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Market Capitalization Sheds N29billion As More Investors Sell Holdings

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March 17, 2016

Sustained profit taking on the Nigerian Stock Market dragged Market Capitalization down by N29billion as more investors sold their holdings.

Dangote Sugar Plc led the gainers’ table with 30 kobo or 4.99 per cent to close at N6.31 per share, followed by Unity Bank Plc with three kobo or 4.69 per cent to close at 67 kobo per share. On the flip side, Oando Plc shed 46 kobo or 9.54 per cent to close at N4.36 per share, while Tiger Brands Plc dropped 19 kobo or 6.25 per cent to close at N2.85 per share.

Meanwhile, Nestle Nigeria Plc has reported a profit after tax of N23.7 billion for the financial year ended December 31, 2015, a marginal increase of 6.8 per cent from N22.2 billion recorded in the same period of 2014.

The company proposed a final dividend of N19.00 per share, representing an increase of 19 per cent over the payout to shareholders last year.

The company, which recorded a decline of 19.6 per cent in finance income, declared a revenue of N151.3 billion, from N143.3 billion recorded in the corresponding period of 2014.

“FG Reconciling N7.96billion Additional Subsidy Claim” – NNPC

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March 17, 2016

The Nigeria National Petroleum Corporation, NNPC, on Wednesday, March 16, stated that the Federal Government was reconciling additional N7.96 billion subsidy claims.

In its rejoinder to the report of Auditor-General of the Federation (AGF) Samuel Ukura that indicted the NNPC for failing to remit N3.235 trillion, the Group Executive Director/Chief Financial Officer (Finance & Accounts), Isiaka Andulrazaq, said that the Petroleum Products Pricing Regulatory Agency (PPPRA) had approved and certified that N2.34 trillion was spent on fuel subsidy between January 2012 and December 2014.

It added that the figure owed to the Federation Account as at January 2015 Federation Account Allocation Committee (FAAC) meeting report was N326,142,137,205.79 (which is still being reconciled) and not the N3.23 trillion alleged by the AGF.

According to the rejonder, “the total amount of subsidy that have been approved and certified by PPPRA for the period of January 2012 to December 2014 was N2.34 trillion. An additional N7.96 billion subsidy claim is still under reconciliation.”

f natural gas allegedly transferred to some undisclosed ‘coded account’, it should be noted that NNPC does not have secret accounts.

It said: “The fact is that the alleged $235Million represent proceeds from the sale of gas feed stock to Nigerian Liquefied Natural Gas Limited (NLNG) that was used to repay part of the Modified Carry Agreement (MCA) loans, applicable royalty to DPR and tax to FIRS.

“The MCA loan was contracted specifically to fund the development of upstream oil and gas projects whose transactions are regularly reported to FAAC as part of the reconciliation of the revenues to NNPC, FIRS and DPR. The MCA and all other alternative funding arrangements are annually appropriated by the National Assembly and are therefore fully disclosed to FAAC on monthly basis.”

NSE Moves 4.34billion Shares Worth N4.69billion Over Intense Sell Pressure

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March 17, 2016

Investors on the Nigerian Stock Exchange, NSE, on Wednesday, March 16, staked N4.69 billion on 4.34 billion shares exchanged in 4,125 deals as sell pressure intensifies.

This figure was against the 287.04 million shares worth N2.67 billion traded in 4,561 deals on Tuesday, March 15.

Unity Capital drove the volume of shares traded, trading 4.16 billion shares worth N3.20 billion achieved in one deal.

Zenith Bank accounted for 44.52 million shares valued at N560.55 million traded in 749 deals, while UBA sold 21.69 million shares worth N78.34 million achieved in 236 deals.

FCMB Group transacted 17.47 million shares valued at N14.09 million in 185 deals, while Transcorp exchanged 14.77 million shares valued at N16.28 million transacted in 135 deals.

OPEC, Non-OPEC Producers Set To Meet in Doha on April 17

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March 17, 2016

The Organization of Petroleum Exporting Countries, OPEC, and non-OPEC producing countries will hold a meeting in Doha, Qatar on April 17 as part of efforts to freeze crude oil output and prop up prices.

The renewed cooperation between OPEC and non-OPEC members had led to a rise in the price of oil above $40 per barrel but that was still a fraction of the $115 per barrel of 20 months ago.

However, Iran’s latest position that it would only join the discussions for cooperation after its output has hit 4 million barrels per day (mbpd), had led the price to slump below $40 per barrel before it rose on Wednesday.

Iran’s oil exports are due to reach 2mbpd in the Iranian month that ends on March 19, up from 1.75 million in December 2015.

Iran’s position also made the scheduled meeting of OPEC members with Russia on March 20 to look unlikely.

However, Wednesday’s announcement by Qatari Oil Minister, Mohammed Bin Saleh Al-Sada, who is also the President of OPEC that the members of the cartel and non- member producers would meet in Doha on April 17 will likely renew confidence in the oil market.

“This comes as a follow-up to the meeting that was held last month in Doha between Qatar, Saudi Arabia, Russia and Venezuela at which they proposed an accord to freeze oil output at January 2016 levels and called on other producers to do so,” Bin Saleh Al-Sada was quoted by Reuters as saying in a statement.

The statement said that to date, around 15 OPEC and non-OPEC producers, accounting for about 73 per cent of global oil output, are supporting this initiative.

Glo Maintains Lead in Data Subscription

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March 17, 2016

According to the figures for new internet customers released for 2016 by the Nigerian Communications Commission, NCC, Nigeria owned telecommunications company, Globacom, has maintained a lead position in data subscription from 2015 to 2016.

In the new industry figures showing the number of new data customers, each of the four major operators added to their subscription number in January 2016, with Globacom leading with 354,178 subscribers joining its internet customer base.

The figure, published on the website of the industry regulators, represents 94.7 per cent of the total number of 373,835 new internet customers for the four major operators.

While MTN recorded a drop in its data customer base with 1,705,878 internet users leaving its network in January. Etisalat lost 94,115 internet customers in January, and Airtel gained 19,657 new subscribers in the same month.
With the release of the January statistics, a clearer picture has emerged on how the operators fared over the last 12 months.
An analysis of the 12 months figures shows that Globacom added a total of 7,251,657 new internet users during the period which is 53 per cent of the total 13.644 million new customers who subscribed to internet services of the four major operators.

Etisalat came second with a total of 5,431,190 new internet customers, while Airtel finished third with 961,548 new data customers in the 12 months period.

On the other hand, MTN recorded a net loss of 1,059,160 data subscribers in the last one year, as more data subscribers left the network than those who joined.

The January 2016 figures are a reflection of the trend witnessed in the last quarter of 2015.

A breakdown of the industry figures for that quarter showed that Globacom had 23,285,454 internet users in October, 24,952,559 in November and 25,082,066 in December, which is an addition of 3.2 million new internet subscribers in the quarter.

On the other hand MTN, Airtel and Etisalat all lost subscribers within the period. MTN which had a total of 41,835,294 internet subscribers at the beginning of October 2015 had 39,924,737 data subscribers at the end of December, a loss of almost two million customers.

Similarly, Airtel, which began the last quarter of 2015 with 17,730,955 internet customers ended with 16,835,952, a loss of nearly 900,000 subscribers.

AMCON Liabilities Currently Stands At N6.6trillion

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March 17, 2016

The managing director of Asset Management Corporation of Nigeria, AMCON, Ahmed Lawan Kuru has revealed that the company’s liabilities currently stands at N6.6 trillion

The AMCON Boss, who disclosed this during an investigative hearing by the House of Representatives ad-hoc committee on alleged fraudulent sale of banks by AMCON, maintained he was unaware of most of the transactions in the sale of Enterprise Bank to Skye Bank, but however confirmed that due diligence was adhered to in the deal.

Kuru who took over the office late 2015, also explained that the liabilities were incurred after the purchase of bad loans worth N3.3 trillion at the sum of N1.7 trillion.

He told the committee that it took over Aero because it owns 60 per cent stake in Aero and needed to recover its money, noting that Aero showed weak corporate governance as opposed to Arik Airline, which has a strong corporate governance and is making efforts towards paying its debts.

He said: “We own 60 per cent equity in Aero. This is in addition to a N12 billion debt and it showed weak corporate governance. It plunged from a fleet of 15 in 2015, to three. We envisaged that if we did not intervene, there would not be any Aero in future.”

”Arik is a very solid airline as it were and has not shown signs of weak corporate governance and I believe in the next two weeks, we will resolve our issues’, Kuru stated.

The Committee expressed concern over the rise in AMCON’s liabilities particularly as it owes the Central Bank of Nigeria N4.5 trillion.

NFF to Demand N10million Refund from Oliseh Over Resignation

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March 17, 2016

The Nigeria Football Federation, NFF, will write to former Head Coach of the Super Eagles, Sunday Oliseh, who resigned abruptly in February, to refund the sum of N10 million.

Chairman of the NFF Technical and Development Committee, Chris Green, who disclosed this, noted that the Green House will demand a refund of the five million naira paid him in lieu of his accommodation in Nigeria, and the February 2016 salary (another five million naira) that should serve in lieu of his one month notice of resignation.

Oliseh announced his resignation in February , about a month to a crucial Africa Cup of Nations qualifier against Egypt in Kaduna, claiming that he was not getting the supports of the NFF.

“Oliseh showed a lack of heart in the way he left. And he was purely grandstanding when claiming some persons spoke to him to drop a law suit, when he knew from the beginning that he had no case.” Green said.

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