HENATES

The recent report on the split between formal and informal sectors of the Nigerian economy indicated that in 2015 the formal one contributed only about 60% to the nation's gross domestic product. Apart from the obvious correlation that this must have been an estimate of sorts since it hard to truly capture or reflect the informal economy, it stands to reason that much has to be done deliberately to expand the frontiers of the formal sector. There are two ways to do this: Create the enabling environment for option for formal operations or set in motion policies and strategies to formalise existing informal sector. Both ought to be deployed simultaneously. The first option is more popular as in encouraging more local and foreign investment, establishing open market institutions that  will allow for more investment choice and as much as possible allowing most markets to be supply and demand driven especially when scarcity or monopoly do not pose threat to efficient resource al...

JOHN HOLT PLC: GREAT 2016 AHEAD? It looks like the financial year 2016 will end on a very memorable note for John Holt PLC if half year figures to March are anything to go by. And why not? John Holt seems far more in control of its costs within the period than it was at the same time in 2015 and revenue stream was not too bad either. According to the figures for the half year, core revenue grew by 5.24% to N1326m and the early signs of good cost control showed as cost of sale dropped by 2.28% to N943m in spite of the revenue increase. Then as other income propped total income growth to 6.7% at N1354m by leaping to N28m from N9m, distribution cost went down by 30.4% to N110m and administration expenses dived 71.4% to N173m. A good finish was offered by 25.2% drop in finance charges to N92m. Thus, John Holt ended the half by springing 106.6% from N580m loss at the same time in 2015 to N38m profit before tax. All it needs is for the company to steady its course for the res...

The Central Bank of Nigeria (CBN) has asked authorised dealers to submit to it within 24 working hours returns of offshore investments by Nigerian entities since 2006. According to a circular reference no TED/PEO/FPC/GEN/003 signed by Alvan E. Njoku director. Trade and  Exchange, dated Friday June 24, the return should be in excel format and reach the trade and exchange director on or before June 27 which happens to be today.  That is 24 working hours from the circular date. The circular said,: This is to request all authorised dealers to submit returns on all foreign investments by Nigerian entities offshore from 2006 to date" The return was also to be copied to 4 other officials of the CBN their official e mail addresses. The financial sector in Nigeria was puzzled through Monday with everyone trying to know why the circular was issued and why such a short period for compliance.

CUSTODIAN & ALLIED GETS NEW CHAIRMAN. Ex Minister, Mrs Omobola Johnson has been appointed a director and chairman of Custodian & Allied Insurance PLC with effect from June 23rd. According to company Secretary Adeyinka Jafojo, she replaces Chief Michael Ade Ojo who has resigned from the board. Mrs Johnson was the communication and technology minister from 2011 to 2015 in the Goodluck Jonathan administration. She brings to bear experience gathered since her first appointment with Accenture in 1985 where she rose to be Country Managing director by 2005. She holds Bsc electrical and electronics from Manchester University, MSc  in digital electronics from Kings/Chelsea college, University of London and a doctorate in business administration from Cranfield University, UK. RAK UNITY PETROLEUM: MALLAM BUBA RESIGNS. The chairman of the board of directors of Ran Unity Petroleum PLC has resigned with effect from June 23, this year. He resigned, says company secretary, Me...

AUSTIN LAZ: SOMETHING WRONG. There is something with the first quarter results released by Austin LAZ PLC recently: Accumulated loss seemed to have been grossly understated. According to the from figures, the balance on retained earnings was stated as N2.3m whereas the company ended the quarter with N25.1m loss. It would have been possible for the closing balance to be N2.3m loss if balance as at 2015 year end was positive. This was not likely. By first quarter 2014 Austin LAZ was already carrying N19.1m as retained earnings then ended the year with N54.5m loss. Be that as it may, ending the quarter with N25.1m loss compared to N14.8m loss by March 2015, was inevitable, according to the figures. Austin LAZ's turnover dropped by 0.15% to N65.2m but going down by such a low percentage turned to be the only good news within the period. The first blow was that cost of sale increased by 10% to N62.5m thus depressing gross profit by 68.2% to N2.68m. Then administration co...

In an attempt to ensure that the futures market for foreign exchange takes off with clear guidelines, the Central Bank of Nigeria on June 24 came out with a new circular to all deposit banks in Nigeria. The circular reference FMD/DIR/GEN/07/001 signed by S. A Olih, of the financial markets department, directed the banks not to process any request for repatriation of settlement amount of futures contracts if is not accompanied by requisite settlement advice. This advice is to issued by the organisation authorised to organise the futures aspect of the liberalised market for foreign exchange in Nigeria. Along with the usual certificate of capital importation, foreign investors in the Over the Counter Forex market are required to present an OTC FX futures settlement advice to be issued by FMDQ to " facilitate the externalisation of the settlement differential between the OTC futures and the inter bank fixing on the date of settlement " For the avoidance of doubt, says t...

If the job application report for the quarter to March put together by National Bureau of Statistics (NBS) and Jobberman, is anything to go by, then job applications dropped by 36.8% during the period. According to the report released by  NBS this week,  there was a total of 466494 recorded applications for jobs within the quarter. This was down 36.8% on the 737033 total recorded in the fourth quarter of 2015. While the monthly figure decreased by each month through the December 2015 quarter, in the 2016 first quarter undulating trend was the case. In October 2015, 318233 applications had been captured, decreasing to 248347 by November and 170,453 by December 2015. Come 2016, an increase to 196,965 was recorded in January followed by a drop to 123657 applications in February before the rally in March to 145,872. This makes March's 18% increase, month on month, the highest within the six months. Also, says the report, trade and services continued to dominated recipient...

FIDSON HEALTHCARE OPENS NEW FACTORY. Fidson Healthcare PLC has finally opened an ultra modern, World Health Organization (WHO) compliant factory with six distinct product lines. According to a notice sent to the Nigerian stock exchange, the factory will in particular produce intravenous infusion and other sterile preparations in addition to tablets, capsules, oral liquids, creams and ointment and dry powder. The factory has been on the way since Fidson successfully raised new capital through private placement in 2008. As far as its primary target market is concerned, it looks like one factory that will add great value to Nigeria while contributing immensely to profitability. According to Fidson, the current demand for infusions by hospitalised Nigerians is estimated at 10.2m bottles per month out of which there is an estimated supply gap of 2.36m bottles per  month. In addition, this is expected to grow along with 2.8% projected population growth rate thus ensuring adequa...

What finance minister Mrs Kemi Adeosun reportedly said recently while pleading with her ministry workers to go back to work sure did not come as a surprise. The surprise is that government is behaving as if mortgaging the future to settle outstanding wages is a good policy. It is not, even though it has turned out to be a major plank of the Buhari presidency, second perhaps only to the search for corrupt Nigerians in select cubicles. Mrs Adeosun told her striking staff that their overtime pay could not be honoured because first, it was not budgeted for and more importantly, because the Federal government now borrows money to pay salaries. Of course she should know and besides, the same government has been encouraging as many state governments as possible to do the same since the dawn of change. First it was President Buharo himself who flagged it off with a unilateral presidential relief package to pay outstanding wages charged against or deductible from future allocations. ...

SEC NIGERIA LIFTS SUSPENSION ON FALCON SECURITIES. The Securities and Exchange (SEC) of Nigeria has lifted the suspension it imposed on Falcon Securities Ltd. According to an official statement dated June 17, 2016, the suspension on Falcon and its sponsored individuals from doing any business in the capital market was lifted with effect from June 10, 2016. It was lifted, says SEC, because Falcon Securities ltd has resolved all issues that led to its suspension and complied with all of SEC's directives. NEW CEO FOR BOC GASES. BOC Gases Nigeria PLC has appointed Mr Ayodeji Oseni as its managing director/CEO from July 4, 2016. According to statement signed by company secretary, G E Oriseh, he takes over from Mr Johann Van Rooyen whose resignation takes effect from that date. Also, Mr Adebayo Adetunji Adeleke has been appointed to the board of directors as an accepted nominee of TY Holdings and will be invited to the next board meeting. WAPIC INSURANCE TARGET OFFSH...

There are now 26 banks licensed to operate I'm Nigeria alongside three Financial holding companies. According to an update to June 14 released by the Central Bank of Nigeria (CBN), the list includes three that may be new the customers: Rand Merchant bank, Suntrust bank ltd and Providus bank PLC. Both SunTrust and Probidus are regional commercial banks. Right now they also happen to be the only regional banks since Wema bank upgraded to national much earlier. In all there are now four merchant banks licensed to operate in the country, one Islamic non-interest bank and 9 with national license. In addition, 10 of the licensed banks have authorisation to operate beyond Nigerian shores and three financial holding companies bring the list to 29 although each of the holding companies have flagship banks in operation. Also, another update to June 14, put the total number of microfinance banks in Nigeria at 974. Unlike the big commercial and merchant banks with only one or two...

In 2015, the chances of national economic policies  being responded to adequately was about 58.56%. This was because, according to the National Bureau of Statistics (NBS), only that much of the nations gross domestic product (GDP) can be attributed to the formal sector of the economy. Yet it is the formal that more readily submit official reports as required, and tend to anticipate better policy directions. According to the NBS the GDP which grew marginally in terms of current prices but actually dropped in real terms after provision for inflation, was N94,144,960m in 2015. Of this, the informal sector contributed about 41.43% while the formal sector was responsible for 58.56%. The four major sectors that contributed the most to GDP in 2015 were agriculture, trade, information and communication and manufacturing. In agriculture, the main activity was crop production which contributed N17,189,973m to the GDP. Of this 92.5% was from informal crop production compared to only 7...

QUARTER RESULTS: JAPAUL OIL, A G LEVENTIS JAPAUL OIL & MARITIME SERVICES PLC: GETTING TOUGHER JaPaul oil & Maritime plc is still finding the going rather tough, according to the financial results for the first quarter to March released recently. from the figures, JaPaul not only recorded a massive drop in core business income, it could also not hold down costs to reflect the earnings level. Core revenue dropped by 74.7 % to N785m from N3108.6m but only direct cost went down by percentage near this. Cost of sale closed the quarter at N771.2m, down 63 %. In sharp contrast, general administration cost decreased by 39.9% to N738.8m while finance charges dropped by 10.6% only to N277.1m. To make matters worse, lease interest grew by 9% to N98.2m; income from other sources decreased also rose to N47.8m from N47.7m and instead of gain recorded in the first quarter in 2015, foreign exchange loss of N158.4m was recorded as well. In the end, total loss repo...

PRESCO PLC: TWO CHIPS FOR 2016. From the results for the first quarter released recently, Presco PLC has to pay attention to two main chips if it hopes to end the year better than it started it. According to the figures, Presco's corr revenue grew quite well within the quarter rising by 47.8% to N3181.4m. It also did a good job on direct cost of generating this growth as cost of sale increased by 38.3% to N1177.9m. It also scored a hit driving down distribution cost by 69.2% to N52.1m but it lost the battle over two other major chips. In the first place, selling and general administration expenses increased by 63.4% to N424.5m and finance charges rose by 50% to N202.2m. Both would have been easy to bear but the 76.2% drop on fair value gain to N253.1m and 7.62% decrease in Other operating income to N236.5m. Both had combined to decrease growth in total income to only 5.76% to N3671m. Of course, this was a shadow of the growth in core revenue and also in spite of maj...

ECOBANK TRANSNATIONAL HOLDS AGM. Inspire of the fact that the 2015 accounts of its major subsidiary, Ecobank  Nigeria is yet to be officially approved and released, Ecobank Transnational Incorporated, held its 28th annual general meeting on June 17 at Lome, Togo. According to press release by ETI head of communications, Richard Uku,  the AGM was at the head office followed by an extraordinary general meeting that restructured the group's share capital. At the AGM, group dividend totaling 48.2m dollars was approved from 60.77m dollars profit for the year. Also, appointment of three directors, Messrs Abdulla Al  Khalifa, Ade Adeyemi ( the group CEO) and Mfundo Nkulilu were formally approved by shareholders. In addition, Mr Ignace Clomegah and Ms Catherine Ngahu Elulu were appointed as directors just as the mandate of Dr Daniel Matjila to serve on the board was renewed for another three years. At the same meeting, two external auditors, Deloitte Nigeria and Great Thornto...

The fact that the decision by the Central Bank of Nigeria (CBN) to introduce single inter bank foreign exchange market from Monday has been hailed by many inside and outside Nigeria is no guarantee that at last Nigeria has a sure horse for economic development. It could in fact still become another pothole. One, because this remains an under developed economy with very limited resources, almost non existent innovation, more of quick readiness to import the latest; and because the population growth remains very high. A very good reason why all looking from outside, particularly the IMF and world trade, could praise the FX liberalisation to high heavens remains that it guarantees easy exit and entry of capital into Nigeria That looks good enough too for Nigerians in the thick of it all within the country provided immediate inflow is bountiful and it is sustainable. In other words, tha  more Fx flows in faster than it flows out immediately from Monday and on sustainable basis. I...

When petrol dealers in Nigeria were recently allowed to source and sell petrol at not more than N145 per litre, the average price of the product nationwide dropped by 7.7% to N150.28 in May from N162.82 in April per litre. That is, according to figures for May released by the National Bureau of statistics for May. The report also shows quite clearly that the impact of the partial liberalisation was different for different States of the federation. Some, recorded average price drops while increase was the lot of another set. For example, according to the report, top five States that recorded some relief from the move were IMO, Edo, Anambra, Ekiti and Abia states in that order. Top five with increased average per litre price were Lagos, Taraba, Oyo, Zamfara and Benue states. In IMO state, the average price per litre in May fell 27.7% to N147.2 from N203.48 in April while in Edo it went down by 24.7% to N146.25 per litre average in May from April's N194.29. Anambra cam...

Old timer, AG Leventis PLC is to pay 10k per share dividend to shareholders by September 9 once it is approved at the annual general meeting scheduled for September 8. The dividend will be paid to shareholders in the company register by August 19, and after closure of the same register from August 22 to 26 this year. However, the dividend is being recommended not because Leventis recorded better performance in 2015 financial year, on the contrary, it was a very trying year in which closing earnings per share from which dividend is ideally declared was 6k compared to the recommended 10k per share dividend. Of course, the balance is likely to be from accumulated profit from previous financial years and there is nothing illegal or unbecoming in this except that it affects the networth of the business. In 2015, Leventis core revenue rose by 6.29% to N12535.9m with drops in other income and in finance income dragging this down to only 5.53% increase in total income. Yet distributi...

After about six months of experimenting with foreign exchange allocation at fixed exchange rates the Central Bank Of Nigeria (CBN) will from Monday introduce a single inter bank foreign exchange market. According to the long awaited guidelines for the new marker released a few hours ago the change of gear is to facilitate " a liquid, transparent foreign exchange (FX) market". Under the guidelines the market will be purely inter bank but the CBN reserves the right in intervene to buy or sell at any time it deems necessary. There will also be authorised FX primary dealers registered and designated to deal with the CBN on large trade sizes on a two way basis and they will also operate in the inter bank market alongside others banks. At the market, maximum spread between bid and offer shall be determined be Through Thomson Reuters FX Trading system based on the order book. Proceeds from investment capital in flow and outflows and from money transfers shall be purchase...

When last did you read through an annual report published in Nigeria? Never? Lately? Or you have intact have only being glancing through with eagle eyes open for profit figures and dividend payable if any? Well you are in for a mild shock. To really get the true and fair position of the state of affairs of a company these days, you have to wade through pages and pages of explanatory statements, data upon data dealing things like how many times directors attended called meetings, how much they are paid as remuneration, naira and kobo statement of corporate social responsibility within the year, gender bias in employment, statement of directors responsibility and lots and lots more. Then of course, you have the statement of financial position , that is Balance Sheet of yore, and statement of comprehensive income alongside cadhflow statement and changes in shareholders capital. After these figures, then more pages and pages of notes to the financial statements follow detailing ass...

EQUITY ASSURANCE PLC: ASSURED STRESS. If nothing else, Equity Assurance PLC was assured of one thing as the quarter to March drew to a close: Year 2016 could be full of stress. That is, if the period's figures are anything to go by. According to the results, only three developments brought smiles to faces within the period. Firstly, reinsurance decreased by 9.87% to N225.5m ahead of only 0.58% drop in gross premium income to N1119.3m. Secondly, gross claims recovered more than doubled to N130m as gross claims increased only by 86.7% to N427.6m thus leading to only 77% rise in net claims. For a third, Other operating income had a solo run amongst the various income streams by leaping to N78.4m from N28.9m same time in 2015. Otherwise, it would have been assured stress all the way. This was because, aside from the marginal drop in premium income, fee and commission went down by 11.6% to N32.8m, underwriting expenses grew by 44% to N539.6m, and investment income also eas...

If figures for the third quarter buried in the nine months results of Ellah Lakes are anything to go by, there is hope that one day the company will break the yolk of annual loss. According to the nine months figures, what is easily discernible is the reduction in Ellah Lakes PLCs loss margin to 36.8% from 38.4% in nine months to April 2016. This occurred even as revenue growth of 17.8% to N43.6m was accompanied by 21.2% increase in cost of generating it to N29.2m. Not that impressive, especially when later 11.8% increase in overheads to N30.4m depressed loss to N16m as against N14.2m previously. But the figures for the quarter to April give a different picture altogether. It indicates better control of costs in that quarter that led to reduction, not increase, in the quarter's loss to N6.59m from N7.27m previously. This was because in the quarter, revenue actually dropped by 3.29% to N14.7m but first, direct cost dropped faster at 13% to N12m and overheads grew by only 7...

According to latest figures from the National Bureau of Statistics (NBS), the Nigerian composite consumer index (CPI) rose by 15.6% in May 2016 year on year. This also compared very unfavourably with 13.72% year on year recorded in April. In may last year, the inflation rate as measured by the same CPI basket was 9% and indeed, inflation stayed withing single digit up to January this year when 9.6% was recorded. Since then however, it has been climbing higher and higher. It crossed into double digit by February at 11.4% then added approximately one percentage unit per month in March and April to close at 12.8% and 13.72% respectively. Come May, however, it added 2.8% to land at 15.6% year on year rise. According to the NBS the pressure this time was more from leaps in the price of food items like fish, vegetables and cereals, higher electricity and energy prices and manufacturers and importers draw down of inventories. As a matter of fact, compared to base year 2009, CPI in...

CADBURY NIGERIA: VERY STRONG START. It was indeed a very promising first quarter of 2016 for Cadbury Nigeria PLCs worked and well deserved. According to the unaudited results released recently, it all went so well that first quarter 2015's loss of N303.5m, was easily cancelled and replaced by N693.6m profit. Every unit that made up the normal profit and loss account contributed its quarter. Cadbury Nigeria's core revenue closed the quarter 5.79% up at N7121.2m while the direct cost of generating it decreased by 5.97% to N4741.1m. As a result gross profit rose by 40.7% to N2380m. This was boosted further by 78% growth in finance income to N54.1m and 26% increase in Other income to N4.46m. Then, things got better with more fruits of good cost control. There was 10.9% drop in selling and distribution cost to N1274m and 21.3% decrease in administration expenses to N470.9m. It was such a perfect blending of efforts that by March ending  the gain on each N100 income w...

Nigeria's Finance Minister, Mrs Kemi Adeosun came up with some right thinking over the weekend. She was quoted as saying that a new package to help cash strapped States of the Nigerian federation meet some pressing bills is on the way. According to her the Federal Government will no more play the big brother role earlier designed for it by President Buhari but transform more into an IMF kind of helper with conditionalities designed to keep track and engender higher efficiency. Before being given the bail out handshake this time, States will have to undertake to meet achievable internally generated revenue growth target to be set, undertake biometric audit of its work force, establish efficiency unit in government to promote and monitor cost saving, service delivery and other efficiency parameters relevant to public service and above all, be prepared to publish audited accounts and worship at the altar of transparency and accountability. Of course this represents a clear devia...

The Financial Reporting Council of Nigeria, (FRC) will on the 30th of this month hold public hearing on code of corporate governance at the Airport Hotel, Ikeja. According to notification published on its website, the hearing was earlier scheduled for May 19 but had to be postponed due to court injunction. The FRC had earlier exposed its draft code on corporate governance to the public for comments before the May 19 public hearing was postponed. The draft, says the FRC was in three parts: Private, Public and Non profit corporate governance. However Henates attempt to access it on the site was not successful. The FRC replaced erstwhile Nigerian Accounting Standards Board (NASB) in 2011 through Act no 6 of that year that abolished NASB and replaced it with FRC with more teeth to ensure compliance. Its main thrust since then has been fast tracking International Financial Reporting Standards (IFRS) in Nigeria. Various exposure drafts issued by the International Federation of Ac...

The Nigerian manufacturing sector appears to have picked up slightly in May when compared to April, according to recent Purchasing Managers index (PMI) released by the Central Bank of Nigeria statistical department. However, it only meant reduction in the rate of decline of the sector within the month but even that is good enough news in these trying times. According to the CBN report manufacturing composite index rose slightly to 45.8 in May compared to 43.7% in April. However, because the score is still below 50, the indication is of continued decline but at a slower pace. Of the 16 manufacturing groups in the basket of the index, eleven had below 50 ratings thus implying decline although at different rates. These were primary metals, paper products, petroleum and coal, furniture and related products, fabricated metal products, printing and non metallic mineral. Others were electrical equipment, textiles, leather and footwear, food beverages and tobacco and chemical and pha...

Almost six full months into financial year 2016, some hitherto quick to release annual reports are yet to come out with 2015 audited figures. In particular the list includes Stanbic IBTC bank, Oando PLC, Mutual Benefits Assurance and Royal Exchange PLC. These are companies that in recent weeks have taken the pains to explain the delay to concerned investors. Two of these companies, Oando and Royal Exchange had in fact failed promises given earlier this year for the release of the results. Oando failed its May 31 2016 earlier extended date and pleaded recently for shift of sights and expectations to June 30. Pleading for understanding it says that additional enquiry and further engagement with their auditors caused delay in submission to the Financial Reporting Council of Nigeria mandated since 2011 to vet and monitor accounting and reporting standards. It is likely that FRC insistent on the Naira as presentation currency created problems for Oando. In the case of Stanbic IB...

La Farge Africa PLC is finalising plans to raise up to N100bn through bond issue at the capital market. According to update notice sent to the Nigerian stock exchange, the money will be raised in series or tranches. According to the notice, the Securities and Exchange Commission (SEC) has already approved the bond issuance programme and cleared draft documents submitted to it in respect of the bond. Hence, La Farge Africa is now in the process of updating relevant transaction documents for clearance also by SEC. Once these documents are approved then the formal signing of the bond agreement by parties to the bond will take place. It is likely that La Farge may target up to N60bn in the first tranche of the bond.

According to unaudited figures for the nine months to March released recently, The Tourist Company of Nigeria PLC is still inching its way out of loss league but it may not be out by 2016 financial year end this month. By March 2015, TCN had reported loss of N110.2 on every N100 income and that must have been alarming. Then by year end June 2015, this was reduced to N82.3 loss on each N100 income. Now, says the nine months data to March 2016; the loss has been further reduced to N24.5 but that was with only three months left to go The main benefactor of TCN within the nine months was the 83.1% decrease in finance cost to N415.8m from N2464.3m at the same time in 2015. If not, by March, operating loss had grown by 147.9% to N156.2m from N63m previously and as against only N50.2m loss by full year 2015. The problem was that total income had grown by 1.8% to N2333.8m helped greatly by 7.32% growth in hospitality income to N1251m and dragged down by 4.08% decline in gaming income...

Yes, no doubt about it. Poverty is spreading currently in Nigeria. Many are losing their jobs including in more recent times bankers once considered to be well paid and indeed, have for long been providers for many extended family mouths across the land. Many who still have jobs and guaranteed take home monthly now find at the market place that take home barely now takes one to work, pay the rent and there is little left to sustain the nuclear family as before not to talk of extended dependants. Many who are self employed even if hitherto under employed and just managing to stay afloat and independent are now finding it increasing difficult to earn enough to settle recurrent bills, not to talk of futuristic expenditures like insurance and pensions not to talk of savings. Many, of course, hitherto well fed by governments or relations in power are having to get less from spoils of victory and spoils of political appointments. Many government offices across the land and even ro...

ABC TRANSPORT PLC: JUST ABC If ABC Transport PLC experience in 2015 is anything to go by, the making profit in equally tough 2016 will be  as easy as ABC, never forgetting though that ABC is not easy for toddlers. Fun may be, but not that easy. According to the 2015 results, ABC Transport recorded drop in both total and core income by 4.31% and 7.49% to N7242.3m and N7568.8m respectively. But not to worry, there was good grip on costs Firstly, cost of generating the reduced income went down at a faster rate. It dropped by 12% to N5163.8m. Thus, from the revenue drop, ABC Transport reaped 10.3% growth in gross profit. Secondly, there was 7.15% decrease in administration expenses to N1372.3m and 18.2% decline in finance cost to N387.3m. Added to Other gains that more than doubled to N340.2m, and fair asset value gain of 25.2%, this mix of good news was more than enough to absorb 32.4% drop in investment income, more than doubled impairment provision and near wipe out of inter...

When a man who is blessed with head or tail you win, slips to a win win scenario, he has a right to be a bit  sad but at least, he is still guaranteed a win, if only a shared win. However when such a man slips further down to head or tail, you lose, then it is to be pitied. He frittered away sure horses and now must grapple with what it feels like to lose. That is Nigeria of today. There is no sure horse painless winning hand any more. For example, because the nation must be made more difficult to govern, Boko  Haram was born and spoon fed. Unfortunately in their bloodletting and mindless suicide killings, they taught different people different lessons. Northern governments and the federal government learnt that criminal neglect and tilling only to ones selfish gate is not the way to go and so, the neglected north east must now be massively rehabilitated and rebuilt. Unfortunately, foreign exchange earning is down and there is no money to do the needful. Instead, all government...