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Stakeholders seek stand-alone housing ministry

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Stakeholders seek stand-alone housing ministry

Housing stakeholders are mounting pressure on President Muhammadu Buhari to split Ministry of Power, Works and Housing, as he begins second term tenure in office and make housing a full fledged ministry with a minister for sustainable growth. Dayo Ayeyemi reports

 

 

Apparently worried by low progress experienced in their sector in the last four years, there has been strong agitation for the unbundling of the Federal Ministry of Power, Works and Housing with the appointment of separate ministers to oversee each ministry.
Mounting pressure on the need for a separate ministry for housing with a substantive minister are concerned stakeholders, comprising developers, estate surveyors and valuers, and affordable housing advocates, decrying low attention to the sector in the last four years.
Justifying the calls, they stated that what had happened in the last four years were just ad hoc interventions, pointing out that issue of housing was beyond shortcut arrangement.
It would be recalled that the Ministry of Lands, Housing and Urban Development (formerly the Ministry of Housing, Urban Development and Environment) was created in 2002 with housing accorded for the first time a separate status free from the bureaucracy and financial stranglehold of the Ministry of Works.
The Ministry of Lands, Housing and Urban Development’s roles included policy formation, setting standards for the sector, establishing building standards and codes for housing delivery, and safety in collaboration with relevant professional bodies.
With just 13 years of existence before the FMLHUD was merged with Power and Works ministries, major achievements were recorded in the sector, some of which led to the creation of Real Estate Developers of Nigeria, Building Materials and Producers Associations of Nigeria (BUMPAN), Public-Private Partnerships in housing and creation of special finance window known as Estate Developers for developers by the Federal Mortgage Bank of Nigeria, among others.
However, no sooner the Buhari administration came into power in 2015 than the ministries of power, works and housing were merged with Mr. Babatunde Fashola emerging as minister.
Events in the last four years have shown that the housing sector deserved more attention of government to overcome the nation’s 17 million accommodation deficit than what is currently getting.

Experts’ demand
Canvassing for an independent Ministry For Housing & Urban Development as a priority for President Buhari in the next four years, an Affordable Housing Advocate , Mr. Kunle Faleti, said this had become imperative in order to achieve measurable success as well as reducing the housing deficit plaguing the country.
Faleti said: “President Muhammadu Buhari, in his second term, must ensure that the Ministry of Housing and Urban Development is a stand alone ministry with a full minister in charge.
“In addition, it is highly recommended to appoint an independent planning regulator.
“The independent ministry will include functions currently spread between the ministry of power, works and housing; Ministry of Finance; Office of the Head of Civil Service and Ministry of Environment. The ministry will be funded from existing operational budgets of the units that shift to the new ministry,” he suggested.
Besides, Faleti said there was also a need for the immediate establishment of the office of the planning regulator, in light of the perennial collapse of residential and commercial buildings nationwide.
“Independence is essential to ensure “planning mistakes of the past” are not repeated in the rush to build housing. But rather, industry stakeholders must continue to focus on the right development, in the right place, with the right infrastructure, to ensure quality and long-term viability,” he said.
He urged government to create the enabling environment that would see to the emergence of communities where people would want to live and work.
Faleti enjoined state and local government to play a much bigger role in providing housing, through acquiring vacant land that was privately held and zoned for housing but not being used.
Managing Director of Fesadeb Communication, Mr. Festus Adebayo, said there was a clear indication that the merging of Power, Works and Housing ministries affected the attention that should have been given to housing, hence, not much was achieved significantly.
Adebayo noted that though, the public buildings like the federal secretariats in Zamfara, Bayelsa, Nasarawa and Ekiti and the Zik Mausoleum in Onitsha have been built, and pilot National Housing Programme (NHP) kicked off leading to housing construction in the 34 states where government had received land, there was still a lot more to be done in order to reduce Nigeria’s deficit.
He said: “Achieving this will be impossible unless the Ministry of Housing is untangled and led by its own minister who will give it the full attention it requires. This has now been set as an agenda for President Buhari as he begins a second term.”
If this is done, he said the incoming Minister of Housing would have to learn from the problems faced by the previous minister and address them immediately in order to deliver affordable mass housing for Nigerians.
Corroborating other speakers, the President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Roland Abonta, pointed out that the efforts by President Buhari’s administration in its first four years did not meet the targets in housing, attributing the low performance in the industry to the merging of Power, Works and Housing as one ministry.
According to him, what has happened in the last four years were ad hoc interventions, adding that issue of housing should be beyond ad hoc arrangement.
“It requires well planned programme that could run from year to year and from time to time. And of course, until we get it right to have a planned housing development and delivery system in place, we will continue to scratch the surface of housing challenges in Nigeria,” he said.
Abonta pointed out that most of the efforts like FISH housing for workers were concentrated in Abuja, adding that they were not targeted at those who seriously need housing.
As an operator industry, Abonta said the was aware that demand for housing was not being met due to ad hoc nature of the interventions in the sector.
Talking seriously, Abonta urged President Buhari to unbundle the Ministry of Power, Works and Housing, saying that it was impossible to merge the second most important need of man with other sectors.
“In that marriage, you will realise that housing is given the least priority. Works is a major issue, and so is power. Lumping them with housing, which is also a very critical sector is counterproductive, “he said, adding that such merging could only produce failure.
“Housing must stand on its own in order to meet that important need of shelter for man,’’ he added.
While calling for a robust housing agenda for Nigeria, he said it must be an agenda that would cater for all categories of Nigerians.
He said: “Most initiatives in the sector are only ad hoc ones not based on permanent motives. The new minister should first take stock of what is needed in order to be guided accurately.”

Contrary view
Having a separate view, Chairman, H.O.B. Housing Estates, Olusegun Bamgbade, said that if Fashola remained the minister in charge of the Ministry of Power, Works, and Housing, there was no need to split the ministry.
“You need to physically visit the Ministry of Power, Works, and Housing and fact-check the activities of the ministry as presently constituted before you can appreciate the enormous works of the former minister,” he said.
According to him abandoned projects were being completed by the ministry irrespective of who initiated or who initially awarded the projects, adding that policy formulation to enhance uninterrupted electricity in the country was ongoing.

Last line
With the high rate of homelessness among Nigerians and the need to bridge 17 millions housing deficit and eradicate slums in urban centres, Mr. President should heed experts’ demand for the benefits of citizenry.

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  1. Miss Squitieri

    June 21, 2019 at 11:29 pm

    Wonderful blog! I found it while surfing around on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Appreciate it

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Huawei founder details ‘battle mode’ reform plan to beat US crisis

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Huawei founder details ‘battle mode’ reform plan to beat US crisis

China’s Huawei will spend more on production equipment this year to ensure supply continuity, cut redundant roles and demote inefficient managers as its grapples with a “live-or-die moment” in the wake of U.S. export curbs, founder Ren Zhengfei said.

His remarks come as the United States said this week it will extend by 90 days a reprieve that permits Huawei Technologies to buy components from U.S. companies to supply existing customers, but it also moved to add more than 40 of Huawei’s units to its economic blacklist.

In a memo sent to employees on Monday loaded with military metaphors, 74-year-old Ren asked staff to work aggressively towards sales targets as the firm goes into “battle mode” to survive the crisis.

“The company is facing a live-or-die moment,” Ren, a former Chinese army officer, said in the memo, which was seen by Reuters. Huawei confirmed the contents of the memo.

“If you cannot do the job, then make way for our tank to roll; And if you want to come on the battlefield, you can tie a rope around the ‘tank’ to pull it along, everyone needs this sort of determination!”

Huawei is a key theme in a broader, year-long U.S.-China trade war, with Washington slapping it with the trade ban in May citing national security risks. Huawei, however, posted a 23% revenue jump in the first half, helped by strong smartphone sales in its home market.

Ren said in the memo, “In the first half, our results looked good, it is likely because our Chinese clients were sympathetic and made payments in time, the big volume made cash flow look good, this doesn’t represent the real situation.”

But he expressed confidence in Huawei’s full-year results and said it needs to “spend the money and solve the production continuity issue” by ramping up strategic investment on things including production equipment.

According to the memo, Huawei, which employs nearly 190,000 people around the world, is reforming its operation globally by granting more power to the frontline, cutting out reporting layers and eliminating inefficient posts.

“In 3-5 years time, Huawei will be flowing with new blood,” Ren said. “After we survive the most critical moment in history, a new army would be born. To do what? Dominate the world,” Ren said.

While Ren said in June the ban was worse than expected and that Huawei’s revenue may stay flat in the next two years, in the memo he called on staff to try their best in meeting the sales target outlined at the start of the year before the ban – which was to grow its revenue to around $125 billion from more than $100 billion in 2018.

He also warned of cash flow risk if receivables are not paid in time. He asked staff to be conservative in ensuring dues were paid in time by clients, because otherwise the lack of liquidity could be fatal to the company.

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Report: Emefiele, fund managers meet in London

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Report: Emefiele, fund managers meet in London

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, met fund managers in London last week to lure investors back into the local naira currency, Reuters reported two banking sources as saying yesterday.

Emefiele told investors that currency stability would continue, a fund manager and a banking source said. The naira weakened to 364 last week as oil prices fell.

The naira has come under pressure at the investors and exporters forex window in recent weeks due to a decline in oil prices as well as a drop in yields, which led to a sell off by foreign investors.  The development led the CBN to hold unscheduled Treasury bill auctions at higher rates last week in its bid to lure foreign inflows.

“FX pressures have intensified as global risk-off sentiment incentivises some portfolio reversals, and the UK judgment could add further fuel to the fire,” said Cobus de Hart, senior economist at South Africa’s NKC African Economics.

“Worryingly, the central bank is employing unconventional tools more regularly to try and keep the naira stable and safeguard reserves, and risk exists … which could ultimately come at the cost of slower growth and higher inflation,” De Hart said.

Yesterday,  traders raised their secondary-market bids for one-year treasury bills to 14 per cent from 11 per cent  last week as the naira weakened, and bid-offer spreads doubled in volatile trades.

The naira has been quoted at 364 per dollar for foreign investors at I&E window since last week from 363.50, as liquidity dried up on the forex market.

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Fidelity Bank adopts open banking

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Fidelity Bank adopts open banking

Fidelity Bank has signed a Memorandum of Understanding with Open Technology Foundation (OTF) for the adoption of a standard Application Programming Interface (API) for its operations as a financial institution.

Open banking is a system that provides a user with a network of financial institutions’ data through the use of application programming interfaces (APIs). The Open Banking Nigeria Standard defines how financial data and services should be created, shared and accessed. By relying on networks instead of centralisation, open banking helps customers to securely share their financial data with other financial institutions.

The bank recently took a bold step to further provide its consumers with improved services and solutions that meet their needs by leveraging the collaborative model of open banking. Through this partnership, Fidelity Bank would deepen its financial services delivery through appropriate and time sensitive channels whilst collaborating with other stakeholders within the ecosystem.

Open banking has been seen as the most transformational financial technology over the next decade which has seen about 47 countries at various stage of implementation. Recently, the Central Bank of Nigeria signaled its intention to lead Africa in digital payments innovation with the request for information about the National Payments System Vision 2030 for which open banking is a strategic priority.

Additionally, Fidelity Bank has by this development joined other leading banking and financial services industry players, which have not only adopted but are also promoting this mode of operation that will drastically consolidate customer satisfaction, grow revenue across diverse streams, promote financial inclusion, as well as assure a smooth but controlled data flow.

“As a digitally innovative and forward-thinking bank, we believe in the importance of investing in digital technologies and its significant contributions to shaping the future of banking globally” said Fidelity Bank CEO, Nnamdi Okonkwo.

“Therefore, this partnership with the Open Technology Foundation for the adoption of a standard, industry-wide API is a step in the right direction and is in alignment with our commitment to digital innovation, for the satisfaction of our customers” he explained further.

The Open Technology Foundation was established to analyse the need of the industry for a common API standard among banks and other financial institutions, develop the common API standards, provide a sandbox and other testing tools for certification, promote the adoption of an open banking standard with stakeholders across Nigeria, and to enable further innovation in the financial services industry.

“At Open Technology Foundation, it is our utmost delight to collaborate with players across the banking and services ecosystems for the introduction, adoption and promotion of open technology practices. We are convinced that this is one great move that would transform the financial space in Nigeria, with ripple effects across other industries in the country and by extension Africa,” said Ope Adeoye, a trustee of Open Technology Foundation.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in exponential growth with savings deposits tripling over the last five years and over 40 per cent of customers enrolled on the Bank’s flagship mobile/internet banking products.

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Sterling Bank’s Cafe One hosts 2019 Caine Prize winner

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Sterling Bank’s Cafe One hosts 2019 Caine Prize winner

Cafe One, Nigeria’s first digital, hybrid experience centre by Sterling Bank Plc, recently hosted award winning Nigerian writer, Lesley Nneka Arimah, in collaboration with Farafina Books. She is the author of a collection of short stories titled, “What It Means When A Man Falls From The Sky,” which won the 2019 Caine Prize for Africa.

Café one, dubbed as a place where innovation meets community, was designed for comfort and equipped to provide banking services with ease and convenience. The space boasts of serving the best coffee and pastries in Lagos, provided in partnership with gourmet coffee brand, My Coffee Lagos.

According to Tobi Jaiyesimi, Business Manager, Cafe One, the book reading event tagged, “In Conversation with Arimah,” is one of the ways through which the platform is connecting with its community of innovators who are desirous of upping their craft.

The session was anchored by Ope Adedeji, Managing Editor at Zikoko, who quizzed the author on the inspiration behind the themes explored in her stories, her journey as an author, her mentors, hobby, among others.

Responding, Ms Arimah said she was elated when her work was selected as the winning entry in the Caine Prize for Africa writing competition. She told the audience that she tried to follow human logic while writing, saying “it is good we are telling our stories by ourselves.”

She said the inspiration for the book came from an observation she had with a friend.

On how to publish quality writings, she enjoined the audience made up of budding writers to read voraciously in a bid to get ideas on what to write on, make note of ideas as they come, try not to put too much pressure on their works and also try to internalise their ideas.

‘What It Means When A Man Falls From The Sky,’ was published in 2017 and explores the ties that bind couples, families, lovers and friends to one another and to the places they call home.

Ms. Arimah is a Nigerian writer who has been described as “a skilful storyteller who can render entire relationships with just a few lines of dialogue” and “a new voice with certain staying power.”

She was born in London in 1983 and grew up in both Nigeria and the United Kingdom (UK) before moving to the United States (US) in her early teens. In 2015, her story “Light” won the 2015 Commonwealth Short Story Prize for Africa.

Her work has appeared in The New Yorker, Granta, Harper, Per Contra, and other publications. In September 2017, she was named as one of the fiction writers honoured by the National Book Foundation, called “Five Under 35.”

In April 2017, her debut collection of short stories was published by Riverhead Books and Tinder Press (UK). It is titled “What It Means When a Man Falls from the Sky” and it was republished in Nigeria, by Farafina Books, in November 2017.

It won the Kirkus Prize for Fiction, the Minnesota Book Award for Fiction and the New York Public Library Young Lions Fiction Award and in January 2018, it was shortlisted for the 9Mobile Prize for Literature.

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NSE begins week bullish, gains N93bn

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NSE begins week bullish, gains N93bn

Trading activities on the floor of the Nigerian Stock Exchange (NSE) yesterday commenced the week on a positive track as the overall market performance indices firmed up with a gain of 0.71 per cent.

Transactions on the stock market had last Friday recorded a decline to close on the red territory following depreciable demand by investors on sustained market apathy.

Consequently, the All-Share Index gained 190.6 basis points or 0.71 per cent to close at 27,115.89 index points as against 26.925.29 recorded last Friday while the market capitalisation closed from N13.121 trillion at the weekend to N13.214 trillion.

Meanwhile, a turnover of 250.7 million shares exchanged in 4116 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 128.8 million shares exchanged by investors in 1,541 deals.

Volume in the sub-sector was largely driven by the activities in the shares of Lafarge Africa Plc and UBA Plc.

The banking sub-sector, boosted by the activities in the shares of Fidelity Bank Plc and ETI Plc, followed with a turnover of 41.9 million shares in 901 deals.

The number of gainers at the close of trading session was 20 while decliners closed at 13.

Further analysis of the day’s trading showed that Courtville Business Solutions Plc topped the gainers’ table with 10 per cent to close at 22 kobo per share respectively while UACN Plc followed with 6.67 per cent to close at N4.80 per share and FCMB Plc with a gain of five per cent to close at N1.68 per share.

On the flip side, Cadbury Nigeria Plc led the losers’ chart with a drop of 9.71 per cent to close at N9.30 per share. Chams Plc followed with a loss of 8.70 per cent each to close at 21 kobo per share while Unity Bank Plc dropped by 5.80 per cent to close at 65 kobo per share.

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CBN:Bad debt ratio drops to 9.36%

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CBN:Bad debt ratio drops to 9.36%

The Non-Performing Loan (NPL) ratio in the country’s banking system dropped to single digit at 9.36 per cent in June 2019 for the first time in about three months, the Central Bank of Nigeria (CBN) has said.

Deputy Governor in charge of Financial System Stability at the apex bank, Mrs. Aishah Ahmad, stated this in her personal statement for the Monetary Policy Committee (MPC) meeting last month, which along with other MPC members’ personal statements were posted on the CBN’s website yesterday.

The MPC members stated that the continuous decline in banks’ NPL ratios indicated that the Nigerian financial sector remains sound even as they expressed concern over low level of credit to the private sector as well as the likely impact of external vulnerabilities on domestic economy.

According to her, “banking industry soundness indicators remain positive; Non-Performing Loan (NPL) ratios turned single digit at 9.36 per cent in June 2019 for the first time in 40 months, whilst industry capital adequacy, liquidity and profitability are robust.

“However, several months of low credit to the private sector amidst burgeoning treasury securities activity prompted the Central Bank of Nigeria’s (CBN) policy statement on July 3, mandating DMBs to build up their minimum Loan to Deposit Ratio (LDR) to 60 per cent over a three month period, with additional incentives (150 per cent weighting) for new SMEs, retail, mortgage and consumer loans.”

She further stated that the “focus on the minimum industry LDR is expected to stimulate additional private sector credit growth,reduce credit concentration in energy assets and large corporates and lower the cost of credit – which has remained sticky downwards despite recent decreases in treasury yields. This expanded finance for individuals and small businesses will create jobs, enhance consumer spending and stimulate growth.”

Similarly, in his personal statement, Professor  Dahiru Balami said: “In July 2019, the financial soundness indicators showed that the Nigerian financial sector had remained sound. The Capital Adequacy Ratio (CAR) stood at 15.26 per cent, which was slightly above the prudential requirements of 15 per cent. This compares favourably with Nigeria’s peers, such as South Africa, Malaysia and Turkey with CAR of 16.4, 17.3 and 18.1 per cent respectively.

“Also of importance was the decline of the Non-Performing loans (NPLs), which was a good signal that CBN policies in relation to NPLs were effective. Similarly, the liquidity ratio (LR) in June 2019 improved year-on-year and higher than that of peer’s countries. The performance of the banking sector in terms of both Return on Equity (ROE) and Return on Asset (ROA) pointed to a healthy position of the banking sector.

“Key major risks and vulnerabilities identified in the Nigerian banking were slow economic growth, high inflation, growing debts sticky NPLs; Security and insurgency challenges.”

Commenting on external risks to the Nigerian economy, CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Lamtek Adamu, stated in his statement that “much like the previous meeting, the July 2019 meeting of the Monetary Policy Committee (MPC) held against the backdrop of continued stability in key domestic economic and financial system indicators relative to 2018. It is however concerning that external vulnerabilities have continued to build and could soon start to undermine domestic stability unless enough safeguards are put in place.”

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Nigerian bourse lists Greenwich Alpha ETF

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Nigerian bourse lists Greenwich Alpha ETF

The Nigerian Stock Exchange (NSE) yesterday listed Greenwich Asset Management Limited’s ‘Greenwich Alpha ETF on its daily official list.

The Greenwich Alpha ETF units were listed at N100 each following an Initial Public Offer (IPO) on Monday, August 19, 2019.

Greenwich Alpha is an open-ended ETF, which tracks the NSE 30 Index. The index constitutes 30 of the most liquid and capitalised stocks trading on the exchange. It is designed for investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index.

Speaking at the listing, the Managing Director, Greenwich Asset Management Limited, Mr. Dayo Obisan, said: “The Greenwich Alpha ETF Fund is designed for and offered to investors seeking exposure to the Nigerian equities market, particularly to the constituents of the NSE-30 index. It offers the full benefits of diversification through a single transaction thereby reducing associated transaction cost and helping investors spread their risk. We will continue to encourage retail and institutional investment in this Fund based on its potentials.”

On his part, Head, Trading Business Division, NSE, Mr. Jude Chiemeka, said: “We are delighted to welcome Greenwich Asset Management Limited to our growing list of ETF providers. Globally, ETFs continue to make an impact as effective tools for accessing the market, diversifying investments, and serves as an alternative investment solution for intermediaries to recommend to their clients.

“As the leading stock exchange for listing and trading ETFs in West Africa, we will continue to lead innovation in the market as well as support the issuance of products and investment vehicles that meet the objectives of investors. We operate an efficient, orderly and transparent market based on cutting edge technology, to support product development efforts for the benefit of all investors.

“We remain resolute in our commitment to partnering with all market stakeholders, to continue to build and develop the Nigerian capital market, while offering a wide range of investment vehicles for all investors.”

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Zenith Bank posts N89bn net earnings in HY ’19

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Zenith Bank posts N89bn net earnings in HY ’19

Zenith Bank Plc has recorded a profit after tax of N88.882 billion for the half year ended June 30, 2019 as against N81.737 billion reported in 2018, representing a growth of 8.74 per cent.

In a filing with the Nigerian Stock Exchange (NSE), the group’s pre-tax profit also rose by 4.02 per cent from N107.358 billion during the previous year to N111.677 billion during the period under review.

The lender’s gross earnings stood at N331.586 billion as against N322.201 billion posted in 2018, accounting for a growth of three per cent.

The management of the bank in a statement noted that as a testament to its commitment to its shareholders, the bank also announced a proposed interim dividend pay-out of 30 kobo per share.

“The gross earnings was driven by a significant growth of 24 per cent year-on-year (Y-o-Y) in non-interest income from N88.6 billion in H1 2018 to N109.7 billion in H1 2019. In particular, fees from electronic products increased by N17bn (168 per cent) from N10 billion in H1 2018 to N27 billion in H1 2019, demonstrating significant progress in our retail banking initiatives.

“This top-line growth filtered through to the bottom-line as Profit Before Tax (PBT) increased to N111.7 billion reflecting a 4 per cent growth over N107.4 billion reported in H1 2018 with earnings per share (EPS) increasing by 9 per cent to N2.83 in H1 2019 from N2.60 compared to the prior period.

“Between December 2018 and June 2019, the group’s total deposit increased by three per cent with retail deposits growing by N267 billion (31 per cent), from N861 billion to close at N1.1 trillion. Despite the growth in our deposit base, we optimized interest expense leading to a four per cent reduction from N74.7 billion to N72.1 billion due to the group’s improved funding mix and our profound treasury management skills. Net Interest Margins (NIMs) witnessed a compression from 10 per cent in the same period last year to 8.6 per cent in H1 2019, as a result of the declining yield environment but cost of funds improved from 3.4 per cent to 3.0 per cent.

“Our robust risk management ensured that our absolute gross Non-Performing Loans (NPLs) remained flat. However, the marginal movement in NPL ratio was as a result of the three per cent reduction in our loan book from N2.02 trillion as at December 2018 to N1.95 trillion at the end of the period. We are creatively deploying new retail loan products to ensure we capture a reasonable share of the retail loan market. We remain committed to maintaining our strong balance sheet with liquidity ratio at 74.6 per cent and Capital Adequacy Ratio (CAR) at 25 per cent, ensuring we remain above regulatory thresholds.

“Going into the second half of the year, we will continue to consolidate our leadership in the corporate space while our retail banking drive will continue unabated. We expect to see an improvement in economic activities even as we maintain our promise of delivering a unique service experience to our customers,” the bank noted.

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NDPHC seeks evacuation of 3,000 MW stranded power

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NDPHC seeks evacuation of 3,000 MW stranded power

The Niger Delta Power Holding Company (NDPHC) at the weekend underscored the need for evacuation of about 3, 000 megawatt stranded in Nigeria’s power value chain.

The company also announced the completion of about 100 power projects including distribution systems between 2015 and 2019.

The projects, Managing Director, NDPHC, Mr. Chiedu Ugbo, said in a document, were inherited by the current administration when it took over mantle of leadership.

The document, which formed major part of the speech Ugbo delivered at the commissioning of a substation built by NDPHC in Abeokuta, capital of Ogun state, noted that the 100 projects consist of about 30 major power projects and 70 distribution systems.

Speaking on the newly launched sub-station, Ugbo said: “The newly commissioned project would eliminate load shedding and power supply constraints in Abeokuta and environs.

“This is one of the many of uncompleted power projects inherited and completed by this administration. Between May 2015 and now, about 30 power projects inherited by this government have been completed. Seventy distribution systems have also been completed by this administration.”

Over 3,000 installed power capacity, he said, were stranded “due to massive load rejection by Discos.”

Other infrastructure like lines that convey electricity from Ikeja West to Abeokuta, which were obsolete, have now been upgraded from 70 MW to about 250MW.

The Vice-President, Professor Yemi Osinbajo, it would be recalled, commissioned the Otta/Papalanto/Abeokuta composite project that is made up of a new 2×60MVA, 132/33KV relief substation for Abeokuta; line bay extension works at Otta, Papalantoro and old Abeokuta 132/33KV sub-station.

He also commissioned a new 77.5KM, 132K double circuit line, replacing the old and worn-out single circuit lines between Otta, Papalantoro old Abeokuta right-up to the new Abeokuta sub-station.

According to Ugbo, the new 2×60MVA, 132/33KV substations of Abeokuta, would provide reliable power off-take via six 33KV distribution feeders to the state capital (Abeokuta) and its environs.

He explained further that the 1×60MVA transformer at Otta would provide additional power supply via three 33KV feeders to Otta and its environs.

Ugbo underscored the importance of the projects, saying they would impact positively on power supply to Abeokuta, Otta axis and environs.

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Equities: FMDQ mulls listing firms

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Equities: FMDQ mulls listing firms

FMDQ Securities Exchange has said that following the approval by the Securities and Exchange Commission (SEC), moving it from ‘an OTC Market’ to a full-fledged ‘Securities Exchange, it is planning among other things to enter the equity market.

Addressing journalists on the development, the Managing Director/Chief Executive Officer of the firm, Mr. Bola Onadele Koko, said: “We will be in the equity market when we win the first listing. The fact that we want to do equity does not mean it will be now. Companies take time to come for equity, so the time line we don’t know.”

The exchange has also activated and operationalised two wholly-owned subsidiaries, FMDQ Clear Limited and FMDQ Depository Limited, both positioned to provide efficient post-trade services, among others; making FMDQ a one-stop financial market infrastructure group and an integrated platform to execute, clear and settle financial market transactions.

Contrary to reports that the new FMDQ Securities Exchange Plc would break the monopoly enjoyed by the Nigerian Stock Exchange (NSE) as a platform to trade securities in Nigeria, Onalede said the exchange  did not intend to compete with the NSE.

He said that the new securities exchange was looking at how it can create new entities for the future, work and nurture them, work with SMEs and private companies in Nigeria, which have not had access to long term financing.

He said: “We are not playing the game of attacking the NSE; that is not our role or our job or the way we do business. Rather, we are looking at how to create new entities for the future, to work and nurture them, to work with SMEs, private companies in Nigeria that have not had access to long term financing, so we are in the business of planning 20-30 years ahead and working with Nigerian entities in getting prosperity to Nigerians.

Onadele further revealed that FMDQ was putting some internal touches as regards equities, adding that it will be in the equities market when it does the first listing of a Nigerian company.

He said: “We are working hard and there are internal things that need to be put in place to ensure that we are fully ready and we will be in the equities market when we do the first listing, but what is important is that we are now a securities exchange that can offer market services.

“We do not think any other African country should have financial market better than the financial market in Nigeria. So there is need for us to position the Nigerian capital market to be number one in terms of standards, governance, transparency, and we have to work on the liquidity as much as we can and we have to give the stakeholders, not just the Nigerian investors but clearing houses that will match any international standard and all these matches with our vision at FMDQ.”

He, thereafter, assured that the exchange would continue to trade in all securities including fixed income, derivatives, commodities and foreign exchange.

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