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 Business › Re: Naira Stabilises At N497 To Dollar by Truth234(op): 8:01am On Jan 17, 2017 |
Amoto94:Diversification, as we are mainly mono-product economy, and does not generate enough foreign revenue to meet our forex daily demands. Hence, the constant scarcity of forex due to market illiquidity. But once we can generate enough forex through various diversification strategies being implemented by the FG, the CBN should able to float the Naira and allow market forces to dictate its true rate going forward. |
| Business › Re: Naira Stabilises At N497 To Dollar by Truth234(op): 7:10am On Jan 17, 2017 |
Amoto94:Because the Naira is not a free floated currency, tightly regulated by the CBN. That is why the CBN created different rates (interbank and BDCs), to aid importation of certain goods at cheaper rates, while the parallel market was created by the people to help those that can not access any of the two official rates. 1 Like 1 Share |
| Business › Naira Stabilises At N497 To Dollar by Truth234(op): 4:31am On Jan 17, 2017 |
The naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery. The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday. At the Bureau De Change window, the naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively. Trading at the interbank market saw the naira weakened further at N305.25 to a dollar, from N305 posted on Friday. Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Naira was on its way to imminent recovery. Since the closure in the sale of Forex to BDCs last December, the spike in the Naira exchange rate had continued unabated. Worried by the development, the Association of Bureau De Change Operators of Nigeria last week pushed for the adoption of a single rate at the market. The President ABCON, Alhaji Aminu Gwadabe, argued that multiple rates were frustrating efforts at stabilising the Naira and fast tracking its recovery trajectory. Gwadabe expressed optimism that the resumption in the sale of about $250m to members of the association this week would help in addressing liquidity challenges in the market. http://investorsking.com/naira-stabilises-at-n497-to-dollar/ |
| Business › FG To Restructure, Recapitalise Boa With N500bn by Truth234(op): 3:54am On Jan 17, 2017 |
The Federal Government has set up a 21-man steering committee to restructure and recapitalise the Bank of Agriculture. The committee would commence the restructuring with N500bn and work within the next three to one month to actualise its goal. Inaugurating the committee in Abuja on Monday, Vice President Yemi Osinbajo, urged the committee to work within a record time to actualise the goal. He said the restructuring was aimed at revitalising the operations of the Bank to make it more responsive to its mandate. Osinbajo, represented by the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said the restructuring, would strengthen the bank as a platform for providing loans to Small and Medium Enterprise farmers and cooperatives among others. He said the approach was a pre-privatisation strategy preferred by the Federal Government to pave way for the injection of financial and other requisite resources into the Bank. He said, “It is noteworthy that in its over 20 years of existence, the BoA has faced myriad of challenges which include, poor funding, poor stakeholder buy in, particularly Federal Government agencies and erosion of stakeholders funds.” Ogbeh, also the Chairman of the committee, said the committee would commence the restructuring with N500bn and work within the next three to one month to actualise its goal. The minister said the committee was expected to give the Bank a face-lift, look into the issues of staffing, electronic improvement, work in every community nationwide, provide credits to SMEs and to farmers small or big. Ogbeh said the Central Bank of Nigeria would hand over the Anchor Borrowers Scheme to the Bank after the restructuring to effectively finance agricultural projects. He said, “There will be a better run financed BOA so that the interest rate will be easily accommodated by farmers. We will recover some of the credits owed by farmers because some of them have offered to pay.” The CBN Governor and a member of the committee, Mr Godwin Emefiele, described its Anchor Borrowers Programme which started in 2016 as `a success’. He expressed optimism that the committee would work to ensure that the BOA achieved its aims and objectives in a very short time. According to him, the loans that are currently given to farmers through the Anchor Borrowers Scheme is in a single digit “The Federal Ministry of Agriculture is asking us to reduce the interest rate to about nine per cent to enable farmers buy inputs, go to the farm, make a living and feed the country,’’ Emefiele said. The Managing Director of BOA, Prof. Danbala Danju, commended the Federal Government for its initiative to restructure the Bank. He expressed regret over the bad and non- repayment attitude of farmers after collecting funds from the Bank. Danju said the Bank was targeting single digit interest rate on loans to farmers by the end of the restructuring. The managing director said the Bank would work with the private sector and the international development agencies to actualise their set target He said, “The Bank needs to be recapitalised to energise the agriculture sector in line with best practices all over the world. “We expect a restructuring plan that will look at our operating model, human resources and the entire business plan so that agriculture will be properly financed in Nigeria. “Agriculture has been under-funded and the key challenge is how to source the fund so that we can assist farmers. “The key challenge now is how we can reconstitute ourselves to properly identify farmers and ensure that when farmers are given loans and support, they pay back.” The committee is made up of the Ministers of Finance, Industry, Trade and Investment, Planning and representatives from the BOA, ministry of Justice, Bureau of Public Enterprise, among others. The nine members known as Project Delivery Team, would also assist the committee to deliver on the restructuring mandate. http://investorsking.com/fg-to-restructure-recapitalise-boa-with-n500bn/ 1 Like |
| Foreign Affairs › Obama Mocks Trump by Truth234(op): 2:11pm On Jan 16, 2017 |
U.S. President Barack Obama on Sunday night listed “thick skin” and “stamina” as important qualities for the top person in the White House to have, in an ironic reference to his successor Donald Trump who will be sworn in on Friday.http://investorsking.com/obama-mocks-trump/ |
| Investment › Re: Mmm And Bitcoin A Bubble That Will Soon Burst by Truth234(m): 7:28am On Jan 15, 2017*. Modified: 9:00am On Jan 15, 2017 |
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| Politics › Fuel Subsidy Returns As Landing Cost Hits N145 by Truth234(op): 6:58am On Jan 15, 2017*. Modified: 7:39am On Jan 15, 2017 |
The Federal Government has resorted to subsidy regime following an increase in the landing cost of Premium Motor Spirit, also known as petrol. This is coming about eight months after the Muhammadu Buhari-led regime stopped the fuel subsidy, which was costing the government millions of naira being paid monthly to oil marketers importing the product then. Investigation on Friday showed that the Nigerian National Petroleum Corporation, now responsible for about 90 per cent of the importation of the product, is currently bearing the latest subsidy cost on behalf of the government. The Federal Government had on May 11, 2016 announced a new petrol price band of N135 to N145 per litre, a move that signalled the end of fuel subsidy. The Petroleum Products Pricing Regulatory Agency explained then that the rise in crude oil price and prevailing high cost of importation had brought back subsidy. The PPPRA, in its pricing template released following the introduction of a new price band, put the landing cost and total cost of petrol at N122.03 and N140.40 per litre, respectively. The cost of the product and the freight rate, which are the elements mostly affected by crude oil price and exchange rate, were put at $534 per metric tonne of petrol or N111.30 per litre, using an exchange rate of N280/dollar. Global oil benchmark, Brent crude, which was trading around $41 per barrel when the petrol price was increased, stood at $55.64 per barrel as of 5.15pm on Friday. Crude oil price accounts for about 80 per cent of the final cost of fuel, the PPPRA said, in its framework for petroleum products supply, distribution and pricing. Our correspondent gathered that the cost of petrol stood at $560 per metric tonne or N127.36 per litre plus N7 per litre for freight as of Friday. The addition of the cost of product with freight charge and other cost elements in the PPPRA template result in a landing cost of N145.09 per litre (using the official exchange rate of N305/dollar) or N222.33 per litre (using the parallel market rate of N490/dollar). The NNPC, in its latest monthly report, said it remained the major importer of petroleum products, especially the PMS, in spite of liberalisation of petroleum products and government’s intervention meant to ease marketers’ access to foreign exchange. In the past, marketers were importing 70 per cent of the products while the NNPC was importing 30 per cent, being the supplier of last resort. Most of the marketers have yet to resume importation of petrol and continued to rely on supply from the NNPC, which sells to them at N131 per litre. An ex-top executive of the PPPRA, who spoke with our correspondent on condition of anonymity, said, “If the landing cost is more and somebody is bringing the product in and others are not, it means definitely that person, who is bringing it, is running at a loss somehow. So, if you now call that subsidy, it is okay. “The NNPC is definitely subsidising the product; it is a loss to them also because they get the money from somewhere.” The Head of Energy, Ecobank Capital, Mr. Dolapo Oni, said, “I believe there is a subsidy, but it is not the subsidy being paid to marketers. It is the NNPC taking a loss so that marketers can sell at N145. That’s a fair system right now because it is better than paying marketers at the same time. “But it is not sustainable because oil price could keep on going higher and the cost to the NNPC will increase. So, potentially, we expect a fuel price increase at some point. But to what extent, we don’t know. The ideal thing will be to raise the price.” Asked if the NNPC was subsidising the product being imported, the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, could not comment on it, saying only the PPPRA was in the position to give information about the landing cost of petrol. Last week, oil marketers under the aegis of the Independent Petroleum Products Importers said they owed some Nigerian banks over $1bn used for the importation of petroleum products, with accumulated interest of N160bn. According to them, they are unable to pay because the sums they owe the banks form part of what they are in turn owed by the government. The marketers said the government’s debt arose from the petrol subsidy scheme whereby the Federal Government entered into a contract with the IPPI, mandating its members to import and supply petrol to the market on condition that it would pay to the body the difference between the landing cost and pump price as fixed by the government, provided that the landing cost was higher than the selling price. It said, “When the selling price of petrol was increased from N97 to N145 per litre in May 2016, it was based on an exchange rate of N285/$1, resulting in a 45 per cent increase. On June 20, 2016, the naira was devalued from N285/$1 to N305/$1, which is an increase of seven per cent, but the fixed pump selling price of petrol has not been increased. This means that petrol must be subsidised.” http://investorsking.com/fuel-subsidy-returns-as-landing-cost-hits-n145/ Lalasticlala Mynd44 seun Dominique 1 Like 1 Share |
| Investment › Mixed Feelings As MMM Resumes Operations by Truth234(op): 5:54am On Jan 14, 2017 |
The controversial Mavrodi Mondial Movement (MMM) sprang a surprise come back yesterday, 24 hours ahead of its scheduled resumption, after it suspended the operations last December. The Ponzi scheme, which has enlisted over three million Nigerians in its books, however, dropped another frightening condition for the members, as it opted to start payment from those with little stake, described as “poor” ones. This means that it is not yet over for the majority of it participants, who are big ticket, “Helpers,” as they address themselves, as the operator of the MMM said they would also be settled in batches. Besides, they also noted that a daily limit has been set to forestall or control panic withdrawals. Announcing the return, the operators, in a statement signed by the Founder, Sergey Mavrodi, read: “The holidays are over and we are now open, just as promised (You might have already noticed that we always stick to our promises). “Actually, we promised to be open on January 14, but we are open now, January 13, as you can see, which is a day earlier. (Well, I hope, the members of the System will forgive us for that). “It is related to the hysteria raised by the authorities and the mass media around MMM. By joining forces, they have managed to nearly give the members of the System a heart attack and have frightened them out of their wits…” But it was a cocktail of mixed feelings by some members who spoke to The Guardian on the condition of anonymity at the Murtala Muhammed Airport in Lagos. While some were visibly attending to customers in a hurry to get the space and log into their accounts to place “request,” others left their duty to get the “early bird” slot. Unfortunately, those who succeeded in logging in were told that they could not be honoured at the moment, either because the payment time has not started or they are big ticket members. One told The Guardian: “I want to get my money. I don’t think I would come back again. Maybe, I will try with N20, 000 whenever I decide to come again. “Now that they have said they would pay gradually, it might be a sign that the money is not complete. There might be need for more people to join, so that more money will flow. But who would want to join?” Another said: “I have about N800, 000 to claim. I will get to the end of it this night, as I will continually try to place my request until I succeed.” Yet another one said: “My own is double portion, because I have not collected for once. I reinvested my own when it was due. I am still afraid now that they ant to start from small amounts. A lady in her early 30s, who operates the scheme, along with her husband and does not want her name in print, said: “I can confirm that MMM is back in full blast. My expectation and confidence was that MMM will be opened and will be stronger than ever. “MMM is now made in way that no one can post a fake teller; there is a way the system will detect a fake user or people who are on the platform to cheat others. “I was hundred per cent positive that the scheme will be back, in fact I paid N350, 000 to people that requested help same day the account was frozen; there was not a day I doubted it and I never lost my sleep. It was normal for people to express anxiety over it but I called over a dozen people who registered under me almost every time to allay their fears.” A man in his late 20s, who simply wanted to be identified by his first name, Chibueze, said, “I wasn’t scared when the news hit the media that MMM had been frozen; I read what was posted on my personal account telling me the date the scheme will resume, I was calm and asked people that registered under me to also let their mind be at rest.” Meanwhile, patronisers of the Mavrodi Mondial Moneybox (MMM) have become panic as introduction of new rule, which will involve using bitcoins for transactions, has made Nigerians feared for their unpaid money before the platform closed in December 2016. The platform was said to frozen the accounts of participants last year based on the numerous number of people who wanted to get help. A Nigerian who claimed anonymity said, “MMM resumed online yesterday at 12 noon and I have requested for my money but ever since then I was not merged with people who will make payment to my account. “This is not usual, because I have done so many transactions with the platform. But this got me weary, when I heard about the bitcoin strategy, I don’t know how it works and I hope it’s not a step that will deny me of getting my money back.” Another investor who claimed anonymity also said, “I have just been exercising patience because I do not want to believe that it’s a scam, because when I heard and read it online that due to the fact that the platform is meant for the poor, therefore, only those who need little money will be attended to first before they attend to those who seek for bigger help. I think this is a fraudulent statement if it is true,” she said. http://investorsking.com/mixed-feelings-as-mmm-resumes-operations/ |
| Business › Naira Falls To 497 As Dollar Demand Rises by Truth234(op): 4:22am On Jan 14, 2017 |
The naira fell to 497 against the United States currency at the parallel market on Friday as dollar shortages continued to hit the market. Economic and currency experts have predicted that the naira will likely depreciate to over 500 per dollar this year. The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told Reuters that the he expected dollar supplies to the BDCs to resume next week. Traders said the BDCs had not received dollars from international money transfer agents this year, worsening forex liquidity in the market. The BDC operators had on Tuesday set their quotes for dollar purchases at 399 for next week. The retail currency traders said the Central Bank of Nigeria had approved N399 per dollar for retail trades next week, ABCON said in an internal memo seen by Reuters. The Federal Government has been pressing retail operators to narrow what it says is a damaging gulf between the naira’s official rate, currently at 305 to the dollar, and the unapproved open retail market rate, which hit 497 on Friday. However, money markets were awash with naira liquidity on Friday, pushing overnight lending rates 2.5 percentage points down to seven per cent. The ABCON said the naira reference rate was meant to improve liquidity and help rebuild investors’ confidence. http://investorsking.com/naira-falls-to-497-as-dollar-demand-rises/ |
| Business › Nigeria's Inflation Rate Rises Less Than Forecast by Truth234(op): 3:30am On Jan 14, 2017*. Modified: 4:33am On Jan 14, 2017 |
The cost of living in Nigeria rose less than forecast in December, following a series of measure put in place by the central bank to moderate the persistent rise in prices of imported goods in the country. The consumer price index which measures inflation rose from 18.48 percent in November to 18.55 percent in December, the National Bureau of Statistics reported on Friday. According to the report, the surge in the price of electricity, housing, water, clothing, footwear and education, slightly increase the index by 0.07 percent. It reads in part, “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing and footwear, and education.” “Communication and restaurants and hotels recorded the slowest pace of growth in December, growing at 5.33 per cent and 8.91 per cent (year-on-year) respectively. On a critical look into the details of the report, the inflation rate appears cooling in recent months, when compared with the rate of increase in the early months of 2016. For instance, costs rose 0.48 percent in October, surged 0.15 percent in November and increased by 0.07 percent in December. This shows the rate of increase is declining and likely to continue going forward, especially if the CBN fulfilled its promise of prioritising foreign exchange allocation to manufacturers in the first quarter of 2017. However, analysts at Investors King Ltd., are optimistic that inflation rate will start declining in the first quarter of the year as the increase in business confidence due to OPEC successful consensus is likely to renew investment rush and attract enough capital importation needed to offset current forex deficit. http://investorsking.com/nigerias-inflation-rate-rises-less-than-forecast/ 2 Likes |
| Politics › #occupycbn Is Hired To Frustrate Our Forex Policy, CBN Says by Truth234(op): 3:56pm On Jan 13, 2017 |
The Central Bank of Nigeria on Wednesday night said some paid groups are being hired by certain interests to frustrate its flexible foreign exchange policy. The apex bank in a statement issued by its Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, described one of the groups as “Wailing wailers.” He said the group, which goes by the hashtag #OccupyCBN, had threatened to protest efforts of the apex bank to conserve scarce foreign exchange. Okorafor in the statement described them variously as “paid agents of some selfish interest groups” and “enemies of the Nigerian economy.” The statement reads in part, “No amount of blackmail will make the CBN allow a practice whereby our farmers and industrialists who have invested heavily and employed our youths in the production of Nigerian-made rice, fish, industrial starch, palm produce, wheat, toothpicks and wines, would be made to close their farms and factories again. “They want the CBN to give out the nation’s scarce foreign exchange to their sponsors to import all manner of foreign goods and dump them on our markets, thereby frustrating the good work our own farmers and manufacturers have begun. “They want the CBN to fold its arms and allow currency speculators to drive the naira down to a level at which it will be easy for their paymasters to buy up and take control of the Nigerian economy. “They have even gone to the extent of making false allegations that some banks are having trouble, just to trigger panic in the financial system. These will not happen.” Meanwhile, activities on the twitter handle of OccupyCBN are mellowed, with just two tweets both dated September 1, 2012, the same day it joined twitter. The group has a paltry 25 followers and just one following. http://investorsking.com/occupycbn-hired-frustrate-forex-policy-cbn-says/ mynd44 |
| Politics › Re: Sowore, Sahara Reporters Publisher Lied To Us —lagos Police Boss by Truth234(m): 12:56pm On Jan 13, 2017 |
There was a video where Sowore was actually assaulted for recording. 2 Likes |
| Business › Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Truth234(op): 12:51pm On Jan 13, 2017 |
progress69:Liberty Reserve is different from Cryptocurrencies, both are digital currencies, but while the encryption technique in cryptocurrencies regulate the generation of units, e-currencies like LR, E-gold, E-bullion, etc are not regulated. The developers can input any amount and sell, no scarcity, nothing. While that is not possible with crypto, its security is second to none. That is why financial institutions across the world are looking to adopt crypto encryption method for their security. |
| Business › Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Truth234(op): 7:25am On Jan 13, 2017 |
dhardline:This is different from liberty reserve, but the issue is it is a payment system and not an investment in itself. The guys pushing it to Nigerians are marketing it as an investment opportunity, whereas it is just a crypto version of your naira. What determines its value is its acceptability and monetary policy of those nations that accept it. 4 Likes |
| Business › Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Truth234(op): 5:21am On Jan 13, 2017 |
The Securities and Exchange Commission, on Thursday said its attention had been drawn to radio advertisements and other modes of solicitations of the public to invest in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies. SEC, therefore, advised the public to exercise extreme caution with regard to digital (cryptocurrencies) as a vehicle of investments. This warning was in consonance with similar warnings issued by capital market regulators and central banks across the world over the past few years, the regulator said in a post on its website. Warning the public, the commission, thus, stressed that none of the persons, companies or entities promoting cryptocurrencies had been recognised or authorised by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria. “The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, while others may be outright fraudulent pyramid schemes,” the regulator noted. The SEC added, “Given that these instruments and the persons, companies or entities that promote them have neither been authorised, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business. “The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised by the commission or other financial services regulatory authority as applicable to provide such services.” SEC had in August this year, raised the alarm over the activities of some online fraudsters, who operated an online investment scheme tagged ‘MMM Federal Republic of Nigeria.’ The fraudsters, SEC said then, carried out their illegitimate business via Nigeria. portal/platform, and were promising investors a monthly investment return of 30 per cent. It warned that the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds. The commission, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.” The scheme in December last year, went under, leaving many Nigerians in pains following huge financial losses. http://investorsking.com/beware-of-bitcoin-swisscoin-others-sec-warns-nigerians/ 2 Likes |
| Foreign Affairs › Re: NSE Predicts 0.6% GDP Growth In 2017 by Truth234(op): 5:18am On Jan 13, 2017 |
Blue3k:Normally it should be US (Nigerians) doing our yearly economic outlook like every normal nation. Not WB and IMF, but Nigerian economists. Not only will it help potential foreign investors understand business atmosphere going forward, but it will also help local businesses anticipate future occurrence. This is why economists that can't project future occurrence based on current data should be relegated to administration. Watchout for the first of its kind. Nigeria Economic Outlook 2017 - Investors King. Monday 16th. |
| Foreign Affairs › NSE Predicts 0.6% GDP Growth In 2017 by Truth234(op): 4:13am On Jan 13, 2017*. Modified: 5:00am On Jan 13, 2017 |
Mr Oscar Onyema, Nigeria Stock Exchange (NSE) Chief Executive Officer, has predicted that Nigeria’s economy would recover from recession in 2017 with a modest Gross Domestic Product (GDP) growth forecast of 0.6 per cent. Onyema stated this at the NSE 2016 Market Recap and Outlook for 2017, in Lagos, on Thursday. He expressed optimism that the nation’s economy and the equity market would rebound in 2017 with the right economic policies and strategies. He said that the economy would be driven by vigoorous fiscal policy implementation with focus on articulation of desired goals. He said that lower rates of disruptions to oil infrastructure from resolution of the Niger Delta conflict would increase foreign exchange inflows. Onyema added that rise in crude oil prices above the Federal Government’s budget benchmark of 42.5 dollars per barrel and positive impact of the war against corruption would enhance investor confidence. “We are cautiously optimistic, as consensus estimates suggest a moderate recovery for Nigeria in 2017, provided that policy makers implement the right combination of policy measures,” Onyema said. He assured investors that the exchange would promote its unique value proposition to both global and domestic investors to increase market activities. “Monetary policy will continue to play a vital role in determining activity in the market,” he said. Onyema said that the exchange would work with policy markers to drive policies that would free up the system and promote ease of doing business in Nigeria. The chief executive officer called for an incentive schemes for sectors of the economy that could support export for enhanced foreign exchange earnings. According to him, systematic removal of impediments to doing business and reduction of leakages will attract private sector investments. He explained that the NSE would focus on achieving its goal of becoming a more agile and demutualised exchange in future. Onyema added that the exchange would also hasten efforts toward developing innovative products such as exchange traded derivatives to provide investors with tools to better weather economic realities in 2017. He gave the assurance that the NSE would enhance its cross-border integration efforts via African Securities Exchange Association (ASEA) and African Capital Market Integration (WACMI) programmes to enhance capital market liquidity. “We will also continue our engagement efforts with the government to promote the listing of privatised state-owned entities as well as engage with the private sector issuers for listings across all of our product categories,” Onyema stated. On the market performance in 2016, he said that the NSE Industrial Index recorded the steepest drop of the year, dropping by 26.37 per cent due to severe difficulties faced by companies in accessing capital for imported raw materials. Onyema stated that the NSE All-Share Index in 2016 dropped by 6.17 per cent to close at 26,874.62 compared with 28,642.25 posted in 2015. He added that NSE 30 index decreased by 7.18 per cent to close at 1,195.20 in contrast with 1,287.67 in the corresponding year. The News Agency of Nigeria (NAN) reports that equities market capitalisation lost 6.12 per cent to close at N9.225 trillion against N9.859 trillion in 2015. Total market capitalisation dipped 4.81 per cent to close at N16.185 trillion in contrast with N17.003 trillion in the preceding year. http://investorsking.com/nse-predicts-0-6-gdp-growth/ |
| Business › Naira Hits N495/dollar As Forex Scarcity Lingers by Truth234(op): 6:35pm On Jan 12, 2017 |
The Naira on Thursday depreciated further at the parallel market, ebbing close to the projection of speculators, the News Agency of Nigeria reports.http://investorsking.com/naira-hits-n495dollar-as-forex-scarcity-lingers/ mynd44 |
| Science/Technology › Japan Researchers Warn Of Fingerprint Theft From ‘peace’ Sign by Truth234(op): 6:59am On Jan 12, 2017 |
Could flashing the “peace” sign in photos lead to fingerprint data being stolen? Research by a team at Japan’s National Institute of Informatics (NII) says so, raising alarm bells over the popular two-fingered pose. Fingerprint recognition technology is becoming widely available to verify identities, such as when logging on to smartphones, tablets and laptop computers. But the proliferation of mobile devices with high-quality cameras and social media sites where photographs can be easily posted is raising the risk of personal information being leaked, reports said. The NII researchers were able to copy fingerprints based on photos taken by a digital camera three metres (nine feet) away from the subject. “Just by casually making a peace sign in front of a camera, fingerprints can become widely available,” NII researcher Isao Echizen told the Sankei Shimbun newspaper for an article published Monday. “Fingerprint data can be recreated if fingerprints are in focus with strong lighting in a picture,” Echizen also told Yomiuri TV. He added that advanced technology was not necessary and anyone could easily copy fingerprints. But NII says it has developed a transparent film containing titanium oxide that can be attached to fingers to hide their prints, the reports said. The film prevents identity theft but does not interfere with fingerprints being effective in identity verification, the Sankei Shimbun reported. But the technology would not be ready for another two years, the paper said. http://investorsking.com/japan-researchers-warn-of-fingerprint-theft-from-peace-sign/ |
| Politics › Senate Rejects Ban On Vehicle Importation Through Land Borders by Truth234(op): 6:48am On Jan 12, 2017 |
The Senate has called for the reversal of the Federal Government policy banning the importation of vehicles into the country through land borders. According to the Senate, the ban, which took effect on January 1, 2017, will lead to the loss of about 500,000 jobs. The lawmakers, who criticised the policy during plenary on Wednesday, described the ban as anti-poor. The Senate acted on a motion titled: ‘The ban on the importation of vehicles through the land borders into the country’. The motion was jointly moved by Senators Barau Jibrin (Kano North), Kabiru Gaya (Kano South), Sabi Abdullahi (Niger North), Shehu Sani (Kaduna Central) and Ali Wakili (Bauchi South). The lawmakers unanimously rejected the policy and asked the Nigeria Customs Service to immediately suspend its implementation. The Deputy President of the Senate, Senator Ike Ekweremadu, who presided over the plenary, urged President Muhammadu Buhari to listen to the cries of Nigerians and reverse the policy. “From the contributions made, it is obvious that the policy is unpopular. We are representatives of the people and the people have spoken through us that they do not want this policy. I think those in government should listen to them,” Ekweremadu said. The Senate also directed its Committee on Customs and Excise to investigate the circumstances that led to the decision of the Federal Government to place a ban on the importation of vehicles through the land borders. Many lawmakers who took turns to speak on the policy condemned it. The immediate past Senate Majority Leader, Senator Ali Ndume, said, “Let us not forget the fact that the Constitution says the primary responsibility of the government is for the security and welfare of the people. This policy will render so many small businesses useless. My constituents are disturbing me to ensure that this policy is reversed. “Why can’t Nigeria look at its policy to ensure that our laws are reformed? The era where people stay in their offices and make policies that are detrimental to the welfare of the people is gone. I call on this Senate to pass this motion with teeth. This resolution should be implemented when passed.” Senator Dino Melaye stated, “We are in a precarious situation in this country. We are at a time when people are not sure where the next meal will come from. This government needs to consider the welfare of the people. In enacting any policy, we must look at the social impacts. “This policy announcement, to me, is an admittance by the Customs that they lack the capacity to mount our borders effectively. As a parliament, we must speak in the interest of the people. We should be seen to be defending the people we are representing here.” Senator Sam Egwu equally dismissed the policy as unpopular, stating, “We discussed here (on Tuesday) the planned closure of the Nnamdi Azikiwe International Airport, Abuja. This is a government that is supposed to bring change and succour to the people, but it has brought hardship on the people. “This Senate must stand with the people. We need to defend the people. This government should put on its thinking cap and come up with policies that are beneficial to the people.” In his submission, Senator Kabiru Gaya said, “As legislators, we should speak the truth, though this is our government. By stopping importation through land borders, we are creating hardship. Other countries within the West African region have lower tariffs. We have to look at this issue. “Let the government man the borders and do the right thing. By this policy, we have created unemployment for over 500,000. We should stop this policy.” The Committee on Customs and Excise, headed by Senator Hope Uzodinma, is expected to report back to the Senate within two weeks. http://investorsking.com/senate-rejects-ban-on-vehicle-importation-through-land-borders/ |
| Politics › FG Extends Citizenship To 335 Foreigners by Truth234(op): 4:54am On Jan 12, 2017 |
The Minister of Interior, General Abdulrahman Dambazzau (rtd), disclosed this to State House correspondents at the end of a meeting of the Federal Executive Council (FEC) presided over by President Muhammadu Buhari. The minister said the last time such exercise was done was in 2013. This, he said, explained the backlog of applications. He said government rejected 165 citizenship applications. The minister was accompanied by the Minister of Water Resources, Suleiman Adamu, andthe Special Adviser to the President on Media and Publicity, Femi Adesina. Danbazau said out of 500 applications that were considered, 335 were recommended for citizenship approval to FEC and that the council gave its approval yesterday. The 335 citizenship applications that were approved, he said, included 245 citizenship by naturalisation and 90 citizenship by registration. He said: “The Ministry of Interior memo is granting of citizenship to non Nigerians who applied. This is a procedure that takes a number of steps. The last time this was done was in 2013. We have some backlog of these applications. “Over 500 applications that we considered, out of these, 335 were recommended for citizenship and this memo was brought to council to that effect. Citizenship is either by naturalisation or by registration. “There are 245 that applied for citizenship by naturalisation and the requirements to be met are clearly stated in section 26 of the constitution. “Then there is citizenship by registration and that is what is popularly known as Niger-wives which is for women in foreign countries who married to Nigerian citizens. That is also clearly spelt out in section 27 of the constitution. “So, the requirements are there and we considered them. Those who met the requirements, the advisory council recommended and sent to council for approval. “So, today, FEC approved the recommendations of those who applied, 335 of them. 245 by naturalization and 90 by registration,” he said. He explained that some of the applications were disqualified based on preliminary investigation. http://investorsking.com/fg-extends-citizenship-to-335-foreigners/ |
| Politics › Re: Lekan Fatodu Got Sowore Omoyele Arrested (photos) by Truth234(m): 6:45pm On Jan 11, 2017 |
myweb:You seem to know Sowore, leave Nairaland kids. Abacha failed, he took fg and even unilag to court and won. You will see Falana in that police station within 2 hours, and this guy, Lekan Fatodu, career just finished. 2 Likes 1 Share |
| Business › Customs Generated N898bn As Revenue In 2016 by Truth234(op): 5:11am On Jan 10, 2017 |
The Nigeria Customs Service has generated N898bn as revenue in 2016, including VAT.http://investorsking.com/customs-generated-n898bn-as-revenue-in-2016/
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| Business › Naira Gains On Low Market Activity by Truth234(op): 4:22am On Jan 10, 2017 |
The Naira appreciated against the U.S. dollar on Monday, after about two weeks of losses. The local currency gained N3 from N493 to exchange at N490 at the parallel market, while both the Pound Sterling and the Euro traded at N600 and N506 respectively. But at the Bureau De Change segment, the Naira closed at CBN stipulated rate of N399 to a dollar, while the Pound Sterling and the Euro traded N599 and N510 respectively. At the interbank market, the Naira was stable at N305, same rate it traded on Friday. Currency traders have attributed the gains to low activities at the market, as businesses are yet to hit full production. The Naira remained around N490 a dollar inspite of speculations that it would hit N500. However, a research analyst at Investors King Ltd, Samed Olukoya, said N500 is not far-fetch, but optimistic that the Naira will appreciate by the second half of the year if the federal government can curb the activities of the militants. http://investorsking.com/naira-gains-on-low-market-activity/ |
| Investment › MMM Dumps Naira, To Use Bitcoin by Truth234(op): 8:19am On Jan 09, 2017 |
MMM Nigeria says it has introduced Bitcoin, said to be the world’s best performing currency in 2016, as part of its mode of payment in its comeback plans.http://investorsking.com/mmm-dumps-naira-use-bitcoin/ mynd44 1 Like 2 Shares |
| Business › Naira Drops To 493 As Dollar Demand Rises by Truth234(op): 8:10am On Jan 09, 2017 |
The naira fell further against the United States dollar at the parallel market on Friday to 493, from 490 on Thursday as increased dollar demand weighed on the market. Forex traders said the local unit plummeted following an increased demand for the dollar and other hard currencies by parents seeking to pay school fees of wards studying overseas. The naira had closed flat against the dollar at the official interbank window and at the parallel foreign exchange market last Tuesday, the first official trading day of the year. It closed at 305 to a dollar at the official window, the same rate it closed on the last working day of 2016, while the local currency closed at 490/dollar on the black market. The naira had similarly closed at 490/dollar on Friday, the last official trading day of 2016. “In the week ahead, we expect pressure on the naira to linger, especially at the parallel market, as unmet demand from the official market continues to stoke imbalances,” United Capital had said in a research note to clients on Tuesday. The local currency also closed flat at 490/dollar last Wednesday and Thursday at the parallel market, before recording loss on Friday. Economic and financial experts have expressed divergent views over the outlook of the naira this year. The naira beat analysts’ expectation and closed the year 2016 at 490 against the dollar at the parallel market. Due to the persistent pressure on the naira, currency and financial analysts had predicted that the local currency would hit 500/dollar on or before the new year. The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy. The CBN had about two weeks ago sold about $1bn on the forward market to clear a backlog of dollar obligations in selected sectors. Traders said the CBN told banks to prioritise airlines, manufacturing firms, petroleum products importers and agriculture, the sectors worst hit by the dollar shortage, in the auction. The CBN has struggled to support the naira as the country’s external reserves continue to fall. http://investorsking.com/naira-drops-to-493-as-dollar-demand-rises/ mynd44 |
| Business › Re: Forex Trade Alerts Season 17 by Truth234(m): 5:22am On Jan 09, 2017 |
Forex Weekly Outlook January 9-13 The U.S dollar rebounded last week after job data showed the economy added just 156,000 jobs in December. Even though, this was lower than 175,000 jobs expected, wages rose 2.9 percent year-on-year. Signaling the labor market is reaching full employment. However, with the unemployment rate rising 0.1 percent to 4.7 percent from 4.6 percent recorded in November, and wages reaching a 7-year high, experts believe worker shortages may become more frequent in 2017 and force businesses to raise wages even more in order to hire skilled workers. Click the link to read more. http://investorsking.com/forex-weekly-outlook-january-9-13/ 1 Like |
| Politics › Jonathan, Diezani, Others Shared $1.3b In Malabu Oil Fraud—italian Prosecutors by Truth234(op): 10:45am On Jan 06, 2017 |
An investigative report by Italian prosecutors has alleged that ex-President Goodluck Jonathan, former Minister of Petroleum Diezani Alison-Madueke, former Attorney Generals Mohammed Adoke and Bayo Ojo, former Minister of Defense and ex-National Security Adviser, Aliyu Gusau as well as numerous other senior government officials shared hundreds of millions of dollars. In an indictment obtained by SaharaReporters, Italian prosecutors alleged that Mr. Jonathan and several officials of his government as well as top corporate officials of international oil firms, Eni and Shell, met several times between 2010 and 2011 to seal the fraudulent Malabu deal and split a massive loot running into hundreds of millions between Nigerian government and public interests as well as corporate officials.http://investorsking.com/president-jonathan-diezani-gusau-adoke-others-shared-1-3b-in-malabu-oil-fraud-italian-prosecutors/ 3 Likes 2 Shares |
| Politics › Re: External Reserves Rise Further To N26.2bn by Truth234(op): 7:14am On Jan 06, 2017 |
Springup:Oil prices started falling in June 2014. But before then Jonathan administration generated $30.3 billion in 2012 alone, and about $32.9 from gas (total $63.1 billion). That was administration that earned $68.4 billion preceding year. That same administration generated over N1.161 trillion in the first quarter of 2014, a year before they left office. What happened to those funds? This current administration is not earning anything close to these figures yet our external reserves is growing. In fact, almost the same with $29.75 billion recorded under Jonathan administration when oil was $107 a barrel and our output was 1.9 mbpd. Currently, output stood at 1.7mbpd and was 1.4mbpd for about 5 months. Yet external reserves is $26.2 billion, even with oil reaching all-time low of $26 a barrel in February and has been trading below $40 a barrel 90% of the time. Oga, then try. 15 Likes 1 Share |
| Politics › Customs Generates In N1.3b In December by Truth234(op): 5:30am On Jan 06, 2017 |
The Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Ikeja, Lagos, has earned about N1.3 billion through its anti-smuggling operations in December 2016. The Public Relations Officer, Customs FoU, Jerry Attah, in a statement on Wednesday said the command intercepted various contrabands with a duty paid value (DPV) of N893.8 million during the period. He also noted that the unit through its interventions recovered N494.4 million from duty payments and demand notices on vehicles and other general goods that tried to beat the system from seaports, airport and border stations in the guise of false declaration, transfer of value, and shortchange in duty payment that are meant for the Federal Government. These huge recoveries, which made a cumulative of N1.388 billion was attributed to the leadership by example and motivation the Comptroller gave to the officers and men of the Unit when he assumed duty and some appreciable compliance levels of some patriotic Nigerians who voluntarily paid appropriate duties on their goods and vehicles before the deadline on the ban of vehicles through the land borders. While commending the officers and men of the Unit for living up to their statutory responsibilities in suppression of smuggling and enhancing trade facilitation towards sustaining best international standards, the Controller, Federal Operations Unit ‘A’, Comptroller Haruna Mamudu, thanked the Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd), for his effort in appreciating hardwork and diligence to duty, and for always being there in giving a helping hand when the need arises. In another development, the Unit also arraigned two Chinese smugglers Shu Xiang Quan and Wu Sheng and a Nigerian- Ugochukwu Frank, before Hon. Justice Mohammed Hassan of the Federal High Court, Ikoyi Lagos State, on December 29th, 2016, on four counts charge of storing and exporting prohibited items. http://investorsking.com/customs-generates-in-n1-3b-in-december/ |
| Politics › Customs May Lose 50% Revenue To Ban On Vehicles Importation by Truth234(op): 5:08am On Jan 06, 2017*. Modified: 7:39am On Jan 06, 2017 |
Following the federal government ban on the importation of vehicles through the land borders, the Nigerian Customs Service (NCS), Seme Command, is set to lose 50 percent of its monthly revenue valued at about N13 billion. The Seme command of the NCS rakes in between N25 billion to N28 billion monthly with 50 percent of that amount coming from vehicle importation. The federal government had last year prohibited the importation of vehicles, new and old, through land borders, restricting all vehicle imports to Nigeria Sea Ports only. However, Customs Area Controller of Seme Border, Victor Dimka said: “You will agree with me that over 50 percent of our revenue comes from vehicles importation in this command, so that is going to be completely removed and what is left is what we should expect but we will create a very friendly environment just as we have been doing. You will also agree with me that the trade between Nigeria and the countries of the corridors are more or less informal, we will try to perfect on this relationship so as to make the place more business friendly. “We will have flyers all over the places, we have help desk as you can see, our officers will tell people what must be done and what must not be done. So when you have two or more sources, two are removed, the one remaining we will guide Jealously, so importation on General goods from Benin Republic and other countries of the corridors to see we maximize revenue collection optimally.” He said the Seme Command raked in over N1 billion a few working days to the take off of the ban following the rush to bring in vehicles into the country by importers. He said the ban on vehicles as was announced by the federal government meant that the command will re-tighten its belts, “because it very difficult to see vehicles being smuggled through Seme even before the ban. So what is going to happen just to tighten what we have, make sure we deploy officers to all the likely routes they will follow. We have also discovered through intelligence new routes they are creating but by the time we finish, we are going to move officers there permanently. “Of course there is going to be a combined force from the Command, Federal Operations, Compliance Team and even the military to ensure total blockage. Believe me, the war is going to be fierce because you know most of them in this vicinity see smuggling as a birthright, so they will want to try but we will resist them. “They attempt justifying the act by saying its buying and selling. For them, it is merely traveling from one end to buy or trade at the other end. They even argue that their fathers have been trading between the Nigerian area and Benin Republic, so stopping them is like stopping what they have known to be doing for hundreds of years.” he said. He added, “Those at the Nigerian end of the border share lingual, cultural and historical similarities with some communities in Benin. In fact, some Nigerian families have branches in Benin. As a customs officer, I have seen them celebrate, worship and mourn together as one. We tell them daily that what they enjoy is the ECOWAS treaty on free movement and that the family houses they claim to be going fall within the territory of a different state. “This is where enlightenment comes in. I am regularly educating the people on Nigerian side that the Benin Republic is a different country from Nigeria and the dont share uniform economic policies. I keep telling traditional rulers and youths that every country like Nigeria has policies to protect their economies and import prohibition lists are part of these policies. This is the thrust of our Customs Community Relations efforts. We keep telling them not to see smuggling as a right or a legitimate source of livelihood.” http://investorsking.com/customs-may-lose-50-revenue-to-ban-on-vehicles-importation/ Mynd44 |
| Politics › External Reserves Rise Further To N26.2bn by Truth234(op): 4:17am On Jan 06, 2017*. Modified: 7:33am On Jan 06, 2017 |
The country’s external reserves rose to $26.2bn on January 4, 2017, up from $25.8bn on December 30, 2016, the latest data from the Central Bank of Nigeria showed on Thursday. The data also showed that the foreign exchange reserves ended last year with $25.84bn balance on December 30, 2016. The foreign exchange reserves had risen to over four-month high of $25.7bn on December 28, up from $25.4bn on December 23. The foreign exchange reserves have been rising in recent weeks following the gradual increase in oil price and production output. In less than one week, the reserves rose by almost $300m from $25.084bn on December 16, 2016 to $25.361 on December 22. However, currency and economic experts are not sure if the tiny upticks in the external reserves’ level are sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy. Despite the staggering crash in the value of the naira against the United States dollar and other major foreign currencies last year, the CBN spent $4bn from the nation’s external reserves to defend the local currency in 12 months. On December 22, 2015, the reserves stood $29.341bn. On December 22, 2016, the foreign exchange reserves stood at $25.361bn. This means that the external reserves were depleted by $4bn in 12 months. The drop was estimated at 14 per cent. On December 31, 2015, the last day of the year, the external reserves stood at $29.069bn, compared to $25.84bn recorded on December 30, 2016. The controversial defence of the naira by the CBN has come under severe criticism by economists, who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira, at least to a considerable level. A senior associate in investment banking at Afrinvest, a research and investment firm, Mr. Ayodeji Ebo, said the gradual increase might only be sustainable if the oil price maintained its current level and there was a continuous ramp up in oil production. Earlier, the reserves had fallen from $26bn on August 4, 2016 to $25.97bn on August 5 as the central bank stepped up dollar sales to boost liquidity at the interbank market and support the ailing naira. The country’s fast-depleting reserves had recorded $23.89bn low on October 19. At the end of November 2016, the reserves stood at $24.77bn, up from $23.95bn on October 31. The reserves have dropped by 15.9 per cent between 2015 and 2016. An analyst at EY, Mr. Bisi Sanda, said there were indications that oil price and output would rise further this year. He, however, said that the Federal Government needed to use this to the country’s advantage. The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said aside from the increases in oil price and output, the upticks in the external reserves could also be linked to the slowdown in the allocation of forex to the market by the CBN. http://investorsking.com/external-reserves-rise-n26-2bn/ Mynd44 5 Likes 1 Share |
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