8 months ago

BusinessDay 12 Apr 2018

BusinessDay 12 Apr

Nigeria’s fiscal space gets boost as oil hits 4-year high ... Trump considers military attack on Syria DIPO OLADEHINDE The price of Brent crude, Nigeria’s benchmark grade hit a high of over $72 per barrel which is its strongest since early December 2014 as geopolitical concerns in the Middle East and rising US crude inventory put the oil bulls firmly back in the driver’s seat. Rallying oil prices will lead to an increase in crude oil revenue and also boost Nigeria’s foreign reserves, according to Emmanuel Afimia, Energy Economist at Afimia Consulting Services. “The speculators in the future market are responsible for the increase; this is because they have predicted a fall in crude oil Continues on page 38 L-R: Segun Agbaje, managing director/CEO; Osaretin Demuren, chairman, and Erhi Obebeduo, company secretary, all of GTBank, at the bank’s 28th annual general meeting in Lagos. See BusinessDay Market Monitor on page 4 NEWS YOU CAN TRUST I **THURSDAY 12 APRIL 2018 I VOL. 15, NO 31 I N300 @ g Fresh twist in Oando suspension saga As regulators give conflicting accounts IHEANYI NWACHUKWU & LOLADE AKINMURELE Confusion over the lifting of the suspension of trading on Oando Plc’s shares heightened yesterday, when hours after the start of trading there was a reversal of the lifting of the technical suspension for absolutely no reason. As directed, trading in the company’s shares began Wednesday morning to the excitement of the market. On receipt of the Commission’s directive, The Exchange put the process in place to lift the Technical Suspension, including testing on its trading system. The share price had risen to N6.30 a 5.8 percent increase from N5.99 in less than three hours of trading. As at 11:20am on Wednesday April 11, 2018, Oando Plc shares was on demand (bid) of 95 million units with 80 million units queued at the limit up of N6.60. To the disappointment of the general public, there was a reversal of the lifting of the technical suspension on Oando Plc’s shares by the capital market regulator. The share price remains at N5.99 position as at the time of filing this report. A market source said the NSE also reversed all transactions done Continues on page 4 L-R: Rob Shuter, group chief executive officer/president, MTN; Pascal Dozie, chairman, MTN Nigeria; Tobechukwu Okigbo, corporate relations executive, MTN Nigeria; Vice President Yemi Osinbajo; Ferdinand Moolman, chief executive officer, MTN Nigeria, and Phuthuma Nkhleko, group chairman, MTN, during a courtesy visit to the Vice President in Abuja, yesterday. Buhari meets Archbishop of Canterbury, explains declaration for 2019 TONY AILEMEN, Abuja President Muhammadu Buhari has explained why he declared his intention to run for another term in office on Monday, April 9, 2018, during the National Executive Committee (NEC) meeting of the All FG extends VAIDS to June 2018 TONY AILEMEN, Abuja Continues on page 4 President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018. A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, said, “the short extension after the original March 31 date is based on the appeals of professional bodies and individual Continues on page 38 Inside Japaul losses hit N13.02bn in FY 17 P. 4

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