ARM Life Named among ‘Companies to Inspire Africa’

The London Stock Exchange (LSE) has recognised ARM Life Plc, following the company’s contribution to Nigeria’s Gross Domestic Product (GDP).

This honour came after the company was featured in the ‘Companies to Inspire Africa 2019 report’, which was published by PwC Africa in conjunction with the LSE.

The NSE, recently partnered with the LSE and PwC Africa to host participating companies, market operators and international participants in Lagos.
The British Deputy High Commissioner would also host a networking reception, and select fast-growing companies in Africa, to celebrate the launch of the report in Lagos.

According to the LSEG, the criteria for giving the awards to ARM Life were its high standards of corporate governance, year-on-year growth trajectory, ethical business practices: challenging the status quo and being the benchmark for competition in this regard.

The Managing Director, ARM Life, Mr Stephen Alangbo, while speaking on the recognition said, “This in turn makes us a delight to our customers and partners thereby gaining their loyalty.”
He explained that the company’s year-on-year growth achieved in gross premium written, profitability and policy count were attributable to the unique strategy and values of the organisation.

The 2018 financial report of the company showed that ARM Life paid N604.15 million claims to its customer in the year under review, while its gross premium earned rose from N3.58 billion in 2017, to N5.699 billion in 2018.

As published on This Day Newspaper

What You Need To Know About Airtel IPO

airtel ipo

Airtel Africa Plc released its prospectus for a global Initial Public Offer (IPO) of ordinary shares worth $750mn (N270.0bn). The offer size translates to an addition of 595.2 million to 744.0 million ordinary shares to its current shareholding.

The Company expects to be admitted to the premium listing segment of the main board of the London Stock Exchange (LSE) at an offer price ranging between £0.8-£1.0/share. Also, the offer price for the Nigerian issue is expected to be within the range of N363 and N454/share, scheduled for listing on 4th of July.

 KEY INFORMATION FOR INVESTORS

  • ISSUER – Airtel Africa Plc
  • DOMICILE AND LEGAL FORM OF ISSUER – the United Kingdom, Public Company limited by Shares
  • ISSUING HOUSES – Barclays Securities Nigeria Limited and Quantum Zenith Securities & Investments Limited
  • METHOD OF OFFER – By way of book building
  • CURRENCY OF ISSUE – Nigerian Naira The currency of issue of Offer Shares sold pursuant to the Nigerian Offer shall be Naira.
  • OFFER PRICE – ₦363 to ₦454 (80 pence to 100 pence) The Offer Price for Offer Shares sold pursuant to the Nigerian Offer shall be determined by reference to the £:US$ last practicable date prior to pricing and may, therefore, differ from the indicative range set out herein
  • OFFER SIZE – 501,125,542 to 716,406,927 ordinary shares.
  • PURPOSE – The sole purpose of the issue is to deleverage the company’s balance sheet.
  • TYPE AND CLASS OF SECURITIES BEING ADMITTED TO TRADING – Ordinary shares of US$1.00 each ranking pari passu with other issued Ordinary Shares of the issuer
  • FUNGIBILITY STATUS: The shares listed on the NSE are fungible which means the shares can be traded on the London stock exchange (LSE)
  • NIGERIAN ADMISSION – Application has been made to Nigerian SEC and stock exchange (NSE) for registration of the Ordinary Shares set to be issued in connection with the offer.
  • EXPENSES CHARGED TO THE INVESTOR NOT APPLICABLE. – No expenses will be charged by the Company to any investor who purchases the Nigerian Offer Shares pursuant to the Nigerian Offer

To invest in Airtel shares, sign up at www.armstocktrade.com if you don’t have an account with us. Already a member? Log on to our portal to start trading.

Need help? Contact us via:
Email: customerservice@armsecurities.com.ng
Phone no: +234 (1) 2701096, 2701653; 0700 CALLARM (0700 225 5276)

Stock Recommendation for the Week , June 10

In a twist of events, the Nigerian Bourse closed negative last week, with the NSE ASI shedding 2.05% WoW to close at 30,432.13 points, with market capitalization dropping by N449.16 billion. The bearish sentiment was spurred by losses recorded across all sectors; Banking (-0.96%), Cement (-5.13%), Construction (-5.44%), Personal care (-2.62%), Food (-1.69%), Insurance (-1.48%) and Oil & Gas (-11.90%). Dissecting the sector performance reveals selloff across various stocks such as GUARANTY: -3.80%, DANGCEM: -5.26%, PZ: -9.26%, UNILEVER: -0.16%, DANGSUGA: -12.88%, SEPLAT: -6.64% and MTN: -0.33%.

• Dangote Cement Plc – STRONG BUY (FVE: N248.14): Dangote Cement Plc (Dangcem) Q1 2019 result showed decline in group revenue by 0.8% YoY to N240 billion, largely emanating from Nigeria. However, the high base of effective tax rate in the prior year, resulted in much softer decline for EPS to N3.54 from N4.23 in Q1 18. Going into 2019, we forecast slower growth in our PBT stemming from i) downward revision of our 2019 and 2020 volume forecast; ii) downward adjustment to revenue per ton; and (iii) reduction in our gross margin estimates to 57.8% from 58.3%.

• Seplat Petroleum Development Company Plc – STRONG BUY (FVE: N782.15). Seplat recorded a decline in EPS by 53% QoQ to $0.06 over Q1 19 following drop in revenue as well as increased over lift in the period and loss on derivatives. We have reduced our FVE on the stock following moderated expectation on capital allowance and increase in our cost per boe estimates which led to a reduction in our forecast 2019 EPS to $0.33 from $0.43.

• Guaranty Trust Bank Plc – STRONG BUY (FVE: N49.66): GTB Q1 19 revealed a double-digit expansion in EPS (+16% QoQ to N1.68) on the back of lower funding cost as well as strong NIR. Although, we expect a slower growth in EPS (+4% YoY to N6.53) over 2019, our case for GUARANTY remains the resilience in NIR, improved cost management, still strong loan book with a moderate expansion in credit loss provision to 0.5%.

• Fidelity Bank Plc – BUY (FVE: N2.92): Fidelity bank kicked off the year on a good note with the bank posting EPS growth of 17.2% QoQ to N0.21 largely due to support from a higher interest income and lower OPEX. Despite an expected decline in NIR for the bank, we expect Fidelity to record a modest growth in earnings over 2019 on account of our expectation of higher loan growth as well as moderation in funding cost. We forecast a 11% increase in EPS (N0.88) over 2019 and thus maintain our BUY rating with an FVE of N2.92.

• CCNN Plc – BUY (FVE: N22.87): We had earlier noted the solid volumes reported by CCNN in its Q1 19 financials. As a result, we now see increasing volume growth on the horizon with our forecast average capacity utilization of 88% and domestic market share of 5.6% by FY 2023 (FY 18: 3.1%). Additionally, we see increased efficiency on the company’s new plant translating to improvement in margins with average estimate of 48% (previously: 43%). Consequently, we have raised our FVE to N22.87 (previous estimate of N17.31) which translates to a BUY on our rating.

I Stopped Being A Danfo Slay Queen

I Stopped Being A Danfo Slay Queen

I had a talent for blowing cash. My bestie Becky was tired of my money habit. No matter how much I tried to save, I always end up dipping into it and using the cash for seeming emergencies.

The thing is I love shopping a lot. I love clothes, shoes, trendy handbags and all things nice. I love to slay and with the salary, I got working at a four-star hotel for five years, I could definitely afford the lifestyle I wanted. The only problem was that at 28, I was still jumping Danfo up and down Lagos and getting into tongue wars with conductors over Fifty Naira change every time.

It used to be me and Becky making these crazy trips around the city on most days, but the baby girl got herself a cool ride and left me at it. Now, I could always hitch a ride whenever we were on the same shift or going in the same direction but on days when it was not so and I had to use public transport, it felt so lonely and annoying having to use public transport.

Perhaps, the negative vibes I was getting was a sure sign that I was grown enough to own a ride and honestly, with my salary, I could afford it if I became more disciplined with money and saved towards it. This thought bothered on my mind for a long time.

While scouring the internet one evening, I came across a pop-up ad from ARM Life on saving for the future and when I checked it out it was like the answer to a prayer I didn’t even realize I was offering.

I went to ARM Life official site and gathered information about the kinds of policies they offer and I chose ARM Life Saving Plus Plan as it suited me perfectly.

I can say confidently choosing a saving plan on ARM Life was the smartest decision about money that I have ever made. I got an SUV in three years and even Becky was surprised.

She grilled me non-stop about how I bought the car. At first, she imagined that it was a gift from my parents or fiancée. She knew my habit with money so she found it hard to believe that I was able to afford it.

I let her in on the secret and now we both are using the platform to save for bigger plans in our individual futures!

 

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For 3 consecutive years, our Mutual Funds have outperformed their benchmark

For 3 consecutive years, our Mutual Funds have outperformed their benchmark

In an interview with BusinessDay’s Dolapo Ashiru, Kai Orga, Acting Managing Director at ARM Investment Managers, speaks on various issues regarding the fund management sector of the economy and how the ARM Mutual Funds have performed over time.

Interviewer: How are you leveraging on technology via digital & mobile platforms to further increase your reach and serve clients better?

Kai Orga: In cognizance of the fact that digital is the future, ARM Investment Managers started on a journey a few years ago to overhaul our platforms, systems, and processes to make them more customer friendly; improve our service delivery and reduce transaction turnaround times. We are implementing an omni-channel approach whereby solutions delivered are consistent across the various platforms, facilitated by a harmonized customer service.

Today, we have multiple channels to serve our clients – a web client portal, mobile application, Quickteller, GT USSD, E-Bills Pay, GT Collections, Shortcode to name a few, which are all being utilised by clients to execute transactions with us. We are able to onboard new clients easily and in real-time; and an integrated mobile application is also underway, as we make a conscious effort to move away from having multiple applications operating in silos. Adding to our portfolio of channels, we launched PayDay Investor last year, an investment application that enables our customers to invest seamlessly in the ARM Money Market Fund while providing convenience, and excellent user experience to our customers.

We are however mindful of the inherent risks associated with financial technology and the need to ensure that customer data is kept safe and managed appropriately, therefore, we have strengthened our risk management processes by including IT security as a focus area within our risk management framework.

Interviewer: What are your views on the emergence of Fintech companies and do you feel threatened by their emergence?

Kai Orga: The emergence of Fintech companies has paved way for technical innovation in the finance and investment industry and has given rise to simpler and more customer-focused processes and solutions utilizing faster and better technology as well as harnessing customer data. As a firm that is keen to embrace change, we do not view their emergence as a threat, but rather as an opportunity to learn, adapt and collaborate towards offering better services to our clients.

What is driving patronage for Fund managers especially from the retail client segment?

Kai Orga: The main drivers of patronage are returns and diversification. Retail clients have numerous options for saving and investing their funds; however, the service fund managers offer over and above banks, stockbrokers and other savings and investment platforms is the ability to invest in multiple asset classes and have their investments professionally and actively managed, even with very minimal funds. Through fund management vehicles, investors are exposed to equities, fixed income, money market instruments, real estate and even alternative investments such as infrastructure. Clients are even able to gain access to offshore investment vehicles.

Interviewer: What is the ratio of Retail Vs Institutional Vs HNI clients in the fund management space?

Kai Orga: The assets under management of ARM Investment Managers is currently split almost equally among the 3 investor types – i.e. retail investors, high network individuals and institutional clients. It is difficult to estimate the split for the industry as a whole; however, there is a concerted effort by fund managers to grow their retail products.

Interviewer: What is the average return on portfolio like in the various Asset classes?

Kai Orga: In 2018, bond and Treasury bills yields were 14.16% and 13.92% on average, respectively. As for equities, the Nigerian Stock Exchange (NSE) which comprises all listed securities in Nigeria had a negative return of 17.8% in 2018, after a positive return on 42.3% in 2017. The stock market in Nigeria is especially very volatile, which means there is significant opportunity for returns but the accompanying risk is also high. Stock selection is key when investing in equities as some specific stocks have a better performance history and are better able to withstand shocks in the market.

Interviewer: In advising clients what determines your portfolio structure/Asset mix for the different categories of clients?

Kai Orga: Our financial advisers profile clients majorly based on three categories being: The clients’ investment objective; risk profile (how much risk the client is willing to take in order to achieve returns); investment horizon (how long the funds are available for investment). All of these affect the investment advice given as some investments have a minimum holding period while some investments are very risky and should only be undertaken by individuals that have enough assets to sustain them should the investment turn bad. We also carry out an assessment of the clients’ peculiar circumstances – that is their age, marital status, number of dependents, income and net-worth, which feeds into our investment advice. One other important factor in structuring client portfolios is the performance of the various asset classes (both current and outlook) as we always strive to ensure optimal returns for our clients.

Interviewer: What are the current challenges being faced by fund managers in Nigeria? And how are you mitigating against those challenges?

Kai Orga: The Nigerian financial market is still relatively small with a lot of potential for growth. The main challenges we face as fund managers are around the implementation of ethical standards and effective corporate governance, as these factors ultimately have a major impact on the integrity of our financial market. Another key challenge is the depth of the market. While the industry has come a long way, low financial literacy and awareness has hindered growth of the industry. There is only so much development that can take place in terms of developing new products and asset classes unless we have a population that is ready to accept this. ARM Investment Managers does its bit by working with the regulators to improve financial literacy through series of financial planning presentations to targeted audiences.

Interviewer: How challenging is it to assess risk in the Nigerian Financial markets given our level of development and data availability?

Kai Orga: The Nigerian financial market is still relatively small but with a lot of potential for growth and development. The regulators have done a lot of work in terms of investor protection, and this is helping to reduce the inherent risks in the market. This is the reason Fund Managers’ investment universe is limited to listed companies and securities that are well regulated and monitored. However, while the non-bank financial services industry has come a long way, we still have challenges and inefficiencies surrounding transparency and disclosures as well as unfriendly practices. Furthermore, there is still a certain element of market risk that cannot be eradicated even in developed countries.

Interviewer: Which of your various mutual funds has received the most subscription from your clients and what reasons are given for this selection?

Kai Orga: Most Nigerian investors are risk-averse, so products in the fixed income space which are capital guaranteed and provide a steady stream of income are usually preferred. Consequently, the ARM Money Market Fund is by far the highest subscribed fund in terms of assets under management and customer base.

Interviewer: Can you give us an idea of your various mutual funds and their performance?

Kai Orga: ARM Investment Managers currently manages 4 different mutual funds: Aggressive Growth Fund, Discovery Fund, Ethical Fund, and Money Market Fund. Each fund has its own risk and returns objectives which ultimately determines the required asset class allocation to meet those objectives. The ARM Money Market Fund is a risk-free fund which guarantees investors’ capital while the Aggressive Growth Fund is our riskiest fund on account of its high allocation to stocks (80-100%).

The ARM Mutual Funds usually outperforms their respective benchmarks as well as other Funds in the industry with similar asset allocation profiles. For instance, ARM Money Market Fund is currently yielding 13.74% as of end of March 2019.

ARM Mutual Funds

  • The ARM Discovery Fund is an investment that provides capital growth primarily through investments in equity, real estate and fixed income securities in the Nigerian market. The Fund Manager maintains a minimum equity position of 40% and a maximum of 65%. The Fund is suitable for investors who have a moderate risk tolerance level. The minimum investment is N10,000 and additional investment is N5,000.
  • The ARM Aggressive Growth Fund invests in stocks (80%-100% maximum) and money market instruments (0%-20% minimum). It is suitable for high-risk takers who expect capital appreciation over the long term. The minimum investment is N50,000 and additional investment is N10,000.
  • The ARM Ethical Fund invests in shares of Shari’ah compliant companies quoted on the Nigerian Stock Exchange, real estate and other investments compliant with Islamic Finance. Certain sectors that hold stocks such as Tobacco, Breweries, and Entertainment are excluded from the Fund’s portfolio. It is suitable for investors who would like to invest according to their moral beliefs and also wish to achieve long-term capital growth. The minimum investment is N10,000 and additional investment is 5,000.
  • The ARM Money Market Fund (MMF) is an open-ended fund that invests in money market securities such as Bankers’ Acceptances, Certificates of Deposits, Commercial Papers, Short term debt securities issued or guaranteed by any Federal or State Government of Nigeria (such as Treasury Bills). The Fund is structured to preserve capital invested and provide income which is payable quarterly. The minimum investment is N1,000

For 3 consecutive years, our mutual funds have outperformed their benchmark brief description of the different funds and their performance over the last 3 years is as stated below:

Year Performance Measure 2016 2017 2018 3-year Average Fund Performance Benchmark 3-year Average Benchmark Performance
Aggressive Growth Fund Fund Return 4.16% 46.79% -8.57% 14.13% NSE 100% 6.11%
Discovery Fund Fund Return 4.92% 34.66% -5.49% 11.36% NSE:T-bills

60:40%

10.35%
Ethical Fund Fund Return 2.79% 22.18% 3.53% 9.50% Lotus: Skye shelter: Osun Sukuk

50:20:30%

9.64%
Money Market Fund Effective Yield 9.92%  17.19% 12.98% 13.46% 91-day T-bill 13.03%

 

Interviewer: What determines the inclusion of an asset class and the weight assigned to it in a Fund?

Kai Orga: Each Fund registered with the Securities and Exchange Commission (SEC) has a trust deed which clearly states its risk and return objectives, as well as the asset classes the Fund can invest in and the Fund’s allocation to the various asset classes (ranges). The actual weights assigned to the asset classes however is determined by the fund manager’s assessment of the market and expectations of future performance.

Interviewer: What kind of Equities are included in your equity fund and the criteria for their inclusion or removal?

Kai Orga: ARM invests primarily in blue-chip securities that have demonstrated the ability to provide steady returns over a period of time and also have high liquidity (that is stocks that are actively traded on the Stock Exchange). We invest in securities that we believe are priced below what we consider to be their true business value, to gain significant returns for investors when the price of the stocks rise to reflect the true value of the underlying company. In the same vein, we tend to sell stocks that we believe to be overpriced.

Interviewer: Where do you see the fund management industry in the next 5 years?

Kai Orga: We are confident that the regulators’ actions and efforts will ultimately serve as an impetus for faster growth in years to come. We see an increased interest in securities trading and in mutual fund products as investors become more financially aware, which should hopefully lead to the market becoming more dynamic with the inclusion of more asset classes and more securities on the Exchange. This, in turn, is expected to lead to increased competitiveness on the part of fund managers as we strive to improve our service delivery, leveraging on all available technology, and to focus on developing innovative products that resonate with our target market.

 

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4 months and it begins again…

4 months and it begins again…

Wasn’t it just like yesterday you brought your children home for the second term school vacation and yet they are back to school in the blink of an eye? Of course you know what going back to school entails… School fees, new socks and singlets, maybe new lunch boxes, new stationery and a few more.

But in 4 months’ time, these expenses will look like child’s play in the face of the new school year responsibilities. In September 2019, your child could be in a new class which means bigger expenses

As is normal with many schools, a new class will require entirely new set of books, often new school uniforms, higher school fees, lesson fees, school bus, after school service and those other seemingly small fees that eventually add up. In short, in September, if you are not prepared, you’ll be up to your neck in expense.

That is why this is your big reminder to start preparing ahead of time. As a parent/guardian, now that you’ve paid the third term school fees for your child/ward, this is the time to draw up a mock list of what you could be spending money on ahead of September school year.

Here’s a guide:

  • You can also go ahead and find out the school fees and additional fees pupils/students in the class your child (ren) will be joining in the new school year pay. Also find out books they will require – have these listed giving room for any unexpected hike.
  • When that list is ready, find out cost of the items and pen them down. Now, go ahead and do the math to see how much you may need to foot the bill when the time comes.
  • You now have a tentative sum to work with. Take the next crucial step and start investing diligently towards it.

By the time four months comes around, you should have enough money plus interest accrued to sort school expenses without breaking a sweat.

Start saving for September at www.arminvestmentcenter.com

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Ahead of Auction | Nigerian Treasury Bill | May 16 2019

 

  • The Central Bank of Nigeria will be holding their 6th NTB auction of the year where it plans to rollover N50 billion worth of Nigerian Treasury bills split between 91 Day – N18 billion, 182 Day – N17 billion and 364 Day – N20 billion.
Tenor Amount sold at the last auction  

(N billions)

 

Previous stop rates

Amount on offer tomorrow

(N billions)

91 5.8 10.29% 5.8
182 29.2 12.6% 29.2
364 23.3 12.85% 23.3

 

  • Our take. With the recent approval of the N8.9 trillion appropriation bill by the Senate, the stage appears set for a ramp up in borrowings over the rest of the year. In fact given the lower NTB maturity profile over the next few months and lower interest rate environment, the case for NTB net issuance at tomorrows auction appears reasonably priced. However, if recent trend at the NTB auctions are anything to go by, we see FG maintaining its unflinching stand towards rolling over maturing NTBs in a bid to trim its cost of debt service.
  • That said, going into tomorrow’s auction, we rule sizeable NTB issuance and at best see FG rolling over its entire maturity for tomorrow. Also in line with recent pattern, coupled with pent up liquidity in the system, we see build up in demand at the 364 Day leg which bodes well for FG’s bargaining power. Assembling these factors, we see room for lower rates at tomorrow’s auction. Please our expectation below:
PRIMARY MARKET CALENDAR & STOP RATES
(TREASURY BILLS)
DATE 91 DAYS 182 DAYS 364 DAYS
16-May-19 13.35% – 13.71% 17.35 – 18.34% 13.56% – 14.00%
02-Aug-17 13.42% 17.40% 18.53%
19-Jul-17 13.43% 17.40% 18.55%
05-Jul-17 13.50% 17.50% 18.60%
21-Jun-17 13.50% 17.50% 18.65%
14-Jun-17 13.50% 17.30% 18.69%
31-May-17 13.40% 17.14% 18.65%
17-May-17 13.50% 17.15% 18.70%
03-May-17 13.60% 17.26% 18.82%
19-Apr-17 13.60% 17.40% 18.98%
05-Apr-17 13.55% 17.21% 18.74%

In the news: CBN pumps $304.4m into FX market

In the news: CBN pumps 4.4m into FX market

This Day

BDC Operators Hail Moves to Return Nigeria to JP Morgan Index

The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the federal government’s plan to open talks with JPMorgan Chase & Co. for their reinstatement in the local-currency emerging-market bond index will bring great benefits to the economy.

Kaduna Refinery Shut over Lack of Crude

The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.

CBN Pumps Fresh $304.4m into Forex Market

The Central Bank of Nigeria (CBN) at the weekend intervened in the Retail Secondary Market Intervention Sales (SMIS) of the interbank foreign exchange market to the tune of $304.4 million.

Vanguard

Nigeria’s external reserves hit 4-year high of $40.3bn

Nigeria’s external reserves rose  to $40.33 billion last week, the highest in four years.

9Mobile: Stakeholders seek review of criteria for finalist bidders

With the nod said to have been given to Teleology Holdings as the preferred bidder for 9Mobile by the interim board of the company, all eyes are now on industry regulator, Nigerian Communications Commission, NCC, to authenticate or disavow the said sale.

$16bn Egina probe: NASS to amend Local Content Act

The Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.

The Nation

NSE implements new kobo-based pricing rules

The Nigerian Stock Exchange (NSE) will today begin the implementation of its amendments to the pricing methodology and par value rules, which remove the stopgap that has supported stocks at their nominal value and will allow shares of quoted companies to trade as low as one kobo.

Equities lose N462b amidst profit-taking

Nigerian equities came under intense profit-taking pressure last week as investors turned round to monetize capital gains that had accrued in three consecutive weeks of strong rally.

Nigerian Breweries lists 67.8m scrip shares

Nigerian Breweries has listed 67.8 million ordinary shares of 50 kobo each, increasing its outstanding issued shares from 7.929 billion ordinary shares to 7.997 billion ordinary shares.

Guardian

Insurers to lose N30b statutory deposit over unpaid claims

Underwriting firms in the nation’s insurance industry, who fail to pay genuine claims, risk losing substantial part of their cumulative N30billion statutory deposits, while managing directors of such firms would be sacked, industry regulator, National Insurance Commission (NAICOM) has warned.

Bloomberg

Gas Flaring Law Error Cost Nigeria Billions of Dollars

Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigeria’s Finance Minister Kemi Adeosun said.

MTN Sees Return to Profit for 2017 After Loss From Nigeria Fine

MTN Group Ltd., Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017, recovering from a $1 billion fine it paid for its Nigerian business in the prior period.

The post In the news: CBN pumps $304.4m into FX market appeared first on Realising Ambitions.

Source: Articles

In the news: Stock Market hits nine-year high

In the news: Stock Market hits nine-year high

Punch

Fuel queues return to Lagos, Ogun …NNPC blames hitch on vessels berthing

Long queues of desperate motorists and other users of Premium Motor Spirit returned to many filling stations in Lagos and Ogun states on Saturday and Sunday after a brief relief from the severe scarcity of the product that rocked the country from December to early this month.

PIGB’ll reduce N200bn oil revenue losses – NEITI

The Nigeria Extractive Industries Transparency Initiative on Sunday welcomed the decision by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill and stated that it would help reduce the country’s over N200bn oil sector revenue losses.

Emefiele allays fears over MPC meeting

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has allayed the fears of Nigerians and the international community over the inability of the bank to hold the Monetary Policy Committee meeting earlier scheduled for Monday and Tuesday due to the non-confirmation of the MPC nominees by the Senate.

This Day

Huge Debt Service Cost in Nigeria, Others, Worries Moody’s

The elevated public debt-service cost in Nigeria and some other countries in Africa calls for concern, Moody’s Investors Service stated in a report at the weekend.

Stock Market Sustains Rally to Hit Nine-year High

The Nigerian equities market sustained the bull run to hit a nine-year high last week following investors’ buying interest in Tier-2 banking stocks and some other bellwether stocks.

Media Firm Slams N200m Suit Against Access Bank over Unlawful Account Freeze

An Abuja-based media firm, Image Merchants Promotion Limited and its promoter, Mallam Yushau Shuaib, have slammed a N200million suit against Access Bank Plc. over an alleged unlawful freezing of their four different accounts with the bank in the past two years.

Vanguard

CBN to slow liquidity mop-up as DMO kick-starts bond issuance with N110bn offer

The Debt Management Office (DMO) will, this week, offer N110 billion worth of FGN bonds in commencement of  its 2018 bond issuance programme, prompting expectations of reduced liquidity mop-up operations by the Central Bank of Nigeria (CBN).

FRC moves to develop new National Code of Corporate Governance

The Financial Reporting Council of Nigeria has commenced measures to develop a new National Code of Corporate Governance.

7.5m Nigerians jobless since 2016 – NBS

About 7.5 million Nigerians were doing nothing between January 2016 and December 30, 2017, the National Bureau of Statistics has revealed.

The post In the news: Stock Market hits nine-year high appeared first on Realising Ambitions.

Source: Articles

In the news: FG to borrow N110bn via bond auction

In the news: FG to borrow N110bn via bond auction

Punch

FG to borrow N110bn via bond auction

The Federal Government is planning to raise N110bn by selling sovereign bonds with maturities of five and 10 years on January 24.

N’Delta militants threaten fresh attacks on oil assets

After a year of ceasefire, militants under the aegis of the Niger Delta Avengers on Wednesday threatened to attack some offshore oil and gas facilities in the oil-rich region in a few days’ time.

No suspicious items in 2018 budget, says FG

The Ministry of Budget and National Planning on Wednesday said contrary to claims that the 2018 budget was filled with suspicious items, there were no expenditure items in the fiscal document that were wasteful in nature.

Re-award $260m JV contract to Tilone, Reps tell NAPIMS

The House Representatives on Wednesday asked the National Petroleum Investment Management Services to re-award its $260m Joint Venture contract to a Nigerian company, Tilone Subsea Limited.

Nascon, Cadbury, UPL record losses, equities gain N298bn

Despite N298bn appreciation recorded in the country’s equities market, Nascon Allied Industries Plc, Cadbury Nigeria Plc and University Press Plc closed in losses at Wednesday’s trading.

Senate to go ahead with subsidy payment probe

The Senate on Wednesday rejected the report by its Committee on Petroleum (Downstream), which probed the current scarcity of Premium Motor Spirit (petrol) in the country.

The Nation

AfDB predicts growth for Nigeria

The bank in its 2018 African Economic Outlook projected Nigeria’s economic growth  at 2.1 per cent  in 2018 and 2.5 per cent in 2019.

Govt wants oil price at $60

The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, said the country is aiming to achieve oil production of 1.8 million barrels daily by March and will prefer oil prices to stay in the $60 range.

Vanguard

At last, Reps pass PIGB

At last the House of Representatives on Wednesday passed the bill for an Act to provide for the Governance and Institutional framework for the Petroleum Industry and for other related matters, through third reading.

Naira depreciates to 360.56/$ in I&E

The naira on Wednesday depreciated to N360.56 per dollar in the Investor and Exporter window, in spite of 98 per cent increase the volume of dollars traded.

Bloomberg

Nigeria Central Bank Chief Expects Rate to Be Held Next Week

Nigeria’s central bank governor expects the Monetary Policy Committee to hold its main interest rate at next week’s meeting.

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Source: Articles