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Thread: Latest Nigerian News from Forex Forum Nigeria.

  1. #481
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    $8.1bn MTN proceeds: FG insists firm must play by rules

    The Federal Government has said it doesn’t want MTN Nigeria to die but that it must abide by the rules and regulations guiding business transactions in the country.

    This is coming just as Standard Chartered Bank Nigeria Limited said it has sent a comprehensive response to the Central Bank of Nigeria (CBN) on the purported infractions while refuting all allegations of any wrongdoing.

    Chairman of the Nigerian Communications Commission (NCC) Board of Commissioners, Senator Olabiyi Durojaiye said the government wasn’t trying to send the South African telecom operator away from the country, but ‘’it should play the game by the rules.’’

    MTN is having $8.1 billion funds repatriation and $2bn tax issues with the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation (AGF).

    But Senator Durojaiye who spoke to journalists on Wednesday at the Nigeria Pavilion at the on-going ITU Telecom World 2018 in Durban, South Africa said, ‘’We do not want MTN to die or leave our country. We want them and we do not have any problem with them; but we believe they must play by all our rules and regulations,” he said.

    Durojaiye confirmed on-going talks to get an amicable settlement to the tax and repatriation issues. “As you heard from Rob Shuter yesterday, MTN doesn’t have any problem with us neither do we have with them. What is playing out is being settled and we shall get to the root soon,” he noted.

    On its part, Standard Chartered Bank in a statement signed by its Head, Corporate Affairs, Brand and Marketing in Nigeria, Dayo Aderugbo, said, ‘’I would like to reiterate to our stakeholders that in Nigeria, the Board and Management of the Bank hereby use this opportunity to advise its valued clients that the action of the Central Bank of Nigeria (CBN) does not impact their ability to engage with the Bank for their personal, business and corporate transactions.”
    The bank and three others recently received a letter from CBN imposing sanctions on them for alleged breaches of foreign exchange regulations in connection with certain foreign currency remittances.

    “These transactions, some of which date back to 2001, were in respect of foreign currency remittances backed by Certificates of Capital Importation (CCIs) issued in favour of our client, MTN Nigeria Communications Limited,” the bank said in the statement.

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  3. #482
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    14 companies responsible for 50% capital market infractions – Report

    Fourteen insurance companies were responsible for 50.4 per cent of the total penalties meted out by the Nigerian Stock Exchange, amounting to N339.5 million for offenses that included default in timely release of operational reports and financial statements covering the 2017 to 2018 interim report.

    The NSE recently announced sanctions totalling N673,000,000 for 28 companies for failing to meet post-listing requirements The other 14 companies accounted for the balance of N333.5 million.

    The list of offenders released by the exchange included three commercial banks, one microfinance bank, three mortgage bankers, 14 insurance companies, one investment management firm and five other firms in various non-financial sectors.

    Universal Insurance Plc accounted for a total of N70.9 million for defaulting on four different reports within the period under review.

    Thomas Wyatt Nigeria Plc, the pioneer manufacturer of school and office stationery and large-scale printers came second with a penalty of N46,800,000 for its failure to file the audited account of 2015.

    African Alliance Insurance is on the third position with N46,100,000; Standard Alliance Insurance came fourth with a penalty of N36.9 million; Great Nigeria Insurance, fifth with N35.1 million; Academy Press Plc sixth, with N35million; Niger insurance, N30.1 million; Cornerstone, N27.3 million; and Conoil Plc, N24.9 million.

    The defaulting firms include: Unity Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Fortis Microfinance Bank Plc, Staco Insurance Plc, African Alliance Insurance Plc, Goldlink Insurance Plc, UNIC Insurance Plc, International Energy Insurance, Aso Savings & Loans Plc, Resort Savings & Loans, Union Homes Savings & Loans Plc, Deap Capital Management & Trust Plc, R.T Briscoe Plc and Smart Products Nigeria Plc.

    Others include Afromedia Plc, Roads Nigeria Plc, Nigerian German Chemical Plc, Thomas Wyatt Nigeria Plc, Golden Guinea Breweries Plc, Anino International Plc, Juli Plc, Ekocorp Plc, Union Dicon Salt Plc, FTN Cocoa Processors Plc, Evans Medical Plc, Omatek Ventures Plc and Dn Tyre & Rubber Plc.

    According to the NSE, the companies failed to submit their interim reports and accounts for the period ended June 30, 2018. Such default is marked out by the exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.

    The exchange further noted that 20 of the firms missed the regulatory deadline of July 30, while Fidelity Bank, which audits its half-year results, missed the August 29 deadline.

    Under the listing rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance; another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

    With these, late submission under the first instance of 90 days could attract N9 million, the additional 90 days will attract N18 million while such delay beyond the first 180 days to the next 180 days could attract as much as N72 million, bringing fines payable by a defaulting company within a year to N99 million.

    The list of sanctions showed fines ranging from N0.1 million to as high as N51.4 million. Companies had been fined more than N400 million and N500 million in 2016 and 2017 respectively for failure to submit accounts within scheduled periods.

    There are 15 companies currently under suspension for failure to meet scheduled submission of financial statements. Forty-one monetary fines have so far been placed on companies in 2018, while more than 38 monetary fines were slammed on companies in 2017.

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    China loans will help correct infrastructure deficits – presidential aide

    Nigeria needs the loan from China to correct infrastructure deficit, achieve economic recovery as well as its growth plan within the shortest time frame.

    Mrs Juliet Ibekaku-Nwagwu, the Special Assistant to the President on Justice Reform Sector/National Coordinator, Open Government Partnership, said this when she reacted to criticisms that loan from China would mortgage the future of the country.

    Ibekaku-Nwagwu, a Senatorial aspirant in Enugu West on the platform of the All Progressives Congress, said this in Enugu on Tuesday.

    “How can we genuinely experience any economic growth without infrastructural development, especially when the country lacks the capacity to fund such under this current economic crunch?

    “World over, developed countries build their economies by augmenting with foreign loans, so long there is a well-structured plan to repay. President Muhammadu Buhari has the discipline and prudency to manage such funds.

    “The problem we experienced under previous administrations was that they were reckless in spending, especially when they borrowed to service recurrent expenditures which gave room for such monies to end up in the pockets of individuals.’’

    She said that Buhari’s administration had tied each loan to specific capital projects with terms and conditions of contract clearly spelt out with prospective contractors before China releasesd such funds.

    According to her, some of the debts incurred are self-liquidating.

    “It is better to collect a loan and use it to build standard roads that can be repaid with monies collected from toll-gates than allowing such roads in deplorable conditions.”

    On the complaint that projects to be financed with such loans would go to Chinese firms, she said that the bottom line was delivering quality projects and not who gets what.

    “They must justify the huge tax payers’ funds they are giving out as loans by creating employment for her citizens and ensuring that Chinese firms are awarded the contracts.

    Nigeria’s partnership with China, she added, had resulted in the execution of vital projects on infrastructure valued at over five billion dollars across the country in the last three years.

    Ibekaku-Nwagwu said that the projects were in the areas of infrastructure, human capacity development, power, transport and agriculture.

    She urged the people of Enugu West to support the President and his aspiration to help make appropriate legislation in the 9th Assembly for the good governance of the zone and the country at large.

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    Market rebounds with N65bn gain

    The equities market of the Nigerian Stock Exchange (NSE) reversed its bearish performance as investors gained N65.4bn to push market capitalisation to N11.8tn.

    Gains in FBNH (+6.1%), NESTLE (+2.3%) and UBA (+6.9%) drove the All Share Index (ASI) 56bps higher to 32,381.00 points as a result, while YTD return improved to -15.3%.

    Additionally, activity level strengthened as value and volume traded inched 23.3% and 67.9% to N2.7bn and 269.8m units respectively. ACCESS (N679.8m), ZENITH (N338.4m), and INTBREW (N229.7m) led the most traded stocks by value while ACCESS (84.9m), SKYEBANK (22.9m) and ZENITH (16.4m) were the top traded stocks by volume.

    Performance across sectors was largely bullish as 4 of 5 indices under our coverage closed northwards. The Banking index led gainers as bargain hunting in ZENITH (+2.4%) and UBA (+6.9%) drove the index 1.3% higher.

    Also, the Oil & Gas and Consumer Goods indices rose 0.3% apiece on the back of buying interest in FORTE (+5.3%), ETERNA (+3.3%), NESTLE(+2.3%) and DANGSUGAR (+0.7%).

    The Industrial index eked out a marginal 2bps gain due to price appreciation in CUTIX (+2.5%). On the flip side, the Insurance index was the lone loser, down 0.2% following sell pressures in UNIVINSURE (-8.0%) and CORNERSTONE (-8.7%).

    Investor sentiment improved as market breadth (advance/decline ratio) strengthened to 1.5x from 0.8x recorded the previous session as 27 stocks advanced against 18 that declined. The best performers were FIRSTALUM (+10.0%), PRESTIGE (+9.6%) and ROYALEX (+9.5%) while REDSTAREX (-9.1%), CORNERSTONE (-8.7%) and STDINSURE (-8.7%) depreciated the most.

    An analyst at Afrinvest said: “The rebound in the market today was in line with our expectation, although we expect this to be short-lived as sell pressures persist.”

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    Sukuk: Experts make case for Islamic financial system to engender development

    An Islamic finance expert from South Carolina, United States of America, Professor Monzer Khaf has urged the federal government of Nigeria to adopt sukuk financial system to stimulate rapid infrastructural development across the country.

    He said the existing bond system is prune to corruption and therefore not amenable to meeting the current infrastructural development needs of the country.

    He gave the charge in Kano in a presentation at a public lecture organized by the Institute of Islamic Banking and Finance (IIBF), Bayero University, Kano on the topic: “The role of Sukuk in Sustainable Development”.

    According to him debt securities are wrong, “they give the issuer rights to do whatever he likes with it at the detriment of the developmental needs that are beneficial to the people, that has led to the accumulation of government debts because is easy to take out and sip it to personal pockets.”

    He described sukuk as a formidable system that truly gears towards real social development.

    “Fundamental to sukuk is to bring about development, as such it is devoid of any corrupt tendencies, it is equipped with some control mechanisms with it such that no a single penny can be taken out of the project it was meant for, it is project specific” Kahf said.

    The Director, IIBF, Prof. Binta Jibril added that both Muslim and non Muslim countries have benefited from the system, and therefore urged the government to adopt it so as to raise funds for its infrastructural development initiatives.

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    Trump’s Tactics Put the US on the Front Foot for Now

    living in the UK and working in the financial sector, it feels like it’s all Brexit and Trump at the moment, interspersed with some economic data and a bit of central bank action. Although the headlines are attention grabbing, the reality is that markets are still kind of going nowhere (which we pointed out a couple of weeks ago), with the US ahead of Europe and emerging markets lagging over the last few months. Our attention is focused on whether markets are about to break higher in the short term, and we also continue to spend a lot of time looking at leading indicators for both the economic and market cycle. It all feels a bit choppy to be honest.

    Chart 1 below plots the MSCI World in US Dollars. We would describe what we see as an index that is still in a general uptrend, with price above the 200 day moving average which is still rising. That said, the index is up only 1.7% year to date (positive but hardly a rampant bull market) and appears to be capped by resistance created since the volatility driven sell-off in Jan/Feb. A move above resistance would be viewed as bullish.

    Nearly all the heavy lifting is being done by the US equity market, which is up 4.8% year to date as measured by the S&P 500. Excluding the US, the MSCI World Index (see chart 2 below) is down 4.3% year to date. We see quite a different picture here, with price having broken support created post the volatility driven sell-off in June and trading below its own 200 day moving average which is beginning to rollover. If equity market performance were the sole indicator, we would have to say that Trump is winning.

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  9. #487
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    2nd tranche of N100bn Sukuk bond to be issued October

    One year after the first tranche of N100 billion Islamic bond, Sukuk, was issued by the Federal Government, a second tranche of another N100bn is in the works and would be advertised in October this year.

    The infrastructure bond, which was used to finance 25 federal roads across the country, was issued in September last year by the Debt Management Office (DMO).

    Speaking on the sidelines of a two-day training on Sukuk Structurisation and Management organized by the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) in partnership with the Federal Ministry of Finance, yesterday in Abuja, Ummahani Ahmad Amin, the MD/CEO, MetropolitanSkills Ltd, said the second tranche is expected in October 2018.

    MetropolitanSkills Ltd is the facilitator of the training and also a consultant on Sukuk bonds issuance in Nigeria.

    The training witnessed attendance from all the key regulators in Nigeria. There were about 25 participants from DMO, CBN, Ministry of Finance, Ministry of Works, Ministry of Transportation, Ministry of Agric and others. It also saw participants from the Gambia.

    Ahmad Amin noted that the first Sukuk was extremely successful, which was why the FG is having the second one. “The Debt management Office (DMO), which is the originator has been very excited about it because all that is required has been done.

    “All the contractors have been paid. This has never happened in the history of Nigeria for infrastructure. We are doing the second tranche now because the first tranche was successful and oversubscribed,” the MD/CEO noted.

    She said N100bn was involved in the first tranche and the second tranche will be the same amount adding that just like the first tranche, the second tranche will also be dedicated to roads.

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