Oando responds to NSE, SEC trade suspension directive

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source site Nigeria’s leading indigenous energy company, Oando, has responded to a directive of Nigerian Stock Exchange (NSE) and Securities Exchange Commission (SEC) which ordered that the oil firm should be suspended from trading from the securities’ floor.

online proofreader Through a statement released on Wednesday by the company’s Chief Compliance Officer and Company Secretary, Ayotola Jagun, it disclosed that Oando received communication from the NSE that the SEC had issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE had complied.

english civil war homework help According to the statement, the company is currently reviewing subsequent correspondence received o Wednesday from the NSE and SEC and management will provide a full statement of the company’s position as soon as possible.

cheap paper writing “The Company remains committed to act in the best interests of all its shareholders”, it said.

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Liquidity squeeze reduces banks deposit with CBN to N367bn

BY JIDE AJIA
Indications have emerged that liquidity challenges and rising bad loans have dragged down commercial banks deposit with Central of Nigeria (CBN) by 54 per cent to N367 billion in August.
Sources said that despite the low interest rate, commercial banks including merchant banks, in the prior month, used Standing Deposit Facility (SDF) to deposit N781.7 billion with the apex bank.
SDF is a lower corridor of the monetary policy rate of the CBN at which deposit money banks and discount houses use to deposit money overnight for an interest rate.
However, commercial banks continued to access the Standing Facilities window to square-up their positions, depositing excess liquidity in their reserves at the end of each business day.
By the subsisting decision of the Monetary Policy Committee (MPC), applicable rates for SDF remained nine per cent, even as investigation conducted by The Guild on Tuesday, indicated that commercial banks consistently deposited an average sum of N41.11  billion in July, with the deposit ranging between N500 million and N84billion.
In August for instance, it was gathered that lowest deposit of commercial banks was N88 million while the highest deposit reported by CBN on the first day was at N86 billion.
The low patronage by banks was to make up their positions in lending credit facility to the real sector of the economy, as some were hit hard by persistent liquidity mop up, while majority were investing in Treasury Bills (T-Bills) and bonds’ auctions.
Further checks revealed that the Standing Lending Facility of the CBN amounted to N5.6 trillion in August as commercial banks leveraged on the lending facility to provide liquidity for overnight transactions.
Analysts attributed drop in deposit with CBN to increased impairment by commercial banks while other stressed that the private deposit investment in Government securities (T-Bills and Bonds)   have drain banks liquidity.
Some analysts explained to The Guild that commercial banks are divesting in Treasury Bills rather than borrowing to finance foreign exchange market transactions and key sector of the economy.
They added that closed gap between parallel and official market rates have discouraged commercial banks serious participation in the foreign exchange market, over CBN’s weekly intervention.
The Managing Director of finance and investment management firm, Cowry Assets, Johnson Chukwu, said, banks deposit of recent has moved from CBN to federal government instruments.
Chukwu further disclosed that the commercial banks were likely to have opted for government bonds because a lot of deposits have moved from CBN to government securities, even as decline in SDF shows that liquidity in banking industry is at flat.
He stressed that asides, the CBN has been debiting banks with special treasury bills sales which a keen to stabilization of liquidity and therefore withdraw from banks deposit.
Commenting also, the Head, Research and Strategy at GTI Securities, Chucks Anyanwu, said Non-Performing Loan (NPL) in the banking sector increased in half year of 2017, stressing that banks are making huge provision for NPL.
He further explained that banks are in need of liquidity because a lot of them have taken provision for NPLs-NPL have affected banks books; the rate at which commercial banks borrow from CBN is on high while deposit continued to drop.
“it is obvious that banks have been active at the inter-bank market, mopping up liquidity  from everywhere because there has been major hit in their books due to increased NPL”, Anyanwu said.
However,  analysts at Cordros Capital, a Lagos based securities company, said, it expects demand to rebound, supported by expected improvement in system liquidity (N559.47 billion from Open Market Operation (OMO) repayment, in addition to Federal Accounts Allocation Committee (FAAC). inflow, notwithstanding continued liquidity mopping actions of the central bank — via OMO and foreign exchange sales — as yields remain attractive.

GTBank rolls out planned programs, date for 2017 fashion event

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The Guarantee Trust Bank (GTBank) has rolled out concluded date and planned programs  for its 2017 second edition of its Fashion Weekend, the event which was said to aimed at showcasing Africa’s Finest and small businesses owners.

Besides, the bank disclosed that the 2-day event would treat attendees to an enthralling journey across a wide variety of Africa’s finest styles and trends, whilst offering small businesses in the Nigerian fashion industry a free and vibrant platform to connect with a wider segment of consumers as well as experts in their industry.

Through a statement released by the bank over the weekend, it explained that the fashion event is a free business platform that was created by the GTBank, as part of its efforts to showcase best of Africa’s fashion to a global audience whilst promoting the effervescent enterprise of the continent’s growing fashion industry.

Similar to the bank’s 2016 maiden edition of the event that had over 30, 000 guest in attendance, the 2017 2-day Fashion Master Classes, slated 11th and 12th of November, according to the bank, would feature global fashion experts such as reality Television  personality and runway coach, J Alexander, best known for his work on America’s Next Top Model, to renowned fashion entrepreneur and celebrity stylist, June Ambrose to award winning fashion designer, Giles Deacon.

It added that other fashion and global media experts scheduled to host master classes at GTBank Fashion weekend include; Editor in-Chief of Essence Magazine, Vanessa De Luca; Kenyan-born Vanessa Kingori, publisher of British GQ Magazine, the famed gentleman’s fashion and style magazine; multi talented Nigerian photographer TY Bello; professional Makeup Artist and Educator, Danessa Myricks; and Fashion Editor & Style Consultant, Shiona Turini.

In same spirit, the bank declared hat Fashion enthusiasts would also be treated to the ultimate shopping experience with expectation of dozens of small businesses to  showcase a diverse range of carefully curated affordable and luxury apparel, footwear, accessories, beauty items, and much more.

It added that, as part of the retail experience, there would be a crafts market featuring indigenous fabric and accessories, and that each day of the event would be concluded with a series of epic Runway shows featuring Africa’s finest designers and renowned international designers.

Commenting on the 2017 GTBank Fashion Weekend, the Managing Director, Guaranty Trust Bank, Segun Agbaje, explained that the vision behind the event, been an initiative, was aimed at unlocking growth opportunities for small businesses and putting African fashion on a global pedestal.

According to him through same released statement, the 2017 GTBank Fashion Weekend will not only give visibility to the amazing talents and entrepreneurial drive of our people at home.

“It will also connect them with fashion leaders abroad, in order to build local capacity and expertise across the entire Fashion Value Chain." GTBank has consistently played a leading role in Africa’s banking industry”, he added.

However, the GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

“The financial institution is also going beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in key economic sectors through non-profit consumer focused fairs and capacity building initiatives for small businesses operating in these sectors.

Meanwhile, the 2016 debut of the consumer-focused event of the bank received very positive reviews nationally and internationally and also Attracted over 30,000 guests over the 2-day period, the event featured a series of master classes, runway shows and a curated retail exhibition – creating the biggest, most thrilling exposé of African fashion to take place on the continent till date.

It said that the retail exhibition gave over 90 small businesses that participated, with opportunity to exhibit, sell and connect with consumers, as well as discover new markets.

Nigerian Stock Exchange records N130b rise in market capitalisation

By Newsdesk

The Nigerian Stock Exchange (NSE) market capitalisation recorded N130 billion, representing 1.03 per cent increase, following gains posted by some highly capitalised equities.

Similarly, the All-Share Index which opened at 36,584.44 inched 378.04 points or 1.03 per cent to close at 36,962.48 as a result of price growth.

The market capitalisation closed on Tuesday closed at N12.739 trillion compared with N12.609 trillion recorded yesterday.

A breakdown of the price movement chart indicated that Nestle recorded the highest gain to lead the gainers’ table growing by N20.19 to close at N1, 220.20 per share.

Trailing the beverage firm, Total, recorded a gain of N11.40 to close the market at N239.51 and Dangote Cement completed the top three highest earners with  N9.29 to close at N224.90 per share.

Forte Oil appreciated by 50k to close at N50.50, while NASCON increased by 48k to close at N13.50 per share.

On the other hand, Mobil Oil recorded the highest loss declining by N11.25 to close at N213.81 per share.

Conoil trailed with a drop of N3.30 to close at N30.59 and Flour Mills depreciated by N1.15 to close at N29.85 per share.

Zenith International Bank lost 95k to close at N23.05, while UACN was down by 85k to close at N15.07 per share.

It was gathered that LiveStock Feeds was the toast of investors in volume terms, accounting for 101.19 million shares valued at N101.12 million.

Guaranty Trust Bank (GTB) came second with an exchange of 16.48 million shares worth N670.47 million, while United Bank for Africa sold 15.06 million shares valued at N141.31 million.

Also, Sterling Bank accounted for 13.45 million shares worth N13.54 million and investors staked N110.84 million on 8.54 million of Dangote Sugar.

However, the volume of shares traded closed lower as investors bought and sold 244.32 million shares valued at N3.67 billion achieved in 3,829 deals.

This was in contrast with a turnover of 368.38 million shares worth N6.27 billion exchanged in 3,729 deals yesterday.

NSE market capitalisation records N208bn increases

By Newsdesk

The transactions made on floor of Nigerian Stock Exchange (NSE) has sustained the ongoing positive trend after recording market capitalisation growth of N208 billion amid gains by cement, banking and consumer goods stocks.

 

Though market capitalisation opened trading with N12.52 trillion rose by N208 billion or 1.66 per cent to close at N12.73 trillion.

 

Similarly, All-Share Index inched stood at 603.98 points or 1.66 per cent to close higher at 36,920.56 points on Friday compared with 36,316.58 points achieved yesterday.

Among the top gainers was Dangote Cement  which recorded a N5.20 share growth to close at N225 per share, and led the gainers’ table for the day.

Guaranty Trust Bank (GTB) and Stanbic IBTC ended the first three with a gain of N2.40 to close at N39.50 per share and appreciated by N1.85 to close at N38.85 per share repectively.

Other on top gainers chart were Zenith International Bank which added N1.52 to close at N24.53 per share, while PZ Industries increased by N1.28 to close at N26.93 per share.

Market watchers attributed the development to investors’ repositioning ahead of release of Access Bank and United Bank for Africa (UBA) 2017 half year results.

They said that the repositioning sustained the volatility witnessed in the market in last couple of days.

Okomu Oil Palm, however, recorded the highest loss at end of the day’s trading, dropping by N3.63 to close at N69.09 per share.

Also on the loser’s chart, Nigerian Breweries, who closely trailed Okomu oil, recorded a loss of N2.98 to close at N181.07 and Cadbury was down by 63k to close at N12.07 per share.

UACN recorded a declined by 60k to close at N16 per share after the day’s trading, and CCNN lost 45k to close at N9.22 per share.

Also, the volume of shares traded closed higher as investors traded a total of 236.62 million shares valued at N4.81 billion in 3,803 deals.

Meanwhile, aside that Zenith International Bank, recorded massive gains, the bank was also most active, trading 61.85 million shares valued at N1.47 billion.

UBA followed with an account of 40.41 million shares worth N380.68 million and GT Bank traded 32.51 million shares valued at N1.26 billion.

Fidelity Bank sold 12.38 million shares worth N16.04 million, while FBN Holdings exchanged 11.74 million shares valued N70.10 million.

Investors lose N342bn as bearish trading wanes

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Equity investors on the floor of Nigerian Stock Exchange (NSE) has recorded another whooping losses of N342.677 billion at the close of daily trading on Wednesday.

The Market Capitalisation, which tells the total value of shares bought and sold closed at N12.443 trillion as against N12.786 trillion recorded on Tuesday.

A total of 224.773 million units of listed companies shares valued at N5.090 billion were transacted by investors in 4,822 deals.

Trading data from NSE showed ten companies gained against 30 losers as the Year-to-date returns (Ytd) stood at 34.34 percent.

Specifically, FBN Holdings led activity chart as stock traders exchanged 34.466 million shares worth N206.834 million.

Access Bank  followed by less than half trading 27.425 million shares worth N276.911 million; Guaranty Trust Bank; followed with 25.150 million shares valued at N970.777 million; while 15.082 million units of Jaiz Bank shares worth N11.992 million were traded.

Also traded were 12.655 million units of Zenith Bank shares valued at N284.670 million.

Nestle Nigeria Plc, led the gainers’ table adding N11.9 to close at N1220, from N1208 per share recorded Wednesday.

Nascon Allied Industries, followed with a gain of N0.31 from day open level of N11.69 to close at N12, while Union Bank Nigeria appreciated by N0.21 to close at N6 per share, up from N5.79. Dangote Sugar Refinery gained N0.13 to close at N12.8 from N12.67, while Vita Foam Nigeria increased by N0.12 to close at N2.83 per share, from N2.71.

Conversely, Dangote Cement, Total Nigeria, Nigerian Breweries, Guinness Nigeria and Stanbic IBTC Holdings led the losers as Dangote Cement share price declined by N11 to close at N214 per share, down from N225.

Total Nigeria lost N9.55, from N236.55 to N227; while Nigerian Breweries declined by N5, from N190 to N185. Guinness declined by N1.93 to close at N87.96 from N89.89; while Stanbic IBTC Holdings depreciated by N1.92 to close at N37.08 per share, down from N38.95.

Lagos lauds Sterling Bank’s sustainability campaign

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In a massive show of endorsement of Sterling Bank’s sustainability campaign known as Sterling Environmental Makeover (STEM), senior officials of the Lagos State Government have paid glowing tributes to the initiative, saying it was in line with the state government’s vision of encouraging residents to show respect for the environment.

The Commissioner for the Environment, Lagos State, Dr. Babatunde Adejare, commended Sterling Bank for its outstanding show of commitment to the campaign for a livable environment.

Addressing the mammoth crowd during flag off of mega cleaning exercise which took place at the Computer Village in Ikeja, Adejare said, there was need to have more respect for our environment than we do now.

He stressed that the state government cancelled the monthly sanitation exercise because it believed that cleaning the environment should be part of our daily lives and not just a monthly routine.

The commissioner disclosed that the state government recently introduced the Cleaner Lagos Initiative in a bid to better manage solid waste and urged participants in the cleaning exercise to extend the practice to their different homes as part of their contribution to the emergence of a cleaner Lagos that is fit for human habitation.

Adejare enjoined residents in Lagos not to block drainages with their refuse but to put them in bags and tie the mouths before leaving them in front of their houses for officials of Lagos State Waste Management Authority (LAWMA) to pick up.

The Chief Executive Officer of Sterling Bank, disclosed that the STEM programme was being held simultaneously in eight other locations across the country to include: Ogun, Oyo, Kwara, Rivers, Enugu, Plateau, Kano and in Abuja, the Federal Capital Territory (FCT).

In his welcome address, Adeola explained that STEM was the bank’s corporate social responsibility initiative which promotes sanitation and helps to reduce the impact of human activities on the environment with the aim of making planet earth a clean and safe place for all.

He added that the STEM programme covered partnership with waste management agencies in 14 states, planting of trees in Bauchi, Gombe and Plateau to combat desertification and an annual national cleaning exercise.

He said the phenomenon of global warming which triggers flooding, earthquakes, tsunamis and volcanoes, among other natural disasters can no longer be denied.

According to him, global warming is not primarily an act of nature. Human activities that lead to the emission of greenhouse gases such as carbon dioxide, methane and nitrous oxide are dominant influence. These activities are ensuring that global temperature is rising at the fastest rate in 50 years with oceans getting warmer and expanding, thereby causing climate change, expansion of deserts and rise in sea levels.

Calling on Nigerians to treat the environment with care, the Sterling Bank Chief Executive observed that cases of flooding, especially the types experienced in urban neighbourhoods in Nigeria during the wet season, were the result of poor sanitation practices and not acts of nature.

He advised Nigerians to pay better attention to the state of their immediate environment and desist from indiscriminate dumping of refuse, plastic bottles, empty cans, water sachets and nylons in drainages, canals and highway man-holes.

Also speaking, the Chairman of Ikeja Local Government, Engr. Mojeed Babajide, thanked Sterling bank for the initiative, adding that the local government was very happy to partner with it; he re-echoed the commissioner’s plea for refuse to be properly packed for officials of LAWMA to pick them up in a bid to ensure a cleaner Lagos.

Among other highlights, Olamide Adedeji, a popular hip-pop artiste known as Olamide Badoo, the brand ambassador of STEM thrilled the audience with entertainment and encouragement on the need to keep the environment clean.

GTBank reports N101bn pretax profit in H1

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Guaranty Trust Bank has released its audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges.

A review of the half year performance, showed positive growth across all key financial metrics and improved strategic positioning of the brand.

In specific terms, the lender’s gross earnings for the period grew by two per cent to N214.1billion from N209.9 billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets.

Its profit before tax stood at N101.1billion, representing a growth of 18 per cent over N85.69 billion recorded in the corresponding period of June 2016.

However, the bank’s loan book dipped by six per cent from N1.590 trillion recorded as at December 2016 to N1.491trillion in June 2017 and customer deposits decreased by one per cent to N1.966 trillion from N1.986trillion in December 2016.

The bank closed the half year ended June 2017 with total assets and contingents of N3.75 trillion and shareholders’ funds of N538 billion and on the backdrop of the financial result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 per cent and 6.4 per cent respectively.

Nonetheless, as part of efforts aiming at improving shareholder’s value, the bank is proposing interim dividend of 30 kobo per ordinary share of 50 kobo each for period ended June 30, 2017.

The Chief Executive Officer, Guaranty Trust Bank, Segun Agbaje, said that the bank’s strong performance in the first half of 2017 reflected the strength of its businesses, the quality of its past decisions and success of the financial institution’s efforts towards becoming a digital-first customer-centric bank that offers simple and easily accessible products and services.

According to Agbaje said despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate.

Agbaje stressed that the bank has continued to report the best financial ratios for a financial institution in the industry with a return on equity (ROE) of 38.8 per cent and a cost to income ratio of 40.2 per cent evidencing the efficient management of the banks’ assets.

“Overall, the bank has enshrined its position as a clear leader in the industry. In due recognition of the bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient to numerous awards over the course of the year”, said Agbaje.

FG to auction N135bn bonds in August 23rd– DMO

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The Debt Management Office (DMO) has disclosed that Federal Government is offering for subscription and auctioning of N135 billion bonds in its Aug. 23 public sale.

The offering circular obtained from the DMO’s website on Tuesday in Abuja, indicated that it would sell N35 billion of a bond, to mature in July 2021, at 14.50 per cent.

It would also sell N50 billion at 16.28 per cent to mature in March 2027, while another N50 billion of paper would be sold at 16.24 per cent, to mature in April 2037.

All the bonds on offer were expected to reopening previous issues, the circular said.

It should be recalled that the federal government of Nigeria issues sovereign bonds monthly to support the local bond market, which also created a benchmark for corporate issuance to fund its budget deficit and maintain a benchmark for companies to follow.

The debt office will sell N35 billion of bonds due in 2021 and N50 billion each of bonds due in 2027 and in 2037, using a Dutch Auction System (DAS), while settlement is expected two days after the sale.

The West African country expects a budget deficit of N2.36 trillion this year as it tries to spend its way out of a recession and expects to raise money to cover more than half the deficit from the local market.

Bureau de change operators pledge support for IDPs

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The Association of Bureau De Change Operators of Nigeria (ABCON) has pledged to assist in reducing the plight of the Internally Displaced Persons (IDPs) in the North-East.

President of the group, Aminu Gwadabe, made the pledge in an interview with finance and industry-based journalists on Tuesday, in Lagos.

Gwadabe stressed that members of the association were willing to make voluntary contributions to meet the humanitarian challenges in the IDP camps in the north-east.

According to him, the planned support for the IDPs was in line ABCON’s Corporate Social Responsibility (CSR) and members’ sacrifices toward assisting the oppressed, adding that the association had also resolved to solicit for help for the internally displaced persons in the country.

While commending international organisations and some philanthropic Nigerians for their contributions so far in ameliorating the suffering of the IDPs, Gwadabe hinted that the IDPs lacked a voice for international support and ABCON was set to come to their aid.

He said the association was particularly moved by the recent donation of N360 million by 18 state governments from the north to cushion the suffering of the IDPs and the recent donation by 18 governors from the north was commendable and he called for a prudent management of the resources generated for the IDPs.

It was reported that since the commencement of the insurgency in 2014, close to two million people have been displaced and 32 IDP camps created to cater for their needs.

Meanwhile the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) has said that about 6.5 million people have been marked for life-saving assistance in north-eastern Nigeria in 2017.

OCHA said that of the figure, an estimated 1.9 million people had been displaced in Adamawa, Bauchi, Bornu, Gombe, Taraba and Yobe.

The UN agency said about $1.1 billion was required to meet the needs of the people, adding that about $480.1 million had been spent so far while $574.3 million remained the funding gap.