Category: Uncategorized

In the news: PFAs invest N5.2tn of pension fund in FG securities

PUNCH Reps move to legalize Excess Crude Account The House of Representatives on Tuesday moved to legalize the controversial Excess Crude Account by proposing a bill to capture all excess revenue in a new account to be called Excess Revenue Fund Account. PFAs invest N5.2tn of pension fund in FG securities Out of the total N7.52tn total pension assets as of December 31, 2017, about N5.29tn, representing 70 per cent of the entire fund, was invested in Federal Government securities by Pension Fund Administrators. T-bill yields drop as Eurobond addresses debt maturities Short-term Treasury bill yields fell by 0.5 per cent on Tuesday on expectations the government would sell less debt at auctions in the second quarter after raising $2.5bn via Eurobond. Scarcity: We’ve imported $5.8bn worth of petrol, says NNPC The Nigerian National Petroleum Corporation on Tuesday said it had imported 9.8 million metric tonnes of Premium Motor Spirit, popularly known as petrol, worth $5.8bn to combat the fuel crisis that resurfaced late last year. THISDAY Non-interest Banks to Bear Customers’ Repayment Risk in CACS The Central Bank of Nigeria (CBN) has amended the guidelines to the Commercial Agriculture Credit Scheme (CACS) which was set up to promote commercial agricultural enterprises in the country. FG to Preserve $1bn FX with Inauguration of Africa’s Largest Egg Plant The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele and the Ondo State Governor, Mr. Rotimi Akeredolu are expected to in the coming days, jointly inaugurate a new Egg Powder Plant in Emure-Ile, near Owo, Ondo State established through a Public Private Partnership (PPP) arrangement between the Ondo State Government and Greenfield Assets Limited soon. GUARDIAN Despite assurance of no increase, petrol sold at N190.9/litre in January Despite assurances from the Ministry of Petroleum Resources, and Nigerian National Petroleum Corporation (NNP), that the Federal Government has no intention of increasing the pump price of Premium Motor Spirit (PMS) also known as petrol, the product actually sold for N190.9 per litre in January. Nestle, Dangote Cement, others lift NSE index by 0.4% Transactions on the trading floor of the Nigerian Stock Exchange (NSE), closed in upbeat yesterday, following price gains recorded by major highly capitalized stocks, especially Nestle and Dangote Cement, as the All-share index appreciated 0.4 per cent.

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In the news: Nigeria external reserves to hit 54 months high

PUNCH CBN bars banks with huge bad loans from paying dividends The Central Bank of Nigeria has stopped the payment of dividends to shareholders by Deposit Money Banks and discount houses with huge bad loans and low capital base. Reps demand N800bn supplementary budget for fuel marketers The House of Representatives is unhappy over the lingering scarcity of petrol in the country and has asked the Executive to submit a N800bn supplementary budget to the National Assembly to offset the debts allegedly owed fuel marketers. FG, states fail to fund workers’ retirement accounts Many workers who are retiring under the Contributory Pension Scheme are either unable to get their pensions or earning ridiculously low stipends because the government has been inconsistent with the remittance of its deductions into their Retirement Savings Accounts. IPPs: FG, states, LGs miss out on $2.7bn profit Fluctuations in the exchange rate of the naira to the United States dollar, vandalism of gas pipelines and violence in parts of the country are preventing the sale of 10 electricity generation plants under the National Integrated Power Projects. Scarcity: NBS puts average price of petrol at N191/litre Many Nigerians are still paying far above N145 per litre pump price of petrol approved by the Federal Government for the product, a report of the National Bureau of Statistics has indicated.   GUARDIAN Relief for importers as government relaxes rule on palletisation policy The Federal Government has relaxed its new cargo import policy on palletisation, urging all importers to comply with international standards and stacking prescription by the original manufacturers of products. ‘70 million Nigerians still locked out of micro-pension scheme’ Despite the huge funds expended on the micro pension initiative by the National Pension Commission (PenCom), it could not keep to its assurance of commencing the scheme by the end of 2017.   VANGUARD Eurobond: Nigeria external reserves to hit 54 months high of $45bn Nigeria’s external reserves will  rise to 54 months high of $45 billion this month following the conclusion of federal government’s $2.5 billion Eurobond this week. The Eurobond, which commenced last week with the announcement of its pricing on Thursday, will be concluded on Friday. 64% of vehicles on Nigerian roads run on fake insurance — NIA Only about 36 percent of vehicles plying Nigerian roads are currently insured as records indicate that most of the vehicles run on fake insurance certificates.

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In the news: Stock market appreciates by N166bn

PUNCH Inflation dropped to 15.13% in January – NBS The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the rate dropping year-on-year by 0.24 basis points from 15.37 per cent in December to 15.13 per cent in January. Anchor Borrowers’ scheme: CBN disburses N55bn to farmers In the last two years of the implementation of the Anchor Borrowers’ Programme, a total of N55bn has been disbursed by the Central Bank of Nigeria to over 250,000 farmers under the scheme. CBN, others launch mortgage law for informal sector The Central Bank of Nigeria, in conjunction with the Mortgage Banking Association of Nigeria, the Nigeria Mortgage Refinance Company, Federal Mortgage Bank of Nigeria and the Nigeria Deposit Insurance Corporation, on Wednesday launched the uniform mortgage underwriting standards for the informal sector. Stock market ends losses, appreciates by N166bn The Nigerian stock market, on Wednesday, halted a seven-day bearish trend after the Nigerian Stock Exchange market capitalization (equities) appreciated by N166bn. TCN increases power transmission with 200MVA transformers The Transmission Company of Nigeria says it has increased its power evacuation capacity through the installation of two 100 Mega Volt Amps transformers in different transmission substations. South African President, Zuma, resigns South Africa’s embattled President Jacob Zuma has resigned his office with immediate effect.   THISDAY FG Raises N176bn in Treasury Bills Sale Nigeria has raised N176 billion worth of treasury bills at an auction on Wednesday, traders said. The central bank offered N6 billion of three-month paper, N30 billion of six-month bills and N140 billion of one-year notes. Senate Gives Agencies One Week to Submit 2018 Budget Details The Senate has issued a one-week ultimatum to 63 government agencies who are yet to submit details of their 2018 budget proposals. Foreign Reserves Rally to $42.8bn Nigeria’s external reserves rallied to a new high of $42.8 billion on Tuesday with confidence returning to the economy as the continuing intervention of the Central Bank of Nigeria (CBN) draws various exchange rates to convergence point.   GUARDIAN Uproar as Senate reverses election sequence of 2019 Intrigues ahead of next year’s general election took a fresh twist, yesterday, with the Senate’s approval of a new sequence for the polls. The schedule released by the Independent National Electoral Commission (INEC) had fixed presidential and National Assembly elections for Saturday, February 16, 2019, while governorship and state Assembly elections come up Saturday, March 2, 2019. CBN ex- chief calls for N500b venture capital fund to boost entrepreneurship Former Deputy Governor, Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has called for the creation of a N500billion Venture Capital Fund, to support entrepreneurship in Nigeria, to boost the economy. Indonesia-African forum to attract FDIs as trade with Nigeria hits $2.5b The International Trade Promotion Center (ITPC) Lagos has stated that the trade volume between Nigeria and Indonesia hit over $2.5 billion in 2016. Presco targets sustained growth, dividend through expansion Presco Plc has reiterated its commitment to sustain ongoing expansion agenda, as part of measures to generate more job opportunities, and create value for shareholders.

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ECONOMIC UPDATE: Proactive or Defensive CBN?

In the month of January, daily average turnover at the Investors and Exporters Window (IEW) touched an all-time high of $274million, 35% higher MoM with a total of ~$6.1 billion sold. Notably, although the CBN has been a net buyer in the market since August 2017, (~$569 million average net purchase from August – December 2017), the apex bank mopped up sizable dollar flows in the month of January – net purchase of $1.3 billion.

Basically, supply in the IEW has consistently outpaced demand, providing the CBN with scope to shore up its external reserves. As at 31st January 2018, the apex bank reserves grew by +5% MoM to $40.7 billion. In our view, the CBN is taking pre-emptive measures for any expected outflows stemming from global monetary policy normalisation and domestic political risk. However, this observation begs the question on why the excess supply has yet to force a noteworthy appreciation in the naira, especially when the CBN accounted for ~22% of transactions in the window. Is the CBN trading off between an appreciation in the value of the naira for currency stability over 2018?

Further analysis into trading activities in the market reveal increased dollar inflows as client sales to the I&E Window jumped 27% to $2.3billion while member (dealing banks) purchases declined 19% to $848 million – indicating increased FX liquidity in the window. The CBN also increased sales across other segments of the market in a bid to close market spread. Precisely, the apex bank increased its sales to Wholesale, retail SMEs and invisibles’ market by 25% to $1 billion.

Over the rest of the year, we do not see any shock to the currency as our analysis reveal the expected monthly oil and non-oil inflow as well as the current build-up of the country’s reserve puts the apex bank in a better position to defend the naira. Underpinning our view is a scenario analysis carried out on the potential impact of a capital flight from the fixed income market as we believe foreign investors will remain attracted to the equity market. We look at maturing bills for the rest of the year and assume foreign investors hold back from rolling over their maturing bills because of expectations of lower return and election risk.

Furthermore, on the basis that foreign investors hold 30-50% maturing instruments, we overlay the expected outflow with our expectations on oil and non-inflow for the rest of the year. For us, despite the higher outflow in May 2018 due to the maturing bond worth N302 billion ($838 million) – the current build up in reserve ($40 billion) as well as the move by CBN to take up the excess FX supply at the I & E window takes out thought of a depreciation in the currency.

 

VIEW FULL REPORT HERE

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Valentine for three…

If I wanted that life, I could easily be a ‘baba for the girls’. Easy on the eyes, good job, great personality, many ladies have referred to me as the possible answer to their prayers. But I am all about one girl. Cynthia has been with me since before I was me. I have fond memories of her traveling to visit me in the one room I shared with three other guys while I served my country. She was the one who ironed the shirt I wore on the first day at my first job. She sent me the link advertising my current power job. When I could finally afford a place of my own, she was the one who chose the two bedrooms flat in Thomas estate where I currently reside.  The decoration screams her name, but I will have it no other way.

Another good thing about Cynthia is her simplicity and prudence. While I would like to take her on a short vacation somewhere for Valentine, she would never agree. Her reason- why spend so much on a 24-hour event when we could do much more with the money. Smart girl, my Cynthia. So, our Valentine routine is simple; a day in, just the two of us, no outing, no dates, no friends or family- just us. And it is always super cool. Until about 5 pm when my landlord and his family members return home from their offices and schools. Then everything scatters.

You see, my landlord is a polygamist,  two wives and seven children and they make the loudest noise you can imagine just going about their day. Unfortunately for me, their kitchen is just behind my bedroom window, so I am usually able to catch all the action live. If the wives are not arguing over whose turn it is to make landlord’s dinner, one child will be accusing another of stealing his drink in the fridge while another set of children are fighting over what television station to watch. On some days, I do not mind the noise, I try to mentally tune them off and enjoy the comfort of my house but not on Valentine’s day.

Three years ago, the eldest son came to borrow my spanner while Cynthia and I were watching our Valentine movie. Let’s just say he ended up watching the whole movie with us and even stayed to share his opinion of the story. Two years ago, Cynthia was trying out the ayamase recipe she just discovered for our special Valentine lunch, baba landlord’s junior wife perceived the aroma while she was picking clothes from our shared laundry line and decided to stop by to ask about the source of the aroma. We eventually shared our Valentine lunch with her.

The most annoying of all Valentine fiascos was last year’s episode. I had planned to propose to Cynthia on Valentine’s day last year. I had a selection of carefully hand-picked songs. Songs that had meant something to us at different points of our journey together. The way I envisioned it, the songs would tell a story and eventually lead to the perfect moment. Alas, Baba landlord and his family won’t allow me be great. They chose that hour of the day to have a ‘don’t forget the lyrics’  contest. The jeers and cheers from the other children as each child had his/her turn were so loud Cynthia and I could hardly hear each other, not to talk of the soft music I was playing. When I increased the volume in an attempt to drown out their noise, she decided the sound collision could not be healthy and proceeded to turn off my music player since we could control that sound. The ring immediately felt heavier in my pocket as I saw my proposal plans scatter. I eventually had to plan an entirely different proposal, this time, not situated in my home.

This year, as we look forward to our wedding, I want nothing more than to give my babe the Valentine she has always wanted- intimate, void of disturbances, focused on just us but I cannot dare hope. My landlord’s children cannot be trusted. I wonder how we will cope when we marry, all this noise and interference cannot be good for a young marriage.

As always, Cynthia saved the day. She sent me a link she had found online. It said I could fire my landlord with just 1.2 million. We knew the opportunity was for us and jumped on it.  It’s ok whatever stunt the landlord’s family pulls this year, we can’t be bothered much- we are looking forward to our happy intimate life in a house that will eventually be 100% our own.

 

Nothing says I love you like offering her peace of mind in a home that is completely yours. Make your babe happy, fire your landlord with just 1.2 million and start the rewarding journey of living in your own home.  How does it work? Find out here.

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Five budget friendly ways to show love this valentine

Love is a beautiful thing! But it can also be expensive, especially at a season like Valentine. While it is OK to splurge on the person you love, sometimes you are unable to. Your wallet and your heart just refuse to cooperate. We feel your predicament and agree that you and your bae still deserve a good time, even if you are not balling right now. Let’s hook you up with a few not -so- expensive ways to show your boo you care and give you both memories to treasure.

1. Dinner for two- at home

Who says a romantic dinner has to be at the most expensive rooftop restaurant in town? You can turn your balcony or a section of your house into the right atmosphere for an intimate dinner. What do you need? Two chairs and a table(not compulsory really, sitting on the floor can also be romantic), petals and flowers, good wine, soft music collection and good food. If you can cook, making the delicacy yourself gives it extra thrill (especially if you are a guy). Picking the right songs is also important, as is lighting. Create a walkway to the dinner table with the petals and provide desserts and appetizers.

P.S You have to handle this with all seriousness, even if it’s at home. Dress up, go all out, your date deserves it.

2. Movie night – at home

Let’s be honest, all the big cinemas will be extremely full that day. Spend half of the money you would have spent at the cinema on good wine and corn which you can pop together at home. You can each select your favourite movie and enjoy the evening watching old movies while creating new memories.

P.S Don’t show up in your pajamas just because it’s your house. Dress appropriately, just as you would if you were going to the movies. Of course, popcorn fights are more than welcome.

3. Handy man on duty

You know all those low key (or not so low key) complaints your beloved has been making about stuff that needs to be done around the house (especially if you are married)? Well, this is the perfect time to be Prince Charming. How about you take some time to actually change that padlock, repair that gadget, attend to all the little things you never have time for. You will be surprised at how pleased your spouse will be. Nothing says I love you like showing you listen and going out of your way to make him/her happy.

P.S Given that this is Nigeria, the above might not be enough to be termed a Val gift, consider buying the Gift of a Lifetime to complement this loving gesture.

4. Art or Park day

If you both are into that sort of thing, you can easily find art galleries in your vicinity which you can visit at very little cost. You can enjoy an evening of interpreting art works together and taking pictures with your favourite pieces. Imagine how cute a picture of both of you at Nike art gallery will look on the gram. The danger with this is your boo might ask you to buy that art work she really loves. Well, you will need a creative response at this point. Alternatively, parks like Omu resort and Freedom park only demand an entry fee or no fee at all for a plethora of fun activities.

5. Take her home to mama

This is the ultimate ‘I love you’ gesture. Give her the best valentine story to share with her friends by taking her home to meet your parents. This shows you are committed to your relationship and the future. It also makes her feel valued and puts her mind at rest.

P.S Be very sure you are in it for the long haul before you take her home. Once she bonds with your family my brother, just go and start ring shopping.

Lastly, experiences form the best memories, but keepsakes cement them. They are like tangible proof that the special moment happened. The perfect keepsake for beautiful valentine’s day memories is the Gift of a Lifetime, it is flexible enough to adjust to your pocket and keeps growing, making you look really good long after Valentine is over.

We wish you a happy valentine and a wonderful life filled with love.

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How to create a CV that gets you the job

Your CV could be your ticket to getting your foot in the door for a job interview, and constructing one is easy once you know how. It is simply taking all your skills and experience and tailoring them to the job you’re applying for.

Here are a few tips to help you create a successful CV and hopefully land your first and future jobs.

Don’t mess up the basics

There are some common sections you should make sure you get right in your CV. These are: education and qualifications, personal and contact information, work history/experience, relevant skills to the job you’re applying for, own interests, achievements or hobbies, and some references.

Presentation is everything

Make sure you clearly present your CV on printed, clean and crisp white paper. The layout should always be clean and articulate. Never crumple your CV – using a big manila envelope helps to prevent this.

Remember to include your most important information in the upper middle area of the first page of your CV. It’s the CV hotspot and you want it to catch your recruiter’s eye.

Aim for two pages

A good CV is concise, clear and communicates every point without flickering. You don’t need countless pages – it’s not a writing contest. Keep things short and sweet. Tick the right boxes with your potential employer using your CV and if he/she is impressed, you may have yourself a job.

Again, you should know that employers get dozens of CVs all the time so it’s unlikely they’ll read each one page to page. Most employers often make a judgement about a CV within seconds, so stick to a maximum of two pages of A4 paper.

Never use a ‘generic’ CV

Every CV you send to a potential employer should be tailored to the role you’re applying for, so don’t get lazy and hope a general CV will work – because it won’t.

Read the details of the job description from start to finish – hidden within are clues you can use to tailor your CV to the role. When you’ve established what the job requires and how you can match each requirement, create a CV specifically for that role.

Take the time to create a unique CV for every job you apply for. No, I’m not asking you to re-write the entire thing every single time – instead simply adapt details so they are relevant.

Let’s talk skills, interests and experience

Under skills section of your CV, mention key skills that stand you out. Skills can come from the most unlikely places, so think deeply about all the skills you’ve developed over time. They may be:

• Communication skills
• Computer skills
• Team playing
• Problem solving
• Or even speaking different foreign languages

Under interests, emphasize the things that show off skills you’ve acquired and that employers look for. Describe examples of positions of responsibility, working as part of a team or even remotely that clearly shows you can use your own initiative.

Be sure to include anything that shows how diverse, interested and skilled you are. Make yourself come across as interesting.

In the experience section, employ assertive and positive language under the work history such as “achieved”, “organized” or “developed”. Try to connect the skill you’ve learned to the job role you’re applying for.

Who you should list as referee

References should be from a former employer or someone in a senior position who has worked with you in the past and can corroborate your skills and experience. If you’ve never been employed before, it’s okay to use a teacher as a referee. Try to include two if you can.

Keep your CV up-to-date

Review your CV regularly and add new skills or experience that’s not there. Potential employers are impressed with candidates who go the extra mile to improve their own skills and experience.

 

When you get your job, be sure to keep tomorrow in mind and make plans for it before it comes. ARM Pensions is right here to help you plan for a better tomorrow.

 

 

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In the news: NSE all-share index plummets by 0.9%

PUNCH Forex: Banks cancel commissions on PTA, tuition, medical bills Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills payment. NPA declares N300bn revenue for 2017 The Nigerian Ports Authority on Tuesday declared a total revenue of N299.56bn for the 2017 fiscal year. We’ve not withdrawn case against SEC, says Oando Oando Plc has stated that its legal tussle with the Securities and Exchange Commission with respect to the planned forensic audit of the oil firm is still on. VANGUARD Banks’ lending to private sector drops to N15.74tr Banks reduced lending to the private sector to N15.74 trillion in the fourth quarter of 2017 (Q4’17) according to the report released by NBS on Monday. Discos distribute 3.45 million metres —- NBS The National Bureau of Statistics (NBS) yesterday, said that the 11 Distribution Companies (Discos) have metered 3.45 million customers as at end of 2017. THE NATION Wike signs 2018 budget Rivers State Governor Nyesom Ezenwo Wike has signed the 2018 Appropriation Bill  of the state into law. The governor  signed a budget of N510billion  passed by the  Rivers State House of Assembly. AfDB okays $10million bond support fund Board of the African Development Bank (AfDB) has approved  $10 million to the African Local Currency Bond Fund (ALCB Fund), to further enhance its portfolio and promote the development of domestic capital markets across the continent. GUARDIAN NSE all-share index plummets further by 0.9% Equity transactions on the Nigerian Stock Exchange (NSE), continued on a downward note yesterday, as more blue chip stocks joined the league of losers, resulting to a further slide in the All-share index by 0.9 per cent.

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There’s something wrong with my wife

…This is a true-life story.

 

I know something is wrong because I have been married to her for six years, and right now she’s not acting normal.

My wife Oma is a modern day ‘slay queen’. Yes, I know I make a lot of money running my import and export business, but I had thought I would marry a woman who was ambitious. Well, I got my wish in a different way. Oma was ambitious about spending my money.

At first, I tried to coerce her to maybe get a job or even open a business for her. She would have none of that. After all, she was my ‘ori-aku’ – wealth consumer (as she likes to call herself) and intended it to remain that way. Even when I told her she would get bored staying at home, she proved to me that motherhood, shopping, vacations, girl’s hangouts and being an Instagram celebrity were enough to keep her busy.

Even the arrival of our children, Dera and Buchi did not un-slay my wife. Far from it. She turned our children to ‘slay-kids’ too creating and managing their individual Instagram accounts where she showcased their arsenal of baby clothes and fashion styles all for likes, follows and comments.

So, you see, I was used to my wife spending and spending my money.

But something changed yesterday. She came into the bedroom looking serious. I knew she wanted money. That was the look whenever she had a money-spending mission.

But instead she said “Darling, God forbid something happens to you now, how will I and the kids survive? I mean, will Dera and Buchi still school abroad like we planned? Will our lives remain the same?”

I looked up from the Manchester United vs Huddersfield game I was watching in shock. “But bae, nothing will happen to me. Where’s this question even coming from?” I asked. “How do you know nothing will happen to you ehn? Is that not what our former neighbor Nneka’s husband told her in February before that horrible accident the following month, now I just heard that she has moved her children to a public school. I even heard that she’s now depending on goodwill from family and friends to survive despite how well-to-do her husband was.”

“I think we need to put money aside for the children’s college study abroad, and then that fashion store you wanted to open for me three years ago? I’m ready for it now. At least I can make my own money and save too. Nothing will happen to you o, but let me err on the side of caution”, she rambled on with every seriousness.

This unexpected change from Oma got me thinking. Yes, something is wrong with my wife and it is something good. For the first time, she thought of something other than lavish spending. She not only thought about saving but also earning.

Her first question played in my head like a track on repeat as I went about my week. She was right. I didn’t have my life in my hands and God forbid that anything happens, I wouldn’t want my unpreparedness to alter my wife and children’s future.

 

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