Investors Sell Stocks in Panic, Shift Focus to Bonds, Others

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Modupe Gbadeyanka The Nigeria Police Force (NPF) has explained why it cannot neither apprehend nor investigate the embattled Minister of Finance, Mrs Kemi Adeosun, over an allegation of possession of forged exemption certificate of the National Youth Service Corps (NYSC). Speaking with newsmen on Tuesday, spokesman of the security agency, Mr Jimoh Moshood, disclosed that no one has formally come forward to lay a complaint against her. According to him, police cannot start acting based on allegations on the pages of newspapers or the internet. “There must be a complaint, either written or verbal to us. You must write

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has promised to consolidate on its administration’s infrastructural renewal drive with the construction of 181 local government roads in the current fiscal year, saying the process for the award of the contract would commence next week. Mr Ambode made this known on Thursday while speaking at the first Quarterly Town Hall Meeting for 2017, the sixth in the series, held at the Ajelogo Housing Scheme, Ajelogo Market Road, Akanimodo, Mile 12. The Governor noted that the 181 roads is an improvement on the 114 roads, two in each local government, which

By Modupe Gbadeyanka Chile and Swaziland have ratified the Trade Facilitation Agreement (TFA). Their submission of the instruments of acceptance to the WTO on 21 November means that nearly 90 per cent of the ratifications needed to bring the TFA into force have now been received Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and

By Quantitative Financial Analytics The impressive performance of APT Pension Fund Managers continued in the month of April when it recorded the highest monthly return in both the RSA and Retiree fund category of pension funds. It will be recalled that the APT RSA and Retiree funds toped the performance chart for the first quarter of 2017 with 3.77 percent and 4.56 percent returns respectively. Performance analysis by Quantitative Financial Analytics shows that APT pension funds returned 5.63 percent and 6.11 percent on its RSA and Retiree funds for the first four months of 2017 yielding an annualized return of

By Dipo Olowookere Chairman and Chief Executive Officer of Dunn Loren Merrifield Group (DLM), Mr Sonnie Ayere, has been sworn-in as the new President of Association of Issuing Houses of Nigeria (AIHN). At an investiture ceremony held in Lagos on Wednesday, August 31, 2016, and attended by members of the group, Mr Ayere promised to take the association to greater heights. Mr Ayere was installed at the ceremony alongside other key principals of AIHN, including Mr Ike Chioke as the 2nd Vice-President and Mr Chuka Eseka, 1st Vice-President. The event was part of activities in the association’s Annual General Meeting.

By Adedapo Adesanya In line with the latest directive by the Federal Inland Revenue Service (FIRS), tenants will now have to pay six per cent stamp duty on all tenancy and lease agreements. In a notice to landlords and property agents signed by the tax agency’s Director of Communications and Liaison Department, Mr Abdullahi Ahmad, on Wednesday, it said the funds are expected to be remitted by landlords in order not to run afoul of the Stamp Duty Act. This simply means that the responsibility of collection and remittance falls on the landlord or agent in charge of the property

By FBNQuest The Nigerian investment market is rich and viable, with the money market yields relatively high and quite attractive compared to global interest rates. There has never been a better time for Nigerians, as well as foreign investors, to tap into the strength of the Nigerian investment story. The bonds market is on a strong growth course, equities have a strong long-term potential, and investment options are attractive for offshore investors. If you are looking for new ways to invest your US Dollars (USD) in the ever-changing economic environment, the FBN Nigeria Eurobond (USD) Fund is a credible option.

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O) as part of measures to reduce disputes in real estate related transactions and generate more revenue. This was disclosed in a press statement issued by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja on Thursday. He explained that the new policy was necessary so as to give the instruments the legal backing required and make them legally binding on all parties involved in such transactions. Mr Ahmad asked