Tag: auction

  • Enwonwu reigns at London auction

    He had died 24 years ago at the age of 77 and prior to his death he was the first Professor of Fine Art at the University of Ife, which is now Obafemi Awolowo University. Aside this, 24 years down the line, one of Ben Enwonwu’s paintings of Ile-Ife princess,  Adetutu Ademiluyi, known as Tutu, has fetched in a London auction £1, 205,000, four times more than expected.

    In naira terms, it was sold for N508, 358, 301, an African record.

    The Nigerian masterpiece, which was found in a north London flat recently, was initially declared missing.

    The painting, ranked by arts collectors with Mona Lisa, was done by Nigeria’s renowned artist, the late Ben Enwonwu in 1974.

    Bonhams, the auction company, announced the record price for the paint, which measures 97 x 66.5cm and was signed by Enwonwu and dated 1974.

    The identity of the buyer of the Lot 47 has not been disclosed yet.

    Other Enwonwu’s paintings were also sold, but none fetched anything near Tutu.

    Paintings like ‘Itachafo Muo’, another of Enwonwu’s painting, was sold for £18,750. ‘A Tree Lined Village’ got £40,000, ‘Negritude’ £100,000 and ‘Female Form’, £110,000, among others.

    Other Nigerian artist whose work was also of great estimate during the auction was Yusuf Adebayo Cameron Grillo. His ‘Evangelists: Cymbal, Triangle and Tambourine’, done in 1964, was sold for £56,250.

    Describing Ben Enwonwu’s portraits of Tutu, Bonhams on his website said it has achieved a high level of celebrity because the paintings were some of the most enigmatic works produced by a Nigerian artist in the 20th century.

    “The violence of the Nigerian/Biafran conflict (1967-1970) was still fresh in the public consciousness, and academic institutions were tasked with promoting a spirit of national reconciliation. Enwonwu embraced this duty, using Negritude ideology and imagery to explore issues of cultural identity and political contestation that the Nigerian civil war had laid bare. The artist created a number of his most famous works during this period, including three portraits – all titled Tutu – of a young Yoruba woman named Adetutu Ademiluyi, a granddaughter of a previous Ooni (king) of Ife.

    “Enwonwu frequently made trips to the countryside surrounding Ife, sketching the landscape and recording cultural traditions and practices. It was during one of these visits that he encountered Tutu. He was so impressed by her beauty and unusual features that he asked her parents for permission to paint her. Enwonwu may have also been motivated by her status as a royal princess of Ife – he was also of royal lineage, descended from the Umuezearoli of Onitsha. In addition, winning the approval of the Ife royal house would offer the artist protection from any problems arising from his Igbo ethnicity, a contentious issue in post-war Nigeria.”

    Okri said Enwonwu was already world-renowned as the greatest living African artist when, in the summer of 1973, three years after the end of the Nigerian civil war, he encountered the princess and was entranced, asking to paint her portrait.

    Enwonwu was a student at Goldsmiths, Ruskin College, Oxford, and the Slade in England in the 1940s. He became more widely known when he was commissioned to create a bronze sculpture of the Queen during her visit to Nigeria in 1956, a work that now stands at the entrance of the parliament buildings in Lagos.

    However, Tutu is regarded as his greatest masterpiece – the image was on display at his funeral in 1994. The whereabouts of the other Tutu paintings remains a mystery. “His works were like his children,” his son says.

    Prints were made of the 1973 Tutu, which now adorn the walls of living rooms across Nigeria, and Enwonwu subsequently painted two more that were sold in an effort to avoid parting with the first. The second version, painted in 1974, was the one discovered in London.

    But in 1994, as Enwonwu was dealing with cancer, his house was burgled and the 1973 Tutu was stolen. “He was devastated. It accelerated his death,” says Oliver.

    Ben Okri, a Nigerian novelist writing in the forthcoming Bonhams magazine, said he hoped Tutu’s rediscovery would help bring about a wider re-evaluation of African art.

    “Traditional African sculpture played a seminal role in the stage in the early years of the 20th century, but modern African artists are entirely absent from the story of art,” he said.

  • CBN raises N162b via Treasury Bills auction

    CBN raises N162b via Treasury Bills auction

    The Central Bank of Nigeria (CBN) has raised N161.54 billion ($513.64 million) through Treasury Bills (T-Bills). The apex bank received subscriptions for more than twice the amount on offer, traders said yesterday.

    The CBN sold N115.85 billion of one-year debt at a rate of 14.30 per cent. It auctioned N11.77 billion and N33.93 billion respectively in three- and six-month maturities at 12.54 per cent and 13.92 per cent. Total subscription stood at N388.50 billion.

    The Federal Government had last month, repaid N198 billion worth of T-Bills using part proceeds of a $3 billion Eurobond issue, instead of rolling over the debt to lower its borrowing costs. It plans to repay more bills this year.

    Investors bid as high as 18.6 per cent for the one-year paper. However, the government has been offering debt at lower yields to track declining inflation, which fell for the 10th month in November to 15.90 per cent.

    The T-bills’ maturities range between three months and a year. T-bills are marketable short-term money market securities that serve the purpose of raising money for the government and also help in monetary policy management of the CBN.

    The CBN issues T-Bills to raise cash to fund the government budget deficit help manage banking system liquidity and curb rising inflation.

    The main investors in government securities are mainly pension funds and commercial banks which control more than 60 per cent of the market, followed by insurance funds and a few micro-finance institutions.

    Yields on fixed income securities have been declining in recent months with the CBN mopping up naira liquidity as it tries to lure back foreign investors who sold naira assets following the plunge in the price of oil.

  • CBN plans N130.37b treasury bills auction

    CBN plans N130.37b treasury bills auction

    The Central Bank of Nigeria (CBN) will sell N130.37 billion worth of treasury bills at an auction planned for October 4.

    The bank will offer N28.69 billion in three-month paper, N33.49 billion in six-month bill and N68.18 billion in one-year note. Results of the auction will be announced on the same day.

    The central bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.

    The T-bills’ maturities range between three months and a year and would be raised today, according to the CBN. T-bills are marketable short-term money market securities that serve the purpose of raising money for the government and also help in monetary policy management of the CBN.

    The CBN issues treasury bills to raise cash to fund the government budget deficit, help manage banking system liquidity and curb rising inflation.

    The CBN had on August 3, raised N245.18 billion ($773.44 million) worth of T-bills to settle short-term obligations. The CBN issued N45.18 billion in three-month debt, N80 billion of six-month paper and N120 billion, of one year bills in a Dutch auction, traders said. Indicative rates for the auction are 16 per cent for three-months, 18 per cent for six-months and 18.5 per cent for one-year bills. The auction’s results will be published the day after the sale.

    The main investors in government securities are mainly pension funds and commercial banks which control more than 60 per cent of the market, followed by insurance funds and a few micro-finance institutions.

    Yields on fixed income securities have been rising in recent months with the CBN mopping up naira liquidity to try to lure back foreign investors who sold naira assets following the plunge in the price of oil, Nigeria’s economic mainstay

  • DMO raises N106b through FGN Bond Auction

    DMO raises N106b through FGN Bond Auction

    The Debt Management Office (DMO) has raised N106 billion through the Federal Government of Nigeria (FGN) Bonds. The funds raised will     support the implementation of the Federal Government’s N7.44 trillion 2017 budget, which has an allocation of N2.36 trillion to capital expenditure.

    The     funds were raised after the DMO, in line with its mandate, conducted an     Auction of FGN Bonds   to provide funds for the implementation of  the budget.

    The bonds, the DMO said, were offered in three tenors    of 5, 10 and 20 years to meet the needs of various investors. The total subscription was  N129 billion, representing 96 per cent of the amount   offered.   The   10   and   20-year   Bonds   were   oversubscribed,   showing    investors preference for long-dated Bonds.

    Based on the bids received at the Auction, the DMO allotted a total of N106  billion and the rates were 16.24 per cent for the 5-year, 16.25 per cent for    the 10-year and 16.2514 per cent for the 20-year Bond.

    The 2017 budget is an integral part of the Economic Recovery and Growth Plan  (ERGP).  While  there’s   noticeable  alignment  between  the   Federal Government budget and the ERGP, full implementation of capital projects   in the budget is critical to achieving the desired development and recovery.

    Analysts   said   the   budget   is   a   catalyst   for   economic   recovery   and   is   expected to help stimulate the economy, build infrastructure, deliver growth    and will be implemented based on resources from government revenue    and borrowing.

    The highlight of the budget also showed that the Ministry of Power, Works    & Housing got the highest vote of N586.54 billion. The Transport Ministry    got N256.52 billion and Education and Health ministries were allocated  N455.41 billion and N308.46 billion respectively.

    Allocations   to   Power,   Works   &   Housing   and   Transport   show   serious    intention to develop infrastructure and the proceeds from the DMO-issued bonds is expected to help in achieving this objective.

  • CBN to raise N177b via Treasury bills auction

    CBN to raise N177b via Treasury bills auction

    The Central Bank of Nigeria (CBN) is planning to raise N177 billion ($562 million) of short-dated treasury bills at an auction on July 5, the regulator said yesterday.

    The bank said in a public notice it planned to sell N35 billion of three-month debt, N22 billion of six-month bills and N120 billion of one-year notes at the auction, using a Dutch auction system.

    The CBN issues treasury bills twice a month to finance the budget deficit, help manage commercial lenders’ liquidity and curb rising inflation.

    The West African country expects its budget deficit to widen to N2.36 trillion this year as it tries to spend its way out of a recession, with more than half the deficit to be funded through local borrowing.

    The apex bank has in the last two months, issued short-dated treasury bills to mop-up what it perceived as excess liquidity and curb speculation on the local currency.

    Nigeria expects to face a budget deficit of about N2.21 trillion for the year as it tries to wriggle its way out of recession. It expects to raise money to cover more than half the deficit through domestic borrowing.

    The bills’ maturities range between three months and a year and would be raised today, according to the CBN. They are marketable short-term money market securities that serve the purpose of raising money for the government and also help in monetary policy management of the CBN.

    The CBN issues treasury bills to raise cash to fund the government budget deficit, helps manage banking system liquidity and curbs rising inflation.

    The CBN on August 3 last year, raised N245.18 billion ($773.44 million) worth of T-bills to settle short-term obligations. It also issued N45.18 billion in three-month debt, N80 billion of six-month paper and N120 billion of one year bills in a Dutch auction, Treasury Bills traders said.

  • Arthouse holds auction May 22

    Arthouse Contemporary will hold the eighteenth edition of its auction of Modern and Contemporary Art on Monday, May 22, at the Kia Showroom on AdeolaOdeku Street, Lagos. The auction which will be led by auctioneer John Dabney will feature works by renowned artists such as Ben Enwonwu, ErhaborEmokpae, Ben Osawe, Bruce Onobrakpeya, Abayomi Barber, David Dale, Twins Seven Seven, David Dale and AkinolaLasekan.
    Others include El Anatsui, PejuAlatise, Victor Ehikhamenor, Ben Osaghae, Sokari Douglas Camp CBE, KainebiOsahenye and Gerald Chukwuma. International artists that will feature in the auction include SolyCisse, Tchif, Dominique Zimkpe, Nana Nyan Acquah, Kofi Agorsor and Ablade Glover.
    Arthouse Contemporary is an international auction house that specialises in modern and contemporary art from West Africa.
    With auctions held twice a year in Lagos, Arthouse Contemporary aims to create awareness of the scope of contemporary art in the region, encourage international recognition towards its talented artists, and strengthen the economy of its art market. As contemporary African art moves to become one of the fastest growing global art markets, this edition of the auction will feature both master works from the modern period and cutting-edge contemporary art from the region’s most celebrated artists.
    The auction will include four charity lots from AbiolaIdowu, Raoul da Silva, MurainaOlayemi, and Stella YowvrUbigho, in support of Arthouse Foundation, the nonprofit artist residency programme based in Lagos, Nigeria.
    The Arthouse Foundation provides a platform for artists to expand their practice and experiment with new art forms and ideas, offering live/work residencies throughout the year in three-month residencies. Arthouse Contemporary is proudly sponsored by Kia Motors, VeuveClicquot and Shiro.

  • Nigeria to auction N142b Treasury bills

    Nigeria to auction N142b Treasury bills

    • Eyes 7% GDP growth

    Nigeria plans to raise about N142.43 billion  ($453.60 million) in short-dated Treasury bills at an auction on Feb. 15, the Central Bank of Nigeria (CBN) said in a statement yesterday.

    The bank said it would raise N32.43 billion in three-month debt, N30 billion in six-month bills and N80 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

    The country is targeting economic growth of at least seven per cent by 2020, the Ministry of Budget and National Planning said yesterday, as the government seeks to lift the country out of its first recession in 25 years.

    The target for gross domestic product (GDP) growth is part of a medium-term economic recovery plan, it said in a statement.

    “Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth,” Minister of Budget and National Planning Udoma Udo Udoma said in the statement.

    The country issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

    Last week, Nigeria raised a total of N302.4 billion naira in Treasury bills, more than the N242 billion planned due to strong demand for the one-year debt. The CBN at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

  • Govt begins process to auction 5.4 GHz spectrum

    The Minister of Communications, Adebayo Shittu, has said that the processes have begun for the licensing of broadband services on the 5.4 gigahertz (GHz) spectrum band and allocation of 70/80 GHz band (E-Band).

    He said the Nigerian Communications Commission (NCC) has licensed six slots of the 2.6 megahertz (MHz) spectrum for the deployment of 4G-LTE services in its efforts to deepen broadband penetration across the country.

    Though, broadband penetration in Nigeria has reached 20.95 per cent, while the percentage of internet penetration has reached a milestone 47.44 per cent, which makes Nigeria second in ranking on the African continent, he said, there is the need to increase the $38 billion Foreign Direct Investment (FDI) of the sector to the gross domestic product (GDP).

    Speaking on: ICT As a Focal Point for Economic Diversification, during the formal opening ceremony of the National Council on Communications Technology, at the Arewa House, Kaduna on Friday, the minister said the ICT sector could be re-engineered to grow its contribution to the economy and facilitate the country’s early exit from economic recession.

    According to him, ICT innovation and entrepreneurship and the broadening of investment opportunities are vital avenues for increasing generated revenue in any economy, Nigeria not an exception.

    While admitting that ICT has become a fulcrum of the nation’s economy, the minister said the “challenge is how to harness and leverage the opportunities thrown up by the new economy powered by ICT to address the issues of revenue, investments and cost savings.

    “Many developed countries around the world, do not rely on the export of any raw materials, but on the development and export of ICT,” Shittu said, adding that Singapore, India and Thailand are examples of developing countries that have leveraged on ICT to make a difference in their economies.

    He said he had facilitated the draft of a Sector Strategic Plan for 2016-2020, to chart a short term framework for the sector while the ministry will ensure that the ICT in Government Initiatives is sustained.

    He said: “Through Galaxy Backbone, Government has provided internet access to about 400 MDAs, over 11,000 nodes of wireless LAN (local area network) to all MDAs at the Federal Secretariat, over 40,000 email addresses for government officials under the gov.ng &mil.ng domains. This has ensured that government data is hosted locally on a secured website with data back-up to MDAs and 200 servers hosting 94 MDAs.”

    In the area of spectrum management, he said the Ministry of Communications has issued and renewed a total of 668 licenses from November 2015 to September 2016, generating about N500 million as government revenue.

     

  • Firm unveils first online auction platform

    One Naira Integrated Resources Ltd, owners of i-naira.com brand, has launched the first online auctioning platform in Nigeria.

    The firm is a wholly owned Nigerian company with speciality in consumer sales promotion. It was established to deliver  value bargains to under-served consumers across the country. Speaking on the innovative platform, Hillary Nwaukor, CEO, i-naira.com, said it was founded to fill a yawning gap in the market, which is delivery of value bargains to consumers.

    He noted that the company through its auctioning platform will act as a middle man between merchants/vendors and consumers seeking for value bargains online. “Our goal is to help companies reach a broader consumer base across the country beyond their traditional audience and channels.

    “Our robust self-aware intelligent platform, i-naira.com, offers bargain merchandise in categories that include fashion, electronics, household items, automobiles and real estate, using promotions and auctioning as tools,” Nwaukor said.

    He pointed out that in auctioning, prices can start at zero but an auction will only close at a price within the agreeable terms between i-naira.com and the vendor that provided the item for sale. He emphasised that “some auctions are absolute while others are reserved”. Effectively, what this means is that an absolute auction can start and close at any amount and the last bidder wins the item but a reserved bid can start at any amount but must close at a reserved price acceptable by the vendor or at an amount higher before a winner can emerge.

    All deals on i-naira.com starts at N5000 only. Hillary Nwaukor disclosed that  i-naira.com have also been recognised and encouraged by the Federal Government of Nigeria through the recent invitation to share its innovation story with start-up companies and investors at a forum organised in Abuja in July by the Office for ICT Innovation & Entrepreneurship (OIIE) under the auspices of the National Information Technology Development Agency (NITDA). The company also signed a major deal that gives i-naira.com the exclusive rights to auction Austin Jay-Jay Okocha’s memorabilia for his foundation, the Jay-Jay Okocha Foundation the same month.

    When asked on abuse of the system by those who may bid for items and refuse to pay for them, he highlighted that there are measures in place to mitigate against such occurrence.  For instance, to use the platform, there is  one-time registration fee of N2, 000. This deters unserious customers from using the platform. Secondly, when a bid is won and bidder refuses to pay, the account is suspended until a mandatory 15per cent penalty calculated from the final bid on the item is paid.

    After unveiling its pre-launch campaign in February, i-naira.com has successfully collated over 300,000 re-marketable data from Nigerians interested in wares auctioned and has recorded  an average monthly hit of three million visitors to its website. The company’s micro-blogging handle is also verified by Twitter.

    A member of Certified Institute of Auctioneers, Nigeria (CIAN), i-naira.com is adjudged the first technologically driven auction platform in Nigeria by the Certified Institute of Auctioneers, Nigeria.

  • 2.6GHz auction: Reps to investigate NCC

    2.6GHz auction: Reps to investigate NCC

    The proposed auctioning of 2.6 gigahertz (GHz) spectrum by the Nigeria Communications Commission (NCC) is to be investigated by the House of Representatives.

    The lawmakers opined that the sale of the spectrum would lead to a huge job loss in the telecommunications sector.

    In a motion, Diri Douye (PDP, Bayelsa) said the telecommunication sector regulatory body erred by considering the bid of a mobile telecommunications service provider, MTN Nigeria for the sale of the spectrum.

    He said the consideration of MTN’s bid by NCC negates fair play as the fundamental right of other sector players has been disregarded, pointing out that the possible negative effect of such sale on other sector investors was also not taken into consideration.

    He alleged that the regulator failed to take cognisance of current spectrum operators and their interest, it will result in the loss of billions of naira to investors.

    The lawmaker argued further that  the NCC may not have considered the long term effect of job loss, adding that employment generation and protection of business is a key component of the legislative agenda of the 8th Assembly.

    “It will also jeopardise the interest of banks and result in the loss of thousands of jobs,” he warned.

    While he noted that the auctioning may be necessary to meet with the digital migration compliance, Duoye said there was also need to build confidence in all the  stakeholders.

    Committee on Telecommunications was mandated to investigate and resolve all pending issues connected with proposed spectrum auction.