The National Bureau of Statistics has said that the country’s unemployment rate has risen from 12.1 per cent in the first quarter of this year to 13.3 per cent as at the end of the second quarter.
The bureau stated this in the unemployment report which was released by the Statistician General of the Federation in Abuja.In the report, the bureau said the number of people that were unemployed or underemployed increased from 24.4 million as at the end of the first quarter to 26.06 million persons.
“During the reference period, the number of unemployed in the labour force, increased by 1,660,000 persons, resulting in an increase in the national unemployment rate to 13.3% in Q2 2016 compared to Q1 2016.
“In view of this, there were a total of 26.06 million persons in the Nigerian labour force in Q2 2016, that were either unemployed or underemployed compared to compared to 24.5 million in Q1 2016.”
Wednesday, 31 August 2016
Facebook CEO,Mark Zuckerberg in Nigeria
Mark Zuckerberg, is currently in Nigeria to see how Facebook can better support technology development and entrepreneurship in the country and other African nations.His first stop was at ‘Summer of Code Camp’ at the Co-Creation Hub in Yaba, otherwise known as the Silicon Valley of Nigeria.
After visiting CcHub, Zuckerberg said, “This is my first trip to sub-Saharan Africa. I’ll be meeting with developers and entrepreneurs, and learning about the startup ecosystem in Nigeria. The energy here is amazing and I’m excited to learn as much as I can.
“The first place I got to visit was the CcHuB in Yaba. I got to talk to kids at a summer coding camp and entrepreneurs who came to the CcHub to build and launch their apps. I’m looking forward to meeting more people in Nigeria.”
He then went to Andela, an engineering organisation that is building the next generation of developers and technical leaders in Africa.
Andela is a business that recruits the most talented technologists in Africa and shapes them into world-class developers through a four-year technical leadership programme. In the two years since it was founded, Andela has accepted just over 200 engineers from a pool of more than 40,000 applicants.
Nigeria's GDP growth drops further to -2.06%
The National Bureau of Statistics released the Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.
The negative growth rate recorded in the second quarter of this year is a confirmation of the predictions by the Federal Government and economists that the country was heading into recession.
The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s GDP.
In the GDP report released by the NBS, the bureau said, “In the second quarter of 2016, the nation’s Gross Domestic Product declined by -2.06 per cent (year-on- year) in real terms.
“This was lower by 1.70 per cent points from the growth rate of –0.36 per cent recorded in the preceding quarter, and also lower by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015. Quarter on quarter, real GDP increased by 0.82 per cent.”
PENCOM to invest N2.32 trillion in infrastructure
The National Pension Commission (PENCOM) said it planned to deploy at least 40 per cent of the total pension funds in the country (about N2.32 trillion) into investments in infrastructure development by 2019.
Total pension assets in Nigeria as at July 2016 stood at N5.8 trillion and this accounted for about 6% of the country’s gross domestic product (GDP).
The Director general of PENCOM,Mrs Chinelo Anohu-Amazu who noted the current huge infrastructure gap in the country across critical areas of the economy, said there was high correlation between the level of infrastructure development and level of economic growth and performance.
She attributed the large infrastructure deficit in key sectors of the economy to population growth, demographic changes and urbanization, which have increased the demand for infrastructure in the country.
“Infrastructure is a potential avenue for pension funds to reap higher and consistent returns on investment,” she said. “If adequate policies, structures and regulations are instituted, pension fund investments in infrastructure and real estate development, provide veritable avenues for portfolio diversification as well as properly match pension assets with their future liabilities.”Although the federal government’s allocation in the 2016 to capital expenditure increased to 26.2 per cent, or about N1.59 trillion, she said the Federal Ministry of Finance annual infrastructure needs estimate was about N7.3 trillion.
The only way to attempt to bridge the gap, she said, was through the use of part of the pension funds to execute projects to add value to the quality of life of the people.
Monday, 29 August 2016
Sterling Bank Partners States on CSR
During a tree planting exercise organised by the bank in Plateau, Bauchi and Gombe State,the governors commended Sterling Bank Plc for its role in checkmating desertification experienced in some Northern parts of the country through its tree planting initiative.
They said the initiative would sustain the environment and checkmate the rising challenges posed by desertification as well as generate the much needed awareness on desertification at local, national and global levels.
The bank last week commenced the pilot stage of the tree planting initiative in three states in Northern Nigeria.
The initiative, according to the bank became imperative as one of the solutions to cushion the effects of desertification in the country, as Nigeria is faced with rapid desert encroachment affecting fifteen northern states with various degree of impact.
They said the initiative would sustain the environment and checkmate the rising challenges posed by desertification as well as generate the much needed awareness on desertification at local, national and global levels.
The bank last week commenced the pilot stage of the tree planting initiative in three states in Northern Nigeria.
The initiative, according to the bank became imperative as one of the solutions to cushion the effects of desertification in the country, as Nigeria is faced with rapid desert encroachment affecting fifteen northern states with various degree of impact.
Exchange rate as at 29/08/2016
President Muhammadu buhari pledges to increase agriculture funding in 2017
Speaking at the sixth Tokyo International Conference on African Development (TICAD) in Nairobi, Kenya, President Buhari outlined several steps taken by his administration to secure the country and to make it place safe doing business.The President however said there was still more to do on education, health and other infrastructure to ensure quick and voluntary return of displaced persons to their native communities.
On the United Nations Security Council reform, President Buhari agreed to work with Japan for the reforms, stressing that the case for a permanent seat for Africa on the Council was a moral one.
He equally expressed Nigeria’s support for Japan in their bid for a UN resolution on the problems in East China and South China as well as the “uncontrolled nuclear tests by North Korea.”
‘‘The UN system is sufficient for the resolutions of all disputes and no nation should be above the United Nations.He said Nigeria and Japan must work together to improve the investment climate in view of the many Japanese companies wishing to invest in Nigeria.
“This has to be made absolutely clear and I assure the Prime Minister that I will meet as many leaders as possible at the forthcoming UN General Assembly concerning the issues.”
In his remarks, Prime Minister Abe congratulated President Buhari “for courageously tackling Boko Haram terrorism.”
He reaffirmed Japan’s commitment to rapid development in Nigeria through quality delivery of ongoing projects in the country, including Jebba hydro power scheme and the Lagos railway project.
Thursday, 18 August 2016
Skye Bank not in distress - CBN
The Central bank of Nigeria in a statement "Contrary to speculations going the rounds, the funds of depositors in all the banks remained safe and there was no need for panic withdrawal by any bank customer.
“The CBN also wishes to reiterate its earlier assurance that Skye Bank is not in distress and remains a healthy bank in the Nigerian banking system.“Indeed, the health of the Nigerian banking system remains strong; all banks in Nigeria are safe and depositors have no cause to fear over their deposits.”
It recalled that while Skye Bank had corporate governance challenges, the CBN had since taken proactive steps to resolve the issues identified.
“Indeed, the CBN is satisfied with the efforts of the new management to reposition Skye Bank for effective service delivery.
Bill to impose a 9% tax payment on calls, SMS, MMS on Nigerians
At a meeting organised by the Lagos state chambers of commerce and Industry(LCCI) to deliberate on a bill which the government wishes to pass as regards subscribers paying a 9% tax on voice calls,SMS ,MMS and data services.
A minister in attendance said that the government’s efforts at increasing its revenue made the bill worthy of consideration.He also stated that the projected earnings from this effort is over N20 billion every month, which is an attraction to the government for funding our budget deficits.
Mrs Nike Akande, President of LCCI called for a friendly tax environment especially in view of the difficult business environment. “We know that the government is seeking to diversify its revenue base in the light of dwindling oil revenue. But it is also true that the private sector players will like to see an investment friendly tax environment, especially in the light of the prevailing high cost of doing business in the country. It is important to balance these two positions.”
Mr Taiwo Oyedele, Partner, PriceWaterCoopers said that the N20 billion monthly projected revenue from the bill was unrealistic and based on assumption. According to him, increased taxation will reduce the consumption pattern of consumers, lower investment in the sector, thereby translating to reduced revenue.
A minister in attendance said that the government’s efforts at increasing its revenue made the bill worthy of consideration.He also stated that the projected earnings from this effort is over N20 billion every month, which is an attraction to the government for funding our budget deficits.
Mrs Nike Akande, President of LCCI called for a friendly tax environment especially in view of the difficult business environment. “We know that the government is seeking to diversify its revenue base in the light of dwindling oil revenue. But it is also true that the private sector players will like to see an investment friendly tax environment, especially in the light of the prevailing high cost of doing business in the country. It is important to balance these two positions.”
Mr Taiwo Oyedele, Partner, PriceWaterCoopers said that the N20 billion monthly projected revenue from the bill was unrealistic and based on assumption. According to him, increased taxation will reduce the consumption pattern of consumers, lower investment in the sector, thereby translating to reduced revenue.
GTBank posts a PBT of N91.38bn in six months
The half year audited account ended 30th June 2016,Guaranty trust bank posted a profit before tax of N91,38billion.According to the result released on the floor of the Nigerian Stock Exchange, NSE yesterday, the bank recorded positive growth as its gross earnings for the period grew by 37 per cent to N209.9billion from N 153billion reported in the June 2015. It was driven primarily by growth in fee & commission income as well as foreign exchange income.
The profit before tax which stood at N 91.38billion, represented a growth of 45 per cent over ¦ 63.11billion recorded in the corresponding period of June 2015.The bank’s loan book grew by 14 per cent from N1.373trillion recorded as at December 2015 to N 1.562trillion in June 2016 with corresponding growth in total deposits which increased by 23 per cent to N2.008trillion from N 1.637 trillion in December 2015. Further analysis revealed that the bank closed the half year with total assets and contingents of N3.42trillion and shareholders’ funds of N 453Billion.
Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.8 per cent and 5.7 per cent respectively. The Bank is proposing interim dividend of 25kobo per unit of ordinary share held by shareholders.
Bureau de change can now access $50,000 weekly- CBN
The Central Bank of Nigeria (CBN) has raised the amount of foreign exchange that Bureau de Change (BDCs) can access from $30,000 to $50,000.
Directors of the apex bank and some Managing Directors of Deposit Money Banks explained that the decision was to make more foreign exchange available to members of the public, especially as students were to return to school.
The CBN Acting Director of Communications, Mr. Isaac Okoroafor, explained further that the decision to raise the volume of cash sold to BDCs was, “to ensure that, especially now that students are going back to school, they get enough for school fees, students maintenance allowances and of course for BTA and PTA. “It is not a policy reversal. During economic crisis, policy makers must watch policies and instruments and must be able to change them. Unless you want to say that increasing sales of forex to BDCs to ease the current foreign exchnage challenges is a policy reversal. It is not. It is actually a policy improvement.” He said that the CBN would strictly monitor the process to ensure that it is not abused and warned that, “any BDC that tries to circumvent this decision will be severely punished.
Tuesday, 16 August 2016
The debt management office of the government announces the sale of N110billion worth of government bonds.
The Debt Management Office (DMO) says it will raise N110 billion worth of bonds in three categories on August 17.The three categories of bonds include a 20-year bond, a 10-year bond and a 5-year bond with a coupon rate of 12.40 per cent, 12.50 per cent and 14.50 per cent, respectively.
It said the 20-year bond would be N40 billion, the 10-year bond (N30 billion) and N40 billion worth of the five-year bond.The statement said the three categories of bonds would mature in March 2036, January 2026 and July 2021, respectively.
KPMG questions Africa GDP rankings
The International Monetary Fund’s (IMF) World Economic Outlook (WEO) released in April 2016 its updated gross domestic product (GDP) estimates for more than 200 of the world’s economies. For Africa, the update reflected another shift in the leader board for the continent’s largest economies. After losing its top spot to Nigeria in 2014 following the West African country rebasing its GDP, South Africa moved down to third place at the end of 2015 largely due to its weakened currency. Egypt had moved into the second position, based on US dollar calculations of each country’s GDP.
Since the Nigerian naira was devalued on June 20 this year, there have been sporadic media reports suggesting that Nigeria would soon surrender its crown as Africa’s largest economy due to the impact of a weak naira on the US dollar value of economic activity. A significant recovery in the South African rand in July and August so far has added to this speculation. The latest round of reports (during the second week of August) indicated that South Africa had again overtaken Nigeria in terms of the US dollar value of their respective GDP readings.
In order to reflect the impact of the naira devaluation and the rand’s recovery on comparable GDP estimates, a calculation would need to be made based on GDP data for the second quarter of 2016. At the time of writing, none of the continent’s largest economies had published these statistics. Nigeria’s National Bureau of Statistics has postponed its Q2 GDP report until August 1 while Statistics South Africa will only release its latest economic activity data early in September.
Nigeria will need Extra 900,000barrels per day to recover Oil Lost to Militancy- Ibe Kachikwu
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has said that Nigeria will have to increase oil output by an average of 900,000 barrels per day (b/d) in order to recover crude oil that has been shut in to a series of militant attacks on oil and gas assets in the Niger Delta in recent months.
Speaking to Richard Quest of CNN business last night, The petroleum minister said the federal government was in continuing dialogue with militants and their representatives in the Niger Delta and expressed confidence that in the next one or two months, a resolution will be reached to end the attacks on oil assets.
“There’s a lot of dialogue, a lot of security meetings and we expect that in the next one or two months, we will arrive at a lasting resolution on the problem in the Niger Delta,” he said.
He added that Nigeria would need to produce on average 900,000b/d extra to recover oil and the attendant revenue lost to the militancy in recent months.
However, when he was reminded by Quest that an extra 900,000b/d would run contrary to possible talks next month on a production freeze in order to shore up oil prices, Kachikwu said he was not optimistic that a consensus could be reached on an output cap, as efforts in the past had failed.
“I’m not too optimistic about an output freeze, because we tried this in the past and it failed.
“Also, OPEC accounts for 30 per cent of total global output, so we will need to be aggressive in our engagements with producers that account for 70 per cent of output, so it is only if a consensus is reached, then me have some hope,” he explained.
Culled from ThisDay
Northern governors hires british firm on prospective oil discovery
The 19 northern state governors have intensified their search for oil and gas in the region with the appointment of a British firm to carry out the exploration activities.
The Chairman, Northern Nigeria Development Company, owned by the 19 northern state governments, Mallam Bashir Dalhatu, said the company had commenced its prospects for oil and gas in the Lake Chad and Benue basins, using the services of the British company.
In his statement ;
“We have engaged a British company that is already working in the Lake Chad region and from Niger and Chad side in the same area with us and we have been meeting with the Nigerian National Petroleum Corporation in order to put efforts together..The Group Managing Director, NNPC, Mr. Maikanti Baru, also confirmed that exploration activities was ongoing in the frontier basin in Chad and in some areas close to the Kolmani River, located in Bauchi State, where Shell had made some indicative discovery of hydrocarbons.
“The Federal Government has also re-emphasised to us, during those meetings, its total support for exploration and exploitation of oil and gas in the North-East of the country.”
Baru said that the NNPC was currently taking steps to re-strategise and get into those regions to step up crude oil exploration activities.“We will reinvigorate the frontier exploration services and see how they collaborate with the Northern Nigeria Development Company.“The NNDC is holding bloc 809 where we have some of the finds and the Department for Petroleum Resources, for the other blocs that have not been assigned,” he added.
Oil rises to $48/barrel
Global oil benchmark, Brent crude,rose by 2.6 per cent to $48.20 per barrel.The rise in price came as an indication that the Organisation of Petroleum Exporting Countries could revive talks on freezing oil output levels when it meets non-OPEC nations next month.
OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on September 26-28.Top exporter, Saudi Arabia, appears to favour higher prices, although Iran, Iraq and Russia present obstacles to a deal, according to Reuters.
Saudi Arabia sharply raised expectations for a global production deal, with its Energy Minister, Khalid al-Falih, saying the country would work with OPEC and non-OPEC members to help stabilise oil markets.“The comments by the Saudi energy minister give a positive indication that they are willing to go for a freeze deal but the question remains: on what level?” said an OPEC source from a key Middle Eastern producer.
“Will the freeze be at January levels? And what about Iran? And then there is Nigeria, which has lost a lot of production since January,” the source added.
The Russian Energy Minister, Alexander Novak, was quoted as saying that Russia was consulting with Saudi Arabia and other producers to achieve oil market stability, adding that the door was still open for more discussions on output freeze, if needed.
Saudi Arabia boosted output to 10.67 million barrels per day in July from 10.2 million in January, when the freeze idea first emerged.
Wednesday, 10 August 2016
The Nigerian deposit insurance criticises the rise of non-performing insider loan in banks.
The Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has expressed concern over the increasing wave of non-performing insider loans in various banks and its consequence on the stability of the nation’s banking system.
Alhaji Ibrahim has called for strict compliance with the existing code of conduct and a review of the existing laws and regulations to provide stiffer penalties for directors who take advantage of their positions and fail to pay back their loans. noted with concern the practice of some banks that assign sensitive roles to casual staff; thereby exposing the banking industry to cases of fraud and forgeries.
CBN warns Nigerians against unregistered International money transfer operators(IMTOs)
Due to the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy,The Central bank of Nigeria has advise Nigerians ,both home and abroad to be cautious of unlicensed IMTOs.
All financial service providers in Nigeria are required to be duly licensed in order to protect both customers and the financial system.
PMB says his administration goal is to develop the nation's assets
In a meeting with the Global Chief Executive Officer of Friesland Campina, the Netherlands, Mr Roelf Joosten.President Muhammadu Buhari emphasis his determination to address the deficit on the nation's asset.
The President lamented a situation where cattle farmers throw away milk from their animals, because there was no means of preserving and processing the product.
“We have failed to develop our assets on a permanent basis. This, we are determined to work on,” the President promised.
He urged Friesland Campina, in its collaboration with Nigeria, to educate cattle farmers that “quality matters more than quantity,” and help them organise into cooperatives for better business.
Oil Marketers insist Petrol should sell for N151.87/litre
Though attempts have been made to assure Nigerians that there are no plans to increase the pump price of Premium Motor Spirit, popularly referred to as petrol, PUNCH news has gathered that the actual price at which the product should sell at filling stations is N151.87 per litre.
This “realistic” price is more than the maximum N145 per litre fixed by the Federal Government on May 11, 2016 when it liberalised the downstream oil sector, marketers with knowledge of the market and the pricing mechanism told one of our correspondents on Tuesday.
This, they said, was basically due to the continued scarcity of the United States dollar, adding that the true price of petrol was N151.87 litre, judging by the current ex-depot price of the commodity.
In a move to avert a price increase, it was learnt that the government conveyed a meeting of stakeholders in the downstream oil sector on Tuesday, which was held at the headquarters of the Petroleum Products Pricing Regulatory Agency in Abuja.
The official said, “The issue of forex has been a challenge to both the government and the oil marketers. All of a sudden, the dollar skyrocketed to about N400 and the product we are concerned with here is an international product. So, if they are bringing in the product by buying dollar at N350, then it is obvious that they are really working hard to remain in business.
“For if we are in a truly deregulated market environment, then the price of the product should have increased beyond N145 per litre; there is no doubt about that. Meanwhile, there was a highly confidential meeting between the management of the PPPRA and stakeholders in the sector on this matter.
Culled from ThePunch
The Minister of Trade, Industry and Investment explains government move to diversify the economy
 |
| Minister of Trade,industry and Investment |
While speaking on a Channels Television’s programme; Mr Okechukwu Enelamah said that the federal government is following the guidelines of the policies around sectors with “comparative or relative advantage” to diversify the economy.
“These sectors range from agro-processing, where we are making sure that all the input materials, be they capital equipment or raw materials, have concessions.“The only thing is that the concessions were abused in the past. So the work right now is to make sure that the genuine ones get it and that’s an important difference.
The Minister also stated that the President had directed that a Presidential Business Environment Enabling Council, Chaired by the Vice President, should be set up. The Council will focus majorly on Ease of Doing Business and making Nigeria more attractive.
He noted that “Nigeria has been sliding in terms of the Ease of Doing Business Index of the World Bank to the point where we are rated 169 out of a little over 180 countries”, promising that this administration will reverse the trend.
“But there are specific things to do, which we are doing, and those things will lead to a difference. There is a Presidential Council, which is inter-ministerial and we are meeting on it and we are going to use the National Investment Promotion Commission (NIPC) as a secretariat and I am confident you will see the results.
“We are going to work with the private sector. We have identified a private sector lead that will be announced soon that is going to be the head of this whole Ease of Business Enabling Environment Forum.He noted that the government would improve by 20 points after a year and move to within the top 100 at the expiration of President Muhammadu Buhari’s term in 2019.
Only 8,000 Nigerians patronised the E-Dividend Platform- SEC
The Director General of the Security and Exchange Commission (SEC), Mr. Munir Gwarzo, has said that only 8000 Nigerians have registered in the e-dividend platform since the launch of the campaign.
He expressed his disappointment over the low patronage by investors to key into the platform. He said: “They should keep faith as they should come back to the market and more importantly, they should key into the e-dividend platform.“The level of patronage in the e-dividend is very low, as at the last count, only 8000 Nigerians have registered for the e-dividend.”
While admitting that investors are shying away from investing in the capital market perhaps because of the economic downturn, he urged them not to lose hope and faith as the market will certainly bounce back into profitability.
Excerpts from ThisDay
Access Bank Upgrades its "PayWithCapture"app for seamless transactions
PayWithCapture version 5.0 has been upgraded with additional features that enable customers to transfer funds from any bank account (one or more) to any bank account or phone number and email addresses.
PayWithCapture offers a USSD service *901# that allows users to carry out most of the listed functions without the need to access the internet. The bank added;
“PayWithCapture 5.0 users can, still enjoy the success of QR code scanning for payments but with the added ability to make transfers to bank accounts, phone numbers and email addresses. Users can also set up a savings club through PayWithCapture. Savings Clubs, commonly known as Ajo or Esusu enable them save jointly with friends towards a common goal as the funds can be pooled and rotated among all members of the group or pooled and given to one person,”
Another foremost feature of the upgrade, according to Adekoya was the introduction of the PayWithCapture Titanium Card.Mr Adekoya in his words;“Simply request for the card on PayWithCapture, then transfer funds from payment methods linked to your account and you can use your PayWithCapture debit card anywhere around the world you see the MasterCard sign.”
Interswitch Honours FirstBank for their 100 Million monthly transactions.
First Bank of Nigeria was recognised by Interswitch Group as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions, first in December 2015 and again in May 2016.
A statement from the bank explained that the record transaction volumes represented the total transactions processed by FirstBank’s Front End Processor running on the Interswitch transaction switching platform which links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms.
With over 12 million customers’ accounts, the bank stated that the feat aligned with its strategic intent to promote financial inclusion, support the cashless policy drive of the Central Bank of Nigeria and boost economic growth via e-payments across Nigeria and the African continent.
According to the Bank’s Group Head, e-business, Chuma Ezirim, FirstBank remains committed to lead the drive to move the Nigerian economy away from traditional cash and other generic payment means to modern technological varieties in e-Payment.
Excerpts from ThisDay
Pension sub-sector records N770bn Profit in 10 years
The pension industry has recorded N770billion profit in the past ten years, the Director General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu has said.
She said total contributions to Retirement Savings Account (RSA) for both public and private sectors within the period was N3.06trillion made up of N1.78trillion from public sector, which represents 57.52 percent of the total contributions and N1.30trillion from the private sector, representing 42.48 percent of the total contributions.
“Given that total assets of the RSA fund was N3.83trillionas at the period under review, it showed that a profit of over 770billion was made between January 2006 and June 2016.The public sector contributions include all contributions from federal and state governments as well as the self -funding agencies”, the PenCom boss explained.
She said total contributions to Retirement Savings Account (RSA) for both public and private sectors within the period was N3.06trillion made up of N1.78trillion from public sector, which represents 57.52 percent of the total contributions and N1.30trillion from the private sector, representing 42.48 percent of the total contributions.
“Given that total assets of the RSA fund was N3.83trillionas at the period under review, it showed that a profit of over 770billion was made between January 2006 and June 2016.The public sector contributions include all contributions from federal and state governments as well as the self -funding agencies”, the PenCom boss explained.
Exchange rate as at 10/08/2016
Gainers list for 10th of August 2016
| Stock Code | Name | Price | Price Change | % Change | |||
| TRN2020S2 | TRN2020S2 | 100.00 | 98.82 | 8,374.58% | |||
| SDFANMILK | SDFANMILK | 20.00 | 11.00 | 122.22% | |||
| SDMIXREAL | SDMIXREAL | 2.40 | 0.98 | 69.01% | |||
| NEWGOLD | NEWGOLD | 3,610.00 | 1,240.00 | 52.32% | |||
| SDFCWAMCO | SDFCWAMCO | 160.00 | 49.00 | 44.14% | |||
| NSEPREMIUM | NSEPREMIUM | 1,758.95 | 399.75 | 29.41% | |||
| SDGEFLUID | SDGEFLUID | 0.64 | 0.12 | 23.08% | |||
| NSEBNK | NSEBNK | 281.87 | 47.29 | 20.16% | |||
| VETBANK | VETBANK | 2.81 | 0.45 | 19.07% | |||
| NSECNSMRGDS | NSECNSMRGDS | 696.12 | 95.95 | 15.99% | |||
| NSEPENSION | NSEPENSION | 814.31 | 111.41 | 15.85% | |||
| VETGOODS | VETGOODS | 6.93 | 0.90 | 14.93% | |||
| NSE50 | NSE50 | 1,324.70 | 154.16 | 13.17% | |||
| ASI | ASI | 27,421.83 | 2,732.14 | 11.07% | |||
| NSE30 | NSE30 | 1,212.60 | 119.06 | 10.89% | |||
| VETGRIF30 | VETGRIF30 | 12.15 | 1.14 | 10.35% | |||
| DANABNDS1 | DANABNDS1 | 109.49 | 9.49 | 9.49% | |||
| SDCSCSPLC | CENTRAL SECURITIES CLEARING SYSTEM LIMIT | 6.50 | 0.50 | 8.33% | |||
| LOTUSHAL15 | LOTUSHAL15 | 8.71 | 0.60 | 7.40% | |||
| NSELOTUSISLM | NSELOTUSISLM | 1,810.86 | 108.34 | 6.36% | |||
| SDTRUSTMB | SDTRUSTMB | 0.78 | 0.04 | 5.41% | |||
| IKEJAHOTEL | Ikeja Hotels Plc | 1.89 | 0.09 | 5.00% | |||
| NSEMAINBOARD | NSEMAINBOARD | 1,213.83 | 57.31 | 4.96% | |||
| UAC-PROP | UAC Properties Plc | 3.90 | 0.18 | 4.84% | |||
| INTBREW | International Breweries Plc | 18.88 | 0.83 | 4.60% | |||
| DANGFLOUR | DANGOTE FLOUR | 4.17 | 0.18 | 4.51% | |||
| WEMABANK | Wema Bank Plc | 0.70 | 0.02 | 2.94% | |||
| OKOMUOIL | Okomu Oil Palm Plc | 36.00 | 1.00 | 2.86% | |||
| GLAXOSMITH | GLAXOSMITHLINE NIG. PLC | 18.50 | 0.50 | 2.78% | |||
| CUSTODYINS | CUSTODIAN AND ALLIED INSURANCE PLC | 3.90 | 0.10 | 2.63% | |||
| NB | Nigerian Breweries Plc | 132.95 | 2.65 | 2.03% | |||
| ACCESS | Access Bank Plc | 5.60 | 0.10 | 1.82% | |||
| TOTAL | Total Nigeria Limited | 240.00 | 4.00 | 1.69% | |||
| STANBIC | STANBIC | 13.50 | 0.22 | 1.66% | |||
| ETI | Ecobank Transnational Inc. | 11.68 | 0.19 | 1.65% | |||
| UCAP | UCAP | 2.39 | 0.03 | 1.27% | |||
| GUARANTY | Guaranty Trust Bank Plc | 24.29 | 0.29 | 1.21% | |||
| VETINDETF | VETINDETF | 17.88 | 0.21 | 1.19% | |||
| CONTINSURE | CONTINNENTAL REINSURANCE | 1.02 | 0.01 | 0.99% | |||
| UBA | United Bank For Africa Plc | 4.49 | 0.04 | 0.90% | |||
| NSEASEM | NSEASEM | 1,213.68 | 8.35 | 0.69% | |||
| NESTLE | Nestle Foods Nigeria | 825.00 | 5.00 | 0.61% | |||
| DANGCEM | DANGCEM | 180.04 | 1.04 | 0.58% | |||
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