Business Tips

Nigerian Bourse and its London Counterpart Renew Agreement

Photo L-R: Femi Onifade, Head, International Primary Market, The Nigerian Stock Exchange (NSE); Pai Gamde, Acting Head, Corporate Services Division, NSE;  Ibukun Adebayo, Co-Head, Emerging Markets Strategy, London Stock Exchange Group, representing LSEG; Haruna Jalo-Waziri, NSE Executive Director, Capital Markets Division, representing NSE;  Mojisola Adeola, Company Secretary, NSE and Nirmal Nandwani, International Markets Associate, LSEG at the NSE & LSEG renewed Capital Markets Partnership for Growth at the NSE today.

'Corruption Costs Africa Over $50b Annually'

The Minister of Finance, Mrs Kemi Adeosun, says Africa loses over 50 billion dollars, yearly, to illicit financial flows through money laundering, corruption and tax evasion.

Adeosun said this at the opening of a capacity building workshop on the use of beneficial ownership information and the recovery of assets in Africa on Wednesday in Abuja.

The Minister was represented by the Director, Technical Services in the ministry, Mrs Larai Shuaibu.

“As a result of illicit financial flows, an estimated 50 billion dollar is lost every year in Africa.

Lagos State Redeems ₦57.5b from Bondholders

Nigeria's commercial hub, Lagos State, has redeemed 57.5 billion naira ($183 million) worth of local currency bonds it issued seven years ago, it said on Tuesday.

Finance Commissioner Akinwunmi Ashade said the state was paying off its debts to create space for new issuance to raise funds for infrastructure investment. He said the state has saved more than 103 billion naira in a sinking fund to redeem bonds maturing in 2019, 2020 and 2023.

Stock Market Sustains Bullish Trend

The bullish performance recorded yesterday was sustained today as the All Share Index (ASI) advanced 0.3% to settle at 25,818.87 points, while YTD loss pared to 3.9%. The 2-day rally in equities continues to be fueled by investors’ reaction to recently released earnings result, with the benchmark index buoyed by persistent buy sentiment in STANBIC (+3.8%), GUARANTY (+0.9%) and MOBIL (+4.9%) while market capitalization improved N25.0bn to settle at N8.9tn. However, activity level waned as volume and value traded fell 39.8% and 35.5% to 127.4m units and N909.3m respectively.

Diaspora Remittances to Nigeria Down 10%

Remittances to Nigeria and developing countries fell for a second consecutive year in 2016, a trend not seen in three decades, says the latest edition of the Migration and Development Brief.

The report was released on Friday by the World Bank, at the ongoing IMF/ World Bank’s Spring Meetings in Washington DC, U.S.

The report showed that many large remittance-receiving countries saw sharp declines in remittance flows.

Remittances to Nigeria, according to the report, went down by 10 per cent in 2016; Bangladesh 11.1 per cent, and Egypt, 9.5 percent.

Nigerian Economy Now Out of Recession and Growing Strongly –Report

London-based organisation, World Economics, has declared that Nigerian economy is now out of recession and growing strongly, but that “conditions remain difficult for businesses” despite their adaptation to the challenges.

World Economics, which is dedicated to producing financial analysis, insight and data on world economy, stated on Tuesday that its “April Sales Managers’ Index (SMI) data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016.”

Lagos 5th Top Destination of Fortune 500 Companies

Lagos is the fifth leading destination of Fortune 500 companies within the Middle East and Africa, according to a new report released today by Infomineo, a global business research company specialising in the region.

Lagos is ahead of Cairo but queues behind Dubai, Johannesburg, Casablanca and Nairobi.

Egypt remains behind the leaders due to political instability, however, it has seen a 250% increase in Fortune 500 investment since 2015, the report said.

FG to delay Green Bond Sale until 2017 Budget Passage –Environment Minister

Nigeria will delay the issuance of a green bond until the 2017 budget has been passed, the environment minister said on Wednesday.

The government had planned to launch the 20 billion naira ($65.55 million) bond in April to fund projects to reduce carbon emissions and develop renewable energy.

Announcing the plans in February, the environment ministry said the programme was aimed at widening Nigeria's funding options and diversify the OPEC member's oil-dependent economy, which is the largest in Africa.

Stock Exchange to Restructure REITs and Closed End Funds

The Nigerian Stock Exchange (NSE) has notified the market community about its proposed changes to the framework regarding the trading of Real Estate Investment Trusts (REITs); and Closed End Funds listed on the NSE.
The proposed changes, which will be implemented over the next three (3) quarters of 2017, are aimed at promoting transparency, disclosure, visibility and liquidity of listed REITs and Closed End Funds in our market.

Buhari Launches Economic Recovery, Growth Plan

Nigeria has unveiled its Economic Recovery and Growth Plan (ERGP) containing strategies to bail the country out of recession and spur growth and prosperity.

President Muhammadu Buhari launched the document in Abuja on Wednesday almost two years after he assumed office as new President of Nigeria.

The plan which is the brainchild of the Ministry of Budget and National Planning contained 60 critical initiatives expected to help get Nigeria out of recession and reposition on the path of growth.