Dev Bank of Nigeria to Support MSMEs with N396.5bn

By

-

15/01/2017

The Federal Ministry of Finance has confirmed the completion of the recruitment exercise for the Executive Management team of the Development Bank of Nigeria (DBN), and has formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently.

The DBN was conceived in 2014. However, its take-off had been fraught with delays. The President Muhammadu Buhari-led administration inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.

The DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency). The Bank is also finalising agreement with the European Investment Bank (EIB).

To provide clarification, the operations of the DBN will not in any way result in the elimination of the Bank of Industry (BOI), Bank of Agriculture (BOA) or any other existing development bank. The operations of the DBN is clearly distinct from other development banks as it is focused on supporting small businesses defined by size and not by sectors.

The DBN will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks, thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).

As a wholesale bank, the DBN will lend wholesale to Microfinance Banks which will on-lend medium to long-term loans to MSMEs.

The MSMEs contribute about 48.47 percent to the Gross Domestic Products (GDP) of Nigeria but have access to only about 5 percent of lending from Deposit Money Banks (DMBs).

The influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies.

As the economy diversifies, the growth of the MSME sector will have a positive impact on the economy through employment generation, wealth creation and economic growth.

NNPC Seeks Increase in Oil Production Royalties

By

Business Journal

-

15/01/2017

0

The Nigerian National Petroleum Corporation (NNPC) has recommended some legal changes to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act.

This changes will enable the Federal Government improve the collection of royalties and other revenue from deep water oil production.

According to NNPC Chief Operating Officer for Upstream activities, Malam Bello Rabiu, it is important to increase royalties in all categories so as to increase government revenue.

“It is our opinion that the proposal to increase the royalty rate for terrains beyond 1,000 metres, from zero per cent to three per cent, is commendable but it is necessary to also make corresponding adjustments in other categories,” he said.

In order to ensure impartiality and balance between the government and PSC contractors, what is due to the government should be calculated based on production and price, he stated adding that the petroleum minister should have authority to occasionally set royalties to be paid, for acreages located in deep offshore and inland basin production-sharing contracts.

The NNPC COO advised that some incentives like investment tax credit, investment tax allowance and capital allowances to PSC contractors, should be removed.

Anita Fatunji

U.S., EU Reach Insurance Regulation Agreement

By

Business Journal

-

15/01/2017

0

United States and European Union negotiators say they have reached an agreement on reinsurance and insurance regulation. The agreement covers three areas of insurance oversight: reinsurance, group supervision and the exchange of insurance information between regulators.

According to the negotiators, U.S. and EU insurers operating in the other market will only be subject to oversight by the regulators in their home jurisdiction. For the United States, the agreement preserves the primacy of the U.S. regulators’ oversight of U.S. insurance groups while for the EU, it preserves the primacy of EU oversight of EU insurance groups.

The agreement calls for an end to collateral and local presence requirements for EU and U.S. reinsurers.

The negotiators say that the agreement is “balanced, in the mutual interest of both the U.S. and the EU, and provides meaningful benefits for U.S. and EU insurance consumers and for U.S. and EU insurers and reinsurers that operate in both markets.”

In November 2015, the U.S. Department of the Treasury and the Office of the U.S. Trade Representative (USTR) announced their intention to begin negotiating a covered agreement with the EU. The talks began in February. U.S. and EU representatives also met in July, May and September, 2016.

The agreement is known as a covered agreement, which is an agreement between the United States and one or more foreign governments, authorities or regulatory entities, regarding prudential measures with respect to insurance or reinsurance.

European reinsurers and regulators have wanted the U.S. to lift reinsurance collateral requirements on foreign reinsurers and treat them like U.S. reinsurers. European reinsurers and Lloyd’s of London syndicates complain they are disadvantaged compared to American competitors by the additional capital and collateral requirements of some states. They note that they must also now comply with new EU solvency [Solvency II) rules.

The agreement calls for the elimination of collateral and local presence requirements for EU and U.S. reinsurers.

U.S. and EU insurers operating in the other market will only be subject to worldwide prudential insurance group oversight by the supervisors in their home jurisdiction, the announcement said.

The limitations on worldwide group oversight outside of the home jurisdiction include limits on matters involving solvency and capital, reporting and governance. Supervisors however preserve the ability to request and obtain information about worldwide activities “which could harm policyholders’ interests or financial stability in their territory.”

The agreement encourages insurance supervisory authorities in the United States and the EU to continue to exchange supervisory information on insurers and reinsurers that operate in the U.S. and EU markets.

The final legal text of the agreement was not released but has been given to Congress as required by the the Dodd-Frank Act. The European Union approval process involves the Council and the European Parliament.

Michael McRaith, Director of the Federal Insurance Office (FIO) within Treasury, has called negotiating a covered agreement with the European Union “a critical step toward leveling the playing field for American insurers and reinsurers.”

The American Insurance Association (AIA), the American Council of Life Insurers (ACLI) and the Reinsurance Association of America (RAA) welcomed the agreement in a joint statement:

“This agreement, which was reached on January 13, seeks to resolve significant insurance and reinsurance regulatory issues for companies doing business in both jurisdictions. We have long supported the covered agreement process and look forward to reviewing the details.

“We thank the U.S. and European Union parties who were involved in the negotiations for advancing this important initiative. We also applaud state regulators for their invaluable contributions and their continuing commitment to U.S. policyholders.”

Global Airlines Financial Monitor: December 2016

By

Business Journal

-

15/01/2017

0

The latest round of financial results from Q3 2016 underlined another solid quarter for industry financial performance, but there are ongoing signs that momentum in the profitability cycle has weakened;
Global airline share prices outperformed the global equity market in H2 2016. This outperformance was driven mainly by North American shares, on renewed optimism that such airlines can stabilize unit revenues in 2017;
Brent crude oil prices have been broadly stable around $US55/bbl since the start of December. A rebalancing in the oil market is slowly taking place, but prices are expected to trend upwards just modestly from here;
The intense downward pressure on yields has eased since earlier in 2016, but the trend is still pointing downwards;
Premium traffic growth lagged behind that of its economy counterpart on most key routes in 2016, but premium airfares generally held up better. The premium segment remains a key buffer for airline financial performance;
Annual growth in passenger volumes accelerated to its fastest pace in nine months in November, with the seasonally-adjusted load factor rising to a record high;
November’s data underlined a strong 2016 peak season for air freight, with freight volumes up 6.8% year-on-year. The freight load factor has recovered partly in recent months from its early-2016 low.

CEOs Seek Repeal of Governance Code

By

Business Journal

-

11/01/2017

0

Two chief executive officers have strongly canvassed immediate repeal of the Code of Corporate Governance being implemented by the Financial Reporting Council of Nigeria compelling CEOs to resign or retire after a given period of time in office.

A CEO told Business Journal on condition of anonymity: “This Code is definitely an encroachment on the right of private firms to decide who runs their operations as CEO overtime. The decision of how long a CEO should stay in office should naturally be the prerogative of the Board, not the government. The government has no business with it. This development represents an ugly encroachment that could kill the spirit of entrepreneurship in the country.”

Another CEO added his voice: “If you look around, you will notice that a good number of these private companies were the initiative of one or two individuals. Now, asking such persons to leave a company they founded and nurtured after 10 years is very unfair. The government can fix the tenure of CEOs in public parastatals but not for private firms. This obnoxious Code has no place in the private sector.”

Few days ago, the Federal Government sacked Mr. Jim Obazee, former Executive Secretary of FRN as a result of controversies emanating from the resignation of Pastor Enoch Adeboye, General Overseer of The Redeemed Christian Church of God in respect of the Governance Code.

The Code had its origin in the banking sector during the era of Mallam Sanusi Lamido Sanusi, then Governor, Central Bank of Nigeria, when the CEO of banks were forced to leave office after 10 years on the saddle as part of measures to reform the sector along the path of corporate governance.

Emeka Onuora, PenCom Spokesman, Buries Mum

By

Business Journal

-

11/01/2017

0

Mr. Emeka Onuora, Head, Corporate Communications Department, National Pension Commission, PenCom (4th left), flanked by Mr. Chris Ebong, General Secretary, National Association of Insurance & Pension Correspondents (NAIPCO) on his right, Mr. Maduka Nweke, Public Relations Officer of the Association, 3rd right as well as his siblings during the funeral rite of Emeka's mother held at Oko, Anambra State last week. — Mr. Emeka Onuora, Head, Corporate Communications Department, National Pension Commission, PenCom (4th left), flanked by Mr. Chris Ebong, General Secretary, National Association of Insurance & Pension Correspondents (NAIPCO) on his right, Mr. Maduka Nweke, Public Relations Officer of the Association, 3rd right as well as his siblings during the funeral rite of Emeka’s mother held at Oko, Anambra State last week.

Under-Employed, Under-Inclusive: The World in 2017

By

Business Journal

-

11/01/2017

0

Trends such as rising income inequality and societal polarisation triggered political change in 2016 and could exacerbate global risks in 2017 if urgent action is not taken, according to the Global Risks Report 2017.

Key drivers of risks can be arrested or reversed through building more inclusive societies, for which international cooperation and long-term thinking will be vital

Climate change ranks alongside income inequality and societal polarisation as a top trend for 2017, with all five environmental risks featuring for the first time among the most likely and most impactful risks before the world

Economic inequality, societal polarisation and intensifying environmental dangers are the top three trends that will shape global developments over the next 10 years, the World Economic Forum’s Global Risks Report 2017 found. Collaborative action by world leaders will be urgently needed to avert further hardship and volatility in the coming decade.
In this year’s annual survey, some 750 experts assessed 30 global risks, as well as 13 underlying trends that could amplify them or alter the interconnections between them. Against a backdrop of mounting political disaffection and disruption across the world, three key findings emerged from the survey:

· Patterns persist. Rising income and wealth disparity and increasing polarization of societies were ranked first and third, respectively, among the underlying trends that will determine global developments in the next ten years. Similarly, the most interconnected pairing of risks in this year’s survey is between high structural unemployment or underemployment and profound social instability.

· The environment dominates the global risks landscape. Climate change was the number two underlying trend this year. And for the first time, all five environmental risks in the survey were ranked both high-risk and high-likelihood, with extreme weather events emerging as the single most prominent global risk.

· Society is not keeping pace with technological change. Of the 12 emerging technologies examined in the report, experts found artificial intelligence and robotics to have the greatest potential benefits, but also the greatest potential negative effects and the greatest need for better governance.

While the world can point to significant progress in the area of climate change in 2016, with a number of countries, including the US and China, ratifying the Paris Agreement, political change in Europe and North America puts this progress at risk. It also highlights the difficulty that leaders will face to agree on a course of action at the international level to tackle the most pressing economic and societal risks.
“Urgent action is needed among leaders to identify ways to overcome political or ideological differences and work together to solve critical challenges. The momentum of 2016 towards addressing climate change shows this is possible, and offers hope that collective action at the international level aimed at resetting other risks could also be achieved,” said Margareta Drzeniek-Hanouz, Head of Global Competitiveness and Risks, World Economic Forum.
How to address the world’s most pressing risks will be the subject of discussions at the World Economic Forum Annual Meeting 2017, which convenes 17-20 January under the theme Responsive and Responsible Leadership.
Although 2016 will be remembered for dramatic political results that broke with consensus expectations, warning signs that a persistent cluster of societal and economic risks could spill over into real-world disruption have been reported in the Global Risks Report regularly during the past decade.

In 2006, Global Risks warned that the elimination of privacy reduces social cohesion – at the time, this was classified as a worst-case scenario, with a likelihood of below 1%.

In 2013, long before “post-truth” became the 2016 word of the year, Global Risks highlighted the rapid spread of misinformation, observing that trust was being eroded and that better incentives were needed to protect quality-control systems.

The complex transitions that the world is currently going through, from preparing for a low-carbon future and unprecedented technological change to adjusting to new global economic and geopolitical realities, places even greater emphasis on leaders to practice long-term thinking, investment and international cooperation.
“We live in disruptive times where technological progress also creates challenges. Without proper governance and re-skilling of workers, technology will eliminate jobs faster than it creates them. Governments can no longer provide historical levels of social protection and an anti-establishment narrative has gained traction, with new political leaders blaming globalisation for society’s challenges, creating a vicious cycle in which lower economic growth will only amplify inequality. Cooperation is essential to avoid the further deterioration of government finances and the exacerbation of social unrest,” said Cecilia Reyes, Chief Risk Officer of Zurich Insurance Group.
The propensity of the Fourth Industrial Revolution to exacerbate global risks also came under scrutiny in the Report’s Global Risks Perception Survey. Basing their analysis on 12 distinct emerging technologies, experts clearly identified artificial intelligence (AI) and robotics as having both the highest potential for negative consequences and also the greatest need for better governance.

Notwithstanding its potential to drive economic growth and solve complex challenges, experts also named it as the top driver of economic, geopolitical and technological risks among the 12 technologies.
John Drzik, President of Global Risk & Specialties, Marsh said: “Artificial intelligence has the potential to deliver dramatic benefits in sectors from manufacturing and transportation through to financial services and health care.

However, increased reliance on AI will create new threats and amplify existing ones, such as cyber and social instability, making the parallel development of risk governance just as crucial.”

Lufthansa Loses Europe No.1 Title to Ryanair

By

Business Journal

-

11/01/2017

0

Irish LCC Ryanair has once again proven itself a worthy opponent to other Old World airlines, by officially becoming Europe’s number one airline by passengers carried after Lufthansa – the previous holder of the title – reported a comparatively small 1.8% in the number of travelers carried in 2016.

Ryanair, luring in passengers from other airlines by its low ticket fare policy, reportedly carried 117 million passengers (a 15% increase YoY) in 2016, beating Lufthansa that had flown 109.7 million during the same period.

A steep upward trend is seen in the reports of other European budget airlines, with Wizz Air having flown 19% more passengers (22.7 million) in 2016 than in 2015. Scandinavian LCC Norwegian Air Shuttle saw a 14% YoY increase in passenger carried to 29 million.

Despite stiff competition, Lufthansa is still the largest airline group in Europe by revenue due to operating more long-haul routes than its competitors and managing its own catering and MRO business units.

Buhari Sacks Obazee of FRN, Appoints Asapokhai

By

Business Journal

-

10/01/2017

0

Mr. Jim Obazee, Executive Secretary of the Financial Reporting Council of Nigeria has been sacked by President Mohammadu Buhari with immediate effect.

Mallam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, said Buhari has already appointed Mr. Daniel Asapokhai as the new Executive Secretary while Mr. Adedotun Sulaiman will serve as chairman.

Shehu said the Buhari also ordered immediate reconstitution of the Board of the Council.

Ingenico Partners Interswitch on Multi-channel Payment Solutions in Nigeria

By

Business Journal

-

10/01/2017

0

Ingenico Group, the global leader in seamless payment, announced that a strategic partnership has been signed with Interswitch Nigeria Limited, the leading transaction switching and electronic payment processing company in Nigeria.

Since 2002, Interswitch has been promoting the seamless circulation of electronic money by building the payments infrastructure and bringing new products and services to millions of customers, both in corporate and consumer segments, spread all over the country.

The integration of Ingenico Group technology with Interswitch’s switching and processing system will allow end-users to benefit from the next generation of payment technology and the smoothest and most secure user experience when initiating electronic transactions.
‘As Nigeria enters a new era of payment, Ingenico Group and Interswitch are joining forces to better address the market challenges and eliminate the need for cash,’ commented Mitchell Elegbe, Group Managing Director and CEO at Interswitch.

‘We formed this partnership with Ingenico Group as they are a global leader in payments with great track record and a strong knowledge of our market characteristics and constraints. This agreement is a key milestone in our common strategy to better serve the Nigerian people.’

‘We are pleased to form this strategic partnership with Interswitch Group,’ said Rachid Oulad Akdim, Managing Director for Africa.

‘By combining Ingenico Group’s expertise in payment solutions with Interswitch Group’s vision of the local customers’ needs, we are defining exciting new opportunities for electronic transactions in Nigeria.’

About Ingenico Group
Ingenico Group is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise.

About Interswitch
Interswitch Group is a leading, Africa-focused integrated electronic payments company with a business footprint that covers the provision of integrated, secure, auditable and open platforms for financial transactions, e-commerce, telecommunications value-added services, e-billing and payment collections / monitoring. Interswitch has demonstrated consistent strong and profitable growth and was recognised by Deloitte’s Fast 50 Africa Report as the fastest-growing technology business in Africa in 2014.

Market Statistics Monday, 9th January, 2017

By

Business Journal

-

10/01/2017

0

Market Cap (N’bn)	9,145.6
Market Cap (US$’bn)	30.0
NSE All-Share Index	26,580.22
Daily Performance %	1.3
Week Performance %	(1.1)
YTD Performance %	(1.1)
Daily Volume (Million)	209.0
Daily Value (N’bn)	1.4
Daily Value (US$’m)	4.6

Nigerian Market Sustains Uptrend …NSE ASI up 1.3%
After depreciating on the first three trading days of the year, Nigerian equities sustained the uptrend observed last Friday as the All Share Index recorded a 1.3% appreciation at the close of trade today. Performance today was largely driven by a rebound in the prices of DANGCEM (+1.2%), UCAP (+9.6%), TOTAL (+0.3%) and GUARANTY (+4.9%). Consequently, market capitalisation improved N113.1bn to settle at N9.2tn. Activity however waned as volume and value traded declined 0.6% and 7.4% to 209.0m units and N1.4bn with a total of 3,423 deals.

Mixed Performance across Sectors
Performance by sector closed mixed as three indices appreciated out of five. The Banking index recorded the highest gains (+4.0%) on account of renewed buying interest in ZENITH (+4.9%) and GUARANTY (+4.9%).

The Industrial Goods index followed, up 0.6% due to appreciation in DANGCEM (+1.2%) while CONTINSURE (+5.0%) pulled the Insurance index 0.3% higher. On the other hand, the Consumer Goods and Oil & Gas indices were dragged by declines in 7UP (-5.0%), CADBURY (-4.9%), ETERNA (-3.0%) and FORTE (-0.3%).

Investor Sentiment Swings to the Positive Region
Investor sentiment strengthened as market breadth improved to 1.3x (from 0.8x on Friday) with 20 stocks advancing against 16 declining stocks. The best performing stocks today were UCAP (+9.6%), FCMB (+9.4%) and FIDELITYBK (+8.4%) while 7UP (-5.0%), ASHAKACEM (-5.0%) and CADBURY (-4.9%) declined the most. We are of the view that today’s performance may be attributed to bargain hunting in bellwether stocks. We advise investors to trade cautiously and stay invested in the value stocks.

5th Africa Business Forum for Addis Ababa March 1

By

Business Journal

-

10/01/2017

0

The 5th edition of the Africa Business Forum in Addis Ababa, Ethiopia will be held for the Second time in Ethiopia on the 1^st of March 2017 in the 5 star Sheraton Hotel, under the Patronage of Sheikh Mohammed Al Amoudi, one of the largest investors in Africa, Forbes ranked billionaire and Ethiopia’s biggest employer.

Prior to the conference, the AfricaBusinessForum(dot)com,B2B Investment Meeting will be held on the 25th January 2017 at the Dubai World Trade Center Tower, to welcome potential investors to Africa.
Since its creation in 2014, The Africa Business Forum has become one of the most important bi-annual gatherings in Africa and the Middle East. Africa Business Forum presents an invaluable opportunity for investors to connect with clients from across industries and from around the world.

An opportunity to maximize market share by building connections with African customers and partners. The conference will host distinguished panelists and speakers, including ambassadors, high government officials, business leaders, investors and CEOs. Keynote speakers and conference panelists include:

Fitsum Arega – Director General of the Ethiopian Investment Commission – Ethiopia Government.
Belachew Fikre, – Deputy Commissioner – Ethiopian Investment Commission – Ethiopia Government.
Yohannes Tilahun – Former CEO to General Electric (Ethiopia) and Adviser to the commissioner at Ethiopian Investment Commission.
Zemedeneh Negatu Country Managing Partner for EY (Ernest & Young) Ethiopia, and among “The Top 15 CEOs of Africa to watch in 2015ˮ by the London-based African Business magazine.
Johnny Muteba – CEO, Pan African Chamber of Commerce.
Craig Bridgman – Former Global Head of Investment Banking for Clarkson Capital Markets, currently Executive Chairman of East Africa Oil Field Services and Founder of Adamantine Energy and who sits on a number of advisory boards.
Seyoum Bereded – CEO Consopia Consulting Services and President of the ICT Association of Ethiopia.

“We are very excited about the level of enthusiasm we have received from speakers, sponsors and attendees for this unique conference,” said Rashed Ahmed, Founder and Chairman of Africa Business Forum.

“We look forward to bringing together the many business leaders and offering international companies considerable opportunities to enter and become successful in one of the fastest growing economies in the world. The 5th Africa Business Forum in Addis Ababa, Ethiopia is an incredible convening center for global stakeholders and an opportunity to share perspectives on the issues facing global business and beyond.” said Rashed Ahmed.
The panel topics at the 5th Africa Business Forum represent the areas of Finance & Capital Investment, ICT, Agriculture & Mining, Power & Energy, Consumer Goods & General Trade, Logistics & Aviation, Infrastructure, Tourism, Hospitality & Real Estate, Manufacturing and all related industries.

About Africa Business Forum
Africa Business Forum (dot)com and sister website Africa Global Trade(dot)com were founded in 2014. An African led organization, by Africans promoting Africa. Our aim is to strengthen ties between the business world and one of the world’s most dynamic and fastest-growing regions. Creating partnerships that will promote trade, accelerate job growth, and encourage investment. Africa Business Forum is home to a global community of 10,000+ professionals, 20,000+ international companies, 60,000+ social media followers and 10 million website visitors. With 3 offices: London, Dubai and Addis Ababa. Representative partners in Kenya, Uganda, Ethiopia, Tanzania, Somalia, Angola, South Africa and Nigeria.

FG Denies Raising Import Duties on Food Items

By

Business Journal

-

09/01/2017

0

The Federal Government has vehemently denied reports that it raised import duties on food items and certain luxury goods.

An official statement from the government read in part:

The attention of the Federal Ministry of Finance has been drawn to recent publications in the media, regarding the 2016 Fiscal Policy Measures (FPM), to the effect that the Federal Government has raised import duties on food items and luxury goods.

The Federal Ministry of Finance wishes to categorically state that the correct position is that, the 2016 FPM did not involve any upward review of tariff on the affected food items and luxury goods. On the contrary, tariffs for those items remained at their 2015 levels, while duties for some other items were actually reduced. A comparison of the 2015 Fiscal Policy Measures Circular dated 20^th March, 2015 and the 2016 Fiscal Policy Measures dated 29^th November, 2016 will affirm this position.

With regards to the 20 per cent duty on pharmaceutical products in the 2016 Fiscal Policy Measures, it should be noted that pharmaceutical products were already in the import prohibition list.

This is in support of Government’s intention give further encouragement and desirable protection to local manufacturers of Pharmaceutical products and ensure that those who, despite the prohibition, import such products under special permission, pay the required duties.

This clarification is aimed at providing the Nigerian media and other stakeholders with the correct information on such sensitive matters and to urge all interested parties to cross-check information with relevant authorities for accuracy. This is especially necessary at these challenging times when the Federal Government is putting extra efforts to encourage our local industries and manufacturers.

The accompanying documents, which could also be accessed on the website of the Federal Ministry of Finance, contain the details of the 2015 and 2016 Fiscal Policy Measures for the records.

Signed

SALISU NA’INNA DAMBATTA

Director (Information)

ANNEX III

IMPORT PROHIBITION LIST (TRADE)

Live or Dead Birds including Frozen Poultry H.S. Code 0105.1100 – 0105.9900, 0106.31.00.00 – 0106.39.00.00, 0207.11.00.00 – 0207.26.00.00 and 0210.99.00.00

Pork, Beef, H.S. Codes 0201.10.00.00 – 0204.50.00.00, 0206.10.00.00 – 0206.90.00.00, 0210.10.00.00 – 0210.20.00.00

Bird Eggs H.S. Code 0407.11.00.00 – 0407.90.00.00; excluding hatching eggs

Refined vegetable oil 1507.10.00.00-1516.20.90.00.but excluding refined linseed, castor and olive oil. Crude vegetable oil are however NOT banned from importation.

Cane or beet sugar and chemically pure sucrose, in solid form containing added flavouring or colouring matter H. S. Code 1701.91.10.00 – 1701.99.90.00 in retail packs

Cocoa butter, Powder and cakes H.S. Codes 1802.00.00.00 – 1803.20.00.00, 1805.00.10.00 – 1805.00.90.00, 1806.10.00.00 – 1806.20.00.00 and 1804.00.10.00 – 1804.00.90.00

Spaghetti/Noodles H.S. Code 1902.11.00.00 – 1902.30.00.00

Fruit Juice in retail Packs H.S. Code 2009.11.10.00 – 2009.11.90.00 – 2009.90.90.00

Waters, including mineral waters and aerated Waters, containing added sugar or sweetening matter or flavoured, ice snow H.S. Codes 2201.10.10.00 – 2201.90.00.00, other non-alcoholic beverages H.S. Codes 2202.10.00.00 – 2202.90.90.00.(but excluding energy or health drinks – liquid dietary supplements e.g. Power Horse, Red Ginseng, etc) H.S. Code 2202.90.10.00 and Beer and stout (Bottled, Canned or otherwise packed) H.S. Code 2203.00.10.00 – 2203.00.90.00.

Bagged Cement H.S. Code 2523.29.00.00

Medicament falling under Headings 3003 & 3004 such as:

a) Paracetamol tablets Syrups
b) Cotrimozazole tablets and Syrups
c) Metronidazole tablets and Syrups
d) Chloroquine tablets and Syrups
e) Haematinic formulations:

(i) Ferrous sulphate and ferrous gluconate tablets

(ii) Folic acid tablets

(iii) Vitamin B Complex tablets (except modified release

formulations).

f) Multivitamin tablets, capsules and syrups (except special formulations)
g) Aspirin tablets (except modified release formulations and soluble aspirin)
h) Magnesium trisilicate tablets and suspensions
i) Piperazine tablets and syrups
j) Levamisole tablets and syrups
k) Ointments penicillin/gentamycin
l) Pyrantel pamoate tablets and syrups
m) Intravenous Fluids (Dextrose, Normal Saline etc.

Waste pharmaceuticals H.S. Code 3006.92.00.00

Soaps and Detergents H.S. Code 3401.11.10.00 – 3402.90.00.00 in retail packs

Mosquito repellant Coils H.S. Code 3808.91.17.00 (mosquito coils)

Sanitary Wares of Plastics H.S. Code 3922.10.00.00 – 3922.90.00.00 and Domestic Articles and Wares of Plastic H.S. Code 3924.10.00.00 – 3924.90.90.00 (but excluding Baby Feeding Bottles 3924.90.20.00) and (flushing cistern and waterless toos toilets).

Rethreaded and used Pneumatics tyres but excluding used trucks tyres for rethreading of size 11.00 x 20 and above 4012.20.10.00

Corrugated paper and Paper boards H.S. Code 4808.10.00.00 and Cartons, boxes and cases made from Corrugated paper and Paper boards H.S. Code 4819.10.00.00, Toilet paper, Cleansing or facial tissue H.S. Code 4818.10.00.00 – 4818.90.00.00 excluding baby diapers and incotinent pads for adult use 9619.00.22.00 and Exercise Books H.S. 4820.20.00.00

Telephone Recharge Cards and Vouchers 4911.99.91.00

Carpets and other textile floor coverings falling under H.S. Code 5701.10.00.00 – 5705.00.00.00

All types of footwears, bags and suitcases, H.S. Code 6401.10.90.00 – 6405.90.90.00 and 4202.11.90.00-4202.99.90.00 but excluding safety shoes used in oil industries, sports shoes, canvass shoes and all Completely Knocked Down (CKD), blanks and parts.

Hollow glass bottles of a capacity exceeding 150 mls (0.15 litres) of all kinds used for packaging beverages by Breweries and other beverages and drinks company H.S. Code 7010.90.49.00 and 7010.90.31.00.

Used compressors H.S. Code 8414.30.90.00, Used Air Conditioners H.S. Codes 8415.10.10.00 – 8415.90.90.00 and used Fridges/Freezers H.S. Code 8418.10.10.00 – 8418.69.00.00

Used motor vehicles above 15 years from the Year of manufacture H.S. Code 8703.10.00.00 – 8703.90.00.00

Furniture H.S. Code 9401.1000.00 – 9401.9000.99 and 9403.1000 – 9404.9000, but excluding Baby walkers, laboratory cabinets such as microscope table, fume cupboards, laboratory benches (9403), stadium chairs, height adjustment device, base sledge, seat frames and control mechanism, arm guide and head guides. Also excluded are; skeletal parts of furniture such as blanks, upholstered or unfinished part of metal, plastics, veneer, chair shell etc.
Ball point pen and parts including refills (excluding tip)

FBNInsurance Provides N14.5m Group Cover to Journalists

By

Business Journal

-

04/01/2017

0

(L-R) : Festus Izevbizua – CFO, FBN Insurance, Val Ojumah- MD/CEO, FBN Insurance, Omobola Tolu-Kusimo- President NAIPCO, Ngozi Onyeakusi – Financial Secretary, NAIPCO, Emeka Dibia- CHRO FBN Insurance at the formal presentation of Group Family Life Shield Certificate to NAIPCO recently.

As part of its Corporate Responsibility and Sustainability (CR&S) drive, fast growing financial services company, FBNInsurance Limited, has provided a Group Family Shield cover valued at N14.5 million for the members of the National Association of Insurance and Pension Correspondents (NAIPCO).

Speaking during official presentation of the policy certificate to the leadership of NAIPCO in Lagos, the Managing Director of FBNInsurance Limited, Val Ojumah, said NAIPCO is a major stakeholder to the company and insurance industry.

He stated that the company places high premium on its stakeholders:

He said: “For us, our stakeholders, both internal and external, are major drivers of the success of our business. NAIPCO is a major stakeholder for us. Providing the association with a Group Family Shield cover is our way of showing them how much we value and appreciate what they do,” he said.

“Today marks the beginning of another fortune in this partnership. This document exemplifies the fact that should the unforeseen happen, FBNInsurance would stand by you. While we hope you find the document in order, we also hope that this will help to foster a better working relationship with you. Please consider this as our commitment to the ideals and values your association stands for.”

While accepting the policy certificate on behalf of the members of the Association, Omobola Tolu-Kusimo, President, NAIPCO, praised the management of FBNInsurance for its benevolence and for another addition to its many firsts as this has never been witnessed in the history of the Association. “FBNInsurance has done well with this CR&S initiative and on behalf the entire members of NAIPCO, I thank you for this. We have always been good partners in progress, we will not relent,” she concluded.

The FBNInsurance Group Family Shield cover provides support in the case of permanent disability or death. Available to all categories of association, group or society, the cover seeks to foster unity within a group while ensuring every member is protected from stated uncertainties in the course of their daily tasks.

With a large retail network of about 2,000 retail sales agents operating from 28 sales outlets and 3 branch offices nationwide, FBNInsurance is devoted to exploiting the vast uninsured public with a view to bringing affordable insurance to everyone.

Stock Market Statistics: Wednesday, 4th January, 2017

By

Business Journal

-

04/01/2017

0

Market Cap (N’bn)	9,116.3
Market Cap (US$’bn)	29.9
NSE All-Share Index	26,495.04
Daily Performance %	(0.5)
Week Performance %	(0.7)
YTD Performance %	(1.4)
Daily Volume (Million)	62.1
Daily Value (N’bn)	0.8
Daily Value (US$’m)	2.6

Sustained Profit-Taking in GTBank Drags Equities Performance… NSE ASI Down 46bps
The Equities market closed negative today as the All Share Index (ASI) lost 46bps to settle at 26,495.04 points while YTD loss worsened to -1.4%.

Consequently, investors lost N41.9bn as market capitalization settled at N9.1tn. The negative close can be attributed to sustained profit-taking in banking stocks – GUARANTY (-4.6%) and ETI (-2.4%) – and weaker appetite for WAPCO (-2.3%).

Activity level was also thin as volume and value traded fell 41.7% and 36.5% to close at 62.1m units and N785.3m respectively.

All Sector Indices Close in the Red
Sector performance was bearish as all indices trended southward.

The Banking index emerged the worst performing index, down 1.6% on account of declines in GUARANTY (-4.6%) andETI (-2.4%).

The Industrial Goods index trailed, losing 1.0% due to losses in CCNN (-4.2%) and WAPCO (-2.3%) while the Insurance index declined 0.6% – pressured by CONTINSURE (-3.0%) and NEM (-2.9%).

Similarly, the Oil & Gas index shed 46bps as investors sold-off on OANDO (-3.8%) and FORTE (-0.7%) while the Consumer Goods index closed the day flattish.

Sentiment Remains Weak as Portfolio Managers Rebalance to Underweight Equities
Investor sentiment remained soft today as measured by market breadth which stood at 0.8x (14 advancing stocks against 17 decliners) relative to 0.7x in the previous session.

The best performing stocks were VITAFOAM (+5.0%), LIVESTOCK (+4.8%) and UAC-PROP(+4.7%) while ASHAKACEM (-4.9%), GUARANTY (-4.6%) and DIAMOND (-4.4%) were the worst performers. The bearish sentiment since the turn of the year is in line with projection and seasonal trend, as we had expected portfolio managers to underweight equities as part of 2017 investment strategy.

Given the bearish sentiment in the market and with little fundamental drivers to support performance, we expect the Benchmark index to continue to post losses until bargain opportunities surface.

Afrinvest Research

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

BJ .st0{fill:#FFFFFF;} .st1{fill:#E52E2E;}

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Company

Headlines

Newsletter

BJ

BJ

BJ

BJ

BJ