25052018 - BENUE KILLINGS: ETHNIC CLEANSING OR JIHAD? Soyinka, Northern leaders tango

2019 elections: Capital market executives
caution retail investors
By Peter Egwuatu
AS bearish sentiment per
sists in the Nigerian Stock
Exchange, NSE, public and private
sector executives in the
capital market have indicated
the need for discretion in investment
decisions especially by
retail investors.
Speaking against the backdrop
of declining foreign investors’
interest in equities in the
first quarter of 2018, Q1’18,
Cowry Asset Management Limited
has cautioned retail investors
to be very careful in their
investment decisions, especially
in the build up to 2019
general elections.
Chief Executive Officer,
Cowry Asset Management, Mr.
Johnson Chukwu, gave the advice
as the guest speaker at the
maiden national discourse,
themed, “Portfolio Investments:
Opportunities & Mounting
Challenges for Nigerian Shareholders”,
organized by Pragmatic
Shareholders Association
of Nigeria, PSAN, in Lagos.
He said the decline witnessed
in Q1’18 was as a result of the
shift from equities to fixed income
securities by Foreign Portfolio
Investors, FPIs, who have
started exiting the market following
the unstable macroeconomic
environment.
Chukwu stated: “The FPIs
had taken their position in 2017
in the equities market and that
was why we saw the 42% appreciation
of the market, but in
the Q1’18, FPIs invested
$701.61 million in equity,
$335.88 million in Bonds,
$3.527 billion in money market,
while total capital imports stood
at $6.303 billion.
“So the equity market was
sluggish in Q1’18 as foreign
investors began to repatriate
their dividend and also put demand
pressure in the foreign
exchange market in response to
declining yield on government
securities.”
CURRENCY BUYING SELLING
US DOLLAR
POUNDS
EURO
FRANC
YEN
CFA
WAUA
RENMINBI
RIYAL
SDR
DANISH
RAND
$119.35 0.00
$2,612.00 -6.00
$12.29 -0.06
$79.41 -0.39
$71.18 -0.66
304.9 305.4 305.9
408.8099 409.4803 410.1507
357.2513 357.8372 358.423
307.8554 308.3603 308.8651
2.7812 2.7857 2.7903
431.6445 432.3524 433.0602
47.7509 47.8297 47.9084
81.3002 81.4335 81.5668
432.3482 433.0572 433.7662
47.9501 48.0287 48.1073
24.2598 24.2996 24.3394
CBN Exchange rate as at 24/05/2018
To this extent, Chukwu cautioned
domestic retail investors
to be careful in their investment
decision on equities as the market
is likely to record continuous
drop given the challenging
macroeconomic environment in
the build up to general election.
In his remark, Acting Director
General, Securities and Exchange
Commission, SEC, Ms
Mary Uduk, who was represented
by Mr. Effiong
Ekpeyong, encouraged retail
investors to embrace the Collective
Investment Scheme, CIS,
to diversify their investments.
From left: Regional Business Executive, Sterling Bank, Mr. Tunde Olukoya; Company Secretary,
Sterling Bank, Ms. Justina Lewa; Auto Head, Tata African Services Nigeria Limited, Mr.
Suraj Brakesh; and Executive Director, Retail and Consumer Banking, Sterling Bank, Mr. Grama
Narasimhan, during the auto finance partnership between the bank and Tata in Lagos
NIMASA issues 3,752 seafarers’ certificate in 2017
By Godwin Oritse
FOLLOWING the
resolve of the
Nigerian Maritime
Administration and
Safety Agency,
NIMASA, to build a
formidable maritime
manpower, the
agency said it issued
a total of 3,752 Certificates
of Competency,
CoC, to Seafarers
in 2017, an increase
of 149 percent
compared to 1508 certificates
issued in
2016.
The agency noted
that out of a total of
2,504 candidates that
sat for its examinations
in different categories,
1809
passed, representing
72 percent pass rate
as against 66 percent
in 2016.
In a statement, Mr.
Isichie Osamgbi,
Head, Public Relations
Department of
NIMASA, said the
high pass rate recorded
in recent years
could be attributed to
improved preparatory
classes and several
other efforts designed
to minimize exam
malpractices.
Osamgbi added that
the maritime regulatory agency
also authenticated a total of
1,880 certificates for shipping
companies and manning agents
in 2017 as against 1013 that
were verified /authenticated
within the same period in 2016.
According to him, this is an indication
that stakeholders were
increasingly contacting
NIMASA when the CoC online
verification portal was not active.
He stated: “In furtherance of
the Federal Government’s zeal
to provide critical infrastructure
that will boost economic growth
in the country, the Agency
leased six (6) Fast Intervention
Security vessels which enhanced
Port and Flag state functions
and boosted marine operations
in all the zones.
“The impact of the acquired
vessels can be deduced from
the paradigm shift that has led
IN commemoration of the an
nual Children’s Day celebration
in Nigeria, AXA Mansard Insurance
Plc, a member of the AXA
Group and global leader in insurance
and asset management has
partnered with ‘Money Matters
with Nimi Akinkugbe’ to host
the 2nd edition of the Annual
Children’s Finance Fair.
The event, which is strictly for
children under the age of 17, their
parents, teachers and guardians,
is scheduled to hold tomorrow.
Vanguard, FRIDAY, MAY 25, 2018 — 19
“Nigeria is a mono product
economy as this has made the
stock market very volatile. To
this extent, retail investors need
to spread their demand for
stocks in various classes by patronizing
mutual funds,” she
noted.
to 10.53 percent increase in
numbers of Port State control
inspection (PSC) of vessels, 6.7
percent decrease in Ship detention
under PSC, 27.3 percent
increase in number of Flag
state control inspections, FSC,
of vessels, 9.5 percent increase
in Ship detention under FSC,
33.2 percent in Flag state renewals,
11% decrease in Search
and Rescue (SAR) incidence
and 64.7 percent increase in
Search and Rescue (SAR) piracy.
“Due to the Agency’s coordinated
effort to ensure safety in
the waterways, a total number
of 140 Search and Rescue (SAR)
activities were recorded in 2017.
The SAR figures indicate a decrease
of 14 percent from the
number of incidents reported
from the entire Nigerian SAR
region in 2016 which was 163.”
Fidelity Bank
guns for tier-1
ranking
AMIDST pressures in the
banking sector arising
from some adverse macroeconomic
environment, Fidelity
Bank Plc appears set to join
the class of tier-1 banks.
The tier-1 banks in Nigeria
include United Bank for Africa
Plc, Zenith Bank Plc,
Guaranty Trust Bank Plc, Access
Bank Plc and First Bank
of Nigeria Plc. They are categorized
by their balance
sheet size.
Fidelity Bank has successfully
risen to the leadership
position amongst tier-2 banks
with its robust performance in
the 2017 financial year (FY17)
and the first quarter 2018,
(Q1’18) but the Managing
Director, Mr Nnamdi
Okonkwo, told some financial
journalists yesterday that the
bank has just finished its fouryear
strategic growth plan
which would usher it into tier-
1 group upon successful
implementation.
He said the growth strategy
may be in a combination of organic
and in-organic, explaining
that if the opportunity
presents for acquisition of
other entities the bank would
do that.
On the implication of the
growth plan on its capital adequacy,
he said though the
bank is presently adequately
capitalized at over 16 percent
ratio despite the application
of the International Financial
Reporting Standard, IFRS-9,
with stress tests, if any opportunity
presents itself requiring
additional capital for expansion
the bank would go to
the capital market.
In the recently released
Q1’18 results Fidelity Bank
savings deposits kept to its
plan for the 5th consecutive
year of double digit growth.
Okonkwo said the bank is
now heavily and efficiently
run on digital platforms. As at
Q1’18 the debit card penetration
was about 50 percent and
37 percent of customers now
self enrolled on mobile/
internet banking products.
About 79 percent of customers’
transactions are now
done on electronic channels
with a target to exceed 80 percent
in the 2018FY.
Cash holding has declined
by over 30 percent in the last
15months on increased digital
traction.
The bank also showed further
earnings capacity in the
Q1’18 financials with total Interest
Income rising by 6.2
percent to N38.5 billion while
Cost-to-income Ratio inched
up to 72.7 percent.
AXA Mansard sponsors Children’s Finance Education Fair
The Children’s Finance Fair
will feature discussions on a host
of issues related to children and
money matters, including the following:
Teaching children about
money, Children’s savings products,
Identifying and developing
children’s talents, Investments for
Children, Funding children’s
education, Educational Insurance,
Life Insurance, Mutual
Funds and Trust Funds.
The participants will also have
a meet and greet session with representatives
of the AXA Mansard
Plc who will give them first-hand
information on some of the best
children’s banking and savings
products. There will also be an
exciting Monopoly Tournament
with lots of great prizes!
Speaking about the fair, the
Group Head, Strategy, Planning
and Marketing, AXA Mansard
Group, Mr. Kola Oni noted that,
the brand is delighted to associate
with children to commemorate
the 2018 Children’s Day.