Tag: Auctions

  • CBN auctions $185.86m in Retail SMIS

    CBN auctions $185.86m in Retail SMIS

    Following The Central Bank of Nigeria (CBN) yestrday auctioned $185.86 million at the retail Secondary Market Intervention Sales (SMIS).

    The excercise followed Tuesday’s assurances by the CBN Governor, Godwin Emefiele, that the apex bank will continue to intervene in the foreign exchange market.

    CBN’s Acting Director in charge of Corporate Communications, Isaac Okorafor, while confirming the sale, said that out of the auctioned amount, only $3.14 million was sold as spots, while the sum of $182.72 million was sold as forwards.

    Okorafor further explained that the overall picture of the inter-bank forex market was that of optimism, going by the level of access now being enjoyed by different categories of customers in both the wholesale and retail segments of the market.

    It will be recalled that  Emefiele, while assuring Nigerians of the imminent end of the current recession in 2017, at the end of his meeting with the leadership of the Senate on Tuesday, declared that the bank will continue its relentless intervention in the forex market.

    Emefiele hinged the optimism of the apex bank on the accretion to the country’s foreign reserve, which he said currently hovered above the $31 billion mark.

    According to him, “our reserves stand at above $31 billion and that provides us enough of firepower or ammunition to be able to defend the currency, and we will do so with all intensity to ensure that foreign exchange is procured by everybody”.

    He further reiterated the bank’s assurance to all shades of genuine customers that the CBN would provide them the needed foreign exchange to meet their legitimate needs, stressing that the new forex window opened by the apex bank last week aimed at encouraging foreign investors in the country’s forex market.

  • CBN auctions N150.6b in Treasury Bills

    CBN auctions N150.6b in Treasury Bills

    The Central Bank of Nigeria (CBN) raised N150.60 billion ($756.78 million) in Treasury Bills, with yields mixed compared with the previous sale last month, the apex bank said yesterday. The yield on the three-month bill was stable at 10.09 per cent, the same as at the April 22, auction. The CBN sold N45.17 billion in the three-month paper.

    A total of N23.43 billion was sold in the six months paper at 12.89 per cent, higher than the 12.80 percent yield at the last auction, while N82 billion worth of the one-year paper was sold at 13.39 per cent against 12.99 per cent last month.

    Investors – mostly domestic banks and pension funds – submitted bids worth a total of N329.97 billion against N669.66 billion at last month’s auction.

    Meanwhile, Stanbic IBTC Holdings to raise N24 billion in a rights issue once shareholders approve the transaction, the lender said. Stanbic IBTC, majority owned by South Africa’s Standard Bank , said it would seek approval at a general meeting on June 3.

    The bank’s first quarter pretax profit fell 46 per cent to N4.81 billion ($24 million) versus the same period last year. Stanbic did not give a reason for the decline in profit but said in a statement that revenue rose to N33.73 billion for the period to end-March from N30.22 billion a year ago.

  • DMO auctions N70b bond at lower yields

    DMO auctions N70b bond at lower yields

    The Debt Management Office (DMO) yesterday said it raised N70 billion bonds at lower yields across all tenors during an auction held the day before.

    The debt office said in a notice that total subscriptions stood at N184.72 billion, compared with N119.14 billion at the last auction.

    The office said it had sold N20 billion worth of the five-year bond at 14.44 per cent, down from 16.49 per cent at its previous sale on March 11.

    The 10-year paper was sold at 14.22 per cent against 16.84 per cent previously, raising a total of N25 billion, while N25 billion worth of the 20-year debt note was sold at a yield of 14.45 per cent compared with 16.99 per cent previously.

    The low yield at the auction was in tandem with prevailing yields at the secondary market, which have been falling after Nigeria held peaceful national elections.

  • Grillo: Auctions bane of younger artists

    Grillo: Auctions bane of younger artists

    Art auction is the dream of most visual artists because of fame and monetary gains. But 81-year-old former president of Society of Nigerian Artists (SNA) Prof Yusuf Grillo says auctions are more of a distraction than gains to younger artists, Assistant Editor (Arts) Ozolua Uhakheme reports

    Former Director School of Arts, Design and Printing of Yaba College of Technology, (YABATECH) Lagos Prof Yusuf Cameron Grillo, is one of Nigeria’s icons. His paintings are well ranked in art auctions in and outside the country. In 2010, his painting, Harvest, was sold for $30,500 at the Bonhams’ auction in London. Yet, he does not see auction adding  value to the art.

    “I have never been to any art auction even though some of my works have been sold at such auctions. Mind you, the works most times are offered for auction by collectors that bought the works. It has got to a stage that third year student artists are already thinking of getting their works into the auction in order to earn millions of naira. As a former art teacher, I don’t think that is okay,” he said.

    Grillo said verification of art works, how collectors purchased art works, valuing of art works, the artists’ profile, technicality involved in the production and size of art works are some of the responsibilities of the auctioneer. He noted that beyond these, auctioneers in the country don’t pay artists any percentage of sales of their works. This payment, he said, is a standard practice across the globe, which auctioneers in Nigeria don’t abide with.

    To him, auction derails younger artists and it has become all about money. “Money is the root of all evil. Personally, I believe strongly that art and money are not good brethren. Visual art is one of the creative aspects of mankind through which artists create from nothing. Only God is the one that makes all things to be. But artists are next,” he added. He said at the beginning of creation, art was used primarily for spiritual essence and not for serious monetary gains.

    Grillo who, studied art in Nigeria and the United Kingdom, is one of the leading masters in colour glass and mosaic works. He has handled many commissioned works for public and private buildings such as churches, universities and the Murtala Mohammed International Airport, Lagos.

    At 81, he still handles colour glass works, which he described as a specialised craft like stained glass. According to him, the process of producing colour glass works opened fresh windows of opportunities for him to engage both his old paintings and the colour glass works. “I paint slowly and sometimes it takes me up to a year to complete one painting. So, while doing colour glass work from my painting, it gave me another chance to revisit such painting,” he said.

    He said he accepts only commissioned colour glass works that can give him satisfaction from the point of view of the client that understands him. He however noted that such skill cannot be taught in Nigerian art schools because the schools will not be able to pick the cost.

    “In fact, it is not in the curriculum of art schools. We can’t teach colour glass and stained glass in our art schools because the budget is beyond the school. Even mosaic is not taught in art school. Many of these courses are taught outside the school during apprenticeship or internship.

    “For stained glass, it is a specialised craft that uses melting process to get impression on glass. Unfortunately, we don’t have the facility here. Even at Igun Street in Benin, Edo State, the bronze casters don’t have facility for large size sculptures,” he added.

    On past attempts at having such facility in the country, he said: “Soon after the FESTAC 77, the late Erhabor Emokpae and I dreamt of getting a big foundry to handle our works. We even founded a small company that will produce the craft. But it was not a small matter. We realised that only government or multinational companies could do that. If we can do it, we will attract patronage form across Africa. I did a stained glass once and it was done in Britain and the work is at the VIP lounge of National Theatre, Iganmu Lagos.”

    Asked if colour glass is under threat of   extinct, he said: “It is not like to die because younger artists are into it now. David Dale is also into colour glass and mosaic works. My sons in the art who do colour glass works are bout 6. And I always appraise their works each time they bring them to me for assessment. It is good as a learning process for the younger artists.

    The former President of Society of Nigerian Artists (SNA) recalled that time has changed for the art and artists to thrive as art markets and collectors have grown over the years. “When we started, there was nothing on ground in terms of promotion and marketing of art. The likes of the late Aina Onabolu, Akin Lasekan, Ben Enwonwu, were the first Nigerians to stray into art. At SNA, we started with nine members, he asked.”   Grillo, a pioneer member of the famous Zaria Rebels often avoids photographic realism in his painting. Instead, he stylizes and elongates the figures in his painting which are easily identified by their slimness, elegance and grace which, according to him, represent the contemporary ideal of beauty in an urban setting. His message for younger artists is that each artist should continue to work and criticise himself for development. “Once the artist does not relent, things will pick, it may be slow,” he said.