Economy
Stakeholders Hail FCMB’s Export Trade Promotion
By Dipo Olowookere
The series of customer fora organised by First City Monument Bank (FCMB) Limited on export trade has been described as laudable and an impressive initiative as it will go a long way to assist the growth of businesses and activities of the government, particularly in its bid to diversify the nation’s economy through the Zero-oil strategy.
The commendation came from the Emir of Kano, Alhaji Muhammed Sanusi II, Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo and other stakeholders who attended the customer forum of the Bank held in Kano on January 26, 2017.
It was in collaboration with the NEPC, Central Bank of Nigeria (CBN), Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service (NCS) and 3T Impex Trade Academy.
The forum, the fourth by the Bank in its series, was themed, “Financial Inclusion for Non-oil Exports Growth”. It was aimed at further empowering and enhancing the capacity of its customers and other stakeholders on the rudiments and benefits of export trade and how FCMB could provide support, such as direct export financing, refinancing and rediscounting of sales contracts/invoice (pre-shipment and post-shipment financing) for agro commodities, solid minerals and other non-oil resources.
Speaking at the event, Emir Sanusi urged Nigerians engaged in export trade to move beyond primary products by focusing on the exportation of processed products, which will go a long way to add value to their businesses and the country in general. He stated that, “we must realise that the era of Nigeria exporting raw agricultural and other primary products is gone.
“For us to achieve the required mileage and benefits in international trade, we must redirect our efforts on processing finished products and export these items which will earn us more revenue, build capacity and accelerate the country’s drive towards industrialisation”.
He expressed gratitude to FCMB for organising the forum in Kano, while urging exporters in the state to take advantage of the opportunity to take their businesses to the next level.
“FCMB has provided a window of opportunity for businesses in Kano through this forum. I believe the Bank will use this platform to further empower the people, businesses and the economy of the state, considering its rich history beginning as an investment Bank and the institutions impressive skills pedigree”, Emir Sanusi added.
In his speech, Mr Awolowo, who was represented by the Regional Co-ordinator, North-West of the Council, Mr Abdullahi Mamman, stated that, “the NEPC’s collaboration with FCMB will play an important role in delivering the Zero-oil plan strategy and making the non-oil export sector a significant contributor to foreign exchange earnings”.
He added that by organising the customer forum, FCMB is helping to build a higher level of engagement with exporters and other stakeholders to promote competitiveness, competence and capacity through innovative and bespoke financial solutions.
Mr Awolowo explained that the Zero-oil plan is a coherent agenda to mobilise public and private sector resources towards replacing oil as the main source of the country’s foreign exchange and revenue.
“The focus is to make the world a market place for Nigerian non-oil products. We want to grow non-oil exports from $2.7 billion (2014) to $8 billion in 2019 and eventually $25 billion by 2025. Appropriate trade financing definitely is critical in achieving this feat”, he stressed.
Commenting on the customer forum, the Executive Director, Business Development of FCMB, Mr Adam Nuru, said it is one of the various initiatives of the Bank to build the capacity and support customers to take their businesses to the next level in order to effectively leverage on available opportunities, such as those provided by financial inclusion and e-payment solutions.
He added that, ‘’this programme helps to amplify how much we value our customers. It also provides a platform for us to equally inform the Market that we are truly on ground to support government, exporters and stakeholders in their efforts towards driving and growing export trade to boost non-oil revenue and other benefits in Nigeria in a sustainable manner’’.
Mr Nuru disclosed that FCMB has various services which it provides to exporters to enable them effectively carry out their business.
These include, but are not limited to, pre-shipment and post-shipment financing, processing of payments by way of telegraphic transfer, internet banking, or other means, provision of documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures, issuing bank drafts and bank cheques to exporters to facilitate trade, lending through overdraft, instalment loans, cash management and treasury services, among others.
The Executive Director urged customers of the Bank to take advantage of these services so as to be able to compete favourably globally.
He assured that, “As an inclusive lender committed to exceptional service delivery, we will continue to champion and support initiatives that will fast-track the growth of the country and by extension our customers’ businesses in line with our values as a simple, helpful and reliable financial institution’’.
First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
By Dipo Olowookere
Transactions on the floor of the Nigerian Exchange (NGX) Limited rallied on Tuesday by 0.75 per cent after investors intensified their demand for local stocks.
It was a tough battle between the bulls and the bears during the session, but the former overcame by a whisker after the bourse recorded 29 appreciating equities and 28 depreciating equities, indicating a positive market breadth index and strong investor sentiment.
The growth posted by Customs Street yesterday could be attributed to the appetite for MTN Nigeria shares, which chalked up 10.00 per cent to settle at N256.30.
SCOA Nigeria appreciated by 9.93 per cent to N2.99, Omatek grew by 9.88 per cent to 89 Kobo, Universal Insurance rose by 8.70 per cent to 75 Kobo, and CAP gained 8.52 per cent to trade at N47.75.
Conversely, Secure Electronic Technology lost 9.88 per cent to quote at 73 Kobo, Abbey Mortgage Bank declined by 9.09 per cent to N3.30, Sunu Assurances tumbled by 8.21 per cent to N6.15, Deap Capital slumped by 7.08 per cent to N1.05, and C&I Leasing depreciated by 6.82 per cent to N4.10.
A total of 440.3 million equities valued at N12.0 billion exchanged hands in 13,087 deals compared with the 1.3 billion equities worth N17.7 billion transacted in 13,891 deals on Monday, representing a decline in the trading volume, value and number of deals by 66.79 per cent, 32.20 per cent and 5.79 per cent, respectively.
Lasaco Assurance ended the session as the most traded stock after it sold 108.1 million units valued at N338.7 million, Access Holdings traded 44.0 million units for N1.1 billion, UBA exchanged 27.9 million units worth N945.7 million, Zenith Bank transacted 26.7 million units for N1.3 billion, and Universal Insurance traded 22.7 million units valued at N16.7 million.
On Tuesday, the insurance, banking and industrial goods sectors jumped by 1.03 per cent, 0.30 per cent, and 0.03 per cent, respectively, and the consumer goods and energy counters lost 0.38 per cent and 0.36 per cent apiece.
The All-Share Index (ASI) went up yesterday by 767.63 points to 103,137.99 points from 102,370.36 points and the market capitalisation increased by N472 billion to N63.333 trillion from N62.861 trillion.
By Adedapo Adesanya
Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.
The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.
According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.
Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.
Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.
Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.
Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.
In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.
Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.
It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.
However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.
The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.
At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
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