financial-watch-29-12-2017

Workers’expectations in 2018, by WabbaBy ‘Tope Fasua outgoing year has been very President Ayuba Wabba, in the sector would witness robust The congress, he said, would to some developments in the challenging. this interview, listed labour activities aimed at liaise with her allies to engage polity, which tested theirTo workers, the outgoing workers’expectations in 2018. improving workers’welfare the government and other resilience.year is tough. Many lost The economy, was troubled He said they expected the critical stakeholders. Wabbatheir jobs; some were not and the citizenry, workers government to tackle Wabba said the congress would asked for the support of Job creationpaid salaries. On another particularly, feet the pains. unemployment, unpaid recommit itself to leading the workers and the masses for afront, the continued fall of salaries and pension and oppressed. In doing this, he said, better Nigeria. Following the thousands of jobsthe naira and the rise in The workers are, however, introduce a new minimum the NLC leadership will conduct lost last year, Wabba said theinflation, among others, optimistic that the incoming wage. itself responsibly. He said the outgoing year was workers expected themade life difficult for them. year will be better. Nigeria eventful and challenging for government to invest in jobHowever, labour is Labour Congress (NLC) The NLC chief pledged that workers due creation initiatives in the newoptimistic that 2018 will be year.better, writes TOBA Withholding tax: EFCC recovers N27.7b from six banks - Page 8AGBOOLA. Wabba said: “Crisis of unemployment in the new......To organised labour, the Continue on page 4DECEMBER 29, 2017 VOL 05 FINANCIAL WATCH Bringing all your financial & business newsCBN’s interventions to keep naira stable in 2018- Page 5By Ezekiel Enejeta Retail Secondary Market Intervention Sales (SMIS), wholesale spot andThe naira will be stable next year as forwards auction segments,the Central Bank of Nigeria (CBN) agricultural, airlines, petroleumcontinues its regular dollar injections products and raw materials andinto the foreign exchange market, machinery sectors among others.traders said. The dollar injections were made toThe naira has been hovering at 360 to a enable stakeholders in thesedollar for investors, around the same segments secure enough forex forlevel as in the parallel market. On the their operations, and in theofficial market, it has been quoted at process boost naira’s stability.306.05, a level at which the CBN hasbeen intervening. Noteworthy, the gap between official and black market ratesSeries of dollar injections into the started to shrink since Februaryeconomy totaling about $8 billion since 20, when the CBN resumed dollarFebruary have helped the CBN to interventions in key segments ofachieve long-term naira stability and the economy.curb volatility in the foreign exchange(forex) market.The CBN has in the last nine months, In line with its intervention policy,sustained its weekly dollar the CBN had recently injectedinterventions in the forex market, a $287.89 into the SMIS.large part of it go into the interbankmarket, bureau de change (BDCs), . ...Continue on Page 5FirstBank plans youth mentoring with AwosikaBy Princewill Ekwujuru knowledge of money management, NNPC owes Petrol marketers N800b entrepreneurship skills, andFirstBank of Nigeria Limited financial independence, thereby By Cynthia Adigwe According to him, the essence of our initial ‘Press Release’ ishas announced it is convening a securing their future and placing to throw light on salient issues surrounding the shortfall inYouth Mentoring Session, them on the path to financial The Nigerian National Petroleum Corporation, NNPC is current petrol supply which is solely being handled by NNPC.themed “Building a Financially freedom and productivity. owing the Depot and Petroleum Products MarketersLiterate Tribe”. The event which Association (DAPPMA) N600billion. “It was not an attempt to join issues with PPMC/NNPC withwill be hosted by its Chairman, Awosika would be speaking at the which we are partners.Mrs. Ibukun Awosika, is being event along with the Managing Executive Secretary of the association, Mr Olufemi Adewole,organised to drive a culture of Director, dkbMarkets, Remi revealed in a statement on Thursday, but the assurance of “NNPC’s view about our press release stating our side of thefinancial literacy among the Banjoko as well as Founder and members readiness to help the NNPC give Nigerians regular story and seeking to defend marketers for the very first timeyouth and create a consciousness Chief Executive Officer of Bestman supply of petrol. against the unwarranted accusations of hoarding andof financial efficiency in their Games Ltd, Nimi Akinkugbe. profiteering is rather unfortunate.daily activities; in business, Adewole said that apart from the N600 billion the NNPCentrepreneurship, career and They would share practical owed DAPPMA members, it also owes the marketers another “It is an undisputable fact that DAPPMA members have paidpersonal lives. experiences on the art and finesse N200billion, making its indebtedness N800 billion. for petrol supply (with bank funds) for over one month, the of money growth, investments and value of which is in excess of N90 billion, yet PPMC/NNPCThe mentoring session which is entrepreneurship with “Marketers have continued to sacrifice to keep the country has no cargo to allocate to them.scheduled for today at 10am at participants to build a financially wet with fuel, despite over N600 billion debts owed ourthe Harbour Point, Wilmot Point literate tribe that would sustain members and over N800 billion owed marketers as a whole,’’ “We again reject any attempt to blame marketers for theRoad, Victoria Island, Lagos the culture of financial literacy Adewole said. shortfall in supply, as it is not our making since NNPC haswould convene about 1,000 amongst their friends, class mates, been the sole importer since October 2017.youths to equip them with the and associates. He said that in spite of the unsettled debts, members of the association were still distributing petrol to every part of the NNPC also accused DAPPMA of owing N26.7 billion on country.‘Union Bank is transforming and in good position’By Fisayo Soyombo nomenclature in Nigeria’s banking transformation initiatives and In his words, “The machines are not opportunity to engage our Contact sector. What is it meant to achieve ultimately delivering results. centers of new business. We have Centre for assistance via videoUnion Bank celebrated its 100th for the bank and its customers? also managed our spaces better for conferencing when necessary.anniversary this year. If there were We have seen elaborate modernization greater efficiency in line with thedoubts about the bank achieving the The Transformation Director is in your branches across the country. current, more technologically In unveiling these new branchesobjectives of its Transformation responsible for driving the How impactful has this been? focused needs of our customers. and locations across the country,Agenda, they have been cleared, transformation of an organization, we have developed a high numbergoing by the resounding success in this case Union Bank. So the task It has been very impactful as For example, we have Smarter of new business relationships asrecorded since the transformation is clear; it is about translating the measured by improved business Banking Centers in some well as deepening of existingjourney began. The Bank’s bank’s strategic goals into actionable indicators as well as feedback from universities and higher institutions relationships. This has been aidedTransformation Director, Joe Mbulu, initiatives, setting up a our customers, stakeholders and even of learning and other busy hubs. At by the parallel launch of ourin this chat with Group Business transformation governance structure our competitors. We have not just these centers, customers are able to innovative targeted savingsEditor SIMEON EBULU, says it all. to ensure success, communication modernized our branches but have perform all banking services products such as UnionKorrect andTransformation Director is a new and engagement around the used the opportunity to relocate to electronically and have the UnionGoal. Sign-up @ Nairabookstore.com December 29, 2017 Email: [email protected] Call or Whatsapp: +2348141171945 Page 1

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FINANCIAL WATCH DECEMBER 29, 2017 NEWS Cont’d from page 1 NSE to introduce guidelines on derivatives trading Obasanjo becomes UN envoy to Liberia In unveiling these new By Ezekiel Enejeta branches and locations By Haruna Magaji across the country, we have The Nigerian Stock Exchange, NSE, said developed a high number of it would soon introduce guidelines for UN Secretary-General, António Guterres, has new business relationships creation, listing and trading of derivative announced that he is sending former Nigerian as well as deepening of products on its platform. President Olusegun Obasanjo to Liberia to existing relationships. This support the transfer of power peacefully to a has been aided by the The Exchange disclosed this in a notice democratically-elected president. parallel launch of our signed by Tinu Awe, General innovative targeted savings Counsel/Head Regulation of the NSE. The Another Nigerian former leader, Goodluck products such as Exchange said the framework would also Jonathan is at present in the country, at the UnionKorrect and regulate the activities of the trading head of a monitoring group. UnionGoal. members and other market participants in the Exchange Traded Derivatives market. Guterres, who announced Obasanjo’s How far do you intend to go appointment as an envoy on Wednesday in with this Transformation According to the Exchange, the plan is in New York through his spokesperson, Agenda, any timeline? line with its objective of increasing the Stephane Dujarric, also welcomed the number of asset classes traded on its peaceful conduct of the second round of the Our Transformation has no platform and in recognition of the need for presidential election in Liberia. end-date. What we have risk management. built over the past three Liberians on Tuesday, voted in a second round years is a deep foundation It noted that the creation would facilitate which negatively impacts investor times of stressed economic and of elections, deciding between Vice-President on which the bank will hedging of investment risks and confidence, and trading volumes. market conditions. Joseph Boakai and George Weah, a politician continue to evolve and diversification of asset portfolios within Derivative instruments enable investors and former soccer star. remain relevant to its the market. to hedge their portfolios against adverse The NSE added that absence of customers. We have built on price movements which can result in derivatives products also result in This would be Liberia’s first peaceful transfer a foundation of quality; this It said: “In the cash markets, investors are unexpected losses”. lack of confident market participants of power from one democratically-elected includes the quality of our typically exposed to asset price risk. In the and volatility in Exchange’s revenue. leader to another in more than 70 years. talent, platforms, customers absence of short selling and the supportive Highlighting some of the disadvantages of and also the quality of securities lending options, investors are absence of derivatives instruments in a A derivative is a contract between “The Secretary-General hopes that the will of customer experience. highly susceptible to significant stock market, the Exchange said that the two or more parties whose value is the Liberian electorate will be respected and diminution in portfolio values once there absence contributes to persistent inability based on an agreed-upon underlying that a seamless transfer of power will take How has this positioned the is a reversal of a bull trend. of risk-averse economic agents to guard financial asset (like a security) or set place within constitutional timelines,” the bank for competition and themselves against uncertainties arising of assets (like an index). Common statement said. profitability? “Thus, investors engage in aggressive out of fluctuations in asset prices and underlying instruments include efforts to lock-in unrealised profits – leads to lacklustre activity in the bonds, commodities, currencies, Guterres had requested Mr Obasanjo, who is We measure our success thereby resulting in a self-reinforcing underlying cash market, particularly in interest rates, market indexes and a member of the Secretary-General’s High- using leading indicators and market downturn, stocks. Level Advisory Board on Mediation, to travel are assured that we are on to the capital, Monrovia, from Thursday, Dec. the right path. For instance, MTN Foundation lauded on skills empowerments 28 to Saturday, Dec. 30 Dec. we have grown active customer base by over 40 By Haruna Magaji “We appreciate MTN foundation who took “We thank Lagos Island Local The first round of elections in the west African per cent in two years. We the bold steps to train about 96 of our Government for their support, country was held in October. have more than doubled the Friends of The Disabled (FOTD) students here in four years.” SNEPCO, Society of Petroleum number of customers on our Vocational and Educational Centre have Engineers (SPE), Individual Partners, A runoff was originally scheduled for UnionOnline and lauded MTN Foundation for having According to her, the beneficiaries have UBEC, Women Affairs, Sage November, but was delayed due to allegations UnionMobile platforms. We empowered 96 youths with disabilities in conquered the challenges of depending on Foundation Nigeria, Nigeria Institute of voter irregularities by a third candidate. have seen electronic the past four years to establish their own others and of being idle through the skill of Oceanography and Main Research, transactions increase four- businesses. you have learnt. Victoria Island, small world Nigeria Obasanjo is one of 18 global leaders, senior fold over the same period. and other sponsors,” she said. The quality of our channels The centre trains people with disabilities “You have gotten enough training and officials and experts on the high-level board is reflected in the simple in different skills in shoemaking, sewing, advices that can make you establish your She explained that the focus of the created earlier this year to advise the fact that Union Bank ATMs catering, fish farming, among others own business. We are here for centre now is not only empowerment Secretary-General on mediation and back are preferred by non-Union consultations and activities that but also rehabilitation with jobs that those efforts around the world. Bank customers as Speaking during the graduation ceremony rehabilitate you. Two of you have been can fetch them income with what they The former President of Nigeria was involved indicated by the Nigerian of skilled and empowered youths with consulted as instructors, and one other as have learned. in mediation efforts in Angola, Burundi, Interbank Settlement disabilities, at the Oja-Oba Vocational sign language teacher. Mozambique, Namibia and South Africa, System (NIBSS) statistics. Centres Lagos Island, Mrs Christy Orduh- among others. ED/Founder Friends of the Disables Let us know where you are and how you “Two of our ex-students have recently We had to make a lot of (FOTD) said: “FOTD was established to are adjusting to the society. FOTD also been rehabilitated. One is into The high-level board is part of the Secretary- changes to get here. You develop the talents of youths with remain grateful to National Directorate of continuing education here and General’s pledge for the UN to embark on a know change can be tough disabilities in order to make them valued Employment, NDE, which gave the features as a tailor too while the other “surge in diplomacy for peace.” but with good Change and useful adults in the society. organisation the first start-up equipment works with a bone craft centre for Management techniques we and tools and have collaborated with us to income generation,” she added. The idea, according to Tarja Halonen, former were able to manage the date. President of Finland and also a high-level transformation successfully. board member, is to prevent wars by “hybrid We had to change ourselves, peace-building.” our products and services. When we were sure we had Speaking at the UN General Assembly in made good progress, we September, outgoing Liberian President Ellen started to engage the public Johnson Sirleaf, said that the polls would by unveiling our new brand signal an “irreversible course” towards image and tag line, ‘building democracy in the country. a simpler, smarter bank’, now ‘your simpler, smarter Sirleaf, the first woman elected as head of an bank’. African country, took office in 2006, ending a civil war that erupted under the leadership of We have been profitable her predecessor, Charles Taylor. since we started the Transformation and will get SEC, Journalists to partner on investor education stronger. By Ezekiel Enejeta problem of unclaimed dividends and also “All in consonance with the present primarily at strengthening the market and Union Bank is celebrating ensure that investors receive the benefits of administration’s economic strategy, accelerating economic development. its 100 years of operation. The Securities and Exchange Commission their investments in the capital market timely. focused on deepening the capital market What does it look like being (SEC) has pledged to work with Finance as a vehicle for encouraging a private Earlier, leader of the delegation, Nduka around for a century? Correspondents to ensure proper reportage of “We also have the direct cash settlement, sector-led economy with enhanced Chiejina, pledged the support of his the capital market and properly educate the dematerialisation, Nigerian Capital Market productivity,” the director-general said. colleagues in assisting the commission to Obviously, no current investing public. Development Fund (NCMDF), National inform, educate and enlighten investors on employee has been around Investors Protection Fund (NIPF) among others. Zubair therefore enjoined shareholders to the benefits of the Nigerian Capital Market. that long! However, we see Dr Abdul Zubair, the Acting Director-General of take advantage of the initiatives Union Bank as an SEC, said this in a statement on Wednesday in introduced in the capital market aimed institution with a legacy Abuja. that is worth sustaining and Abuja motorists get more free fuel as NNPC, DPR, seal stations building on. At some point, Zubair made the pledge when a group of Abuja- there was the temptation to based newsmen visited him in Abuja. By Haruna Magaji refurbished tanks and could take more requirements. change the bank’s name but than 300 litres, thereby depriving other it became clear to the board He commended the journalists for their Some motorists in Abuja on Wednesday got more motorists the oportunity to fuel on time ”Look at the power lines and high tension and management that in assistance so far in propagating the initiatives free petrol as the Nigerian National Petroleum and ration available product. cables all around. Union Bank, we have a of the commission while enjoining them to Corporation (NNPC) and the Department of ‘trusted partner’ legacy that continue to support the SEC in its quest to Petroleum Resources (DPR) sealed more ”They go and siphon the tank and come Moreover, when we spoke yesterday we gave is worth holding on to. educate the investing public. stations. back. The civil defence has arrested him a concession but I think the owner of With our transformation, we several and will continue to do so. this filling station does not need pity from can say we are a ‘100-year He named some of the initiatives by the SEC to The team had sealed the Khalif Civic Centre any government. old youthful bank.’ We are include direct cash settlement, and Investment Limited at Kubwa, a suburb of ”Those who are in the habit of instaling proud of our legacy in dematerialisation, consolidation of multiple Abuja on Tuesday. extra tanks should beware. ”The way he situated this, if there is any Nigeria and will remain accounts and e-Dividend Mandate Management accident, the amount of lives that would be committed to our esteemed System. ”This is an effort of government to continue to ”As at noon, we have gotten 110 trucks lost would be massive. customers, who have been identify all those who are a hindrance to the distributed to Abuja and environs,” he loyal through thick and He said that the initiatives had helped to supply of petroleum products. said. ”We advise that instead of giving this fuel thin. promote transparency, protect and enhance free, the station should be demolished, it investors’ confidence in the capital market. ”Incidentally, this filling station is owned by the He said about 24 marketers that had should not exist at all. How come this same perpetrator of yesterday and to our diverted products had been apprehended transformation left the “We have rolled out a number of initiatives dismay, not only is he selling to people at N250 and it would be a continuous exercise. ”Under no circumstance should the station bank’s name intact? among which is the e-dividend campaign where per litre, but he’s also under-dispensing at half be allowed to exist within this community investors will now be paid their dividends the volume as testified by one of the motorists. The Abuja Zonal Operations Controller, because it is very dangerous. Being here for a hundred directly to their bank accounts. DPR, Mr Mohammed Abba, advised that years means Union Bank is ”DPR confirmed yesterday that he did not have the station should be demolished. ” We call on development control that its known across the country ” E- dividend simply refers to an online system licence and they have handed over the station to Certificate of Occupancy should be revoked. and even beyond. The legacy of paying dividends to investors when civil defence for appropriate action. ”We have advised the civil defence to of Union Bank is one of companies declare dividends, which are the apprehend him, they have put that in Mr Aminu Abdullahi, Assistant trust, reliability and profits meant for investors. ”Today, this one has more volume about 15,000 motion but he is in hiding. Commandant-General, Operations of the strength. This year, we litres so we are dispensing 5 litres to every Nigerian Security and Civil Defence Corps organized centenary “Rather than send it by post, Registrars will motorcycle and 20 to every car and this will ”If you look at this station, it is an illegal told newsmen appropriate action was being celebration events across just wire it to the investor’s bank account continue,” Maikanti Baru, NNPC boss, said. station, there is no way we will give taken against illegal dealers. the country just to meet directly. licence to a station within a community with and appreciate our He said there were also vehicles that had because it has not satisfied all the loyal customers and many of “This will help in no small measure, reduce the them had very inspiring stories of what Union Bank December 29, 2017 Page 3 means to them and how it helped them achieve their dreams and goals.FINANCIAL WATCH

FINANCIAL WATCH DECEMBER 29, 2017 NEWS Fuel scarcity: Niger gets only a truck in 2 days ...Cont’d from page 1 By Haruna Magaji year, and monumental Minna – The lingering petrol scarcity unemployment will remain with continues on Wednesday across Niger State as us.” only one truck was allocated to the state in the past two days. He said though the All Progressivess Congress (APC) Mr Sunday Senchi, Head of Department of government at the centre made Petroleum Resources operations (DPR) clear its promise in its manifesto disclosed this in an interview shortly after of delivering three million jobs inspecting some filling stations in Minna yearly, he expressed sadness metropolis. that after two years in the saddle, it is, perhaps, time to He said that only three filling stations ask the government to give a dispensed petrol on Tuesday. scorecard to the Nigerians that went through a lot of odds to Senchi explained that as at 12 noon on elect this government. Wednesday no allocation has been sent to the state. He said: “How many jobs has the Federal Government and the The DPR official said that the state needs an 23 states controlled by the ruling allocation of about 30 to 40 trucks daily to end party created in furtherance of the scarcity. its pledge to Nigerians during the electioneering campaign. He explained that the department is NNPC Mega station, which is the only one ”Government should investigate how the attendants to buy the product. monitoring filling stations to ensure that those selling at N145 per litre. product got to the hands of black “We had stated in our past new with petroleum products dispense to marketers.” NAN reports that many petroleum year’s messages, as well as motorists. Kabiru Abdullahi, a resident of Sauka marketers in Minna metropolis closed their other policy pronouncements, Kahuta, said that he spent two nights to Malam Bashir Musa of Maitumbi told stations, while the few that opened, sold that we have some ideas on The Niger State has two NNPC depots in get the product at the NNPC Mega station. the product at official pump price but how we can create new and Minna and Suleja towns. NAN that ”all the filling stations in collect extra money before selling. sustainable jobs. He said that the scarcity was affecting the Maitumbi have the product but are selling Senchi warned that the department would not daily activities of residents. at N400 per litres. Hawkers were seen around filling stations ‘’Unfortunately, no one in the hesitate to dispense products free to motorists making brisk business as five litres of government has thought it from any filling station caught hoarding. Abdullahi called on the Federal ”It’s really business for the black marketers petrol was sold at N3,500 to N 4,000 necessary to give us a hearing Government to constitute a mobile courts as they are making brisk profit at the depending on the location. on what these ideas are, and According to him, the department will also to prosecute those found hoarding and expense of motorists.” what they entail. ensure that no filling station sell above the selling the product above official pump Abdulkarim Bello of Ahmadu Bello way told government approved prices of N145 per litre. price. Musa called on the task force set up by the NAN that the task force set up by the “At present, we are not even Nigeria Security and Civil Defense Corps NSCDC should redouble their efforts at sure which ministry or agency of At the Maitumbi area of Minna, stations such ”If you go to Tunga, Bosso, Old Airport and (NSCDC) to investigate how the product ending scarcity. the government is the focal point as Muhabat, First Ja’az Global Resources Maitumbi in the metropolis, you see was diverted to black markets. on job creation. limited and Mutmusa Nig limited were selling children selling the product openly. He also called on the state government to above pump price when NAN correspondent Ishaku Idris, a commercial driver, said that continue to monitor the products “What we have said of the ruling visited the area on Wednesday. ”I just bought a four litres fuel for N2,500. he slept for two days at the NNPC filling distribution to end diversion by marketers. APC party, applies in large station and pays extra money to petrol measures as well to the Peoples Meanwhile, investigation by NAN indicates Democratic Party (PDP) and the that motorists spend days at the states they control. NEPZA Licences Three ‘N20b fraud’: EFCC quizzes ex-UBEC “We will in the new year New Free Trade Zones boss Dikko, others continue to knock on the doors of all organs of government and By Samson Gabriel put on the agenda the massive unemployment situation the The Nigeria Export Processing Zones By Ezekiel Enejeta between 20 to 30 per cent of the by some members of the National country is facing.” Authority (NEPZA) has licensed three new Free Trade Zones (FTZs). Economic and Financial Crimes equipment and books purportedly Assembly.“ Trade Union Congress (TUC) This announcement was made wednesday Commission (EFCC) detectives have President, Comrade Bobboi by its Managing Director, Emmanuel Jime. quizzed a former Executive Secretary of delivered to their schools, whereas Kaigama, appealed to the the Universal Basic Education Federal Government to In a statement signed by the Head, Commission (UBEC), Mallam Suleiman the contractors were paid in full,” the Some of these projects have been remember its “change mantra”, Corporate Communications of the agency, Dikko, for alleged N20billion fraud. adding that it makes no sense Simon Imobo-Tswam, NEPZA said it had source said. traced to a principal officer of the accusing and condemning the secured for the country over $2.751billion Also grilled were contractors and top previous administrations for in Foreign Direct Investments. (FDIs) directors of UBEC, including those in House of Representatives.” corruption only for the recovered charge of Finance and Procurement. money to be re-looted. The new FTZs are Quit Aviation Services, Some former executive secretaries Nasco Town FTZ and Tomaro FTZ. Dikko’s and some contractors’ passports “Mere leaving a political party for have been impounded “to ensure and directors of the commission have The projects in UBEC are: One block the ruling party must not make Jime said apart from the juicy FDI in flows, unhindered investigation”. anybody a saint. Anti-graft about 50,000 direct jobs will be provided by been quizzed. of three classrooms at Eru Primary agencies and the judiciary must the three FTZs. The probe, said a source, who pleaded prosecute those who were not to be named, is to unravel how funds School, Igbide (N9,180,835.45); one caught with our money. We “Under my stewardship, we have so far meant for primary education and Unity know corruption is fighting back been able to licence three new industrial Schools were either diverted or There are indications that the block of three classrooms at Ivori but we are confident that the parks i.e. Nasco Town Free Zone, which is converted to private use. war over evil will always emerge valued $2,086billion. It is estimated, at N20billion contract scam is part of Primary School, Isoko (N9,887,778); victorious. The world is watching completion, to be able to provide 50,000 “The fraud involves over N20 billion, and waiting for the pride of direct jobs. allegedly siphoned through the purchase the cases for which the anti-graft construction of three classrooms at Africa and most populated black of science and technical equipment and nation to blossom. The Federal “The second is Quit Aviation Services Free MDGs’ books for some 104 Unity Schools commission is investigating Dikko. Egburie Primary School, Ozoro; and Government’s economic Zone, valued at $215million, and is between September 2012 and 2014.” recovery plan must not fail. No estimated to provide jobs in their construction of six classrooms on more excuses,” he said. thousands. And there is: Tomaro Industrial The Principals of the “beneficiary Park, in Lagos, valued at $450million. It schools” denied receiving the books and Another source said: “The ongoing January 21, 2016 at Olordo Primary Unpaid salaries and would also provide jobs running into the equipment listed against their schools, it pensions/retrenchments thousands,” the statement said. was learnt. probe of UBEC has many School, Ozoro (N9, 300,000). The NLC president said in the Jime said when he resumed office, he met “They claimed that they only received dimensions. We have also discovered preceding year, the union staff who were low in morale in addition to tackled some state governments other challenges including, inter-agency many contracts duly paid for but over non-payment of rivalry, delayed promotions and poor outstanding wages and pension investor-confidence. abandoned between 2012 and 2014. The others are: supply of customised of workers and pensioners. Some fake contracts were awarded in library equipment to selected schools He said one of the legacies of the misrule of the preceding order to acquire slush funds for in Isoko North Local Government years is the irregular and non- payment of retired civil servants, purposes known only to the former Area at N16,050,000; Supply of which, he said amounted to 12 months’arrears in many states. UBEC Secretary and the accomplice instructional materials in Isoko North Wabba said: “In fairness to the directors. /South Federal Constituency(N14, Federal Government, President Buhari had made consistent 650,000); supply of customised efforts to bail out state governments to pay workers’ “There were also reckless awards of equipment to selected schools in Isoko wages in the states as 27 of the 36 states were in default at the contracts under the guise of Federal Constituency(N15, 950,000); inception of the administration in Mays 2015. constituency projects between 2012 rehabilitation of six classrooms at “In the New Year, the Congress and 2014. Egware Primary School, Ozoro would work with state councils of the NLC to engage state (N9,200,928,90); and construction of governments to pay up pension arrears of their retired “For instance, many unexecuted six classrooms and toilets as well as employees, and to conclude arrangements to join the constituency projects were awarded supply of furniture at Itebighe Contributory Pension Scheme as provided for in the Pensions by UBEC to some companies owned Primary School (N12, 988.099.23). Reform Act of 2014. According to him, with the cooperative MSMEs reckon 2017 as Year of better “In the same vein, we shall support of his management team, he had access to funding, forex access mobilise for all employers to pay succeeded in making appreciable impact. the new pensions contribution of By Samson Gabriel “We are not yet there but it will get better. Is not being felt by the common-man; there are 18 per cent of total pay which He similarly described as false the claims We are moving in the right direction now.” still signs of the recession everywhere; if things came into effect with the signing that the authority padded its 2018 budget OPERATORS in the Micro, Small and of the new Pension Act into law estimates, saying that NEPZA has neither Medium Enterprises (MSMEs) have continue this way, it will be very difficult for in July 2014.” padded her budget proposal nor inflated its reckoned 2017 as the “Year of better access According to him, more awareness is being business owners to survive. personnel cost. to funding and foreign exchange.” created about Made-in-Nigeria products and He also said the congress anti- casualisation campaigns would “It is true that the Personnel Cost in In a review of the outgoing year, and more and more people are looking inward “We are also looking up to the government to be intensified in the New Year. NEPZA’s 2017 budget is N638million and outlook for 2018, Kuti George, President now. continue to promote the ease of doing business the proposed budget for 2018 is Lagos Chapter of Nigerian Association of He said the NLC would continue N710million, but it is grossly incorrect to Small Scale Industries, NASSI, said: “2017 Femi Egbesola, National President which in the long run will help the MSMEs to its campaign against the insinuate or suggest that the budget was is a turbulent year and things can only get Association of Small Business Owners, thrive better. Those are the things we are incidence of non-payment of over bloated or state that ‘there is a better; the stability of the naira is good even ASBON, also noted: “2017 is one of the looking forward to, come 2018,” he concluded. salaries. N205million surplus discovered in the 2018 though we are expecting it to improve, but budget estimates of NEPZA. it is not as volatile as before. toughest and most challenging years for the Also, the Small and Medium Industries (SMI)FINANCIAL WATCH MSMEs sector in Nigeria. The statement clarified that Authority’s “The Lagos State Employment Trust Group of Manufacturers Association of Nigeria gross monthly salary figure is over N53million while staff pensions, PAYE, Fund, LSETF, has helped small businesses “A lot of business had closed shops because (MAN) looked back at the year in review and NHIS and other deductions are made at in the area of funding and the Bank of of the harsh economic situation in the said 2017 was better in terms of the Federal source at the Office of the Accountant- Industry, BoI, is also doing its job. country but we are hopeful that it will Government series of intervention programmes General of the Federation (AGF). improve; we are looking forward to a introduced to improve the performance of the situation where power supply will improve. sector. “We are also looking forward to a situation Frank Jacobs, MAN President, stated: whereby the recession will leave our system. “Obviously, 2017 was much better than last We are told that the recession has left but year. that December 29, 2017 Page 4

FINANCIAL WATCH DECEMBER 29, 2017NEWS 2017 Calabar's bikers carnival in PhotosCont’d from page 1 AfDB invests in green energyn line with its interventionpolicy, the CBN had recently By Ezekiel Enejetainjected $287.89 into the SMIS.Data received from the CBN The African Development Bankrevealed that the figure was in has achieved a 100 per centfavour of the agricultural, investment in renewable energyairlines, petroleum products and in 2017, a major landmark in itsraw materials and machinery commitment to clean energy andsectors. efficiency.The bank’s Acting Director, Power generation projects with aCorporate Communications cumulative 1,400 megawattsDepartment, Isaac Okorafor exclusively from renewables wereconfirmed the figures, noting approved during the year, withthat the releases were targeted plans to increase support forat sustaining liquidity in the renewable energy projects inmarket as well as boosting 2018 under the New Deal onproduction and trade. Energy for Africa.He reiterated that the bank AfDB President, Akinwumiremained committed to ensuring Adesina said: “We are clearlyliquidity in the inter-bank sector leading on renewable energy. Weof the market and would will help Africa unlock its fullcontinue to intervene in order to energy potential, whiledrive growth in the economy and developing a balanced energy mixguarantee stability in the to support industrialisation. Ourmarket. commitment is to ensure 100 per cent climate screening for allWith Friday’s rates hovering Bank financed projects.’’around N359 and N360/$1.Okorafor was upbeat that the The share of renewable energybank’s forex intervention had projects as a portion of the Bank’seffectively checked speculations portfolio of power generationaround the Naira. investments increased from 14 per cent in 2007 to 2011, to 64 perHe, however, disclosed that the cent in 2012 to 2016.Bank would continue to ensureenforcement through utilisation The Africa Renewable Energyreport and market intelligence. Initiative (AREI) whose goal is to deliver 300 Gigawatts (GW) ofIt will be recalled that the CBN renewable energy in 2030 and 10had last Monday, also intervened GW by 2020, is now based withinin the inter-bank Foreign the Bank, as requested by AfricanExchange Marketto the tune of Heads of State and Government.$210 million comprising of $100 The G7 has promised to commitmillion for the wholesale US$10 billion to support thesegment and $55 million. initiative.Private refinery vows to end fuel scarcityBy Cynthia Adigwe -skimming privately owned refinery in the state and theBayelsa industrial businessman, Niger Delta, and as we pioneerDr. Azibapu Eruani has rekindled this course others would follow,”hope in Nigerians that the hydra- Eruani submitted.headed malaise of fuel scarcity andacute unemployment would be ‘’it might be difficult yesterday,reduced to its barest minimum, if butnot eradicated as licensedprivately owned refineries we have move beyond the point ofcommences operation. difficulty to success, and we believe that fuel scarcity inEruani, President of the Azikel Nigeria would be a thing of theGroup, conglomerate comprising past soon.Azikel Petroleum, AzikelDredging, Azikel Power and Azikel He dismissed the erroneousAir said this while speaking with impression that Bayelsa is ajournalists in Yenagoa. militant state, stressing that the people are enterprising and aDecrying the yearly fuel scarcity whole lots of small and mediumdebacle, particularly during festive business is also thriving in theperiods in the country, he pointed state.that this challenge has becomeembarrassing and biting, as it has Eruani alluded that thevirtually crippled economic multiplier effect of adequateactivities in the country. supply of petroleum product in the country would drasticallyThe company disclosed this in a reduce the problem ofstatement on Wednesday. unemployment, which isAccordingly, Eruani noted that the responsible for brain drain, illegalchallenge persists in the country means to greener pasture,because the efficiency level of particularly the Libya returnees,existing refineries is low to satisfy as well as other in patheticconsumers demand; just as the conditions faced by youngnation depends solely on the Nigerians in other countries.importation of fuel for localconsumption. He shared the optimism that synergy between the privateThe Azikel Group President sector and government at allaverred that the present levels is needed to advanceadministration led by President technology drivenMuhammadu Buhari took a industrialization to absorbpragmatic step to redress low graduates from our universities,supply, importation of fuel and as a well as create room forprice hike, by issuing licenses to middle and low class manpower.privately own refineries toNigerian businessmen, Azikel The Azikel Group President notedGroup inclusive. that subsidiaries under the group have created industrialization inHe noted that Azikel Petroleum Bayelsa and the Niger Delta,has achieved 65% completion; and stressing that with over 1000that it would soon begin operation, employees from the six geo-even as he noted that when all political zones and still counting,licensed privately owned refineries we have reduced unemploymentbegin to dispense fuel it would challenge in the state, Nigershore up production capacity and Delta and in the country.fuel scarcity and insufficiencywould be outlawed, and Nigeria ‘’We do not want Bayelsans, Nigerwould be like other countries Delta youths and Nigerians to bewhere availability of petroleum idle, we don’t want them toproduct would no longer be an become illegal migrant beggingissue. for jobs and been lured into abominable social vices, such asSaid he ‘’Azikel Petroleum prostitution and drug addict,refinery, phase 1, 12, 000 bpsd cultist and robbery.hydro-skimming refinery wouldproduce, premium motor spirit, To this end, Eruani noted that anliquefied Petroleum gas, heavy fuel industrialised state and nation isoil, Kerosene and diesel, which is the cardinal key to stablescalable as it will increase economic prosperity, which wouldgeometrically in the phase 2 level in turn create institutions thatof production with over 50,000 would stamp out unemployment,bpsd. even as he pointed that Azikel Group is on a mission to create‘’Azikel Group is irrevocably the right values towardscommitted to bridging the industrial growth, bringindustrial deficit in Bayelsa, we unemployment to its lowest ebbare on a fast lane of making and promote financial freedomhistory, building the first hydro among all Nigerians.FINANCIAL WATCH December 29, 2017 Page 5

FINANCIAL WATCH DECEMBER 29, 2017NEWSGermany based Nigerian engineer tasks FG on energy conservationBy Ezekiel Enejeta In his analysis, engineer Victor Drastically in the latter”, environmental preservation providing energy saving education and need to Aruwah showed the students that Aruwah said. consciousness in the minds and increase environmental awareness among schoolLeading environmental expert and Germany based he had installed meters in each hearts of young people of school children in both private and public schools.Nigerian engineer, Victor Aruwah, has called on the building which measured In his statement following the age in Nigeria. He said “while I am environmental preservation consciousness in theNigerian government through the ministry of consumption levels prior to the successful implementation of the doing this here, I am also thinking minds and hearts of young people of school age inenvironment to adopt new ways of ensuring an increase Green Boot competition, without energy saving and about how similar initiative can be Nigeria. He said “while I am doing this here, I amin awareness and action towards energy conservation in staff knowing, so that he could get environmental awareness implemented in Nigeria. I strongly also thinking about how similar initiative can beNigeria. an accurate baseline program, engineer Victor believe this kind of program will implemented in Nigeria. I strongly believe this kind measurement. “In comparison, Aruwah called on the Nigerian help our young people understand of program will help our young people understandHe made the call in Germany after he successfully led consumption levels during the Ministry of the Environment and their role in preserving energy and their role in preserving energy and in keeping thesome students to implement an energy saving initiative Green Boot competition decreased others concerned to look at the in keeping the planet safe”. He planet safe”. He called on environmental agencies andat the the US Army Department of Public Works in in both the garrison building and possibility of putting in place called on environmental agencies other relevant bodies in Nigeria to see the possibilityGermany. the Department of Public Works similar initiative in Nigeria with and other relevant bodies in of providing energy saving education and need to building — a view to instilling Nigeria to see the possibility of increase environmental awareness among schoolThe initiative, called the Green Boot competition, children in both private and public schools.according to a report on US Army website, was toencourage staff implement the best daily practices to SEC restates commitment toconserve energy. investor educationAnd to implement the program, seven student experts By Cynthia Adigwefrom Ramstein High School Environmental Club inGermany were invited to examine the two sections of the The Securities and Exchange Commission hasDepartment of Public Works building and provide pledged to work with the media to ensure properfeedback on energy saving levels within the period of the reporting of the capital market in order to enlightencompetition. and educate the investing public.The Ramstein High School Environmental Club, The Acting Director-General, SEC, Dr. Abdul Zubair,according to the report, achieved Green Boot certification stated this while addressing financial journalists inin 2016 after reducing energy consumption at their Abuja.school building by five percent over the course of oneschool year, saving thousands of dollars in the process. Zubair commended the media for their assistance soWith energy reduction and awareness as its primary far in propagating the initiatives of the commissionfocus areas, the environmental club has already and enjoined them to continue to support SEC in itscontinued its energy reduction efforts in 2017 by quest to educate and enlighten the investing public,initiating a plastic water bottle reduction campaign, as means of further deepening the market.encouraging students and teachers to recycle theirplastic water bottles and switch to reusable ones. Some of the initiatives, he stated, included direct cash settlement, dematerialisation, consolidation ofAccording to the organizers of the competition, to further multiple accounts and e-dividend Mandatecontribute to energy conversation outside of their school Management System; as they promote transparency,environment, the student were tasked to bring their protect and enhance investors’ confidence in theexperience and expertise to the US Army garrison and capital market.were required to inspect the two buildings competing inthe challenge, accompanied by the Department of Public Zubair said, “We have rolled out a number ofWorks Senior Facility Engineer Gregory Williams and initiatives among which is the e-dividend campaignengineers Konstantin Gross and Engineer Victor where investors will now be paid their dividendsAruwah. directly to their bank accounts. E- dividend simply refers to an online system of paying dividends toDuring the inspection, the students made suggestions investors when companies declare dividends, whichabout how staff of the Department of Public Works could are the profits meant for investors. Rather than sendbetter conserve energy. Some of the suggestions included it by post, registrars will just wire it to the investor’sunplugging appliances such as toasters and microwaves bank account.’’when not in use, turning off or reducing the lights in aroom when natural light is coming in through the “This will help in no small measure, reduce thewindows and turning off monitors at vacant desks. problem of unclaimed dividends and also ensure that investors receive the benefits of their investments inPolice Parade 30 Inter-State the capital market timely.Robbers, Kidnap Suspects InLokoja “We also have the direct cash settlement, dematerialisation, Nigerian Capital MarketBy Samson Gabriel Development Fund, National Investors Protection Fund, among others, which are all in consonance withThe Police on Wednesday in Lokoja paraded 30 inter- the present administration’s economic strategystate armed robbery and kidnap suspects terrorising focused on deepening the capital market as a vehicleKogi and the neighbouring states. for encouraging a private sector-led economy with enhanced productivity.”Parading the suspects, the Force Public Relations Officer,Jimoh Moshood (CSP) said those arrested included some The SEC boss, therefore, enjoined all shareholders towho allegedly kidnapped and killed an expatriate take advantage of the initiatives introduced in theengineer with Dangote Cement Company. capital market, which are aimed primarily at strengthening the market and accelerating economicMoshood said at the Kogi Police Command headquarters development.that the arrests were in response to the Inspector-General of Police (IGP) Ibrahim Idris’ directive to rid the Ecobank CEO praisesnation of crime. Okpekpe road race upgrade“The IGP directed the Commissioner of Police in the By Ezekiel Enejetastate, Ali Said Hangs to quickly address armed robbery,kidnapping, social miscreants, cattle rustling, cultism on The Managing Director/CEO, Ecobank NigeriaAuchi-Okene-Lokoja, Lokoja-Ajaokuta-Anyigba, Kabba- Limited, Charles Kie, has commended PamodziOshokoshoko-Obajana highways. Sports Marketing, organisers of 10 kilometre Okpekpe International Road Race on the“Effort of the commissioner and his team through vigour, recent upgrade of the Road Race to silver Labe.dedication, utmost professionalism and passion for the The upgrade was done by Internationaljob, led to the arrest of the 30 suspected criminals and Association of Athletics Federations (IAAF).recovery of several weapons, he said. He said the elevation does not only lendHe said four of the suspects were alleged to have on Oct. credence to the standard and popularity of the23, kidnapped an expatriate, Mr Jose Machada, a Race, but also represents a milestone in theconstruction engineer with Dangote Cement Company, development of sports in Nigeria.Obajana. Kie said the upgrade further justifiesMoshood said that the suspects killed the expatriate Ecobank’s consistent support to the annualwhen the ransom they demanded was not forthcoming. event. He reiterated that the Okpekpe’s vision of a top quality competition that affords top“Police operatives attached to Special Anti-Robbery athletes from across Africa the opportunity toSquad, Kogi State Command, in synergy with the DSS compete and socialize ties with the bank’s pan-promptly swung into action and arrested the four African posture.suspects,’’ he said. He maintained that the bank supports andHe said one of the suspects killed a senior staff of encourages creativity and excellence amongDangote Group of Companies, Istifanus Bello, for Africans, especially the young people, who areallegedly trying to shortchange his kidnap gang. the future of the continent.The company worker was said to have been killed for In his words “we are delighted to be a strongpaying them N5 million instead of N7 million ransom for part of the success story of the Okpekpe Roadthe release of another staff earlier abducted by the Race, especially on this latest elevation to thesuspect and his gang. Silver Label Race, which is the first to be so recognised in West Africa”.The police image maker said two other suspects werearrested on Kano road, Idah, for terrorising the residents The annual Okpekpe international 10km Roadthrough cultism while another was arrested in Okene for Race has had Ecobank Nigeria as its majorkidnapping and cattle rustling. banking partner. The Road Race is the first and only road race in Nigeria that has beenHe noted that during interrogation the suspects granted full membership of Association ofconfessed to participating in the killing one Haruna International Marathons and Distance RacesBaso, a resident of Achoze, and carting away the cattle of (AIMS) and recognised as one of thethe deceased. prestigious road races in the world.Moshood listed items recovered from them to include, 11AK-47 rifles, two Beretta pistols, two Revolver pistols,334 rounds of AK-47 live ammunition, a dagger, a cutlassand military camouflage uniforms. The force publicrelations officer said the suspects would soon beprosecuted and called on parents to monitor their wards.FINANCIAL WATCH December 29, 2017 Page 6

FINANCIAL WATCH DECEMBER 29, 2017 NEWS Cloud Printing Seamless on G Series, says Canon Director FG reduces By Ezekiel Enejeta exposure in domestic In this interview, the Regional Sales borrowing – DMO Director (Middle East) at Canon, Somesh Adukia, shared insights on the By Haruna Magaji essence of digital technology and cloud innovation on Canon G.series The Debt Management Office printers. ( DMO ) says the Federal Government is reducing its Why has Canon decided to introduce exposure in the domestic Pixma G Series printers to the Nigerian market to pave way for Market? borrowings by corporate entities. The demand for cost effective office Are there improved innovation on speed creations including cards, crafts and market due to largest population printers have significantly increased in and capacity in the printers? even high-detail paper arts, ranging allowing it to be a key market for Ms Patience Oniha, the Nigeria for offices where high yield DMO’s Director-General, told printing is the norm. There has also The printers have been designed to Canon. newsmen in Lagos that been a boom in demand for home users cater to customers’ needs this is why government had reduced its who enjoy printing all their best each printer incorporates a durable from amateur to artisan professional exposure in the bond market photographs. With the Canon Pixma FINE print head system for high for corporate entities to raise Series, our customers in Nigeria get to quality prints at fast speeds, as well as crafters. funds. enjoy efficient cost effective printing. technology that stops air penetrating the ink feeding tubes, ensuring It is an important hub in Industrial “We are reducing the amount How do this new printers work? reliability and stability when printing we borrowed in the domestic The G1400 is a single function printer, in high volumes. Also the new compact refillable ink & Production Printing segment, and so that there will be space for while the PIXMA G2400 and PIXMA tank models combine an aesthetic has a thriving film industry – all of corporate bodies,’’ the G3400 & G4400 are all-in-one printers For prints with high levels of detail the design and ease of use. The four high- which Canon can support through director-general said. offering print, scan and copy 2pl, 4800x1200dpi print engine offers yields, front facing ink tanks are our value added services. Our goal is functionalities. We are in an age where smooth gradations and fine detail, immediately visible, making it simple to extend our services to the largest She said apart from the internet connectivity drives our day to perfect for intricate documents or high- and fast to check ink levels, while the number of customers possible by government decision to reduce day personal and professional lives. quality photographs. Each model in the uniquely designed ink bottles make being closer to them. domestic borrowing, the The G series range are Wi-Fi enabled range also prints borderless 4 x 6” Securities and Exchange and offer printing without wires from a photos in as little as 60[i] seconds. topping up a quick and mess-free Commission ( SEC ) and the PC, as well as smartphones or tablets, Nigerian Stock Exchange ( with full compatibility with Canon’s new What makes Pixma G series task. NSE ) had issued new PRINT app. different? guidelines and reduced fees What plans do you have for for people to borrow. This Cloud printing lets you send The new printers all come with Canon’s documents and photos to print from My Image Garden software, which Are the printers available in Nigeria? after sales services? Oniha said that apart from anywhere in the world, and remotely includes a range of applications issues of infrastructure for print from popular services including including Creative Park. An exclusive The printers are available at all Earlier this year Canon Central and trading in fixed income Instagram, Google Drive, Facebook, software created by Canon that helps Canon Authorized dealers including, North Africa partnered with three securities, the market Dropbox and Flickr. you print a variety personalised prominent E-Commerce sites like service centers in Nigeria namely regulators had done a lot of Jumia, Konga and Yudala. Ensure Services, Kontakt and ground work to make the For truly creative photo printing the G Technology Distribution (TD). These market attractive. series range are also compatible with What keeps Canon in the Nigerian service stations offer total after- Canon’s Easy-PhotoPrint+ and are market? sales product repair services in eight She said DMO was a friend accessible from tablets or a web locations across Lagos, Abuja and with all regulators, noting browser, the software accesses your Nigeria is one of the largest African Port Harcourt. The service centers that they work in teams and photos and lets you edit them before markets in terms of potential and will also support all B2C products groups to get to “where we are printing creative projects such as GDP, and we feel it is an untapped including DSC, DSLR, professional today’’. greeting cards or calendars. territory in terms of its potential and video, OPP inkjet- and laser- growth. It is also an important printers, projectors and calculators. “We want to see varieties of products to be traded in the Fuel scarcity will end soon, DPR assures Nigerians market apart from government bonds for people By Cynthia Adigwe petrol, the company would load over out in few days. Corporation ( NNPC ) and they to have more varieties of 600 tankers in two days. were loading the product products to trade on. The Department of Petroleum At Folawiyo Energy Ltd., Mr Dipo according to the directive of the Resources ( DPR ) on Thursday assured He said that NNPC had assured the Makanjuola said that the depot had corporation. “We are expecting Nigerians that the lingering scarcity of company that another vessel carrying about six million litres of petrol and development in the market; petrol being experienced across the the product would arrive on Saturday. had been operating 24 hours to ensure According to him, the last time we want to see corporate country will come to an end in the next that Nigerians get the product. we received the product from bodies to raise bonds in the few days. Lawal assured the DPR team that the NNPC was on December 23 and market for people to have company would work tirelessly to Makanjuola said that the product that is what we are loading; we more products to buy apart Mr Mordecai Ladan, the Director of ensure that scarcity of petrol was ease belonged to the Nigerian National hope to get another supply by from the government bonds,’’ DPR, gave the assurance after his Petroleum Saturday. Oniha said. inspection visit to some private depots in Lagos. Nigerian Airports Record 9.2m Passengers In 9 Months The director-general said that borrowing from the bond Ladan said: “Petroleum products are By Cynthia Adigwe Highest passengers and aircraft Total of 843,343 passengers market would make books of coming in gradually; in most of the movement during the period. comprising 415,542 arrivals and corporate entities to be depots visited, some are being The Federal Airports Authority of 427,801 departures in 14,051 balanced instead of discharged, while there is assurance Nigeria (FAAN) says that a total of 9.2 The data indicated that Lagos airport aircraft movements were concentrating on banks’ loans. that some will come in again within 48 million passengers passed through recorded 4.5 million passengers, with recorded. hours. Nigerian airports in 140,552 aircraft 2.4 million passengers on domestic She said that the fixed income movements between Jan. and Sept. routes and 2.03 million on the The statistics also showed that market had grown when “I think with all we have seen now in 2017. international routes. 738,314 passengers comprising compared with what we had the depots visited, petrol should be 366,997 arrivals and 371,317 10 years ago. available in all filling stations across A statistics obtained by the News The Nnamdi Azikiwe International departures in 12,499 aircraft the country in few days time. Agency of Nigeria (NAN) from FAAN in Airport, Abuja recorded 2.4 million movements were recorded in Oniha said that government Abuja on Thursday, revealed that 6.38 passengers even though the airport was March. expected the fixed income “The scarcity of petrol will soon ease million domestic and 2.8 international shot for six weeks in March and April. market to develop out in days to come,” he assured passengers passed through the airports It further revealed that 974,081 significantly long time ago. Nigerians. during the period. The airport also recorded 1.9 million passengers comprising 544,574 passengers on domestic routes, while arrivals and 429,507 departures The director-general had Ladan appealed to the depots to focus The data also showed that 110,220 the international routes recorded in 13,721 aircraft movements recently said the Federal more supply on the independent domestic and 30,332 international 485,481 passengers during the nine were recorded in April. Government would focus more marketers’ filling stations, saying that flights were operated across the months period. on external borrowings to they were most affected by scarcity of nation’s 22 airports during the period The month of May saw 1.05 reduce debt servicing. petrol. under review. FAAN also disclosed that Port Harcourt million passengers comprising International Airport recorded 684,859 535,133 arrivals and 515,067 She said that in order to go He said that independent marketers It further revealed that 4.6 million passengers comprising 622,780 departures in 17,161 aircraft forward the debt office would have filling stations in most major passengers arrived in the country in domestic passengers and 62,079 movements, while 1.01 million concentrate more on external locations in the country, and most of 70,680 flights, while 4.5 million international passengers. passengers comprising 507,597 borrowings at cheaper rates. them had not received supply for passengers departed in 69,872 flights. arrivals and 501,824 departures weeks. Aminu Kano International Airport, were transported in June. Oniha said that government The total cargo movement during the Kano, according to the report, recorded had decided to borrow more The DPR inspection team visited period according to FAAN stood at 312,792 passengers during the period The statistics indicated that there externally to repay Treasury Folawiyo Energy Ltd., and NIPCO 128.37 million tons per kilogram. under review comprising 167,391 were 15,758 aircraft movements Bills ( TBs ) that mature Tank Farm in Apapa. domestic and 145,404 international in June, while 1.14 million every now and then. The statistics indicated that 86.11 passengers. passengers comprising 571,813 At NIPCO, a vessel was discharging million tons per kilogram arrived in the arrivals and 575,349 departures “Going forward as we do more over 23 million litres of petroleum as at country through the airports, while The monthly breakdown of the were transported in July in borrowing based on the the time DPR team reached the tank 42.26 million tons departed during the statistics shows that 987,844 16,717 aircraft movements. Appropriation Act, what can farm. period. passengers were transported through we do to make sure that debt Nigerian airports in January It further showed that the highest servicing at least, if it does Mr Taofeek Lawal, the Head, Corporate A look at the four major airports in the comprising 494,716 arrivals and traffic was recorded in August not come down, remains Communications of NIPCO, said that country shows that Murtala 493,128 departures with 16,141 with 1.26 million passengers manageable. about 300 petroleum tankers were Muhammed Airports (Domestic and aircraft movements.It revealed that in comprising 607,277 arrivals and waiting to load the product. February, a 660, 575 departures in 17,453 “We have decided to do more International Wing) recorded the aircraft movements. of external borrowings at Lawal said that with 23 million litres of cheaper rates,’’ Oniha said. December 29, 2017 Page 7FINANCIAL WATCH

FINANCIAL WATCH DECEMBER 29, 2017NEWS Senate Interrupts Recess, SummonsWithholding tax: EFCC recovers N27.7b from six banks Kachikwu, NNPC Boss Over FuelBy Ezekiel Enejeta CrisisThe Economic and Financial Crimes By Cynthia AdigweCommission (EFCC) has recoveredover N27.7billion from six banks The Nigerian Senate hasbeing unremitted withholding tax on directed its Committee ondividends. Petroleum Resources (Downstream) to cut shortAlso, about seven more banks were its recess and immediatelysaid to be on the radar of the anti- convene a meeting withgraft agency for similar infractions. stakeholders in the petroleum industry.According to a fact-sheet obtained byour correspondent, the EFCC was Senate President Bukolaexpecting recovery of more Saraki gave the directive onwithholding tax. Thursday amid the ongoing fuel scarcity across theThe document reads: “The Economic country, especially that ofand Financial Crimes Commission Premium Motor Spirit(EFCC) has recovered a staggering (PMS), also known as petrol.sum of N27, 712,334,455.06 aswithholding tax on dividends A statement from Saraki’spayment by six Nigerian banks. media office said the order was in a bid to end the crisis“The banks are Zenith Bank Plc, First came through the intervention of FIRS, Dimeji; Anthony Godwin; Osoba details (and money), often for malicious and the untold hardship it isBank Plc, Access Bank Plc, Standard the Lagos State Internal Revenue Adeboye; Adeleken Abiodun and reasons, by disguising as a trustworthy unleashing on innocentChartered Bank, Unity Bank Plc and Service, the Internal Revenue Service of Awokoya Oriyomi Yusuf. entity in an electronic communication. Nigerians.StanbicIBTC Bank. other states and the RMAFC. Others are – Oyatayo Ismail; Coffie “Spoofing, on the other hand, is a type Chairman of the Senate“The recovery by the Bank Fraud “The balance of N1, 244,111,097.43 was Meschark; Sylvester Amaddin; Olawale of scam where an intruder attempts to Committee, Senator Kabirusection of the Lagos office of the recovered from the other five banks. Farouk; Adeniran Tolani; Taiwo gain unauthorized access to a user’s Marafa, also briefedCommission was made through direct The investigation is still ongoing. Michael and OyekanmiAyodeji. system or information by pretending to reporters on the steps takenintervention by the Commission and According to the Commission, the be the user. following the directive inindirectly through the assistance of “Seven other banks are currently under suspects were arrested on Saturday, Abuja, the Federal Capitalthe Federal Inland Revenue Service the Commission’s radar with respect to December 16, 2006 in some parts of “Some of the suspects, who live Territory.(FIRS), the Internal Revenue Service withholding tax on dividends. Lagos and Ogun States, following flamboyantly without any known(IRS) of some states as well as the intelligence report received by the sources of income, were said to have Senator Marafa said theRevenue Mobilization Allocation and “We are certain to record more recovery Commission about their activities. bought houses and exotic cars from the committee has summonedFiscal Commission (RMAFC). by the time the investigation is proceeds of their criminal activities. the Minister of State for completed.” The EFCC said: “The suspects Petroleum, Dr Ibe“Zenith Bank alone allegedly allegedly confessed to be involved in “They were allegedly found to be in Kachikwu, and the Groupaccounted for more than 80 percent of Meanwhile, the EFCC has arrested 13 phishing, love scam, forgery, spoofing possession of forged contract papers of Managing Director of thethe amount as a whooping N26, suspected internet fraudsters for and business email compromise, among multinational oil and gas companies, Nigerian National Petroleum468,223,358.24 was recovered from conspiracy, possession of fraudulent other offences. banks’ instruments and forged data Corporation (NNPC), Drthe bank between November and first documents and obtaining money under page of international passports of Maikanti Baru.week of December, 2017. false pretence. “Phishing is an attempt to obtain foreign nationals, among other sensitive information such as documents. According to him, the“Of the sum, the EFCC directly The suspects are- Badejo Tobi; Abiola usernames, passwords and credit card minister and the NNPC boss,recovered N4, 207,235,701.06 from as well as other relevantthe bank, while N22, 260,987,657.24 stakeholders in the petroleum sector are toJail break: DSS, police after escapees attend a crucial meeting on Thursday, January 4, 2018.By Cynthia Adigwe investigation as to the cause of the jail development. How would the authority Interior is concerned about this and explain this? Is it that there is no tight would not allow this act to continue.” The lawmaker further noted break. As soon as the investigation is security? I am sure more people will dance that the meeting would take to the music where proper investigation is Meanwhile, findings revealed that place inside the SenateFollowing a Prison break at Ikot completed you will get to know. Our concluded. Government security has been tightened in prison Hearing Room 221 where its formations across the country proceedings would beEkpene Prison in Akwa-Ibom State men and other security operatives are will not let this issue go without adequate following the incident. broadcasted live. punishment. The prison boss has beenon Wednesday where four inmates still all over the place combing then ordered fro above to carry out a proper A visit to Kuje Prison by our He informed reporters that investigation and aside that another correspondent showed that more the discussion would addresswere killed and 36 were said to have state.” investigation is ongoing that is not known military men have been deployed to the lingering fuel scarcity to the prison authority. The Minister of the facility with strict search. bedevilling the nation in theescaped, 14 of them have been last few weeks with a view to putting a complete stop torecaptured. A highly placed source in the Ministry of the unsavoury situation. Interior told The Nation that heads may The Senate is presently on Christmas and New YearController Prisons, Akwa-Ibom State role over the jail break which according break.Command, Alex Oditah who disclosed to the source is embarrassing. The Upper House is billed to resume committee work forthe development to our budget defence on Tuesday, January 9, 2018, andcorrespondent through a telephone The source said: “This is a sad commence plenary on January 16, a week later.conversation said men of the Meanwhile, the NNPC hasDepartment of State Services, ( DSS assured Nigerians that the fuel scarcity would be overReport: Nigeria Loses 72% Internet Revenue to US), police, prisons armed and other before the weekend as it wassecurity agencies are combing the already winning the war.state to fish out the remaining By Cynthia Adigwe Loss of 72 per cent hosting revenue for “Domains being 61,609 (69.1 per cent); Baru, who addressed reporters on Thursdayescapees. Nigeria, according to the report. 15,353 (17.2 per cent); 6,077 (6.8 per during an unscheduled visit cent); 1,738 (1.9 per cent and 996 (1.1 to errant filling stations in A research report conducted on the the nation’s capital, said they have uncovered fiveThe prisoners on Wednesday registration and use of the .ng domain This is coming just as the Nigeria per cent) respectively,” the report said. illegal stations in two days.attacked the prison’s kitchen staff name this December by a web-hosting Internet Registration Association (NiRA),that was on duty seizing an axe from company, HUB8, shows huge loss of managers of the country’s domain names Others such domain zones include He said illegal stationsfellow inmate attached to the kitchen revenue stream from Nigeria to the system (DNS) ecosystem, declared it has .net.ng; .name.ng; .sch.ng; .i.ng; operating were alsoand inflicted a deep cut on the United States, as a result of the so far registered 100,973 domains in .ng .mobi.ng and .mil.ng, all which have responsible for fuel crisis, asinmates’ head in the process and number of business operating websites domain zone as at November 30, 2017. less than one per cent market share. they rely on divertedimmediately made for the rear in Nigeria that are being hosted and products for supply.entrance to the prison. managed in the United States(US). Meanwhile, HUB8 report was based on In terms of active websites, the HUB8 “What I want the public to know is that in two days, weThey broke the door with the axe and According to the report, Nigeria is 89,165 domain names in the .ng domain report noted that there are currently are able to identify fiveengaged the staff that chased after losing up to 72 per cent of the revenue zone with particular focus on the details 38,864 websites in the .ng domain, not illegal stations that havethem in battle. it should be generating from the of the usage of .ng domains as it relates including the sites that fail to open to products that obviously have hosting of such local websites that are to website hosting. the connection timeout, redirects and been diverted; because weAt the end of the scuffle, 4 of them currently being hosted in the US. the ones throwing an error (page is not will not be giving products The report, however, does not include found). “The existing sites are hosted (to them) under a normal approved procedure of thethat sustained gun shots lost their The .ng domain name is Nigeria’s data on premium domains (about 2,000) only in half of the .com.ng and one- NNPC.lives while 7 were recaptured. country code Top Level Domain and some special domains that are third of the .ng domains,” the report (ccTLD), which is the country’s identity technically registered though not used by said. Commenting further on the Page 8Oditah was optimistic that the in the cyberspace, but most businesses end users. findings of the report, Director forsearch parties that have been still prefer to register their companies Emerging Markets at HUB8, Mr.activated to effect their recapture of with foreign domain names, while those On the distribution of the domain zones, Dmitry Deniskin, said often usedthe remaining inmates are not who decided to register with the local the report revealed that most popular Content Management System (CMS)resting on their oars. .ng domain name, chose to host the domain zone is .com.ng, having almost 70 was detected in the existing websites, website abroad, for security reasons per cent of all national domains stating that the most popular CMS isMeanwhile, the Controller of Prisons which bothers on fear of losing their registered. expected to be WordPress, beingAkwa Ibom State Command, Alex installed on every one in three sites inOditah told The Nation that the data to hackers. The .ng domain zone, according to the the .ng and .com.ng domains.Controller General of the Nigeria report, comes next although within thePrison Service (NIS), Ja’faru According to the report, out of the zone a domain name is shorter “but “WordPress has a 78 per cent share ofMuhammed has constituted a four 34,000 sites, less than 1,000 are located domain registration here costs several all used CMS. Blogging is currently–man investigation committee to look in Nigeria, which is only 2.3 per cent of times more than in .com.ng while .org.ng, very popular in Nigeria: almost 1, 500into the circumstance surrounding the total. “The dominant countries which is usually used by non-profit domains are affiliated withthe unfortunate incident. where site hosting often occurs were organisations, ranks third with an age Blogger.com. “Specialised CMS utilised determined for the .ng and .com.ng backlog. for e-commerce; such as Magento,His words: “14 were recaptured domains. The overwhelming number of Prestashop, Shopify, WooCommerce,yesterday. The Controller General sites are located in the US (72 per The number of zones identified by the nopCommerce, oSCommerce and X-has set up a four-man committee to cent),” translating into study include .com.ng; .ng; .org.ng; Cart use about 500 sites in the .com.ngcarry out a comprehensive .gov.ng and .edu.ng with number of and .ng zones,” Deniskin said.FINANCIAL WATCH December 29, 2017

FINANCIAL WATCH DECEMBER 29, 2017OIL & GASDPR dispense 57,000 litres free to motorists Petrol diversion: NNPC urgesBy Cynthia Adigwe “So, the same punishment we meted out Security and Civil Defence Corps A motorist who got 20 litres of the free Nigerians to expose to other stations would be done (NSCDC) for prosecution. petrol, Peter Umar, told newsmen that any ilegal stationA team of officials from here and elsewhere found to be doing “I am happy. They (marketers) areDepartment of Petroleum same. Abba said DPR would not just seal cheating government and cheating us By Ezekiel EnejetaResources (DPR) Nigerian stations with products in Abuja, too. This is stealing.National Petroleum Corporation He assured that trucks of petrol coming depending on the gravity of the offence The Nigerian National(NNPC) and security agencies on into Abuja and other cities had been committed, but would ask the “People who are supposed to travel petroleum Corporation (NNPC)Thursday dispensed 57,000 litres increased to ensure that with 24-hour marketer to revert to approved price cannot and they are blaming has called on Nigerians to joinof petrol free to motorists. operations, the queues disappeared by except when such marketers proved government for a situation that is every effort to ensure all illegal weekend. recalcitrant. caused by our fellow Nigerians.” fuel stations in the countryMr Umar Ajiya, the Managing were exposed.Director, Nigerian Product The Abuja Zonal Operations Controller Mr Aminu Abdullahi, the Assistant Hadi Bashir, a motorcyclist who alsoMarketing Company, NPMC, also got five litres of the free product, told Dr Maikanti Baru, Groupknown as PPMC, had on Dec. 13, of DPR, Mr Mohammed Abba, told Commandant-General, Operations, NAN Managing Director of NNPCwarned illegal profiteers to desist that “I pray that Baba Buhari lives made call while on continuousor face losing their products. newsmen, that “we received information NSCDC, told newsmen that the corps longer in good health and prosperity monitoring of fuel station on because this is the first time this Thursday in Abuja.The News Agency of Nigeria about illegal activities of petrol stations was trained to tackle the situation. situation (getting free petrol) is(NAN) reports that the team, happening to me.” He attributed the major causewhich was on its fifth day of from good Samaritans, otherwise we of the scarcity to productmonitoring, got more information NAN reports that at the entrance of diversion and hoarding by somefrom anonymous Nigerians and may not know the existence of some of He said all suspects would be tried the team in the three filling stations markers.made good on its promise to give in Bassa and one in Soka, all in FCT,out petrol free from any filling these filling stations. under the Petroleum Distribution and cars and motorcyclists quickly queued The News Agency of Nigeriastation that sold above the N145 up when they learnt of the mission of (NAN) reports the team visitedapproved cap. “We asked them to revert to N145 so Sabotage Act and if found guilty, the team. about four illegal fuel stations that the product would be accessible. defaulters would be charged. in Bassan and Sango villages,The first station visited by the The fuel queues, which begun on Dec. outskirts in Abuja and dispenseteam on Thursday was We didn’t want to stop business for He added that “we have confirmed the 7, were yet to abate. petrol free to motorists in theMcmanakai Global Services in handlers of these stations: we wanted illegality of the various operations and territory.Bassa, a village in Abuja airport, them to just follow the rules but they we are going to take measures legallywhich had 39,000 litres of petrol, refused. to prosecute suspects. Two of the stations could bewhile the handlers of the second identified as mcmanakai Globalstation absconded when they “We had no option than to direct that “Any oil marketer who refused to service, Enesi oil PLC, whilelearnt of the presence of the team. product be given to the public free and revert to the approved price, our men the other two were nameless. we sanction the owners of the station are on ground to ensure compliance,’’ and hand them over to Nigeria he said. “NNPC has been saying that there are lots of diversions andThe team also visited a third hoarding of products, suchpetrol station also in Bassa, FCT, structures are being used aswhere it sealed places for this diversion andEnesi Petroleum because the hoarding.facility was selling a mixture ofpetrol and kerosene to “We in our record indicate thatunsuspecting motorists. we have several days’ sufficiency but most of theseIt had 9,750 litres of petrol and products have been diverted by4,750 litres of kerosene. marketers and have been kept into these kinds of illegalAnother unnamed filling station storages.in Soka, FCT, which was selling atN240, had “So, they are not made18,000 litres of petrol that was available to the public and thedispensed free to motorists on important thing is that we havequeue. to make this places open and the product sold to the public, ”At Mcmanakai petrol station, the he saidNNPC Group Managing Director,Dr Maikanti Baru, told newsmen Baru insisted that all illegalthat “DPR and Civil Defence structures in the country mustidentified this station on be fished out to avoid a repeatWednesday of scarcity in the country.as an illegal, unregistered station. “We have to stop this illegal“The station has products and is NNPC and DPR on restoration mission structures and diversion fromselling above the 145 cap. DPR taking place.stopped the managers from sellingat that rate on Wednesday but the “As indicated earlier by thehandlers resumed selling at N245 Nigerian Security and Civiltoday (Thursday). Defence Corps and Department of Petroleum Resources, weDPR clamdown on marketers in Anambra State want to trace back who and who is supplying these products.By Ezekiel Enejeta team was there but the pump selling at N250; that was why we have no longer condone the auctioning of attendants were busy selling at the to seal Pilar Pole for diversion and their members’ products by the “On our own side as NNPC,The Department of Petroleum exorbitant rate of N250. hoarding. Federal Government in the bid to through the War room, we areResources (DPR) on Thursday normalise price. doing daily monitoring of everycontinued its clampdown on The station was sealed and charged “For those claiming that they bought at truck that moves and we arepetroleum products marketers who with diversion and hoarding of the an exorbitant rate, all we demand is a Chairman of the marketers in the going to give sanctions to erringrefused to sell the petrol at the product. proof that a particular depot is selling state, Chief Cletus Obiokafor, said marketers that are foundofficial price of N145 per litre. at an existing depot price and marketers could no longer be bearing diverted products or the trucks Speaking on the development, Douji government will face such depots,” he the brunt for the inefficiency in the have not shown to turn inThe team, led by Mr Anthony Douji regretted that most marketers in said. sector. places they have been loaded to.from Enugu office, stormed eight Anambra were selling the productfilling stations which were selling at between N250 and N280 per litre and Chief Ikechukwu Etele, Managing Obiokafor said they would shut down “This we are going to effectN250 per litre and forced them to vowed that the DPR would make them Director of Ifenna Petroleum which their filling stations if the immediately,” he saidrevert to the official rate of N145 per to revert to the normal rate. was selling at N250 but was made to clampdown on them continued until ‎litre. sell at N145, said he was being they would able to buy at rates that He said those who lifted PMS from the targeted for a crime he did not commit. would be profitable at N145. The GMD further noted thatThe DPR team monitored the NNPC were supposed to sell at N145, through the War room it hadstations as they dispensed the noting that refusal to comply with the Etele said the product he had was “The fault is not with us, it at the identified some diversionproduct at official rate to the delight directive would attract sealing their procured at N245 from independent points where we load products; as I adding that appropriateof motorists in Awka and its stations and charging them fine. marketers. am talking to you I bought the measure had been taken on it.environs. products I am selling now at N235 He challenged the marketers to show He said that he, together with the and the content was short of 1,800 He noted that If the diversionsHowever, Stanel filling station, near proof that they procured the product at marketers in the South East, had litres after it was discharged and I were abated, the queues wouldNnamdi Azikiwe University and above the depot price unless they did never bought the product from NNPC have paid. disappears.NNPC mega filling station at not have excuses to fleece their since about 14 years when the EnuguAmawbia near Awka, were both customers. depot at Emene broke down. “As Chairman of marketers in This, he said would also helpselling at N145 with long queues of Anambra, I cannot lie to you; trucks to take products tovehicles that caused traffic hold up “We have the manifest here, anybody “We have been sourcing petroleum anybody who tells you we are buying correct locations.on the Enugu-Onitsha expressway. who sells above the normal price will products from Lagos, Port Harcourt, products at normal price and selling be made to revert and if after we leave, Warri and other places. at N250 is not truthful. He reassured the public thatA marketer in Nanka, Orumba they go back to their practice, we will NNPC would continue to workNorth, Pilar Pole filling station, had seal the station. He said petrol scarcity and price hike “If they continue to sell our members’ hard to ensure normalcy in thehis outfit sealed for allegedly would best be managed if NNPC products at N145 without making it sector.diverting two trucks of 40,000 litres “It is a continuous exercise until expanded the supply channel beyond possible for us to buy at normal rate,each allocated to him as contained normalcy is restored in the system. the major oil marketers. IPMAN and other stakeholders shall Page 89in the manifest of the DPR. meet and close down our filling “How can somebody get allocation for In a related development, petroleum stations; we cannot incur that lossNeither the owner nor the manager 80,000 litres from NNPC and he is still marketers in Anambra said they would anymore.of the station showed up while theFINANCIAL WATCH December 29, 2017

FINANCIAL WATCH DECEMBER 29, 2017NEWS Profit-taking drags equities to N225b loss By Haruna Magaji Nigerian equities reopened yesterday with a tinge of bearishness as profit-taking transactions on many large-cap stocks dragged the overall market position to a net loss of N225 billion. The two main value-based indices at the Nigerian Stock Exchange (NSE) closed on the negative, underlining that the decline was due to price depreciation. The All Share Index (ASI) dropped by 1.64 per cent to close at 37,889.57 points. The market capitalisation of all quoted equities declined by N225 billion to close at N13.484 trillion. The downtrend was due to widespread profit- taking transactions, especially losses recorded by large-cap stocks such as Dangote Cement, Nigerian Breweries, Okomu Oil, Presco and PZ Cussons Nigeria.Airlines count losses as bad weather disrupts flights nationwide There were nearly two losers for every gainer with 14 gainers and 24 losers. Cadbury NigeriaBy Ezekiel Enejeta complicated its schedules with the On his part, Arik spokesman, Ola reports that the affected flights recorded the highest gain, in percentage terms, attendant revenue loss and fidelity to on Adebanji said the airline could not involved Air Peace, Dana Air, Arik with 9.91 per cent to close at N15.75 per share.Inclement weather occasioned by the time performance. operate flights into Asaba, Benin, Warri , Air, Azman and Air France. 11, formerly Mobil Oil Nigeria, gained 4.89 perharmattan haze has forced many domestic Ilorin and Ibadan. cent to close at N178.31. Fidelity Bankcarriers to cancel flights from the Lagos He said most passengers have refused to NAN reports that the affected cities appreciated by 4.62 per cent to close at N2.49Airport into Port Harcourt, Enugu, show understanding that the delays and He said :” This poor visibility is are Port Harcourt, Owerri, Enugu per share. Law Union and Rocks InsuranceCalabar, Uyo, Benin, Warri, Asaba , cancellations are beyond the airlines but impacting negatively on our flights and where both out-bound and in- went up by 4.23 per cent to close at 74 koboIbadan and Ilorin. forces of nature. because the airline is loosing revenue.” bound passengers are currently while NEM Insurance appreciated by four per stranded nationwide. cent to close at N1.56 per share.The harmattan haze resulting in poor He said :” The inclement weather is DANA Air spokesman Kingsley Ezenwavisibility is preventing airlines from seriously affected our operations . We have said though the airline operated flights , The Nigerian Meteorological Agency On the negative side, Okomu Oil led the losers’operating flights into airports less than no choice but to either delay or cancel but it had to monitor the prevailing (NiMet) had on Tuesday predicted chart by five per cent to close at N67.69 per800 meters approved weather minima by some flights because we will not fly into weather that it meets the prescribed that dust haze weather conditions in share. Omoluwabi Micro Finance Bank shedaviation regulatory agencies. any airport below the approved weather minima. horizontal visibility range of one to 4.88 per cent to close at 78 kobo. Presco minima. three kilometres would prevail over depreciated by 4.86 per cent to close at N68.50Airports in South South and South East most parts of the county on per share. MC Nichols dropped by 4.76 per centare worst hit by the inclement weather. “This is forcing us to lose money and our He said: “Though DANA Air did not Wednesday. to close at N1.20 while Nigerian BreweriesAirlines are losing revenue. name because passengers will not cancel any flights, but we experienced a declined by 4.26 per cent to close at N134.04 understand . This could even force some lot of delays .” NiMet also predicted a reduced per share.Air Peace and Arik Air, the biggest passengers to attack our staff, we think localised visibility of less thanoperators by volume of flights, are hugely the relevant security agencies should Investigations reveal that many 1000m over many cities throughout The momentum of activities however improvedaffected. provide security for our workers and passengers remain stranded at airports the forecast period. as total volume traded appreciated by 103.9 per equipment . waiting airlines to announce boarding for cent to 425.96 million shares worth N2.12Air Peace Corporate Communications flights. When NAN visited the airport billion in 2,937 deals. Transactions in theManager Mr Christian Iwarah told The “Whatever has happened, we are Lodi g h yesterday, there were series of flight shares of Transnational Corporation of NigeriaNation that the airline was badly affected eavily on all sides. How do we handle the Some domestic and international airlines announcements on either topped the activity chart with 107.1 millionby the weather; it cancelled six flights on backlog of passengers, issues about refund yesterday delayed or cancelled flights at cancellation or delay of different shares valued at N154.77 million. FidelityWednesday. and other challenges.” the Nnamdi Azikiwe International flights. At about 10 a.m. it was Bank followed with 94 million shares worth Airport, Abuja, due to adverse weather announced that Dana flight to Port N220.75 million while Skye Bank traded 51.65Iwarah said the cancellation of flights into He said airline only operated flights today conditions. Harcourt had been cancelled due to million shares valued at N25.82 million.Benin, Calabar, Uyo, Enugu, Port into Lagos , Accra, Owerri, Abuja and Port prevailing bad weather conditionsHarcourt and Akure has hugely Harcourt. The News Agency of Nigeria (NAN) across the country. Analysts at Afrinvest Securities Limited said they remained optimistic on the outlook for equities. “Given the significant rise in oil prices in recent times and the broadly bullish outlook for commodity prices for 2018, we maintain our positive short- to medium-term perspective for equities,” Afrinvest Securities stated.Bitcoin slumps through $15,000 after biggest rally Miss Ifidon Sarah representing Edo State Miss Onyeabo AmarachiBy Cynthia Adigwe be zero or $1m or anything in between.” Bloomberg Television. Rebound from the “Once a market like this one locks representing Abia State, emerged past week’s selloff portends further into those patterns it becomes first and second runner ups,The bitcoin fell below $15,000 after the For skeptics doubting whether declines. pretty good” to follow via chart- respectively. The award given to her,cryptocurrency’s biggest rally in two individuals and businesses will truly based analysis, he said. which was an artefact (African queenweeks ended a rout that wiped more start using bitcoin as a medium of “It’s much more likely once you’ve made a bronze head in a moulded box),than $9,000 off the price. exchange — as opposed to some big downward movement like the one we Spooner said it was possible speaks of African culture and officially backed digital currency — the made last week that you have a bigger and bitcoin could drop to $5,700 or symbolic of the Bank’s pride of itsCryptocurrencies including the bitcoin short-lived more complex correction,” a Sydney-based $8,700 in coming months. heritage.have become a subject of controversy in analyst at CMC Markets, Ric Spooner, toldNigeria and the Central Bank of Nigeria Miss Nigeria focuses on issues thathas said it is studying the situation. Investors sell off shares after Yuletide celebration affect Nigerian women; she is an ambassador of culture, of purpose, ofThe largest digital coin dropped 6.5 per By Haruna Magaji Similarly, the banking index lost 0.3 per Bullish investor sentiment also the environment. The ambition of thecent to $14,874 at 11:44 a.m.in New York cent — pressured by Ecobank prevailed in the Treasury bills space, new beauty queen is to provideon Wednesday, having earlier climbed as As businesses opened on Wednesday after Transnational Incorporated and United as the average T-Bills yield declined medical and psychological help formuch as 3.6 per cent. the Yuletide holiday on Monday and Bank for Africa Plc, which shed 2.8 per by 0.44 per cent to settle at 13.86 per women who are victims of rape as Tuesday, investors in the Nigerian cent and 0.8 per cent, accordingly. cent. Yield declines were recorded on well as empower them.Among rival digital currencies, ripple equities market started the week on a the one-month, three-month and six-rose by eight per cent, while ethereum negative note as share sell-offs On the other hand, the insurance index month tenors, while the nine-month Speaking with journalistsand litecoin fell, according to data characterised trading. closed one per cent higher as investors and 12-month tenors recorded immediately after the crowning of thecompiled by Bloomberg. positioned in NEM Insurance Nigeria Plc respective yield advancements of 0.39 new pageant queen, Fela Ibidapo, The Nigeria Stock Exchange market and Axa Mansard Insurance Plc, which per cent and 0.57 per cent. Head of Corporate CommunicationsThe relatively quiet day for bitcoin came capitalisation dropped by N225bn to close gained four per cent and 0.5 per cent, of Heritage Bank said, “We areon the heels of a five-day slump that at N13.483tn from N13.708tn recorded on accordingly, while the oil/gas index gained The average money market rate shed partnering with Folio Group toreached 44 per cent at its depths and Friday. 0.5 per cent, solely on account of Mobil 0.63 per cent to settle at 5.38 per cent empower women”, adding that this istook the coin below $11,000 on Friday. Nigeria Plc, which appreciated by 4.9 per as the open buy-back and overnight what the Daily Times used to be A total of 425.959 million shares worth cent. rates declined by 0.67 per cent and known for and we wants to help themJust four days earlier, it rose within N2.121bn exchanged hands in 2,937 0.58 per cent, respectively. to revive it. “Our involvement in thisstriking distance of $20,000 after a torrid deals. Investor sentiment weakened as indicated is not because of beauty per se, it’sadvance that started in early December. by market breadth which retreated as 14 Heritage Bank, Group primarily to empower ladies and The equities market recorded a 1.6 per stocks gained while 23 declined. partner on pageant women generally; to encourage themInvestors continued to snap up shares in cent decline at the end of trading on to always put in their best incompanies often seen as a safer Wednesday to buck a three-day gaining Cadbury Nigeria Plc, Mobil Nigeria Plc By Ezekiel Enejeta whatever they do to make a living.”alternative to investing directly in streak; thus, paring the benchmark index and Fidelity Bank Plc topped the gainers’cryptocurrency itself. year-to-date return to 41 per cent. chart, appreciating by 9.9 per cent, 4.9 per Heritage Bank Plc has partnered with Folio Ibidapo agreed that the impact of the cent and 4.6 per cent, respectively while Media Group, publishers of the Daily Times, to initiative might not be so visible inDigital Power rose in early trading after Dangote Cement Plc was the major drag Okomu Oil Palm Plc, Presco Plc and organise the 60th anniversary of Miss Nigeria the short-term period, but he was sosaying it was boosting its computing to performance after it shed 3.9 per cent; Nigerian Breweries led the losers’ chart, and the 2017 edition of the beauty pageant. optimistic that it would impactinfrastructure to mine digital coins. On although selling pressure were also sliding by five per cent, 4.9 per cent and positively on their contributions toTrack Innovation also advanced. observed in large-cap stocks within the 4.3 per cent, respectively. Miss Ehiguese Mildred Peace, representing the nation-building process in the consumer goods, banking and agriculture Adamawa State, emerged Miss Nigeria at the long run. Also speaking, chairman ofBitcoin futures on the CME Group sectors. However, activity level waxed “Given the significant rise in oil prices in grand finale of the beauty pageant held at Eko Folio Media Group, Mr. Fidelisexchange slipped by 3.6 per cent. stronger as volume and value rose by recent times and the broadly bullish Convention Centre in Lagos. Miss Rita Chinedu, Anosike said the group would use the 103.9 per cent and 37.9 per cent to outlook for commodity prices for 2018, we representing Delta State and Miss Benjamin Miss Nigeria pageant to create aBitcoin’s volatility is adding to an N416.9bn and N2.1bn, respectively. maintain our positive short — to medium- Anne Ufuomanefe, (Ondo State) were first and strong female platform, remarkingongoing debate about how to value the term perspective for equities,” analysts at second runners-up. that the group has signed adigital coin which has surged about Sector performance was mixed as three of Afrinvest Securities said in a draft. partnership deal with the National1,600 per cent this year. the five major NSE indices closed in the Miss Cross River, Ana Victoria Lawrence Agency for the Prohibition of red. The industrial goods index led the In the Treasury bonds space, the average emerged as Miss Emerald Queen, after winning Trafficking in Persons (NAPTIP) over“Nobody knows the ultimate value of this losers chart, plunging by 2.6 per cent on yield declined marginally by 0.009 per the task organised by Heritage Bank, which the next five years to tackle theunderlying asset,” the President of the account of sell-offs in Dangote Cement cent to close at 14.06 per cent. Yield centred on assessing the contestants on their scourge of human trafficking.American Institute for Economic while the consumer goods index trailed, advancements were recorded on two knowledge, complement, fluency, articulation,Research, a Massachusetts-based closing 1.2 per cent lower, following price tenors as yields on five tenors declined appearance based on ingenuity and creativity ofresearch group, Edward Stringham, said depreciation in Nigerian Breweries Plc, while all others traded flat. the Nigerian contemporary hairstyles. Whilst,on Bloomberg Television. which declined by 4.3 per cent.“We cannot predict whether it’s going toFINANCIAL WATCH December 29, 2017 Page 10