Friday, 29 September 2017

SEC update reminder to all Capital Market Operators (CMOs)

The Securities exchange commission issued a reminder to all capital market operators to update their registration information with the commission.This serves as a final reminder to all CMOs including Capital Market Experts/Professionals who have not complied with the earlier directives to comply by providing updated information on their Companies/Firms on or before September 30, 2017




The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 directed all Capital Market Operators (CMOs) to provide updated information of their Companies/Firms in December 2016 and February 2017 respectively. Recall also that, Capital Market Experts/Professionals were in May 2017, reminded to update their registration information.

 Use the link below:

Gainers for 28th of September 2017 trading activities


Stock codeEquitiesOpening PriceClosing PriceGains%
NESTLENESTLE FOODS PLC1,220.001,225.005.000.41
NBNIGERIAN BREWERIES PLC163.00   166.00 3.001.84
DANGCEMDANGOTE CEMENT PLC             210.00 212.992.99 1.42
PZP.Z. INDUSTRIES PLC24.2426.001.767.26
CAPCAP PLC31.35      33.00 1.655.26
ZENITHBANKZENITH INTERNATIONAL BANK PLC              22.21 23.301.094.91
NEWGOLDNEWGOLD EXCHANGE TRADED FUND5,999.006,000.001.000.02
GUARANTYGUARANTY TRUST BANK39.1840.000.822.09
CADBURYCADBURY PLC10.5111.000.494.66
FIDSONFIDSON HEALTHCARE PLC3.403.570.175.00
AFRIPRUDAFRICA PRUDENTIAL REGISTRARS PLC3.333.500.175.11
UAC-PROPUAC PROPERTY DEVELOPMENT CO. PLC2.712.850.145.17
CUSTODYINSCUSTODIAN AND ALLIED INSURANCE PLC3.50

3.600.102.86
NAHCONATIONAL AVIATION HANDLING COMPANY PLC2.932.990.062.05
UCAPUNITED CAPITAL PLC3.003.040.041.33
TRANSCORPTRANSNATIONAL CORPORATION OF NIG PLC1.271.300.032.36
MEYERMEYER PLC0.670.700.034.48
UNITYBNKUNITY BANK PLC0.580.600.023.45
FCMBFCMB GROUP PLC  1.051.070.021.90


Nigeria is now the second world’s leading producer of Sorghum-USDA


Image result for sorghum

 Data obtained from the United States Department of Agriculture (USDA), showed that USA’s output of sorghum is projected at 8.4m metric tonnes while Nigeria is following with 6.4m metric tonnes and Mexico in the third position with 6.0m metric tonnes.

According to the USDA data, Sorghum production was 63.08 million tonnes last year. This year’s output, at 59.34 million tonnes, represents a decrease of 3.74 million tonnes or a -5.93 per cent in Sorghum production around the globe. Meanwhile a report from one of the major local industrial consumers of sorghum, Nigerian Breweries Plc, NB, said that the industrial sector, especially food and beverages, utilised 20 per cent or 1.3m metric tonnes of the grain as raw materials in 2015, while 80 percent or 4.2 million tonnes were utilised to produce food and livestock feeds.

Sorghum bicolor, commonly called sorghum and also known as great millet,durra, jowari, or milo, is a grass species cultivated for its grain, which is used for food, both for animals and humans, and for ethanol production. Sorghum originated in northern Africa, and is now cultivated widely in tropical and subtropical regions. Sorghum is the world's fifth most important cereal crop after rice, wheat, maize and barley. Sorghum is typically an annual, but some cultivars are perennial. It grows in clumps that may reach over 4 m high. The grain is small, ranging from 2 to 4 mm in diameter.



Exchange rate as at 29th of September 2017

COUNTRY          CURRENCIES       IN NGR(Naira)
 EUROPE                     EUR                         N430/Euro
US DOLLAR                  USD                          N365/Dollar


GBPOUNDS                  GBP                          N486/Pound

Local manufacturers looses $3bn annually as a result of Nigerians for foreign goods – MAN




 Image result for manufacturer association of nigeria 

The President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, on Thursday disclosed this  during a media parley to intensify campaign for made-in-Nigeria goods.


The MAN president, joined by a consumer advocate and founder, Consumer Advocacy Foundation of Nigeria, Mrs. Sola Salako-Ajulo, urged the media to magnify the campaign so that everybody would be aware of it.They both acknowledged the media as the greatest platform for public advocacy, adding that once the made-in-Nigeria concept was promoted by the media, every Nigerian would tap into it.

Jacobs said that the association had been carrying out an advocacy campaign for the patronage of made-in-Nigeria products since 2016 in collaboration with ENABLE2, a United Kingdom Department for International Development programme, aimed at improving patronage of locally made products by Nigerians, government, its ministries, departments and agencies through an effective and inward looking public procurement process.

He said, “Undoubtedly, the government remains the largest single spender in the economy and could drive industrial development and economic growth by increasing its patronage of locally made products.
“Government prefers foreign goods and Nigerian manufacturers lose an average of $3bn annually as a result.”

Jacobs noted that within a short period of the commencement of the advocacy, the campaign had recorded some progress with the call for the review of the current Public Procurement Act; introduction of the executive order on improved government’s patronage of local products and the current build up against smuggling and counterfeiting activities in Nigeria.

FG to borrow $5.5bn via Eurobonds


As stated by the Debt management office of the nation, the Federal Government is planning to sell as much as $5.5bn of Eurobonds in the next three months to fund capital projects and replace naira-denominated debt.

The Director-General, DMO, Patience Oniha, said on Wednesday in an interview in Abuja that the government was planning to raise $2.5bn in October to help fund 2017’s N7.4tn budget, Bloomberg reported on Thursday.

She said the government would sell the remaining $3bn before the end of the year to replace naira-denominated debt.

Oniha said that the government’s advisers “have told us the market is waiting.”

“Work is already ongoing and we are just waiting for a resolution from the National Assembly to proceed,” she added.The yield on Nigeria’s $500m of Eurobonds due July 2023 rose four basis points by 1:26pm in London, extending Wednesday’s 15 basis-point climb, to 5.49 per cent, the highest since August 21.That on the nation’s dollar securities due in 2032 increased six basis points to 6.91 per cent, the highest since July 18.

Citigroup and Standard Chartered Plc, which helped the Federal Government to sell bonds this year, will be retained as bookrunners for the $2.5bn, and are in talks with the government to also lead the $3bn sale, according to the DMO director-general.

LIRS public notice on taxation of employee loan








The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 14 September 2017 with respect to taxation of interest benefits accruing to employees on loans granted by employers.

The Notice aims at addressing arrangements where loans are granted to employees at no interest, or interest rates lower than market rates. LIRS posited that such arrangements give rise to a benefit which is taxable in the hands of employees.                                               





                        


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