BANKING REVOLUTION: NAVIGATING NIGERIA’S RECAPITALIZATION STORM

 

In the heart of Nigeria’s financial sector, a seismic shift is underway. The Central Bank of Nigeria (CBN) has sounded the clarion call, demanding that banks recapitalize based on their registration category. This directive, while aimed at fortifying the financial backbone of the nation, has ignited a maelstrom of debate and action within the banking realm.

 

The Recapitalization Imperative

Reports from reputable sources like Business Day reveal that a staggering 13 banks require a whopping N3.31 trillion to meet the CBN’s threshold. This figure underscores the magnitude of the task at hand and sets the stage for a transformative period in Nigeria’s banking landscape.

 

• Recapitalization Requirements
• Affected Banks: The Programme applies to commercial, merchant, and non-interest banks.
• New Minimum Capital Requirements:
• Commercial (International): ₦500 billion
• Commercial (National): ₦200 billion
• Commercial (Regional): ₦50 billion
• Merchant (National): ₦50 billion
• Non-interest (National): ₦20 billion
• Non-interest (Regional): ₦10 billion
• Timeline: Banks have 24 months to comply, starting from April 1, 2024, until March 31, 2026.

 

The Good, The Bad, and The Ugly

As with any significant policy shift, there are mixed sentiments swirling around. Nairametrics outlines the various implications of the new minimum capital requirement, painting a nuanced picture of the challenges and opportunities that lie ahead.

 

Exclusion Controversy

However, not all banks are singing praises. Vanguard Newspaper reports on the exclusion of a staggering N3.8 trillion in retained profits from the recapitalization process, stirring heated discussions within the banking community. This omission raises questions about the feasibility of meeting the new capital requirements without tapping into these reserves.

• Exclusion of Retained Earnings (REs)
• Why Exclude REs? The CBN’s decision to exclude REs from the new capital composition has sparked discussions. Director of Financial Policy & Regulatory Department, Haruna B. Mustafa, clarified that this exclusion aligns with the goal of robust capital bases.
• Seven Banks Benefit: If REs were considered, seven banks—including Zenith Bank, UBA, and Access Bank—would comfortably meet the new minimum capital base.

 

 

Banking Titans Shine

Amidst the chaos, there are glimmers of excellence. Nairametrics highlights Zenith Bank’s stellar performance, naming it Nigeria’s best bank for the fourth time in the last five years at the Global Finance Awards 2024. Such achievements underscore the resilience and caliber of Nigeria’s banking titans.

 

Assurances Amidst Uncertainty

Despite the storm clouds gathering, banks are striving to allay fears and maintain stability. Business Day reports on assurances from banking institutions, emphasizing their commitment to weathering the storm and emerging stronger on the other side.

• Market Reactions and Prospects
• Stock Market Slide: Tier-1 banks’ stocks declined amid recapitalization concerns.
• Foreign Investments: The CBN anticipates massive inflow of foreign investments into banks due to recapitalization.
• FBN Holdings: Plans a ₦300 billion capital raise via public offer and rights issue.

 

Navigating the Challenges

However, analysts warn of potential pitfalls on the horizon. Punch Newspaper discusses concerns that the recapitalization directive could exacerbate unemployment, while Nairametrics suggests that Nigerian banks can meet the new capital requirements amidst a surge in profits.

 

A Sector in Flux

The prospect of consolidation looms large, with predictions of a reduction in the number of banks through mergers and acquisitions. Leadership and Sun Newspapers delve into the potential ramifications of this trend, hinting at a reshaped banking landscape in Nigeria.

• Analysts’ Perspectives
• Clarifications Needed: Industry analysts expect further clarifications from the CBN regarding the treatment of REs.
• Balancing Act: While recapitalization is essential, striking the right balance between capital requirements and business operations remains crucial.

 

Regulatory Reflections

Regulatory considerations and accounting standards are also under the microscope. The exclusion of retained earnings from the recapitalization process has sparked discussions on the International Accounting Standard 1 (IAS 1), as highlighted by Proshare.

 

A Glimpse of Hope

In response to mounting concerns, the CBN has provided explanations for its decisions, projecting a massive inflow of foreign investments into Nigerian banks. Vanguard Newspaper and shed light on the regulatory rationale behind the recapitalization process.

 

Charting the Course Forward

As banks navigate through this period of financial adjustment, stakeholders closely monitor developments. Proposed capital raises and stock market fluctuations take center stage, as discussed in articles by Leadership Newspaper, Nairametrics and Punch Newspaper.

 

Conclusion

The Banking Sector Recapitalization Programme 2024 is a bold step toward a stronger Nigerian banking system. As banks gear up to meet the new benchmarks, investors, shareholders, and consumers will closely monitor developments.

 

In conclusion, Nigeria’s banking sector stands on the precipice of transformation. The CBN’s directive for banks to recapitalize heralds a new era of resilience and competitiveness. As banks adapt to meet the new capital requirements, the landscape of Nigeria’s financial domain is poised for significant evolution, promising both challenges and opportunities on the horizon. Stay informed, and let’s navigate this transformative journey together!

 

NIGERIA’S STOCK MARKET ROLLERCOASTER: THRILLS, SPILLS, AND OPPORTUNITIES GALORE IN Q1 2024

Introduction

The Nigerian Stock Market embarked on a rollercoaster journey in the first quarter of 2024, witnessing a whirlwind of corporate triumphs and market turbulence. Despite economic headwinds, it defied expectations and emerged as one of Africa’s top-performing markets. Let’s dive into the key trends, notable events, and impact on investors and the broader economy, as well as the pivotal moments and trends that defined this dynamic period, offering insights into investor sentiment and economic prospects.

1. Market Performance Surge

The NGX All-Share Index (ASI) skyrocketed, gaining a whopping 29,788.29 points. From 74,773.77 points at the start of the quarter, it surged to an impressive 104,562.06 points. The market capitalization followed suit, adding a staggering N18.21 trillion. Investors rejoiced as the market offered a 39.84% return, positioning Nigeria as a force to be reckoned with in the African stock market landscape.

2. Market Volatility and Setbacks:

Not all companies emerged unscathed from the storm:

– International Breweries faced a 14.26% loss in market value, grappling with industry challenges and shifting consumer preferences.

– Cadbury Nigeria encountered a significant setback, reporting a staggering N28.2 billion loss in 2023, erasing shareholders’ funds and highlighting sectoral struggles.

These setbacks underscored the importance of prudent risk management and adaptability in navigating volatile market conditions.

3. Powering Economic Growth:

The power sector showcased resilience and growth prospects:

– Transcorp Power reported a robust pre-tax profit of N52.76 billion in 2023, signaling improved financial stability and operational efficiency.

– Geregu Power announced ambitious plans to enhance capacity to 1,300MW, laying the groundwork for increased electricity generation and economic development.

These developments underscored the pivotal role of infrastructure investments in driving sustainable growth and attracting investor interest.

4. Investor Returns and Market Momentum:

Nigeria’s stock market continued to captivate investors, offering competitive returns and market momentum:

– The NGX ASeM Index emerged as the star performer, recording an impressive gain of 135.25% in Q1 2024, spotlighting opportunities in emerging companies and startups.

– Nigeria’s stock market boasted near-best investor returns in Africa, with a stellar rate of 39.84%, affirming its allure to both domestic and international investors.

These enticing market indicators reaffirmed Nigeria’s status as a beacon of opportunity in the African investment landscape, beckoning savvy investors to explore its promising terrain.

5. Corporate Victories Amidst Challenges:

Despite economic headwinds, several companies celebrated remarkable successes:

– United Capital soared with a record-breaking profit of N11.4 billion, up by 18% year-on-year, showcasing resilience and strategic prowess.

– Transcorp Hotels dazzled investors with a pre-tax profit surge of 108% to N9.4 billion, demonstrating resilience in the hospitality sector.

– BUA Foods defied odds, posting a commendable 22.7% profit growth despite grappling with substantial foreign exchange losses.

These triumphs served as beacons of hope amidst market uncertainties, elevating investor confidence in select sectors.

6. SWOOTs Take Center Stage

SWOOTs (Stocks Worth Over One Trillion) stole the show. These heavyweight stocks collectively contributed to 98% of the quarterly capital gains on the NGX. With a combined capital gain of N17.9 trillion, they dominated the scene. Notably, SWOOTs constituted 82.9% of the total market capitalization, reflecting their pivotal role in driving the market’s surge. Let’s meet the stars:

a. Dangote Cement Plc

– Capital Gain: N6.3 trillion

– Market Cap Growth: 115%

– Cement giant Dangote Cement flexed its muscles, propelling the market forward.

b. BUA Foods Plc

– Capital Gain: N3.36 trillion

– Market Cap: N6.8 trillion

– BUA Foods made waves, proving its mettle as a heavyweight contender.

c. BUA Cement

– Capital Gain: N1.56 trillion

– Market Cap: N4.8 trillion

– BUA Cement cemented its position as a force to be reckoned with.

d. Transcorp Power Plc

– Capital Gain: N1.5 trillion

– Market Cap: N2.83 trillion

– Transcorp Power electrified the market, joining the SWOOT league.

e. Transcorp Hotels Plc

– Share Price: N100

– Market Cap: N1.02 trillion

– Transcorp Hotels checked in as a heavyweight player.

f. Geregu Power Plc

– Capital Gain: 151%

– Market Cap Growth: N1.5 trillion

– Geregu Power powered its way to success.

3. Other Highlights

a. Julius Berger’s Generosity

Julius Berger declared dividends of N4.8 billion for shareholders in 2023, spreading the wealth.

b. NGX ASEM Index Triumphs

The NGX ASEM Index emerged as the best-performing index, boasting a remarkable 135.25% gain during Q1 2024.

c. Investors’ Delight

At 39.84%, Nigeria’s stock market offered near-best returns in Africa, attracting savvy investors.

Conclusion

Despite challenges, the Nigerian stock market danced to its own beat. Reforms, investor confidence, and strategic moves fueled this impressive performance. As we move forward, keep an eye on these market giants—they’re rewriting the investment playbook in Africa.

As we bid adieu to the rollercoaster ride of Q1 2024, we are reminded of the stock market’s dual nature—brimming with both triumphs and tribulations. While corporate victories and infrastructure advancements instill optimism, market volatility and sectoral challenges demand vigilance and strategic agility. As investors brace for the journey ahead, armed with insights from the past, they embark on a quest for prosperity in Nigeria’s ever-evolving stock market landscape.

Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Always consult a professional before making investment decisions.

BULLISH BELLWETHERS AND BEARISH BATTLES: NAVIGATING THE NIGERIAN STOCK MARKET’S EBB AND FLOW

Introduction:

The Nigerian Stock Market experienced a tumultuous week as the bulls and bears engaged in a tug-of-war, leaving investors to navigate through the ebb and flow of market sentiments. This weekly roundup offers a panoramic view of the market’s performance, spotlighting the movers and shakers, emerging trends, and the overarching sentiment that shaped trading activities.

Market Overview:

The All-Share Index (ASI) appreciated by 0.27% over the past week, closing at 104,562.06 points on Thursday, March 28. The market capitalization stood at N59.1 trillion, a 0.08% decline from the previous week. Profit-taking activities, particularly in stocks like Dangote Sugar, which tumbled 10%, fueled the bearish sentiment. Nevertheless, pockets of resilience emerged, with the Banking sector outperforming, buoyed by positive investor sentiment and expectations of strong earnings reports.

However, there were positive movements as well. The NGX All-Share Index surged by 39.84% in Q1 2024, indicating underlying resilience and potential for growth in the market.

Sector Performance:

The Banking sector stole the limelight, with the NSE Banking Index gaining 1.96%. Zenith Bank (+5.24%) and United Bank for Africa (+3.75%) were among the standout performers, riding on the wave of positive sentiment. Conversely, the Consumer Goods index lagged behind, declining by 2.10% amidst concerns over rising production costs and inflationary pressures, with Dangote Sugar (-10.00%) and Flour Mills Nigeria (-4.76%) bearing the brunt.

Top Gainers and Losers:

Jaiz Bank (+13.33%) and UPDC Real Estate Investment Trust (+9.09%) emerged as the week’s top gainers, fueled by positive investor sentiment and increased interest in the real estate sector, respectively. On the flip side, Oando Plc (-9.09%), and International Breweries (-14.26%) were among the biggest losers, grappling with regulatory challenges, investor concerns, and operational headwinds.

UPDC REIT, FCMB Group, and Access Holdings emerged as top stock picks for the week, showcasing strong fundamentals and potential for growth. United Capital also made headlines with its record N11.4 billion profit, up 18% year on year, demonstrating resilience and strategic positioning in the market.

Additionally, shareholders approved the voluntary delisting of Arbico Plc, reflecting strategic decisions aimed at enhancing shareholder value.

Market Movers and Shakers:

Oando Plc made headlines with the suspension of its shares from trading on the Johannesburg Stock Exchange, citing non-compliance with listing requirements. This negative development raised concerns among investors, potentially impacting the company’s stock performance. Conversely, United Capital Plc captured investors’ attention with a record N11.4 billion profit, up 18% year-on-year, showcasing resilience amid challenging market conditions.

Analysts also warned of a potential exodus of investors from the equity market due to rising interest rates, adding another layer of uncertainty to market sentiment. Regulatory updates also played a significant role, with the Central Bank of Nigeria (CBN) raising capitalization requirements to N500 billion, impacting the banking sector.

Regulatory Updates:

In view of the above, the Central Bank of Nigeria (CBN) announcement of a new minimum capital requirement of N500 billion for commercial banks, aimed at enhancing the resilience and stability of the Nigerian banking sector. This move was positively received by market participants, with Zenith Bank, UBA, Access Bank, FBNH, and Fidelity Bank already meeting the new requirements, positioning them for future growth and expansion.

Economic and Geopolitical Factors:

Inflationary pressures, interest rate hikes, and currency fluctuations cast their shadow on the Nigerian Stock Market, while global trade tensions and geopolitical events added to the volatility. These factors tested the resilience of investors, as they navigated through the ever-changing economic landscape.

Investor Sentiment and Outlook:

Investor sentiment remained a mixed bag, with concerns over inflationary pressures, rising production costs, and regulatory challenges weighing on the market. However, positive corporate earnings and the resilience of the banking sector provided a much-needed buoyancy, offering a glimmer of hope for optimistic investors.

Analysts remain divided on the market’s near-term outlook, with some anticipating potential upside driven by positive corporate results, while others brace for a consolidation phase or correction due to global economic uncertainties.

As investors navigate the volatility in the Nigerian Stock Market, it’s crucial to remain vigilant and adaptive. While challenges persist, opportunities for growth and value creation also abound. By staying informed, assessing risk, and seizing strategic opportunities, investors can position themselves for success in the ever-evolving market landscape.

Conclusion:

As the Nigerian Stock Market navigates through the ebb and flow of bullish bellwethers and bearish battles, investors are advised to exercise caution, diversify their portfolios, and seek professional advice. Stay tuned for our next weekly roundup, where we’ll continue to provide insights and analysis on the ever-evolving Nigerian Stock Market landscape, guiding you through the tumultuous tides of market dynamics.

NAVIGATING THE ROLLERCOASTER: A WEEK OF HIGHS AND LOWS ON THE NIGERIAN STOCK EXCHANGE

Introduction

In the world of investing, each week brings its own set of challenges and opportunities. This past week on the Nigerian Stock Exchange was no exception, as investors experienced a whirlwind of market movements, with highs and lows that kept everyone on their toes. In this blog post, we’ll delve into the rollercoaster ride that was the week of Monday, 18^th March to Friday, 22^nd March, 2024, examining major indices, notable stock performances, and what lies ahead for the upcoming week.

A Dip in Confidence

Monday kicked off the week with a sense of unease as shareholders faced a collective loss of N239 billion, sending the market down by 0.4%. Despite the setback, savvy investors remained vigilant, searching for opportunities amidst the uncertainty.

Bargain Hunting Sparks Optimism

A ray of hope emerged on Tuesday as bargain hunting drove the equity market to a remarkable N2 trillion gain. This surge in confidence showcased the resilience of the market and instilled optimism among investors who seized the opportunity to capitalize on undervalued assets.

A Momentary Dip

Wednesday saw a slight dip in market performance, with Transcorp Power experiencing its first decline, contributing to a 0.11% decrease overall. While the setback was minor, it served as a reminder of the volatility inherent in the stock market and the importance of a diversified portfolio.

Weathering the Storm

The bears took control on Thursday, continuing their downward trend with a N168 billion loss for investors. Despite the challenges, seasoned investors remained steadfast, recognizing that market fluctuations are part and parcel of the investment journey.

Soaring to New Heights

Ending the week on a high note, Friday saw the NGX ASI soar by 259.90 points, bolstering equities by N146.95 billion. This impressive rebound underscored the resilience of the Nigerian Stock Exchange and left investors feeling cautiously optimistic as they looked ahead to the upcoming week.

Looking Ahead

As we reflect on the events of the past week, it’s clear that navigating the stock market requires a steady hand and a keen eye for opportunity. As we look ahead to the upcoming week, it’s essential for investors to remain vigilant, staying informed of market trends and external factors that may impact their investments.

In conclusion, while the past week may have been a rollercoaster ride of highs and lows, it’s important to remember that volatility is the nature of the game. By staying informed, maintaining a diversified portfolio, and keeping a long-term perspective, investors can weather any storm that comes their way to the Nigerian Stock Exchange.

Arsenal’s Resilient March to the Quarterfinals: A Tale of Nerves and Triumph

In a night that will be etched in the memories of football fans worldwide, Arsenal’s last-16 encounter with Porto at the Emirates Stadium unfolded as a true testament to the beautiful game’s unpredictability and the sheer will to win.

## The Decisive Battle Against Porto

The match ended in a narrow 1-0 victory for Arsenal, leveling the aggregate score to 1-1. Despite the relentless efforts from both sides, the deadlock persisted through extra time, leading to the ultimate test of nerves: a penalty shootout. Arsenal emerged victorious with a 4-2 win, securing their spot in the Champions League quarterfinals.

### Key Insights:

– **Tactical Brilliance**: Mikel Arteta’s strategic decisions and in-game adjustments played a crucial role in Arsenal’s victory. The team remained organized defensively and capitalized on attacking opportunities, showcasing their tactical astuteness.

– **Player Performances**: While Leandro Trossard’s goal rightfully receives praise, it’s essential to acknowledge the contributions of other key players. Defensive stalwarts like Gabriel and Ben White provided stability at the back, while midfield maestros such as Declan Rice  and Martin Ødegaard dictated the tempo of the game.

– **Mental Fortitude**: Arsenal’s ability to maintain composure under pressure in the penalty shootout highlights their mental resilience. The team exhibited nerves of steel, showcasing their determination and character in clutch moments.

– **Historical Context**: Arsenal’s advancement to the quarterfinals after 14 years carries significant historical weight. Delving into the club’s previous Champions League campaigns and the significance of this achievement within the context of their recent history amplifies the sense of triumph.

## Arsenal’s European Fortress: The Emirates Legacy

Arsenal’s home ground, the Emirates Stadium, has been a bastion of strength in European competitions. The Gunners have a storied history of memorable European nights, marked by tactical masterclasses and resolute defensive stands¹. Their biggest winning margin in Europe is a 7–0 score line, showcasing their potential for dominance¹. With a record for the most consecutive clean sheets in European club competition, Arsenal’s defense transforms the Emirates into a veritable fortress¹.

## The Upcoming Clash: Arsenal vs. Bayern Munich

As we look ahead, the quarterfinal clash between Arsenal and Bayern Munich is poised to be a monumental match. With UEFA sanctions barring Bayern Munich fans from attendance, Arsenal will have the unique advantage of playing in front of a home crowd, a factor that could significantly influence the match’s dynamics.

### Previous Encounters:

The history between these two giants is rich with both triumphs and defeats, making any predictions a gamble. Arsenal’s recent victory over Porto could provide a psychological edge, while Bayern Munich’s consistent performance in the Champions League positions them as formidable adversaries.

### Bayern’s Road Prowess: A Champions League Pedigree

Bayern Munich, a colossus on the European stage, boasts an impressive away record in the Champions League. Their tactical flexibility and squad depth allow them to adapt and thrive in hostile territories, often turning the tide of matches with their clinical efficiency⁶.

### What to Expect:

A match filled with tactical prowess, world-class talent, and an atmosphere of high stakes. It’s more than just a game; it’s a battle for glory, a dance of strategy, and a showcase of football at its finest.

Stay tuned as we witness another chapter in the storied rivalry between Arsenal and Bayern Munich. Will Arsenal’s resilience carry them through, or will Bayern’s might prove too strong? The stage is set, and the world watches with bated breath.
—
This narrative not only captures the essence of Arsenal’s journey but also sets the stage for a thrilling encounter with Bayern Munich, enriched by the historical and statistical context that fans and readers alike will appreciate.

Nigerian Stock Exchange: A Week of Triumphs and Trials

The Nigerian Stock Exchange (NGX) captured the attention of the financial world during the week of March 11th to March 15th, 2024, as a series of events unfolded, showcasing the dynamic and ever-changing nature of markets. The NGX experienced both triumphs and trials, highlighting the resilience and volatility inherent in the financial landscape.

**Indices Soaring High**

The NGX All-Share Index (ASI) demonstrated a bullish sentiment, reaching an impressive 105,085.25. This milestone serves as a testament to the overall robustness of the market and the confidence of investors.

**High-Yield Stocks Take Center Stage**

High-yield stocks emerged as the stars of the week, with MTNN leading the charge by closing at an impressive NGN 267.80. GTCO also performed well, experiencing a remarkable 9.99% increase to close at NGN 48.45.

**Gainers Galore: A Celebration of Market Optimism**

The top gainers’ list showcased market optimism, with GTCO, INTBREW, PRESTIGE, JBERGER, and MTNN all posting significant gains. The percentage increases ranged from 7.98% to an impressive 9.99%.

**The Other Side of the Coin: Losses Abound**

However, not all stories were of triumph. INTENEGINS, CILEASING, VITAFOAM, TRANSCORP, and JAPAULGOLD experienced losses, serving as a stark reminder of the market’s unforgiving nature.

**Market Activities: A Tapestry of Trends**

The week witnessed a 4% decline in volume and a 32% decline in turnover. However, there was an 11% improvement in deals, highlighting the complex interplay of market forces that shape the financial landscape.

As we reflect on the events of the week, the NGX stands as a microcosm of the global financial narrative, where every rise is celebrated, every fall is scrutinized, and every transaction tells a story. The market’s ebb and flow continue to captivate and educate, offering a glimpse into the heartbeat of Nigeria’s economy.

For those seeking to delve deeper into the intricacies of the NGX, the official reports and live updates remain invaluable resources. As we bid adieu to another eventful week, we eagerly anticipate the stories that the next week will unfold.

—

Please note that this blog post is a high-level overview and should not be considered financial advice. For investment decisions, it is recommended to consult a financial advisor. All values are quoted in Nigerian Naira (NGN), and the percentages indicate the change over the specified period.

Buhari govt slashes fees for UTME, SSCE, BECE

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Education Minister, Adamu Adamu announces the slash of UTME, SSCE, BECE fees

Candidates writing the Unified Tertiary Matriculation Examination (UTME), the National Examination Council (NECO) and the Basic Education Certificate Examination (BECE) will now pay less.

The Federal Government announced a slash of all the fees today.

The approval was granted by the Federal Executive Council (FEC) meeting presided over by the Vice President, Yemi Osinbajo at the State House Villa, Abuja.

Minister of Education, Adamu Adamu who briefed State House Correspondents on the outcome of the FEC meeting, said from January next year, prospective students are to pay N3,500 for UTME as against N5,000.

For the Senior Secondary Certificate Examination (SSCE) being conducted by NECO, he said prospective students are to pay N9,850 as against N11,350.

The Minister said BECE fee has been slashed down to N4,000 from N5,500.

Source: https://www.nan.ng/news/buhari-govt-slashes-fees-for-utme-ssce-bece/

Lagos, Kano, Abia selected as pilot states for TraderMoni

Petty traders

By Chijioke Okoronkwo

Lagos, Kano and Abia states have been selected as pilots states for the Federal Government’s TraderMoni scheme.

Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disclosed this while briefing State House correspondents on Monday in Abuja.

TraderMoni is a Federal Government’s initiative aimed at providing two million petty traders across the country with collateral-free loans before the end of the year.

Akande said that the initiative was part of the National Social Investments Programmes (NSIP) of President Muhammadu Buhari’s administration.

According to him, the programme will be extended across the country.
He said that the gesture was part of Federal Government’s efforts to further enlarge its financial inclusion agenda for all Nigerians regardless of social class and economic status.

Akande said that the scheme, which was inaugurated in Lagos on August 7, would grant a minimum of 30,000 loans in each state of the federation and the Federal Capital Territory (FCT).

“The presidency had announced a major policy under the NSIP to address the needs of petty traders who have not been captured in some the previous micro-credit schemes that we have.

“We started a scheme last week where petty traders will get N10,000 and when they repay it within six months, they get N15, 000.

“Between now and the end of the year, we would have reached at least two million of such petty traders across the country. The plan is to have a minimum of 30,000 beneficiaries in each of the states.

“There are agents that will be going to major markets across the country, we are starting with Lagos, Kano and Abia where most of the already enumerated 500,000 have been identified.

“Certainly, big states like Lagos and Kano will get more than that,’’ he said.
He said that once the enumeration and verification were done in the market, the petty traders would get initial N10,000.

Akande added that the loans like most of the social investment programmes, would go directly to the beneficiaries as there would be no third parties involved.

The special assistant said that the gesture to petty traders was part of ongoing commitment of Buhari’s administration to the plight of the common man.

Earlier, Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, said that TraderMoni policy was a worthy scheme that needed spot light.

N21b, PVCs not found in Lawal Daura’s houses: DSS

Lawal Daura: DSS debunks fake news, videos about alleged raids on his houses

The  Department of State Services (DSS) has debunked the fake news  and videos circulating in the social media about the alleged recovery of N21 billion, PVCs and weapons in the Katsina and Abuja homes of its sacked  Director General, Lawal Daura.

In a statement today, Tony Opuiyo, spokesman of the secret service said the alleged items  were  non-existent.

The fake news media industry had alleged that N21 billion in cash, Twenty One Billion Naira (N21bn) cash, 400 assorted and sophisticated small arms and light weapons/rifles and thousands of Permanent Voters Card (PVC) belonging to Niger Republic immigrants were found in Daura’s homes.

In some fake video also in circulation, some persons believed to be personnel of a security outfit were seen forcing open safes stocked with money. The security operatives were described as executing a recovery operation at the Katsina home of the former DGSS.

The DSS said categorically that the videos are false and should be disregarded.

“So far, no such recovery operations have been undertaken by the EFCC or any other security agency at DSS’ office or residences of the former DG”, Opuiyo said..

“There is no doubt that different interests have continued to give varied accounts of the incident of last week at the National Assembly.

“It may, however, be recalled that the Presidency had pledged to carry out a detailed investigation regarding the alleged National Assembly siege.

“The public is, therefore, advised to exercise restraint in their narration of events and as such, desist from spreading fake news or engaging in activities that may mislead or further cause a breach of the peace as well as preempt the outcome of investigations”, Opuiyo said.

Lawal Daura was sacked last week Tuesday on the orders of Acting President Yemi Osinbajo, following the blockade of the gates of the National Assembly by hooded and armed DSS operatives.

Osinbajo slammed the action  as a gross violation of constitutional order, rule of law and all accepted notions of law and order. He said the blockade was unauthorised by the executive.

According to him, the unlawful act which was done without the knowledge of the Presidency is condemnable and completely unacceptable.

A statement issued by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Acting President, said that the action of the DSS was  not authorised by the presidency.

Daura, who was born on 5 August, 1953, was appointed by President Muhammadu Buhari on 2 July 2015, following the dismissal of his predecessor Ita Ekpeyong.

He once worked in the service and retired.

Acting President Osinbajo has appointed Matthew Seiyefa as acting DG of the agency.

 

Source: http://www.nan.ng

Poll results: Vote of confidence on Buhari/Osinbajo ticket in 2019

President Buhari and VP Osinbajo at the National convention of the All Progressives Congress at the Eagle Square, Abuja

By Ismaila Chafe

The Presidency has described the outcomes of last Saturday’s polls in Bauchi, Katsina and Kogi states, where candidates of All Progressives Congress (APC) emerged winners of the bye-elections, as signs of electoral victory for Buhari/Osinbajo ticket in 2019.

Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, stated this when he addressed State House correspondents on the outcomes of the elections in Abuja on Monday.

The presidential aide, who described as `fabulous` the results of the polls in the three states, said the outcomes had clearly indicated “a vote of confidence’’ on the President Muhammadu Buhari administration.

“I like to speak to you about the fabulous shows of the APC in Katsina, Bauchi and Kogi, and even to some extent in Cross River States, all of these coming against the background of Ekiti State.

“It is clear that from election after election, Nigerians are reposing confidence in the Buhari/Osinbajo presidency.

“Each of these election victories is considered to be epic in nature because none of these elections was an ordinary election.

“We are happy that we have won and on behalf of the president and the acting president, we like to say thank you to Nigerians who continue to repose their confidence in the leadership of the APC administration.

“We also want to thank the leadership of the party at the national level, but equally important, to thank all the party’s apparatchiks deployed to all the campaigns and ensured that all the elections were won handsomely by APC,’’ he said.

According to him, the Buhari administration is determined more than ever before to leave no stone unturned in order to bring the promised change to Nigerians.

He maintained that these decisive victories for the APC were clear indications that Nigerians had spoken that President Buhari had maintained his momentum.

He said: “That these victories place Buhari/Osinbajo presidency in very good stead for next year’s election.

“It is a statement of the fact that the APC will go into election next year with every confidence that the elections will be won and that Nigerians by this statement, will also say that they no longer have time for politics of insult and diversion, mudslinging and ‘monkey dey work, baboon dey chop’ politics of the PDP.

“And equally important is that these election victories are a clear message to the National Assembly that all that Nigerians are interested in is that the business of government should go on.

“That Nigerians are saying that they are not interested in the drama; they are not interested in the grammar, the subterfuge and all of the games that are being played in the National Assembly.’’

Shehu, therefore, appealed to the National Assembly to be on the same page with the Buhari administration.

He said the appeal had become imperative in view of the urgent matters that needed to be attended to including matters of shortfall in money supply for the execution of the budget.

 

 

Source: http://www.nan.ng