Fallon.

The man told Branson that a British diplomat had been kidnapped and was being held for ransom by terrorists.

He said that while the government did not pay ransoms, there was a particularly sensitive reason why the diplomat had to be saved, and the government was confidentially asking a syndicate of British business people to step in.

“I was asked to contribute $5 million of the ransom money, which he assured me the British government would find a way of paying back,” Branson wrote.

Feeling suspicious, Branson checked with the government and was told that Fallon had not spoken to him. The matter was reported to the police.

Six months on, Branson learnt that a friend, whom he described as a very successful businessman in the United States, had been called by a conman posing as him.

“When the call happened, the conman did an extremely accurate impression of me and spun a big lie about urgently needing a loan while I was trying to mobilize aid in the BVI (British Virgin Islands),” he wrote.

Branson owns a small island in the BVI archipelago which, as was well publicized, was devastated by Hurricane Irma. The caller took advantage of that context.

“They claimed I couldn’t get hold of my bank in the UK because I didn’t have any communications going to Europe and I’d only just managed to make a satellite call to the businessman in America,” Branson wrote.

“The business person, incredibly graciously, gave $2 million, which promptly disappeared.”

A spokesman for Fallon said he was aware of two attempts, one not involving Branson, to impersonate the minister for illicit gain, and Fallon’s office were assisting the police in their efforts to try to catch those responsible.

http://investorsking.com/billionaire-branson-targeted-5-million-scam-straight-le-carre/ mynd44

China has pledged increased investments in Nigeria and other nations of the world by its citizens and private business concerns as it vows to open up more to the outside world.

This is a main agenda of the 19th National Congress of the Communist Party of China, which opens in Beijing today (Wednesday) at the Great Hall of the People.

The spokesperson for the congress, Mr. Tuo Zhen, said at a pre-congress press conference in Beijing on Tuesday that following the decision taken at the 18th congress five years ago, investment cooperation by Chinese companies had positively contributed to many host countries in helping them to improve industrial standards and achieve economic and social development.

According to him, between 2013 and 2016, Chinese companies invested about $560bn overseas, paid over $100bn of various kinds of taxes to the host countries, and created millions of jobs for the local communities.

“The investment by Chinese companies has helped the destination countries transform their resources and labour advantages into strength for development; and investment by Chinese companies is welcomed by the host countries,” Zhen stated.

According to him, China advocates international cooperation on production capacity, which is aimed at leveraging the comparative strength of all countries, serving the development needs of the nations, and building a more balanced and inclusive global industrial chain.

He noted that in a highly open international market, Chinese companies face fierce competition from local and global firms.

http://investorsking.com/china-pledges-investments-nigeria-others/

The United Bank for Africa Plc has reported a 33.2 per cent growth in its profit before tax for the unaudited third quarter financial results ended September 30, 2017.

The pan-African financial institution’s result showed remarkable performance across key financial indicators.

Its PBT appreciated to N78.3bn from N58.8bn recorded in the same period of 2016.

“This impressive performance defies the slow economic recovery in Nigeria as well as some African markets, where the bank operates,” the bank stressed in a statement on Monday.

UBA’s gross earnings grew by 26 per cent to N333.9bn, as against N265.5bn reported in September 2016. The result, the bank said, was driven by the strong performance of its recurring core revenue lines, thus reflecting the increasing success of the bank’s enhanced customer engagement.

The group’s operating income stood at N236.9bn, compared to N183.3bn recorded in the corresponding period of 2016, representing a 29.3 per cent growth

In the same vein, profit after tax grew to N60.9bn, representing a 23 per cent growth over the N49.5bn recorded in the third quarter of 2016. The profitability, it said, further reflected the strong earnings capacity of the group and its capability to progressively deliver superior returns to shareholders.

While the group closed the third quarter with total assets of N3.77tn, a year-to-date growth of 7.6 per cent, it grew net loans to N1.6tn, a six per cent year-to-date growth in the loan book.

Reflecting a strong capacity for internal capital generation, the group’s shareholders’ fund grew by 13.3 per cent to N507.6bn, while it delivered an annualised 18 per cent return on average equity.

Commenting on the result, the Group Managing Director/Chief Executive Officer of the bank, Kennedy Uzoka, said, “These extremely positive third quarter results are an attestation of our ability to sustainably grow earnings and market share, notwithstanding the challenging operating environment. They are a tribute to our enhanced customer engagement and focus on continuous improvement in service quality.”

He further noted that the bank’s nine-month top-line grew by 26.3 per cent, to an unprecedented N334bn, driven particularly by the strong performance of its recurring core revenue lines.

Uzoka said, “Our investment in digital channels is being rewarded, as our market share of digital banking continues to grow and we have also seen strong momentum in the trade and remittance businesses, where we have doubled the monthly run-rate in fee income, a testament to an increasingly optimistic business and currency environment.”

Also speaking on UBA’s financial performance and position, the Group Chief Financial Officer, Ugo Nwaghodoh, reiterated that the group recorded strong growth across its diversified business segments and geographies.

He said, “Our Africa operations (ex-Nigeria) again grew strongly in the period, contributing a third of top-line and approximately 40 per cent of earnings. As we consistently gain market share in digital banking, remittance and trade flows, we are sustainably growing the non-funded income line, which currently represents 28 per cent of our earnings.”

http://investorsking.com/uba-nine-month-profit-soars-33-2/ mynd44

Crude oil extended gains on Monday after Iraqi forces captured a military base, oil fields and an airport outside Kirkuk in the Northern part of Iraq.

Brent crude oil rose 1.5 percent to $58.02 a barrel on Monday as at 1:45 p.m. Nigerian time. While, West Texas Intermediate gained 1.2 percent to $52.06 a barrel.

The tension between the Iraqi and the semi-autonomous Kurdistan Regional Government started following an independence referendum by the Kurdistan Regional Government on September 25. Iraqi government alongside it allies, Turkey and Iran, have denounced the referendum saying it is illegal, with Turkey threatening to shut down Kurdistan shipment through its region.

Kurdistan which sits on reserves of about 45 billion barrels and exports around 600,000 barrels per day, may face tough time if Turkish government go through with the threat. However, experts believe the tension will ease global supplies and bolster oil prices.

“The Kurdistan tension is the main argument for the price gain,” said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. “The fact that the market now has started to react to geopolitical risks like this is clearly a reflection of an oil market with less abundance of oil.”

Again, with the Libya still struggling to restore oil production and currently producing about 1 million barrels a day, oil prices may remain high in the short-term and boost Nigeria’s foreign revenue generation that has plunged by 55 percent in the last 12 months.

“We’re still suffering from the lack of budget,’’ said Mustafa Sanalla, chairman of the National Oil Corp. Libya has explained its challenges to OPEC, which “understands the situation very well,’’ he added.

http://investorsking.com/iraq-kurd-tensions-push-oil-prices-higher/

Dominant cryptocurrency Bitcoin rose by more than 13 percent on Friday to an all-time high of $5,856.

The cyptocurrency that traded at $966 at the beginning of the year, has now gained more than 750 percent in the last one year and worth four times as much as an ounce of gold.

However, the price has been very volatile, plunging below $3,000 in September after China stopped exchangers from carrying out Bitcoin transactions and by October it was trading above $5,000.

Experts have called on central banks and regulators to get serious about digital currencies to curb excesses.

Russian president, Vladimir Putin called for regulation of cryptocurrencies week, saying their use is dangerous as they can be used to launder money, tax evasion and even fund terrorism.

However, he advised against too many barriers, which according to him could further boost the attractiveness of the coin.

Despite warnings, the digital currency has continued to gain acceptance, and just last month, a London based property developer, The Collective, announced it would allow tenants to pay in Bitcoin.

While, Jordan Hiscott, the chief trader at Ayondo Markets, said: “The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes.”

In September, JPMorgan Chase CEO Jamie Dimon called the high flying digital currency a fraud, but instead of his comments scaring investors, it has helped the coin popularity blast through $5,000.

Speaking on Jamie Dimon's comment, IMF Managing Director Christine Lagarde said people should be aware not to categorize "anything that has to do with digital currencies in those speculations, ponzi-like schemes. It's a lot more than that."

http://investorsking.com/bitcoin-move-rises-5856/ mynd44

OLX, a leading online classifieds site in Nigeria, has released the report of the total number of second-hand items and their value, that were traded on its online site in 2016, saying a total of 1,122,001 second-hand items were posted for sale on the site last year valued at N12.1 trillion.

OLX, which commenced business in Nigeria in 2012, operates an online classifieds site, which offers Nigerians the platform to trade second-hand items, especially household items and personal effects.

The survey report about transactions between sellers and buyers on the OLX platform in Nigeria, was released for the first time in commemoration of its 5th anniversary, to showcase trends within the local second-hand market from last year.

The report revealed the number and value of second-hand items posted on the OLX site last year, which turned out to be huge and almost twice the market capital for some online sites.

The report also indicated the power of the second-hand market offering in Nigeria by revealing that over one million items were posted for sale last year, which equates to one item being up for grabs every 30 seconds on the OLX site.

Commenting on the report, the Country Manager, OLX, Lola Masha, said: “OLX currently receives over 2.8 million visits a month and we are anticipating a growth in this figure over the upcoming months. This report reflects Nigerians awareness of the second-hand value in their possessions.”

According to her, “The report takes a closer look at each category revealing some exciting figures about Nigeria’s second-hand market. For example, the monetary value of mobile phones posted on OLX in 2016 is over N6.5 trillion, which is equivalent to four and a half of the world’s largest gold bars, whilst the value of the home, furniture and garden category on OLX is N44.3 billion.”

“The most expensive mobile phone posted on the site was a Nokia Vertu for N950,000, whilst the most expensive vehicle was a pre-owned 2015 Private Jet Bombardier valued at N5.5 billion, which is equivalent to the average salary of the top five Nigerian footballers,” Masha said.

“The report not only shows the enormous value of the second-hand market but also demonstrates the positive impact online classifieds has on the Nigerian economy. This is a concrete demonstration of the OLX brand essence ‘Everybody wins’, as sellers win when they sell items they no longer need at lower prices, and buyers also win when they buy items at great discounts and the community wins as the trade leads to increased circulation of cash in the local economy,” Masha added.

The OLX Group operates a network of online trading platforms in over 40 countries. It builds market leading classifieds marketplaces that empower millions of people to buy, sell and create prosperity in local communities.

With over 300 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars and houses. Through consumer brands including Avito, dubizzle, letgo, among others, more than 10 million items are listed on its market-leading apps and platforms every single month.

http://investorsking.com/olx-site-recorded-n12-1trn-online-transactions-2016/

abescom:
China practically imports nothing. While countries like America buy plenty stuffs from China. America buys a lot of means when China devalues their currency, America have to pay more to buy from China.

Simply put - China de-valuate ( heir currency knowing a weaker yuan will boost their export against other nations that buy from China - including America which is why America didn't like it as most of their deals are more EXCHANGE deals.

Switzerland did same when they de-linked their economy from the Euro.

For instance if 5 yuan equals 1 dollar. This means when China sells something worth 1 dollar to America they get 5 yuan but when the the yuan is devalued, to say 6 yuan to one dollar, they get 6 yuan for one dollar but when they have to buy from the yanks, they spend less. This logic however only works for a very productivity economy as China's. They practically don't have to import but instead export.

In Nigeria terms, imagine we have to export so much crude and don't have to import much. We will buy making more money while spending less. China can afford it, Nigeria can't.

Oga devaluation is a tool to stimulate the economy and bolster exports, whenever China devalue they do so to be competitive as they are mainly manufacturing driven economy. Nigeria did the same in 1973, when we first devalued the Naira by 10% against the US dollar following Biafra war.

Ebookmathswaec:
No. I mean Naira equivalent.

We can print to stimulate the economy under what is called quantitative easing but it is cheaper to borrow than print. $5.5 is about N4 trillion, factor in all the printing materials, labour, logistics etc it would be more than 6% to 7% interest on foreign loans. Also, there is a cap on how much you can print in an economy, this is proportional to your economy capacity. Same goes for other nations. In fact, the US has been printing since 2009 recession and just announced it would start balance sheet normalization of what is now $4.5 trillion in total. Same goes for EU, Japan, U.K.

omohayek:
No, they're being realistic. You're the one who's being overly optimistic here. There is no chance of the Nigerian economy reaching even 2% growth as long as Buhari insists on his absurd "strong" Naira policy remaining in place, keeping FDI flows low even as his government goes on a borrowing spree that crowds out private borrowers.

Pedantry aside, Nigeria is currently still in recession by any popular understanding of the term. As someone pointed out earlier, about 3% GDP growth is needed just to keep income per head stable. The worst thing about this recession is that it is entirely man-made, caused by a barely literate, sick, old ex-soldier who thinks he understands monetary policy better than economists.

Currently, just Investors & Exporters window has done over $7 billion in transaction volume between April and August. If those were not exchanged by foreign investors I don't know who.

Two, the IMF projected that Nigerian economy will contract by 3.1 percent in 2016. The economy shrank 1.6 percent and the same IMF predicted a recovery of 3.5% in 2017. Oga IMF is forecasting exactly like Baba Ijebu lotto players. Take them serious at your own risk.

Oh sorry, they also projected that U.K. economy will grow at a mere 1.1 percent rate in 2017. As the economy remained resilient in the second half of last year, a humble pie was forced down their throat, doubled estimation early this year to 2.1% and now 1.7 percent.

My friend just like IMF you are deluded.

MrPresident1:
The Nigerian population grows averagely by 2.7percent per year. If the economy grows by only 0.8 percent in 2017 and 1.9 percent in 2018, then technically we are not making progress.

Your economy must grow faster than your population for you to experience a better life, therefore total growth in 2017 is -1.9 percent and 2018 -0.8percent

Prognosis:

Not yet uhuru, economic challenges for the average Nigerian will persist beyond 2018

God is watching

This is the economy just coming out of recession and was growing at 7 percent before global oil glut. Give it some time, business confidence is growing and so is FDI. I don't see 1.9 in 2018, its more like 2.6 -3 percent. IMF are very pessimistic.

myn44 the IMF has started this meeting since yesterday and released economic forecast for Nigeria and the rest of the world.

This 2014 quotes about China has no direct meaning or relationship to Nigeria. There is forecast for Nigeria and suggestion posted on business thread.

Mynd44 this is the outcome of IMF's Tuesday meeting in Washington, USA.

The International Monetary Fund on Tuesday predicted that Nigerian economy will grow at 0.8 percent in 2017 and 1.9 percent in 2018.

Nigeria, the largest economy in Africa contracted by 1.6 percent in 2016 due to global oil glut that eroded 70 percent of its foreign revenue.

However, the economy emerged from recession in the second quarter of 2017 after five consecutive quarters of contraction. This, IMF attributed to the resurgence in global oil prices and growing oil production but raised concerns about the weak banking system and policy implementation.

Economic growth in the Sub-Saharan Africa is expected to expand at 2.6 percent in 2017, up from 1.4 percent recorded in 2016. The region is projected to grow at 3.4 percent in 2018, mainly due to growing Nigeria’s oil and agricultural sectors.

The Fund, forecast weak economic growth of 0.7 percent for South Africa in 2017, saying growing political uncertainty in South Africa had plunged it business confidence despite healthy agricultural sector.

Ethiopia, one of the low-income nations is expected to grow at 8.5 percent in 2017 and 2018, while warning of food shortages and drought in South Sudan, Somalia and The Gambia.

Meanwhile, the Washington-based fund revised up global growth forecast from 3.5 percent predicted three months ago to 3.6 percent in 2017. The world economy is expected to grow at 3.7 percent rate in 2018.

Maurice Obstfeld, the IMF’s economic counsellor said; “These positive developments give good cause for greater confidence, but neither policymakers nor markets should be lulled into complacency.”

“A closer look suggests that the global recovery may not be sustainable. Not all countries are participating, inflation often remains below target, with weak wage growth, and the medium-term outlook still disappoints in many parts of the world,” Obstfeld said.

Accordingly, the IMF revised down U.K’s economic growth for 2017 by 0.3 percent to 1.7 percent, saying Brexit would weigh on the economic growth. Also, while the fund expects global economy to grow next year, the U.K. economy is projected to further slowdown to 1.5 percent in 2018.

“We forecast in the pre-referendum period, as did others, there would be long run negative effects on the British economy,” Obstfeld said. “I think we’re starting to see those.”

Canada is predicted to grow at 3 percent rate this year, the fastest among group seven nations. The U.S. 2.2 percent, Germany 2 percent, U.K. 1.7 percent, France 1.6 percent and Italy and Japan 1.5 percent each.

http://investorsking.com/nigerias-economy-to-grow-by-0-8-in-2017-imf/