The Federal Government is making plans to issue Nigeria’s maiden sovereign non-interest bond this year as part of efforts to deepen and make the domestic capital market more inclusive and diversified.
Non-interest bond, otherwise known as Sukuk bond, makes returns to the investors through sharing of profit or cash flow from the underlying asset with them in addition to redemption of the principal upon maturity.
Nigeria currently has only one sub-national Sukuk bond issued by the Osun State Government. Two other states, Kebbi and Sokoto states have indicated interests in issuing Sukuk bonds.
The absence of a sovereign Sukuk bond to serve as benchmark for other government and corporate Sukuk issuance has been cited globally as a drawback for the growth of non-interest Sukuk bond market. Standard & Poor’s Rating Services (S & P) estimated that global Sukuk issuance could reach up to $55 billion in 2016.
The two frontal government agencies in charge of bond issuance, the Debt Management Office (DMO), which oversees government’s debt issuance progamme, and Securities and Exchange Commission (SEC), the apex capital market regulator, said they would work together to realise the long-standing goal of issuing Nigeria’s first sovereign Sukuk bond this year.
At their second interactive session in less than three months, both SEC and DMO reiterated their commitments to deepening the domestic debt market by developing the non-interest debt market.
Director General, Debt Management Office (DMO), Abraham Nwankwo said the DMO attaches importance to the development of non-interest products in the Nigerian capital market noting that sovereign Sukuk issuance has been part of the agency’s strategic plan drawn three years ago.
He solicited support from the SEC, especially in the area of capacity building in order to realize the goal of issuing Nigeria’s first sovereign Sukuk within this year.
According to the 2016 Top 500 banking brands ranking published in the February edition of The Banker magazine, Financial Times Group in conjunction with Brand Finance, London, United Kingdom, First Bank jumped 16 places from 336 position in 2015 to 320 this year.
A press release from the Country Representative of The Banker magazine in Nigeria, Mr. Kunle Ogedengbe, added that three other Nigerian banks also made the ranking.
They are Guaranty Trust Bank which moved to 389 in the world from 417 in 2015, Zenith Bank that dropped from 388 in 2015 to 392 in 2016, and United Bank for Africa that returned to the ranking in 447. Access Bank that made the ranking at 496 in 2015 dropped from the 2016 ranking.
First Bank’s brand value, which is the licensing rate that a third-party would need to pay to use the bank’s brand increased to $322 million in 2016 from $300 million in 2015 while that of Guaranty Trust Bank also increased to $243 million from $213 million.
The 2016 brand value of Zenith Bank increased to $238 million from $235 in 2015 while United Bank for Africa that made a return to the ranking since 2012 has a brand value of $198 million. UBA’s brand value in 2012 was $121 million.
Of the five countries in Africa that made the ranking, Nigeria has the highest brand value increase of $249 million. Egypt moved up by $239 million; Togo gained $134 million while South Africa and Morocco lost $878 million and $213 million respectively.
Globally, Wells Fargo of the United States of America retains the number one banking brand in the world for the fourth consecutive year and was followed by banks in China and United Kingdom in the first ten. Wells Fargo’s brand value for 2016 is $44.1billion from $34.9 billion in 2015.
A report by PricewaterhouseCoopers, PwC,has indicated that Corruption could cost Nigeria about 37 per cent of its Gross Domestic Product (GDP) if left unchecked. This translates to about N185.37billion of current GDP.
The report, titled: ‘Impact of Corruption on Nigeria’s Economy,’ which was received by Vice President Yemi Osinbajo over the weekend, focused on the ways corruption had impacted the Nigerian economy over time with evidence and impetus for its reduction.
PWC Country and Regional Senior Partner West Market Area, Uyi Akpata, who led the team that presented the report, said: “The results of the study showed that corruption in Nigeria could cost up to 37 per cent of GDP by 2030 if it’s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030.
“The boost in average income that we estimate, given the per capita income, can significantly improve the lives of many in Nigeria.”
Akpata said five steps were used in the report to estimate Nigeria’s cost of corruption, saying the first step was to examine over 30 studies to understand the way corruption affects GDP in the country.
He said the study was obtained from International organisations, including the Organisation for Economic Cooperation and Development (OECD), International Monetary Fund (IMF), Department For International Development (DfID), Transparency International (TI) and in-house studies assessing the health of the economy such as the World in 2050 publication. The IMF study was selected to estimate the impact of corruption on economic growth.
The second step, Akpata stated, was to identify the impact of corruption on economic growth using the IMF study, adding that the study estimated that the impact of one point change in the corruption index results in a 1.2 percentage point change in economic growth per annum.
He said TI’s Corruption Perceptions Index (CPI) was also used as a proxy for corruption. This data set, Akpata said, defines corruption as the ‘abuse of public office for private gain’ and the index was categorised into three parts; Grand corruption, Petty corruption and Political corruption.
The fourth step in the report created three scenarios that show the lower levels of corruption that could have been achieved in the past and can achieve in the future while the fifth step calculated the impact of corruption on economic growth and output for each scenario.
Nigerian International Debt Fund (NIDF), a mutual fund listed on the Nigerian Stock Exchange (NSE) would distribute dividend for the 2015 business year to its investors this week.
Investors in the mutual fund would receive N49 per note as the Fund Managers, Afrinvest Asset Management Limited, begin payment of final coupon for the 2015 financial year on February 3, 2016.
This represents the 36th coupon in the life of the Fund since its inception in 1997.
Managing Director, Afrinvest Asset Management Limited, Ola Belgore, said a total of N27. 17 million would be distributed among note holders on the register of the NIDF as of December 31, 2015 at N49 per note.
He noted that the second coupon payment was in line with the structure of the NIDF, which is designed to pay distributions twice a year, having paid an interim coupon of N38.21 in July 2015.
“NIDF offers investors safety, capital preservation, steady returns, diversification and value, and has a consistent dividend history making it quite attractive for both individual and institutional investors such as Pension Fund Administrators (PFAs), insurance companies, asset managers and gratuity funds,” Belgore said.
He pointed out that in 2015, the NIDF was rated “A-” by Global Credit Rating Company (GCR), which is currently among the best for mutual funds in the market.
Afrinvest Asset Management Limited is a subsidiary of Afrinvest West Africa Limited, a wealth advisory firm involved in investment banking, securities trading, asset management and investment research with a focus on West Africa.
The Dangote Group has signed a joint venture agreement with the Black Rhino Group to develop a $5 billion (about N1 trillion) energy infrastructure in Africa.
Black Rhino is a subsidiary of the Black Stone Group, the world’s current largest Private Equity and Asset Management Company.
The President of Dangote Group, Aliko Dangote, made the announcement Friday, January 29 while delivering the 38th Pre-Convocation Lecture titled: The Role of Entrepreneurship in National Development: The Story of the Dangote Group.
Expressing delight that the Chairman of the Black Rhino Group is the present Emir of Kano, Alhaji Muhammadu Sanusi II, Dangote announced that the joint venture agreement was already looking into setting up power plants in Kano and Abuja, in Nigeria.
“Elsewhere in the continent we are already exploring opportunities in Togo and Zimbabwe, and most of these plants will be coal-based, as we have developed expertise and capacity through the provision of captive power to all our factories,” he said.
The industrialist said their reliance on captive power was based on their conviction that “it has been a key factor in our success as our cost of power is 4 cents/kWh on average, compared to 15 cents/kWh average for residential users.
He said the Dangote Group would be investing a total of over $19 billion across its various businesses to facilitate consolidating in some of them, growing others and venturing into new fields and enterprises.
Trading activities on the floor of theNigerian Stock Exchange, NSE, sustained its positive momentum as All-Share Index climbed further on Friday, January 29 by 1.34% to 23,916.15 points, compared with the appreciation of 1.14% recorded on Thursday, January 28.
Week-on-week, the Index appreciated by 0.38%, while Year-to-date (YTD), it depreciated by 16.50%.
Likewise, the Market Capitalization appreciated by 1.34% to close at N8.23trn, compared with the appreciation of 1.14% recorded yesterday to close at N8.20trn.
The appreciation recorded in the share prices of GT Bank, Guinness, Stanbic IBTC, Nestle and Zenith Bank were mainly responsible for the rise in the value of the Index.
The total value of stocks traded on the floors of The NSE today was N2bn, up by 17.47% from N1.70bn traded yesterday. The total volume of stocks traded was 241.37mn in 3,270 deals.
The three most actively traded stocks were: FCMB (32.18mn), Diamond Bank (31.93mn) and Access Bank (29.65mn). The most actively traded sectors were: Financial Services (203.60mn), Conglomerates (9.93mn) and Consumer Goods (8.92mn).
Nigeria’s 119 foreign missions have been allocated the sum of N32.571 billion for the 2016 fiscal year, the budget proposal document reveals.
The document indicated that out of the N49.526 billion allocated to the foreign affairs ministry, the 119 missions have the lion share of N32.571 billion.
In September, President Muhammadu Buhari, had after a meeting with the permanent secretary ministry of foreign affairs, said the country would review the number of such missions, with a view to shutting down non-essential ones.
The President had said at the time that there was no point for Nigeria to operate missions all over the world “with dilapidated facilities and demoralized staff.”
But the budget estimate of the ministry shows that only fifteen missions out of the 119 have explicit allocations of funds for the execution of capital projects. It shows that allocations for the 114 other missions would be spent on personnel, overhead and other recurrent areas.
Nigeria’s foreign mission in New York (PM) in United States (US), where six foreign offices operate, has the highest allocation of N1.461 billion, followed by London office with N1.081 billion.
On the other hand, Tel Aviv Christian Pilgrims mission has the lowest allocation of N14.875 million, followed by NEPAD mission, Pretoria, South Africa with N56.023 million.
The main ministry of foreign affairs has an allocation of N13.424 billion, while other five agencies under the ministry have a cumulative budgetary allocation of N3.721 billion for the 2016 fiscal year.
Meanwhile, allocation for the research and development department of the federal ministry of defence will consume N12.411 billion in 2016 budget.
According to the budget’s document, the ministry of defence and its departments and agencies, which include army, navy, air force and others, have been allocated N429.098 billion.
But the main ministry office alone has a total of N35.658 billion, out of which acquisition of non-tangible assets – research and development & monitoring and evaluation – have an allocation of N12.615 billion.
Out of that, research and development receive N12.411 billion while monitoring & evaluation has N203.678 million.
The Nigerian stock market in 2016 will be plagued by poor stock performances due to the poor condition of the naira against dollar as well as the dwindling oil prices,United Capital Plc has predicted.
United Capital Plc in its 2016 outlook titled ‘a slippery path to recovery, finding the new equilibrium’ said the dominance of foreign participation in the last 4 years has led to the market’s seamless reaction to global shocks.
Group Chief Executive Officer of United Capital Plc, Oluwatoyin Sanni, said Nigerian equities is in dire need of increased local participation.
According to her, market volatility and sell pressure has been majorly driven by capital flight, buttressing the need for increased local participation to insulate the domestic market from external shocks and currency volatilities.
She believed that the Central Bank of Nigeria’s disposition to foreign investors will be a key driver of equities movement in 2016 as uncertainty around foreign exchange will continue to impact market sentiment.
Sanni stressed that oil price trajectory will remain a key driver of equity market direction, saying “we expect crude oil prices to trade lower in 2016, portending a downside to Nigerian equities.”
FMDQ OTC provider of Over- The-Counter trading platform for fixed income in Nigeria saw its turnover leap from N103.60 trillion in 2014 to N137.40 trillion in 2015, a growth rate of 33 per cent year-on-year.
This growth came in spite of the challenges the market faced in 2015.
In the first half of 2015, the dealing members achieved an overall OTC market turnover of N58.60 trillion and by December 2015, this rose significantly by 134 per cent to close at N137.40 trillion.
This figure saw the forecast of N125 trillion turnover for 2015 surpassed by 10 per cent.
According to FMDQ OTC, the most actively traded products were Treasury Bills (T.bills), accounting for the largest share of the market turnover at 35 per cent, followed by foreign exchange (including FX derivatives) with a share of 25 per cent and Repurchase Agreements (Repos)/Buy-Backs at 23 per cent.
Unsecured Placements/Takings and Federal Government of Nigeria (FGN) bonds, on the other hand, had a smaller share of the market, accounting for 9 per cent and 8 per cent respectively.
The turnover represents trades executed between dealing members, dealing members & clients, and dealing members & the Central Bank of Nigeria (CBN).
FMDQ, like in 2015, is optimistic about the year ahead, albeit with caution, considering the expected challenges the financial markets will likely face, and remains committed to initiating and engaging in initiatives that will develop and make the FMDQ markets globally competitive by improving liquidity, transparency, governance and efficiency in the Nigerian capital market.
To achieve success in its objectives, FMDQ will continue to work collaboratively with and garner the support of its stakeholders.
The National Bureau of Statistics, NBS, in a report released over the weekend showed that Nigeria spent N1.80trn on importation of petroleum products in 2010, N3.19trn in 2011, N2.89 trillion in 2012 and N3.04 trillion in 2013.
The report revealed that the country spent N3.20trn on petroleum product imports in 2014 and N1.88trn in 2015.
Analysis of the values based on products showed that import of Premium Motor Spirit (PMS), also known as petrol, gulped N12.54trn over the six-year period.
A breakdown of the values showed that Nigeria spent N1.5trn, N2.71 trillion, N2.19trn, N2.33trn, N2.35trn and N1.45trn on petrol import in 2010, 2011, 2012, 2013, 2014 and 2015 respectively.
Over the period under consideration, the import of Automotive Gas and Oils (AGO) amounted to N2.17trn while Household Kerosene (HHK) import amounted to N1.27trn.
The report showed that AGO import cost Nigeria N290.496bn, N475.23bn, N318.24bn, N328.69bn, N452.64bn and N305.29bn in 2010, 2011, 2012, 2013, 2014 and last year respectively.
Reacting to the massive sums, the Director Institute of Petroleum Studies (IPS), University of Port Harcourt, Prof Mike
Onyekonwu said the country has not done the right thing wasting such huge monies.
“It is a waste when you carry your raw product and send out, you don’t add value to it and you turn around and import it. We could have liberalized the sector a long time ago,” he said.
The Director, Centre for Petroleum, Energy Economics and Law, Prof Adeola Adenikinju said the sums is a reflection of the country’s unseriousness as a nation.
“You can imagine what we could do with N16trn; how many refineries we could build, how many jobs would have been created and the negative impact it has had on our foreign reserves. Now that the data is out, what is the government doing to ensure that we don’t run into this problem again?” he said.
Shareholders of Acorn Petroleum Plc have approved the increase in share capital of the company by 200 per cent at an Extra-Ordinary General Meeting (EGM) from N1,500,000,000 (One billion, five hundred Million Naira) to N4,500,000,000 .
The approval by the shareholders for a raise in share capital of Acorn Plc by 200 per cent by the creation and addition thereto of 6,000,000,000 (six billion) ordinary shares of 50kobo each to the company’s existing share capital will help to reposition the company for strong competition in the downstream sector of the oil and gas industry.
Acting Company Secretary of Acorn Plc, Deoye Ajidahun, who spoke at the meeting said “The new shares is to rank parri passu with the company’s existing ordinary shares.
The federal government has sought the World Bank and African Development Bank for $3.5bn in emergency loans to bridge the widening gap in its budget, the Financial Times of London has reported.
The request from President Muhammadu Buhari’s government is intended to help fund a $15bn state deficit, which has been worsened by a huge increase in public spending.
Finance minister Kemi Adeosun told the Financial Times recently that she was planning Nigeria’s first return to bond markets since 2013.
However, Nigeria’s likely borrowing costs have been rising alongside its budget deficit. A projected deficit of $11bn, or 2.2 per cent of gross domestic product, had already risen to $15bn, or 3 per cent, as a result of the recent turmoil in oil markets.
The $2.5bn loan from the World Bank and a parallel $1bn loan from the ADB, which would enjoy below-market rates, must still be approved by both banks’ boards. Under World Bank rules its loan would be subject to an IMF endorsement of the government’s economic policies and bank officials say they would have to be confident the Nigerian government was undertaking significant structural reforms.
But both loans would carry far fewer conditions than one from the IMF, which does not believe Nigeria needs a fully fledged international bailout at this point.
“I think we all agree that Nigeria is facing significant external and fiscal accounts challenges from the sharp fall in…oil prices, as of course are all oil exporters,” Gene Leon, the IMF’s representative in Nigeria, told the Financial Times.
The Airline Operators of Nigeria, AON, has disclosed that fifty per cent of domestic flights have been cancelled by Nigerian airlines in the last two weeks due to harmattan haze.
According to the operators, the cancellation had not only been a cost to them but to the Nigerian economy since a lot of businesses had been affected across the country.
Chairman of AON, Capt. Noggie Meggison, disclosed this in a chat with Aviation Correspondents at the Murtala Mohammed Airport in Lagos.
He added that over 80 per cent of flights were delayed as a result of the poor visibility occasioned by weather condition.
Meggison however said weather would not have been a challenge if the country had put in place appropriate take-off and landing facilities.
He said:“Navigational facilities at most of the airports are not working. It is very shameful that we close airports over little weather situations, whereas in Europe and other places, aircraft take off with zero visibility.
The African Development Bank has expressed readiness to invest between $40 and $50 billion in the energy sector across the continent.
AfDB President Akinwumi Adesina said this in Addis Ababa, Ethiopia, over the weekend at the 31st Session of the New Partnership for Africa’s Development Heads of State and Government Orientation Committee.
Adesina said the AfDB plans to invest $12 billion in the energy sector over the next five years.
He said the bank would also triple its climate finance to Africa to $5 billion per year by 2020 in order to support climate change adaptation and mitigation efforts on the continent.
He said the bank had already worked with the African Ministerial Conference on the Environment and the African Union with strong support from the G7, especially Germany and France, to develop and launch the Africa Renewable Energy Initiative at the COP 21 in Paris.
The AfDB chief said while over 645 million Africans lacked access to electricity, 700 million did not have access to clean cooking gas.
He said: “Regular supply of power, which is taken for granted in developed countries, is a luxury in Africa in the 21st Century. Some 137 years after Thomas Edison developed the light bulb, Africa is still in the dark. Today, over 645 million Africans do not have access to electricity, and 700 million go without access to clean cooking energy; with 600,000 dying each year from indoor pollution from reliance on biomass for cooking.
“Africa is simply tired of being in the dark. It is time to take decisive action and turn around this narrative: to light up and power Africa – and accelerate the pace of economic transformation, unlock the potential of businesses, and drive much needed industrialization to create jobs.
“The African Development Bank has developed the New Deal on Energy for Africa and launched the Transformative Partnership on Energy for Africa, to help light up and power Africa.”
He said the New Deal on Energy for Africa was aimed at accelerating universal access to electricity in Africa by 2025.
“The goal is to add 160 GW of new generation capacity via the grid, deliver 130 million new grid connections and 75 million off-grid connections.”
The Managing Director of Iyeru Okin Micro Finance Bank, in Share, Kwara State, Alh Fasasi Balogun, has told the Judicial Commission of Inquiry that the bank lost N8.2million investments to the communal clash.
Balogun explained that he has been operating the branch of the micro finance bank in Share for about eight years before the clash on December 15, 2015.
He said that before the destruction, the bank had in no small measure improved the business and commercial activities in Share based on the high level of patronage of the people of the town.
While noting that the owner of the building which houses the micro finance bank is a native of Share, he also said that it would not be out of place to accuse the people of Tsaragi of looting the bank and then setting the office and building ablaze.
The chairman of the judicial commission, Justice Akanbi, adjourn the sitting till next monday for further hearing
Global communications and public relations organization BlackHouse Media (BHM) has announced the launch of its pioneering report on the Nigerian PR Industry.
The 106-page book is a compendium of quantitative and qualitative research augmented by industry-wide perspective and knowledgeable commentary concerning PR practice in Africa’s largest economy.
Nigeria PR Report is done in collaboration with the group’s research arm – BHM Research & Intelligence (BRI), digital agency ID Africa, and Public Relations Consultants Association of Nigeria (PRCAN).
Notable dignitaries from the PR, advertising and academic sectors converged on the Protea Hotel, Ikeja, on January 29, 2016 where the report was officially made public, to discuss and review its findings.
“The inaugural Nigeria PR Report is an unbiased endeavour to depict the history, current state, existing challenges and prospects of the PR industry in Nigeria. Despite increasing intervention by PR to help communities, organizations and governments resolve problems they considered insurmountable, there is little data, if any, on the role of in-house PR teams and external consultancies in aiding local and international brands make sense of Nigeria’s chaotic business environment. This is the latest focus of BHM Research and Intelligence,” Ayeni Adekunle, Founder and CEO BHM Group said.
Ayeni disclosed that BHM Research & Intelligence (BRI) is the group’s independent intelligence team working from Nigeria, Germany and England, to gather and analyze data for brands and organizations in public relations, advertising, ICT and Media.
“In particular, achieving the maiden edition of the Nigeria PR Report took almost a year of research, data collation, and analysis. We aim to make this an annual publication and shore up available information about Nigeria’s formal PR industry,” he added.
The report joins a host of groundbreaking initiatives executed by the BHM Group. In 2014, the company launched Nigeria’s first PR app, simultaneously recording over one billion social media impressions for its portfolio of client campaigns. Recently, BHM Group launched its own digital agency, ID Africa, and has since its inception in 2006 been at the forefront of efforts to develop the media and public relations sector in Nigeria and the rest of Africa. Leveraging on its savvy knowledge of African audiences, the group continues to maintain its staying power, as evidenced by a retinue of local and multi-national clients.
BRI’s report covers an overview of public relations in Nigeria, its evolution, and an analysis of BHM’s #PrisDead campaign. For the campaign, about 200 Nigerians from three major cities (Lagos, Port-Harcourt and Abuja) were interviewed for the offline section of the research, with findings already presented in a series of videos, infographics, memes, blurbs and articles.
Also contained is a detailed overview on the perception and reception of PR in Nigeria. Here, case studies include the defunct Virgin Nigeria, Indomie Noodles and even musicians Don Jazzy, Dr. Sid and Sound Sultan. Readers can also expect inside analysis on challenges such as the “brown envelope” syndrome bedevilling the media industry, and the future of PR with a focus on how social media is disrupting the industry and how practitioners can adapt.
Ayeni explained that: “the aim is to shed more light on the workings of the PR industry in Nigeria and chronicle the public – and practitioners’ – perception of the industry, with a view to ensuring its development moves apace with global standards of practice and the changing consumer demographics and preferences Nigeria is experiencing.”
The report concludes powerfully, with the data-rich results of BRI’s survey of PR firms, analysing various indices of the industry, including: revenue; average PR budget; clients & contracts; services offered, as well as age and staff strength of the reviewed firms.
It proffers recommendations, alongside extensive quotes from eminent experts in Nigeria’s PR Industry, including Yomi Badejo-Okusanya, MD CMC Connect Burson Marstellar, Biodun Shobanjo, Chairman Troyka Holdings; Chido Nwakanma, MD,Blueflower Communications Limited and John Ehiguese, President, Public Relations Consultants Association of Nigeria (PRCAN) and CEO of Mediacraft Associates.
President, PRCAN, John EhigueseTampiri Irimagha Akemu, MD Sesema PR
The primary audience for the maiden and subsequent issues of the Nigeria PR Report are chief executives, brand managers, students, institutions, journalists, consultants, regulatory bodies and researchers.
Ayeni notes the ultimate goal of the Nigeria PR Report is to“purposefully place Nigeria on the global PR map by producing annual analyses; giving insights into tools, trends, campaigns and issues the industry should pay attention to.”
The report can be downloaded for free on the BlackHouse Media website, as well as on Amazon and iTunes.
A popular and historic city in Akwa Ibom State, Ikot Ekpene also referred to as “raffia city”, is largely regarded as a citadel of arts. The city derives its name from the village of Ikot Ekpene which originally was made up of ten families with a long and rich history. However, it is now mainly inhabited by the Anang people who are noted for their cane furniture and basket handicrafts. Significant exports include basket weaving, sculpture, and most notably, raffia cane furniture which form the basis for the casual name of the town.
Ikot Ekpene is located on the A342 highway parallels to the Calabar coast on the southeast and Aba to the west, with Uyo on the road just to the east an umuahia to the north.
THREE FAMOUS SITES
Ikot Ekpene town plaza
Located in the heart of Ikot Ekpene. The town plaza consists of a long tree lined promenade with two outdoor dining areas either side of an exciting central fountain. A bandstand forms a major architectural feature and is a venue for outdoor entertainment along with a large outdoor viewing screen to show soccer games and films. Complimenting facilities include a maintenance building, car park, public toilets and an access footbridge which in actual fact, seems to draw tourists from far and wide.
The Raffia-Co-operative Stores
A major tourist attraction, the Raffia-Co-operative Stores at Ikot Ekpene is popular for the raffia crafts and masquerades.
Ikot Ekpene Main Market
An old market in the city, this market provides an interesting glimpse into city’s culture. It is usually abuzz with middle class shoppers, all swarming around its roadside stalls and showrooms. tourists most times explore this markets for souvenirs.
LODGING
From budget B&Bs and Motels to stylish boutique hotels as well as the new Starwood hotel – Four Points Ikot Ekpene, the city has some fantastic overnight options. The best choices are the numerous small budget hotels and B&Bs scattered around the old town. The rooms start from as low as NGN1,500 (New Kevino Hotel )on Jovago.com, and the stylish boutique hotels are affordable at a range of NGN 7,000 – NGN10,000. A popular city in the area, the top choices are often full, so visitors may want to make reservations well in advance, especially for weekends.
SHOPPING
Shopping is always a personal experience and Ikot Ekpene offers a opportunities to gain this experience. The city’s diverse neighborhoods offer virtually every type of shopping imaginable, from local foods and products to arts and crafts, also trendy threads. The vibrant atmosphere the local markets also can make shopping lots of fun. In fact, Ikot Ekpene has some of the best markets in India, with a lot of art and handicrafts. These town plaza as well is a treasure trove of merchandise waiting to be discovered.
EATING
Full of culinary secrets, a walk through the boulevards of Ikot ekpene is likely to lead you to countless food joints that are drenched with the aromas of good food and the hum of both hungry and satisfied customers. Thanks to a preponderance of bukkas, street food vendors, fast foods and fancy restaurants, Ikot Ekpene can be a foodie’s paradise; lending a much-needed retail counterpoint to all that earnest craft and art exhibits around the city. Favourite food spots include Foodsput, Hi-Point bar, tenlex bar e.t.c , and some of the local foods to try include: Ekpang Nkukwo, Afang, Atama Soup and Editang Ikong .
FUN FACT
The people of Ikot Ekpene have a holiday tagged “ Ikot Ekpene Day”. The day is set aside to honour the city of Ikot Ekpene, also called “the Raffia City”. The celebration which is observed by the town’s inhabitants and original families, takes place shortly after Christmas and is celebrated annually .
The Nigerian equities market maintained a positive outlook for the second week as investor took advantage of undervalued stocks.
At the end of weekly trading, index movement shows that the NSE All-Share Index and market capitalization appreciated by 89.65 points and N31 billion represented 0.38 per cent to close at 23,916.15 points and N8.225 trillion respectively.
Transaction level by volume and value of trades recorded a decline of 48 per cent and 12 per cent respectively in contrast to last week’s closing levels. In the week under review, a total of 1.13 billion shares valued at N9.46 billion were exchanged in 16,336 number of deals compared to 2.18 billion shares valued at N10.75 billion exchanged in 20,136 deals recorded in the previous trading week.
On day by day transactions, financial sector pushed the equities market on Monday as market capitalization appreciated by N48 billion to settled at N8.252 trillion from N8.194 trillion.
Also the NSE All Share Index closed at 23,963.64 points after gaining 137.14 points as a result of investor demand in low priced stocks particularly in the financial sector.
The total value traded increased to N2.1 billion from N1.8 million having gained 11.5 per cent while volume traded decreased by 78.6 per cent to settle at 215.2 million units.
Despite the positive return seen in the broader market, the Consumer goods sector lost 0.3 per cent, on the back losses of 4.8 per cent decline in Nigerian Breweries stock prices. This was despite solid gains recorded by and 7-Up and Guinness Nigeria. In addition to this, Lafarge Africa also lost 1.2 per cent of its share price pushing the Industrial Goods sector returns to -0.2 per cent. Conversely, the financial services sector returned 2.4 per cent as gains in Zenith Bank and
Guaranty Trust Bank pushed up returns. Gains in Oando and Seplat Petroleum Development Company also drove the 0.9 per cent return seen in the Oil and Gas sector.
The total value traded decreased to N1.61 billion having lost 21.9 per cent while volume traded decreased by 33.6 per cent to settle at 142.9 million units. Market breath closed lower as 15 equity prices rose while 23 declined.
Investors’ confidence remained fragile, as outcomes of the Monetary Policy Committee meeting appeared to have done little in calming investor nerves.
The market capitalisation however recorded another N109 billion gain on Friday to settle at N8.225 trillion.
The All share Index also surged by 317.30 points represented 1.34 per cent to close at 23,916.15 points.
Summary of price changes shows that 38 equities appreciated in price during the week, higher than 27 equities of the preceding week.
Twenty-Nine equities depreciated in price, lower than 41 equities of the previous week, while 123 equities remained unchanged, higher than 122 equities recorded in the preceding week.
Giant soda manufacturer, Coca-Cola has bought a 40 percent stake in Nigerian juice and snack producer Chi Ltd, it said on Saturday, January 30.
The U.S. drinks maker bought the stake from unlisted TGI Group, the two companies said in a joint statement, but did not disclose the value of the sale.
Coca-Cola “intends to increase ownership within three years, subject to regulatory approvals while working on other long-term commercial structures”, the statement said.
It already has a significant presence in Nigeria selling its fizzy drinks.
One industry source said Coca-Cola was paying a “triple-digit-million-dollar” amount for the stake. Sources told Reuters last year Chi was valued at as much as $1 billion.
Lagos-based Chi Ltd, whose owners had been considering a sale for some time, produces mostly fruit drinks, iced teas, snacks and dairy products. TGI is owned by a European family, according to industry sources.
“The parties have agreed to jointly discuss and explore other opportunities in the region to further develop this relationship,” the statement said, without elaborating.
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