Life drops from my kitchen tap

Life drops from my kitchen tap

My kitchen tap is perhaps the most used tap in the entire house. Hence, when I noticed it did not completely stop running after I turned it off, I was not bothered. What can a few inconsistent drops of water really do in the scheme of things?

Until a few days later when the water tank emptied much quicker than expected. Is it possible that those inconsistent drops had an effect? To double check, I left an empty bowl under the closed tap and went off to work. I was beyond surprised to find the bowl full and running over. Little drops of water indeed make a mighty ocean.

The little episode at the tap got me thinking about the little drops of many things I had disregarded over time. Like the little drops of money I had squandered on unnecessary things, like that time I got aso-ebi for a wedding I was not even attending.  Or my weekly movie ritual, totally convinced 2000 Naira cannot turn around the economy of my life.  Or the little drops of valuable time I had wasted all those months I refused to save, assuring myself that not saving this month will not change anything.

It hit me that if my closed tap could produce enough water to fill an empty bowl over time, I can squeeze out funds to save regardless of the hardness of the times. A closed tap is dry, just like the current financial climate is. With consistency, I can meet my financial goals regardless of the times.

I could not leave room for excuses or happenstance, I immediately set up a direct debit to my Money Market Fund. Direct debit will help me save consistently. The amount I have stipulated will automatically be transferred from my bank account to my Money Market Fund every month on the date I specified. No more procrastination, no more excuses, welcome consistent saving.

What are your financial goals? Get closer to achieving them by setting up a direct debit order. A direct debit order is a sure way to ensure nothing interrupts your savings plan.

Click here to talk to a financial advisor.

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Source: Blog

CBN’s Volte-face narrows FX markets premium

CBN’s Volte-face narrows FX markets premium

In our H1 17 Strategy Report, we noted that the CBN could maintain its hard peg on the naira at N305/$ as higher oil receipts and proceeds from FG’s planned external borrowings bolster FX reserves. Unsurprisingly, following a strong rise in the nation’s reserves (+17.1% over H1 17 to $30.3 billion), the

CBN raised its dollar sales towards the end of February. This, together with the creation of new FX windows and relaxation of some stringent policies, lowered dollar demand at the parallel market.

Against this backdrop, the premium between the interbank and parallel market contracted to a 20-month low at the end of June even as the once-elusive portfolio flows began to trickle in. Overall, whilst CBN’s stringent FX policies had hitherto been “a kiss of death” to the currency market, which forced turnover to a record low, its eventual liberalisation policies appears to be springing the market back to life.

Fiscal nod hastens FX policy reversal

Following the instating of a N305/$ currency peg at the interbank in September 2016, the naira

held steady fairly around what was prescribed over the first half of the year. At the parallel market however, it remained feebler—falling to a record low of N520/$ in February (December 2016: N490/$) before rebounding in succeeding months. The naira depreciation in the earlier part of the year reflected lower FX liquidity (FX turnover fell to a record low of $1.4 billion in January) as CBN, in response to 2016 shocks to oil receipts, placed emphasis on dollar demand management.

Later on though, following the widening of FX market premium between interbank and parallel market to a post-floatation high of 70%1 and improvement in foreign reserves, the CBN made a U-turn with regards to its currency policies. Particularly, the apex bank created a special FX window for invisibles (i.e. personal and business travel allowance, medicals, school fees), wherein permissible users obtained FX at a concessionary rate of N375/$ which reduced demand pressures at the parallel market. In addition, the CBN relaxed the preferential FX allocation to manufacturing companies and reduced the tenor on its currency forward contracts to 60 days (vs. 180 days previously).

The impact of these measures, as well as a two-fold MoM jump in dollar sales to BDCs to a fourteen-month high of $89 million in February, underpinned a 9.5% MoM appreciation in the naira to N450/$ at the end of February. Interestingly, the policy pronouncement came a working day after the National Economic Council mandated the apex bank to take actions to stem widening parallel market premiums.

The CBN shift also followed the transfer of more executive powers to the Vice President, Professor Yemi Osinbajo, a supporter of greater NGN flexibility relative to the, then, absent President Buhari who opposed naira weakness and advocated for dollar demand curtailment. Overall, the steeper naira gain (+11% MoM to N385/$) occurred in March following an upsurge in CBN dollar sales (doubled MoM to $1.2 billion) and adjustment to the FX offer rate to both BDCs and invisibles FX window to N360/$.

 

View full July 27th Nigeria Strategy Report here

 

 

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Source: Blog

In the news: N4.75tn pension funds invested in FG bonds

In the news: N4.75tn pension funds invested in FG bonds

This Day

NNPC Massively Stockpiles PMS to Sustain Price Crash

A daily record of operations of the Nigerian National Petroleum Corporation (NNPC) has disclosed the corporation’s plans to sustain the petrol pump price crash it started last week with a healthy build-up of stocks.

FG, IOCs Finalise Evaluation of Bids for $13.5bn Zabazaba Deepwater Project

The federal government, Nigerian Agip Exploration Limited (NAE) and Shell Petroleum Exploration and Production Company (SNEPCo) have completed the technical and commercial evaluation of bids for the main packages in the development of the $13.5 billion Zabazaba deepwater oil field in Oil Prospecting Lease (OPL) 245 within 14 months.

FG August N135 Billion Bond Fails with 41.5% Subscription

The federal government’s N135 billion bonds issued by the Debt Management Office in August was 41.5 per cent subscribed as the agency could only raise N56.05 billion from the auction.

CBN Pledges to Sustain Intervention in Forex Market

The Central Bank of Nigeria (CBN) at the weekend assured members of the public of its continued intervention in the interbank foreign exchange market in order to sustain liquidity and stability in the sector.

CBN Enforces Migration of Banks to Electronic Capital Importation Certificate

Desirous of enhancing foreign investment flow into the country, the Central Bank of Nigeria (CBN) has directed banks and other authorised dealers to immediately commence the issuance of electronic Certificates of Capital Importation (eCCI) with effect from today.

Kaduna Electric Dismisses Load Rejection Claim

Kaduna Electric has described as “factually incorrect”, the recent media report attributed to the Transmission Company of Nigeria (TCN) that it was rejecting power allocated to it for distribution to its customers.

Guardian

Financial stocks lift NSE’s turnover by N17.5bn

Heavy transactions in the shares of some banks last week, lifted the volume of shares traded, as a turnover of 887.024 million shares worth N17.450billion was recorded in 16,955 deals by investors on the Exchange.

Poor electricity supply may persist as Discos reject 1000mw daily

It may take a longer time for the country to overcome its electricity supply challenges as the distribution companies (Discos) reject generated energy from power plants.

Fresh pressure on Nigeria over oil production cut as OPEC meets

The pressure on Nigeria to reduce its crude oil production figure of 1.8 million per day is expected to increase as the Organisation of Petroleum Exporting Countries (OPEC) meets on Friday, September 22, 2017 in Vienna, Austria.

Stockbrokers canvass easier access to ASeM Board for SMEs

Capital market stakeholders have urged regulators to make the listing requirements for accessing the Alternative Securities Market (ASeM) less stringent to attract more small and medium enterprises (SMEs) participation on the platform, and grow the primary market segment of the Nigerian Stock Exchange (NSE).

Punch

FG, states borrow N7.51tn under Buhari

The Federal Government under President Muhammadu Buhari and the 36 states of the federation as well as the Federal Capital Territory have borrowed N7.51tn in the last two years, statistics have revealed.

Arik shareholders sue FG, Ethiopian Airlines for N20bn

Shareholders of Arik Air Limited have filed a N20bn suit against the Federal Government and Ethiopian Airlines over recent claims of negotiations between them for the takeover of the airline.

N4.75tn pension funds invested in FG bonds, securities

About N4.75tn of the total funds under the Contributory Pension Scheme has been invested in the Federal Government’s securities.

Vanguard

CBN to step up liquidity mop up as N333bn hit interbank

The Central Bank of Nigeria (CBN) will this week step up its liquidity mop-up in a bid to offset impact of N333 billion inflows into the interbank money market.

Stanbic IBTC attracts N413.62bn capital inflows in H1

Stanbic IBTC Plc facilitated $589.84 million, an equivalent of N216.47 billion, capital inflow into the country in the second quarter, Q2, 2017, ranking it first among financial institutions that imported capital into Nigeria.

The Nation

TCN gets $1b for expansion, others

The Transmission Company of Nigeria (TCN) has secured about $1 billion from multilateral donors, including the government of Japan, to expand and rehabilitate its facilities.

Ship import dips to N319b on forex scarcity

Importation of vessels to Nigeria has dropped from N774billion ($2.15billion) in the last two years to N319 billion ($885.9million) due to scarcity of foreign exchange (forex).

Reuters

Venezuela oil minister says inventories still too high

Venezuelan oil minister Eulogio Del Pino on Friday said global oil inventories remain too high and called on OPEC and other producers to review their global output reduction pact in order to support the sector.

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Source: Blog

5 signs it’s a phishing email

5 signs it’s a phishing email

As the year winds to a close, it is important that safety and security are prioritised, especially as regards activities in the online space. This year witnessed massive retrenchment and an increase in the number of unemployed youths. Idleness, coupled with the ease of internet access and technological know-how makes cyber-crime attractive.

To help you protect yourself from internet fraudsters and information hackers, we have identified five easy pointers that will enable you to recognise phishing emails.

  1. If the attachment looks funny

Look out for the attachment title, if it is not coherent or connected to anything related to you, it is best to leave it unopened. As much as possible, only open attachments from email addresses you are familiar with.

  1. If it contains urgent or threatening language in the subject line

Corporate organisations are usually cautious in their communication. If the subject line appears threatening or demands that you take an action immediately, it could be a phishing email, approach it with caution.

  1. If it is asking for personal information

Banks, Investment companies and other regulated organisations will never request for personal information such as ATM card pin, internet banking code and the likes. If the email is requesting for such sensitive information, it is most likely fraudulent.

  1. If it contains grammatical errors and other mistakes

Corporate organisations value their brand and reputation. Official communication is thus proofread repeatedly before it is sent out. If the email contains blunders, it is probably from a fraudster in the corner of his room.

  1. If it is mandating you to click on a link

While official emails might contain genuine links, the content will most likely be spelt out in the URL. Where a mail mandates that you open a  link with that is wrongly spelt, there is a huge possibility that it is a phishing email.

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Source: Blog

Much ado about meetings…

Much ado about meetings…

If you have ever had to work with any number of people, the subject of meetings can’t be strange to you. You have probably had so many meetings today and may still have a number to look forward to. Often, it looks like there is no end and no point to meetings, still attend you must. Meetings can constitute a problem as they essentially waste precious time which could have been invested in actual work.

Tired of endless meetings? These tips by Seth Godin might be just what you need.

Getting serious about your meeting problem

If you’re serious about solving your meeting problem, getting things done and saving time, try this for one week. If it doesn’t work, I’ll be happy to give you a full refund.

  1. Understand that all problems are not the same. So why are your meetings? Does every issue deserve an hour? Why is there a default length?
  2. Schedule meetings in increments of five minutes. Require that the meeting organizer have a truly great reason to need more than four increments of realtime face time.
  3. Require preparation. Give people things to read or do before the meeting, and if they don’t, kick them out.
  4. Remove all the chairs from the conference room. I’m serious.
  5. If someone is more than two minutes later than the last person to the meeting, they have to pay a fine of $10 to the coffee fund.
  6. Bring an egg timer to the meeting. When it goes off, you’re done. Not your fault, it’s the timer’s.
  7. The organizer of the meeting is required to send a short email summary, with action items, to every attendee within ten minutes of the end of the meeting.
  8. Create a public space (either a big piece of poster board or a simple online page) that allows attendees to rate meetings and their organizers on a scale of 1 to 5 in terms of usefulness. Just a simple box where everyone can write a number. Watch what happens.
  9. If you’re not adding value to a meeting, leave. You can always read the summary later.

This is all marketing. It’s a show, one that lets your team know you’re treating meetings differently now.

 

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Source: Blog

In the news: FG targets N100bn from Islamic bond

In the news: FG targets N100bn from Islamic bond

Punch

Why Nigerians haven’t felt impact of exit from recession – NBS boss

The Statistician-General of the Federation and Chief Executive, National Bureau of Statistics, Dr. Yemi Kale attributed the non-impact of the exit from recession on the citizens to the structure of the economy, which is still largely driven by oil.

FG offers tax holidays, duty waivers to mining investors

The Federal Government has offered tax holidays and duty waivers on imported mining equipment to foreign investors in the nation’s mining industry.

Budget: FG targets N100bn from Islamic bond, sukuk

The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk.

Naira closes at 365/dollar despite CBN interventions

The naira closed at 365 per United States dollar at the parallel market on Wednesday, the same rate it closed on Tuesday despite the Central Bank of Nigeria’s injection of $250m in the foreign exchange market on Tuesday.

Crude oil price rises to four-week high

Oil futures extended a rise on fears of potential damage to the United States oil production from Hurricane Irma, as well as renewed demand for crude from restarted refineries in the Gulf Coast.

Guardian

Guinness, Redstar others lift NSE’s indices by N71b

Following price gains recorded by most blue chip companies, during transactions on the trading floor, the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, as market capitalization appreciated by N71billion.

Total, Greenville float virtual pipeline to boost domestic gas supply

Total Exploration and Production Nigeria Limited (TEPNG), and Greenville Oil and Gas Limited have floated an initiative that will process raw gas into domestic Liquefied Natural Gas (LNG) to boost power generation and industrialization in the country.

India invests $10b in Africa as Nigeria seeks ICT growth

Through the Indo-Africa trade arrangement, India has facilitated an investment worth about $10 billion to the African Continent in the last few years.

NBS: Stanbic IBTC attracts N413.62bn capital inflow in three months

Stanbic IBTC, a member of the Standard Bank Group facilitated a $589.84m capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria in the second quarter of 2017.

The Nation

WAPCo’s gas supply dips by 50% as demand falls

Reduced demand, pipeline vandalism and inadequate supply have made gas supplies by the West African Pipeline Company Limited (WAPCo) to drop by over 50 per  cent to 70 million standard cubic feet per day (mmscf/d) from the 150mmscf/d capacity.

Why we okayed $200m outlay from NCIF, by Kachikwu

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, who is also the chairman, Governing Council, Nigerian Content Development & Monitoring Board (NCDMB), has said the inability of Nigerian oil firms to access funds from banks, at reasonable lending rates, necessitated the approval to disburse $200 million to such firms from the Nigerian Content Intervention Fund (NCI Fund).

BEDC, Thames Energy, Delta seal 20Mw plant deal

Efforts at ensuring that over 200 commercial entities in Ozoro Local Government Area of Delta State benefit from power supply have got a boost as the Benin Electricity Distribution Plc (BEDC) signs a Memorandum of Understanding (MoU) with Thames Energy Limited and the Delta State Government on the construction of 20megawatts (Mw) power plant.

This Day

PZ Cussons Grows Profit to N3.8bn, to Pay N1.9bn in Dividends

PZ Cussons Nigeria Plc yesterday recorded a profit after tax of N3.886 billion for the year ended May 31, 2017, showing an increase of 73 per cent over the N2.129 billion posted in 2016.

FirstBank Partners Visa on Mobile Payment Solution

FirstBank of Nigeria Limited in partnership with Visa has introduced a mobile payment solution – mVisa. This mobile solution allows customers pay for goods and services by scanning a QR code using the FirstMobile App on their smart phones.

Bloomberg

Nigerian Sovereign Wealth Fund Grows to $2 Billion, CEO Says

Nigeria’s sovereign wealth fund stood at $2 billion this month with the investment agency seeking further growth through agriculture and the addition of asset management, its chief executive officer said.

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Source: Blog

Back to school tips for your 1 to 10-year-olds

Back to school tips for your 1 to 10-year-olds

Now that the holiday is nearly over and the new school year is about to begin, you need to prepare your little child(ren) especially the first timers psychologically. Understanding each child’s physical and emotional needs will help you respond and prepare them for upcoming transitions such as starting school in a new environment, or resuming school after the holiday.

Here are some tips to emotionally and mentally prepare your child for school resumption:

 

  • Discuss cheerfully with your child about starting school and listen to his/her response to the topic. Do they react eagerly, or with confusion and anxiety? Depending on their reaction, be open to deal with it with affirmation and care.

 

  • Prepare your child to get into the routine of going to bed early and waking up early. This makes it easier for him/her to adapt upon resumption.

 

  • Invite your child to go shopping for school supplies, new clothes, new lunch box or back pack. Involving them creates excitement about the start of school.
  • As your child moves from nursery to primary or from primary to secondary, it is normal to experience anxiety. Be on ground to speak with your child about any worries he/she may have and try to find possible solutions to them.

 

  • Drop off your child on the first day of school. If it’s a new school, decrease anxiety for your child by touring it with him/her, locate classrooms, see new faces and meet the new teacher.

 

  • When children return from school, it is homework and family moment. Ensure this time is utilized properly, by creating specific homework area in the home. Assemble the homework station with necessary supplies like notebooks, pencils, erasers and crayons. Make sure the area is bright and the chair(s) as comfortable as possible.

  • Unless your child went for summer lessons during the holiday, you want to wake their brains up in preparation for the new term. Make brain training a fun prospect by injecting interesting activities such as: book reading, card games and jigsaw puzzles.

 

If your child’s school has provision for extra-curricular activities, now is the time to discuss his/her preference and why. Knowing and concluding beforehand helps you ensure that your child is occupied with an activity that they enjoy after school work and that will impact positively on them.

PS: When you have done all of these, don’t forget to use tools like a children’s education calculator to determine how much you will need for your child’s education this term. Then plan with that in mind.

 

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Source: Blog

In the news: CBN injects $250m to lift naira

In the news: CBN injects 0m to lift naira

Punch

CBN injects fresh $250m to lift naira

The Central Bank of Nigeria on Tuesday injected $250m into the various segments of the inter-bank foreign exchange market, in order to lift the naira against other major currencies.

Exit from recession fails to lift stocks

Despite Nigeria exiting recession on Tuesday, the equities market closed in the red, shedding N35bn.

Naira appreciates against dollar

The Nigerian currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.

Buhari, economists, others caution against celebrating Nigeria’s exit from recession

The news that the nation exited its worst recession in 25 years was received with cautious optimism by a cross section of Nigerians on Tuesday, with many economists and analysts saying the 0.55 per cent growth in the Gross Domestic Product in the second quarter was slower than expected.

This Day

 Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando

One of the founders and majority shareholder of Intels Nigeria Limited, operator of the oil and gas logistics terminals in Onne, Rivers State and Warri, Delta State, Mr. Gabriele Volpi, has stepped up his battle against the group chief executive officer of Oando Plc, Mr. Wale Tinubu, over control of Oando, citing alleged mismanagement, cooked books and huge debts.

ETI Secures $250m Loan Facility to Boost Operations

Ecobank Transnational Incorporated (ETI), the Lome, Togo-based parent company of the EcobankGroup Tuesday signed a five-year senior unsecured loan facility of $250 million from Deutsche Bank AG.

 BUA Group Invests $2bn in Nigerian Cement Industry

BUA Group, one of Nigeria’s largest conglomerates, has invested about $2 billion in the Nigerian cement industry with capacities in excess of over 12 million tonnes per annum.

CPS: 21 PFAs Generate N6.5tn Assets in 12 Years

The 21 Pension fund Administrators operating in Nigeria, between 2004 and 2017 generated a total of 7,592,157 contributors who contributed N6.6 trillion assets.

FG Plans New Model to Equalise Gas Prices across Nigeria

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu disclosed that federal government would work out a new gas pricing and supply model – likely to be the type adopted by it to ensure equal pump price for petrol across Nigeria, to get gas to all parts of Nigeria, especially the northern states.

Vanguard

AMCON denies ceding Arik to Ethiopian Airlines

The Asset Management Corporation of Nigeria (AMCON) has denied reports that it was negotiating with Ethiopian Airlines to manage Arik Airline.

DISCOs inability to transmit 6500mw threatens FG 2020 targets

With the increased demand for electricity fueled by population growth and rising urbanization in the country, stakeholders in the power sector have said that the Distribution Companies, DISCOs, lack the capacity to wheel 6500 megawatts (mw) of electricity transmitted to them.

Dangote invests N400bn in sugar backward integration projects

Dangote Group has so far invested over N400 billion in sugar backward integration projects under the Nigeria Sugar Master Plan, (NSMP, being implemented by the National Sugar Development Council, NSDC, to make the country self-sufficient in sugar production.

Guardian

Egbin to construct N432 billion power plant

Egbin Power Plc has unveiled plans to invest $1.2 billion (N432 billion) for the construction of a 1,575 Mega Watts plant in Nigeria. The plant which is expected to be completed by 2020, is expected to increase the supply of electricity to homes and businesses in the country.

Reuters

Nigeria’s cabinet meeting cancelled for second time since Buhari’s return: Nigeria has cancelled its weekly cabinet meeting for the second time since President Muhammadu Buhari returned from three months of medical leave in Britain.

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Source: Blog

It’s all in the mind

It’s all in the mind

“I got up on the wrong side of the bed.”

Have you ever said these words when things do not go well for you on a certain day? You probably have. But do you know that one factor that determines how well your day turns out is how you play it out in your mind? Your mind is the engine room of your body.

Many experts agree that the ability to change your mindset is the single most important factor in the achievement not only of your health, finances, relationships, but any outcome that is important in life.  So, if you seem to be experiencing stagnancy in an area of your life, you might want to monitor your thought pattern regarding that area.

The degree to which you are able to make changes in your life will be determined by the mindset you have. If you can change how you look at things in your mind, you can change your life. Start by making a commitment to monitor your thinking pattern daily. Whenever it starts veering towards negativity, consciously pull yourself out of it. Focus on choosing the mindset you want throughout the day.

Do you need to transform your mindset? Join us on Wednesday by 6.30pm on Smooth 98.1FM as we tackle steps to having a winning mindset. There’s also a gift to be won at the end of the show. You won’t want to miss this!

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Source: Blog

Trade Balance to Survive Muddy Waters

Trade Balance to Survive Muddy Waters

Export sustains trajectory on higher crude prices…

Nigeria’s trade balance extended its surplus position into a second consecutive quarter in Q1 17 (N719 billion), following another sturdy rise in exports (+109% YoY to N3.0 trillion) relative to a 35% increase in value of imports.1 According to NBS, it took sharp increases (average of 142% YoY) across “Petroleum oils and oils obtained from bituminous minerals, crude” and “Natural gas, liquefied” to keep exports on its strongest growth trajectory in over thirteen quarters. Specifically, reflecting an OPEC induced rejig in global oil prices (+53% YoY to $51.18 per barrel) and naira devaluation of 55% YoY to N305, crude oil exports more than doubled YoY but saw its overall attribution largely unchanged at 78% of headline export in Q1 17 (vs. 77% in Q1 16) due to similar jumps in other export components.

The broad-based rise in exports also reflected sustained scamper for attractive greenback in the review period. Notably, the sharp increase in prices and pass-through from naira down-leg was enough to mask fallouts from a 14% contraction in domestic crude production in the review period.

In terms of Nigeria’s trade relations, available data suggests that India was Nigeria’s most important export partner in Q1 17, with the Asian tiger single handedly accounting for 22.2% of Nigeria’s overall exports. Precisely, India reportedly consumed 30% of Nigeria’s crude exports over the first three months of 2017 while also standing out as the fifth largest consumer of Nigeria’s Agricultural exports in the review period.

Elsewhere, United States and Spain accounted for another 13.9% and 10.8% of overall exports, with consumption from both countries accounting for 22% of Nigeria’s non-crude exports (vs. 15% in the corresponding period of 2016) and making up for their slightly narrowing relevance in the consumption of Nigeria’s crude. To the latter point, we note that joint consumption attribution for the countries shrank 2pps YoY to 25% in Q1 17. Within the African region, Nigeria also sustained its export push with South Africa leading the way with a 91% YoY rise in its demand for Nigerian crude.

View full July 26 Nigeria Strategy Report here

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Source: Blog