The Nation Newspaper

Category: Equities

  • Jaiz Takaful launches profit-sharing insurance products

    Jaiz Takaful launches profit-sharing insurance products

    Jaiz Takaful Insurance Plc has launched a basket of innovative insurance products that intends to share profits with participants and clients, further widening the Takaful insurance market in Nigeria.
    Managing director, Jaiz Takaful Insurance Plc, Momodu Joof said the Takaful insurance products were inspired by the need for customers to benefit from the contributions they pay as policyholders.
    He noted that the concept of Takaful is very transparent and practical adding that Takaful insurance addresses all the concerns about conventional insurance including interest and unpredictability.
    He outlined that Jaiz Takaful Insurance, a public limited liability company registered with Corporate Affairs Commission (CAC) and regulated by National Insurance Commission (NAICOM), provides all classes of insurance products under the concept of Takaful including motor Takaful, fire and miscellaneous accident Takaful, engineering Takaful and marine Takaful among others.
    Takaful is an Islamic insurance concept based on the Islamic principle of Taawun known as mutual benefits. Takaful subscribers have a bond among themselves as participants who agree to jointly indemnify the loss or damage that may inflict upon any of them out of the funds or contribution pool. Most importantly, at the end of a business year, any profit made under Takaful will be proportionately shared among its participants and shareholders in relation to the scale of their investment.
    The contract of Takaful as a business venture is based on the Islamic profit sharing of Al-Mudarabah principle. Subscribers of Takaful shall be entitled to share profits on contributions paid in consideration for their participation in Takaful products, to be provided by Jaiz Takaful Insurance Plc subject to declaration of profit at the end of the financial year.

    Takaful operations will in no doubt change the dynamics in the insurance industry where individuals who were hitherto very skeptical about the conventional insurance now have Takaful as an alternative, in addition to a speedy settlement of claims as well as distribution of profit to participant at the end of the year.

  • High-cap stocks halt equities’ rally

    • Cadbury Nigeria gets new MD

    Nigerian equities suffered a relapse yesterday as selloff within the highly capitalised stocks’ group drove the market to a net capital loss of N81 billion. Highly capitalised stocks in the building materials, banking and oil and gas sectors dominated the top losers’ list in a five-hour trading session that saw considerable preference for low-priced equities.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped from N9.146 trillion to close at N9.065 trillion, representing a net capital loss of N81 billion. The All Shares Index (ASI)-the benchmark index at the stock market, declined by 0.88 per cent to close at 26,346.24 points as against its opening index of 26,580.22 points.

    While there were more losers than gainers, the overall negative position was driven largely by losses recorded by large-cap stocks such as Dangote Cement, Guaranty Trust Bank and Zenith Bank. Seven-Up Bottling Company led the 25-stock losers’ list with a loss of N11.15 to close at N111.40. Mobil Oil Nigeria followed with a loss of N2.04 to close at N263.01. Guaranty Trust Bank, the most capitalised banking stock, dropped by N1.04 to close at N23.56. Dangote Cement, the most capitalised quoted company, lost N1 to close at N168. Forte Oil declined by 61 kobo to N79.76. International Breweries dropped by 50 kobo to N18. Zenith Bank declined by 39 kobo to close at N15.10. Access Bank dropped by 21 kobo to N6.30. Cutix lost 18 kobo to close at N1.71 while United Bank for Africa declined by 16 kobo to close at N4.75 per share.

    Investors showed considerable preference for low-priced stocks, otherwise known as penny stocks. Omoluabi Savings and Loans was the most active stock with a turnover of 93.50 million shares worth N83.95 million. Fidelity Bank followed with 39.37 million shares valued at N36.03 million while FCMB Group placed third with a turnover of 37.14 million shares worth N49.5 million. Altogether, a total of 372.85 million shares were traded in 4,068 deals.

    On the upside, Total Nigeria led the 19-stock gainers’ list with a gain of N5 to close at N305. Cadbury Nigeria followed with a gain of 25 kobo to close at N9.28. UACN Property Development Company added 15 kobo to close at N3.15. Nigerian Aviation Handling Company rose by 12 kobo to close at N2.71 while Airlines Services and Logistics added 11 kobo to close at N2.61 per share.

    Meanwhile, Mondelçz International, a global snacks powerhouse, holds 74.99 per cent equity stake in Cadbury Nigeria, has drafted a director of its global biscuits business based in Hanover, United States of America, Mr. Muhammad Amir Shamsi, to take over as the managing director of Cadbury Nigeria with effect from February 1, 2017. He will succeed Mr Roy Namaan, whose resignation takes effect from January 31, 2017.

  • Jaiz Bank to list N37b shares on Stock Exchange

    Jaiz Bank to list N37b shares on Stock Exchange

    Jaiz Bank Plc, Nigeria’s first non-interest commercial bank, has secured the approval of the council of the Nigerian Stock Exchange (NSE) to list its entire issued share capital on the Exchange.

    A regulatory approval obtained at the weekend indicated that the Quotation Committee, which oversees listing at the Exchange, has approved application for the listing of the shares of Jaiz Bank on the NSE.

    Jaiz Bank will be listing a total of 29.46 billion ordinary shares of 50 kobo each at N1.25, indicating a start-off market capitalisation of N36.83 billion. Finmal Finance Services Limited and Kundila Finance Services Limited and Inverness Wealth Management Limited, three investment firms, were said to be working with the board of jaiz Bank to facilitate the listing.

    The listing will be done by way of introduction, implying that Jaiz Bank’s shares will be available initially through the secondary market, though the non-interest bank has already indicated interest in raising funds through initial public offering (IPO). Jaiz Bank plans to increase its current share capital base from N15 billion to N25 billion.

    Although the details of the listing schedule are still sketchy, Jaiz Bank, which is already listed on the NASD OTC Plc, may set record as the first company to  migrate from the NASD OTC to the NSE   The NASD OTC is the over-the-counter trading platform for unlisted public limited liability companies.

    Shareholders of Jaiz Bank had in October 2016 approved the listing of the bank on the NSE. The shareholders, at an extraordinary general meeting, also approved the sub-division of the bank’s nominal value from N1 to 50 kobo, thus multiplying the authorised share capital of 15 billion ordinary shares of N1 each to 30 billion ordinary shares of 50 kobo each.

    Jaiz Bank Plc declared a profit before tax of N794.2 million for the year ended December 31, 2015 as against N126.8 million in 2014. The bank grew its finance income by 47 per cent to N4 billion as against N2.72 billion in previous year. Total Asset stood at N52.6 billion by December 2015 compared with N44.4 billion in 2014. Customer deposit base closed 2015 at N38.7 billion, with current account and customers’ investment account deposits showing strong growth of 43 per cent and 39 per cent to N15.5 billion and N23.2 billion respectively.

    The bank recently obtained a national operating license from the Central Bank of Nigeria (CBN), which will enable it to spread across all the 36 states of the Federation.

    Jaiz Bank was created out of the former Jaiz International Plc which was set up in 2003-2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged non-interest bank. it is owned by more than 20,000 shareholders including the Islamic Development Bank (IDB). It had obtained a regional operating license to operate as a non-interest bank from the CBN on November 11, 2011 and began full operations as the first non-interest bank in Nigeria on January 6, 2012 with three branches located in Federal Capital Territory, Abuja; Kaduna and Kano. The Regional License allows the Bank to operate geographically in a third of the country. Based on recommendations of  IDB, Jaiz Bank had entered into a strategic partnership with Islami Bank Bangladesh (IBBL) for the IBBL to provide technical management to run the bank.

  • Equities lose N215b in first week

    Investors in quoted equities on the Nigerian Stock Exchange (NSE) lost N215 billion in four-day trading sessions last week as the stock market reopened for the new business year with a tinge of bearishness amidst profit-taking transactions.

    Against the background of a full-year loss of N604 billion or -6.17 per cent in 2016, quoted shares started off this year with unsteady gaits.With 31 decliners to 18 advancers, the market traded negative consecutively for three trading sessions. Benchmark indices at the Exchange at the weekend indicated a week-on-week average decline of 2.32 per cent, equivalent to net capital loss of N215 billion.

    Aggregate market value of all quoted equities declined from the year’s opening value of N9.247 trillion to close the first week at N9.032 trillion. The All Share Index (ASI), the main benchmark for the Nigerian stock market, also declined from the year’s opening index of 26,874.62 points to close the week at 26,251.39 points.

    All sectoral and group indices also closed negative, underlining the widespread negative sentiments that dictated trading during the week. The NSE Industrial Goods Index recorded the highest loss of 3.02 per cent. The NSE Industrial Goods Index followed with a negative return of 2.28 per cent. The NSE 30 Index, which tracks the 30 most capitalised companies on the Exchange, declined by 2.05 per cent. The NSE Oil and Gas Index dropped by 1.64 per cent. The NSE Banking Index lost 1.57 per cent while the NSE Insurance Index slipped by 0.17 per cent.

    On stock by stock basis, Nigerian Aviation Handling Company (Nahco) recorded the highest loss, in percentage terms, of 13.9 per cent to close at N2.72. Cement Company of Northern Nigeria followed with a drop of 13.4 per cent to close at N4.33. NEM Insurance lost 9.5 per cent to close at 95 kobo. Sterling Bank dropped by 7.9 per cent to close at 70 kobo while Cadbury Nigeria slipped by 7.7 per cent to close at N9.50 per share.

    On the other hand, UACN Property Development Company recorded the highest gain of 14.5 per cent to close at N3. United Capital followed with a gain of 10.6 per cent to close at N3.02. Access Bank rose by 7.0 per cent to close at N6.28. Eterna added 6.5 per cent to close at N3.30 while FCMB Group rose by 6.4 per cent to close at N1.17 per share.

    Total turnover stood at 4.32 billion shares worth N7.386 billion in 9,330 deals, a significant increase on a total of 405.94 million shares valued at N3.72 billion traded in 6,363 deals in the previous week. Financial services sector dominated the activities chart with a sectoral turnover of 4.18 billion shares valued at N5.31 billion traded in 5,047 deals; representing 96.7 per cent and 71.9 per cent of the total equity turnover volume and value respectively. The oil and gas sector occupied a distant second with 65.83 million shares worth N594.52 million in 1,385 deals while the conglomerates sector placed third with a turnover of 26.49 million shares worth N48.16 million in 299 deals.

    Turnover was driven largely by cross deals recorded in Unity Kapital Assurance. Altogether, Unity Kapital Assurance Plc, Omoluabi Savings and Loans Plc and FCMB Group Plc accounted for 3.86 billion shares worth N3.01 billion in 286 deals, representing 89.5 per cent and 40.9 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 55 units of Exchange Traded Products (ETPs) valued at about N506 in 11 deals, compared with a total of 9,965 units valued at N56, 446 traded in 16 deals in the previous week.

    In the debt segment, a total of 5,100 units of Federal Government Bonds valued at N5.12 million were traded this week in two deals.

  • GTB, Access Bank, Zenith Bank’s directors meet over dividend payment

    The boards of directors of Guaranty Trust Bank (GTB) Plc, Access Bank Plc and Zenith Bank Plc have scheduled meetings later this month to approve the audited financial statement and accounts of the banks for the year ended December 31, 2016. The meetings will among others consider final dividend recommendation to be made to shareholders.

    In separate regulatory filing, the three banks indicated that their directors would be meeting to review and approve the earnings report and accounts for the 2016 business year, preparatory to sending the accounts for the clearance of the Central Bank of Nigeria (CBN) before release to the investing public at the Nigerian Stock Exchange (NSE).

    Under the enhanced listing rules at the NSE which took off on January 1, 2017, quoted companies are expected to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year end, and published same in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

    The three leading banks had paid interim dividend of 25 kobo to shareholders based on their half-year results. The share prices of the three banks rose at the weekend at the NSE as expectant investors sought to take positions ahead of the meetings and announcement of the final dividends by the banks. GTB’s share price rose by 7.0 kobo to close weekend at N23.54. Access Bank added 14 kobo to close at N6.28 per share while Zenith Bank’s share price rose by 27 kobo to N14.77 per share.

    Key extracts of the interim report and accounts of GTB for the nine-month period ended September 30, 2016 had shown that gross earnings rose by 43.6 per cent to N329.28 billion by September 2016 as against N229.37 billion in comparable period of 2015. Operating income rose by 59.3 per cent from N174.42 billion to N277.85 billion. Profit before tax grew by 53 per cent to N140.84 billion as against N92.06 billion while profit after rose by 59.6 per cent from N75.16 billion in September 2015 to N119.93 billion in September 2016. Earnings per share closed September 2016 at N4.24 as against N2.65 in September 2015.

    Also, key extracts of the nine-month report of Access Bank for the period ended September 30, 2016 released at the weekend showed that profit before tax rose by 19 per cent to N72 billion in third quarter 2016 as against N60.4 billion in comparable period of 2015. Also, net profit after tax rose by the same margin from N48.1 billion in third quarter 2015 to N57.1 billion in third quarter 2016. Gross earnings had risen from N257.6 billion to N274.5 billion. The growth in gross earnings was driven by 17 per cent increase in interest income on the back of continued growth in the Bank’s core business. Operating income rose to N199.3 billion in third quarter 2016 as against N178.1 billion in corresponding period of 2015.

    Access Bank also improved on the supporting balance sheet for its business. Customer deposits also grew by 25 per cent to N2.1 trillion by September 2016 as against N1.68 trillion recorded at the beginning of the year. The capital adequacy ratio (CAR) of the bank stood at 19 per cent as at September 2016, well above the regulatory minimum. The bank’s asset quality ratios remained well above the regulatory benchmark of 5.0 per cent as the percentage of Non-Performing Loans (NPL) to total gross loans stood at 2.1 per cent. The NPL coverage ratio also remained strong at 209.5 per cent.

  • Dangote Cement pushes equities to N97b loss

    Dangote Cement pushes equities to N97b loss

    A significant depreciation in the share price of Nigeria’s most capitalised quoted company, Dangote Cement Plc, dampened the market situation at the Nigerian Stock Exchange (NSE) yesterday as the loss suffered by the cement company reversed hitherto positive market position to a net capital loss of N97 billion.

    With its first widespread rally this year and more advancers than decliners, the Nigerian stock market was on course for a modest gain but a 4.01 per cent decline in share price of Dangote Cement overwhelmed other gains and left the overall market position with its third consecutive decline.

    Dangote Cement accounts for nearly one-third of total market capitalisation at the Exchange. Dangote Cement recorded the highest loss, in value terms, of N6.97 to close at N167.02.

    The benchmark index at the NSE, the All Share Index (ASI), declined by 1.07 per cent from its opening index of 26,495.04 points to close at 26,212.09 points. Aggregate market value of all quoted equities also dropped from N9.116 trillion to close at N9.019 trillion.

    With the third consecutive decline, the average year-to-date return at the stock market so far this year built up to -2.47 per cent.

    Other top losers yesterday included Guinness Nigeria, which dropped by N4.15 to close at N78.90; Forte Oil, which lost N2.85 to close at N80.75; Stanbic IBTC Holdings, which dropped by 63 kobo to N15; Nigerian Aviation Handling Company, which lost 30 kobo to close at N2.86 and Dangote Flour Mills, which declined by 21 kobo to close at N4.04 per share.

    Sectoral analysis also showed the negative influence of the highly capitalised stocks on their sectors. The NSE Industrial Goods Index, where Dangote Cement is listed, recorded above-average decline of 1.8 per cent. The NSE Consumer Goods Index dropped by 0.29 per cent while the NSE Oil & Gas Index slipped by 0.14 per cent. On the upside, the NSE Banking Index rose by 1.7 per cent while the NSE Insurance Index appreciated by 0.7 per cent.

    There were 17 gainers against 16 losers. Beta Glass and CAP led the gainers with a gain of N1 each to close at N30 and N33 respectively. Guaranty Trust Bank followed with a gain of 57 kobo to close at N23.47. Access Bank rose by 29 kobo to N6.14. Oando rallied 24 kobo to close at N4.54. Cadbury Nigeria rose by 22 kobo to N10 while UACN Property Development Company chalked up 21 kobo to close at N3.09 per share.

    Total turnover stood at 137.69 million shares valued at N898.71 million in 2,488 deals. Fidelity Bank was the most active stock with a turnover of 25.06 million shares worth N20.98 million. Diamond Bank followed with 16.95 million shares worth N15.26 million while United Capital placed third with 11.04 million shares valued at N31.84 million.

  • Equities lose N42b as selloff continues

    Equities lose N42b as selloff continues

    The selloff at the Nigerian stock market continued for the second consecutive trading session yesterday as sustained profit-taking transactions shaved off N42 billion from market capitalisation of quoted companies.

    The All Share Index (ASI), the common value-based index that tracks prices at the Nigerian Stock Exchange (NSE), declined by 0.46 per cent from 26,616.89 points to close at 26,495.04 points. Aggregate market value of all quoted companies dropped from N9.158 trillion to close at N9.116 trillion, indicating a loss of N42 billion. The two-day decline pushed the average year-to-date return to -1.4 per cent.

    Sectoral indices generally indicated widespread selling sentiment. The NSE Banking Index dropped by 1.6 per cent. The NSE Industrial Goods Index declined by 1.0 per cent. The NSE Insurance Index dropped by 0.6 per cent. The NSE Oil & Gas Index lost 0.46 per cent while the NSE Consumer Goods Index closed flat.

    The downtrend was driven largely by losses recorded by highly capitalised companies in the banking, oil and gas and cement sectors. Guaranty Trust Bank, the most capitalised banking stock, led the 17-stock losers’ list with a loss of N1.10 to close at N22.90. Lafarge Africa followed with a loss of 95 kobo to close at N40. Forte Oil dropped by 62 kobo to close at N83.60. Ashaka Cement declined by 59 kobo to close at N11.43. Ecobank Transnational Incorporated lost 23 kobo to close at N9.54 while Cement Company of Northern Nigeria declined by 20 kobo to close at N4.55 per share.

    Investors traded 602 million shares valued at N1.20 billion in 2,150 deals. Unity Kapital was the most active stock, by turnover volume, with a cross deal for 435.96 million ordinary shares valued at N335.69 million. Omoluabi Savings and Loans placed second with 104 million shares worth N83.3 million while United Bank for Africa (UBA) staged a distant third with 9.23 million shares valued at N41.67 million.

    On the positive side, Flour Mills of Nigeria led 13 other stocks on the upside, rising by 49 kobo to close at N18.49. Zenith Bank followed with a gain of 15 kobo to close at N14.55. UACN Property Development Company added 13 kobo to close at N2.88. Vitafoam Nigeria rose by 12 kobo to close at N2.54 while Africa Prudential Registrar chalked up 9.0 kobo to close at N3 per share.

    Market analysts said the bearish sentiment underlined expected portfolio rebalancing by investment managers in line with earnings outlook for the current business year.

    “Given the bearish sentiment in the market and with little fundamental drivers to support performance, we expect the benchmark index to continue to post losses until bargain opportunities surface,” Afrinvest Securities stated.

  • Med-View Airline to list N15b shares on Stock Exchange

    Med-View Airline to list N15b shares on Stock Exchange

    The council of the Nigerian Stock Exchange (NSE) has given approval to Med-View Airline Plc to list its entire issued share capital on the Exchange, in a move that will see the return of the airlines industry to the stock market after the delisting of the previous carriers.

    Regulatory documents obtained by The Nation at the weekend indicated that the Quotation Committee, which oversees listing at the Exchange, has approved the listing of Med-View Airline.

    Med-View Airline will be listing 9.75 billion ordinary shares of 50 kobo each at N1.50 per share, indicating a start-off market capitalisation of N14.63 billion. Trust Yields Securities Limited and Kedari Capital Limited, two investment firms, were said to be working with the board of Med-View Airline to facilitate the listing.

    The listing will be done by way of introduction, implying that Med-View Airline will be available initially through the secondary market, though the airline was said to be interested in floating its initial public offering (IPO) as the market condition improves.

    A source in the know said the listing of the airline might be in the first quarter of 2017.

    Two other aviation-related companies are listed on the NSE. Airlines Services and Logistics, an in-flight catering company, is currently trading at N2.50 while Nigerian Aviation Handling Company (Nahco), a ground-handling company, trades at N3.16 per share.

    From its humble beginning in 2007, Med-View Airline has grown to become an emerging major domestic airline. The coming of Med-View airline into the Nigeria scene came with Hajj operations in year 2007 shortly after its incorporation, as a litmus-test, and changed the whole concept of pilgrims airlift in Nigeria.

    The remarkable performance in airlifting passengers earlier than expected during Hajj 2007-2008 was said to have impressed the authorities of National Hajj commission (NAHCON), which subsequently called on the newly incorporated airline to carry out rescue operations for pilgrims stranded in Ilorin, Lagos, Sokoto, Maiduguri and Yola during outbound to Saudi Arabia and those stranded in Saudi Arabia during inbound to Nigeria.

    Med-View Airline second time participation in pilgrims airlift, 2008-2009 Hajj operations, witnessed another commendable performance and it also carried out rescue operations for the stranded pilgrims under the auspices of NAHCON. In 2009, Med-view Airline started participating in Umrah (lesser Hajj) operation.

    Med-View Airline commenced domestic operation in November 2012 with a fleet of two Boeing 737-400 aircraft. It added another Boeing 737-800 just a month after.

    “Med-view Airline is an emerging giant in the comity of reputable carriers in Sub-Sahara Africa. Our partnership with Euro-Atlantic Airways of Lisbon, Portugal, coupled with General Sales Agency (GSA) agreement with Saudi Air Cargo, our blossom business relationship with Pluna Air of Uruguay and Air Atlanta of Iceland combined to set a standard in Aviation industry yet to be beaten,” the company stated in its profile.

  • Oil majors lead as equities rally N558b

    Oil majors lead as equities rally N558b

    Oil and gas stocks were the best-performing stocks at the Nigerian Stock Exchange (NSE) in December 2016 as last-month bargain-hunting and portfolio rebalancing saw Nigerian equities with a month-on-month net capital gain of N558 billion.

    With a loss of N1.34 trillion in November and most equities around their lowest prices, investors turned round to bargain-hunting in the last month of the year, setting off a sustained rally that helped to moderate the previous month’s loss and bring the full-year return to single-digit negative.

    Capital gains in the oil and gas sector were more than twice the average gain at the stock market during the period. The NSE Oil and Gas Index appreciated by 16.55 per cent in December as against the average return of 6.47 per cent recorded by the benchmark index, the All Share Index (ASI) of the NSE. The ASI, a value-based common index that tracks prices at the Exchange, rallied from its opening value of 25,241.63 points to close the month at 26,874.62 points. Aggregate market value of all quoted equities also rose from the month’s opening value of N8.689 trillion to close at N9.247 trillion, representing a month-on-month gain of N558 billion.

    Nearly all sectoral indices closed on the upside too, underlining the widespread buying sentiments that dominated trading during the month. The NSE Banking Index rose by 7.78 per cent. TheA NSE Industrial Goods Index appreciated by 5.22 per cent. The NSE Insurance Index returned 1.90 per cent during the month while the NSE 30 Index, which tracks the 30 most capitalised stocks, rose by 5.59 per cent. However, the NSE Consumer Goods Index declined by 1.14 per cent.

    Nigerian equities had lost a whooping N1.34 trillion in November as tough macroeconomic environment characterized by rising inflation, declining Gross Domestic Products (GDP) and improbable foreign exchange exacerbated major selloff of quoted shares.

    The loss of N1.34 trillion in November compounded the losing streak, with investor losing N701 billion in October. The benchmark index at the NSE had indicated average month-on-month decline of 13.49 per cent for November.

    Aggregate market value of all quoted equities closed November at N8.689 trillion as against the month’s opening value of N10.028 trillion. The ASI had dropped from the month’s opening index of 29,177.72 points to close November at 25,241.63 points.

    Notwithstanding the last-month rally in December, Nigerian equities ended 2016 with a net capital loss of N604 billion or average negative return of -6.17 per cent. The ASI closed 2016 at 26,874.62 points as against its opening index of 28,642.25 points for the year. Aggregate market value of all quoted equities also dropped from year’s opening value of N9.851 trillion to close at N9.247 trillion.

    Head, research and investment advisory, SCM Capital Markets, Mr. Sewa Wusu attributed the full-year decline in 2016 to the weak macroeconomic environment in 2016, which led to three consecutive declines in the Gross Domestic Products (GDP) and technically threw the country into recession.

    He noted that the global decline in crude oil price was a major deciding factor for the Nigerian economy during the year as the resultant foreign exchange shortage impacted negatively on the Naira and stirred unrests within the foreign portfolio investment circle.

    “Aside, the higher yields of the fixed income instruments, particularly treasury bills and Open Market Operation (OMO) auctions led to investment switch away from the stock market,” Wusu said.

  • Access Bank’s Herbert Wigwe is magazine’s Man of the Year

    Access Bank’s Herbert Wigwe is magazine’s Man of the Year

    The Top10 Magazine has named Herbert Wigwe, managing director, Access Bank Nigeria Plc as its Man of the Year 2016.

    The editorial board of the magazine stated that the selection of Wigwe as Man of the Year 2016 was in recognition of the sterling performance of the bank under Wigwe since he assumed the leadership of the bank, citing the bank’s local and international awards.

    The magazine stated that the official investiture of Wigwe will come up some time in February 2017 at an evening with Nigerian banking legends, an event that will bring together legends of Nigerian banking, their families, associates, chief executives and captains of industries among others. It stated that Wigwe’s official investiture will be the highlight of the event.

    The magazine has also released the list of its Top 10 living legends of Nigerian banking evolution. The list is contained in the latest edition of the magazine which is dedicated to the ten leading personalities that shaped the evolution of Nigerian banking.

    The list included Otumba Subomi Balogun, founder of FCMB group, Jim Ovia, chairman of Zenith bank, Tony Elumelu, chairman of UBA, Fola Adeola, co-founder of GTbank and Pascal Dozie, founder of Diamond bank. Others are Atedo Peterside, chairman of IBTC holdings, Chukwuma Soludo and Sanusi Lamido Sanusi, former CBN Governors, Aigboje Aig-Imoukhuede, former managing director of Access bank and Adesola Akinfemiwa, former managing director of Skye bank.

    “Our objective is to identify and celebrate the 10 leading personalities that shaped Nigerian banking evolution and our main criterion for selection is traceable and subsisting legacies of the personalities; those that were able to leave indelible legacies that outlived the various transformation stages of the Nigerian banking sector,” the magazine stated.

    According to the publication, going through the top 10 list, each of the personalities has his legacy very much alive in today’s banking industry in Nigeria in spite of the many transformation stages the industry went through.