NEWS AGENCY OF NIGERIA
Business , Economy/Business

Islamic finance institute to partner TrustBanc Arthur

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By Rukayat Adeyemi

The Institute of Islamic Finance Professionals (IIFP) is seeking partnership with TrustBanc Arthur, a non-interest investment institution, to further deepen the penetration of Islamic finance in Nigeria.

IIFP Acting President, Dr Tajudeen Yusuf, made this known when he led associate members of the institute on a courtesy visit to the Chief Executive Officer of TrustBanc Arthur, Dr Basheer Oshodi, on Friday in Lagos.

Yusuf said that IIFP was seeking partnership with the Shariah compliant firm to gain intellectual support and to also benefit from its wealth of experience.

The IIFP leader commended Oshodi’s impressive passion for the islamic finance movement in Nigeria.

“It is commendable that even after taking a back seat from the helms of affairs of the Institute, you are still very open and ever ready to work with us,” he said.

He said that the institute had submitted a proposal to the University of Lagos for approval to commence postgraduate studies in Islamic finance  as part of the effort to widen the Islamic finance market.

He expressed optimism that enrolment for the programme would start by June for the studies to commence in September, while doctorate programmes was expected to start within three years.

Yusuf said the institute was building its academic and intellectual base to be able to compete globally.

He said the institute would be looking forward to have Oshodi among other Islamic finance academics to lecture in some of its courses.

The IIFP leader said that “the future is bright for the Islamic finance market in Nigeria because it is a market for everybody,” adding that all hands must be on deck to distribute and maximise its inherent benefits.

In his response, Oshodi said it was important for the institute to measure its activities in terms of overall growth of capacity and the industry as a whole.

“By measuring, it means that we have to identify specific things to be done with timelines, so that by this time next year we should have moved from point A to B or M.

“For that to happen, we have to consider what should be put in place, in terms of membership strength for IIFP.

“Now we have more financial institution, Takaful companies, law firms, Assets management companies, among others, who are developing funds and they all need capacity.

“So, we must look into how to make all of them IIFP members, as some of them are not.

“They will be expected to pay minimum subscription, enjoy training programmes from time to time,” he said.

Oshodi urged the institute to look into the areas yet uncovered in the islamic banking such as the strategic model, the business strategy and presentation skills.

He also urged IIFP to package the curriculum vitae of its members to be appealing to employers upon graduation.

The News Agency of Nigeria (NAN) reports that other IIFP members present during the visit were Mr Monsur Musa, Hajia Wasilat Olanrewaju-Adesina, Mrs Adogie Momoh and Miss Kwathar Imam. (NAN)

Business , Economy/Business

FirstBank unveils First Global Transfer to ease cross-border payments

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By Itohan Abara-Laserian

First Bank of Nigeria Ltd has unveiled First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa.

FirstBank Chief Executive Officer, Dr Adesola Adeduntan, disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.

Adeduntan said that the FGT initiative was specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa.

He noted that the bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra Leone and FBNBank Senegal.

He said that the FGT was not restricted to FirstBank and its customers alone but also open to every individual resident in the country the funds transfer originated from.

“Today’s customer is influenced by the technological advancement shaping businesses across various industries and our FGT initiative is one of those advancement.

“It is created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.

“With the launch of the African Continental Free Trade Agreement in January, the FGT is indeed very timely as it will play an essential role in stimulating business activities across borders, thereby impacting the growth and development of the continent.

“I enjoin everyone to visit any one of our branches nearest to you in Nigeria or our subsidiaries in Africa and send money to your loved ones or business partners with FirstBank or FirstBank accounts,” he said.

Adeduntan explained that intending users of the initiative were to visit any of the bank’s branches in Nigeria or subsidiaries in Africa. (NAN)

Business , Economy/Business

NSE moves 587.74m shares worth N13.62bn in bearish trading

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By Chinyere Joel-Nwokeoma

Investors on the Nigerian Stock Exchange (NSE) on Friday staked N13.62 billion on 587.74 million shares in 4,895 deals.

This was in contrast with 493.17 million shares valued at N4.72 billion exchanged in 5,486 deals on Thursday.

Mansard Insurance dominated trading activities, accounting for 282.32 million shares worth N282.24 million.

It was trailed by Zenith Bank with an exchange of 46.85 million shares valued at N1.18 billion, while FBN Holdings traded 26.50 million shares worth N185.95 million.

United Bank for Africa sold 23.29 million shares valued at N184.59 million, while Guaranty Trust Bank sold 20.83 million shares worth N645.43 million.

The market capitalisation of listed equities dipped N17 billion or 0.08 per cent to close N20.578 trillion from N20.595 trillion reported on Thursday.

Also, the All-Share Index declined by 33.06 points or 0.08 per cent to 39,331.61 from 39,364.67 achieved on Thursday.

Trans Express topped the losers’ chart in percentage terms, shedding 10 per cent to close at 81k per share.

Triple G trailed with a loss of 10 per cent to close at 72k, while Union Homes REITS dipped by 9.96 per to close at N36.6 per share.

Cutix Plc fell by 9.95 per cent to close at N1.81, while Scoa dropped by 9.90 per cent to close at N2.64 per share.

On the other hand, Morrison led the gainers’ table in percentage terms, gaining 10 per cent to close at 66k per share.

Lafarge Wapco followed with a gain of 9.90 per cent to close at N22.20, while NEM Insurance gained 9.88 per cent to close at N1.89 per share.

Skyway Aviation Handling added 9.54 per cent to close at N3.33, while Unity Bank improved by 8.96 per cent to close at 73k per share. (NAN)

Business , Economy/Business

AfDB facility, Netherlands sign €6m agreement

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By Temitope Ponle

The African Legal Support Facility (ALSF) and the Netherlands’ Ministry for Trade and Development Cooperation have signed a financing agreement of six million euros.

It is to be disbursed over a three-year period.

In a statement by the African Development Bank (AfDB) the ALSF Director, Stephen Karangizi, thanked the Netherlands for its strong support over the years.

He said the funding is to support the ALSF’s work in providing legal and technical services to low-income countries to give them more impact in commercial dealings.

The News Agency of Nigeria (NAN) reports that the ALSF was created by AfDB in 2010 and the facility supports governments in negotiating complex commercial transactions.

It also provides legal and technical assistance in public-private partnership projects across the oil and gas, mining and energy sectors, and covering sovereign debt issues and creditor litigation.

Karingizi said the assistance would help ALSF to better respond to the impacts of COVID-19 and help countries to recover much faster to enhance sustainable inclusive development in Africa.

He noted that the Netherlands, since 2013, has cumulatively provided 15.5 million euros to support African countries to conclude equitable and sustainable contracts and achieve fair litigation outcomes to ensure maximum economic value of their resources.

According to him, the funds provided by the Netherlands enabled the ALSF to successfully assist many African governments to strengthen their legal expertise and negotiating capacities.

“This is particularly in the areas of natural resources and extractives, investment agreements and Public-Private Partnerships.

“The assistance also included large-scale infrastructure and other related complex commercial and business transactions

“The funds also assisted in the negotiations of sovereign debt transactions to prevent debt distress in the respective African states,” he said.

Karingizi noted that with the additional funding, the ALSF could continue to provide technical legal assistance to African countries to strengthen their legal expertise and negotiating capacity in matters pertaining to debt management and litigation.

Also, in natural resources and extractives management and contracting, and investment agreements and related commercial and business transactions. (NAN)

Business , Economy/Business

Osun boosts MSMEs with N100m for job creation

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By Victor Adeoti

Gov. Gboyega Oyetola of Osun, on Thursday, said the sum of N100 million has been set aside to boost Micro Small and Medium Enterprises (MSMEs) development in the state.

Oyetola said his administration had adopted a proactive strategy to stimulate the state’s economy adversely affected by the novel COVID-19 pandemic.

The governor spoke at the graduation ceremony of the first batch of the participants of the post COVID-19 Economic Strategy Pilot Training Programme in Osogbo.

He said each of the trainees under the programme would have access to N100,000 as a start-up loans.

Oyetola said the training programme was designed to generate 15,000 direct and indirect sustainable job opportunities annually.

The governror also said that the training programme was a swift response to the challenges brought about by the coronavirus pandemic.

Oyetola urged the beneficiaries to utilise the skills and knowledge acquired in the course of the programme positively to enable them compete favourably in the industrial and commercial sectors.

“As pioneer graduates of this scheme, you are our voice to your successors that this programme is useful and doable.

“You are our proof that entrepreneurship is a worthy solution to youth unemployment and poverty.

“You are our strength that will lay a solid foundation for a sustainable, life-transforming and destiny-changing programme that will join other proactive initiatives to deliver the prosperous Osun that we seek,” the governor said.

According to him, under the skills upgrade training programme, the state government was able to re-focus, re-engineer and expand the scope, knowledge and relevance of artisans.

He added that government was able to make people who lost their jobs during the pandemic relevant “under the new normal orchestrated by COVID-19”.

In his remarks, Dr Bode Olaonipekun, Commissioner for Commerce, Industries, Cooperatives and Empowerment, said 2, 000 participants were trained and empowered with startup loans to support their businesses.

Also, the Executive Director, Micro Enterprise, Bank of Industry, Mrs Toyin Adeniji, commended Oyetola for building a virile and healthy economy for the state. (NAN)

Business , Economy/Business

Nigerian stock market extends loss by 0.40%

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By Chinyere Joel-Nwokeoma

The nation’s bourse extended negative trend for the third consecutive trading session following sell pressure on Nigerian Breweries, Dangote Sugar Refinery and tier-1 banks.

The All-Share Index on Thursday declined further by 157.39 points or 0.40 per cent to close at 39,394.67 from 39,522.06 posted on Wednesday.

Accordingly, the month-to-date and year-to-date losses increased to 1.1 per cent and 2.3 per cent, respectively.

In the same vein, the market capitalisation shed N83 billion to close at N20.595 trillion against N20.678 trillion recorded on Wednesday.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Presco, Nigerian Enamelware, Nigerian Breweries, Julius Berger and Ardova.

Consequently, market sentiment was negative with 47 losers in contrast with 13 gainers.

Fidson Healthcare led the losers’ chart in percentage terms with 10 per cent to close at N4.41 per share.

Northern Nigeria Flour Mills followed with a decline of 9.97 per cent to close at N6.32 per share.

NEM Insurance and Nigerian Enamelware shed 9.95 per cent each to close at N1.72 and N19.90 per share, respectively.

NCR declined by 9.91 per cent to close at N3.09 per share.

Conversely, University Press dominated the gainers’ chart in percentage terms with 9.91 per cent to close at N1.22 per share.

Morison Industries followed with 9.09 per cent to close at 60k, while Chemical & Allied Products increased by 5.26 per cent to close at N20 per share.

Lafarge Africa grew by 3.59 per cent to close at N20.20, while livestock Feeds rose by 3.17 per cent to N2.28 per share.

Transactions in the shares of Universal Insurance topped the activity chart with 83.26 million shares valued at N16.65 million.

Zenith Bank followed with 38.65 million shares worth N983.25 million, while FBN Holdings traded 31.25 million shares valued at N216.72 million.

United Bank for Africa accounted for 26.78 million shares valued at N211.57 million, while Access Bank transacted 21.59 million shares worth N168.09 million.

Meanwhile, the total volume of traded increased by 101.8 per cent as investors bought and sold 493.17 million valued at N4.72 billion exchanged in 5,486 deals.

This was against a total of 244.34 million shares worth N4.13 billion traded in 4,714 deals on Wednesday. (NAN)

Business , Economy/Business

NIWA to engage private firm to haul cargo from Lagos to Onitsha River port –MD

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By Chiazo Ogbolu

The National Inland Waterways Authority (NIWA)  has disclosed its plan to engage the services of Akewa Colmar Terminal Limited (ACTL) to move cargo from Lagos to Onitsha River Port, through Burutu port in Delta.

The Managing Director of NIWA,  Dr George Moghalu said in a statement signed by Mr Jibril Darda’ u, NIWA’s General Manager, Corporate Affairs, and issued on Wednesday, that this was in an effort to make Onitsha River Port functional and to decongest Lagos Ports.

“The idea of hauling containers via Burutu Ports to Onitsha River port, is to deliberately avoid the two small bridges of Gbarekolo and Bumandi.

“This is because the two bridges are too tiny and shallow for sea moving badges or vessels to ply.

“That is why the company (ACTL) is considering the route from Lagos ports, to Burutu port then to Onitsha River port, as final destination,” he said.

Moghalu noted that NIWA was targeting the haulage of about 1,000 containers per trip from Lagos ports to Onitsha River port, within four days.

The MD also added that NIWA was engaging the Nigeria Ports Authority (NPA), and other stakeholders, to facilitate the commencement of the cargo haulage.

The Chairman of ACTL, Mr Kenneth Donye, told the management team of NIWA, while defending his company’s proposal at the NIWA Liaison Office, Abuja, of his company’s readiness to partner with NIWA in carrying out this ”noble and historic transshipment” from Lagos ports, via Burutu port to Onitsha River port as final destination.(NAN)

Business , Economy/Business

LCCI projects increased inflation rate for February

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By Rukayat Moisemhe
The Lagos Chamber of Commerce and Industry (LCCI) has projected an increase within the range of one per cent in the Nigerian headline inflation index for February, 2021.
The LCCI made this known in a report released on Tuesday with the titled: “Spiraling Inflation: Cost Implications for Businesses and the Economy” .
The report syrvey was conducted by Dr Mathew Ojo, LCCI’s Assistant Director, Research and Advocacy department.
According to the report, a survey conducted by the Chamber projected the headline inflation for February to hit 17.24 per cent from 16.47 per cent recorded in January.
Also, the LCCI in the report said that consequent headline inflation for the months of March and April was pegged at 17.93 per cent and 18.43 per cent respectively going by the Chamber’s model on inflation rate projections.
The LCCI hinged its projections on the  combination of underwhelming food production, higher energy costs, lingering foreign currency liquidity and heightened insecurity in major food-producing states.
This development, the LCCI said, would continue to mount pressure on consumer purchasing power and pricing.
The LCCI survey indicated additionally that the commencement of planting season in the second quarter was expected to keep food production subdued, thereby triggering food prices in the country.
The Chamber also explained that basic supply-side issues, particularly, the heightened insecurity around the country, but more pronounced in Northern and Middle-Belt region – the major food-producing regions in Nigeria were contributory factors.
Others, the report stated, were increasing cost of transporting food items from farms to markets as a result of elevated prices of petroleum products, weak productivity in the agriculture sector and increased cost of agricultural inputs.
“The COVID-19 pandemic propelled the Federal Government to impose lockdown and movement restrictions as part of the efforts in containing the spread of the deadly virus in 2020.
“However, the chamber noted that these policies caused disruptions to activities in the country’s agricultural sector as farmers were unable to access their farmlands, thereby leading to supply shortage of agricultural output.
“The unfortunate situation prevented farmers from taking advantage of the planting season to grow crops.
“Consequently, the increased demand for agricultural products amid food supply shortage triggered food costs, as supply disruptions were further worsened by flood incidences.
“Which in turn affected some parts of producing states, destroying crops shortly before the harvest period.
“Currently, reports of a transportation gap from the North to other parts of the country, especially the Southwest would also serve to spike up the inflation rates from the height it already is at,”the report read.
Shedding more light on the development, LCCI’s Director-General, Dr Muda Yusuf, told the News Agency of Nigeria (NAN) that the Northern region, which accounts for a major chunk of food production, was currently threatened by persistent security crisis.
This, he said, would greatly affect the food composite of the inflation index, a factor that greatly impacts the core inflation index.
Yusuf urged government to expend more efforts at addressing regional and ethnical discrepancies affecting the supply chain of farm produce from the northern parts to other regions of the country.
“The unabated rise in inflation has continued to impact the business environment with serious implications for economic stability.
“We may not have seen the end of the pressure on inflation as the current trends of boycott, heightened insecurity from bandits and herdsmen activities, confusion and attacks continue to beguile the major food producing parts of the country.
“We need to resolve these ethnical issues around the supply of food to resolve the challenges affecting agricultural outputs and food distribution.
We also need to see a reduction in the prices of fertilisers, animal feeds and other agricultural components to moderate the current uptrend in Nigeria’s inflation rates,” he said. (NAN)
Business , Economy/Business

NSE market capitalisation drops N123bn on Nestle loss

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By Chinyere Joel-Nwokeoma

The nation’s bourse closed trading on Tuesday on a negative note, due to price depreciation posted by Nestle and other 25 stocks.

Consequently, the benchmark index declined by 233.81 or 0.59 per cent to 39,697.62 from 39,931.63 achieved on Monday.

Accordingly, the month-to-date and year-to-date losses increased to 0.30 per cent and 1.4 per cent, respectively.

Similarly, the overall market capitalisation which opened at N20.892 trillion dipped N123 billion to close at N20.769 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which were Nestle, Flour Mills, Ardova Plc, Lafarge Africa and Unilever.

Market sentiment was negative with 26 laggards against 18 gainers.

Mutual Benefits Assurance led the losers’ chart in percentage terms, losing by 10 per cent to close at 36k per share.

Ardova followed with 9.97 per cent to close at N16.25, while Champion Breweries shed by 9.69 per cent to close at N2.05 per share.

The Initiates lost 9.62 per cent to close at 47k, while Sterling Bank lost 8.75 per cent to close at N1.46 per share.

Conversely, Academy Press dominated the gainers’ chart in percentage terms, improving by 9.76 per cent to close at 45k per share.

PZ Cussons followed with 9.38 per cent to close at N5.25 per share.

Royal Exchange and Beta Glass Company rose by eight per cent each to close at 27k and N54 per share, respectively.

Regency Alliance Insurance chalked up 7.69 per cent to 28k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 48.10 million shares valued at N1.24 billion.

United Capital followed with 20.24 million shares worth N121.97 million, while Mutual Benefits Assurance traded 19.44 million shares valued at N7.22 million.

Japaul Gold and Ventures sold 17.06 million shares valued at N10.48 million, while AXA Mansard Insurance transacted 8.97 million shares worth N9.38 million.

In all, the total volume of trades decreased by 59.1 per cent as investors bought and sold 222.57 million shares valued at N5.39 billion exchanged in 4,470 deals.

This was against a total of 543.99 million shares worth N1.89 billion achieved in 4,673 deals on Monday. (NAN)

Business , Economy/Business

Nestlé Nigeria Plc records N287bn revenue, 1.1% growth in 2020

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By Vivian Ihechu

Nestlé Nigeria Plc has announced its financial results for the year 2020, posting a revenue of N 287.1 billion with 1.1 per cent growth over the previous year.

Gross profit for the year 2020 stood at N 119.2 billion, compared to N 128.1 billion during 2019.

The company posted profit after tax of N 39.3 billion for the year. The detailed financial results are available on our https://www.nestle-cwa.com/en/investors/nigeria

In addition to N 25 per share interim dividend already paid in December 2020, the Board proposed an additional dividend of N 35.5 per share making for a total dividend of N 60.5 for 2020.

This proposed dividend will be submitted for approval at the company’s Annual General Meeting on  June 22,  2021.

Results :

Commenting on the results, Mr Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said: “Amidst a very challenging business environment in 2020, we strengthened market leadership across our categories.

“Thanks to our high performing team, we successfully continued to provide our consumers with high-quality affordable foods and beverages to enjoy every day.

“In line with our purpose of unlocking the power of food to enhance quality of life for everyone today and for generations to come, we broadened our portfolio in 2020.

“To help our consumers fulfil their nutrition needs. Our latest innovation is the new GOLDEN MORN Multi-Cereal, fortified with Iron and other vitamins and minerals.”

Elhusseini  said:“Going into 2021, which portends to be another challenging year, we will continue to focus on keeping our people safe.

“We will continue supply of high-quality nutritious foods and beverages to consumers as well as caring for our communities and the planet.

“ We will also keep supporting our business partners as we strengthen our operations to adapt to the rapidly changing reality,’’ he said. (NAN)

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