President Muhammadu Buhari has approved the appointment of an interim managing director/chief executive officer, as well as executive directors for the Bank of Agriculture.
The appointments were announced by the Federal Ministry of Agriculture and Rural Development on Thursday in a statement issued by the Deputy Director, Information, Mrs. Blessing Lere-Adams.
The ministry stated that the appointments would support the Buhari administration in achieving its vision in the agricultural sector, particularly in promoting easy access to funds needed to boost farming across the country.
The statement named the appointees as
Kabiru Mohammed, interim MD/CEO
Prince Akenzua, South-South, Executive Director Corporate Finance
Dr. Okenwa Gabriel, South-East Executive Director, Partnerships and Strategy
Ameh Owoicho, North-Central, Executive Director, Credit and Empowerment
Bode Abikoye, South-West, Executive Director, Credit and Empowerment
Friday, 24 March 2017
Central Bank injects fresh $100 million into interbank market
The Central Bank of Nigeria, CBN, on Thursday injected another $100 million to meet the requests of wholesale customers.
Close followers of the foreign exchange market said on Thursday that the speed at which customers swooped on the available supply was indicative of the growing apprehension by forex dealers who are anxious to dispose the stock at their disposal in anticipation of a further crash in the dollar value in the market.
“Since the CBN began its direct supply of dollars to the interbank market, there has been so much uncertainty. Nobody seems to know what is going to happen the next moment with the value of the dollar.
“We the dealers are anxious to dispose whatever we have at our disposal, because we do not want to suffer a loss,” Auwal Mustafa, a forex dealer in Wuse Zone 4 in Abuja said on Thursday night.
The Central Bank spokesperson, Isaac Okorafor, said the dealers would have value for their respective bids on Friday, March 24, 2017.
Mr. Okorafor said the highest and marginal bid rates were N330 to the dollar and N320 to the dollar, respectively.
He said no intervention was made on Thursday by the Bank to meet requests for invincibles, including basic and personal transport allowance, school fees and medical fees by customers.
Close followers of the foreign exchange market said on Thursday that the speed at which customers swooped on the available supply was indicative of the growing apprehension by forex dealers who are anxious to dispose the stock at their disposal in anticipation of a further crash in the dollar value in the market.
“Since the CBN began its direct supply of dollars to the interbank market, there has been so much uncertainty. Nobody seems to know what is going to happen the next moment with the value of the dollar.
“We the dealers are anxious to dispose whatever we have at our disposal, because we do not want to suffer a loss,” Auwal Mustafa, a forex dealer in Wuse Zone 4 in Abuja said on Thursday night.
The Central Bank spokesperson, Isaac Okorafor, said the dealers would have value for their respective bids on Friday, March 24, 2017.
Mr. Okorafor said the highest and marginal bid rates were N330 to the dollar and N320 to the dollar, respectively.
He said no intervention was made on Thursday by the Bank to meet requests for invincibles, including basic and personal transport allowance, school fees and medical fees by customers.
Lafarge Africa’s Full Year Profit Falls by 38% to N16.8bn
Lafarge Africa Plc yesterday reported a profit after tax (PAT) of N16.898 billion for the year ended December 31, 2016, showing a decline of 38 per cent compared with N27.163 billion in 2015.
According to the audited results, Lafarge Africa Plc recorded revenue of N219.714 billion, compared with 267.234 billion in 2015. Loss before tax stood at N22.818 billion, compared with a profit before tax of N29.286 billion. However, a N39.717 billion tax credit, which came mainly from deferred tax assets generated from Unicem operations, lifted the company’s PAT to N16.898 billion.
The board has recommended a dividend of 105 kobo, which is 65 per cent lower than 300 kobo the company declared in 2015.
CEO, Lafarge Africa, Michel Puchercos, said: “Our turnaround plan delivered solid results in fourth quarter (Q4) 2016 in spite of the challenging environment in Nigeria and South Africa. Technical challenges have been resolved with all our plants operating at high reliability. Our energy optimisation plan has proved successful with increased use of alternative fuel (AF) to offset gas shortages. Ewekoro 1 plant migrated from 100 per cent reliance on gas and LPFO to about 40 per cent use of AF at the plant. Logistics and commercial turnaround plans are in place and enabling to restore market share.”
ACCA Promotes Youth Empowerment
The Association of Chartered Certified Accountants(ACCA), a global body for professional accountants, recently organised a programme to expose them to how to pursue global qualification in accountancy and empower them on how to secure better job options.
The programme titled: "Connecting Futures" which was supported bty Zenith bank had in attendance;members of the National Youth Service Corps (NYSC) which also include prospective customers, students.
The acting Country Manager, ACCA, Mr. Olatunji Adeleye in a statement
“Over the last few years what we have done to reward excellence in terms of people that passed their exam is just to put them in the newspaper. So one of the things we also wanted to use this event to achieve is to reward them publicly and let them also share with other students who have been struggling in their ACCA journey that it is actually possible.
“We have lots of career opportunities in ACCA and i think our last resort is to let every single stakeholder understand that just getting a university degree is no longer enough. We are in the era where we are building professional graduates and we build for the future,” he explained.He said the programme would also be extended to Port Harcourt and Abuja in the coming months.“So basically, is all about providing that shortcut for our students and to let them know that we are always there to support them.”
Exchange rate as at 24th of March 2017
Cadbury records a loss of N563m for 2016 financial year
The audited results for the year ended December 31, 2016, showed Cadbury recorded revenue of N29.979 billion in 2016, up by eight per cent from N27.825 billion in 2015.
Cost of sales went up from N18.9 billion to N23 billion, bringing gross profit to N6.86 billion, compared with N8.9 billion in 2015. Selling and distributing expenses stood at N5.59 billion, as against N5.6 billion in 2015, while administrative expenses increased to N2.058 billion, from N1.909 billion. Net finance cost stood at N169.98 million, compared with N156.796 million in 2015.
The company ended the year with loss before tax of N563 million, compared with profit of N1.577 billion. However, a tax credit of N266 million, reduced the loss after tax to N296 million, compared with profit of N1.15 billion. The market reacted negatively to the results as the share price fell by 5.0 per cent to lead price losers at the stock market.
AMCON names the acquirers of Keystone bank
The Asset Management Corporation of Nigeria, AMCON, has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium) as the new investors in Keystone Bank.The announcement is in relation to the acquisition of the entire issued and fully paid up ordinary shares of the bank.
This, AMCON said, follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria, CBN, and the Securities and Exchange Commission, SEC.
The completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement executed between AMCON and the consortium, the corporation added.
AMCON, in its statement on Monday, said the emergence of the Sigma Golf-Riverbank Consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited, its affiliates and FBN Capital (joint financial advisers), and Banwo & Ighodalo, and Crosswrock Law (joint legal advisers).
Sigma Golf Nigeria Limited and Riverbank Investment Resources, the corporation stated, were entities set up by local investors, adding that the process for the sale of the bank started with interest shown by 18 parties cutting across local and international investors.
Keystone Bank was incorporated by the Nigerian Deposit Insurance Corporation on August 3, 2011 following the revocation of the license of Bank PHB by the CBN.
As of April 2016, Keystone Bank had a staff strength of 1,753 employees, network of 154 branches, nine cash centres and 315 Automated Teller Machines.
This, AMCON said, follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria, CBN, and the Securities and Exchange Commission, SEC.
The completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement executed between AMCON and the consortium, the corporation added.
AMCON, in its statement on Monday, said the emergence of the Sigma Golf-Riverbank Consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited, its affiliates and FBN Capital (joint financial advisers), and Banwo & Ighodalo, and Crosswrock Law (joint legal advisers).
Sigma Golf Nigeria Limited and Riverbank Investment Resources, the corporation stated, were entities set up by local investors, adding that the process for the sale of the bank started with interest shown by 18 parties cutting across local and international investors.
Keystone Bank was incorporated by the Nigerian Deposit Insurance Corporation on August 3, 2011 following the revocation of the license of Bank PHB by the CBN.
As of April 2016, Keystone Bank had a staff strength of 1,753 employees, network of 154 branches, nine cash centres and 315 Automated Teller Machines.
Top 5 gainers for 24th of March 2017 trading activities
All figures are stated in Nigeria currency(N)
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Thursday, 2 March 2017
Jaiz Bank now listed on the Nigeria stock exchange market
Speaking on the listing, the Chairman, Alhaji (Dr.) Umaru Abdul Mutallab, CON, said “as a pioneer non-interest bank, we are committed to the economic development of Nigeria and its people. Whilst Islamic banking is at the core of how we render services, we shall offer all things to all people. Our array of offerings underpin our resolve to be a competitive brand that is tune with the global best practices. This listing effectively marks the beginning of a new chapter in the ever dynamic Nigeria financial services sector. Listing on the NSE provides us with both a well-regulated listing framework and excellent links to investors who can partner with us in our quest to be a regional and globally relevant financial institution”.
AfDB to inaugurate $850m agric transformation programme
The African Development Bank already concluded plans to launch a $850m agriculture programme to transform the sector and reduce food imports in Africa.
The Director of Agriculture in the bank, Dr Chiji Ojukwu, said, on the sideline of the International Conference on Wheat in Abuja on Tuesday, that the project, to be called Technology for African Agricultural Transformation, would ensure the generation, sustainable dissemination and adoption of agricultural technologies and innovations.
The conference was organised by the Support to Agricultural Research for Development of Strategic Crops project of the AfDB.
According to him, this new programme will cost about $850m of which wheat alone is $20.8m.
“We are likely going to get the approval for the programme this year and after that, it will start,’’ Ojukwu said.
He listed some agricultural produce that would be boosted in the project to include cassava, rice, wheat and maize among others.
Top gainers- 2nd of March 2017
All figures are stated in Nigeria currency(N) |
||||||
| Stock Code | Previous closing price | Opening price | Close | High | Low | |
| FO | 47.01 | 47.01 | 49.36 | 49.36 | 49.36 | |
| NB | 126.82 | 129.00 | 129.00 | 129.00 | 129.00 | |
| OKOMUOIL | 46 | 48.00 | 48.00 | 48.00 | 48.00 | |
| GUINNESS | 62.11 | 63.50 | 63.50 | 63.50 | 63.50 | |
| GUARANTY | 24.71 | 24.70 | 24.90 | 24.90 | 24.63 | |
| OANDO | 4.89 | 5.00 | 5.00 | 5.00 | 4.80 | |
| FCMB | 1.17 | 1.14 | 1.20 | 1.20 | 1.14 | |
| AIICO | 0.57 | 0.59 | 0.59 | 0.59 | 0.59 | |
| FIDELITYBK | 0.81 | 0.80 | 0.82 | 0.79 | 183.00 | |
| DIAMONDBNK | 0.81 | 0.82 | 0.81 | 0.84 | 0.81 | |
Equity market;19 stocks depreciate
At the close of trading on the floor of the Nigerian Stock Exchange, the NSE market capitalisation dropped to N8.715tn from N8.765tn, while the All-Share Index closed at 25,183.10 basis points from 25,329.06 basis points.
A total of 228.023 million shares valued at N2.39bn were traded in 2,958 deals.
NSE Partners Debt management office to List $1billion FGN Eurobond
it's a 15-year domestic sovereign Eurobond priced at par and at a coupon of 7.875 per cent per annum.Commenting on the listing, the Director General, Debt Management Office (DMO), Dr. Abraham Nwankwo said: “The listing of domestic sovereign Eurobond reinforces FGN’s commitment to deepen and grow the Nigerian capital market. Developing the domestic market can help bridge the infrastructure deficit constraining economic growth.”
According to him, the Eurobond which was over-subscribed by 780 per cent, is part of FGN’s funding strategy for its 2016 capital expenditure and will be spent on key infrastructure projects, in line with its economic plan.
“This huge oversubscription rate underscores a buoyant investor’s appetite for building exposure to Nigeria and demonstrates international confidence in the economy’s long term prospects.
Federal government meets Investors on the Issuance of Sovereign Green Bonds
Nigeria’s aspiration to become a green economy inches closer as The Federal Government meet investors and Capital Markets Operators in Lagos for the first ever Green Bonds Conference. Themed “Green Bonds: Investing in Nigeria’s Sustainable Development”, the Conference is organized by the Federal Ministry Environment in collaboration with Federal Ministry of Finance and Debt Management Office and will take place on Thursday, the 23rd of February 2016 at the Nigerian Stock Exchange, Lagos.
The Acting President, Professor Yemi Osinbajo will deliver a keynote presentation at the conference. The Governor of Lagos State, H.E Mr Akinwunmi Ambode and The Governor of Ogun State, H.E Ibikunle Amosun will also attend as special guests. The Conference Agenda is expected to have Panel Discussions, an exhibition and presentation of the identified projects in Energy, Agriculture, Transport (FCT) and Environment with international investors and business leaders expected to lead at the event.
The Sovereign Green Bonds project is part of a strategic process by the Federal Government to add to the nation’s funding options to catalyse the rebound of our economy and offer the vast majority of Nigerians, a new alternative. The Green bonds issuance will be the first stage in enabling Nigerian tap into the growing global market for green bonds, which as of end of 2016 comprised of $576bn of unlabeled climate-aligned bonds and $118bn of labeled green bonds according to Climate Bonds Initiative in London.
Source: NSE
The Acting President, Professor Yemi Osinbajo will deliver a keynote presentation at the conference. The Governor of Lagos State, H.E Mr Akinwunmi Ambode and The Governor of Ogun State, H.E Ibikunle Amosun will also attend as special guests. The Conference Agenda is expected to have Panel Discussions, an exhibition and presentation of the identified projects in Energy, Agriculture, Transport (FCT) and Environment with international investors and business leaders expected to lead at the event.
The Sovereign Green Bonds project is part of a strategic process by the Federal Government to add to the nation’s funding options to catalyse the rebound of our economy and offer the vast majority of Nigerians, a new alternative. The Green bonds issuance will be the first stage in enabling Nigerian tap into the growing global market for green bonds, which as of end of 2016 comprised of $576bn of unlabeled climate-aligned bonds and $118bn of labeled green bonds according to Climate Bonds Initiative in London.
Source: NSE
Central Bank of Nigeria releases Corporate Governance Code for Other Financial Institutions(OFIs)
The Central Bank of Nigeria (CBN) has developed distinct governance codes of corporate governance for Other Financial Institutions (OFIs) under its supervision.
These OFIs include primary mortgage institutions, microfinance banks, mortgage refinance companies, development finance institutions, bureau de change and finance companies.CBN explained that the move was to ensure high ethical conducts and provide minimum acceptable governance standards.
These OFIs include primary mortgage institutions, microfinance banks, mortgage refinance companies, development finance institutions, bureau de change and finance companies.CBN explained that the move was to ensure high ethical conducts and provide minimum acceptable governance standards.
Exchange rate as at 2nd of March 2017
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