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ICPC investigates, unveils findings of MDAs audit reports soon – Chairman
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), says it is investigating past audit reports on MDAs released by the Auditor-General for the Federation (OAuGF).
The ICPC also promised to make its findings public.
The 2017 audit report revealed that N20.6 billion in various taxes in the year under review was not remitted to the Consolidated Revenue Fund (CRF) of the Federal Government by MDAs.
According to the report, 16 revenue generating agencies failed to remit N19.025 billion to the Consolidated Revenue Fund (CRF).
The Chairman of the commission, Prof. Bolaji Owasanoye, said this at the signing of a Memorandum of Understanding (MoU) between them and the Office of the Auditor-General for the Federation (OAuGF).
Owasanoye said the report was ready and would be released to the public in no distant time to reveal the impunity in some Ministries, Departments and Agencies (MDAs).
“We invited them to our office and we have interacted with the agencies, some of the findings of past audit reports are about MDAs where impunity has completely run riots.
“We are looking at some of those and some of those investigations that had already started before the auditor-general’s report because our own activities had pointed a wrong doing.
“The Auditor-General’s report just helped to validate and sometimes, expatiate on what our operatives have said,’’ the chairman disclosed.
Owasanoye said the commission had in 2019 restrained various MDAs from misapplying over N40 billion.
“If we did not take proactive measures, the money will have been spent and lost. This year, the budget is about N10 trillion.
“Revenue is supposed to come from taxes, revenue from proceeds from oil and other IGR from non-oil sectors.
“When the revenue comes in even if it is a loan, it is allocated to MDAs and government projects.
“If we do not have a system that ensures that the money is put to good use, it is possible to spend N10 trillion without seeing the effect and so we have decided to be proactive,’’ he said. (NAN)
March 4, 2020
NSE market capitalisation opens March trading with N208bn loss
The Nigerian Stock Exchange (NSE) market capitalisation opened trading for March on Monday, with a loss of N208 billion amid losses in blue chips.
Specifically, the market capitalisation which opened trading for the month at N13.657 trillion, dipped N208 billion to close at N13.449 trillion.
Also, the All Share Index lost 399.89 points or 1.53 per cent to 25,816.57 in contrast with 26,216.46 on Friday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Chemical and Allied Products, Lafarge Africa, Unilever and Guaranty Trust Bank.
Analysts at Afrinvest Limited expected the bearish sentiment to be sustained in the near term, although the market presented opportunity for bargain hunting.
Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., attributed the development to mixed corporate earnings, depressed market sentiment and news of coronavirus in Nigeria.
Market breadth closed negative, with nine gainers compared with 28 losers.
Law Union and Rock Insurance recorded the highest gain to lead the gainers’ table in percentage terms, appreciating by 10 per cent to close at 99k per share.
AIICO Insurance followed with 7.79 per cent to close at 83k, while Eterna appreciated by 5.53 per cent to close at N2.10 per share.
FCMB Group rose by 5.26 per cent to close at N1.80, while Courteville Business Solutions appreciated by five per cent to close at 21k per share.
Conversely, Lafarge Africa, Nestlé Nigeria, PZ Cussons Nigeria and Unilever led the losers’ chart in percentage terms, dropping by 10 per cent each, to close at N13.95, N1,017, N4.05 and 13.50, per share, respectively.
Nigerian Aviation Handling Company and CAP followed with a decline of 9.96 per cent each, to close at N2.35 and N22.15, respectively, while Learn Africa dropped 9.82 to close at N1.01per share.
The total volume of shares traded closed lower with an exchange of 325.26 million shares worth N6.03 billion traded in 5,054 deals.
This was in contrast with a turnover of 416.30 million shares valued N6.19 billion transacted in 5,220 deals on Friday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 93.69 million shares valued N2.14 billion.
Zenith Bank followed with 44.19 million shares worth N798.45 billion, while United Bank for Bank (UBA) traded 18.39 million shares valued N121.26 million.
Fidelity Bank traded 17.66 million shares valued N32.27 million, while FBN Holdings Groups transacted 16.76 million shares worth N79.07 million. (NAN)
March 3, 2020
Nestlé Nigeria records 6.6% growth in 2019, financial results say
Nestlé Nigeria Plc has announced its financial results for the year 2019, posting a revenue of N 283.9 billion and recording 6.6 per cent growth over the previous year.
Detailed financial results available at https://www.nestlecwa.com/en/investors/nigeria show the Gross profit for the year to be at N 127.6 billion, compared to N 113.9 billion in 2018.
The company posted N 45.6 billion as Profit After Tax for the year vs N 43.0 billion during the previous year.
In addition to N 25 per share interim dividend already paid, the Board proposed an additional dividend of N 45 per share, making for a total dividend of N 70 for 2019, a statement from the company said on Tuesday.
According to Mauricio Alarcon, Managing Director and CEO of Nestlé Nigeria Plc, the proposed dividend will be submitted for approval at the company’s Annual General Meeting on June 2, 2020.
“In 2019, we reaffirmed our market leadership by delivering increased profits and dividends to shareholders.
“We achieved this by responding speedily to consumer preferences, by offering product innovation and improving our distribution channels.
“Our high-performing team adapted quickly to changing consumer expectations by adopting new ways of delighting our consumers in the market place,” Alarcon said.
According to him, the company enhanced its portfolio with new products, including MAGGI Signature seasoning mixes adapted to consumer tastes and cuisine across the country.
“CERELAC Junior fortified with iron was also launched to help meet the nutrition needs of pre-school children,’’ he said.
On the 2020 outlook, Alarcon said that Nestle Nigeria Plc would continue to focus on the innovation and the renovation of products and on rolling out new solutions and services in response to changing consumer needs.
“This will prepare us for the challenges ahead, while we partner with key stakeholders for the growth of the local economy.
“With society looking more to business to improve social amenities, Nestlé Nigeria will continue to invest in creating shared value by improving livelihoods in the communities closest to our business operations.
“This is in line with our purpose of enhancing quality of life and contributing to a healthier future.
“We will also drive new initiatives to empower our people to deliver outstanding results for themselves, for the organisation and for society,’’ the Nestle Nigeria Plc’s CEO said. (NAN)
March 3, 2020
Africa’s business, consumer expenditures to rise to $5.6trn in 5 years–Adesina
The African Development Bank (AfDB) says the size of business and consumer expenditures in Africa will rise to 5.6 trillion dollars in five years.
This is contained in a speech delivered by AfDB President, Dr Akinwumi Adesina at African Leadership Persons of the Year Investiture Ceremonies and Awards Gala night at Johannesburg, South Africa on Saturday and was made available to News Agency of Nigeria (NAN) on Sunday.
Adesina explained that the size of the food and agriculture business alone would reach one trillion dollars in just ten years.
According to him, with the African Continental Free Trade Area, the size of the economies will be 3.3 trillion dollars.
He said the Africa of the 21st century was keenly aware of its place in the world and determined to be a global investment haven.
He added that the Africa of the 21st century was open for trade and Savvy investors knew that if they were not in Africa, they were not in business.
“Over the past four years, we have helped 18 million people obtain access to electricity, 141 million people to agricultural technologies for food security, 13 million people to finance through private sector investee companies.
“And 101 million people to improved transport services, and 60 million people to improved water and sanitation.
“People such as cocoa farmer Antoine Mani Tonye from Cameroon who has seen healthy yields from the moment he began planting a locally adapted seed variety.
“People such as millet seller Robiro Kadokah from Togo whose business has been thriving since the opening of a new highway in his area.
“And people such as IT-specialist Jeanne Yamfashije from Rwanda who helps girls in her country excel in science, technology, engineering and math.
“I truly believe there’s never been a more exciting time to be an African. Opportunities abound all around. African economies are growing well.
“ In 2019, 17 countries grew at 3.5 per cent and 20 countries grew at five per cent and above” he stated.
Adesina disclosed that simple reason was that he focused on solutions, not problems because his principle for development was also by coming up with idea for the Bank’s High 5 strategy to light up and power Africa.
He said the high five was initiated to feed Africa, to industrialise Africa, to integrate Africa, and to improve the quality of life of the people of Africa. (NAN)
March 2, 2020
Kaduna Trade fair: Local, Foreign vendors optimistic in spite of low patronage
Some Local and foreign vendors at the ongoing 41st Kaduna International Trade Fair on Sunday expressed optimism on getting more sales, in spite of the low turnout of people.
The vendors made this known in Kaduna in separate interviews with the News Agency of Nigeria (NAN) on Sunday.
Soulayman Kane, a vendor from Senegal said he had been attending the trade fair annually and had came with clothing materials from his country to sell to Nigerians and other nationals.
He decried the low turnout of people in the fair which opened on Friday, but expressed optimism of more turnout before the end of the fair on Sunday.
Hajiya Zainab Niger, who came from the Republic of Niger stated that she had come with aphrodisiac and perfumes for women to make them look more attractive to their spouses.
She noted that though the turnout was poor, “it is not unusual at the beginning of such event.”
Zainab urged the trade fair organisers to reach out to more partners to ensure the success of the fair.
“I hope women at home will come with their families to the trade fair.
“We know Kaduna people will not let us down and every vendor would be happy at the end of the fair”, she said.
Also, Muhammad Aziz form Bangladesh said he came to showcase products from his country, adding that they were expecting people to patronize and partner with them.
Similarly, Fatima Muhammad from Maiduguri in Borno who sells traditional incense, perfumes and henna said the market was not as impressive as last year’s, but hoped for the best.
Muhammad Adam, a vendor from Tafawa Balewa Local Government, Bauchi state said he came with original pure honey and was hoping to record high sales from the fair.
Meanwhile, some of the visitors to the fair commended the organisers for the adequate security arrangements.
Maryam Muhktar, who came from Kinkinau area of Kaduna said there was enough security personnel and lots of goods to buy, urging people to patronise the trade fair.
Another visitor, Baban-Dudu Yahya, advised that security arrangement should be upgraded as more people troop to the trade fair complex.(NAN)
March 2, 2020
IFC, Coronation Merchant Bank launch N14.4bn trade finance guarantee
Coronation Merchant Bank Limited has launched a N14.4 billion Trade Finance Guarantee Facility to boost the financing of local businesses and enhancement of inter-continental trade.

The bank said on Sunday in Lagos that the partnership was a major milestone for the nation’s financial sector as it heralds the return of International Finance Corporation (IFC) into Nigeria.

“Since the last five years, IFC has not done any new enrollment under the Global Trade Finance Project in Nigeria following a break in the Nigerian market in 2015,” the bank said in a statement.

The bank’s acting Managing Director, Mr Banjo Adegbohungbe, commended IFC for the partnership.

Adegbohungbe said that empowering businesses that drive inter-continental trade remains pivotal to the sustenance of growth and development in emerging economies across the world.

“International trade remains crucial to the economic make-up of Nigeria yet contributes little to our national GDP.

“We are determined to help change this narrative by boosting access to trade financing in Nigeria.

“The partnership with IFC is the first for any financial institution in Nigeria since 2015 and attests to the positive strides the bank has made in bridging infrastructure gap and facilitating inter-continental trade.

“As a bank, we will continue to pursue solutions to help local businesses thrive and expand into new markets,” he stated.

Also speaking, Vittorio Di Bello,said increasing access to trade finance for local businesses is an important mechanism to support the development of the private sector in emerging markets.

Bello, the IFC Regional Industry Head, Financial Institutions Group for Europe and Central Asia, also noted that the financing would boost inter-continental trade and spur economic growth for the region.

He stated that In 2019, IFC delivered more than 19 billion dollars in long-term financing for developing countries, leveraging on the power of the private sector to end extreme poverty and boost shared prosperity.

According to him, the decision to partner with Coronation Merchant Bank is an attestation of the growth and development recorded in the Nigerian financial sector over the last few years.

The gesture sends a positive signal to investors and other international financiers whilst positioning Coronation Merchant Bank as a foremost institution in Global Trade.

IFC is a sister organisation of the World Bank and a member of the World Bank Group.

The organisation is the largest global development institution that focuses on the private sector in emerging markets.

It works with more than 2,000 businesses worldwide, using their capital,expertise, and influence to create markets and opportunities where they are needed most. (NAN)
March 2, 2020
Senate Committee promises to return SON back to ports
The Senate Committee on Industries has restated its commitment to return the Standards Organisation of Nigeria (SON) officials to the nation’s seaports.
The Chairman, Senate Committee on Industries, Sen. Bayo Osinowo, in a statement made available to newsmen on Sunday in Lagos, spoke during the committee’s oversight visit to SON’s laboratory complex in Lagos.
Osinowo, expressing displeasure at the absence of SON at the seaports, said that the situation was quite unfortunate.
He said the law that established SON states that the standards organisation must be present at the nation’s ports to monitor the standards of products being produced and imported into the country.
Osinowo said that in other climes, standard regulatory bodies were well represented at the ports to check the quality of goods before they would be allowed entrance into the markets.
“To this effect, Nigeria cannot be left out of this trend. It is unfortunate that SON is not at the port.
“When we set SON up, it was to monitor all the standards of the products produced and imported into the country.
“But, when we found out that SON was not at the ports, we have decided to address this by looking into it and amend it, because there must be an office for SON at the ports for its officers to carry out their mandate effectively.
“The legislature will look into the matter and make amend where it is necessary,” he said.
Osinowo said the purpose of the oversight function was to assess the level of work done by SON after being appropriated public funds to carry out their mandate to improve lives through quality assurance.
“The purpose of coming here is to see for ourselves and do appraisal of SON activities, especially on projects.
“We came to see how you have utillised and managed the funds given to you, and I must confess that going by what we have seen so far, I am very impressed with the level of work done so far.
“We are ready to support SON to ensure all the projects, especially the laboratory must be completed soon,” he said.
According to the committee chairman, if supported, SON will help to boost the manufacturing sector of the economy, while also eradicating poverty by creating job opportunities for the unemployed youths.
Also, a member of the Committee, Sen. Peter Nwaoboshi, said the committee was not impressed that SON was not at the point of entry where these goods were being brought into the country.
Nwaoboshi advised that the standards body must be equipped and given the opportunity to assess the goods before they enter the nation’s markets.
“For example, there are cables coming into the country, branded as Made-in-Nigeria whereas they were manufactured elsewhere.
“And, it is only SON that can discover these anomalies at the ports.
“So, we believe that the policy ordering SON out of the port is not correct,and they should be allowed back to the port to checkmate substandard goods,” he said.
Responding, the SON Director-General, Osita Aboloma, said the oversight function was to give the senate committee first hand information about the level of progress made so far in the wake of the African Continental Free Trade Agreement (AfCFTA).
“We are delighted to have you here for you to see what we do in ensuring standardisation and quality assurance.
“For you to see what we have been able to achieve with the money appropriated to us and our needs in terms of human and capital infrastructure needs.
“The journey so far in positioning SON to be ready for the AfCFTA to enable us to break barriers to trade has been quite tasking.
“This is why it is required of us to have laboratories to carry out tests of conformity to our standards or the harmonised standards agreed upon by continental bodies,” he said.
Aboloma said that Nigeria, through SON, “is leading other countries in harmonisation of standards”.
He said that there were 40 laboratories presently, where eight had been accredited and 20 undergoing accreditation to position them in readiness for the AfCFTA.
“All these we have been able to achieve through the appropriation to SON.
“What we had, we have managed judiciously, but we still need more as this organisation will be as efficient and powerful as the Senate and National Assembly will want it to be.
“We have capacity for infinite possibilities and all we need is more encouragement and assistance as we consider the senate as standards ambassadors.
“Keeping Nigerians safe is a task we must all work together to achieve,” the SON director-general said. (NAN)
March 2, 2020
DG assures adequate security at ongoing Kaduna International Trade Fair
Alhaji Usman Saulawa, Director General (DG) Kaduna Chambers of Commerce, Industry, Mines and Agriculture (KADCCIMA), has assured of adequate security throughout the ongoing 41 Kaduna International Trade Fair.
Saulawa gave the assurance in an interview with the News Agency of Nigeria (NAN) on Sunday in Kaduna.
The fair opened on Friday and has the theme: Unlocking Nigeria’s Economic Potentials through Regional Integration.
Saulawa said a special security committee was set up to provide 24-hour security until the fair is over, and
urged participants and visitors to transact their businesses without fear.
He disclosed that some foreign participants from Bangladesh, Pakistan, India and some African countries have already displayed their products, and were ready to enter into partnership with Nigerians.
Saulawa said the essence of trade fair is to provide a platform for business networking and partnership beneficial to Nigeria.
Securitypersonnel have been deployed in strategic areas within and outside the trade fair complex. (NAN)
March 2, 2020
Coronavirus: NPA says necessary protocols in place at ports
Nigerian Ports Authority (NPA) on Friday said it had put in place necessary protocols at the ports as safeguard against the dreaded Coronavirus disease.
The Managing Director of NPA, Ms Hadiza Bala-Usman, disclosed this to newsmen on the sidelines of a book presentation in Lagos.
According to her, once a vessel carrying yellow flag is sighted by the harbor master, port health will be immediately notified.
Yellow flag (contagion) is historically displayed on ships to indicate the presence of disease or quarantine.
“Once port health is notified, the vessel will be taken to a separate location where there will be immediate health assessment before anyone or cargo will be allowed to disembark,” she said.
The NPA boss said they were very conscious of the virus and had been in several interactions with the Federal Ministry of Health.
She pointed out that the NPA would continue to monitor and enlighten people, as it was a very serious issue.
“NPA is very mindful of its responsibility as the gateway to the nation’s economy and will do everything possible to protect the economy,” she said.
The managing director said that visitors and staff were also checked at the gate of the NPA office complex to ensure they were free from any form of illness.(NAN)
February 29, 2020
Coronavirus: Panic mood on NSE, market capitalisation loses N308bn
Trading on the Nigerian Stock Exchange (NSE) on Friday ended on panic mood, as the country recorded the first Coronavirus case after Egypt and Algeria.
The panic mood affected trading on the exchange with the market recording only two gainers against 41 losers.
Consequently, the market capitalisation lost N308 billion, representing a loss of 2.21 per cent in about six hours to close at N13.657 trillion against N13.965 trillion on Thursday.
Also, the All-Share Index which opened at 26,808.24 shed 591.78 points or 2.21 per cent to close at 26,216.46.
Commenting on the development, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., said the Coronavirus news heightened the negative sentiment already in the market.
Omordion stated that the news further affected the performances of the domestic equities which had been battling with liquidity issue.
“The news of coronavirus entering the country has further dampened investors confidence in the stock market as reflected in the global markets that are bleeding badly as a result of selloffs.
“There is already fear of global recession due to the virus,” he said.
He noted that market players expected government at all levels to be proactive in tackling the virus to avoid further spread to other parts of the country.
Omordion said the issue should be contained the way the previous administration fought Ebola, as the World Health Organisation (WHO) and others continued to look for solutions to put an end to the virus.
But, we at InvestData anticipated that recovering was underway because it is a global problem.
“The market and economy of China where it started is already recovering as over 35,000 people have been discharged from the hospital.
“And Chinese government has intensified efforts to check the virus and they have injected funds to the economy to stimulate economic productivity,” Omordion said.
Presco recorded the highest loss to lead the losers’ table, dropping by N4.95 to close at N44.90 per share.
Nigerian Breweries trailed with N4.50 to close at N40.50, while Stanbic IBTC dipped N3.60 to close at N32.50 per share.
Guaranty Trust Bank declined by N2.60 to close at N23.80, while MTN Nigeria was down by N2.10 to close at N110 per share.
On the other hand, Flour Mills led the gainers’ table with N1 to close at N22 while Vitafoam improved by 24k to close at N4.32 per share.
Investors traded 416.30 million shares valued N6.19 billion in 5,220 deals.
This was in contrast with 231.53 million shares worth N4.48 billion transacted in 3,606 deals on Thursday.
Guaranty Trust Bank was the most active stock, trading 96.01 million shares valued N2.29 billion.
It was trailed by United Bank for Africa (UBA) with an account of 49.51 million shares worth N318.78 million, while Zenith Bank traded 45.56 million shares valued N827.88 million.
United Capital sold 32.94 million shares worth N105.15 million, while FBN Holdings exchanged 32.91 million shares valued N155.89 million. (NAN)
February 29, 2020