Here Is How Much Nigerian All Share Index Returned In 2014

Phew 2014 is finally over for Nigerian stocks!!! What a year it has been for the Nigerian All Share Index. The year opened with very high expectations following a resounding 47% posted in 2013.

Russia Is Now Considering Sharia Financing

It appears Russian Banks are considering a ‘drastic’ new way of raising finance after the Central Bank raised interest rates to 17% earlier in the month.Bloomberg reports they are now considering Islamic Finance  aka Sharia Finance as an option to raise money.

CBN Blows $2billion Defending The Naira (One Month After Devaluation)

It’s just over one month since the CBN devalued the Naira and increased lending rate in a drastic attempt at defending the naira. Most analysts saw this as a very bold move by the CBN Governor and hoped the naira slide will bottom out.

Skye Bank Appoints New MD for Mainstreet Bank

Skye Bank Plc says it has appointed Mrs. Amaka Onwughalu as the interim Managing Director of Mainstreet Bank.

Skye Bank said that Onwughalu would also oversee the affairs of the bank as the Deputy Managing Director.

These Are The Two Worst African Currencies of 2014

It appears the Ghana’s cedi and Zambia’s kwacha are set to end 2014 as the worst performing African currencies in 2014. According to data from Reuters, the cedi and kwacha have both depreciated by 27% and 15% year to date. In fact at some point in time this year, the Ghanaian currency was down 40%. Nigerian naira looks set to close down 13.5% this year.

This Is The Full 2015 Nigerian Budget Speech

HIGHLIGHTS OF PROPOSED 2015 BUDGET: LUXURY TAX DETAILS UNVEILED; FOOD PRICES AND INFLATION DOWN DESPITE OIL PRICE DROP; SPECIFIC MEASURES TO REDUCE EXPENDITURE

DIVERSIFICATION IS WORKING; FOOD PRICES ARE STABLE
AND INFLATION IS LOW

The CBN Plans Sale of N1.22 trillion Treasury Bills In The Next 12 Weeks and Will Sell on Xmas Day

• The Central Bank has announced plans to borrow about N1.22 trillion via sale of Treasury Bills in the First Quarter of 2014.
• The sale is for the period between December 18, 2014 to March 5 2014.

CBN Sold One Year Treasury Bills Last Week At a True Yield of 19%!!!

• The Central Bank on Wednesday sold N110.39b worth of  one year treasury bills at a rate of 15.99% delivering  a true yield of 19%
• The last time it sold  one year treasury bills its true yield was 14.2%

Why The Dollar Is Selling For N192 At The Black Market

A few calls to black market operators in Ikoyi confirm the dollar was trading at between N192 to N193. The dollar had during the week averaged about N188 before spiking past N190 on Friday and Saturday (20th December).

ALERT !!! Nigerian All Share Index Just Fell To It’s Lowest In 23 Months

• The Nigerian All Share Index fell today by a whopping 2.3% to close at 29,789.59. It closed at 30,492.3 yesterday.
• Market capitalization also lost N231billion to close at N9,834,953,619,664.58
• This will be the first time since January 15, 2013 the All Share Index will be closing below 30,000 points.

Economy diversification is the major focus of the 2015 budget – Okonjo-Iweala

The Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, on Wednesday said the 2015 budget is structured primarily for the diversification of the economy.

This New CBN Circular Targets Customers Who Buy Forex

The Central Bank of Nigeria has issued a new circular targeting customers who purchase Forex from the inter-bank market. The new circular places a 48 hour mandatory timeline for funds purchased from the autonomous/interbank to be utilized. If such funds are not utilized they will have to be returned to the CBN for repurchase at the CBN rate. This is obviously another policy aimed at eliminating speculation of the dollar which has seen the naira plummet in recent months.

$1bn isn’t missing from Excess Crude Account – FG

The Minister of Finance, Dr Ngozi Okonjo-Iweala, on Wednesday said that there was no money missing from the Excess Crude Account as reported in some national dailies. . Okonjo-Iweala disclosed this while presenting the proposed 2015 budget in Abuja. According to her, report that one billion dollars was missing from the account was a misinformation. “ Today I had seen a headline that said that there is onebillion dollars missing in the Excess Crude Account. “ I just want to use this occasion to correct that and say that there is absolutely no money missing and I do not know where that notion came from. “ One billion dollars from the ECA has been used to pay oil marketers and we published this on Dec. 2, showing that we put N154.6 billion to pay oil marketers. “ This is why you now have about 3.1 billion dollars in the ECA and I will implore that if people need information on what is happening, we are available to answer the questions. “ We should not frighten the country by making headlines that are untrue and bogus,’’ she said.

Nigerian Stock Exchange moves 481.85m shares worth N6.21bn

Investors on the Nigerian Stock Exchange (NSE) on Wednesday staked N6.21 billion on 481.850 million shares in 3,822 deals.

Corruption & Insecurity In Nigeria

The result is that the depths of corruption in Nigeria society permit terrorism to potentially threaten the very fabric of the nation. . Nigeria is already 17th on the list of Failed States Index, sandwiched between Kenya and Niger.

Nigerian Banks Barred From Holding Funds In Dollars

The Central Bank of Nigeria today barred banks from holding their own funds in dollars in a bid to to end the speculative pressure on the naira that has seen it fall over 12 percent against the dollar this year. .

Mr Frank Edozie, Senior Special Adviser on Gas to the Minister of Power, said that power generation dropped to 3,500 megawatts due to sabotage of pipelines and inadequate gas supply. Edozie disclosed this in a telephone interview with NAN in Lagos. According to him, the ongoing epileptic power supply being experienced across the country was caused by recent vandalism of Transforcados pipeline that transported crude oil. “Inadequate gas supply and frequent sabotage of the pipelines had contributed immensely to lack of electricity supply in the country. “We are constrained due to the gas challenges and it has contributed to the drop of power generation to 3,500 megawatts,’’ he said. The senior special adviser said that available power generation capacity currently stood at 6,000 mega watts while system capacity stood at 5,000 mega watts. Edozie said that the real challenge of epileptic power supply was caused by gas inadequacy.

Oil Workers Are Not Going On Strike Nation-Wide - NUPENG President

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has said it would begin a three-day warning strike to press for the re-instatement of the National Zonal Secretary of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mrs. Elo, who was sacked by Total Exploration and Production Nigeria (TEPNG) Limited.

PENGASSAN & NUPENG might Go On An Indefinite Strike Starting Monday December 15th

Reports that PENGASSAN and NUPENG  will begin an indefinite nation-wide strike starting on Monday Dec. 15. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said the strike would affect all levels of oil and gas operations from production to distribution.

Important Factors To Consider Before Buying Shares

Chris was offered an opportunity to be a part owner of a cyber café with his uncle who decided it was time to retire and move back to his village. The purchase price was agreed between both parties and Chris had also taken stock of the assets that he will soon be taking over. However, Chris wasn’t still done with his due diligence. Even though he knew the business has basically been in existence for years and had appeared profitably he still felt he needed to much more.

Naira, Oil, Stocks, All Crashing? Here Is What You Should Be Doing With Your Money

The news everyday these days is full of headlines such as “Oil slump”, “stock market crash”, ‘Naira devaluation”, “election troubles” and more recently “austerity”. It has gotten a lot of people worried, particularly my readers, some of whom have asked what is it they can do with their money. I have given it a long thought and since I am also one of you, I am going to share with you some of the options that I have.

10 ‘Secret’ Steps To Attaining Financial Independence

It’s October 1st and the Chinedu and the members of his family are contemplating where to go and have fun. Every public holiday they make it a mission in life to have maximum fun no matter how it cost. However, deep down Chinedu reckons his days are numbered, if things were to continue like this and someday somehow he loses his 7 figures a month salary job.

Fixed Deposits or Treasury Bills, Which Is Better?

I have received several emails and calls from my readers asking whether to buy treasury bills or fixed deposits. Whilst, both are very good ways to invest your money there both have similarities and differences, which could work to your advantage depending on your investment preference. Let’s explore some.

How The Devaluation Of The Naira Affects Your Money

In a much anticipated press briefing the Central Bank Governor, Godwin Emefiele yesterday announced that the Monetary Policy Committee had taken a decision to effectively devalue the Naira. This obviously is in response to the dip in oil prices and the run on our forex reserves which has seen the naira crash to as low as N180 this week.

This Man Has Just Been Appointed To Head Africa’s”Biggest & Most Powerful” Fund

Financial Times reports South Africa’s Public Investment Corporation (PIC), the continent’s biggest and most powerful fund manager with about $140bn under management, has promoted Daniel Matjila to chief executive officer.

The Rise Of Nigerian Stock Is Near

One of the most respected emerging market investors Mark Mobius and executive chairman at Templeton Emerging Markets Group has predicted that Nigerian stocks will “probably rise after February Elections and if Oil prices stay low. He oversees over $40b in investments.

Oil resumes decline, falling toward $64, oversupply weighs

Oil resumed its downward move on Thursday, falling towards $64 a barrel and within sight of a five-year low, pressured by signs that already ample supply will be even more plentiful in 2015.

Breaking News: 13yrs Old Sucide Bomber Caught Wih Multiple Explosive Vest.

Nigerian police arrested a 13-year-old girl wearing an explosives-packed vest in the northern city of Kano hours after an attack by two female suicide bombers, a security source and a witness said Thursday.

Mobile Money Transactions Hit N430bn In Two Years – CBN

The Central Bank of Nigeria (CBN) said on Tuesday in Katsina that mobile money operating companies recorded transactions worth over N430billion between 2012 and date.

Time to transform the insurance sector - NAICOM

Mr Fola Daniel, the Commissioner, National Insurance Commission (NAICOM), on Monday in Abuja, said the corporation had set a three-year agenda to transform the sector.

Daniel said this at the National Insurance Summit 2014, tagged: Transforming the Nigerian Insurance Sector: A three-year agenda.’’

FUEL SCARCITY in a bit??

There were queues in Lagos this morning as most filing stations did nit have fuel to sale. Those that had fuel witnessed many cars queuing to buy fuel a sight many of us hate to see.

Why is this so?

Message from ICAN to the GOVERNMENT

The President, Institute of Chartered Account of Nigeria, Mr. Chidi Ajaegbu, at the induction of new ICAN members has a stark message for the Federal Government and off course the handlers if the economy. Cut Government Expenditure

Here is how he put it;

10 Actions That Can Make You a Succesful Investor

There is no one route to becoming a successful investor. In fact most investors will tell you different stories containing contrasting investment strategies, multiple inspiration and different risk appetites. It makes you wonder why

Reasons to Invest In Dividend Stocks

If you are a long term investor in the stock market then owning stocks that pay dividends constantly should always be part of your portfolio. For shorter term speculative investors dividend payments is not an important factor in their decision making as all they are after is cashing out on the value created when the share prices increases.