Accommodation details:
A 5 bedroom detached house (guest room d/stairs en-suite)

All rooms upstairs are en-suite
A 4 bedroom boys quarter
A security post by the gate.

A measured area of approximately 1860 sq.m 



Guinness, Redstar others lift NSE’s indices by N71b

By Helen Oji

Guinness Nigeria topped the gainers chart with 10.24 per cent to close at N87.39 per share, while Redstar Express followed with 9.82 per cent to close at N4.81 per share. Air Service gained 4.93 per cent to close at N5.96 per share.

Following price gains recorded by most blue chip companies, during transactions on the trading floor, the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, as market capitalisation appreciated by N71billion.

Yesterday, Guinness Nigeria topped the gainers chart with 10.24 per cent to close at N87.39 per share, while Redstar Express followed with 9.82 per cent to close at N4.81 per share. Air Service gained 4.93 per cent to close at N5.96 per share.

AG Leventis gained 4.62 per cent to close at N0.68 per share. Diamond Bank added 4.42 per cent to close at N1.18 per share. Cutix garnered 4.00 per cent to close at N2.60 per share. Seplat gained 3.44 per cent to close at N482.00 per share.

Zenith Bank added 2.86 per cent to close at N23.76 per share. Caverton garnered 2.68 per cent to close at N1.15 per share. Honeywell Flour Mills also gained 1.99 per cent to close at N2.05 per share.

However, PZ Cussons emerged the day’s highest price loser with 4.98 per cent to close at N25.94 per share, while Morison followed with 4.88 per cent to close at N0.78 per share.

Linkage Assurance lost 4.48 per cent to close at N0.64 per share, First Aluminum depreciated by 3.57 per cent to close at N0.54 per share, and AIICO dropped 3.51 per cent to close at N0.55 per share.

Nigerian Aviation Handling Company shed 2.90 per cent to close at N3.01 per share, Sterling Bank dropped 2.93 per cent to close at N1.03 per share, and Custodian and Allied Insurance lost 2.78 per cent to close at N3.50 per share.

WAPCO shed 2.90 per cent to close at N52.80 per share, while TransNational Corporation also depreciated by 2.26 per cent to close at N1.30 per share.

Consequently, the market capitalisation of listed equities rose by N71billion or 0.6 per cent from N12.202 trillion recorded on Tuesday to N12.273 trillion.

Also, the All-share index appreciated by 205.15 points and rose from 35,403.92 to 35,609.07. The banking subsector remains the most active in volume terms with 180 million shares traded in 1,213 deals.

Trading in the sector was driven by activities in the shares of Guaranty Trust Bank with 68 million units in 233 deals, followed by Access Bank with 56 million shares in 244 deals. In all, investors exchanged 281 million shares in 4,065 deals.

Unilever Nigeria Applies to Raise N58.9bn Via Rights Issue

Unilever Nigeria Plc has formally applied to the Nigerian Stock Exchange (NSE) to raise about N58.851billion fresh capital through Rights Issue. In the application made through its stockbrokers, Stanbic IBTC Stockbrokers Limited, Unilever will be issuing 1,961,709,167 ordinary shares of 50 kobo each at N30.00 per share to shareholders on the basis of 14 new shares for every ordinary shares held.

If successfully raised, it will amount to N58.85 billion, which is lower than the N63 billion approved by the shareholders at the last annual general meeting (AGM) in Lagos.

The directors had proposed to shareholders at the AGM to approved that the authorised share capital of the company be increased to N5 billion (from N3.03 billion) by the creation of additional 3.95 billion new ordinary shares of 50 kobo and to raise up to N63 billion by way of Rights Issue, subject to obtaining regulatory approval.

The funds would be used to finance short term bank borrowings and enhance its operations among other reasons. Unilever Nigeria had increased its revenue by 17.8 per cent from N59 billion recorded in 2015 to N69 billion while Profit After Tax (PAT) jumped by 157 per cent from N1.19 billion in 2015 to N3.07 billion in 2016.

Addressing shareholders at the 92nd AGM, the Chairman of Unilever Nigeria, His Majesty Nnaemeka Achebe, theObi of Onitsha said that the company has once again demonstrated business resilience under very difficult circumstances. He asserted that the company’s performance showed its commitment to grant shareholders returns on their investments

“The company’s performance for the year ended 31 December 2016 showed sustained growth and resilience even under depressed economic conditions. Although Unilever Nigeria has not been insulated from the tough economic environment, we have remained focused on our short and long term growth ambitions with strong emphasis on operational intensity, cost efficiencies, growing market share across key categories as well as reinvesting behind our iconic brands,” he said.

He noted that even in this period of economic downturn, Unilever Nigeria is dogged about ensuring sustained and steady growth in the company’s operations to achieve improved returns on investments.

List of Dividends announced so far in 2017 (Updated July 24, 2017)

List of Dividends announced so far in 2017 (Updated July 24, 2017)
DPS Date Announced Bonus Closure of Register AGM Date Payment Date
Company DPS Date Announced Bonus Closure of Register AGM Date Payment Date
Stanbic IBTC Holdings Plc (2015 financial year) 5 Kobo January 3rd 2017 Nil 3rd January 2017 7th March 2017 9th March 2017
Neimeth Int’l Pharmaceuticals Plc Nil January 3rd 2017 1 for 10 31st January 2017 7th February 2017 N/A
Vitafoam Plc 12 Kobo January 3rd 2017 Nil 13th – 17thFebruary 2017 2nd March 2017 9th March 2017
Greif Nigeria Plc 60 Kobo January 31 2017 Nil 22nd – 24th March 2017 21st April 2017 5th May 2017
United Capital 50 kobo February 17 2017 Nil 3rd – 6th March 2017 17th March 2017 22nd March 2017
Nigerian Breweries 258 kobo February 20 2017 Nil 9th – 15th March 2017 3rd May 2017 4th May 2017
Transcorp Hotels Plc 40 kobo February 21 2017 Nil 8th March 2017 15th March 2017 16th March 2017
Africa Prudential 30 kobo February 23 2017 Nil 6th- 10th March 2016 28th March 2017 28th March 2017
Zenith Bank 177 Kobo Februar 27 2017 Nil 13th March 2017 22nd March 2017 23rd March 2017
Dangote Cement 850 kobo February 28 2017 Nil 15th – 19th May 2017 24th May 2017 26th May 2017
Nestle Nigeria 1000 kobo March 02 2017 Nil 8th – 12th May 2017 23rd May 2017 24th May 2017
Access Bank 40 kobo March 06 2017 Nil 14th March 2017 29th March 2017 29th March 2017
Guranty Trust Bank 175 kobo March 09 2017 Nil 29th March 2017 7th April 2017 7th April 2017?
Total Nigeria Plc 700 kobo March 17 2017 Nil 17th – 21st April 2017 9th June 2017 12th June 2017
Lafarge Africa Plc 105 kobo March 23 2017 Nil 23rd – 29th May 2017 ?7th June 2017 ?7th June 2017?
Custodian and Allied Plc 18 kobo March 27 2017 Nil 18th – 21st April 2017 3rd May 2017 3rd May 2017
MRS Oil Nigeria Plc 173 Kobo March 27 2017 Nil 26th – 30th June 2017 25th July 2017 26th July 2017
United Bank for Africa Plc 55 Kobo March 27 2017 Nil 3rd April 2017 7th April 2017 10th April 2017
GlaxoSmithKline Consumer Nig. Plc 30 Kobo March 29 2017 Nil 13th – 19th April 2017 28th April 2017 2nd May 2017
Unilever Nigeria Plc 10 Kobo March 29 2017 Nil 17th – 21st April 2017 11th May 2017 12th May 2017
FCMB Group Plc 10 Kobo March 29 2017 Nil 13th – 19th April 2017 28th April 2017 2nd May 2017
Dangote Sugar Refinery Plc 60 kobo April 6 2017 Nil 10th – 12th April 2017 27th April 2017 28th April 2017 – E-Dividend 2nd May 2017 – Dividend warrant
Stanbic IBTC Holdings Plc 5 kobo April 6 2017 Nil 4th April 2017 To be Adv?ised To be Advised
Pharma-Deko Plc 5 kobo April 6 2017 Nil 18th April 2017 4th May 2017 5th May 2017
UACN Plc 100 kobo April 6 2017 Nil 16TH – 19th May 2017 14th June 2017 15th June 2017
AIICO Insurance Plc 2 Kobo April 6 2017 Nil 8TH – 11th May 2017 18th May 2017 19th May 2017
Chemical and Allied Products Plc 220 Kobo April 6 2017 Nil 30th May – 5thJune 2017 13th June 2016 13th June 2017
Trans-Nationwide Express Plc 5 Kobo April 6 2017 Nil 3rd – 7th July 2017 13th July 2017 14th July 2017
AXA Mansard Insurance Plc 5 Kobo April 6 2017 Nil 3rd May 2017 19th May 2017 19th May 2017
Mobil Oil Nigeria Plc 800 kobo April 6 2017 Nil 28th April – 1stMay 2017 24th May 2017 31st May 2017
Beta Glass Plc 98 Kobo April 6 2017 Nil 12th  – 16th June 2017 To be Advised 30th June 2017
Infinity Trust Mortgage Bank Plc 3 Kobo April 6 2017 Nil 28th April 2017 8th May 2017 10th May 2017
NASCON Allied Industries Plc 70 Kobo April 6 2017 Nil 20th – 21st April 2017 4th May 2017 8th May 2017
B.O.C. Gases Plc 5 Kobo April 6 2017 Nil To be Advised To be Advised To be Advised
Learn Africa Plc 10 Kobo April 6 2017 Nil To be Advised To be Advised To be Advised
NEM Insurance Plc 8 Kobo April 6 2017 Nil To be Advised To be Advised To be Advised
Nigerian Aviation Handling Company Plc 22 Kobo April 6 2017 Nil 22nd – 26th May 2017 13th July 2017 13th July 2017
May and Baker 6 Kobo April 8 2017 Nil    24th – 28thApril 2017  1st June 2017 5th June 2017
Med-View Airline 3 Kobo April 7 2017 Nil 2nd – 5th May 2017 May 17th 2017 May 17th 2017
Fidelity Bank 14 Kobo April 10 2017 Nil 18th – 21st April 2017 May 4th 2017 May 4th 2017
Okomu oil 150 Kobo April 10 2017 Nil 16th – 19th May, 2017 23rd JUNE ,2017 27th JUNE ,2017
Regency Alliance 3 Kobo April 21 2017 Nil 24th – 28th April, 2017 25th May, 2017 26th May 2017
Presco Plc 150 Kobo April 21 2017 Nil To be Advised To be Advised To be Advised
Consolidated Hallmark Insurance Plc 2 kobo April 22 2017 Nil 2nd – 5th May 2017 11th May 2017 11th May 2017
Nestle Nigeria Plc 1000 Kobo April 22 2017 Nil 8th – 12th May 2017 23rd May 2017 24th May 2017
Aluminium Extrusion Industries Plc 8.5 Kobo April 28 2017 Nil 26th – 30th June 2017 4th August 2017 7th August 2017
Berger Paints Plc 50 Kobo April 28 2017 Nil 28th April 2017 18th May 2017 23rd May 2017
AIICO Insurance Plc 2 Kobo April 28 2017 Nil 8th May 2017 19TH May 2017 19TH May 2017
FBN Holdings Plc 20 Kobo April 28 2017 Nil 8TH – 12TH May 2017 19TH May 2017 22ND May 2017?
NPF Microfinance Bank 15 Kobo May 2 2017 Nil 12th  – 16th June 2017 7th July 2017 6th July 2017
Newrest ASL Nig 17.7 Kobo May 3 2017 Nil 12th  – 16th June 2017 June 28th 2017 June 29th 2017
UAC of Nigeria Plc 100 Kobo May 4 2017 Nil 16th – 19th May 2017 14th June 2017 15th June 2017
Chemical and Allied Products Plc 220 Kobo May 4 2017 Nil 30th May – 5th June 2017 13th June 2017 13th June 2017
Continental Reinsurance Plc 14 Kobo May 4 2017 Nil 19th – 23rd June 2017 29th June 2017 30th June 2017
Ashaka Cement 15 Kobo May 22 2017 Nil 17th – 18th April 2017 18th May 2017 18th May 2017
Smart Products Nigeria Plc 22.5 Kobo May 22 2017 Nil 28th – 13th July 2017 27th July 2017 12th August 2017?
Lasaco Assurance Plc 3 Kobo June 6 2017 Nil 19th – 23rd June 2017 5th July 2017 14th July 2017
Eterna Plc 30 Kobo June 6 2017 Nil 6th – 8th June 2017 5th July 2017 6th July 2017
The Initiates Plc 3 Kobo June 12 2017 Nil 19th – 23rd June 2017 30th June 2017 3rd July 2017
Vetiva Griffin 30 ETF 15 Kobo June 12 2017 Nil 14th june 2017 N/A 16th June 2017
Fidson Healthcare Plc 5 Kobo June 12 2017 Nil 26th – 30th June 2017 20th July 2017 21st July 2017
eTransanct 10 Kobo June 15 2017 Nil 26th – 30th June 2017 27th July 2017 3rd August 2017
Conoil 310 Kobo June 28 2017 Nil 10th – 14th July 2017 11th August 2017 21st August 2017
UPDC Real Estate Investment Trust 24 Kobo July 7th 2017 Nil 5th – 6th July 2017 20th July 2017 20th July 2017
Redstar Express 40 Kobo July 7th 2017 Nil 2ND – 4TH August 2017 31ST August 2017 7TH September 2017
University Press 10 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Honeywell Flour Mills 6 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Tripple Gee and Company 3 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Flour Mills Nigeria 100 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Stanbic IBTC ETF 30 143 Kobo July 14th 2017 Nil 24th July 2017 N/A 7th August 2017
Stanbic IBTC Pension ETF 40 143 Kobo July 14th 2017 Nil 24th July 2017 N/A 7th August 2017
Rak Unity Petroleum Plc 10 kobo July 24th 2017 Nil 31st July – 4th August 2017 ?23rd August 2017 ?28th August 2017
Redstar Express Plc 40 kobo July 24th 2017 Nil ?2nd – 4th August 2017 ?31st August 2017 ?7th September 2017
SKYE SHELTER FUND 700 kobo July 24th 2017 Nil 15th Sept 2017 N/A 29th Sept 2017

UBA Lifts Foreign Transaction Limit

You Can Now Use Your UBA Naira Debit Card to Shop Internationally
Good news guys, it’s like things are getting better in the banking sector following the Naira’s gradual improvement over the dollar. Some of th

e banks are now lifting the limitations placed on our Naira master card. You don’t need to stress yourself anymore to get dollar master card or a virtual credit card because your naira master card can now be used to shop on foreign websites.

Ecobank was the first to lift the limitation from $300 to $3000 per month and Guaranty Trust Bank (GTB) also followed suite by reviewed the international spend limitation, upwards from $100 to $1000 per month.

Just has GTBank pulled off, the United Bank for Africa (UBA) has lifted the limitation on their Naira debit card from $100 to $1000 per month.

If you happen to be a UBA customer, you can now use your Naira debit card and prepaid card to shop internationally to up to $1000 in a month. Also, you can withdraw with your naira ATM card in any part of the world but with a limit of $100 per day.

Unfortunately, this new limitation by UBA is only for a short period of time as it will only last from now till the 31st of August 2017. For those who might want to use their UBA card for online payments, note that the current exchange rate is around N385/$. 

Bank Charges & Recent Regulatory Guidelines

Allegations of arbitrary, unauthorised and unfair trade practices in the financial services industry continue to be a matter of much contention and acrimony. Also rife are reports of the imposition of charges that are not transparent and communicated in advance to customers. These incidents and the hedged perception of the formal financial services industry have increased the number of people who avoid this industry wherever possible.

To bring some clarity regarding the applicable banking terms, increase transparency and competition, and align the financial services charges with the current economic realities, the Central Bank of Nigeria (“CBN”) in furtherance of its powers under the CBN Act (as amended) and the Banks and Other Financial Institutions Act (as amended) (“BOFIA”), recently on 21 April 2017, published a Circular which serves to guide all Banks and Other Financial Institutions (“BOFI”) on the permissible parameters for imposing charges for the Services that these Institutions render to their customers.

Licenced BOFI that the above Circular applies to include Banks, Micro-finance Banks, Primary Mortgage Institutions, Finance Companies, Mobile Phone Operators, etc.

2017 CBN Guide on Financial Charges
The effective take-off date of the 2017 CBN Guide on Financial Charges is 1st May 2017. The 2017 CBN Guide on the charges approved for financial services rendered is however not exhaustive as all new products and services not covered in the Guide, require the prior written approval of the CBN, before such new charges are introduced and implemented.

Interest rates on deposits – Current Accounts, Term Deposits, Domiciliary Accounts, and Collateral Deposits – and lending rates are now mostly negotiable between the BOFI and their Customers. For Savings Accounts balances, the minimum CBN approved interest rate is 30 M.P.R (Monetary Policy Rate) per annum subject to the Customer not making more than four (4) withdrawals in each month.

For foreign exchange (“Forex”) transaction commissions and charges, regular CBN communication on the applicable rates or charges are to apply. Domiciliary Accounts withdrawals now attract a charge of 0.05% of the transaction value or $10 or whichever of the latter two is lower.

Financial Institutions are also now mandatorily required to notify their Customers, at least ten (10) working days in advance, of any changes to any pre-agreed or existing interest rate and charges. This requirement compliments the existing BOFI display of their daily interest and foreign exchange rates, at all their offices and branches.

Current Account Maintenance Fees (“CAMF”) now only apply to Customers induced debit transactions on current accounts. CAMF does not apply to Savings Account transactions. CAMF are negotiable subject to a maximum of N1 per mille.

Monthly Statements of Account are also now required to be delivered to all Customers of Financial Services, at no charge. Where a Customer however makes a special request for a bank statement, outside of the free mandatory monthly statement, the charge shall not exceed N20 (Twenty Naira) for each page of such Statement of Account.

Monthly Card Maintenance Fee for Naira Denominated Cards is N50 (Fifty Naira). N65 is charged for all ATM withdraws from third party ATMs that are not managed by the Customer’s financial institution.

CBN Consumer Protection Protocol
The CBN has a Consumer Complaints Department where complaints against licenced Financial Institutions, regulated by the CBN, can be lodged. The first line to lodging a formal written complaint against any Financial Institution is with the Financial Institution itself. Most Financial Institutions are required to have a Help Desk for the speedy resolution of all Customers’ complaints.

Where a Customer’s Complaint’s is not resolved after two (2) weeks of the lodgment of such a complaint with the Financial Institution concerned, the Customer can escalate the complaint to the CBN Consumer Protection Department for resolution.

Contractual Relationship – Customers & BOFI
The underlying basis for any Banker/Customer relationship is always contractual in nature. Where any charge or interest rate however contravenes the existing CBN Circular regulating interest rates and or charges, the Courts have consistently held that the CBN Guidelines regulating interest rates and charges shall prevail and be applied.

Where a dispute over charges or interest rates results in a litigation, the onus is always on the Customer to prove that the charge or interest rate imposed on the Customer by the Financial Institution is in contravention of the existing CBN Guideline Circular, applicable at the time the charge or interest rate was imposed. This is especially as charges and interest rates are not static.

N50 Stamp Duty Charge on Deposits
Based on a 2009 Gazette on Financial Regulations, and Circulars issued subsequently by the CBN, Financial Institutions now charge a N50 (Fifty Naira) stamp duties charge on all deposits made to current and savings accounts. This is despite a 2016 Court of Appeal decision in the matter of Standard Chartered Bank Limited v. Kasmal International Services Limited where it was held that based on the provisions of the Stamp Duties Act, there is no provision authorising the deduction and remittance of this N50 stamp duty on deposits. This appeal against the decision of the Federal High Court on the same subject was upheld.

We do not currently have any information about a stay of execution of the above mentioned decision of the Court of Appeal; or of a further appeal to the Supreme Court.

Concerns over Financial Services Charges and Interest Rates, especially those charged by Banks, will remain a global problem for a long time. Customers will need to increase their financial education by ensuring that they diligently review all transaction documents, especially before executing such documents; and ask questions when in doubt from as many qualified sources as possible. Regularly reviewing monthly financial statements, emails and text messages; and contacting your Financial Institution when in doubt is a more proactive preventative measure.

Financial Institutions must also respect and elevate the quality of the Customer Service that they provide to Customers by among other things, training their front-end employees to be more courteous and knowledgeable about the offerings or services rendered by the Financial Institutions.

Compulsory Regulatory financial education of the members of the public, about the benefits of using Financial Institutions, needs to be a continuous exercise. Infractions and fines should be more prominently published to serve as a deterrent to the offending BOFI, and to protecting the general economy.

Senate seeks CBN’s intervention to curb soaring lending rate

By Adewale Sanyaolu

The Senate on Tuesday urged the Central Bank of Nigeria (CBN) to intervene to save the economy from rising borrowing costs that are not compatible with the Federal Government’s effort to enhance business transactions.
The advice comes as the CBN, the regulatory authority, has continued to insist it cannot reduce interest rate in the country, currently at between 25 and 30 per cent, to avoid worsening the inflationary pressure on the economy.
The banking sector regulator had reenforced its position at the last Monetary Policy Committee (MPC) meeting in Abuja where it left the benchmark lending rate, Monetary Policy Rate (MPR), unchanged for the 7th successive time at 14 per cent.
But at the round-table between the Senate and interest groups in the country’s financial and business sectors in Abuja on Tuesday, the Senate President, Bukola Saraki, frowned at the decision to keep lending rate unchanged, saying it was stifling businesses.
“The economy will not grow despite the current efforts by the Federal Government to revive it, if interest rates charged by banks remained high,” the Senate President said.
In attendance at the meeting held behind closed doors after the opening session were representatives of the CBN, Deposit Money Banks (DMBs), development finance institutions, Chartered Institute of Bankers of Nigeria (CIBN), Nigeria Deposit Insurance Corporation (NDIC), Manufacturers Association of Nigeria (MAN), Nigerian Association of Small and Medium Enterprises (NASME), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), among others.
During the opening of the forum, Saraki said despite government’s new initiatives to boost growth in the economy, Nigerians were still concerned about the impossible interest rate regime businesses were facing to survive.
Meanwhile, despite the recent injection of millions of intervention funds into the foreign exchange market by the Central Bank of Nigeria (CBN), manufacturers early this week raised the alarm over the increasing liquidity constraints in the financial system, saying the development was taking a toll on businesses.
Director General of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, in a communiqué of the council meeting of LCCI, lamented that some companies are not able to draw from facilities to fund their forex requirements.
‘‘This is taking a toll on the business of these companies as some of them cannot provide the cash backing for forex demands.  The liquidity problem is a consequence of the mopping of liquidity in the financial system, the tight monetary policy stance and the increasing crowding-out effect on the private sector by government borrowing in the financial system,’’ he said.
On ease of doing business, he said the council commended the various policy measures put in place to improve the business environment while equally applauding the Executive Orders and the acts on the movable collateral and credit registry.
Yusuf noted that the initiatives would create the right environment for business and boost investors’ confidence.
‘‘The LCCI council also applauded the National Assembly on the efforts at providing enabling legislations to boost the inflow of private sector capital to complement the capital budget spending of the government, especially on infrastructure.
“Council noted the recent Business Environment forum between the National Assembly and the private sector on legislations would boost private investment in the economy.”

Acting President Yemi Osinbajo has signed the 2017 appropriation bill into law.

Mr. Osinbajo signed the budget at about 4:40 p.m. on Monday inside his conference room in the presence of the Chief of Staff to President Muhammadu Buhari, Abba Kyari; Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Ministers and other top government officials.

The total budget figure signed is put at N 7.44 trillion.

Mr. Osinbajo said his signing of the budget was a milestone in the implementation of the economic and growth plan programme put in place by Mr. Buhari in April.

He said the processes of putting the budget in place had been smoother than that of 2016 with no allegations of errors.

“There were far few cases of acrimony unlike in the past. There is no doubt at all that our democracy is maturing very well,” he said.

The National Assembly passed the 2017 Appropriations Bill on May 10 after raising from the N7.28 trillion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.

President Buhari is away in the United Kingdom for medical treatment.

It is the first time in recent years that an acting president would sign the budget into law.