Naira Sells for N412.00/USD at I&E as Cryptos Recover

Brand Spur
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Naira Sells for N412.00/USD at I&E as Cryptos Recover

In the just concluded week, Naira depreciated against the USD at the Investors & Exporters Window and Parallel “black” market by 0.08% and 0.21% to close at N412.00/USD and N485.00/USD respectively.

Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisible.

Elsewhere, the Naira/USD exchange rate rose (Naira depreciated) for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months and 6 months exchange rates rose by 0.07%, 0.06%, 0.04% and 0.11% to close at N413.34/USD, N416.46/USD, N419.14/USD and N428.15/USD respectively.

Naira Bitcoiners Bitcoin Touches $18K, Crypto Asset Looks to Smash All-Time High, ETH Price Could Spike 20x

On the other hand, the 12 months rate fell (Naira appreciated) by 0.02% to N445.42/USD. Meanwhile, the spot rate and Bureau De Change rate remained flat at N379.00/USD and N480.00/USD respectively.

In the new week, we expect Naira/USD to stabilize at most FX Windows amid CBN devaluation of the Naira against the USD at the official window and the relative stability in crude oil prices at the international market.

There was a bit of fresh air as selected key digital currencies such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) closed bullish.

The Bitcoin recorded a 16.8 per cent appreciation to sell at N20,742,277.91, Ethereum gained 5.7 per cent to trade at N1,408,109.79, Ripple appreciated by 5.8 per cent to N614.89, while Dash (DASH) rose by 0.2 per cent to sell for N110,173.45.

A few of the digital tokens remained in the bearish region as the Litecoin (LTC) dropped 5.8 per cent to sell at 114,798.99, Tron (TRX) went down by 0.3 per cent to trade at N44.68, while the US Dollar Tether (USDT) closed lower by 0.6 per cent to N503.50.

Inflation Rate Surprisingly Slows to 18.12% in April Ahead of MPC Meeting

Cowry Research
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Inflation Rate Surprisingly Slows to 18.12% in April Ahead of MPC Meeting

Freshly released data from the National Bureau of Statistics (NBS) showed that headline inflation slowed down for the first time in 20 months. It recorded a 18.12% decline in the annual inflation rate for the month of April (lower than 18.17% in March).

This southward movement was majorly driven by a slower increase in the food index to 22.72% (from 22.95% in March) on the back of a rise in prices of coffee, tea, milk, bread, cereals, potatoes, yams and other tubers, meat, as well as fruits amongst others.

Also, the imported food index rose to 16.90% (from 16.65%) amid the depreciation of the Naira at the BDC and Parallel markets – specifically, two months moving average foreign exchange rates at the BDC and Parallel markets rose m-o-m by 0.72% and 0.62% to N478.55/USD and N484.02/USD in April 2021.

Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38%

On the other hand, Core inflation rose to 12.74% (from 12.64% in March) driven by rising in price of pharmaceutical products, vehicle spare parts, medical services, furniture and finishing amongst others.

On a monthly basis, headline inflation moderated to 0.97% (from 1.56% in March) amid decline in food inflation to 0.99% (from 1.90% in March). Food inflation moderated despite the worsened insecurity challenges in the country as well as the anticipated decline in food stockpiles given the fact that we are still in the planting season.

Also, core inflation fell to 0.99% (from 1.06% in March) amid a decline in clothing and footwear cost (0.54%) and flattish water, electricity, gas and other fuel costs (0.00%). Urban and rural annual inflation rates moderated to 18.68% (from 18.76%) and 17.57% (from 17.60%) respectively in April.

Meanwhile, the Monetary Policy Committee (MPC) would, in the new week, decide on the direction of the benchmark rate, having considered the macroeconomic variables.

In the last meeting, the major concerns of the Committee include, but not limited to, the unabated rising trend of domestic prices and the need for monetary and fiscal policies to push down prices via financing productive ventures, which are expected to boost aggregate supply; as well as its continued innovative effort to maintain exchange rate stability, especially the incentives to attract diaspora remittances into the country.

Nigeria Saving Interest rates Brandspurng3
CBN Governor, Godwin Emefiele | www.brandspurng.com

The Committee also felt that the huge level of monetary and fiscal injections amid expansionary policy and stimulus packages may heighten the risk of financial instability.

Against this backdrop, we note that the final decision of the Committee from its upcoming 279th meeting would chiefly be driven by the major challenges of taming the rising inflation, maintaining exchange rate stability and sustaining growth recovery in the economy, while focusing on the downside risks associated with the injection of more funds.

Accordingly, CBN had in recent times taken some bold steps that may enable it to resume its expansionary policy given the continuous depreciation of the Naira against the greenback which had compelled it to discontinue its drive to bring down stop rates.

One of these strong moves was the devaluation of the exchange rate at the official window amid its claim to harmonize the rate with that of the Investors & Exporters Window (I&E FXW).

Despite the surprise moderation in the inflation rate, we remain cautiously optimistic and expect prices to remain sticky due, in part, to the ongoing rainy season and the lingering effects of structural bottlenecks and insecurity.
Other factors include probable upward adjustment to electricity tariffs, the effect of higher crude oil prices on transportation costs as well as likely increase in imported food due to upward pressures on the exchange rate.
Meanwhile, we expect the Monetary Policy Committee (MPC) to at least hold Monetary Policy Rate (MPR) constant.
Nevertheless, we do not rule out the possibility of the Committee increasing the MPR in order to further consolidate its move to stabilize the depreciating exchange rate.

Bank of Industry Profit Declined by 9.6% to ₦35.5Bn in 2020

Brand Spur
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Bank of Industry Profit Declined by 9.6% to ₦35.5Bn in 2020

Nigeria’s oldest, largest and most successful development financing institution, Bank of Industry (BoI), said in the 2020 fiscal year, it recorded a 9.6 per cent decrease in its Pre-tax profit at N35.5 billion as against N39.3 billion recorded in 2019.

This was confirmed at the 61st Annual General Meeting (AGM) of the bank held on Thursday, in Abuja by the Chairman of the Board of Directors of BoI, Mr Aliyu Dikko.

The Board Chairman attributed this to the slowdown witnessed during the year caused by the COVID-19 pandemic, as well as the various interventions and support initiated by the lender for its customers.

However, this did not impact the company’s total assets, which grew to N1.86 trillion during the 2020 financial year, despite the negative impacts of the COVID-19 on global economies.

Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market Brandspurng

Mr Dikko explained that the assets stood at N1.86 trillion, 79.1 per cent higher than the N1.04 trillion recorded in the 2019 financial year.

He attributed the achievement to the bank’s resilience and strive amidst the challenges posed by the COVID-19 pandemic to businesses.

According to him, the increase in total assets was driven to a large extent by the successful debt syndications of €1 billion and $1 billion that were concluded in March and December 2020, respectively.

He added that the group’s total equity increased by 15.3 per cent from N293.08 billion in the previous year to N336.48 billion in 2020.

The Chairman informed shareholders at the meeting that loans and advances grew marginally in 2020 by 1.3 per cent to N749.84 billion, stating that it was a reflection of the adverse impact of the challenging operating environment on the growth of new loans.

Mr Dikko said that the bank facilitated the disbursement of N2.5 billion and N1.2 billion under the N-Power and Government Enterprise & Empowerment Programmes to 300,011 and 109,039 beneficiaries, respectively, as part of the bank’s partnership with the federal government under the National Social Intervention Programme.

He further explained that BoI also made donations that impacted economic integration and intra-Africa trade, by creating key opportunities for growth in the region particularly in food, pharmaceuticals, logistics and the digital economy.

According to him, “Despite the challenging year, I am pleased to announce that the group’s financial statements remain strong and resilient.

“The COVID-19 pandemic has forced the world to transform much faster than expected from the way we work to how we communicate; from the way, we learn, to how we travel.

“We have witnessed improved opportunities in key sectors and industries, notably health care and Information and Communication Technology.

“The IMF projects a growth of 1.5 per cent for Nigeria on the back of the recovery in the oil economy, as well as the implementation of key initiatives aimed at spurring economic growth.

“Our broad strategy in the coming year shall mirror that of the government, in terms of focusing on business recovery, whilst keeping an eye on growth and new business opportunities.”

Mr Dikko expressed appreciation to the bank’s board, its management and staff and relevant stakeholders, including the Central Bank of Nigeria (CBN), customers, government agencies and other strategic partners for ensuring its continued growth and success.

Exposed: Fidelity Bank, Others Enmeshed In Massive Fraud

Brand Spur
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Exposed: Fidelity Bank, Others Enmeshed In Massive Fraud

…As UK Based Investigative Agency Expose NIMASA Boss

Fidelity Bank has been indicted in a corruption scandal involving the Managing Director, Nigeria Maritime Administration, and Safety Agency, NIMASA, Bashir Jamoh, of N1.5 Trillion and another $9,557,312.50 in personal accounts.

According to a Global Investigations detective agency & private Investigators Service based in UK, N1.5 Trillion was found in a Fidelity Account 4020949836 linked to Bashir Jamoh, who is also the father-in-law of Sabiu Yusuf aka Tunde, President Muhammadu Buhari’s Personal Assistant.

Furthermore, Point Blank News investigation revealed that a Fidelity account with N1, 505,890,450,000.67 has Hamza Ibrahim Jamoh with BVN   22151837650 and Cell phone number 08034517410. While the BVN number revealed a different identity, the cell phone linked to the account is linked to the DG of NIMASA, Jamoh, according to Pointblanknews.com investigations.

Exposed: Fidelity Bank, Others Enmeshed In Massive Fraud-Brand Spur Nigeria
Exposed: Fidelity Bank, Others Enmeshed In Massive Fraud-Brand Spur Nigeria

The N1.5trillion was after few months cleared from the account to avoid investigations on the lodgment of such a huge amount.

According to Point Blank News, a four-page document titled ‘Due diligent report on Bashiru Yusuf Jamoh, the Director-General NIMASA exposed another lodgment of $9,557,312.50 into Access Bank account 0710814478 also belonging to him.

The UK-based Investigative agency that signed the report investigated the bank transactions of Alhaji Jamoh focusing on inflows/Credit and Debits on his bank statements.

It found the transaction’s records of BASHIR YUSUF JAMOH showing the payment of $9,557,312.50 (Nine million, five hundred and fifty-seven thousand, three hundred and twelve dollars and fifty cents) into his personal accounts from Central Bank of Nigeria (CBN) in violation of the Treasury Single Account, TSA.

“Most baffling is that CBN transferred millions of dollars into the personal account of BASHIR YUSUF JAMOH.

“Records shows the withdrawal of $5,425,200.00 (Five million, Four hundred and twenty-five thousand and two hundred dollars only) by cash withdrawal from Access Bank, Burma Road, Apapa, Lagos.

“BASHIR YUSUF JAMOH set up a company TALENT EXPERTISE INTL. LIMITED with RN: 1488830 to solicit for jobs from NIMASA. Being the director of a company and awarding contract to own company in violation of the code of conduct act section 3 part of the Third Schedule of the 1999 constitution of the Federal Republic of Nigeria and code of conduct for public officers involved in procurement, Part X1, section 57, Sub-section (2) of the Procurement Act, 2007.”

The UK group said with reference to the allegations against Bashir Yusuf Jamoh, it is important that he be suspended from office immediately, and forensic audit carried out on the financial activities of NIMASA.

“We recommend that a panel be set up to look into the accounts of NIMASA CABOTAGE 2% SURCHAGE account Number 56595 with ACCESS bank. Also, to ascertain reasons why NIMASA is still using Commercial] Banks to receive funds instead of the TSA with Central Bank of Nigeria.

“The Governor of Central Bank of Nigeria, Godwin Emefiele should be invited by Security Agencies to give reasons why payment of such huge amount was paid into Bashir Yusuf Jamoh’s account.

“We also recommend that Bashir Yusuf be prosecuted for financial crimes and money laundering as established by our investigations.”

$12.9 Billion Investment Slated for Rail Expansion Projects In Ghana

Esan Bolaji
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$12.9 Billion Investment Slated for Rail Expansion Projects In Ghana

The Ghanian government intends to invest US$ 12.9bn in a rail network expansion projects in Ghana in a bid to make this mode of transport one of the fundamental channels of mobility across the West African country.

This plan whose financing will come largely from private investors is linked to a national rail transport strategy connected with 13 other projects that have been born within the framework of the United Nations Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063.

$12.9 Billion Investment Slated for Rail Expansion Projects In Ghana

The key projects that will benefit from this investment

According to the roadmap drawn up, approximately US$ 5.8bn of this investment will go towards a project to develop a light rail network (LRT) comprising seven corridors in Kumasi, the capital city of the Ashanti Region.

This city is reportedly faced with challenges related to mobility owing to fairly rapid urbanization and exponential population growth. The LRT project is scheduled to start in 2025. It will be carried out on the basis of a public-private partnership (PPP) financed 70% by debt and 30% by equity.

The plan also concerns the construction of a 672 km railway line (the Central Spine) which will run from the centre of Kumasi to Paga, near the border with Burkina Faso. This vast project, the cost of which is estimated at US$ 3.3bn, incorporates several axes of the railway interconnection project between Ghana and Burkina Faso.

The start of work on the Central Spine project is scheduled for 2023 and it’s commissioning six years later.

Top Yielding Dividend Payments For 2020

Comercio
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Top Yielding Dividend Payments For 2020

2020 was a rewarding year for investors, as several notable stocks maintained or improved their cash flow to shareholders. Of the top-yielding dividend payments for 2020, there are a few names on the list that made a portion of the payment during the financial year.

Hence, it is helpful to identify the pattern of payment in order to start crafting a market entry strategy. It is also no accident that the timing of this report coincides with a bearish market, whereby the overall market index just touched its base for the year with a year-to-date return of -4.83% at print time.

dividend

A Partially Eaten Pie – The Hidden Error of Dividend Investing

Comercio
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A Partially Eaten Pie – The Hidden Error of Dividend Investing

Dividend yields have always provided an abridged illustration of the possible returns that avails a dividend investor, as the ratio is aimed at simplifying the gains on dividend paid in a financial period, by comparing the total payment made to the stock price at the point of analysis.

To better illustrate, say “firm A”, which currently trades at N50, paid a total dividend of N5 in the 2020 financial period, analysts will arrive at the dividend yield for the period by dividing the total dividend paid by the current price and expressing it in percentage terms (5/50 * 100/1). This would give you 10%.

However, one critical piece of information that remains uncaptured by this, is the tranches to which this overall payment was made. In the above illustration, the N5 dividend payment made by “firm A” could be decoupled into a N2 interim dividend payment and a N3 final dividend payment.

In this instance, the 10% yield on the 2020 dividend payment can only be actualized if the investor collects both the interim and final dividend payments.

Accordingly, if you have crafted your dividend investing strategy around research reports that elucidates the attractiveness of some dividend plays for this year, you would be committing the hidden error of dividend investing should you fail to take advantage of the interim dividend payments that would be announced at the end of the second and third quarter of the year.

Luckily, this report would help identify such stocks that offer mid-year cash flow to investors.

Top yielding dividend payments for 2020…

2020 was a rewarding year for investors, as several notable stocks maintained or improved their cash flow to shareholders. Of the top-yielding dividend payments for 2020, there are a few names on the list that made a portion of the payment during the financial year.

Hence, it is helpful to identify the pattern of payment in order to start crafting a market entry strategy. It is also no accident that the timing of this report coincides with a bearish market, whereby the overall market index just touched its base for the year with a year-to-date return of -4.83% at print time.

dividend

Mid-year rewarders…

Some of the attractive yields in the table above were partly realized as early as the second quarter financial reporting, which is the period we are stepping into. Hence, we will identify some of the mid-year rewarders, their historical interim payments, and the possible expectations for this year based on past trends and our total dividend forecast for 2021.

dividend

Major banking names dominate the list of stocks with an established record of interim dividend payments, and we expect the lenders to keep to past trends and make such dividend declarations at the release of their second-quarter financials in August 2021.

Likewise, Custodian has been consistent with a fixed Q2 interim payment over the last four years, while MTNN has displayed its mid-year generosity in the two accounting periods since its listing.

Noteworthy, are the two consumer players on the list, who have managed to sustain their third-quarter interim dividend payments. Also, it is even more imperative to observe the quotient of the total paid as interim, as stocks like Access, UBA, MTNN and Nestle pay above 30% of their total dividend as interim payments.

You cannot miss such an interim pay if you are interested in the dividend play.

Nestlé’s Maggi Supports over 100,000 Households at Ramadan

Esan Bolaji
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Nestlé’s Maggi Supports over 100,000 Households at Ramadan

As has been its tradition in the past 10 years, Maggi supported over 100,000 individuals in households across Nigeria during the Ramadan season. From the start to the end of the season, the Maggi team was fully involved in providing healthy and nutritious food products for families at Sahur and Iftar.

Working with nutritionists and food enthusiasts, the brand also provided nutrition education to help them make healthy nutrition choices.

In the spirit of sharing and performing acts of service, Maggi gave out to shoppers one million gift items through the Ramadan Shopper Promo starting from two weeks before Ramadan until the end of the season.

Nestlé’s Maggi

Over 100,000 consumers were also given free food items including rice, vegetable oil, spaghetti seasoning, including donations to 160 charitable organizations and mosques, and door to door (Gida Gida) visits 1,250 homes to share healthy food items.

To support healthy nutrition, Maggi launched the Maggi Ramadan Diaries, a TV and radio programme That aired for all 30 days of the fast across multiple television stations, radio stations and online platforms.

The cooking show provided tips on healthy lifestyles, shared knowledge about quick and delicious recipes and nutritious tips on Iftar and Sahur.

NESTLE NIGERIA MAGGI

To round off the Eid celebrations, Nestlé Nigeria hosted consumers at a sumptuous dinner themed, ‘Maggi Food and Everything Else.’ Participants shared in a delicious Eid experience, with meals showcasing the best of Northern cuisine prepared by foremost chefs and food enthusiasts.

Speaking on Nestlé’s commitment to supporting individuals and families during Ramadan over the past ten years, Category Manager for Culinary, Nestlé Nigeria, Mrs Nwando Ajene said:

“Ramadan is a special season for renewed dedication to the values of service and sharing goodness; values which Maggi also firmly represents.

Looking back on the past year, 2021 brings a fresh appreciation of the joy and privilege of coming together. Today, therefore, we want to share goodness with our consumers, stakeholders and Influencers who have been a part of this Maggi Ramadan experience over the past ten years.

We are happy to have been a part of the Ramadan journey, and we will continue to support individuals and families to make healthier and tastier food choices every day.”

Jamilah Lawal, a Social Media Influencer had this to say about her experience;

“Participating in ‘Maggi Dairies’ is an opportunity for me to share nutrition tips with countless people during Ramadan. This year is special as we all recover from the impact of the pandemic. If there is anything we learnt from 2020, it is the importance of healthy nutrition every day.

Over the past years, I have seen the impact of improved nutrition on many families, and many more food enthusiasts have joined the campaign to promote healthier nutrition. I cannot thank Maggi enough for this platform which I will always support.”

Dangote Sugar Reports Q1 2021 Profit ₦8.3Bn, Up 30.3% On Revenue Of $67bn

Esan Bolaji
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Dangote Sugar Reports Q1 2021 Profit ₦8.3Bn, Up 30.3% On Revenue Of $67bn

Nigeria’s largest producer of sugar, Dangote Sugar Refinery has reported a profit before tax of N11.95 for the three months ended March 31, 2021.

According to the company’s unaudited financial reports for the period under review, the amount represents an increase of 25.6 per cent compared to N9.5 billion posted in the corresponding period in 2020.

Profit after taxation for the period increased by 30.3 per cent to N8.30 billion in contrast to N6.37 billion recorded in 2020, reflecting management’s unrelenting drive to deliver consistent shareholder value.

Further analysis by Brand Spur revealed that the Group sales volume increased in the quarter by 5.7 per cent to 200,510 tonnes. Growth in sales volume is attributable to sustained efforts to drive customer base expansion, several trade initiatives, and investments.

Dangote Sugar

Group production volume also increased by 4.3% to 200,783 tonnes compared to 192,584 tonnes in 2020. The increase came from operations optimization strategy despite the challenges of the Apapa traffic situation.

According to the result, Group revenue increased to N67.39 billion indicating an increase of 41.5% over N47.64 billion. Growth in revenue advanced ahead of volume growth due to pricing benefits.

Commenting on the Company’s 1st quarter 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said,

“We commenced the year on a fair footing as our 1st quarter 2021 financial results show our commitment to delighting our customers and consumers with high-quality products and delivering value for all stakeholders.

The health and safety of our people and partners remain our priority. Our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained.

We have experienced improved yield from our sugar cane plantations and continue to partner with our outgrowers for the supply of sugar cane for production.

Amidst the protracted socio-economic uncertainties occasioned by the COVID-19 pandemic and heightened insecurity during the quarter under review, we have continued on the growth path, as our talented and dedicated team have enabled us to mitigate some of the adverse impacts of the worsening traffic gridlock in Apapa and other macroeconomic headwinds.

sugar-sugar-brandspurng-dangote sugar

We remain committed to the implementation of the “Dangote Sugar for Nigeria” Master plan as we continue to pursue our Backward Integration Projects.”

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location. Our refinery located at Apapa Wharf Ports Complex, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.

Our Backward Integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.

Atletico Madrid In Driving Seat For La Liga Title Live On StarTimes

Brand Spur
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Atletico Madrid In Driving Seat For La Liga Title Live On StarTimes

La Liga’s title-deciding final round will be played this weekend live.

Atlético Madrid and Real Madrid both go into the games with hopes of being crowned champions. Diego Simeone’s side are two points clear at the top and need a win to secure the title against Zinedine Zidane’s squad. Matches will be aired live and in HD on StarTimes.

Surprisingly, only one of the two powerhouses of Spanish football is involved in the nail-biting finish.

Going into the final round of matches, Atlético Madrid are in the driving seat, as they lead their city rivals Real Madrid by two points. Barcelona, who are seven points adrift, no longer have a chance to catch Atlético.

A victory on Saturday for Diego Simeone’s team at Valladolid will see the Colchoneros win their 11th title – and their first since 2014.

A draw or defeat would open the door for Real to repeat last season’s triumph. However, to stand a chance to do so, Los Blancos need to beat Villarreal at home in the Alfredo di Stéfano Stadium.

Should Atlético draw in Valladolid and Real beat Villarreal, both sides would have 84 points and Real would be crowned champions, irrespective of their result, based on the head-to-head results between the two teams.

Spain is one of the few countries in Europe where finals placings are decided on a head-to-head basis before the goal difference. And as Real won 2-0 at home and drew 1-1 at Atlético, Zinedine Zidane’s team will finish ahead of their city rivals if they finish equal on points.

The fact that Real Madrid is in contention with one game to go, is rather remarkable, given the fact that in February Atlético were six points ahead of their bitter rivals and had played a game less.

 And next month, StarTimes is to broadcast all Euro 2020 51 matches live and in High Definition across Africa. 

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