- Stock Market Fails to Sustain Bullish Run Last Week
The Nigerian Stock Exchange closed lower last week as market uncertainty remains due to the rising number of COVID-19 patients in Africa’s largest economy.
The Nigeria Centre for Disease Control (NCDC) had reported that the total number of infected people rose to 1273 last week, up from 42 about a month ago. While the number of discharged patients has also risen to 239, so has the number of deaths surged to 40 from 2 as of March 24, 2020.
The rising number of infected people despite measures to curtail it has left investors wondering if the lockdown predicted to erode most of the gains so far would be extended.
With the weak market sentiment and the report that the CBN fined 28 deposit money banks N1.4 trillion, investors traded total shares of 1.195 billion valued at N13.979 billion in 20,591 transactions during the week, more than the 1.495 billion shares valued at N12.894 billion that were exchanged in 20,982 deals in the previous week.
In terms of volume traded, the financial services sector let with 965.571 million shares valued at N7.811 billion traded in 11,710 deals while the industrial goods sector followed with 54.803 million shares worth N1.509 billion and exchanged in 2,043 deals.
The conglomerates’ sector came third with a turnover of 54.114 million shares estimated at N111.406 million in 460 deals.
The top three most traded stocks were the FBN Holdings Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. The three companies accounted for a combined 581.950 million shares valued at N6.363 billion in 7,185 transactions during the week.
The market capitalisation of listed equities depreciated by 1.41 percent to N11.778 trillion while the NSE All-Share Index also dipped by the same percent or 322.2 basis points to 22,599.38 bps. Bringing the year to date return to -15.81 percent.
Emerging Cities Take on Established Hubs for Graduates Seeking a Career in Finance
Graduates Seeking a Career in Finance Prefer Dubai to Start Their Career
Dubai is the number one global destination for graduates who successfully complete the flagship graduate programme at one of the world’s largest independent financial advisory organisations.
On passing the intensive scheme, deVere Group routinely asks graduates in which location within the Group’s global network of offices they would like to start their international financial services career. This year, 36% have responded with Dubai.
The second most popular is London (25%); Hong Kong is third (14 %); Mexico City is fourth (13%) and Moscow is fifth (6%).
The remaining 6% is made up of other destinations including Shanghai, Geneva, Paris, and Abu Dhabi.
deVere Group CEO and founder Nigel Green comments: “This survey highlights that the next generation of financial services professionals are open to look beyond the traditional and more established global financial hubs.
“The order of the top destinations changes with each group of grads we take on, but Dubai, London, and Hong Kong are typically in the top five somewhere.
“This is because, quite understandably, these global hubs of finance, commerce and technology represent centres of enormous possibilities for ambitious individuals about to embark on careers as international wealth-advisory and fintech professionals.
“There are some common traits amongst these cities, including that English is commonly spoken, they are politically and economically stable, there is a high level of internationally-minded high net worth individuals, and by relocating to these places one can usually expect comparatively high financial rewards.”
He continues: “What is different this year is that for the first time emerging financial hub cities are making the top five. Mexico City and Moscow are now actively competing for top talent with well-established international financial centres like Shanghai, Geneva and Tokyo.
“All these global destinations are unique and differ from each other in terms of the lifestyle they offer and in terms of clients’ expectations, economic environments and regulatory conditions.
“With each of the top five cities offering unique opportunities and challenges, each one attracts grads who have often quite markedly different strengths and weaknesses, skill sets and aspirations,” notes Mr Green.
“The results of this survey suggest that despite the pandemic, talented young people seeking a rewarding career are keen to look for opportunities internationally.”
The deVere CEO concludes: “With a globally-focused outlook from the wealth advisers and fintech professionals of the future, we can expect this trend of emerging hub cities to take on stalwart destinations to continue for the foreseeable future.”
Adesina, Godwin Emefiele, Others to Deliver Keynote Address at ASA 2020
Adesina and Godwin Emefiele to Deliver Keynote Speech at Agriculture Summit Africa (ASA) 2020
The President of the African Development Bank (AfDB), President Dr. Akinwunmi Adesina, is expected to deliver the keynote address at the 2020 Agriculture Summit Africa (ASA) holding this week.
The yearly summit organised by Sterling Bank is titled ‘Fast forward agriculture: Exploiting the Next Revolution’ this year.
According to the organisers, participants were expected to log in online while a few others would be in Lagos and Abuja studios.
In a statement released on Tuesday, Yemi Odubiyi, the Executive Director of Corporate and Investment Banking, Sterling Bank said other dignitaries were expected to deliver goodwill messages at the summit.
Some of the names mentioned were the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono; Cross River State Governor, Prof. Ben Ayade; his Kebbi counterpart, Senator Atiku Bagudu; and the Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal.
Director, Advocacy and Country Alignment Function (ACAF), Director-General’s Office, International Institute of Tropical Agriculture (IITA), Dr. Kwasi Attah-Krah, is expected to deliver another keynote address on the second day.
FG to Manage Revenue of NNPC, FIRS, Others as COVID-19 Plunges Revenue
FG Takes Control of NNPC, Customs, FIRS, Others Revenue Management
Federal Government on Tuesday said it will henceforth take charge of 10 Government-Owned Enterprises (GOE) to better manage and boost its resources amid dwindling revenues.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this at the opening of a three-day orientation programme for 50 directors of revenue that are to be posted to various GOEs in Abuja.
She listed the 10 GOE as the Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NSS).
Others include Corporate Affairs Commission (CAC), Department of Petroleum Resources (DPR), Nigerian Communications Commission (NCC) Federal Airports Authority of Nigeria (FAAN) and Nigeria Shippers’ Council (NSC).
This, she said was in line with Presidential approval conveyed via SGF’s circular reference SGF.50/S.3/C.9/24 dated 16th October 2018 on the approved Revenue Performance Management Framework for Government Owned Enterprises (FGOEs).
According to her, “government is increasingly concerned with the dwindling profile of Revenue and this trend has to be quickly arrested particularly with Key revenue generating agencies of the Government.”
“It is my considered opinion that the presence of Directors of Revenue at the FGOEs will ensure strict adherence to extant rules and regulations in the areas of compliance to approved budget and due process mechanism in procurement and payments.”
“The Directors of Revenue, in the course of the discharge of their functions, shall be involved in the revenue operations of the FGOEs, have a better understanding of business processes and operations of the FGOEs and cause improved transparency and accountability in revenue reporting by the FGOEs.”
“In addition, they are expected to seek opportunities and avenues for revenue improvements which are the ultimate aim of the Government. I am pleased to inform you that the discharge of these duties will be aided with the deployment of Information Technology.”
“The Integrated Revenue Monitoring System is being put in place to help the monitoring of the revenues of the FGOEs online real-time and to ensure its improved transparency and accountability.”
“This programme is designed as an orientation to the officers that will be posted as Directors of Revenues and is hoped that this will help them to discharge their duties effectively and efficiently and most importantly in utmost good faith.”
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