Capital market operators on Wednesday, January 27 called on the Federal Government to put a halt to the crash in the market which has caused a massive loss of N4 trillion in 25 months.
The Nigerian equities market has lost nearly one-fifth of its capitalization so far this year.
At a media briefing on the state of the capital market in Lagos, stakeholders under the auspices of the Chartered Institute of Stockbrokers (CIS), Association of Stockbroking Houses of Nigeria (ASHON) and Association of Issuing Houses of Nigeria (AIHN) said the Central Bank of Nigeria (CBN) should create a N200 billion intervention fund for market makers as a short-term measure to stave off the downward trend orchestrated by divesting foreign portfolio investors.
They also called on the government to step in to support the market at any time of steep decline by buying and warehousing shares as this is a common practice in advanced markets where government takes active interest in the performance of the capital market.
Market operators said government should use the platform of the Nigerian capital market for funding of its 2016 budget as well as continuing privatization of government agencies and corporations.
Stakeholders also called on Securities and Exchange Commission (SEC) to structure unclaimed dividends in a way that they could be reinvested in the capital market.
Market operators said government should take a bold long-term move of instituting a zero interest policy for banks in order to discourage recourse to short-term money market instruments and to encourage long-term savings and investments.
Acting president, Chartered Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe, noted that the Nigerian capital market has been going through challenges that are not uncommon with other markets especially the automated markets which operate in a crest and trough pattern in response to variables in the macro economy and within the market itself.
He pointed out that the current steep decline at the stock market is due to three main factors including adverse macro-economic environment largely due to the drastic drop in the price of crude oil, negative public sentiment which is related to the state of the macro-economy and the retreat of foreign portfolio investors which is related to CBN’s policy on foreign exchange.
President, Association of Stockbroking Houses of Nigeria (ASHON), Mr Emeka Madubuike, explained that the N200 billion intervention fund would provide liquidity to the market makers such that each market maker should be able to access between N1 billion and N10 billion in concessionary funding.
The Nigerian Export Promotion Council, NEPC, has stated that it has marked down 11 strategic products and 21 countries to market Nigerian goods.
The was contained in a statement issued by Head, Public Relations of the council,Joe Itah in Abuja on Wednesday,January 27.
The NEPC said this would help to grow non-oil foreign exchange income from 2.7 billion dollars to 30 billion dollars in five years.
“More recently, we have developed the Zero Oil Plan in response to this administration’s charge that Nigeria must begin to look for new drivers of the economy.
“The plan is Nigeria’s strategic effort to build an economy that does not need oil to survive and can serve as a major flagship economic programme for the country.
“The plan identifies 11 strategic products and 21 countries for Nigerian goods to grow non-oil foreign exchange from 2.7 billion today to 30 billion dollars in five years,’’ it stated.
The steps, it noted were the One-State-One Product programme for assisting each state to develop and promote a choice exportable product where it had comparative and competitive edge.
Others are the 13 National Strategic Export Products which are in three categories.
The categories are Agro Industrial – Palm Oil, Cocoa, Cashew, Sugar and Rice.
The mining related products are cement, iron ore and metals, auto parts and cars, aluminium, while oil and gas industrial products, include petroleum products, fertiliser and urea, petrochemical and methanol.
Also, the Nigerian Diaspora Export programme which has three major components targeted at Nigerians in diaspora.
“The components are cuisine beyond borders, establishment of Nigerian Heritage Houses and encouraging our teaming diasporas to invest in the non-oil export sector,’’ the statement said.
It stated that the minister announced plans to organise a national agricultural summit aimed at engaging the youth to get their buy-in and change the orientation that agriculture was only meant for never-do-wells.
The statement said the minister commended the council for articulating a Zero Oil Plan to support the rapid diversification of the nation’s economy through non-oil exports.
The World Bank has lowered its 2016 projection for crude oil prices in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.
The lower forecast reflects a number of supply and demand factors.
These include sooner-than-expected pick up of exports by the Islamic Republic of Iran, greater resilience in U.S. production due to cost cuts and efficiency gains, a mild winter in the Northern Hemisphere, and weak growth prospects in major emerging market economies, according to the World Bank’s latest quarterly report.
Oil prices dipped by 47 per cent last year and are expected to decline, on an annual average, by another 27 per cent this year.
However, from current lows, a gradual recovery in oil prices is expected over the course of the year, for several reasons. First, the sharp oil price drop early this year does not appear fully warranted by fundamental drivers of oil demand and supply, and is likely to partly reverse.
Second, high-cost oil producers are expected to sustain persistent losses and increasingly make production cuts that are likely to outweigh any additional capacity coming to the market. Third, demand is expected to strengthen somewhat with a modest pickup in global growth.
The anticipated oil price recovery is forecast to be smaller than the rebounds that followed sharp drops in 2008, 1998, and 1986. The price outlook remains subject to considerable downside risks.
“Low prices for oil and commodities are likely to be with us for some time. While we see some prospect for commodity prices to rise slightly over the next two years, significant downside risks remain,” said John Baffes, Senior Economist and lead author of the Commodities Markets Outlook.
The Nigeria Customs Service, Federal Operations Unit, Zone “C”, Owerri, Imo State has confiscated illegally imported items with an overall Duty Paid Value of N145,165,705.
The Customs Area Controller of the zone, Mr. Haruna Mamudu, said the seizures occurred on the Benin expressway, Aba-Eleme- Port Harcourt road and the Aba-Eleme axis.
Mamudu, who spoke with newsmen in Owerri, said that the seizures made were 1,500 cartons of poultry products, (concealed with scaffolding iron, big drums and wheel barrows) with a DPV of N21,000,000 and a truck load of 156 jumbo bales of second hand clothing with a DPV of N26,892,000.
“Also impounded was a truck load of fake and unregistered medicaments made up of 190 cartons of Tremadol, 10 sodium laury/sulphate, 30 bags of potassium chloride, 10 bags of fatty alcohol and 39 bags of sodium citrate with a DPV of N87,228,105.”
Others, according to him, are 1,700 pairs of shoes with a DPV of N2,778,000, 115 pieces of used tyres with DPV of N624,000 and assorted foreign soap/cosmetic with DPV of N6,573,600.”
He however assured that, the NCS would continue to ensure zero tolerance for corruption as has been enunciated by the Comptroller-General of Customs, Col. Hameed Ibrahim Ali (retd.).
Mamudu, said the NCS would apply strict measures to block all areas of leakages to meet up with its revenue target, and also told members of the custom service to be bucle up so as to meet up with the requirements of the current administration.
The Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr. Emeka Ene has disclosed that Nigerian oil firms may be producing at up to $5/barrel loss, as average production costs for independent and marginal field producers is between $30 and $35/barrel and also with pipeline vandalism activities on the rise, costs may shoot up by another $10/barrel.
Oil prices, yesterday, resumed their free fall, with Brent crude, similar to Nigeria’s sweet crude grade, falling 2.6 per cent to $31.34 a barrel following a 10 per cent rise on Friday, while U.S. oil shed 95 cents to $31.24.
However, industry executives have insisted that the Federal Government needs to talk with Nigerian producers and come up with possible solutions, if it must save indigenous companies from running aground and plunging the economy into deeper crisis than it is in already.
The Minister of Power, Works and Housing, Mr Babatunde Fashola has reiterated the Federal Government’s determination to increase the capacity of transmission stations in order to achieve optimal power delivery across the country.
The minister, who had earlier undertaken an assessment visit to the Site and Services Scheme and Apir 330/132/33KV Transmission Station both in Makurdi, said the visit was undertaken to assess the capacity needs of the power station in order to make appropriate arrangement to boost its transformer capacity for maximum transmission of power.
Fashola urged state works commissioners to work intimately with state controllers of works in order for them to be abreast of the Federal Government agenda for infrastructure development.
Lagos is a hilarious comedy zone. Its people have the most peculiar mannerisms and as you drive or walk through the street, there is always something to make you laugh.
One place to find the most-queer lot are at Lagos parties. Nigerians love to party. This is why on Saturdays’, at almost every nook and cranny of the bubbly city, giant loudspeakers and grand canopies litter around with people sauntering to and fro in dapper costumes as they clamour for a good time. Read on as Jovago.com, Africa’s No 1 hotel booking portal identifies some of them.
The uninvited guests
It is normal practice that only persons with an invitation card should be granted entry into a party. But, in a populated city like Lagos, you will always find someone that makes it their life-goal to gatecrash a party. In light of this, the organizers often ensure adequate security at the venue to curtail the excesses of uninvited guests…but they somehow still find their way through.
The third party friend
They are not familiar with the host of the party but they have a good rapport with a ‘big shot’ who can get them into the loudest beanfeast in Lagos.
At these parties, the third-party-friend flanks the influential individual like a bodyguard and expect to be given the same VIP treatment. In addition, they brag and overhype themselves but, if you do a thorough background check on them, they are simply opportunists.
The glutton
Refreshment is each glutton’s primary concern. Every other thing is secondary. He positions himself where he can receive everything that is being distributed – food, soft drink, water and alcohol. His appetite is insatiable as he voraciously munches all day long on the streets without a care as to who’s watching him! This is your typical Lagos hustler and in this city, he’s always around the corners.
The praise singers
Nigerians love being praised and this is why you will often find these lot at parties. Their aim is to extract money from you by singing rhythmic songs accompanied by deft beats from a talking drum. If you are not careful, you will spend all your money on them as they can compliment you to high-heavens. To keep your wallet safe, it is either you ignore them or offer them a generous token.
With the International Monetary Fund throwing its weight behind the Central Bank of Nigeria’s plan to shift policies supporting foreign exchange restrictions and devaluation, stakeholders raise alarm over the nation’s economic outlook.
The Monetary Policy Committee of the CBN spread panic on Tuesday when it released a communique hinting at long periods of harsh economic downturn following low receipts from oil revenue.
As crude oil prices level at $30.05 per barrel and tight regulations clamp down on foreign exchange liquidity, analysts have expressed further concern over the CBN’s refusal to adjust the naira to reflect market rates in order for businesses to cut losses.
Bismark Rewane, chief executive officer of the Financial Derivatives Company told Bloomberg that the “currency is being put under pressure and is misaligned. Ghana and South Africa have already moved to equilibrium but Nigeria has not really accepted that the currency is in disequilibrium”
While stakeholders call for a free-float of the naira, players in the market sector have also highlighted the need for ease of access to sourcing foreign exchange to service international obligations.
The CBN which recently halted dollar sales to non-banking fiscal operators, has further refused to review the status of naira in a move that worsens the FX liquidity of financial institutions and has businesses struggling to find dollars on the parallel market amid tight liquidity.
Addressing the issue, Kushal Dutta, Managing Director of Jovago Nigeria said, “For a dollar-denominated economy, access to foreign exchange is critical to personal and institutional financing especially in light of the prevailing economic realities in the country.”
According to Dutta, “Early performance indicators show us that the trade sector is observing a sharp drop in cashflow. At the moment, investors are seeking instruments that can accommodate dollar receipts but if the restrictions on FX trade continue and the value of the naira continues to spiral out of control, businesses will be faced with significant risk and engagements in offshore transactions will be limited.”
As the market prepares for an economy crunch, the CBN further imposed a N50 stamp duty charge on deposits made in non-salary bank accounts across the nation.
UAC Foods Unveils Harrysong as the New Face of Gala
… Signs Deal with 5 Star Music Group.
UAC Foods Limited, a joint venture business between UAC of Nigeria Plc, (a leading indigenous conglomerate in Nigeria) and Tiger Brands Limited (A South Africa Leading Food Giant) has signed a Brand Ambassadorship deal for its flagship brand – Gala with the 5 Star Music group.
As part of the deal, Harrysong, one of the musicians under the group will be the new face of the brand while other two musicians under the record label KCEE and Skiibii are also expected to promote the brand.
Speaking at the media briefing for the unveiling of the Brand Ambassadors and signing of the deal held on Wednesday January 27,2016 at the company head office in Lagos, the General Manager-Marketing, UAC Foods Limited, Mrs. Joan Ihekwaba explained that the signing of the new brand ambassador is another way through which the company intends to engender a more robust brand affinity with the target consumers and to further reaffirm the leadership positioning of Gala in the category.
Mrs. Ihekwaba also noted that the deal is in line with the ‘Doing Good’ mantra of the UACN group. ’’As a brand from a socially responsible corporate organization, the ‘Naija Snack’ has chosen this endorsement deal as an opportunity to support the Nigerian Music industry, by promoting authentic Nigerian artistes. The numerous fans of Gala should gear up for exciting times as we go into the year 2016’’ she said.
She affirmed that for over 50 years, the brand ‘Gala’ has come to occupy a special place in the hearts of the Nigerian people, by supporting them on their journey to success. ’’At this time we feel it is important for the brand to identify with an ambassador, from the Nigerian Music industry, that represents the values of the Gala brand. This is an industry that has really come of age, excelling to become a strong force in the continent and globally. Harrysong is a proof of this, he is a good fit for the image of the Gala brand’’ she said.
Commenting on the rationale for choosing the brand ambassador, Mrs. Joan Ihekwaba stated that Harrysong and the 5 Star Music Group represent the vibrant, entrepreneurial and indomitable spirit of Nigeria and Nigerians. “They are quite talented and innovative, as evidenced by their huge success and acceptance. Many of their musical efforts are anthems in Nigerian households. These qualities resonate with the Gala DNA and stand them out as ideal ambassadors for Gala’’.
She further stressed that the brand association with the 5 Star Group will further differentiate Gala from the myriad of follower brands, and further expand the geographical footprint of the brand.
On how well Ambassadors will portray the brand and connect with the target consumers, Mrs. Ihekwaba noted that the brand ambassadors especially Harrysong portray the Gala character, speak the language of our target audience. ‘’His musical flair and talent have endeared him to many. His much acclaimed song, ”Reggae Blues” aka ”Share the Gala”, is a hit by many standards and shows how well loved the brand is across the country’’ she said.
‘‘We would like to identify more with the youth of Nigeria by emotionally connecting with their lifestyle. The youth have come to a time where they have to keep going on in the face of several challenges. Every Gala Sausage Roll is a symbol of ‘oomph’. That is why we say Gala keeps you going ” she added.
She revealed that communication channels to be explored include Radio (with Jingles), Television (with music videos), Online communication (with consumer engagement via Social media platforms), as well as Outdoor and Print Media
In his own reaction, the new Gala brand ambassador, Harrysong revealed that he was excited to be the face of Gala brand. He then pledged to ensure that the brand derives maximum value for the investment by promoting the brand among the target audience and his fans through his music and his huge social media network.
The Nigerian Law School, invites applications from suitably qualified candidates to fill the following positions below:
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MainOne’s success is built on having talented and highly proficient people within their respective fields as the driving force behind our business
A job in MainOne is different from any other you have had. With joining MainOne you’ll be challenged, inspired and proud as you become a part of something big.
We are recruiting to fill the vacant position below:
Job Title: Travels & Logistic Officer
Location: Lagos
Department: Corporate Services & Development
Responsibilities
Specifically, the Travels & Logistic Officer’s responsibilities shall include:
Qualifications
Competencies:
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should APPLY
Deloitte is the largest private professional services network in the world. Our reputation for providing high quality services with integrity has earned us the trust of our clients and our people. If you’re ready for a career with a dynamic organisation in an environment that fosters professional development and career advancement, you’re ready for Deloitte. With 210,000 people in over 150 countries, Deloitte member firms serve more than 80 percent of the world’s largest companies as well as large national enterprises, public institutions and successful fast-growing companies.
We are recruiting to fill the below position:
Job Title: Administrator/ Office Manager
Reference Code: 116336
Location: Lagos, Lagos State
Firm Service: Internal Services
Type of Position: Full-time
Reports to: Unit Head
Summary of Role Responsibility
Responsibilities/ Key Performance Areas
Role Specific Competencies/Soft Skills/Qualification
In addition, candidate will be expected to;
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How to Apply
Interested and qualified candidates should APPLY
The Minister of Finance, Mrs Kemi Adeosun, on Tuesday said that N387.8 billion was shared among the federal, states and local governments as revenue for December, 2015.
Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She said that the shared amount comprised the month’s statutory revenue of N315 billion.
“Also, there is the exchange gain of N4.5 billion which is proposed for distribution. Adeosun also said that the money shared included the N6.3 billion that was refunded to the federation account by Nigerian National Petroleum Corporation (NNPC).
“Therefore the total revenue distributable for the month of December, including VAT of N62 billion, is N387.8 billion,” she said.
In Novenber, N369.9 billion was shared to the three tiers of government as revenue for the month, So this month’s allocation shows an increase of N17.9 billion.
Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N147.5 billion, representing 52.68 per cent while states got N74.8 billion, representing 26.72 per cent.
The local governments, she said, received N57.7 billion, amounting to 20.60 per cent of the amount distributed. She said N42.05 billion, representing 13 per cent derivation revenue was shared among the oil producing states. Adeosun also announced that during the month under review, Nigeria Liquified Natural Gas paid a dividend of 150 million dollars which had earlier been distributed to the three tiers of government.
The United Nations Children’s Fund (UNICEF) – In September 2014 UNICEF began implementing a joint programme with UN Women on Women, Peace and Security (WPS) funded by the European Union (EU). The programme will support the Nigerian Government (Federal level), three Northern Nigerian States namely Adamawa, Gombe and Plateau and selected Local Government Areas (LGAs) to strengthen women’s leadership, advance gender equality and improve protection for women and children in conflict settings.
UNICEF is responsible for implementation of Component 2 of the programme, namely ‘to increase access to reporting mechanisms and protective services for girls and women affected by human rights abuses, including gender based violence, in 3 states of northern Nigeria”. This will entail enhancing avenues for reporting of child rights violation and Gender Based Violence in Plateau and Gombe States, strengthening access to and quality of services for children and women who have experienced violence (including gender based violence (GBV), abuse, neglect and exploitation and strengthening the information management system for collecting data on violations.
We are recruiting to fill the following vacant positions:
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Each year on February 14th, many people exchange cards, chocolates, gifts, flowers with their special ”valentine”.
The day of romance we call valentine’s Day is named for a Christian matyr and dates back to the 15th century, but has origins in the Roman holiday Lupercalia.
Many people have chosen this day as a day to celebrate their lovers, although some would say one should celebrate his/her lover every day and not only on Valentines day.
Well, this day comes with a lot of anticipation to impress ones lover,The ladies most especially.
Choosing an outfit can be the hardest part of Valentine’s Day, but deciding what to wear really depends on where you are going and what you’re doing.
If you’re going for a meal out or a posh dinner, then wear a cute, slightly formal outfit, or even a sexy red dress at very unbelievable prices.
So do you want to impress your sweetheart this Valentine’s Day? Whether you’re going to spend the day outside or you’re planning on attending a dinner, hanging out with friends, it’s all about romance and love.
We’ve taken time out to select 5 red gorgeous outfits as most ladies always look out for a red outfit for valentine , since red is assumed to be the colour of love.
You would sure look your best this February 14th in one of these fab dresses at unbelievable prices.
2) Perfect for that special evening date, i still can’t believe the price.
3) This will really look smart and sexy for a lunch date.
4) You will feel very comfortable, hanging out with friends in this outfit.
5) Guess what!!! mothers are not left out, rock that date with your hubby in this.
In every relationship, travelling has been proven to add spice to any romantic relationship. The justification for this is not far-fetched because couples who travel together are certainly guaranteed to spend more time together.
In spite of the seamless advantages of travel in relationships, some people still vehemently reject the opportunity to discover and explore nature when invited. For this reason, Jovago.com, Africa’s No 1 hotel booking portal shares 5 tip on why some people you care about will never go on a trip with you.
Terrible planning
Those who do not plan, plan to fail goes a wise saying. Hence, to get your partner riled up about travelling with you, the planning must be near perfect. In other words, spell out your itinerary and ensure that there are no hitches.
The hotels should be booked, the pickup car must arrive at the agreed time, and the choice destination needs to be adorable and charming. Importantly, ensure that you correspond with your partner on getting a convenient time, date and destination to visit. Travelling should not be an element of surprise except both partners understand each other.
They do not love you
Travel fuels love and breeds better understanding among couples. If the timing is right and the vacation is well-thought-out, your partner should readily travel with you. However, if your partner does not love or cherish you, they will reject your advances. It is worthwhile, to look out for signs that she is interested in travelling before making any plans or else you will be disappointed.
Flight Phobia
Flying freaks some people out and they have vowed never to go near an airport! They do not mind driving the entire distance. In light of this, you would be wasting your hard-earned money if you book a flight for someone that has flight-fright. Unless you can convince them about flying, plan a road trip.
No new adventure
Doing something the same way will yield the same result. When your partner visits the same spot, eat the same food and play the same game over and over again, they get bored. In the long run, they will shrug off all attempts to travel with you. Since variety is the spice of life, try as much as possible to be creative whenever you go on a journey with your significant other.
Cash-strapped
A luxurious getaway is quite expensive even though there are creative ways to travel on a budget. The best time not to travel is when you are cash-strapped because the journey will be replete with avoidable hiccups. If your partner gets a whiff of this they may never go anywhere with you since they do not want the harrowing and depressing reward of a cash-strapped journey.
Vice President, Yemi Osinbajo has said that Nigeria is ready for the challenges of poverty and declining oil revenue by exploring all sources of trade and investment to boost the country’s economy, and that the Mohammed Buhari administration has taken vital steps to tackle the problem of poverty in Nigeria.
The Vice President made this statement at the opening of a roundtable between Nigeria and U.S. Trade Mission at the Banquet Hall of the State House.
He said that there are immense opportunities in agriculture, solid minerals and power that government is exploring for diversifying the economy, and that the federal government was working hard to get the right policies and take the right steps to achieve an inclusive growth for citizens and the country.
He also solicited for support from the U.S. to offer some direction and help in the re-structuring of the Nigerian economy.
The U.S. Secretary of State, Trade Mission, Ms Penny Pritzker, expressed her country’s readiness to improve on its trade relations with Nigeria as the strength of Nigeria’s economy made it very viable and difficult for anyone to ignore.
