02-05-18

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4 BUSINESS A.M. FEBRUARY, MONDAY 05 - SUNDAY 11, 2018 NEWS Foreign reserves... Page 1 government coffers from which it spends for execution of projects. So, it is not an accomplishment of government,” he noted. “Foreign reserves are used to buy foreign goods and the question is what type of goods should we be paying for? Should we pay for exotic goods like champagne and Range Rovers?” He also stated that the foreign reserve figures being quoted by the authorities are overstated, and that the real reserves are the gross reserves minus time-bound commitments like the Eurobond borrowings, which are obligations to be paid for at a specific time. “If we are honest as a nation we should subtract all the time-bound obligations and hot money investments to get the net reserves,” he stressed, adding that for him the nation’s net reserves are far below what is being reported. “Have you heard the Americans and the Britons talking about foreign reserves? They don’t, because it is not an important economic item to measure performance of a country,” he explained. He stated that even if the figures being pushed about are right, they are not enough to procure foreign goods for the teeming population in a sustainable manner. “The level of our reserves is not sustainable with the rate of population growth,” he stated further, and asked if we must be import dependent as a nation, given that foreign reserves only shows a country’s ability to support its imports. Proffering solutions, he said Nigeria should look inward to produce goods for its citizens and that a strong currency is not one of the solutions. He said the effect of not supporting the local currency would be tolerably painful, suggesting that all the effort being made to prop up the naira was misplaced. He said all Nigerians need to make personal sacrifices. Government should tell what the sacrifices are upfront and show the people the value of the sacrifice, then lead by example, adding that the people will bear with government because they know that they will benefit at the end. “Leadership is telling the people what the sacrifices are, the benefits and then leading by example,” he said. According to the CBN, the nation’s external reserves rose to $40.33 billion as of January 25, the highest in four years, from $38.765 billion on December 29, 2017. The figures represent a rise of $1.56 billion this year. The steady rise in the external reserve, from July 7 last year, is occasioned by improved foreign exchange inflow resulting from increase in crude oil price, dollar inflow from foreign portfolio investors facilitated by the Investors and Exporters (I&E) window introduced in April last year, as well as reduction in dollar sale through CBN’s forex intervention. * Our full interview with Chike-Obi will be published in the next edition 104 stock dealers come under Stock Exchange hammer in five years Andy Nssien The Council of The Nigerian Stock Exchange NEWS has in the last five years wielded the big stick which caught up with no fewer than 104 dealing members involved in market infraction. Last year, ten dealing members were blacklisted for unprofessional misconduct bordering on unauthorised sales of clients’ shares, share price and market manipulation, and unauthorised transfer and sale of clients shares. This brings to 28, the number of those disciplined in this category by the for the same and similar offences since 2012, business a.m. findings have shown. In another category, sixteen other dealing members, comprising the firms and their dealing clerks, were referred to the Economic and Financial Crimes Commission (EFCC). In a particular instance, a dealing clerk was sentenced to seven years imprisonment and a fine of N20 million imposed on the firm by a Lagos State High Court, following a guilty verdict for unauthorized sale of shares and stealing, fraudulently converting 31,886,200 units of IPWA Plc shares worth N331,297,618. Also, in another category, 21 dealing members were hammered for unauthorised sales of investors’ shares and misappropriation of clients’ funds. The disciplinary actions for this group included expulsion by the Council, de-registration by Securities and Exchange Commission (SEC) and restitution of clients’ funds. business a.m.’s findings in another category indicated that 39 dealing firms with inadequate shareholders funds incurred the wrath of the Exchange. Of this number eight were active, while the others were inactive, with three of them de-registered by SEC. The active firms in this group included, Atlass Portfolio Limited, Diamond Securities Limited, Golden Securities Limited, Financial & Analytics Capital Limited, Marriot Securities and Investment Co. Limited, Midas Stockbrokers Limited, Mission Securities Limited, and TFS Securities & Investment Company Limited. The Nigerian Stock Exchange ( NSE), in its bid to improve investors’ confidence in the market commenced a strong campaign against market infraction by its dealing members by introducing a dealing members compliance report, BrokerTraX under which the activities and operations of quoted companies are mirrored and sanctions meted out on defaulters. According to the Exchange sources, with the BrokerTraX, investors can now make more informed decisions about where to invest by viewing names of dealing member firms that have been found liable for contravening market rules. The goal is to reduce this infraction of rules to its barest minimum in line with the deliberate and sustained effort to restore confidence. Mike Ezeh, managaing director and chief executive, Crane Securities Limited, welcomed this initiative by the Exchange and said the move was capable of sanitizing the market and, thereby, creating attractive environment for both local and foreign investors to operate. He said the Brokertrax , a dealing member compliance report, would prepare investor’s mind in selecting which of the stockbroking houses was viable and engaged in genuine businesses. He said this would prevent them from putting their money into a drain pipe by the wrong choice of fraudulent dealing members. However, he was wary of a plethora of rules and regulations emerging from the NSEvand the government regulatory agency, SEC, adding that some of those requirements, especially those bordering on supervision were putting a strain on financial resources of stockbrokers. John Egede, a capital market analyst said the Brokertrax was a step taken in the right direction, especially at a time investor confidence needed to be restored in the market. He said there were other areas the NSE and the regulator needed to address, especially in creating a conducive environment for the small investors to thrive. He identified many charges paid by the investors in the course of transaction as constituting double taxation, which is a disincentive to investing in the market. He said VAT and stamp duties are overdue for scrapping, adding that doing so would reduce the financial burden of investing in the market. L-R: Ganiyu Olatunde, professor and vice chancellor, Olabisi Onabanjo University; Ibikunle Amosun, governor of Ogun State and visitor to the university; Adedotun Aremu Gbadebo, His Royal Majesty, the Alake of Egbaland; and Aigboje Aig- Imoukhuede, at the 27th convocation ceremony of the university held in Ago-Iwoye, Ogun State, where Aig-Imoukhuede was conferred with an honorary Doctor of Science degree Coronation Capital chairman, Aig-Imoukhuede, awarded honorary doctorate by OOU Aigboje Aig- Imoukhuede, the NEWS investment banker and chairman of Coronation Capital Limited, has been awarded an honorary doctorate degree by the Olabisi Onabanjo University. He was conferred with the degree at Ago-Iwoye, Ogun State recently, according to a statement issued by Reputation Plus, a reputation management company. The university conferred the award on him, according to Mbang Femi-Oyewo, a professor and a former deputy vice chancellor of the university, “as a symbol of the university‘s recognition of Aigboje Aig-Imoukhuede’s contributions to nation building and sustainable development, as well as our association with his vast achievements in the different facets of human endeavours, the University has found Aig-Imoukhuede led the 2002 acquisition of Access Bank and oversaw the transformation of the bank, leading it to a top-5 position in Nigeria, with assets of $ 12 billion and 350 branches him worthy of its Doctor of Science (D.Sc.) Honoris Causa,” she said. Well regarded in corporate Nigeria, especially in the financial services sector, as an astute banker with great eye for detail and diligence, Coronation Capital, which he founded in 2014 after he retired from Access Bank plc as group managing director and chief executive, is an Africa-focused private equity and proprietary investment firm. He was trained as a lawyer before his foray into banking and is regarded as one of those who changed the face of banking in Nigeria. Aig-Imoukhuede led the 2002 acquisition of Access Bank as group managing director and chief executive officer, and oversaw the transformation of the bank, leading it to a top-5 position in Nigeria, with assets of $ 12 billion and 350 branches, employing 20,000 staff in nine countries. His financial industry acumen, even while serving as chief executive of Access Bank, saw him chair the Presidential and National banking industry committees. He founded the FMDQ OTC Exchange, which today specializes in fixed income securities and derivatives. Aig-Imoukhuede’s passion and commitment to the development of financial markets has seen him take prominent roles within Nigeria’s financial and capital markets. Notable amongst these was his election as President of the National Council of the Nigerian Stock Exchange in 2012; Co-Chairmanship of the UK-Nigeria Capital Market Task Force, and Chairmanship of Board of Trustees of the Financial Market Dealers Association, and Wapic Insurance. A director of TCX Investment Management Company Netherland, Aig-Imoukhuede is an entrepreneurial philanthropist, whose social engagements include; Chairman of Friends Africa, a partner organization of the Global Fund, Co-Chairman of the Board of GBC Health, and founding member of the Private Sector Health Alliance of Nigeria.
BUSINESS A.M. FEBRUARY, MONDAY 05 - SUNDAY 11, 2018 5 www.businessamlive.com business a m TOWARDS MORE EFFICIENT MARKETS ADVERT RATES ADVERT RATES SIZE COLOUR BLACK & WHITE PUBLIC NOTICE BLACK & WHITE PRODUCT FULL PAGE HALF PAGE 13 x 4 Cols 10 x 6 Cols 10 x 5 Cols 10 x 4 Cols 10 x 3 Cols 9 x 6 Cols 9 x 5 Cols 9 x 4 Cols 9 x 3 Cols 8 x 5 Cols 8 x 4 Cols 8 x 3 Cols 7 x 4 Cols QUARTER PAGE 6 x 3 Cols 6 x 2 Cols 4 x 2 Cols 3 x 2 Cols 2 x 2 Cols 1 x 1 Cols 3 x 6 INSIDE STRIP 4 x 6 INSIDE STRIP 2 x 6 INSIDE STRIP SPECIAL POSITION FRONT PAGE SOLUS 1 x 4.5 FRONT PAGE STRIP 2 x 6 BACK PAGE STRIP 2 x 6 FRONT PAGE STRIP 3 x 6 BACK PAGE STRIP 3 x 6 FRONT PAGE EARPIECE 3.7 x 1 FRONT PAGE STRIP 4 x 6 BACK PAGE STRIP 4 x 6 FRONT PAGE SOLUS 6 x 2 BACK PAGE SOLUS 6 x 2 CENTRESPREAD CENTRESPREAD HALF P. DOUBLESPREAD FRONT PAGE EARPIECE BACK PAGE EARPIECE PAGE 2 PAGE 3 PAGE 5 FULL WRAP AROUND HALF WRAP AROUND N520,800.00 N312,480.00 N353,052.00 N405,132.00 N387,744.00 N335,664.00 N243,096.00 N381,948.00 N324,072.00 N289,380.00 N243,096.00 N254,688.00 N231,504.00 N173,628.00 N202,608.00 N196,812.00 N138,936.00 N97,272.00 N64,848.00 N48,636.00 N32,424.00 N8,148.00 N266,196.00 N289,380.00 N243,096.00 COLOUR N450,000.00 N504,000.00 N463,008.00 N697,200.00 N578,676.00 N350.000.00 N1,157,352.00 N810,180.00 N636,552.00 N405,132.00 N1,504,608.00 N1,099,476.00 N1,388,856.00 N295,176.00 N231,504.00 N925,932.00 N925,932.00 N810,180.00 N23,520,000.00 N14,280,000.00 N393,540.00 N231,504.00 N324,072.00 N258,132.00 N234,948.00 N208,320.00 N185,220.00 N237,300.00 N191,016.00 N185,220.00 N144,732.00 N185,220.00 N138,936.00 N127,344.00 N115,752.00 N138,936.00 N75,264.00 N52,080.00 N32,424.00 N24,360.00 N16,212.00 N4,704.00 N150,528.00 N208,320.00 N138,936.00 N289,380.00 N185,220.00 N225,708.00 N234,948.00 N208,320.00 N173,628.00 N150,528.00 N208,320.00 N185,220.00 N162,036.00 N124,992.00 N144,732.00 N130,788.00 N99,960.00 N113,484.00 N115,752.00 N69,468.00 N41,664.00 N28,980.00 N20,832.00 N13,944.00 N4,116.00 N138,936.00 N162,036.00 N115,752.00 BLACK & WHITE - - N324,072.00 - N405,132.00 - - N694,428.00 - N347,256.00 N1,273,104.00 N983,808.00 N925,932.00 - - - - - - - Acceptable Format for Copy: Only electronically stored advertisement materials are acceptable in PDF, JPEG & PNG format. Storage device should be CD or Flash disk. Materials for colour adverts should be accompanied with a colour guide. TECHNICAL DATA Number of Columns: Six(6) Full page depth: 14.5 inches Full page width: 10.5 inches Print process: Web-Offset Litho Copy required: Camera-ready artwork All discounts are negotiable ADVERT HOTLINE CONTACT: THE ADVERT MANAGER BUSINESSNEWSCORP Nigeria BUSINESS A.M. 87, Oduduwa Crescent, GRA Ikeja, Lagos, Nigeria. Email: info@businessamlive.com Thanks! We look forward to hearing from you. 09079863875 07082256051 08025013059 07039371360 08077677836 08028744701
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Page 9 and 10: EXECUTIVE KNOWLEDGE SERIES BUSINESS
Page 17 and 18: Q&A BUSINESS A.M. FEBRUARY, MONDAY
Page 23 and 24: Zinox set to reposition e-commerce

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