By Moses Kolo

The Kaduna Inland Dry Port (KIDP), on Thursday announced that it would soon commence export consolidation services to support exporters doing business in the northern corridor.

Mr Rotimi Hassan, the KIDP Manager, made the announcement at a stakeholders’ meeting on Exporters and Export Processing Delivery, held in Kaduna.

Hassan said that the meeting was convened, to sensitise prospective exporters and those already in the business, on the KIDP new services for export consolidation, right from Kaduna in-transit, through Lagos, Tin Can and Onne ports to on-board sailing vessels.

“The Federal Government is taking export as part of revenue generation by encouraging people to diversify into the export business and use it as an avenue to balance our international trade, so that Nigeria will not solely depend on oil exports.

“KIDP has all the requirements to accept your export goods unstuff/stuff, consolidate in our mega warehouse, provide empty containers, while the authorised agencies, involved in export examination with pre-shippment inspection agents, will legitimately certify your exports before sailing off for onward transit to Apapa/Onne/Tin Can on-board sailing vessel,” he said.

The Manager said that the Nigeria Railway Corporation (NRC) had indicated its readiness to commence rail haulage, after test running of the rail lines from Zaria to Jebba and Lagos to Jebba.

“We are hopeful that export will be sealed here by the Customs, with other agencies authorised by KIDP, and I’m sure with that, the northern exporters will smile,” he said.

Kasim Ahmed, Head of Nigeria Export Promotion Council (NEPC), Kaduna, commended the agencies mandated with export services, adding: “domestic documentation is like the NSP, CIC and others, are very important primary documents.

“There have been challenges with exporters avoiding to pay the little charges and this affects proper documentation.

“To avoid rejection of their products at the international market, proper documentation that would indicate standard and quality is very important, ” he said.

Ahmed advised prospective exporters to approach the appropriate authorities concerned, for guidance before embarking on any export business.

On his part,  Mr Sammy Bodam, representative of Anglia International Services Ltd, a Pre-Inspection Agent in Kaduna, stressed the need for proper documentation as a prerequisite for accessing shipping services.

“When there are discrepancies in your documentation and a certificate is issued, it will still be required that the shipper corrects such discrepancy before your shipment can fly.”

Bodam noted that there were new innovations, especially in ICT, that made shipping procedures easy, stressing that the services were now available online for easy access.

“Contract agreement is another document that is very important to take seriously, as regulating agencies have been mandated by the Federal Government to take responsibility on international businesses,” he said.

He urged stakeholders to exercise patience whenever inspections were being carried out as it required time for a thorough check, inline with global best practices.

In his remarks, Mr Sani Muazu, Deputy Comptroller of Customs, Kaduna, noted that there were procedures and schedules, as well as  formalities recognised by law and meant to facilitate export.

Muazu said there were also challenges in the process, but  assured that the NCS was determined to facilitate exports, adding: “only ensure you meet the basic requirements.” (NAN)

By Ginika Okoye

The Federal Government on Thursday advised capital market operators to consider retail investments, to enable ordinary citizens in the country to invest in the market.

Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, made the call at the 5th Budget Seminar webinar in Abuja.

The seminar was organised by the Securities and Exchange Commission (SEC).

Ahmed said that retail investment would make citizens invest in the market in an easy and simple way.

She described the theme of the seminar:`Financing Nigeria’s Budget and Infrastructure Deficits through the Capital Market’ as apt, given the urgent need to build infrastructure in the country.

The minister remarked that the capital market served as an important channel through which government budget and economic infrastructure deficits could be financed.

“Past experiences have shown that the capital market has been supportive in providing the necessary funds to finance governments’ projects.

“The budget is N13.95 trn, capital expenditure of N4.37trn amounting to 32.2 per cent of the total expenditure and overall deficit of N5.6 trn to be financed by almost equally domestic and foreign sources.

“Government is committed to introducing more of these instruments in partnership with the capital market, to finance projects for economic growth.

“Following from today’s discussions, it is important that we go forward putting together key lessons and recommendations.

“The recommendations which we can apply not only as input into the next budget but also the Nigeria Medium Term Development Plan, Nigeria Agenda 2050 and the Finance Bill for 2022.”

The Director-General of SEC, Mr Lamido Yuguda, said that capital market had the capacity to roll out innovative products to support the country’s infrastructure needs and financing.

“This is necessary for us to be able to effectively compete with the rest of the world.

“The communiqué from this meeting will be circulated to relevant public and private sectors stakeholders as input in financial discuss on fiscal policy,’’ Yuguda said.

Mrs Patience Oniha, Director-General, Debt Management Office (DMO), said the government had a role as an enabler and pioneer, creating a platform for the market to thrive.

Aisha Dahir-Umar, the Director-General, National Pension Commission (PenCom), said the pension sector was ready to invest in the market.

Dahir-Umar, who was represented by Dr Farouk Aminu, Head of Corporate Affairs of the commission, said the sector was in the market to develop the capacity and provide them the instruments.

Dr Afolabi Olowookere, Head of Economic Research and Policy Management Division of SEC, harped on the need for infrastructure provided in the country to be revenue generating, with adequate cost recovery system adopted.

Mr Chidi Izuwah, Director-General, Infrastructure Concession and Regulatory Commission (ICRC) emphasised the need for the country to close infrastructure gaps.

Izuwah, who was represented by Mr Emmanuel Onwodi, the Director of Transportation in the commission, said the ICRC was ready to play its roles toward closing the gap.

The News Agency of Nigeria (NAN) reports that various stakeholders in the market attended the seminar. (NAN)

By Chinyere Joel-Nwokeoma

The nation’s bourse on Wednesday overcame its negative posture growing by N128 billion following bargain buying in Dangote Cement and Nestle as well as news of approval of demutualisation.

Specifically, the market capitalisation rose by N128 billion or 0.63 per cent to close at N20.369 trillion against N20.241 trillion recorded on Tuesday.

Similarly, the All-Share Index appreciated by 244.40 or 0.63 per cent to close at 38,931.25 from 38,686.85 achieved on Tuesday.

Consequently, the month-to-date and year-to-date losses moderated to 2.2 per cent and 3.3 per cent, respectively.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Nestle, Dangote Cement, Nigerian Breweries, May & Baker and Africa Prudential.

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the reversal to high dividend yield due to price correction.

Omordion said bargain hunters were taking advantage of relatively low equity prices to increase their stake in the market.

He said the development coincided with the news of the approval of the demutualisation of the Nigerian Stock Exchange by the Securities and Exchange Commission and the Corporate Affairs Commission.

According to him, the news is expected to boost liquidity in the stock market.

The market recorded 23 gainers and 23 losers.

Morison Industries led the gainers’ chart in percentage terms, gaining 9.72 per cent to close at 79k per share.

Champion Breweries followed with 8.91 per cent to close at N2.20, while Neimeth International Pharmaceuticals rose by 8.85 per cent to close at N2.09 per share.

Mutual Benefits Assurance rose by 7.69 per cent to close at 42k, while Nigerian Aviation Handling Company appreciated by 6.64 per cent to close at N2.25 per share.

On the other hand, Consolidated Hallmark Insurance drove the losers’ chart in percentage terms by 10 per cent to close at 27k per share.

Eterna followed with a loss of 9.94 per cent to close at N4.62, while Conoil dropped 9.79 per cent to close at N17.05 per share.

Northern Nigeria Flour Mills lost 9.65 per cent to close at N5.15, while Livestock Feeds shed 9.57 per cent to close at N1.70 per share.

Meanwhile, the total volume traded declined by 34.1 per cent to 368.22 million shares worth N4.91 billion traded in 4,437 deals.

This was in contrast with 489.98 million shares valued at N6.65 billion exchanged in 4,616 deals on Tuesday.

Transactions in the shares of United Bank for Africa topped the activity chart with 74.84 million shares worth N523.36 million.

FBN Holdings came second with 65.36 million shares valued at N467.82 million, while Guaranty Trust Bank traded 34.34 million shares worth N1.06 billion.

Sovereign Trust Insurance traded 34.22 million shares valued at N9.85 million, while Japaul Gold & Ventures transacted 15.53 million shares worth N7.15 million. (NAN)

By Chiazo Ogbolu

The Nigerian Ports Authority (NPA) said 20 ships at the Lagos ports were discharging bulk wheat, bulk gypsum, general cargo, frozen fish, container, butane gas and bitumen.

The NPA also said that it was expecting 17 others laden with petroleum products, food items and other goods from March 9 to April 23.

It said this in its publication, ‘Shipping Position’, a copy of which was made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

According to NPA, the ships are expected to arrive at the Lagos Port Complex.

The publication indicated that the ships contained frozen fish, general cargo, base oil, bulk salt, bulk wheat, petrol and container.

It added that another eight ships had arrived the ports, waiting to berth with containers, petrol, bulk clinker and automobile gasoline. (NAN)

By Chinyere Joel-Nwokeoma

Investors on the Nigerian Stock Exchange (NSE) on Tuesday lost N317 billion in a trading session amid sell pressure on bellwethers.

Specifically, the market capitalisation which opened at N20.612 trillion shed N371 billion or 1.80 per cent to close at N20.241 trillion.

Also, the All-Share Index dipped 709.72 points or 1.80 per cent to close at 38,686.85 from 39,396.57 achieved on Monday.

Accordingly, the month-to-date and year-to-date losses increased to 2.8 per cent and 3.9 per cent respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Lafarge Africa, United Bank for Africa, Greif Nigeria, Northern Nigeria Flour Mills (NNFM) and Zenith Bank.

Market sentiment remained negative with 21 losers compared with 15 gainers.

UBA led the losers’ chart in percentage terms, dropping by 10 per cent to close at N7.20 per share.

Caverton Offshore followed with a loss of 9.55 per cent to close at N1.80, while NNFM lost 9.52 per cent to close at N5.70 per share.

Greif lost 9.46 per cent to close at N6.70, while AXA Mansard Insurance shed 9.09 per cent to close at 90k per share.

On the other hand, Champion Breweries recorded the highest price gain of 9.78 per cent to close at N2.02 per share.

Neimeth International Pharmaceuticals followed with 9.71 per cent to close at N1.92, while Mutual Benefits Assurance gained 8.11 per cent to close at 40k per share.

Dangote Sugar Refinery gained 7.99 per cent to close at N18.25 per share, while Associated Bus Company appreciated by 7.14 per cent to close at 30k per share.

In spite of the drop in market indices, the total volume of shares traded rose by 64.8 per cent with an exchange of 545.92 million shares worth N9.59 billion achieved in 5,307 deals.

This was in contrast with a turnover of 297.23 million shares valued at N3.15 billion transacted in 4,655 deals on Monday.

Transactions in the shares of UBA topped the activity chart with 123.27 million shares worth N887.63 million.

Notore Chemical Industries followed with 74.07 million shares valued at N3.67 billion, while Mutual Benefits Assurance traded 58.04 million shares worth N23.19 million.

FBN Holdings sold 48.94 million shares valued at N352.08 million, while Access Bank transacted 42.74 million shares worth N324.22 million. (NAN)

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)

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)

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)