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

In the news: Naira appreciates to N366/$

In the news: Naira appreciates to N366/$

Punch

FG awards $5.8bn Mambilla power plant contract

The Federal Executive Council on Wednesday approved the contract for the engineering work of the Mambilla Hydro Electric Power Plant in Taraba State at a sum of $5.792bn.

Lagos to build 57 computerised vehicle inspection centres

The Lagos State Government says it plans to build 57 state-of-the-art computerised vehicle inspection service centres for testing vehicles before being issued road worthiness certificates.

Oil industry stakeholders await Egina FPSO integration

Stakeholders in the Nigerian oil and gas industry are awaiting the integration of the Egina Floating Production Storage Offloading facility in the country as the project nears completion.

This Day

 Fidelity Bank Grows Profit after Tax by 66% to N9bn in Six Months

Shareholders of Fidelity Bank Plc should expect a bounteous harvest at the end of the current year given its impressive performance for the half year (H1) ended June 30, 2017.

 Allianz Buys Nigerian Insurer for $35m

Germany’s Allianz plans to pay $35 million for 98 per cent stake in Nigerian insurer, Ensure Insurance, in a push for growth in Africa, where many people are uninsured..

Japanese Miniso’s $1.5bn International Investment Enters Nigeria

The federal government’s quest for foreign direct investment (FDI) has yielded yet another positive boost as Miniso, a top Japanese designer brand and market leader, has opened its world-class outlets across the six high-brow shopping malls in Lagos.

Vanguard

BoI, Oxfam partner to empower 4,000 farmers

The Bank of Industry (BoI) has signed a partnership agreement with Oxfam to disburse N200 million to empower about 4,000 farmers in Nasarawa, Benue and Plateau States, under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP).

Naira appreciates to N366/$

The Naira yesterday appreciated for the second consecutive day to N366 per dollar in the parallel market, even as investors traded $84 million in the Investors and Exporters (I&E) window.

Guardian

FG begins disbursement of N5billion loan for miners

Despite the limited access to finance, and illegal artisanal mining activities, federal government has commenced disbursement of N5 billion to artisanal and small-scale miners in the country.

Bloomberg

Chinese Oil Giant Sinopec Probed by the U.S. Over Nigeria Bribery Allegations

U.S. authorities are investigating China Petroleum & Chemical Corp. over allegations that the state-controlled oil producer paid Nigerian officials about $100 million worth of bribes to resolve a business dispute, according to people familiar with the probe.

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Source: Blog

JOB HUNTING TIP: Don’t let opportunity ‘Sleep’ away

JOB HUNTING TIP: Don’t let opportunity ‘Sleep’ away

You might find this hard to believe but your body is not a machine.

Even if it were, machines need rest too…especially before going in for a job interview.

The level of preparation you put in for your job interview will not count if you are mentally absent on D-day.

Avoid this by getting enough rest so you can wake up alert and ready to deal with any questions your interviewer throws at you. Picture the alternative, which is zoning off mid-sentence with your mouth open. Not a pretty picture, is it?

In addition to getting the rest you require, prepare to be honest, especially when asked about your strengths. The temptation to reel out a long list of impressive ‘strengths’ is inviting, but don’t do it!

Why go with the crowd and claim to be a ‘team player’ just because it sounds good to the ear when you like to work alone? Stick to the truth.

Lying has its downfalls. Fish learnt this the hard way when he lied about his age to his interviewer(s) in our previous Diary of a Job Hunter episode. Who needs a calculator to figure out their age? Fish, that’s who! He’s also the only one with a younger – older brother.

On a serious note, prospective employers want to hire honest, efficient and reliable people. Lying, dozing off or lack of preparedness doesn’t mirror those qualities.

Watch Fish’s ‘No Sleep No Slumber’ in this week’s Diary of a job hunter and see why you shouldn’t underestimate rest or exaggerate your strengths.

Need more tips to help you shine at your next job interview? Be sure to follow the Diary of a Job Hunter series every week on www.armpension.com/jobhunter/ and our social media pages @armengage.

See ya!

PS.

If you missed any, you can catch up on previous episodes here.

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Source: Blog

Don’t ask me to trust him!

Don’t ask me to trust him!

Cynthia looked at the wall clock for the umpteenth time, willing time to fly. Barely 15 minutes into the one-hour counselling session, she was exasperated already. Much as she loved her job as a marriage/relationship counsellor, there were those days and those couples capable of making her rethink her career choice. The Gregorys were on the top of that list. How they manage to stay married is nothing short of a miracle. Mrs Gregory disbelieves everything her husband says, certain he has coloured the truth, at best. Mr Gregory was tired of being perpetually labelled a liar. If only his wife would trust him!

Before you label Mrs Gregory an unrepentant doubting Thomas, take a sneak peek into her experience with lying men.

The trail commenced with her father who persistently lied to her mother that he had an active textile business in Lome, Togo. He would go for days and return with goodies for the family. They only realised he was a car smuggler after he lost his life in a gun battle with Customs officials. Her uncle also made empty promises to take care of her and her siblings. She ended up hawking on the streets after the Uncle took away everything her father left behind for them. Kunle, the love of her youth could never be caught telling the truth and Ben, the sales boy she employed when her provision store started to thrive would effortlessly triumph at any lying competition.

To cap it up, Mr Gregory had also lied to her. That one time, when he told her he was off to a business meeting whereas he was actually hanging out with the boys. If not for Pat, his loud-mouthed friend who asked how he was coping with the hang over after last night’s fun, she would never have known the truth about her husband’s whereabouts the previous night. He says he only lied that one time, but who can tell? Who knows what else he has been lying about? Heaven forbids that she trusts a lying man.

Cynthia smiled inwardly, the one hour was almost over. Mrs Gregory had managed to draw her husband into a shouting match with her unmasked disregard for his words, using up all the time. Finally managing to get in a word, Cynthia introduced them to the trust creed. She had come up with a trust creed when she observed that majority of the marriages brought before her fundamentally suffered from lack of trust.

Who can blame them really, trust is one of those things everyone gives sparingly.

Every time someone demands your trust, you weigh them to determine their integrity level. Previous actions and the opinion of other people about them often inform the decision to place or withdraw your Trust.  This explains why people are often wary of committing their estate to an organisation. It is the fear that everything you have gathered over the years will be mishandled or carted away. However, is it not more relaxing to commit your affairs to a tested and trusted organisation with a verifiable track record and strict regulation than to leave it to the hands of fate? Think about it!

Interested in learning about estate planning and how it can benefit you? Click here to schedule an appointment with one of our Trust Advisors.

#TrustUs, let’s think and plan along with you.

Trust

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Source: Blog

Nigerian GDP: Recovery Signal Speaks

Nigerian GDP: Recovery Signal Speaks

Non-oil rebound cascades to slower contraction in Q1 17

Extending the trend from 2016, when output shrank 1.5% relative to 2015—encapsulating four quarters of YoY contraction, real GDP contracted 0.5% YoY in the first quarter of 2017. However, this reading

was not only an improvement from the -1.3% YoY contraction registered during the preceding quarter but was also the smallest contraction since the trend began. The improvement appears to buttress our view, premised on PMI-strengthening, and as expressed in our H1 17 strategy report, that Nigeria might be coming out of recession in Q2 17.

Drilling to the underpins of the recovery, whilst oil GDP recorded a narrower contraction (YoY: Q1 17: -11.64%; Q4 16: -17.7%), the lowest since Q2 16, an outright recovery in non-oil GDP (YoY: Q1 17: +0.7%; Q4 16: -0.3%) proved the boost. The growth in non-oil was driven by Agriculture (Crop Production: 3.5% YoY in Q1 17), Manufacturing (Q1 17: 1.4% YoY) and Services (Q1 17: 1.0% YoY).

Oil GDP sustains recovery as brass pipeline comes on stream

The second consecutive quarter of narrower contraction in oil GDP achieved in Q1 17 reflects 3.9% QoQ recovery in oil production to 1.83mbpd (Q1 16: 2.02mbpd). The production boost was largely owed to the lifting of force majeure on Brass terminal (120kbpd) in February 2017 as well as lower pipeline vandalism (-67% on average from 2016 to 2017). On the latter, we think FG’s conciliatory efforts have calmed the activities of Niger-Delta militants, who are set to receive higher amnesty payments in 2017 (over twofold YoY to N77 billion) going by the recently passed budget. Regardless, the lower production relative to corresponding quarter in 2016 continues to hinge on the force majeure on Forcados pipeline (330kbpd) which lingered over the review period alongside temporary shut-in of the Nembe Creek Trunk Line causing a shut-in planned production of 232kbpd in March 2017.

Recovery in ICT shoves Services GDP out of recession.

Starting off with the largest component of non-oil GDP, Services recorded positive growth (1% YoY) after three consecutive quarters of contraction, on the back of 2.7% YoY acceleration in ICT sub-sector (33% of Services). The improvement in ICT largely reflected activities in the Telecommunications sub-sector where the 3.12% YoY growth in Mobile GSM subscribers to 152 million people and incorporation of 98 thousand subscribers from Voice over Internet Protocol technology (VoIP) from NTEL and Smile supported a 2.9% YoY growth. Strong growth was also recorded in smaller sub-divisions such as Transport (+10.5% YoY) and Arts, Entertainment & Recreation (+11.7% YoY) which more than offset sustained contraction in Real estate (-3.1% YoY).

Though the latter contracted for a fifth consecutive quarter, it maintained the theme of improvement by shrinking at a slower pace and with ancillary sectors—building & construction and cement—improving after successive quarters of downtrend, outlook appears brighter. Nonetheless, sluggishness lingered across all its sub-segments in the current period – urban office rentals remained under pressure as shrinking corporate profitability reduced take-up.

 

View full July 25th Nigeria Strategy Report Here

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Source: Blog

5 steps to avoid going broke this Sallah holiday

5 steps to avoid going broke this Sallah holiday

It’s that time of the year again!

It is a few days to Id el Kabir; one of the many holidays we observe in Nigeria. There will be lots of places to visit and loads of spending to do in these 2 days. As usual, it is expected that many may go broke after the enjoyment that comes with the season.

So, we’ve put together some tips to ensure that you enjoy your holidays without paying for it for the rest of the month!

  1. Start with a spending plan: Your goal is to come up with a spending plan that won’t put you in a financial straitjacket. How much can you allocate from your savings or income to make the holidays work? Beginning with that end in mind will help you avoid runaway spending and the ultimate misery it brings. Remember, your spending plan is not a suggestion, it’s a fixed number.

 

  1. Be prepared: What can be worse than going to a restaurant with N5,000 in hand and finding out just one bottled water costs N2,000. There are a number of avenues to find out prices of food and activities before getting to the place. Don’t be blindsided by the cost.

 

  1. Beware of extravagant friends: We all like to catch up with friends during the holiday. Now that you have your spending plan, it is important to know what engagements to ‘miss out on’ or you can simply suggest a cheaper alternative. In our experience, no one likes spending more money than they need to, so it shouldn’t be a hard ask.

 

  1. Beware of leeches: This is a little similar to point 3, except in this case they want to feed off your budget. There’s no need to cut them off completely during this period, but be wise enough not to spend more than budgeted.

 

  1. Stick with your plan. You’ve devised a personal plan to provide maximum enjoyment with minimum stress. So enjoy each aspect to the fullest degree possible.

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Source: Blog