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FMDQ OTC Posts ₦13.42tn Turnover



  • FMDQ OTC Posts ₦13.42tn Turnover

FMDQ OTC Securities Exchange recorded ₦13.42tn worth of transactions in fixed income and currency markets in March.

This is contained in the company’s market report on Monday in Lagos.

The report showed that the turnover was 10.45 percent or ₦1.27tn, higher than the ₦12.15tn recorded in February.

According to the report, transactions in Treasury Bills accounted for 49.51 percent of the total value against 52.20 percent achieved in February.

FGN bonds got 8.01 percent of total turnover compared to the 9.01 percent recorded in February.

The report also indicated that money and foreign exchange markets accounted for 19.42 percent and 22.91 percent, respectively, during the period under review.

Transactions in fixed income market stood at ₦7.72tn, indicating a growth of 3.70 percent or (₦0.29tn) above the value recorded in the previous month.

Activities in the Foreign Exchange market accounted for 22.91per cent in contrast to the 16.47 percent recorded in February.

Money market transactions (Repurchase Agreements (Repos) / Buy-Backs & Unsecured Placements/Takings) accounted for 19.42 percent of the total turnover from 22.19 percent in February.

Transactions in the FX market settled at $9.72 bn in March, an increase of 50.59 percent or $3.27bn when compared with $6.46bnrecorded in February.

According to the company, the increase was largely due to increased supply of FX into the market by the Central Bank of Nigeria.

It reported that that apex bank sold $1.24bn through various interventions conducted during the month.

The apex bank also moved its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards to N320 per a dollar from N315 per dollar.

The rate for invisibles (Personal & Business Travel Allowances, Medical bills, school fees, among others) was moved from N370 per a dollar to ₦357 per a dollar.

The report showed that the naira remained relatively flat to during the month at ₦306.35 to the dollar at the inter-bank market.

The naira appreciated by N65 to close at ₦390 to the dollar at the parallel market from ₦455.00 at the beginning of the month.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


FG Introduces NEXIT Portal for Npower Batch A and B Beneficiaries



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The Federal Government has introduced a new online portal for exited Npower beneficiaries of batch A and B.

According to the Minister for Humanitarian Affairs, Sadiya Farouq, the portal was launched in collaboration with the Central Bank of Nigeria (CBN) to enable exited Npower beneficiaries apply for available federal government empowerment options.

This was disclosed in a statement issued by Nneka Anibeze, the media aide to the minister, on Friday.

The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.

She explained that selection will be based on the conditions and criteria set by the apex bank.

Ms Farouq, therefore, urged interested exited Npower beneficiaries to log on to the NEXIT portal and provide the required additional information for possible placements into central bank’s intervention options.

The Minister expressed her deep appreciation to the CBN Governor Mr Godwin Emefiele CON for his support adding that the Ministry of Humanitarian Affairs remained committed to the vision of Mr President to lift 100 million Nigerians out of poverty in the next 10 years.

“Minister Umar Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.

“The Federal Government of Nigeria is very proud of the milestones you have achieved during your period of service to the nation. As we prepare to exit into prospective endeavours.”

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Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State



The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

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Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director



Unilever Nigeria Plc

Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

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