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BusinessDay 13 April 2018

Friday

Friday 13 April 2018 32 BUSINESS DAY C002D5556 Sports Spanish football league LaLiga unveils Nigerian office Stories by Anthony Nlebem Liga Nacional De Fútbol Profesional, more commonly known as “LaLiga” on Sunday April 8, hosted its first official “LaLiga in Naija” media event in Lagos. The event was aimed at officially unveiling the LaLiga Nigerian office and highlighting the various projects it has undertaken since its inception in the country. The LaLiga office in Nigeria was launched in Abuja in 2016, in a signed partnership with Legacy Sports, but there was no official launch event at the time. This was the first official ‘corporate’ event for the brand in Nigeria. The launch was designed to bring LaLiga closer to its Nigerian fans, and to generate more awareness around the other clubs in LaLiga. Ex-internationals Emmanuel Amunike, Finidi George and Mutiu Adepoju at the LaLiga in Naija media event held on Sunday, April 8 in Ikeja, Lagos. LaLiga delegate in Nigeria, Javier Del Rio, who spoke during the event, said; “We (LaLiga) are very proud to be in Nigeria, and to be much closer to the fans. We believe Nigeria is a significant market for the growth of our brand, and we are highly committed to the development of football in this country, paying close attention to its grassroots football as demonstrated through the 5-day LaLiga- NPFL Coaching Clinic for Nigerian youth coaches earlier this year at the National Stadium in Abuja. We plan to host more of these types of activation, and this is just the beginning of greater things to come between LaLiga and Nigeria.” Present at the event were former Nigerian LaLiga stars Finidi George, and Emmanuel Amunike. The Nigerian players from Las Palmas, Malaga, Deportivo La Coruna, Nastic Tarragona, and Lugo were also present to represent their respective clubs. Also speaking during the event, was LaLiga ambassador, and former La- Liga star, Mutiu Adepoju, who said, “As the LaLiga ambassador, growing the LaLiga brand in Nigeria has always been my primary objective. I am excited about the prospect of Nigerian fans being closer to La- Liga and its clubs, as there is an array of Nigerian talent plying their trade in the Spanish top flight. I believe that LaLiga’s presence in Nigeria will ultimately further strengthen ties between Nigeria and LaLiga”. Sports and broadcast media personnel from the top media publications and online blogs in Nigeria were present at the event, and were treated to a pulsating experience with the Magic of LaLiga, in a private viewing of the Madrid Derby between Real Madrid & Atlético Madrid, with the former Nigerian LaLiga stars acting as commentators during the match. LaLiga is continuously committed to the development of football in Nigeria at all levels, and will stop at nothing to better the footballing culture here through the best league in the world, LaLiga’s methodology. South African ex-international star Ntini partners NCF as technical consultant The (NCF) has contracted the services of South African Cricket legend, Makhaya Ntini as the Technical Consultant to the Nigerian national team ahead of the International Cricket Council sub-regional T20 qualifier and African Cricket Association (ACA) Tournament, this month. Vice-President of NCF and Chairman, Local Organizing Committee of the T20 qualifier, Uyi Akpata, disclosed this in Lagos and said that the coming of Ntini would give the NCF technical bench a depth that is necessary to compliment the effort of the coaching crew ahead of busy schedules in the coming months. “We have a number of things going well for Cricket now and the inclusion of Ntini to our technical team would be a big boost to those developments. A good outing at ICC sub-regional T20 qualifier that we are hosting from April 14th to 21stis also a key deliverable that his coming will help our team with.” Ntini, a former South African fast bowler, and a former Zambian coach has said he is happy to work with the Nigeria Cricket Federation to realise their vision. “I want to appreciate the Nigerian Cricket Federation who invited me and based on what I have seen in the last few days, I am impressed with the talents I met on ground”. Ntini will also be expected to run a 2-day Fast Bowling Academy for young fast bowling talents in Nigeria. Coach of the national team, Uthe Ogbimi, on his part is full of praises for the NCF for bringing in Makhaya Ntini, the first black player to play for the South African national cricket team. According to him this will not only enhance the performance of the national team players but also help develop the game at the grassroot level. “April is a very crucial month for us as host of the International Cricket Council sub-regional T20 qualifiers and ACA T20 Tournament. We have made a pledge to give our best and then come out tops at the two tournaments Nigeria will be hosting”. The Nigerian Cricket Federation (NCF) under the leadership of Professor Yahaya Adam Ukwenya had promised to return the National Team to global reckoning when it was inaugurated a year ago, with Ukwenya adding that; “We had a roadmap when we came on Board and we are keeping strictly to the developmental plans we have outlined. We are most grateful to the ICC and the ACA for granting us hosting rights for 2 international tournaments, back-to-back. With their support and that of our growing number of corporate sponsors, we are confident of a brighter future for Nigerian cricket.” Nigerians to enjoy World Cup Live in HD at a subsidized rate – StarTimes As the countdown to the most anticipated sporting event in the world commences, leading pay-TV provider, StarTimes Nigeria says it has concluded plans to ensure that Nigerians enjoy all the 64 matches of the World Cup live, and in HD at a subsidized rate. Speaking on this development, the company’s Brand & Marketing Director, Qasim Elegbede hinted that all StarTimes subscribers will enjoy the matches irrespective of their bouquet. “We are working to ensure that every StarTimes subscriber enjoys the thrilling moments of the World Cup in HD right in the comfort of their home. As part of our promise to deliver affordable entertainment to every African home, we will ensure that watching the World Cup live and in HD no longer puts a hole in the pocket of Nigerians as it has been over the years” He added, “ All our bouquets will be showing the World Cup for the general entertainment of our subscribers. Non StarTimes subscribers will not be left out of the World Cup frenzy as all 64 matches are also available live and in HD on the StarTimes mobile app available for download from the app store” StarTimes is the leading digital TV operator in Africa, serving nearly 10 million subscribers with a signal covering the whole continent and a massive distribution network of 200 brand halls, 3,000 convenience stores and 5,000 distributors. The company also owns a featured content platform, with 480 authorized channels consisting of news, movies, series, sports, entertainment, children’s programs etc.

Friday 13 April 2018 C002D5556 BUSINESS DAY 33 NEWS Base effect moderates inflation pressure to... Continued from page 4 base effect with stable currency backdrop and sliding gasoline prices,” Wale Okunrinboye, a Lagos-based Fixed Income and Research Analyst told Business- Day on phone. The steady supply of Premium Motor Spirit (PMS), normally referred to as petrol, was said to have been a catalyst to the moderation in inflation rate. “The relative stability in crude supply due to the tackled challenges of fuel importation and distribution experienced few month ago, led to reduction in petrol prices in March. This reflected in the prices of transportation and cost of moving goods around the country. It however then led to decline in inflation rate,” Ayo Akinwumi, Head of Research FSDH Merchant Bank said. “It is a major positive surprise, although the base effect also played a role, considering the high rate recorded last year,” Oando shares appreciate... Continued from page 1 Tajudeen Ibrahim, Head of Research at Chapel Hill Denham Securities said. According to a previous NBS report on Wednesday 11 2018, there was -5.3 percent decline in the price of petrol on monthon-month comparison. Nigerian consumers paid an average of N163.4 per litre for the product in March, N9.1 less than the N172.5 in February 2018. This is however, against the official government pump price of N145 per litre. Although, there was a 9.4 percent increase, year-on-year, as seen in NBS figures. The Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for day- to- day living and as such, the CPI measures inflation. Inflation on the other hand is the rate at which the prices of goods and services are rising. Expectations of two analysts polled in a BusinessDay survey L-R: Ike Ekweremmadu, deputy Senate president; George Obiazor, chairman of the occasion, and Ken Imasuangbon, discussant, at the inaugural annual distinguished lecture of Prof. J. Isawa Elaigwu Foundation in Abuja, yesterday. NAN commenced trading on the capital market on the morning of Thursday April 12, 2018 following a directive by the Securities and Exchange Commission (SEC). The 176 days technical suspension was hitherto lifted on the morning of April 11, 2018 following an April 9, 2018 directive by the SEC. However, three hours into trading, the NSE reinstated the technical suspension. In a statement released by the NSE, on the evening of April 11, 2018 the Exchange explained that they reinstated the technical suspension based on a new directive from the SEC, throwing the financial market into chaos. The share price rose to N6.30, a 5.8 percent increase from N5.99 within three hours of trading on Wednesday morning, April 11. The regulator briefly reimposed the suspension on the same day, citing SEC directives but then lifted it again by Thursday, April 12. The NSE’s statement went further to say: “In the overall interest of investors in Nigeria’s capital markets, and following consultation with the Commission please be advised that at the start of trading, 12 April, 2018, trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure.” On its first full day of trading, Oando’s shares were highly sought after with 178 million Oando shares on bid with only 5.5 million available for sale. According to the Chief Compliance Officer and Company Secretary, Ayotola Jagun; “On day one, the Company’s share price hit the NSE daily price ceiling of 10 percent by 10.45am; further evidence that there is a lot of interest in Oando shares and that the general mood around the market and our shares is positive.” The technical suspension which lasted 176 days reflected negatively on the credibility and competence of the country’s capital market regulators. It has also hit hard Oando’s over 270,000 shareholders, investors, partners, management, staff and everyone who owes their livelihood directly or indirectly to the company. Analysts say the true beneficiaries of the technical suspension were large investors with substantial shareholdings who have the deep pockets and were able to take advantage of the state of affairs to buy-out the minority shareholders at a expect the rate to hit a single digit in the Full Year of 2018 on the benchmark of declining fuel prices. “Petrol prices do not seem to be a thing to worry about again, therefore, the inflation rate is likely going to be at a single digit in Full year of 2018,” Okunrinboye said. “Inflation will come to a single digit in full year of 2018,” Tajudeen added. The Monetary Policy Committee (MPC), in its first meeting of the year held in April 3-4 2018, left its key interest rate at a record high of 14 percent to fight inflation as its awaits confirmation from data of deceleration in the headline CPI in Africa’s largest economy. The CBN governor Godwin Emefiele said the decision to retain the policy rates was geared at fighting inflation. Meanwhile, inflation rate at 13.34 percent is now lower than the benchmark rate of 14 percent. This means the real interest rate has taken a positive trajectory by 0.66 percentage points. discount to the true value of the shares, whilst also creating a black market for the company’s shares. Shareholders were denied the opportunity of benefitting from Oando’s performance and gains spurred by higher crude prices over the last months six months. In Q3 2017, 9 days after the technical suspension was placed, Oando declared a profit after tax of N7.1 billion in its year-end September 30, 2017 results. The company, prior to this result declared three profits in a row, FYE 2016, N3.5 billon PAT; Q1 2017, N1.7 billion; and H1 2017, N4.6 billion PAT. The company started 2018 on a positive note, by reaching an agreement with Dahiru Mangal after adequately addressing the concerns he raised in his petition to the SEC; this was shortly after the price of “This means that the CBN will likely be able to cut interest rate by say 100 to 200 basis points over the second or third quarter of 2018,” Okunrinboye said. A further break down of the inflation report released Thursday, shows the Composite Food Index rose by 16.08 percent (year on year) in March 2018, down from the rate recorded in February (17.59 percent). On a month-on-month basis, the Food sub-index increased by 0.90 percent in March 2018, up by 0.05 percent points from 0.85 percent recorded in February. The average annual rate of change of the Food sub-index for the twelve-month period ending March 2018 over the previous twelve month average was 19.29 percent, 0.23 percent points from the average annual rate of change recorded in February (19.52) percent. The rise in the food index was caused by increases in prices of Bread and cereals, Fish, Oil and fats, Vegetables, Fruits, Coffee, tea and cocoa, Meat, milk, cheese and eggs. Brent Crude hit $71, its highest since December 2014. The company recently commissioned its new office building, the Wings Office Complex, a two 12-story building which also offers a world-class indoor event space, a one-of-a-kind space that can hold up to 300 people and an outdoor waterfront area with a hosting capacity of 200 people and overlooks Lagos waterway. The building will not only act as the company’s new head office but will also be an additional revenue generator from its 27,000m2 worth of lettable office space. Recently, the Nigerian National Petroleum Corporation (NNPC) announced that a consortium consisting of Oando PLC and OilServe Limited have been awarded the Engineering, Procurement, Construction (EPC) mandate for the construction of gas pipelines The ‘’All Items less Farm Produce’’ or Core inflation, which excludes the prices of volatile agricultural produce, rose by 11.2 percent in March 2018, down by 0.5 percent points from the rate recorded in February (11.7) percent. On a month-on-month basis, the Core sub-index increased by 0.84 percent in March 2018, higher by 0.09 percent when compared with 0.75 percent recorded in February. The average 12-month annual rate of change of the index was 12.33 percent for the twelve-month period ending March 2018; this is 0.34 percent points lower than 12.67 percent recorded in February. In March 2018, all items inflation on a year on year basis was highest in Bauchi, Kebbi and Nassarawa states with 16.38 percent 16.36 percent and 16.33 percent respectively, while Kwara with 10.30 percent, Kogi with 10.87 percent and Delta with 11.17 percent recorded the slowest rise in headline Year on Year inflation. stretching from Ajaokuta to Abuja as part of the Ajaokuta- Kaduna-Kano Pipeline. The pipeline is a section of the Trans-Nigerian Gas Pipeline under the gas infrastructure blueprint designed to enable the industrialisation of the Eastern and Northern parts of Nigeria and also enable connectivity between the East, West and North, which is currently non-existent. Speaking on the lifting of the technical suspension, Bismarck Rewane the CEO of economic consulting firm Financial Derivatives said: “The way we handle these matters also sends a clear signal to potential, existing and international investors that this market is transparent, accountable and is there to protect all interests and not to be used for punitive purposes.” Rewane advised market regulators to learn from their mistakes on the handling of Oando’s issue and ensure it is not repeated in the future. A statement from Oando indicated that the forensic audit into the affairs of the company is currently underway by Deloitte Nigeria (Deloitte), the SEC appointed forensic team lead. “To date, the Company has been fully cooperative with both the SEC and Deloitte. In the spirit of goodwill, transparency and full disclosure, we will continue to cooperate with the SEC and its nominated parties in the discharge of their duties as the Capital Markets regulator during this exercise,” Oando said. Rewane further advised that the commission should commit the resources needed to conclude the forensic audit on Oando as the market cannot wait indefinitely.

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