MOTOR CYCLE MANUFACTURER TOPS FX BENEFICIARIES IN SEPTEMBER.


Of the about $660.2m foreign exchange bought and allocated by banks in Nigeria by September, almost $28m or about 4.24% went to motorcycle manufacturer. Dag Motorcycle Industries ltd.

According to figures released recently for the month by the Central Bank of Nigeria, Dag Motorcycle Ltd got the highest single allocation of $20m from Ecobank and was also allocated an additional $7.94m by Access Bank.

In all, 1342 allocations were made by 21 banks within the month as they distributed the $660.2m available.

Apart from allocating the highest amount to one beneficiary Ecobank was apparently the most active bank in foreign allocation within the period.

In all it was responsible for 197 allocations with four of them among the months top eleven by value and eleven out of its  allocations were above $2m.

The month's top eleven allocations were above $10m each with Ecobank accounting for $11.1m allocated to Sabsteel Industries ltd, and above $10m each to Saro Agrosciences ltd and IHS ltd, apart from the leading allocation to Dag Motorcycle.

Its closest rival in terms of allocations was Zenith bank with 193 allocations but unlike for Eco Bank, most of the Zenith bank allocations were small, with only six above $2m.

Next was FCMB with 148 allocations and it did not allocate any thing up to $2m to any particular beneficiary.

UBA allocated to 138 beneficiaries in all and in terms of value, two out of its four above $2m, made the top eleven. It allocated $14.87m to Matrix Energy Ltd for the third highest spot and $11.6m to GlaxoSmithkline, the seventh highest.

First Bank of Nigeria with 121 allocations was next but again, all  except one of the First Bank allocations were below $2m each.

Diamond bank with 106 allocations was also a major player within the month and out of its six allocations above $2m, the $19.2m to Rahamaniya Oil and Gas was the month's second highest and $12.96m allocated to A-Z Petroleum ltd came out fourth.

Stanbic IBTC was responsible for 102 allocations within the month with only six above $2m each although its $10.25m to Crown Pack Nigeria Ltd ranked ninth.

Another major player was Access Bank that was responsible for 95 allocations 10 of them above $2m with $12.877m to Dana Motors ranking fifth.

A little ahead of Access Bank in terms of allocations was Standard Chartered Bank with 99 allocations but none were above $10m although 11 were above $2m led by $7.3m to NGA wire.

Union Bank of Nigeria deserved mention too because, even though accounting for only 16 allocations, its $11.968m to Flour Mills of Nigeria ranked sixth highest for the month.

From the figures, most top individual beneficiaries were not manufacturers but importers of petroleum products or CKD to be assembled in Nigeria.





Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more