AMCON Takes Over Daily Times Plc

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14/02/2018

In continuation of its recovery activities in the new financial year, the Asset Management Corporation of Nigeria (AMCON) yesterday took over the assets of the beleaguered Daily Times Nigeria Plc, a foremost media establishment in the country through Mr. Gbenga Fakoya, SAN.

Recall that the Federal Government of Nigeria held 96.05% shares in Daily Times of Nigeria Plc. through NICON Insurance Plc. In 2004, the Federal Government during the tenure of former President Olusegun Obasanjo, called for bids from the general public as it sought to divest its stake in oldest newspaper conglomerate.

Folio Communications Limited, owned by Fidelis Anosike and his brother Noel Anosike tendered a bid for the said shares and was confirmed by the Bureau for Public Enterprises (BPE), as the most preferred bidder for the shares. The BPE sold to Folio at the cost of N1.25 billion.

However, since the 2004 privatisation exercise, Folio Communications has been embattled with court cases following a loan of N750 million from Hallmark Bank Plc, which it secured to enable it pay the Federal Government for the newspaper company.

According to reports, Folio also got DSV Limited promoted by Senator Ikechukwu Obiorah to invest the sum of N500 million in the purchase of the shares with the understanding that upon concluding the transaction, DSV would be entitled to 40 per cent of the shareholding of the media empire.

A year after the sale, 2005 to be precise, Hallmark Bank Plc (now defunct), Folio Communications Limited, promoted by the Anosike brothers/Daily Times of Nigeria Plc and DSV Limited, promoted by Senator Ikechukwu Obiorah commenced several legal battles over the real ownership of the newspaper.

In 2010, AMCON purchased the loan from the then Afribank Plc, which later became Mainstreet Bank. Consequently, Folio Communications Limited also dragged AMCON to court on several claims while Senator Obiorah commenced an action against the Corporation in the name of Daily Times Plc at the Federal High Court vide suit no: FHC/L/CS/ 1254 /15 – the Daily Times Nigeria Plc vs AMCON. Both suits were however struck out by the respective courts.

But having exhausted all avenues of peaceful resolution over the huge outstanding debt owed AMCON by the Daily Times Plc, the Federal High Court on February 1, 2018, presided over by Honourable Justice I. N Buba ordered AMCON to take over the Daily Times Plc.

The court by the said order retrained the directors, shareholders, agents, servants, privies and /or employees howsoever described from preventing AMCON from taking possession of the Daily Times Plc.

AMCON has complied by effectively taking over the Daily Times on February 13, 2018. Moreso, AMCON is interested in the recovery of the debt and not the ownership of the media empire.

Editors to Lay Plaza Foundation March 1

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14/02/2018

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The foundation stone laying ceremony for the multi-purpose Editors’ Plaza owned by the Nigerian Guild of Editors (NGE) will hold on Thursday, March 1, 2018 at the project site located in the Guzape District of Abuja.

Former Governor of Akwa Ibom State, Senator Godswill Akpabio, who is also the Senate Minority Leader will chair the event while foremost industrialist and Chairman of BUA Group, Alhaji Abdulsamad Rabiu, will perform the traditional ‘turning of the sod’ to herald the construction of a befitting plaza for Nigerian editors in the Federal Capital Territory (FCT).

The Minister of the Federal Capital Territory, Alhaji Mohammed Bello, and his Information and Culture counterpart, Alhaji Lai Mohammed are expected to grace the occasion.

Other dignitaries expected at the event are governors, heads of ministries, departments and agencies (MDAs), members of corporate Nigeria, the business community, media executives, etcetera.

The journey of the proposed Editors’ Plaza started on April 10, 2014 with a fund-raiser in Abuja under the leadership of the then President of the Guild, Mr. Femi Adesina. The goal was to raise funds to build a befitting secretariat for the Guild in Abuja to be named as Editors’ Plaza. It is worthy to note that in its over 55 years of existence, the Guild does not have a secretariat of its own.

Part of the money realized from the fund-raiser has been used to acquire a property in Ikeja area of Lagos State christened Editors’ House which functions as the Guild’s secretariat in Lagos.

The President of the Guild, Mrs. Funke Egbemode, said part of the proposed Editors’ Plaza in Abuja would serve as the Guild’s secretariat in Abuja while the rest would be leased to the public as offices.

When completed, the multi-storey edifice which sits on an expansive 5,600Sqm piece of land will add to the vastly changing Abuja landscape.

According to Egbemode, the construction of the Editors’ Plaza offers friends of the Guild, individuals and corporates, and all advocates and lovers of free press an opportunity to partner with Nigerian editors whom she described as the torchbearers of the nation’s democracy and bulwark against tyranny.

PenCom’s Micro Pension Initiative Suffers Setback

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14/02/2018

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There are indications that the micro pension initiative by the National Pension Commission (PenCom) which was conceived to capture about 250,000 workers from the informal sector has suffered significant setback.

PenCom in a statement in October 2016 maintained that it would release the guidelines in mid-2017 and commence the scheme by end of the year. This, vision was halted by the new leadership in the commission.

The assumption of leadership by the Acting Director-General, Mrs. Aisha Dahiru-Umar, seemed to have slowed down the micro pension scheme due to lack of Board for the Commission.

A top official at the Commission who spoke under the condition of anonymity affirmed that there is no activity in place at the moment to kick-start the scheme.

Another official further said the lack of a substantive DG and Board is affecting the functions of the Commission.

According to the Commission, the micro pension scheme is expected to help boost the pension contributors to 20 million Nigerians by 2019 and 30 million by the year 2024. It is also expected to generate about N3 trillion to the pension assets, while mobilising about 12 million contributors within five years.

However, the implication of the scheme not taking off as planned is that Nigerian workers in the informal sector would continue to be susceptible to old age poverty.

Micro pensions is a scheme targeted at self-employed people, especially those with irregular income, usually in the informal sector and are largely financially uninformed with limited or no access to financial services especially pension plan. This segment, which is estimated to be 70 per cent of the country’s population, largely exists in Nigeria as artisans and self-employed persons.

Former Head, Micro Pension Department at PenCom, Mr. Polycarp Anyanwu, had earlier said the commission has been collaborating with chambers of commerce, as well as other government agencies in charge of small businesses such as Small and Medium Enterprise Development Authority (SMEDAN) and is working on guidelines for the commencement of the scheme.

Anyanwu explained that micro pension initiative exists for the provision of pension coverage to self-employed persons.

He said: “Micro pension initiative exists for the provision of pension coverage to self-employed persons. In Nigeria, it covers three strata of income earners namely lowest, middle and high income earners. The commission is working assiduously to enroll 250,000 contributors within six months of the commencement of the initiative. The scheme is an offshoot of the pension industry five year strategic plan to expand the coverage of the CPS to 20 million contributors by 2019.

“The commission is also targeting the self-employed in various trades and professions in Nigeria such as artisans, accountants, lawyers, mechanics, tailors, market men/women, hair dressers, architects, engineers among others. We have reviewed the implementation of micro pension in other jurisdictions like Kenya and Ghana; formulated Guidelines and Framework on Micro Pension; consulted licensed Pension Industry Operators and enhanced its information and communications technology capacity to accommodate the scheme.

“The scheme will avail the contributor access to regular stream of retirement income at old age and improves living standards of the elderly. The contributors are to benefit from the various incentives to be offered by the PFAs adding that the initiative would deepen financial literacy and inclusion; secures financial autonomy & independence of retirees; passage of wealth to survivors in the event of death; increases National Savings and long term funds; promote growth development of the capital, mortgage and insurance markets and have positive effect on the national economy as pension assets increases”, he added.

Highlighting the challenges of the scheme, Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin said though micro pension scheme is good for the country, it has challenges.

These challenges, according to him, include insufficient awareness and negative perception towards it, modest financial literacy in the country, high cost of promoting awareness on the CPS, lack of reliable data on the informal sector and low buy-in by unions in the pension sector, among others. These challenges, he noted, must be addressed prior to commencement of the scheme and thereafter.

Fajemisin, on the other hand, said the micro pension scheme, when finalised, would ensure improved standard of living for the elderly, guarantee the safety of funds and may provide access to other incentives, such as mortgage facilities and health insurance.

He said other benefits include flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion and attainment of economic stability objectives.

He described the proposed micro pension scheme as having the capacity to deepen asset accumulation in Nigeria, which will also provide the vital capital required for investment in critical sectors of the economy.

Consolidated Hallmark Renews N24m Insurance Cover for Journalists

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14/02/2018

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Consolidated Hallmark Insurance Plc has renewed its Group Personal Accident Insurance cover worth N24 million for insurance journalists in the country.

This, according to the company, was part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are mostly exposed to danger and hazard in the discharge of their civic duties are adequately protected.

The Group Personal Accident Insurance covers death, permanent disability and medical expenses.

The policy has been running for more than five years now, precisely since 2012, and is renewed annually by the company at the each expiratory period on behalf of the concerned journalists.

The cover, which was recently renewed by the insurer in October, 2017 is due to expire in September, 2018. The company has promised to continue to renew the coverage for the journalists every year.

Managing Director of the company, Eddie Efekoha said journalism profession both within and outside the country is exposed to different kinds of risks, and such calls for the need for insurance to mitigate the risks in the event of this nature.

He disclosed that in the case of the death of any of the concerned journalists, the family of the deceased is entitled to N1 million death benefits, while the same claim of N1 million applies to a journalist who suffers permanent disability in the discharge of his duties.

He added that the insurance scheme, as well, covers for medical expenses to the tune of N200, 000 per journalist in the case of an accident.

It would be recalled that in 2013, Mrs. Bimbo Oyetunde, a staff of Radio Nigeria received medical bill compensation from CHI. She was involved in a ghastly motor accident alongside others members of the Nigerian Union of Journalists (NUJ) on their return from Abuja after an official assignment where three people died.

GT Bank Sponsors 2018 Lagos Int Polo Tournament

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14/02/2018

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Some of the most renowned indigenous and international polo teams are set to convene in Lagos, Nigeria to compete for highly coveted trophies in the 2018 Lagos Int’l Polo Tournament.

Sponsored by Guaranty Trust Bank plc, the competition will see both Nigerian and foreign teams compete in four main cups, namely: the Silver Cup, Open Cup, Lagos Low Cup and Majekodunmi Cup.

Over the years, GTBank has been at the forefront of supporting Polo; widely revered as the Sport of Kings, and promoting the Lagos International Polo Tournament, which has hosted reputable personalities such as His Royal Highness the Prince of Wales.

Played on the grounds of the Lagos Polo Club, Ikoyi, the premier polo club in the country, the tournament has featured polo greats like Alphonso Pieres, Gonzalo Pieres and Alan Kent, and promises to provide top class action and entertainment for all polo lovers.

Some of the players expected to light up this year’s tournament include Manuel Crespo, a seven-goaler from Argentina; South Africa’s Tom De Bruin +7; and Alfredo Bigati, another +7 handicap player from Argentina.

Other professionals expected include Santiago Cernadas +6, Adamu Atta, Babangida Hassan, Bello Buba, Santiago Astrada +6, Diego Whyte and Martin Juaregi. Polo enthusiasts will also be treated to a variety of off-the-pitch activities ranging from thrilling performances by music stars to an exquisite experience at the exclusive GTBank Lounge where guests will be treated to epicurean cuisine and vintage wine.

Commenting on GTBank’s sponsorship of the 2018 NPA Lagos International Polo Tournament, Segun Agbaje, Managing Director of Guaranty Trust Bank plc, said;

“We love the game of polo, the passion and the symbiosis between the players and their horses, but most importantly, we hold a strong affinity to the sport of kings because it reflects quality, competitiveness and fair play; some of the values that have made GTBank a Proudly African and Truly International Financial Institution.” He further stated that; “Our sponsorship of the 2018 NPA Lagos International Polo Tournament, which has grown over the years to become one of the most anticipated social and sporting events of the year, demonstrates our strong belief in the role of sports in developing and uniting our society.”

Guaranty Trust Bank plc is one of the few Nigerian financial institutions that have maintained a defined Corporate Social Responsibility (CSR) strategy, most especially in sports education. The GTBank Masters Cup as well as the Principals Cup tournaments in Lagos and Ogun states are some of the projects the bank has taken up in this regard.

Flour Mills Rights Issue Ends Feb 21

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14/02/2018

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Flour Mills of Nigeria (FLOURMILL) Rights Issue, opened on 15 January, 2018, will close on Wednesday, 21 February 2018.

The Rights Issue is being undertaken to enable FLOURMILL deleverage its balance sheet, support working capital needs, and position the company to exploit value-accretive opportunities.

Details of the Rights:

Being Issued – 1,476,142,418 Ordinary Shares of 50 kobo each

Rights Price – N27.00 per share

Gross Issue Proceeds – N39,855,845,286

Provisional Allotment – 9 new Ordinary Shares for every 16 Ordinary Shares of 50 kobo each held
as at the close of business on 8 December 2017

Worthy of Note:

(1) The Rights is offered at 17.18% discount to the stock’s current market price of N32.60,

Blockchain Spending in Africa, ME Targets $81m in 2018

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14/02/2018

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Spending on blockchain solutions in the Middle East and Africa (MEA) is set to more than double this year, according to the latest insights from International Data Corporation.

The global technology research and consulting firm’s recently launched Worldwide Semiannual Blockchain Spending Guide shows spending in the region totaling $80.8 million for 2018, up 107% on the $38.9 million spent in 2017.

“There is clearly an immense amount of interest around distributed ledger technologies (DLT) in the region,” says Megha Kumar, IDC’s research director for software in the Middle East, Africa, and Turkey. “This is being driven by the pressing need for organizations to improve their efficiency, agility, security, and integrity. In 2018, we expect more organizations across MEA to move beyond the evaluation and proof-of-concept phase to pilots and even deployments.”

Looking further ahead, IDC expects blockchain spending in MEA to reach $307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016-2021 period. While various industries are evaluating the use of blockchain, IDC research suggests the region’s public sector (including government, education, and healthcare) will spend an estimated $120.8 million in this space in 2021, accounting for 39.2% share. It will be followed by the financial services sector at 35.5% and the distribution and services sector at 14.1%.

“In the Middle East, Dubai’s government has identified blockchain as a major technology for helping it become a leader in the Smart Cities arena,” says Kumar. “Alongside the establishment of the Global Blockchain Council, Dubai’s ‘Blockchain Strategy’ aims to promote efficiency around government services and fuel economic development. At the same time, financial services firms across the region are evaluating the use of blockchain for cross-border payments, trade settlements, and anti-money laundering purposes. In Africa, meanwhile, DeBeers intends to launch an industry-wide blockchain platform for tracing and authenticating diamonds, which highlights the integrity benefits of the technology.”

The most popular blockchain use cases in 2021 will be cross-border payment and settlements, assets/goods management and identity management, with IDC expecting these three alone to account for 33.1% of MEA blockchain spend in 2021. “At this stage it’s still early days for blockchain, with technology vendors, start-ups, fin-techs, and end users continuing to discover new types of use cases,” says Jebin George, IDC’s program manager for verticals in the Middle East, Africa, and Turkey. “Some of these may never go mainstream, stalling at the proof-of-concept stage as they fail to bring in the scale of efficiency that was meant to be achieved.”

From a technology perspective, IDC’s forecast shows services (IT services and business services) accounting for 52.7% of MEA blockchain spending in 2021. Blockchain software platforms will be the biggest and fastest-growing category in the software space over the coming years, while cloud will be the fastest-growing component in terms of hardware.

IDC’s Worldwide Semiannual Blockchain Spending Guide quantifies the emerging blockchain market by providing spending data for ten technologies across 19 industries and 14 use cases in nine geographic regions. Spending associated with various cryptocurrencies that utilize blockchain and DLT, such as Bitcoin, is not included in the spending guide.

GT Bank Unveils Dusty Manuscript Literature Contest

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09/02/2018

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Guaranty Trust Bank Plc, has launched the Dusty Manuscript Contestto givebudding writers the opportunityto win publishing deals for their finished, but yet-to-be published, manuscripts. Organised in partnership with publishing houses Okadabooks and Farafina, the contest is part of the Bank’s YouREAD initiative which is aimed at promoting the culture of reading.

The Dusty Manuscript Contest is the latest in a long line of GTBank initiatives geared towards promoting the appreciation of Art and supporting creative potential.

In 2017 the Bank remodelled the old Herbert Macaulay Library, Yaba into a state of the art learning and recreational facility that would give people in the community and beyond the opportunity to build capacity, gain exposure and connect with the world. The remodelled library has been the venue of regular book readings and art expositions organised under the YouREAD initiative.

With the Dusty Manuscript Contest, the Bank is seeking to address the challenges indigenous writers face getting their books published.The top 3 entries in the contest will be rewarded with publishing contracts with Farafinaas well cash rewards.

The top 10 entries will get their books e-published by Okadabooks, including book cover design, book editing, and publicity. The top 25 book authors will also get a 2-day boot camp training on writing, marketing and branding.

The entries in the Dusty Manuscript Contest will be assessed by a panel of four judges which includes EghosaImasuen, the author of widely acclaimed novel, Fine Boys, and Yejide Kilanko, a Poet and therapist in children’s mental health, Dr AinehiEdoro-Glines, an Assistant Professor of English Language and Toni Kan, a writer and PR executive whose collection of short stories, Nights of a Creaking Bed, won the NDDC/Ken SaroWiwa Prize for Literature.

Commenting on the Dusty Manuscript Contest, Mr. SegunAgbaje, the Managing Director of Guaranty Trust Bank plc, said:

“At GTBank we see art as not just a medium for creative expression but also as a means of livelihood, and by organising the Dusty Manuscript Contest we are helping budding writers make a living off their works. By addressing the major barrier that our indigenous writers face in sharing their stories with the world, we hope to inspire and develop the next generation of award-winning and globally renowned authors.”

GTBank has consistently played a leading role in Africa’s banking industry. The Bank is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

MTN Nigeria Targets $500m from Public Offer

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09/02/2018

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MTN Nigeria is hoping to reap over$500 million from its expected Initial Public Offer (IPO) slated for the first half of the year.

A source in MTN Nigeria confirmed that the public offer would be traded on the floor of the Nigerian Stock Exchange (NSE).

MTN Nigeria has been under intense pressure from the Nigerian government and federal legislators to list its shares on the NSE, especially after the industry regulator, the Nigerian Communications Commission (NCC) imposed a $5.2 billion fine on the telecom operator for failing to deactivate unregistered SIM cards on its network.

Equities Market Maintains Negative Momentum…NSE ASI Down 49bps

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09/02/2018

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In line with expectation, the bearish run of the equities market from the start of the week persisted as the All Share Index (ASI) declined by 49bps to close at 43,326.89 points while YTD return contracted to 13.3%. Consequently, investors lost N75.8bn as market capitalization fell to N15.5tn.

Yesterday’s drag was largely on account of sustained sell-offs across board with NESTLE (-5.0%), NIGERIAN BREWERIES (-3.2%) and FBNH (-1.6%) weighing the most on performance. Meanwhile, activity level improved as volume and value traded surged 336.9% and 64.0% to 2.2bn units and N7.4bn respectively.

Mixed Sector Performance
Sector Performance was mixed as 3 of 5 indices under our coverage closed in the red while 2 trended northwards. Leading the losers’ chart was the Consumer Goods index which fell 2.0% following sell pressure in NESTLE (-5.0%) and NIGERIAN BREWERIES (-3.2%).

The Insurance index trailed, down 0.6% on the back of price depreciation in WAPIC (-4.4%) and AIICO (-4.8%). Also, the Banking index fell 0.1% as UBN (-2.4%), DIAMOND (-4.8%) and FIDELITY (-3.2%) all closed southwards.

On the flip side, the Industrial Goods index trended 0.3% higher, buoyed by uptick in DANGCEM (+0.4%) while the Oil & Gas index rose 0.6% due to gains in FORTE (+4.9%).

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) improved to 0.7x from 0.5x recorded the previous session consequent on 17 stocks advancing against 26 decliners. The top performing stocks were UNITY (+9.4%), FORTE (+4.9%) and ROYALEX (+4.8%) while SKYE (-8.9%), HMARKINS (-5.3%) and NESTLE (-5.0%) were the worst performers.

Whilst the bearish performance was in line with expectation, improving market breadth and turnover suggest some investors are taking advantage on the week-long sell off to buy into stocks with attractive valuation. Hence, we expect the ‘Buy the Dip” sentiment to buoy performance in subsequent sessions.
In the NASD OTC Exchange, total Volume and value traded stood at 801,424 units and N15.2m respectively. The SDAFRILAND, SDCSCSPLC and SDNDEP were the only instruments that traded.

NEXIM Tasks SMEs in South East, Delta States on N550bn Export Facility

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07/02/2018

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L – R: Chinedu Moghalu, Regional Head, NEXIM Bank, Enugu; Dr.Obiora Madu; Mrs. Gertrude Ukoa, Head, NEPC, Enugu; and Hon. AnayoAgu, SME Centre, Enugu.

The Nigerian Export-Import Bank (NEXIM) has called on export-oriented Small and Medium Entrepreneurs in the Southeast and Delta States to access the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Development Fund being managed by the Bank to boost their businesses, create more jobs, and contribute to the foreign exchange revenue earnings of the country.

This call was made in a statement by the Managing Director and CEO of NEXIM, Mr. Abba Bello, and made available by the Bank’s Enugu Regional Office after a one-day seminar on “LEVERAGING NEXIM BANK FACILITIES TO UNLEASH YOUR EXPORT POTENTIAL.”

The facilities were made available to NEXIM Bank last December and will lend at a maximum of 9% interest rate. The funds were designed to redress the declining export credit to SMEs and reposition the non-oil sector to increase its contribution to the country’s revenue generation and economic development. The improved export financing for non-oil exporters will enable them to upscale and expand their businesses and improve their competiveness.

Speaking on behalf of the Bank’s MD/CEO, the Head of the Bank’s Enugu Regional Office, Mr. Chinedu Moghalu stated that the funds are being made available to the NEXIM by the Central Bank of Nigeria at a time the Bank has decentralized its operations to all the regions of the country for easier accessibility of its products and services to maximize their impacts. According to him,“NEXIM Bank is determined to ensure these funds achieve the desired impact of triggering non-oil export development, growth and economic progress in line with its mandate as the Trade Policy Bank of the Federal Government and the applicable CBN guidelines for the implementation of the facilities.”

The representative of the Enugu State Governor and Special Assistant on SME Development, Honourable Anayo Agu, stated that the programme has come at the right time. According to him, “the opening of NEXIM Bank Regional Office for the Southeast and Delta States in Enugu, and the invitation to the SMEs to access affordable non-oil export facilities, had been the missing link in the efforts of various Governments in the region to derive maximum benefits from their investments in the SME value chain, especially in the agriculture and other non-oil sectors. It provides us the platform to reach heights we could only dream about before now.”

The objectives of the ESF as contained in the CBN guidelines are to: a) Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets; b) Attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports; c) Shore up non-oil export sector productivity and create more jobs; d) Support export oriented companies to upscale and expand their export operations as well as capabilities; e) Diversify and increase the level of contribution of non-oil exports revenue towards sustainable economic development; and f) Broaden the scope of export financing instruments.

The transactions permissible for funding under the ESF include, export of goods wholly or partly processed or manufactured in Nigeria; export of commodities and services, which are permissible and excluded under existing export prohibition list; imports of plant and machinery, spare parts and packaging materials, required for export oriented production that cannot be produced locally.

Other businesses eligible under the ESF are export value chain support services such as transportation, warehousing and quality assurance infrastructure; resuscitation, expansion, modernization and technology upgrade of non-oil exports industries. Stocking facility and working capital can also qualify for funding under the ESF.

Potential applicants to the ESF can either send their requests through their local commercial banks or directly to NEXIM as the revised CBN guidelines assigns the Bank a dual role of both manager and participating financial institution.

The N50 Billion Export Development Fund will be managed by NEXIM and implemented in collaboration with the State governments. NEXIM has earmarked at least N1 billion for each State under the State Export Development Programme component aimed to catalyse and incentivize export investment to promote diversification and industrialization.

Through the Programme, NEXIM Bank will also have a programme for Women/Youth Development, especially to provide support to industries that are involved in Apparel/Garmenting, Cashew, Shea, etc.

The Central Bank Governor, Mr. Godwin Emefiele had stated at the announcing of the funds in December 2017 that the ESF can also be implemented by adapting the Anchor Borrowers Programme framework while promoting the PAVE initiative.

According to Moghalu, “The overall aim of the ESF and EDF is to lower the costs of Nigerian exporters so that their products can be priced at a level where they can compete with other products around the world.”

The NEXIM Bank Regional head urged eligible export-oriented companies in the Southeast and Delta States with permissible transactions under the schemes to participate in the funding scheme by submitting proposals for consideration through the financial institutions of their choice or directly to NEXIM Bank. He emphasised that as Nigeria’s sole export credit agency, NEXIM Bank remains the only window through which the Government can provide export financing for non-oil products and services.

Thanking the participants and other stakeholders on behalf of the NEXIM MD, Mr. Moghalu gave assurance that the Bank is committed to working assiduously, in line with its mandate, to fully realise the objectives of the schemes and stated a readiness to provide the necessary advice, additional information or clarifications as may be required.

He thanked the Nigerian Export Promotion Council (NEPC), the Manufacturers’ Association of Nigeria (MAN), the commodity associations and other organised private sector for their relentless technical support, partnership and collaboration as well as the commitment to work with the Government and private sector in Nigeria to diversify the economy, create jobs, boost industrial production and exports.

Other participants at the seminar were Southeast Government officials; representatives from the members of various chambers of commerce and industries; SME professionals in the banking sector; as well as the media.

Reps to Visit Arik, Aero Airlines on Assessment

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07/02/2018

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L-R: Mr. Aminu Ismail, Executive Director, Operations, Asset Management Corporation of Nigeria (AMCON); Mr. Ahmed Kuru, AMCON Managing Director/Chief Executive Officer; Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri; Mr. Kola Ayeye, AMCON Executive Director, Credits and Dr. Eberechukwu Uneze, AMCON Executive Director, Assets when the House Committee visited AMCON as part of its routine oversight function at AMCON Head Office, Abuja.

The Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri yesterday in Abuja said the House of Representatives of the Federal Republic of Nigeria will soon pay a visit to Arik and Aero airlines for what he described as on the spot assessment of recent positive developments at the two airlines since they were taking over by Asset Management Corporation of Nigeria (AMCON).

Hon. Onyereri who made the declaration when he led the members of the committee to their routine oversight function at the Corporate Head Office of AMCON in Maitama, Abuja noted that members of the House of Representatives Committee on Banking and Currency owe it a duty to Nigerians to visit some of the critical institutions AMCON was mandated to take over in the interest of the nation.

He said, “As a matter of fact, apart from coming here (AMCON) today to carry out our routine oversight function, which necessitated this briefing with the management and staff of AMCON led by Mr. Ahmed Kuru, Managing Director/Chief Executive Officer, we need to particularly pay a visit to Arik and Aero Contractors airlines to know for ourselves and on behalf of all Nigerians what is going on at those airlines. There are positive reports emanating from the two airlines since the involvement of AMCON but it is our duty to ensure that the right things are done in both airlines for the continuous growth and development of the aviation sector and Nigerian economy in general.”

He further said the committee’s visit to AMCON was in order because the Corporation is an interventionist institution of the Federal Government, which falls under the purview of the House Committee’s oversight function. Again he said, “We are here to review the 2017 budget performance of the corporation vis-à-vis what was approved for them and the outcome would help the committee make projections and also provide guidance as the case may be against the budget defence slated for February 28.”

Welcoming the committee in the company of the other Executive Directors of AMCON, Kuru remarked that it is always rewarding and a good feedback mechanism to have the committee come around for oversight function because it affords AMCON the opportunity to rub minds with the legislature as well as draw from what he described as the “legislative wealth of knowledge.”

The AMCON boss however assured the committee that the incumbent management of AMCON has remained prudent and would continue to persevere in the face of adversity posed by the challenging economic realities in the country, which is improving by the day.

Again Kuru said, “2017 was quite challenging businesses in the country. At AMCON, we are sitting on a lot of assets because of the unstable liquidity situation and as you know most of our assets are challenged one way or the other. But with things looking up in 2018, AMCON’s projection looks positive. However, we will continued to be prudent in terms of our spending and running cost generally.”

Equities Market Extends Losses to Second Consecutive Session…NSE ASI Down 87bps

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07/02/2018

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In line with the equities market correction currently being experienced across the developed markets, the Nigerian All Share index (ASI) extended losses into the second consecutive trading session, down 0.9% to close at 43,877.30 points while YTD return further moderated to 14.7%.

Accordingly, investors lost N138.2bn as market capitalization reduced to N15.7tn. Today’s negative performance is largely on account of broad based sell-offs across sectors, although banking stocks – ZENITH (-4.4%) FBNH (-5.2%), UBA (-2.4%) and GUARANTY (-0.7%) were the main drags on performance.

However, activity level strengthened as volume and value traded surged 68.0% and 77.5% to 717.2m units and N4.9bn respectively.

All Sectors Close in the Red
Sector performance was bearish as all indices closed in the red. The Banking index was the biggest loser, shedding 2.1% following price depreciation in market bellwethers – ZENITH (-4.4%), UBA (-2.4%) and GUARANTY (-0.7%).

The Industrial Goods index followed, falling 1.0% owing to losses in WAPCO (-1.1%) and CCNN (-0.8%) while the Insurance index declined 0.5% on the back of sell offs in MANSARD (-3.4%) and CUSTODIAN (-2.1%). Similarly, the Oil & Gas index slid 0.4% as MOBIL (-2.8%) and FORTE (-0.2%) closed lower while the Consumer Goods index shed 0.3% due to profit taking in UNILEVER(-4.4%) and FLOURMILLS (-4.7%).

Investor Sentiment Softens
Investor sentiment as measured by market breadth (advance/decline ratio) softened to 0.4x from 0.6x recorded the previous session as 18 stocks advanced against 48 decliners. The top performing stocks today were PRESTIGE (+7.7%), CAVERTON (+6.9%) and AFRINSURE (+5.0%) while HMARKINS (-9.1%), SKYE (-8.9%) and TRANSCORP (-6.8%) were the worst performers.

Following sustained sell offs across global equity markets, we anticipate a further decline in the local bourse in trading sessions ahead. As a result, we envisage possible bargain opportunities for investors ahead of the full year earnings season.

Dividend Payment Awards for Quoted Firms on Feb 10

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Business Journal

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07/02/2018

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The maiden edition of Dividend Payment Awards for listed companies in Nigeria is slated for Saturday, February 10, 2018 at Muson Centre in Lagos.

Mr. Abiodun Ayodele, Managing Director/CEO of Third Observes Nigeria Limited, organisers of the awards, said in a statement that the dividend payment awards is to sensitize the Nigerian public and shareholders of quoted companies in Nigeria to the availability of dividends from quoted companies in the country.

Ayodele said the award is divided into categories of years of dividend payment by quoted companies in the country.

Amongst those expected at the event include Mr. Akinwunmi Ambode, Executive Governor of Lagos State; Governor Abiola Ajimobi of Oyo State, those of Edo and Kano states and Mr. Oscar Onyema, chief executive of the Nigerian Stock Exchange.

Facebook , African Partners Seek Safer Internet

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Business Journal

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07/02/2018

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Celebrating Safer Internet Day (SID) under the connected theme of “Create, connect and share respect: A better internet starts with you”, Facebook yesterday announced a number of partnerships across Africa with over 20 non-governmental organisations and government agencies – with the aim of raising awareness of emerging online issues and helping to explore ways to make the Internet safer for all.

Launching a series of initiatives, including a specially created family-friendly animation which directs viewers to the Parent Portal in the Facebook Safety Centre, parents and caregivers can access a variety of information and tips on how to discuss issues of online safety with teens, developed in partnership with safety experts from around the world.

Commenting on Facebook’s work as part of Safer Internet Day, Akua Gyekye, Public Policy Manager Facebook, Africa said: “Every day, millions of people across Africa come to Facebook to talk about their special moments and to stay connected with the people they care about. We recognize the important role we play in creating a better and safer online community for all, with this year’s growing partnerships across the continent further demonstrating our ongoing commitment to supporting organisations that raise awareness on these important issues.”

This year in Africa, Facebook is working with partners such as to address the needs and ongoing education of various communities.

Watoto Watch Network: Kenya
“In connection with the theme ‘create, connect and share respect’, our focus this year is on cyber-bullying. We’re working with Facebook to share messages that encourage positivity and respect on social media,” says Lillian Kariuki, Executive Director at Watoto Watch Network. “On Safer Internet Day, we will also be sharing Facebook’s newly translated (Swahili) online safety content directly to the children and ICT partners in Kenya.”

JI Initiative: Ghana
“Our main priority at JI Initiative is to ensure digital citizens especially children and young people are responsible in their use of the space. Resources and materials provided by Facebook as a partner help to empower our audience in Ghana on how to make the Internet better. We will continue to work hard in educating people to become good digital citizens” says Awo Aidam Amenyah, Executive Director at JI Initiative.

Rudi International: Democratic Republic of Congo
“We are spearheading the drive to promote a safe and better Internet environment in DRC,” says Arsene Tungali, Co-Founder and Executive Director of Rudi International. “Partnerships with organisations such as Facebook are key in our efforts to harness the positive impact of technology for DRC’s young people.”

W.TEC: Nigeria
“We believe in the positive uses of technology and are happy to play a role in helping to create a better, safer and more productive online community,” says Adeyemi Odutola, Communications Officer at W.TEC. “Safer Internet Day is a great way to create a global conversation about how we make the Internet work better for everyone, especially girls and women.”

Film and Publication Board: South Africa
“Parents, educators, guardians and industry must all be part of the conversation about keeping children online safe,” says Manala Botolo, Acting Manager Communications and Public Education at the Film and Publication Board. “Addressing challenges such as inappropriate content and cyber-bullying demands partnership and cooperation between everyone involved in creating and consuming online content.”

About Safer Internet Day
Safer Internet Day is celebrated in over 100 countries and coordinated by the joint Insafe/INHOPE network, with the support of the European Commission, and national Safer Internet Centres globally. SID calls upon young people, parents, carers, teachers, social workers, law enforcement agencies, companies and policymakers to join together in helping to create a better internet.

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