By OLUSHOLA BELLO, Lagos As the National Assembly brainstormed on the 2018 budget proposals of the federal government, there are indications that it may be of immense benefits to the companies under the Agricultural, Building Material, Construction, Power, Manufacturing sector on the Nigerian Stock Exchange (NSE). Capital market analysts said these sectors would benefit much from the federal government’s 2018 budget if well implemented. President Muhammadu Buhari, during the budget presentation speech highlighted achievements in the agricultural sector so far and the plans to do more. According to the President, the federal government shall continue to intensify its interventions through the Anchor Borrowers’ Programme and the Presidential Fertilizer Initiative to ensure that this momentum is sustained. In addition, there was provisions in the 2018 budget to complete ongoing irrigation projects at Ada, in Enugu State; Lower Anambra, in Anambra State; and Gari, in Jigawa State. Buhari also stated that the government would establish...
President Muhammadu Buhari will open the 3rd World Aviation Forum of the International Civil Aviation Organisation (ICAO) in Abuja on Monday, the Minister of State, Aviation, Mr Hadi Sirika, has said. The minister announced the plan in a statement issued by Mr James Odaudu, Deputy Director, Press and Public Affairs, Ministry of Transportation, in Abuja on Wednesday. He said Buhari’s attendance was to emphasise the importance attached to the consideration of Nigeria as the first country to host the event outside ICAO headquarter in Montreal, Canada. The minister said the forum, scheduled to take place from Nov. 20 to Nov. 22, underscored Nigeria’s rising profile within the aviation world. According to him, it is a clear indication of the confidence the Buhari Administration has elicited within the sector and an endorsement by the world body of its reform programmes for the aviation industry. “The third ICAO World Aviation Forum is intended to explore the...
The National Bureau of Statistics (NBS) says inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.91 per cent in October from 15.98 recorded in September. The NBS disclosed this in its “CPI Oct. 2017 Report’’ released on Wednesday in Abuja. The CPI, which measured inflation, increased by 15.91 per cent (year on Year) in October 2017 According to the bureau, this is 0.07 per cent points lower than the rate recorded in Sept. (15.98) per cent. It said the index made it the ninth consecutive decline or slowdown in the inflation rate, though still positive in headline year-on-year inflation, since January. According to the report, increases have been recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline Index. The NBS said there was an average headline year on year inflation for the first five months of the year (January to May 2017) which...
By OSa okhomina, Yenagoa From now to April 2018, no fewer than  two million jobs would be created by Bizi Mobile Cashless Agency, thereby reducing the swelling number of unemployed in the society. Chairman/CEO Bizi Mobile Cashless Agency, Alhaji Aminu Bizi stated this while briefing newsmen at the New Nigerian Newspapers premises in Kaduna yesterday. “With agency banking, I am assuring that from now to between March and April next year, we would create a minimum of two million jobs,” he said. According to him, already, several are benefiting from agency banking courtesy of Bizi Mobile, with representatives scattered across the 774 local government areas of the country. He said that because of the profitability of agency banking, several graduates have quit their jobs to become agents under him. “I am urging Nigerians to take advantage of this new technology to earn a decent living for themselves,” he said. Speaking further, he said that becoming an...
By YUSUF BABALOLA, Lagos Foreign shipping companies have re-introduced surcharge for congestion due to inefficiency on the seaside at the nation’s seaports, LEADERSHIP findings have revealed. Nigeria had been saving over N320 billion yearly for the past 11 years before the return of the levy at seaports. Congestion surcharge is slammed when there is an incident of cargoes piling up at the Quay apron and stacking area and is not being moved out. Investigations showed that shipping companies now ask importers to pay this surcharge ahead, even before the ship arrives in the shore of Nigeria. An accounting firm, Akintola Williams Deloitte, in its industry report titled, ‘Public Private Partnership (PPP) as an anchor for diversifying the Nigeria economy: Lagos Container Terminals Concession as a Case Study, had said importers and exporters paid $800 million (N320 billion) annually to shipping companies as congestion surcharge in Nigeria. The report however noted that, while the huge amount...
Kayode Tokede, Lagos The Nigerian currency, Naira, on Monday suffered a slight setback against the Dollar at the official foreign exchange market, but steadied at parallel segment of the market, FMDQ OTC has showed. Contrary to this, the Naira, at the Investors and Exporters Foreign Exchange (IEFX) window recorded an improved opening rate of N359.53 to the dollar compared to N360 sold on Friday, an appreciable rate of 0.13 per cent, before closing at N360.20. The IEFX, also, declared a total turnover of $266.41 as vat close of yesterday trading activities, the same value transacted on Friday but stronger than $108.34 recorded a week ago. At the parallel market, the Naira was seen at N363 to the Dollar and N420 to the Euro, respectively, the same rates both exchanged a week ago, as the local currency appreciated further against the Pound sterling to close at N472 compared to N473 sold over the weekend. However,...
By Kayode Tokede, Lagos - Given severe macro-economic challenges, Access Bank for the third quarter ended September 30, 2017 (Q3) recorded robust Gross Earnings that impacted positively on its Net Interest Income and profits. This was the product of the prudent management of these financial parameters, which buoyed the financial institution’s profitability in the period under review, as the lender marks the last quarter in the last year of the 2013 – 2017 strategic period. Importantly, Access Bank hit eight million in customers’ base, setting new standards in the banking industry as one of the leading customer centric bank. Additionally, growth in profitability further reflected the earnings capacity of the group and its capability to progressively deliver superior returns; recording tremendous growth rates in customer adoption services. This is evident in the increase of its digital services through increased Unstructured Supplementary Service Data (USSD) mobile banking and expansion in ATM gallery, most especially in...
By ADEBIYI ADEDAPO, Abuja - An ad hoc committee on the House of Representatives investigating revenue leakages in the oil and gas sector from January 2016 to January 2017, yesterday disputed claims by Chevron Nigeria that it flared only $15,000 worth of gas in its oil fields in 2016. Chairman of the committee, Hon Jarigbe Agom Jarigbe ruled that Chevron should appear before the committee with its technical team. Jarigbe insisted that since certain document vital to the investigation were not available, the committee may be forced to move the public hearing since it cannot approach the issues without having all the facts available to it. The committee also questioned the weight and measure of gas flaring, the meter used as well as who determined the penalty. Jarigbe hereby demanded for details of all sub-heads payment from the Department of Petroleum Resources (DPR), The Chairman of the House Committee on Nigeria-US relations,  Hon. Johnson...
By OLUSHOLA BELLO And KAYODE TOKEDE, Lagos - The Securities and Exchange Commission (SEC) has said that the 31 December deadline for stoppage of issuance of physical dividend warrants in the nation’s capital market remains unchanged. Speaking at the Capital Market Committee (CMC) press briefing yesterday in Lagos, the director-general of SEC, Mounir Gwarzo said that there is no going back on the Commission’s decision to stop dividend warrant by December 31, 2017, notwithstanding the slow pace in the implementation of the e-dividend policy. “This is an initiative that is very close to our heart and at the last count, there are about 2.1 million Nigerians who have keyed into it. But in the last three or four months, there has not been  appreciable increase in terms of number of enrolment, that is where we felt there is a need for us to have a conversation with the registrars and bankers.” Gwarzo pointed...
By OLUSHOLA BELLO, Lagos - Activities on the Nigerian stocks market appreciated yesterday to begin the week, following the gains recorded in Dangote Cement Plc. The All Share Index (ASI) gained 192 absolute points, representing a growth of 0.52 per cent to close at 37,312.28 points. The market capitalisation appreciated by N67 billion, representing to close at N12.914 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Forte Oil, Okomu Oil, Glaxosmith and Nascon. However, market breadth was negative, with 16 gainers versus 24 losers. Forte Oil recorded the highest price gain of 8.78 per cent, to close at N47.97 per share. Okomu Oil followed with a gain of 4.60 per cent to close at N67.99, while NEM Insurance appreciated  by 4.44 per cent, to close at N1.41 per share. Dangote Cement went up by 3.93 percent, to close at N238, while AIICO Insurance...