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Nigeria’s One-Year Treasury Bills Jump to 4%



treasury bills yields

By Dipo Olowookere

Sanity is gradually returning to the fixed income space, especially the treasury bills market as the yields are rising again after almost hitting the zero level.

On Wednesday, the Central Bank of Nigeria (CBN) auctioned some of the debt instruments at the primary market and it was observed that the stop rates were raised during the session.

Like in the previous exercises, the bills were issued across three maturities; 91-day bill, 182-day bill and 364-day bill.

Business Post reports that N19.8 billion worth of the three-month tenor was offered for sale, N10.0 billion worth of the six-month tenor and N140.0 billion worth of the 12-month tenor were also auctioned.

As a result of the attractive yields in the space, investors maintained their high appetite for the instrument and this reflected in the level of participation.

It was observed that N30.6 billion worth of the short-term maturity was subscribed by investors, while subscriptions worth N21.9 billion were received for the mid-term maturity, with bids valued at N146.2 billion received for the long-term maturity.

However, for the allotment, the apex bank sold N24.7 billion of the 91-day bill, N16.1 billion of the 182-day bill and N90.2 billion of the 364-day bill.

For the stop rates, the CBN raised the 91-day bill to 1.00 per cent from 0.45 per cent, the stop rate of the 182-day bill was hiked to 2.00 per cent from 1.30 per cent, while the rate of the 364-day was moved higher to 4.00 per cent from 2.00 per cent.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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300% ROI in 4 Weeks: Ponzi Scheme Operator Opts for Plea Bargain



Kano Ponzi Scheme Operator

By Aduragbemi Omiyale

A Ponzi scheme operator based in Kano State, Mrs Maryam Abu Shinga, who lured her victims with a return on investment of 300 per cent in four weeks, has opted for a plea bargain.

According to the Economic and Financial Crimes Commission (EFCC), which arraigned her, she was able to entice investors when she told them she was investing their funds in gold mining business.

But unknown to the unsuspecting investors, Mrs Shinga was not into the gold mining business she claimed. She was able to pay some early investors with funds taken from new victims.

The anti-graft agency informed Justice Lewis Allagoa of the Federal High Court, Kano that Mrs Shinga told her victims that when they invest N500,000 in her business, she would give them N1.5 million in four weeks.

This claim was enticing to some investors, who parted away with their funds with the hopes of getting 300 per cent of the money within a month.

The EFCC, during the trial, told the court the Ponzi scheme operator allegedly diverted about N394.5 million she collected from different investors.

When she was arraigned on a one-count amended charge of retention of proceeds of crime, she pleaded ‘not guilty’, thereby setting the stage for trial.

During the trial which commenced on January 23, 2020, the prosecution called five witnesses and tendered several documents in evidence. However, before the prosecution could close its case, she opted for a plea bargain.

On Tuesday, March 2, 2021, while delivering his judgment, Justice Allagoa accepted the terms of a plea bargain agreement, convicted and sentenced the defendant to restitute the complainants in the sum of N110 million.

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Nigeria to Commence of Export Ammonia to Morocco



Export Ammonia

By Adedapo Adesanya

Nigeria will soon start exporting ammonia to Morocco following the signing of five strategic Memorandum of Understandings (MOUs) between the federal government and the Kingdom of Morocco.

Both parties signed the agreements on Tuesday in a move that would foster Nigerian – Morocco bilateral collaboration and promote the development of hydrocarbons, agriculture, and commerce in both countries.

The Minister of State for Petroleum Resources, Mr Timipre Sylva, led the Nigerian delegation to the agreement signing ceremony at Marrakech, Morocco, while the Chief Executive Officer of OCP Africa, Mr Anouar Jamali signed for the Kingdom of Morocco.

Under the agreement between OCP, Nigeria Sovereign Investment Authority (NSIA) and the Nigerian National Petroleum Corporation (NNPC), Nigeria will export ammonia and import phosphate from the Kingdom of Morocco and use it to produce blended fertiliser for the local market and export.

As part of the project, the Nigerian government plans to establish an Ammonia plant at Akwa Ibom State.

The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Kesiye Wabote and the Group Managing Director of NNPC, Mr Mele Kyari were part of the delegation and they confirmed that their organisations would take equity in the Ammonia plant when the Final Investment Decision (FID) would be taken.

Other members of the delegation included Governor of Akwa Ibom, Mr Udom Gabriel Emmanuel; Governor of Jigawa State, Mallam Muhammadu Badaru Abubakar and Managing Director of NSIA, Mr Uche Orji.

The Minister confirmed that the project will broaden economic opportunities for the two nations and improve the wellbeing of the people. He added that the project will also positively impact agriculture, stimulate the growth of gas-based industries and lead to massive job creation.

He revealed that President Muhammadu Buhari had mandated the Ministry of Petroleum Resources and its agencies and other government agencies to give maximum support for the project.

“He mandated me to ensure that at least the first phase of this project is commissioned before the expiration of his second term in office in 2023,” he added.

The MOUs that were signed were for the Support of the 2nd phase of the Presidential Fertilizer Initiative; Shareholders Agreement for the creation of the Joint venture company to develop the multipurpose industrial platform and MOU for equity investment by the NNPC in the Joint Venture and support of gas.

Other agreements were term sheet for gas sales and aggregation agreement and MOU for land acquisition and administrative facilitation to the establishment of the multipurpose industrial platform for gas sales and aggregation agreement.

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Value of Nigerian Mutual Funds Reaches N1.43trn



mutual funds

By Aduragbemi Omiyale

The acceptance of mutual funds in the Nigerian capital market is now encouraging, though more efforts still needed to be done to grow the asset class.

Business Post reports that mutual funds involve the pooling of money from different investors for investment in financial assets like bonds, treasury bills, equities and others.

On Tuesday, March 2, 2021, the Fund Managers Association of Nigeria (FMAN) was virtually at the Nigerian Stock Exchange (NSE).

The group, led by its newly elected president, Mrs Tope Omojokun, was honoured with the digital closing gong ceremony.

While speaking at the event, the Divisional Head of Listings Business at the NSE, Mr Olumide Bolumole, disclosed that the participation of investors in mutual funds in Nigeria was encouraging.

According to him, “As at February 19, 2021, the number of registered mutual funds with the Securities and Exchange Commission (SEC) has grown to 102 with NAV of over N1.43 trillion from 76 in 2019 with Net Asset Value (NAV) in excess of N600 billion.”

He further said 56 of these funds with NAV of over N1.24 trillion are listed on the NSE, representing 88.3 per cent of the total NAV.

“This confirms the NSE as the preferred listing destination for this asset class and we will continue to strategically position ourselves to support the growth of our fund managers and our stakeholders,” he said.

Mr Bolumole commended FMAN for the “continuous collaboration in ensuring increased efficiency and investor participation in the Nigerian mutual funds market.” He also congratulated Mrs Omojokun on her election as president of the group.

In her remarks, Mrs Omojokun praised the exchange, saying “working with the NSE has brought about the trading of listed funds on the exchange and are working towards the display of mutual funds prices on the ticker tape of the NSE.”

“Furthermore, we are collaborating with the X-Academy to train our members and the public on adopting best investment practices and we look forward to other avenues to work together for the development of the capital market,” she noted.

The FMAN chief explained that the association was “established to promote the operations of fund managers registered with the SEC and its objectives include self-regulation and supervision of its members; the enforcement of global best practices in its members’ operations, and most importantly, the education of the public on investments.”

Recall that in 2020, the exchange admitted the N500 million ARM Fixed Income Fund and the $1 million ARM Eurobond Fund on its memorandum listing platform.

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Food Blockade: Price of Onions Crashes in Kano



onions at Lagos Markets

By Ahmed Rahma

Following the blockade of food items from the northern part of Nigeria to its southern counterpart, the price of onions has crashed in one of Nigeria’s biggest cities, Kano State on Wednesday, The Cable is reporting.

Sellers of the food item lamented about the significant decline in the price as a bag of onions, which used to be sold at N35,000, was now selling for N7,000 and there are only fewer buyers in the city.

Recently, the Amalgamated Union of Food and Cattle Dealers of Nigeria (AUFCDN) demanded the payment of N4.7 billion as compensation to them by the government for the losses incurred during the Shasha market crisis in Oyo State as well as the 2020 violence that erupted during the October 2020 #EndSARS protest.

Also, the Miyetti Allah Cattle Breeders Association threatened to sustain the food besiegement until the safety of its members in the south was guaranteed.

According to Mr Aliyu Mohammed, the coordinator of the Kwara State chapter of Miyetti Allah, the beleaguerment is a ‘’warning shot’’ to safeguard their business interest.”

“Except those who may decide to take other routes to get to the state or those who may act in defiance to the directive, the traders would not come from the north and those who come may be stopped or sanctioned,” Mr Mohammed added.

It was reported at the weekend that the north is diverting food items to Niger Republic and Cameroon, and that trade routes to the south have been besieged.

Trucks containing food items were stopped from moving south at Jebba in Niger State by some irate youths though the Nigerian Defence Headquarters said the military intervened and cleared the path.

Speaking on the matter, the national president of the Northern Consensus Movement, Mr Abdullahi Aliu, confirmed the diversion of food items from the north to neighbouring countries.

“As I speak to you, my people are already shipping their goods, onions, tomatoes and what have you to Niger (Republic), Cameroon, and other neighbouring countries through Illela border.

“Our people have already found a way of not wasting their goods. They will not be wasted. They will be sold just like the way they were being moved to the south-west, south-east or south-south. So, my people will end up not losing anything,” he had said.

On Tuesday, the President of AUFCDN, Mr Mohammed Tahir, was detained by the Department of State Services as beef scarcity hit Ibadan, Oyo state, according to The Nation.

The General-Secretary of the union, Mr Ahmed Alaramma, at a news conference in Abuja, confirmed that the DSS had in the morning invited the union leadership to a meeting, which ended 3.30 pm on Tuesday.

He, however, did not say if Mr Tahir was arrested before or after the meeting with the secret service personnel.

“Our president is at present with DSS right now. They came to invite us this morning because of this protest we are doing. Up till now, our President has not come out from that DSS office. So, this is the first day they are inviting us,” he said. The news conference ended 5 pm.

But the DSS, in a terse response to the invitation, was silent on the alleged arrest of the union leader.

“They attended a meeting at the headquarters as part of the service’s interventions to resolve issues. The meeting which started about 1:30 pm and ended at 3.30 pm today held in an atmosphere of peace,” said the DSS spokesman, Mr Peter Afunanya.

Meanwhile, the blockade of the food items from north to south has been removed after the aggrieved union suspended the action.

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A Closer Look at What SuperTrend Indicator is and How Simple it is to Use



SuperTrend Indicator

There is an array of tools being developed on a daily basis and it’s imperative that you stay up to date on the ones that concern you.

For intraday traders, there is always a degree of risk when buying or selling assets. However, taking well-informed risks is what makes all the difference.

Keeping up with all the factors and events that affect the stock market, however, is a tough row to hoe. To be successful as an intraday trader, you need to make use of all the tools at your disposal.

These include mathematical calculations like moving averages, Fibonacci retracement, Bollinger bands, and so on.

When it comes to intraday trading, the SuperTrend Indicator is one of the most useful tools at your disposal and can help you step up your game.

Not only does it help you follow market trends, but it also provides buy and sell signals to help you maximize your profit.

If you are an intraday trader and is looking for the perfect tool to help you level up your game, the SuperTrend Indicator is one of the best options available.

Read on to find out more about the SuperTrend Indicator and how simple it is to use.

What Is the SuperTrend Indicator?

The SuperTrend Indicator is an overlay on your trading chart that helps you follow the direction of current trends. It is a very powerful yet often underutilized utility.

The trend indicator plots the price of the asset against time and through some basic computation provides a trend of the price of the asset. The chart is based on two parameters: the average true range and a multiplier.

The SuperTrend Indicator is similar to a moving average indicator and provides buy and sell signals. The data provided from this simple chart can help simplify your trading decisions.

In fact, it is the simplicity of the tool that makes it extremely popular amongst intraday traders and ideal for beginners. One thing that must be kept in mind is that the SuperTrend Indicator cannot predict trends.

It is a lagging indicator and depends on the current price action to provide signals. As such, it cannot predict the future trend of the price of the asset. What it does show is the current trend of the prices.

How Easy is it to Use the SuperTrend Indicator?

The SuperTrend Indicator is amongst the easiest indicators to understand, use and follow. It is perfect for those who are new to the world of technical analysis, who get confused while dealing with concepts like price action theory and who have trouble reading charts like candlestick charts.

Since it is based on only two parameters, it is easy to tweak to get the best possible results. The default values of the average true range and multiplier are set to 10 and 3, respectively.

There are no perfect values for these parameters and changing them alters the behaviour of the SuperTrend Indicator.

The trading pros at indicate that any changes to the SuperTrend Indicator should be backtested before using any real money.

Reading the SuperTrend Indicator is also quite straightforward. Being an overlay, it is plotted over the closing price of the asset.

When the value of the asset falls below the closing price, the indicator turns green, indicating the opportunity to buy.

On the other hand, if the indicator rises above the closing price, the lights turn red, indicating the opportunity to sell. It doesn’t get any simpler than that.

Benefits of the SuperTrend Indicator

The SuperTrend Indicator is an excellent tool for intraday traders. Due to its popularity, it is available on most trading websites without any additional costs. A big advantage of this tool is its flexibility. It works for forex, futures, and equity, and it also allows you to set up various time frames from daily to weekly.

The indicator gives accurate signals at precise times; however, one may have to tweak the two parameters in order to minimize the error in the displayed trend.

The biggest advantage of the indicator is its simplicity. It provides all the essential information while keeping the interface minimal and easy to understand.

Intraday Trading

The SuperTrend Indicator is amongst the most straightforward and intuitive indicators that provide buy and sell signals.

However, the SuperTrend Indicator is not ideal for each and every situation and works only when the market is trading.

As such, it is best suited for the purpose of short-term technical analysis. If you are looking for a way to make better-informed decisions on intraday trades, you can’t go wrong with the SuperTrend Indicator.

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NDEP, Two Others Drag NASD OTC to Lowest Point in Three Months



Nigeria's Unlisted Securities Market Sheds 0.78%, NASD Shares up 8.31%

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its bad start to the new month on Tuesday with a loss of 1.73 per cent.

This decline was propelled by the trio of Niger Delta Exploration and Production (NDEP) Plc, FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc.

The NASD Unlisted Security Index (NSI) depreciated by 12.26 points to a new-year low of 696.13 points from 708.39 points its closed on Monday.

Also, the market capitalisation depreciated by N8.78 billion to close at N499.48 billion compared to N508.26 billion it settled the preceding session.

Business Post reports that NDEP Plc recorded the heaviest loss among the decliners yesterday as its stocks lost N22.82 or 7.8 per cent to close at N270 per unit from N292.82 per unit.

On its part, FrieslandCampina declined by N1.28 or 0.7 per cent to close at N119.50 per unit versus the previous N120.28 per unit, while CSCS Plc lost 78 kobo or 4.7 per cent to end the day at N15.72 per share compared to N16.50 per share.

On the activity chart, the volume of securities traded by investors dropped 79.6 per cent to 77,320 units as against 378,275 units, while the value of securities transacted reduced 91.33 per cent to N3.8 million from the previous day’s N43.9 million, with the number of deals declining by 33.33 per cent to six deals from nine deals of the preceding session.

These deals were executed on CSCS Plc (three deals), FrieslandCampina (two deals) and NDEP Plc (one deal).

UBN Property Plc still remained the most traded company volume-wise (year-to-date) with 15.5 million units valued at N16.8 billion. CSCS Plc has traded 4.7 million units worth N74.5 million, while FrieslandCampina has exchanged 2.7 million units worth N329.4 million.

However, the most traded stock by value (year-to-date) was FrieslandCampina as it has transacted 2.7 million units valued at N329.4 million. NDEP Plc has traded 612,249 units of its securities valued at N198.1 million, while CSCS Plc has traded 4.7 million units worth N74.5 million.

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