Fela Kuti’s daughter shares seductive photo, dares women to compete with “a glorious beauty” like herself over a man

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One of the daughters of the late afro beats legend Fela Anikulapo-Kuti has shared a seductive photo to mark her 35th birthday while daring other women to try competing with her for a man’s attention.

Motunrayo Anikulapo-Kuti, who is the daughter of Fela and Najite, had her boobs and tongue out in the suggestive photo shared to Instagram.

The mother-of-one captioned the photo:

“Who wants to compete over a man with such a glorious beauty?? A heart of gold, and a Royal breed? Only a Fooool ???????? 35yrs and still Young????? Tonight was awesome at NAS.. Have a lovely awesome Night darlings?????? I am H.A.P.P.Y ?????”

Fayose vows to defeat federal might, win election for party

Governor Ayodele Fayose has vowed to defeat the federal might of the All Progressives Congress (APC) for the Peoples Democratic Party (PDP) to win the poll.The governor, who made the declaration at the 23rd Convocation of Ekiti State University (EKSU) in Ado-Ekiti, which he attended as visitor, explained that he had succeeded in giving Ekiti the party’s candidate, Prof. Kolapo Olusola, who is a scholar.

He described Olusola as a “level-headed, humble man, a pastor and man of God,” who Ekiti people needs at this critical point of its history.The governor credited Olusola with the “giant strides recorded by the state in the field of education,” especially its coming tops back-to-back in the National Examinations Council (NECO) among the 36 states of the federation.

He said there was the need for continuity of policies and projects, which are being carried out by his administration.He said: “People will always remember that it was Fayose who constructed the first dual carriageway, as well as the first flyover in Ado-Ekiti.”

The governor explained that it was during his time that Ekiti State quit number 35th position in WAEC and NECO, and came first, back-to-back in NECO. He added: “We did all these within the limited resources available to us. We have the people’s strength behind us, since power not only belongs to God, but also that God is with me.”

Also, Fayose, who yesterday congratulated the Adams Oshiomhole-led APC, urged the presidency to be prepared for defeat.The governor, who stated this through his Chief Press Secretary, Idowu Adelusi in Ado-Ekiti yesterday, said the defeat would be a shocker to the presidency.He spoke in reaction to the quit notice given by the presidency to his party, during the APC’s national convention in Abuja at the weekend.

Meanwhile, a group loyal to the Director General of the Kayode Fayemi campaign organisation, Michael Opeyemi Bamidele, has launched an aggressive evangelism campaign to mosques and churches.The group, under the aegis of MOB Progressive Youth Vanguard (MPYV), said it took the strategic step to boost the APC’s campaigns.

Led by its Coordinator, Ahmed Salami and Director of Operations, Isiaka Adedipe, they campaigned in some communities in the area, including Odo-Iro, a farmstead in Iyin Ekiti.
Adedipe said the group embarked on the campaign to fill the vacuum left by their principal, Bamidele.He added that the strategy was aimed at drawing the attention of Ekiti people to the evil inherent in allowing Fayose to plant his successor.According to him the independent-minded position of the Ekiti people led to the Kiriji War of 1877 and 1886, which it fought with the Ajeles from Ibadan in Oyo State.

APC convention a starter to 2019 victory – National Secretary

The National Secretary of All Progressives Congress (APC), Alhaji Mai Mala Buni, said the newly elected leadership of the party has increased the party’s fortunes to victory in the 2019 elections.

He stated this on Monday in a telephone interview with News Agency of Nigeria (NAN), saying it provides a new opportunity for dialogue and renewal of commitment to the party.

“The speeches delivered by the Party chairman Adams Oshiomole, President Muhammadu Buhari, Vice President Yemi Osibanjo, Senate President Bukola Saraki, Speaker Yakubu Dogara and Asiwaju Bola Tinubu at the convention also provides a new prosperous page for the party” the secretary said.

Mai Mala said “the enthusiasm, confidence and commitment demonstrated by the party from the six geo-political zones were also indicative of its success towards 2019 and beyond”.

He assured that the party will extend hands of fellowship to all aggrieved members to promote dialogue and unity to strengthen the party

According to him, the party would explore the experience of the national chairman in dispute resolution to calm all fraying nerves.

“As an indisputable labour leader and astute administrator, the chairman will bring his wealth of experience to bear for the new leadership to settle all differences within the party.

“We are all optimistic that this leadership will enjoy support from our members in the executive and the legislative arms of government for us to consolidate the strength and fortunes of the party.” he said.

He called on stakeholders and party members to support and cooperate with the new leadership to build a virile political party “we shall be proud of.”

Mai Mala described the just concluded convention as a monumental success, adding, “it was a collective success, we all emerged victorious, there were no losers in this convention.

“Every member will be carried along, we will listen to advises and opinions, including constructive criticisms that are geared towards building a strong and united party.”

Development Bank of Nigeria opens Lagos office

The Development Bank of Nigeria (DBN) has opened its Lagos office, located on Idejo Street in Victoria Island, to service Participating Financial Institutions (PFIs) domiciled in the commercial city of the country.

Declared open by its Chairman, Dr Shehu Yahaya, at the weekend, the lender was set up as a wholesale development finance institution, providing sustainable financing through eligible PFIs, who would in turn, lend to end-borrowers- Micro, Small and Medium Enterprises (MSMEs) for the development of that segment.

Yahaya, said that the remarkable success of the bank within the short period of commencing operations, has been because of the enthusiasm and support by the various financial institutions that have embraced the DBN offering of empowering the all-important segment of the nation’s economy- MSMEs.

“We have realised the need to bring the business closer to the PFIs that are supposed to benefit from our services here in Lagos. The Lagos operations will accelerate our engagement with the PFIs and facilitate ease of disbursement to them to alleviate the financing constraints faced by Micro Small and Medium Scale Enterprises (MSMEs), which are undoubtedly the engine room of the economy,” he said.

The Managing Director of the bank, Tony Okpanachi, assured the MSMEs that DBN has “the vision to be Nigeria’s primary development finance institution, thereby promoting growth and sustainability of the MSMEs by providing financial services, Credit Guarantees and advisory services.

These are some of the services that will equally be available to the PFIs through the Lagos office.“DBN loan cuts across all sectors of the economy. Our operation in addition to our mandate, seeks to achieve the Nigerian Sustainable Banking Principles (NSBP) of the Central Bank of Nigeria (CBN), where financial inclusion ranks high, as well as the United Nations Sustainable Development Goals and it’s also, in line with the Economic Recovery and Growth Plan of the Federal Government.”According to him, the commissioning of the Lagos Operations will lead to an improvement in various economic indices such as job creation, poverty alleviation and increase investment in human capital.

SEC reassures foreign investors of dynamic, transparent market


The Securities and Exchange Commission (SEC) Nigeria, has assured foreign investors of the safety of their investments in the Nigerian capital market.Disclosing this when representatives of JP Morgan and Stanbic IBTC visited the commission in Abuja, at the weekend, the Acting Director-General of SEC, Ms. Mary Uduk, said all necessary controls are in place to ensure that the market is dynamic, free, fair and transparent for participants.Uduk said the Commission has embarked on several initiatives in a bid to ensure that investors in the market derive the benefits therein.She said the implementation of the Capital Market Master Plan has led to significant changes in the market, which include the dematerialisation of share certificates, recapitalisation of capital market operators,establishment of the National Investors Protection Fund and inauguration of its board, as well as launch of the Corporate Governance Scorecard.

Others are implementation of the e-Dividend Mandate Management System, establishment of Complaint Management Framework, transaction cost reduction, implementation of the direct cash settlement and the introduction of non-interest capital market products.She also disclosed that the commission has put in place robust investor protection machinery with severe sanctions on infractions of securities laws.

“The implementation of this regime has led to the closure of various Ponzi schemes as well as the recovery of millions of naira belonging to innocent investors.“SEC champions zero tolerance on infractions and we have a range of sanctions depending on the level of infraction and how egregious the breach is, ranging from warnings, fines, suspensions, withdrawal of registrations and jail terms.

“The idea is to improve transparency in the market and ensure that investors are safe”.On surveillance, Uduk said the Commission has surveillance mechanisms in place to detect possible suspicious trading/market manipulation activities.In his remarks, Nick Long, Representative of JP Morgan, expressed satisfaction with the performance of the Nigerian capital market adding that it is one of the reasons why it continues to attract international investors.

Davido wins best international act at 2018 BET Awards (See full list of winners)

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Nigerian international pop star Davido, has won the award for “Best International Act”, at the 2018 edition of the prestigious BET Awards.

Receiving his award, Davido used the opportunity to send condolences to D’banj whose son drowned in a swimming pool.

The show which was hosted by Jamie Foxx saw Beyonce getting crowned as the best female R&B/pop artist, with Cardi B winning best female hip hop artist. Legendary Anita Baker received the lifetime achievement award.

See full list of winners below;

Best Female R&B/Pop Artist Award
*Beyoncé
SZA
H.E.R.
Rihanna
Kehlani

Best Male R&B/Pop Artist Award
*Bruno Mars
Chris Brown
The Weeknd
Khalid
Daniel Caesar

Best Group Award        
*Migos
A Tribe Called Quest
N.E.R.D.
Rae Sremmurd
Chloe X Halle

Best Collaboration Award 
Bruno Mars feat. Cardi B – “Finesse (Remix)”
*DJ Khaled feat. Rihanna and Bryson Tiller – “Wild Thoughts”
DJ Khaled feat. Jay-Z, Future, and Beyoncé – “Top Off”
Cardi B feat. 21 Savage – “Bartier Cardi”
French Montana feat. Swae Lee – “Unforgettable”
Kendrick Lamar feat. Rihanna – “LOYALTY.”

Best Male Hip Hop Artist Award
Drake
*Kendrick Lamar
DJ Khaled
Jay-Z
J. Cole

Best Female Hip Hop Artist Award
*Cardi B
Nicki Minaj
Remy Ma
DeJ Loaf
Rapsody

Video of the Year Award 
*Drake – “God’s Plan”
Cardi B – “Bodak Yellow”
Bruno Mars feat. Cardi B – “Finesse (Remix)”
DJ Khaled feat. Rihanna and Bryson Tiller – “Wild Thoughts”
Kendrick Lamar – “HUMBLE.”
Migos feat. Drake – “Walk It Talk It”

Video Director of the Year Award
Benny Boom
Director X
*Ava Duvernay
Chris Brown
Dave Meyers

Best New Artist Award
*SZA
H.E.R.
Daniel Caesar
GOLDLINK
A Boogie Wit Da Hoodie

Dr. Bobby Jones Best Gospel/Inspirational Award
*Lecrae feat. Tori Kelly – “I’ll Find You”
Snoop Dogg feat. B. Slade – “Words Are Few”
Ledisi & Kirk Franklin – “If You Don’t Mind”
Marvin Sapp – “Close”
Tasha Cobbs Leonard feat. Nicki Minaj – “I’m Getting Ready”

The Best International Act Award
Booba (France)
Cassper Nyovest (SA)
Dadju (France)
*Davido (Nigeria)
Distruction Boyz (SA)
Fally Ipupa (Dr. Congo)
J Hus (U.K.)
Niska (France)
Tiwa Savage (Nigeria)
Stefflon Don (U.K.)
Stormzy (U.K.)

Best Actress Award
*Tiffany Haddish
Lupita Nyong’o
Issa Rae
Angela Bassett
Letitia Wright
Taraji P. Henson

Best Actor Award       
*Chadwick Boseman
Michael B. Jordan
Donald Glover
Sterling K. Brown
Denzel Washington
Daniel Kaluuya

Young Stars Award
*Yara Shahidi
Ashton Tyler
Caleb McLaughlin
Lonnie Chavis
Marsai Martin
Miles Brown

Best Movie Award 
*Black Panther
Girls Trip
A Wrinkle in Time
Detroit
Mudbound

Sportswoman of the Year Award 
*Serena Williams
Venus Williams
Skylar Diggins-Smith
Candace Parker
Elana Meyers Taylor

Sportsman of the Year Award 
Stephen Curry
*LeBron James
Kevin Durant
Dwayne Wade
Odell Beckham Jr.

Album of the Year Award 
*DAMN. – Kendrick Lamar
CTRL – SZA
4:44 – Jay-Z
Culture II – Migos
Black Panther: The Album – Kendrick Lamar & Various Artists
Grateful – DJ Khaled

BET Her Award 
Janelle Monae – “Django Jane”
Lizzo – “Water Me”
*Mary J. Blige – “Strength of a Woman”
Remy Ma feat. Chris Brown – “Melanin Magic (Pretty Brown)”
Chloe X Halle – “The Kids Are Alright”
Leikeli47 – “2nd Fiddle”

Coca-Cola Viewers’ Choice Award
SZA feat. Travis Scott – “Love Galore”
*Cardi B – “Bodak Yellow”
Kendrick Lamar – “HUMBLE.”
Drake – “God’s Plan”
Migos feat. Cardi B & Nicki Minaj – “Motor Sport”
DJ Khaled feat. Rihanna & Bryson Tiller – “Wild Thoughts”

Humanitarian Award
James Shaw Jr.

Naomi Wadler

Justin Blackman

Shaun King

Anthony Borges

Mamoudou Gassama

Lifetime Achievement Award
Anita Baker

Shine and Light Award 

Brittany Packnett

BDC-bank rates’ merger and search for end to multiple exchanges


It is a long-drawn battle and it has not been easy, even till now. That is not only the a good description of the many challenges that beset the foreign exchange market, but also the participants, particularly the licenced Bureaux De Change (BDCs). Of course, the Central Bank of Nigeria (CBN) recently made another move closer to realising the major issue of discord- multiple exchange rates and harmonisation. But it actually did, particularly with BDCs and their “competitor”- the Deposit Money Banks.

The CBN had earlier in the month, approved an upward review of the trading margin available to BDCs, which allowed them to buy dollar from the apex bank at N357/$1 and sell at N360, enabling them to earn a positive margin of N3 per dollar sold. Banks had long enjoyed the “unfair” trading position at N358/$ to sell at N360/$, while BDCs sell at N362/$, after buying at N360/$.

BDCs had earlier lamented that it is not only depriving them of customers, since they sell higher, but that the margin cannot offset their operational costs, making them to sack their workers and predisposing many of them to difficulties in obeying the rules and taking advantage of what comes around.It is certain that the latest development initiated by CBN has brought stability to the foreign exchange market and showed its proactive approach to ending multiple exchange rates tipped to permanently send currency speculators out of the market. The Association of Bureaux De Change Operators of Nigeria (ABCON) said it is commendable on the part of CBN’s policy direction and believes the rate unification will promotes efficiency, transparency, price discovery and will help phase-out the remaining part of multiple exchange rates regime. It was an idea, which time had come and a masterstroke needed to eliminate multiple exchange rates in the industry.

Dangote Sugar pays N21 billion in dividend, N121 billion on asset acquisition

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SEC affirms plans to unveil framework soon

Dangote Sugar Refinery Plc has increased dividend pay out to shareholders for the 2017 financial year by 192 per cent to N21 billion, translating to 175 kobo per share from N7.2 billion or 60 kobo per share in 2016, in line with its resolve to deliver decent returns on investments.

Speaking at the company’s yearly general meeting in Lagos at the weekend, the Chairman of Dangote Sugar Refinery Plc, Alhaji Aliko Dangote, said the company achieved a group turnover of N204.42 billion, showing 20.4 per cent increase over the comparative period of 2016.

“With Profit Before Tax of N53.6 billion, showing 173 per cent increase over the 2016 and profit after tax of N39.7 billion, the board has recommended to shareholders for approval, at this meeting, the payment of a final dividend of N15 billion, being 125 kobo for the year ended December 31,2017.“The board had earlier approved the payment of an interim dividend of N6 billion, being 50 kobo per share. This brings the total dividends for the year under review to N21 billion,” he said.

Speaking on the company’s backward integration project, Dangote said the firm has spent N121 billion on equipment, land acquisition, compensation to land owners, consultancy and related services.According to him,  despite the major setbacks like flood, community relations issues and most recently, clashes between host communities and Fulani herdsmen that hampered  progress, Savannah Sugar remained the only company producing sugar from own grown sugarcane in the country with over N30 billion spent to date.“Negotiations with the government and local communities in Kwara and Niger states on land acquisition processes are ongoing, in line with the backward integration sites,” he said.

The Acting Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, Abdullahi Sule, said the company would continue to pursue its target to achieve 1.08 metric tonnes of refined sugar yearly in six years and eventually, 1.5 million metric tonnes in 10 years.According to Sule, the focus of the company remains leveraging on its strengths to maximise every opportunity to generate sales, increase its market share and create sustainable value for all stakeholders.

“Though the business terrain remains very challenging, we remain resilient in the face of the situation and are focused on increasing our market share and customer base as well as the creation of sustainable value for our stakeholders.“Our priority in the current year is the achievement of our Sugar for Nigeria Project goals and sustenance of our leadership position by improving efficiency and growing our markets,” he said.

Firm offers debt, equity funds for businesses

FRAGG Investment is an impact investment management and advisory company that specialises in the management of funds targeting investments in the impact and climate domains.The company, with focus in the West African region, seeks to help companies raise new capital as debt and equity investments, as well as support business growth.

Presently, FRAGG Investment is making available a minimum of N175 million for investment in companies and projects in the impact sectors like microfinance institutions, SME banks, Finance Houses, and commercial banks, agriculture, healthcare, affordable housing and climate finance.Such companies and projects are now invited to apply for a round of support and funding from a wide range of offshore investors.

“Using a triple-bottom line approach, our main target is investing in and mobilising funds for high-growth companies in Nigeria and West Africa that promote social and environmental impact.Our goal is to make a strong financial return for investors while supporting companies that are contributing to a better world”, the Managing Director, Franklin Odoemenam, said.The timeframe for the application and selection process of interested participants is between July 6, 2018 and August 7, 2018, through http://www.fraginvest.com and accelerator@fraginvest.com.

Falz calls out government over Plateau Killings

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Nigerian rapper, Falz has called out the President Muhammadu Buhari-led government over the spate of killings experienced in some parts of the country.

The rapper, cum actor, who recently highlighted the problems in the country in his song ‘This is Nigeria’ spoke in reaction to fresh attack in Plateau.

Plateau state Police Command on Sunday confirmed the killing of 86 persons in the attacks on Razat, Ruku, Nyarr, Kura and Gana-Ropp villages of Gashish District in Barkin Ladi Local Government.

It was also gathered that fifty houses, fifteen motorcycles and two vehicles were also burnt down.

The gunmen also attacked Daffo and Kuba communities in Bokkos Local Government of the State.

Reacting, Falz on his Twitter page raised alarm concerning the actions of the government towards frequent massacre.

“This level of insensitivity shown by our government is rather disturbing.

“People are continuously being massacred every day in different states!!! It’s actually getting out of hand,” Falz wrote.

Nigerian bourse restructures market operations

Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema

The Nigerian Stock Exchange (NSE) has unveiled the review of the entire equity market structure, due to take effect July 2, 2018, targeted at creating a level playing field for all market participants and enable investors deploy broader trading strategies, best execution and gain benefit from enhanced market depth.The Exchange also plans to review the NSE 30, and the six sectoral indices of the bourse, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil and Gas and NSE Lotus Islamic Indices.

According to a statement by the NSE, the composition of these indices after the review will witness the entry/re-entry, as well as exit of some major companies.The changes to the market structure, according to the NSE, include opening and closing auctions, to be followed by imbalance sessions, where bids exceed offers and vice versa, to allow market participants enter their imbalance orders arising from the auction sessions.

NSE explained that expansion of participants in the auction period to enhance fairness, competitiveness of the price setting mechanism, introduction of the size test condition in price determination during the auction period and changes to the market price volatility mechanism such that daily Limit up Limit down price band is currently based on a single reference price to allow for a symmetric up and down limit of 10 per cent throughout the trading day.

The Chief Executive Officer of the NSE, Oscar Onyema, said: “The review of the equities market structure was carried out to support our hybrid market model which offers the benefits of best execution and tighter spreads to investors.“Moreover, it provides potential for cheaper cost of capital to issuers in our market. This Market Structure is in line with our 2018 to 2021 corporate strategy aimed at boosting retail investor participation.

The Nigerian bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007 and on July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.

The sectoral indices comprise the top fifteen most capitalized and liquid companies in the Insurance and Consumer Goods sectors, top ten most capitalised and liquid companies in the Banking and Industrial Goods sector and the top seven most capitalized and liquid companies in the Oil & Gas sector.In July 2012, the Nigerian bourse launched The NSE Lotus Islamic index (NSE LII) which consists of companies whose business practices are in conformity with Shari’ah investment principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and non-interest investment space widened.

The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognized Shari’ah Advisory Board comprising of renowned Islamic scholars.The price indices, which were developed using the market capitalization methodology, are reviewed and rebalanced on a bi-annual basis – on the first business day in January and in July

Stock market investors’ lose 2.74 per cent in four trading days


Analysts predict further losses on bargain hunting
At the end of yesterday’s transactions on the equity sector of the Nigerian Stock Exchange, the NSE All-share index and market capitalization depreciated by 2.74 per cent to close the week at 37,862.53 and N13.716 trillion respectively.

Similarly, all other indices finished lower with the exception of the NSE Insurance Index that appreciated by 3.55 per cent, while the NSE ASeM Index closed flat.Meanwhile, a total turnover of 1.097 billion shares worth N15.471 billion were recorded  in 16,288 deals by investors on the floor of the Exchange in contrast to a total of 1.738 billion shares valued at N18.462 billion that was exchanged hands in 14,790 deals during the preceding week.

The drop in tutnover may, however be attributed to the one day holiday declared on Monday June 18th,  2018 to commemorate the Eid-al-Fitr celebrations.Specifically, the financial services industry (measured by volume) led the activity chart with 816.547 million shares valued at N9.425 billion traded in 9,263 deals; thus contributing 74.44% to the total equity turnover volume .

The consumer goods industry followed with 76.361 million shares worth N2.992 billion in 2,545 deals. The third place was occupied by the oil and gas industry with a turnover of 51.600 million shares worth N594.590 million in 1,744 deals.Trading in the top three equities namely – United Bank for Africa Plc, Zenith International Bank Plc and FBN Holdings Plc (measured by volume) accounted for 325.580 million shares worth N4.854 billion in 3,381 deals, contributing 29.68% to the total equity turnover volume.

Analysts at vetiva Reseatch said: “Sentiment this week was largely bearish, characterized by huge losses in select large caps. Though there is still some room for further losses, we foresee bargain hunting at week open as investors take position on depressed stocks.”

Further breakdown of last weeks trading showed that  a total of 61 units of Exchange Traded Products (ETPs) valued at N899.80 executed in seven deals last week, compared with a total of 62,392 units valued at N1.004 million that was transacted last week in 13 deals.

A total of 370 units of Federal Government valued at N371,261.96 were traded this week in 3 deals, compared with a total of 9,850 units valued at N9.999 million transacted last week in 10 deals.

25 equities appreciated in price during the week, lower than 40 in the previous week. 44 equities depreciated in price, higher than 28 equities of the previous week, while 100 equities remained unchanged lower than 101  equities recorded in the preceding week.

Coronation Merchant Bank’s N15 billion commercial paper gets 180% subscription

Coronation.jpgL-R: Onome Komolafe, Chief Operating Officer (COO), Coronation Merchant Bank; Abubakar Jimoh, Managing Director (MD) / Chief Executive Officer (CEO), Coronation Merchant Bank; Aigbovbioise Aig-Imoukhuede, Head, Coronation Capital Markets and Onayimi Aiwerioghene, Head, Enterprise Management, Coronation Merchant Bank

Risks chief emerges RIMAN president

Coronation Merchant Bank Limited has recorded a very strong performance in its inaugural Commercial Paper issuance worth N15 billion, with a 180 per cent subscription level.The N15 billion offer, which is the first tranche, under its N100 billion Commercial Paper programme, received a total of about N28 billion commitments from both institutional and high net-worth investors, an indication of trust and confidence in the bank’s operations.

The issuance comprised of two series of 180 and 270-days, with 180-day paper issued at a discount rate of 12.6 per cent and a yield of 13.43 per cent, while the 270-day paper was issued at 12.69 per cent discount rate and a yield of 14 per cent.The Group Managing Director/Chief Executive Officer of Coronation Merchant Bank, Abu Jimoh, said: “We are pleased at the outcome of this exercise. The Commercial Paper issuance, which represents our very first in the market, has enabled us to achieve our objective of effective balance sheet management that is geared towards providing capital to various sectors of the economy.

“The positive results recorded by our commercial paper is a testament to the strength of the Bank’s credit in the capital markets. It is both gratifying and humbling to note this level of investor confidence in the Bank”.

The Group Head of Investment Banking at Coronation Merchant Bank, Abiodun Sanusi, added: “We started our investment banking business in 2016 and in less than three years, we have contributed immensely to the development of the capital market, both on the equity side and the debt capital side.“Today, we have differentiated ourselves as a formidable player in the capital market having raised in excess of NGN300 billion for various companies in multiple sectors of the economy. The success of this issuance further demonstrates the market’s confidence in the Coronation Merchant Bank Story.”

According to the bank, its emergence was to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy.The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients. It also offers securities trading/brokerage, asset management and trustees services through its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited respectively.

Meanwhile, the Chief Risk Officer of the bank, Magnus Nnoka, has been elected President of the Risk Managers Association of Nigeria (RIMAN)at the 18th yearly international conference and general meeting of the association, which took place in Lagos. Now in its 18th year, RIMAN has been at the fore front of promoting best practices and advocacy in risk management and related disciplines in Nigeria.


The organisation provides distinct and value-added services through its pool of industry experts and seasoned professionals and also sets national standard in professional designation with the Certified Risk Manager certification through the association’s on-going structured examination programme and Mandatory Continuing Professional Education.In his acceptance speech, he stated that RIMAN, under his leadership, will remain committed to spearheading risk management advocacy and capacity building activities beyond the financial services sector.

He promised to lead a team that would sustain a risk-aware business environment and working closely with various regulatory agencies and stakeholders.While recognising the enormous task of leading the association in the current global and national risk environment, he believes that the strong risk culture existing at Coronation Merchant Bank, a leading investment bank in Nigeria and the pool of experienced professionals at RIMAN, would serve as strong pillars in carrying out the tasks of the office.Prior to his election  as President of RIMAN, Magnus has been on the Executive Council of the association for over a decade and served at various times as Second Vice President and First Vice President.

He has also chaired prominent governance committees like the training and membership. Nnoka brings to the association’s presidency a very rich experience in the banking sector, spanning over two decades and cutting across banks and core areas of Treasury, Branch Management/Operations and Enterprise Risk Management

Olusegun Obasanjo expresses condolences to D’Banj on his son’s death

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Ex president Olusegun Obasanjo has sent his condolences to singer D’banj on the passing of his son Daniel D’Third.

D’banj lost his 13 months old son a few hours ago. The baby reportedly drowned in a pool at their home.

Obasanjo simply took to his twitter page to send his prayers and condolences.

Interbank lending falls as govt redeems N444 billion T-Bills

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I&E Window transacts $900m, as reserves stagnate at $47.6 billion
There was near excess in the quantity of money in circulation last week, save for the increased mop up exercise by the Central Bank of Nigeria (CBN), following the repayments of N66.7 billion and N377.6 billion worth of Treasury Bills (T-Bills) and Open Market Operations.

The movement in system liquidity during the week had risen in two of the four trading days, resulting to 3.7 per cent rise in the quantity of money in circulation to N842 billion compared to N812.1 billion in the preceding week.Consequently, the two most popular traded instruments among banks- Open Buy Back and the Overnight rates, trended southwards by 0.7 percentage points (ppts) and 0.5ppts to 2.8 per cent and 3.6 per cent respectively.

During the rollover of the instruments, investors showed apathy for short tenored bills, as they asked for higher rates, causing an under-allotment to reduce cost for government, which subsequently left a sizable quantity of money in circulation till the weekend.Analysts at Afrinvest Securities Limited said this week, despite the absence of maturing bills, except N183.3 billion worth of OMO maturities, the apex bank will sustain its trend of liquidity mop ups and money market rates could trend higher.

Similarly, at the foreign exchange market, the naira remained stable, defying the influence of speculations ahead of the biannual meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, at the weekend, which increased oil production by one million barrels per day.

The decision, which is expected to influence global oil price, would further affect Nigeria’s external reserves that have remained stagnant in weeks at $47.6 billion, as crude oil accounts for a large proportion of the nation’s foreign exchange earnings.

Specifically, the reserves have stagnated in the last three weeks, with an earlier back and forth movement, as reports showed that Nigerian crude oil cargoes from the June programme took long before they were cleared, as demand was not strong enough and differentials were too high to spark much buying of July barrels.During the week, the Central Bank of Nigeria (CBN) continued its weekly intervention, offering $210 million through the Wholesale SMIS window to maintain stability, as well as sustain liquidity in the foreign exchange market.

Consequently, the CBN spot rate appreciated five kobo when measured week-on-week to N305.80 per dollar from N305.85 per dollar in the previous week, while at the parallel market, the naira traded flat for the second consecutive week at N362 per dollar.

In the same vein, the local unit, at the Investors and Exporters’ (I&E) forex Window, appreciated seven kobo week-on-week to N361/$ from N361.07/$ in the previous week.On the activity level, transactions improved by 15.1 per cent at the autonomous window, as investors exchanged about $900 million against $800 million recorded the previous week.