HENATES

The Nigerian stock market closed the last trading day in January rather on a clear bearish note as All shares index dropped 0.69% compared to 0.42% decrease yesterday. The pressures were from most sectors led by consumer index drop by 1.43%; banking 1.27% decrease and minus 1.26% decline in oil and gas index. Also, for effect, the main board index went down 1.01% that is ahead of the All shares index drop just like NSE 30 (down 0.86%); Insurance (minus 0.83%) and NSE Lotus 0.81% down. Naturally, the gainers were few (12) compared to 23 losers. Deals and volume were higher though by 14.4% and about 12.7% respectively when compared to yesterday. Day high deals were recorded were this time not dominated by Financial serboces. Lead volume was,FBN Holdings as 32,370,162 units changed hands in 250 deals but Transcorp chipped in 13,390,748 units for 75 deals to place third after United Kapital  insurance followed FBN with  just one deal for 23,053,957 shares. The rest of th...

Household goods manufacturer, PZ Cussons Nigeria PLC was deprived of rather deserved profit in the first half to November 30 by loss emanating from Naira depreciation. According to figures for period released last week,  PZ Cussons had done all it could to grow income in these times and keep costs within limits but alas, it recorded N425.2m loss after losing N4,938.2bn in forex related operations. Its total income had grown by 9.21% to N33670m as core revenue 8.76% increase to N33302.2m was further boosted by leap in interest income to N259.4m from N76.8m and in spite of 19.6% drop in other income to N108.4m. These income achievements were further boosted by 2.08% drop, not increase in cost of sale to N21,834.4m. Lastly, the resultant 37.8% growth in gross profit  ended far ahead of 2.36% and marginal 0.73% growths in Selling and distribution and Administration costs to N4412.9m and N2708.6m respectively. In other words, forex loss for the period was almost twice the cost of administer...

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has come down with sledge hammer on more stockbrokers and brokerage houses for breaching the Investment and Securities Act 2007 and SEC Nigeria's rules and regulations. According to two posts on its website this week, on broker, George Nchedo Okafor acted in ways that breached the laws and rules just like BGL, stockbroking firm and 31 others did. The petition against Okafor, says SEC was by Ideal Securities and Investment ltd and received way back on September 12 2008 but the Administrative Proceeding Committee (APC) of SEC only finally met to hear both sides to the dispute on December 7, 2016 and found that code of conduct and laws were breached. The APC then banned Okafor from being employed in the capital market and being a director in any market operator for life. The complainant was also given go ahead to take legal means to recover all it lost as a result of the misconduct while law enforcement agencies were invi...

The current account deficit of Kenya dropped to 5.5% of GDP in 2016 from 6.8% in 2015 as imports of petroleum Products dropped alonside imports of machinery and transport equipment. According to the fundamentals of the Kenyan economy released today January 30 at the end of Central Bank of Kenya's (CBK) monetary policy committee meeting, the trade balance was also helped by inflows from horticulture and tea products, higher tourism receipts and resilient diaspora remittances. According to the CBK month on month inflation also decreased to 6.4% in December from November's 6.7% as the effect of the excise tax introduced in 2015 waned. Food prices rose though in December especially the prices of tomatoes, sugar, cabbages and maize flour due to dry weather. Kenya's foreign reserves, says the CBK closed 2016 at $6.936m, enough to cover four months imports and added to continued IMF support, should isolate me kenya from shocks from world market. Also says the CBK, private sector c...

The Nigerian stock market hit a new 5 day low today, January 30 as All shares index eased by 0.42% under pressure mainly from 1.15% drop in banking index and 0.52% decrease in premium index. Total deals recorded for equities came to 2139 involving 143,523,453 units. High interest continued to revolve around financial services although.in the main,price gains there were few. Day high deals was in Guarantee Trust Bank as 2934064 units changed hands in 212 deals while losing 1.56% to N23.97 per share. Close was yet another financial services equity, UBA, with 169 deals for 7,753,284 units again with price per share down 2.73% at N4.98. Zenith International bank too ended with high enough investors interest with 145 deals as 4,796,149 units were sold marginally down (-0.62%) at N15.9 per share. It was still financial services as FBN Holdings followed with 135 deals for 7,646,264 units but 1.74% in price per share. Forte oil broke the finance lead interest with 98 deals for paltry 149270 u...

Should anything happen to five out of 25 power stations in Nigeria, the nation's current precarious power supply will be almost nonexistent. According to the power generation and evacuation report for the fourth quarter of 2016 issued recently by the National Bureau of Statistics (NBS), five power stations out of 25 generated about 55.5% average monthly generated power within the quarter. According to the report, the monthly average was 2548 MW out of which Egbin power station accounted for 12.47% just slightly ahead of AES Barge Okpai which was responsible for 12.13%. The third station was Jebba which generated 11.45% ahead of 10.87% by Shiroro dam and 8.58% by Kainji dam. Their contributions to evacuated power, though, was slightly lower at about 55.19% with AES Barge, Okpai responsible for 12.13% of power evacuated to the grid. It was this time ahead of Egbin station's 11.98% even though Egbin generated more. Shiroro accounted for 11.06% of 2497MW average monthly sent power ...

Money laundering potential is not the only reason why emerging economies like Nigeria have to be careful with virtual currencies, there is also its potential to breed ransomeware. This is the growing crime of hacking into organisations computer network, shutting it down and demanding Ransome payment in virtual currency before such systems are unlocked. According to news reports, an Austrian hotel, Seehotel Jaegerunt was this week attacked and all the 180 guests could not access their computer controlled rooms. The hackers demanded for 1,500 Euros equivalent in bit coin and unlocked the network only after it had been paid. What is more, the hackers left a window through which they tried to block again but by then, the hotel had changed the computers and passwords. Now, management is planning to revert back to good old key locks in place of computer access cards. Indeed, way back in April last year, American and Canadian Cyber agencies had issued alert on ransomeware especially as it aff...

The Nigerian stock market during the week ended January 27 2017 was bullish in a way as many equities recorded marginal price gains pushing All shares index up 3.9%. Tuesday was the exceptional trading day when marginal drop in the index and market capitalisation was recorded. But mild recovery occurred each day from then on to Friday. In all a total of 14917 deals for 990.6m shares were recorded amidst continued high investor interest in finance services and related shares. Week high deals and volume were recorded as Zenith International bank had 1314 deals spread out each day of the week for a total of 98.9m shares, almost 10% of the week's volume. Interest was high too in FBN Holdings where 978 deals took place spread too through the week for a much lower 57.6m shares. Actually, the second highest volume per equity was in Champion Breweries in which about 94.5m shares on offer were taken up in rather low 41 deals only. In sharp contrast, investor interest resulted in 930 deals i...

The Nigerian stock exchange (NSE) is to launch its corporate disclosure guidelines this year. So declared the Chief Executive of the NSE Oscar Onyeama today January 27 while delivering his opening remark at the induction of 50 new dealing clerks into the stockbroking profession at the NSE events centre, Lagos. He called on the new dealing clerks to see their induction as " a call to stand tall in integrity...and uphold the high ethics and values of the capital market " According to him, 57 of them passed the examination by the Chartered institute of Stockbrokers and the in house training session at the exchange but seven did not make it through the final oral interview. Throughout the ceremony the emphasis was on integrity and honesty as the hallmark of stockbroking. To this end, added Onyeama, the NSE signed an MOU with tbe Economic and Financial Crimes Commission years ago for cooperation in tracking and checking serious market infractions. He was also very glad to inform t...

The Central Bank of Nigeria (CBN) has come out in defence of itself and policies as some people criticise them and call for a review. In a post on its website dated today January 27 signed by the Acting Director Corporate Communications, Isaac Okorafor, the CBN stated that people were deliberately sponsoring  smear campaign against it in an attempt to reverse particularly the present foreign exchange regime. It argued that the current recession was triggered by drastic drop in the country's foreign earnings and subsequent impact on national reserves. According to the CBN, Nigeria's foreign earnings dropped from a high of $3.2bn .monthly sometime in 2013 to a mere $500m per month sometime in 2016. Yet the nation's demand for foreign exchange mainly through imports, continued to grow. In the light of this, it said, its policy focus has been to: * Ensure that inflation stayed within manageable limits. * Intervene in critical sectors of the economy through injection of much nee...

First. lets be on the same page. We are talking about what 2017 has for you, the decision maker and aspirants courtesy HENATES ANALYSIS. It depends on who you are right now. For example, CHIEF EXECUTIVE: You are indeed, the decision maker. The buck stops at your desk. And it is most likely you have access to information and data not exclusive to Henates. It is possible too you are a better analyst. But if in one whole year, we are able to offer you a unique insight, one gem of an idea or an angle of vision that makes it easier for you to make the right decision, it will be worth any time you can spare to visit this blog. We aim to do just that, so please make time from your busy schedule to visit henates.blogspot.com as much as you can. MANAGER: Of course, you are a deision maker as well. Some bucks stop at your desk. You too are likely to be very sound and equipped at least in one field of endeavour. You could also have access to exclusive data and information. So Henates a...

Today January 26 2016, volume was on the low side but demand pressure pushed Market capitalisation and All shares index to new highs. The index closed at 26289.95 up 0.19% on yesterday's soft rally from Tuesday decrease. The pressure came more from the banking sector where the days top 1.18% increase in index was recorded. Other indices recorded marginal increases with NSE Lotus 0.58% second highest after banking index growth. From a distance, main board index rose by 0.23%; NSE 30 increased by 0.22%; premium index closed the day 0.12% up just behind Insurance index 0.14% rise. Some blue chips closed on offer. That included Nigerian Breweries, Guinness; Nestle Nigeria, Unilever, Total , Mobil and MRS oil. In financial services, FBN Holdings, Access bank and Diamond bank were the major ones on offer. Volume was low as highest for the day was 675,000 units of Universal Insurance sold at its unchanged N0.50 per share since the year. A total of 650,000 units of Diamond bank were mopped...

Today, the Nigerian stock market closed on a less bearish note as market capitalisation revovered 0.09% to hit a new 5 day high. After a promising monday marginal rally, it had deemed yesterday as many deals were closed at lower prices. It re recovered to 26,240.45 today. However, the number of deals dropped by 5.2% to 2896 from yesterday's 3055 but volume was up 1.23% at 190,006,989 units. The deals were fewer because only eight equities accounted for 66.9% of the units sold. Leading volume was recorded in Transnational Corporation of Nigeria as 23,659,891 units were sold gaining 1.23% to N0.82 per share in 121 deals.  Presco PLC, in the agriculture sector, recorded 39 deals at 0.02% up for 2nd day high 23,418,094 shares volume. Both were ahead of Fidelity bank which recorded 65 deals for 20,066,038 units while losing 3.23% to N0.9 per share. The rest top volume equities were also in financial services. FCMB Group had 91 deals for 14,278,716 units with u...

Apparently to shore up its internal revenue base and indeed be ranked amongst States on IGR, the Oyo state government,   we hear has thrown open recruitment into 53 top positions in its revenue. board.  The board was established recently in line with federation tax laws that expect each state to have internal revenue board to monitor and drive internal revenue generation. The positions thrown open include Executive chairman of the board; five positions each as directors, deputy directors, and assistant directors. Also thrown open were positions of Revenue managers, deputy revenue managers and assistant revenue managers in addition to the same number each of revenue officers, assistant revenue officers and senior revenue supervisors. They are all for five major departments: Tax operation, Tax audit/investigation; policy, research and communication; finance and administration and legal services/board secretary. The. basic qualifications are Bachelor's or Masters in accounting, law, e...

For months now, some Nigerians have been harvesting good gains from the importation and sale of kerosine. According to various dáta released by the National Bureau of Statistics on petroleum products importation and sale, money is being made not only from buying to resell within but more importantly, from importation of kerosine. According to the NBS, in December 2016, the national average landing cost of kerosine was N144.82 per litre. Yet the national average price per litre, says NBS for the same month was NN231.85 which comes to 60.1% mark up for such a high volume product with demand across the nation. In fact, from NBS figures, the margin was even higher in November 2016 since landing cost averaged N127.33 per litre and national average price was N282.86 for the same litre. That comes to 122.1% mark up on the landing cost of the product in Nigeria. Yet, in both months, some states had above national average sale price per litre thus increasing the margin. In December, for example...

Stanbic IBTC Asset management pension trust fund (SIAML pension ETF 40) was formally listed on the Nigerian stock exchange yesterday, January 24, with eyes fixed squarely on the top 40 listed companies as per NSE pension index. Listed were 10m units at par of N100 each to be invested on behalf of unit holders with hope that 90% of net earnings shall be distributed to holders every quarter. The right is reserved though for such distributed earnings to be reinvested and new units issued in lieu. The fund currently has net asset value of N580.3m and minimum units expected to be taken up by individual investors is 10,000 and multiples. It is an open ended fund which investors can exit and enter into at any time through buy and sale options at the floor of the exchange. The authorised dealer for the fund is Stanbic IBTC Stockbrokers while investor can buy or sell through stockbrokers of choice. The fund manager is Stanbic IBTC Asset Management ltd (SIAML) and their strategy is to invest 100...

At the Nigerian stock marker today, 187,704,002 shares changed hands in 3055 deals but mostly accompanied with price drops. The major exceptions to price down swing with deals were led by Cement Company of Northern Nigeria as 164,495 units were sold at N4.62 per share, up 5%. Others were 4.96% increase in UACN PLC as 679717 shares were sold through 41 deals; NPF Microfinance as 676668 units sold in 13deals at N1.12 per share, up 4.67%; African Prudential Registrars up 4.59% as 939008 shares changed hands in 53 deals and Seplat Petroleum as a large parcel of 22,611,083 was sold 4.11% up at N380 with very few takers resulting in only 8 deals. That was indeed the top volume per listed equity for the day but with 22431987 shares through far more deals (124) United Capital came a close second but with marginal 0.30% price drop. The major losers during the day's trading especially with deals were 7up Bottling which ended trading 4.99% down even as 119205 units were taken in 31 deals; Cus...

The Securities and Exchange Commission of Nigeria is to orgsnise a one day public seminar on budget 2017 on Monday, February 6 by 10 am at Victoria Island. According to a post on its website the theme of the seminar will be: 2017 budget of growth and recovery: Relevance, implications and perspectives of the Nigerian capital market. It will also examine ways in which the capital market could contribute to the growth and recovery process envisaged in the budget. The chief speaker will be Dr Afolabi E Olowookere, Head Economic research and policy, SEC Nigeria. There will also be a four member panel of discussants : Dr Ore Sofekun, MD Investment One,Dr Biodun Adedipe of B Adedipe & Associates; Mr John Chukwu, Initiator of Cowry Asset management ltd and Mr Bayo Rotimi, CEO Quest Advisory services. The coordinator will be Professor A U Sanda Director, Office of the Chief Economist, SEC. Venue: Multimedia hall, SEC zonal office, 3, Idejo st, opposite ICON House, Off Adeola Odeku, Victoria...

India, the world's second most populous nation after China, has apparently embraced virtual banking without setting out clear controls as for normal banking. According to reports, one of the 29 States of India, Andhra Pradesh, is now positioning its main port city, Visakhapatnam, to be a major hub for startups in blockchain technology, digital banking and cybersecurity. Hence, the government of the state has been organising road shows and signing deals to achieve this objective.  The city state of. Singapore, for example, has already agreed to promote the Indian port city for block chain and digital payments. The aim is to provide in the city with a mouthful name the technology ecosystem to attract investments in digital banking and related financial technology. Towards this end, a special summit on investment opportunities is to be held in the city on 27 and 28, of this month. Meanwhile, the Chief Minister of the state was at the Davos   Switzerland meeting of the World Economic F...

Nigerian prisons are getting congested more and more but not necessarily because there are more criminals under trial but because unsentenced inmates are more. According to statistics released by the National Bureau of Statistics (NBS), between 2011 and 2015, total prison inmates in Nigerian prisons grew by 25.8% to  62,260. Within the same period, unsentenced  inmates rose by 27.8% to 45,158 thus constituting 72.5% of total prison population by 2015 compared to 71.4% in 2011. Actually, percentage of unsentenced inmates had eased to 69.9% in 2012, then 68.9% in 2013 before climbing through 2014's 69.4% to the 2015 five year high. Unsentenced inmates are those still on trial; awaiting trial or remanded in prison custody before trial. Either way it goes, it implies that the wheel of justice continues to grind more slowly and indeed, comparatively slowed to a five year low in 2015. The situation was relative though if the six geopolitical zones of the country came into focus. Both in ...

Apparently eyeing virtual currency potential to reshape world finance hopefully more outside US influence, China has more or less resorted to remote control of VCs trading within its juicy market. According to media reports and website announcements, major VC exchanges in China will start charging 0.2% trading fees on each transaction from tomorrow, Tuesday, January 24, 2017. The exchanges are Bitcoin, Houbi and Okcoin. A fourth exchange, Yunbi is also reported to be set to apply fees on bit coin trades On the surface, the exchanges claim charging fees is an attempt to help stabilise trading and avoid market manipulation. "The exchanges" BTCC CEO, Bobby Lee reportedly declared "got together and said let's do this". But it is very much in line with the expressed wishes of the People's Bank of China and so, point to some remote control. The Chinese central bank had not hidden its interest in VC exchanges though. Meanwhile, Nobel winning economist, ...

Last financial year to January 2016, the last quarter came up  with a miracle of sorts before Tripple Gee plc ended the year profitably. Now, according to the nine months figures to October 2016 released last week, the same kind of miracle is more than needed to spring from the loss league. By October, Tripple Gee had already recorded N12.6m loss compared to same time in 2015 when N8.29m profit was made only for miracle quarter four to raise it to N36.9m profit by year end. The loss occurred principally because total income went down by 33.5% to N354.55m and although cost of sale drop matched this, distribution and administration cost decreased by only 0.63% to N94.5m. So a final decrease by 80.3% in operating profit to N12.5m, led to only  N12.6m loss because, there was 54.1% drop in finance charges to N25.5m. Can this be wiped out for Tripple Gee to report profit by this financial year end? That depends on the factors that turned quarter four into a miracle working three months as mo...

NEW DMD AT WEMA BANK A new deputy managing director (DMD) has been appointed for Wema Bank PLC in the person of Mr Ademola Adebise. According to notification signed by the company Secretary and legal adviser of Wema, Sole Ajimisinmi, the appointment has already been confirmed by the Central Bank of Nigeria. As DMD, he will be in charge of corporate and business directorate covering corporate banking, treasury and financial institutions, South Business group and business support division. He was executive director, corporate and south directorate before his elevation. He brings to bear over 25 years experience in banking and management consulting, across the wide spectrum of information technology, financial control and strategic planning, treasury, corporate banking and risk management. An alumnus of Harvard business school, he holds first degree in computer science from university of Lagos, an MBA from Lagos business school apart from being a fellow of the Institute of chartered accou...

Januart 2017 may become significant not just fot the swearing in of loud mouthed Donald Trump as America's 45th president and the ECOWAS forces inauguration of an elected President for the Gambia, one of the worlds tiniest nations, but also for the first world law enforcement agencies conference on virtual currencies.(VCs). It is an empty boast by proponents of VCs that these currencies are the "mechanism for a decentralised global currency and free market currency" It has the potential to displace the American dollar as most accepted currency for worldwide payments and store of value and the potential to free world finance from bondage of national boundaries and the monopoly of licensed banks. But it also poses the greatest threat to world peace yet, because it readily offers a seamless route for funding of terrorism, laundering of illegally acquired wealth and for funding of other criminal activities. It also offers very easy ways for citizens to be schemed out of their...

Change the minimum wage today or adjust income tax rate, most state Governors in Nigeria will groan or smile more broadly. This is because, for most of them, the main source of internally generated revenue (IGR) remains pay as you earn (PAYE). According to figures for IGR by states in the first half of 2016 released by the National Bureau of Statistics (NBS), one major exception to this rule was Ogun state  Within the period, Ogun state generated N28.15bn in IGR to place 2nd way behind Lagos state but 60.5% of this was from Ministries, Departments and Age cies (MDAs) while only 30.3% was from PAYE. The leading state, Lagos, with N150.59bn IGR 2016 first half, N97.33bn or 64.6% was from PAYE and only 13.2% from MDAs. That did not detract from the fact though, that Lagos state PAYE earnings within the period was higher than the total IGR by any of the other 36 states and that its N19.86bn from MDAs was also higher than IGR of other states except Ogun and Delta states. Delta itself was on...

It appears like, in spite of the recent warning issued by the Securities and Exchange Commission of Nigeria, the apex bank of Nigeria has already set in motion actions to formally approve issuance of cryptocurrency in Nigeria. According to a letter dated December 20 purportedly signed and issued by Dipo Fatokin, director banking and payments department of the Central Bank ofNigeria with reference no BPS/DIR/GEN/NEF/02/007, the issue now in Nigeria is not about if, but about when cryptocurrency will be given the nod in Nigeria. The letter refers to blockchain technology which is the platform for cryptocurrencies and reads: "Blockchain is gradually becoming a pervasive platform in the conduct of modern payments. It has presented itself to the world of payments by giving strong value propositions around security, digitalisation and trust" "That blockchain will define our payments here in Nigeria is a question of when, rather than if. Therefore, the CBN has ...

The prices of petroleum products across the different states across Nigeria are getting closer, says Bureau of statistics report for December but there is still room for buying and reselling across states. According to the price monitor for Kerosine, Diesel and Petrol for December released last week, the gap between prices in different states narrowed especially on petrol but retailers can still buy from states where price per litre is low to resell in high price states. In December, the opportunity for making money this way was more apparent in Kerosine even though the national average price fell by 3.37% and 23.29% month on month and year on year respectively to N231.85 from November 2016's N282.86. The states with top average price per litre of Kerosine were Abia (N281.67); Osun (N275); Ondo (M273.68) and Cross River with N266.68. To resell for good margin in these states, wholesalers needed to buy the litre of kerosine from Sokoto (N204.17); Abuja (N206.25); and Gombe, Kogi and...

That Nigeria through the Securities and Exchange Commission finally issued a warning to those eyeing virtual currencies aka cryptocurrency last week to beware, was good but it may not be the last word on the matter. The last word will most likely come from the Central Bank of Nigeria or from the federal government itself. However, this should not be surprising because, the world over, only very few countries have taken clear positions on the matter, for or against. Most countries presently rather sit on the fence offered by nonexistence of any local law that outrightly bans virtual currencies partly because its emergence was not planned for and because many know the same uncertain roadmap still trails the social media. Some countries, though, have declared Cryptocurrencies illegal.These include Bangladesh, Indonesia, Bolivia, Ecuador,and Iceland. China has reportedly banned it for financial institutions but individuals could trade on it just like Russia where even ...

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has issued a formal warning to the investing public to be cautious over cryptocurrencies now being advertised in Nigeria. According to SEC Nigeria, the warning was in line with similar warnings issued by different capital market regulators and central banks across the world in the past few years. In the notice dated January 12, SEC Nigeria drew attention to various radio and other advertisement asking people to invest in different cryptocurrencies like Swisscoin, One coin, Bitcoin, and others and said: "The public is hereby advised to exercise extreme caution with regard to digital (cryptocurrencies) as vehicle of investments". It added that " The commission wishes to alert the public that none of the persons, companies or entitites promoting cryptocurrencies has been recognised or authorised by it or other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or oth...

The Nigerian Bureau of statistics released December 2016 composite price index last week and ended up putting the months inflation rate at 18.55%. That is year on year shift in the All items index. However, in the All items index for the same month the value was 213.6. When compared to the 180.15 stated for December 2015, the year on year increase comes to 18.57% and not the stated 18.55%. Interestingly, studying the November figure alongside its 2015 figure, one discovers similar discrepancy but this time, an over statement. November 2016 All items index was 211.3 compared to 178.37 for November 2015, the shift comes to 18.46% and not the 18.48 officially stated as inflation rate for November. December being a festive month in Nigeria, month on month increase in composite index is the norm and not the exception but what was obvious in 2016 was the fact that December's price increase crossed 2011 increase. Since the index was introduced in November 2009, top increases in December m...

The trading week to yesterday Friday  January 13, was yet another one of more price drops than gains. In all, there were 34 price drops within the week, 26 of them were minor easing below N1 per share. Top loser was Nestle PLC which, closed the week at N790 per share, down N19. It was followed by 7up  Bottling down N17.6 to N111.4 per share and Mobil Oil which closed the week at N249.86 per share, losing N15.19. Other major losers include Seplat Petroleum down N9.9 to N370 per share; Guinness Nigeria at N73.02 per share, (-N6.98); Forte Oil down N6.58 at N74 per share; Julius Berger and CAP PLC each losing N3.75 and N1 to close at N34.83 and N32 respectively. In all there were 27 gainers but the bulk, (24) were minor top ups below N1 per share. The three major gainers were Okomu Oil up N4.10 to close at N44.27 per share; Presco olc which gained N2.06 per share to close at N42.16 and Total which ended the week at N300, up N1 per share. In other words, majority of the equities closed fir...

The basic steps and different fees payable as you navigate the mining sector in Nigeria has been revised. In the case of basic steps, first you have to establish the solid mineral you are interested in and which  of the country it can be found. Then you apply for reconnaissance permit to study the area and once satisfied, you then go for exploration license over the specific and well surveyed area. If the exploration proves commercially positive, you can then upgrade to mining or quarrying lease as appropriate or go for small scale mining license. The fees payable, according to the Federal Solid Minerals ministry are N50,000 for reconnaissance permit; N100,000 for exploration; N50,000 for small scale mining ; N100,000 for quarrying lease and N500,000 for mining lease plus water use permit of N50,000. There are also annual service fees of N2000 to N5000 for exploration; N20,000 for small scale mining; N50,000 and N150,000 for quarrying and mining leases respectively and N30,000 for wate...

The  Nigerian stock exchange (NSE) is banking on a modest 0.6% growth in gross domestic product to get Nigeria out of recession this year. According to its CEO Oscar Onyema while presenting the exchange's recap of 2016 and 2017 projection  this hope is hinged on some key factors: * Vigour of fiscal policy implementation with keen focus on articulation of desired goals. * Lower disruption rate to oil infrastructure from resolution of the Niger Delta conflict  * Crude oil prices remaining above the Federal Government's 2017 budget benchmark of $42.5 per barrel. * Positive impact of the war against corruption manifesting in ease of doing business in Nigeria. * Policies aimed at boosting productivity like improved allocation to capital expenditure and exit from the joint venture cash call arrangement. Mainwhile, according to Onyema, year 2016 was so bad for the market that of the eleven indices currently in place with which to monitor sectoral and overall market performance, only t...

If there is one sector in the Nigerian economy change can truly be said to be taking place since the Buhari administration, it is the minerals development and exploitation sector. Of course, some strides have been recorded in agriculture but more on the back of Central Bank of Nigeria dedicated intervention fund mainly and as well as build up on what was inherited from the Jonathan administration. Not so for the solid miberals sector where in a very cooperative atmosphere and focus, the ministry of solid minerals development has been laying good foundation for revamping of the sector. Perhaps, this is because solid minerals had fallen out of focus over the years leaving room for more and more of unregulated mining. Within the last 12 months, a road map has been drawn and launched for the sector; MOUs have been signed with some key mining countries, support funding has been obtained from the World Bank and investors have indeed started to pick interest in the sector once again. Notewort...

Much as many outside and even within Nigeria love to see the end of crude oil and gas in the country, it will be quite a lonh while before the wells dry up and natural gas narrows to the last cubic feet. Until then, says the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development & Monitoring Board (NCDMB) there is plenty of room for you to invest in the industry especially if you are a Nigerian small or medium scale outfit. Deliberate effort to encourage more local content in the industry has been on since 2011. Here are some of the opportunities you can tap, as itemised by the NNPC and NCDMB on line and at different for a over the years. *Domestic production and marketing of Liquified Natural Gas. * Domestic manufacturing liquified petroleum gas (LPG) cylinders, valves and regulators, installation of filling plants, retailing distribution and development of simple , flexible and less expensive gas burners. *Establishment of processing plants and indust...

NEW CEO FOR  CADBURY NIGERIA From February 1, this year, a new managing director and CEO will be taking over at Cadbury Nigeria PLC. He is Mr Muhammad Amir Shamsi and he will be replacing Mr Roy Naaman whose resignation will become effective January 31. According to a release jointly signed by Bala Yesufu, Director corporate and government affairs, and Fola Akande, Company secretary, Mr Shamsi is not new to this part of the world. This is because between September 2012 and September 2013 he was head, new categories, gum and candy, West Africa and from then till March 2016, Marketing director. West Africa. Currently he is Director, Innovation, kids wholesome global biscuits. East Hannover, USA. His working careers dates back to July 1998 when he worked with OJ Foods ( a licensee of Nabisco international). From then on, he climbed corporate ladders at different organisations such as Account planner, Walls Icecream up to October 2001; Brand manager, oral care GlaxoSmithkline 2001 to 2004;...

The Central Bank of Nigeria (CBN) has released the guidelines for its anchor borrower's programme for farmers. Here is the simplest way to access the loan scheme: Form a farmers cooperative with other farmers producing the same product; get linked to a company that uses the product as input then through a bank, the cooperative can apply for the loan. The fulcrum of the programme is the company that processes the farm produce into other consumables. This is the anchor because, it will pay the farmers earlier agreed prices for the produce and also help channel repayment of the loan. The intention of the programme, says the CBN, is to increase bank financing of agriculture; reduce importation of farm produce and processed food; create a new generation of farmers, help reduce poverty and assist rural small holders. Farmers who stand to benefit are those involved in growing cereals, root crops, sugar cane. Tree crops, tomato and rear livestock. The money for the scheme will come from th...

Lagos state, under Governor Akinwunmi Ambode has unveiled a modified and less expensive housing scheme for Lagosians. According to commissioner for housing, Prince Gbolahan Lawal, the scheme targets low and medium income from both formal and informal sectors of the economy and aims to turn them rent payers to owners of their homes. Winners under the scheme will pay 5% of the value as commitment fee, take possession and pay up the balance over the next 10 years There are already 12 housing estates mapped out for the scheme and they are spread across the state. To be eligiblelitmus applicant must be a registered Lagos resident; 21 years and above; tax compliant and must be able to pay the 5% commitment fee. In addition, applicants must pass affordability test which principally has as its litmus that the rent payable must not be at least 33% of salary or income. Interested applicants can download the form online or obtain a copy at the Alausa office of Lagos state mortgage boa...

Sometimes, the most useful data for a marketer of products and services is where to zero in on literate young women in a country like Nigeria. They are ones who are already determining tomorrow's choices at the market for goods and services especially those targetted at children, families and mothers. According to the National Bureau of statistics statistical report on women and men in Nigeria 2015 released recently, most of them are in southern states although northern states like Kogi,Benue, Plateau, Kwara, Taraba and Nasarawa host great numbers too. According to the report, in 2015 the national average percentage of women aged 15 to 24 year who were literate was 66.7% with the lows and highs coming from north and south respectively. The top ten states with highest percentage of literate young women was led by Rivers with 98.5%; followed by Enugu (97%); Imo (95.9%); Akwa Ibom (95%); and Delta with 94.1%. Others were Anambra with 93.6%; Osun (93.3%); Ekiti (92.7%); Abia (91.3%) an...