NIGERIA NEWSPAPERS: TODAY’S BUSINESSDAY NEWSPAPER HEADLINES [2ND AUGUST, 2018].

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Defections alter balance of power ahead 2019
Thu, 02 Aug 2018
The high profile defections that has hit the All Progressives Congress (APC) has altered the balance of power among the country’s two main parties ahead of the 2019 elections. Before the current defections, APC was the dominant party in most parts of the country.
The APC controlled all the states in the North West (Kano, Jigawa, Kaduna, Katsina, Zamfara, Sokoto, and Kebbi). In the North East, the APC controls Yobe, Borno, Bauchi, Adamawa except Gombe and Taraba which are PDP controlled states. In the North Central, the APC was fully in control of the region until the recent defections.
The PDP controlled just one state in the South West, Ekiti State, which it has now lost to APC in the July 14 elections and also 9 out of the 11 states in the South South and South East.

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But the recent defections from the ruling party has changed that equation. The defections have given the PDP a foothold in the North Central, with the defections of the governor Kwara State, Abdulfatah Ahmed to the PDP and also Samuel Ortom, the governor of Benue State, who also has moved to the PDP. Before the defections, the APC controlled all the states in the region.
The defection of Sokoto State governor, Aminu Tambuwal to the PDP, has also given the PDP a foothold in the North West another region that before now had only APC governors. This means that for the first time, since the PDP lost the 2015 national elections, the party now has a foothold in all regions of the country, a position that could give it some leverage in the 2019 elections.
Internal wrangling within the APC has also put several more states in the play ahead of the 2019 elections. Kano, the state that gave the APC and President Buhari the highest votes in the 2015 national elections is now up for grabs by the PDP due to the defection of the former Kano State governor, Rabiu Kwankwaso from the APC. Internal wrangling in Kaduna between the governor, Nasir El-Rufai and the senators from the state also means that all is not well in the state and could impact on the party’s fortunes ahead of the 2019 national elections. Atiku’s influence in Adamawa state also means that the state could be turned against the APC in 2019.
Buhari has traditionally had is strongest support in the core north which is now looking shaky with the defections. The monthly job approval rating conducted by NOI Polls shows that while Buhari’s job approval rating stands at just 42 percent nationally, in the North West, it stands at 69 percent and in the North East at 57 percent.
Analysts have told BusinessDay that the defections could serve the death knell on Buhari’s ambitions in 2019 as the states, where he had maintained his traditional electoral stronghold are also swinging away from him. They note that the political forces that guaranteed victory for Buhari in the 2015 election are fast turning against him.
Buhari’s former allies started the defections in earnest on Tuesday July 24 in the National Assembly when 37 members of the House of Representatives and 14 Senators left the ruling party for the main opposition People’s Democratic Party (PDP).
Then came the defection of Governor of Benue State Samuel Ortom two days later, followed by Tuesdays’ defection of the President of the Senate, Bukola Saraki, Kwara State Governor Abdulfatah Ahmed, and in quick succession, the Governor of Sokoto State, Waziri Tambuwal also announced his defection from the APC on Wednesday hours after the National Publicity Secretary of the APC, Bolaji Abdullahi, dumped the APC.

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Reacting to the gale of defections a political analyst, Katch Ononuju, told BusinessDay on Wednesday that the most significant of the defections was that of the Sokoto State Governor, which he said was notable because it indicates that the political and religious bastion of the Fulani Caliphate has also abandoned Buhari. He believes that Buhari may opt out of the presidential race to avoid the humiliation of defeat that now looks looming.
“Now we have gotten the Fulani against him (Buhari) by Sokoto Governor defecting. You will now see a real implosion. Kano is gone too because Ibrahim Shekarau has been appeased to allow a working arrangement with Rabiu Musa Kwankwanso and with that now done, they have now broken away and don’t forget the Emir of Kano is with them. So you have Kano the political and Sokoto the spiritual and the Deputy Governor has joined them. Kaduna has also left Buhari.”
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Law Union & Rock half year result beats 2017 performance
Thu, 02 Aug 2018

Law Union & Rock Insurance Plc has continued on the trend of improved earnings among publicly traded securities as the company posted half year earnings, which were slightly better than its figures in the half year of 2017.

The insurance firm grew its profit after tax for H1 2018 to N364.2 million from N318.7 million in H1 2017, recording a growth of around 14.4 percent. This surge in profit occurred despite low gross premium underwriting growth.

Although gross premium underwritten increased marginally from N2.73 billion in H1 2017 to N2.79 billion in H1 2018, net premium income increased significantly by around N200 million from N1.21 billion in H1 2017 to N1.41 billion in H1 2018, a change of around 16 percent. The uptick in net premium income was primarily aided by the significant drop in premiums ceded to reinsurers, which fell from -N947 million to -N731 million. The savings of around N236 million helps explain a similar increase in net premium income during the first six months of 2018.

Investment income also rose significantly from N394.8 million to N488.9 million as total assets increased by around N400 million from N10.03 billion to N10.43 billion. The growth in investment income could be attributed to a rebalancing of the capital allocation of the firm.

The company reduced its cash pile from N3 billion in H1 2017 to N2.6 billion in H1 2018 and increased its investment securities holdings from N3.12 billion in H1 2017 to N3.52 billion in H1 2018. Again the change in both cash holdings and security holdings were around N400 million.

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Law Union & Rock Insurance recently released more retail products to meet the need of its customers. The new products are travel insurance card and Teen Personal Accidents (TPA). This is part of the Company’s ongoing efforts to deepen penetration and reach a larger population of consumers.

Olasupo Sogelola, executive director, Technical/Operations, Law Union & Rock had said the introduction of the two products was part of the company’s strategic plans to meet the need of its retail customers.

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Stocks slump 1.1% as politics takes toll
Thu, 02 Aug 2018
The Nigerian Stock Exchange opened the month of August negatively as the All Share Index fell 1.09 percent Wednesday, marking the biggest single day decline in equity prices in over a month. The index tumbled by more than 400 points as investors sold off stocks in 3 of the 4 largest companies on the exchange….
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Airlines, airports urged to open eyes on human trafficking
Thu, 02 Aug 2018
In support of the United Nations world day against trafficking in persons, Airports Council International (ACI) World and the International Air Transport Association (IATA) emphasized their joint commitment and work to help combat human trafficking. Aviation connects the world, carrying more than four billion passengers a year, but this global network is also used nefariously…
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Pubic, private sectors need right accounting frameworks that support economy growth
Thu, 02 Aug 2018
The Institute of Chartered Accountants of Nigeria (ICAN) is strategically driving the adoption of Information and Communication Technology (ICT) in all her accounting operations to suit the present and next generation of professionals. In this interview, Razak Jaiyeola, 54th president of the Institute explains the strategic thinking behind this, importance of Accountability Index and the…
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MFBs, PMBs, others to drive future of NIBSS mCash
Thu, 02 Aug 2018
The future of the mCash, a product of the Nigeria Inter-Bank Settlement System (NIBSS) is seen to be driven by expected significant adoption by other financial institutions (OFIs). Other financial institutions include microfinance banks (MFBs), Finance Companies (FCs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs). mCash is a micro-payment platform or an innovative…
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Bayelsa receives N23.5bn FAAC allocation for June, July
Thu, 02 Aug 2018
A total of N23.5 billion came into the coffers of Bayelsa State government from the Federation Accounts Allocation Committee (FAAC) as allocations for the months of June and July. Commissioner for finance, Maxwell Ebibai, who made the disclosure in a statement on Monday, said the state had earlier received N12.7 billion as June allocation before…
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Electricity companies supplied over 90,000 meters in first three months of 2018
Thu, 02 Aug 2018
The number of prepaid meters supplied by the electricity distribution companies (Discos) in Nigeria increased by 6.2 percent quarter-on-quarter to 1.59 million to 1.50 million in Q4 2017,according to the National Bureau of Statistics (NBS) power sector report released on July, 27th 2018 ‘Benin Disco has the highest percentage with 17.79% of the total customers…
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Analysts outline challenges to adoption of predictive analytics in financial sector
Thu, 02 Aug 2018
Lacks of internal skills, technology, and data accessibility have been identified as part of the challenges to the adoption of predictive analytics in the financial sector. Other challenges include data reliability, company not big enough and huge expenditure of time. Femi Osinubi, partner/ leader , Data and AI at PwC West Africa, gave this outline…
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INTELS is making huge financial investment on Nigerian women ‘ Okwudili
Thu, 02 Aug 2018
Ogbuenyi Evelyn Okwudili is a beneficiary of INTELS Nigeria Limited’s Women Empowerment Programme Synergy Scheme (WEPSS). In this interview with AMAKA ANAGOR-EWUZIE, she speaks on her struggles to acquire a vocational skill when her academic aspirations were cut short and how INTELS’ empowerment programme came to her rescue. You emerged the best graduating trainee at…
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Wapic Insurance underwriting profit up 112% on increased premium
Thu, 02 Aug 2018
Wapic Insurance Nigeria Plc’s innovative product introduced with a view to increasing a share of the market has paid off an increase in premium income helped underpin underwriting performance. Also, the Nigerian insurer’s investment across each business segment is driving strong growth in earnings. For the first six months through June 2018, Wapic Insurance’s underwriting…
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Ethiopian, DHL to build the leading cargo logistics facility
Thu, 02 Aug 2018
DHL Global Forwarding, the leading international provider of air, sea and road freight services, and Ethiopian Airlines, the largest aviation group in Africa, has signed a new agreement to form a joint venture company ‘ DHL-Ethiopian Airlines Logistics Services Ltd., to build the Leading Cargo Logistics provider JV Company in Africa. The company will be…
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UBA launches Leo on WhatsApp
Thu, 02 Aug 2018
Pan-African Financial Institution, United Bank for Africa (UBA) which recently clinched the Euromoney awards as the Best Digital Bank in Africa, is once again asserting itself as a pace setter, and moving in unchartered territory. UBA’s chat banker, Leo has launched in pilot mode on WhatsApp and will be fully available to customers by September…
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CBN asks banks, large corporates to do the impossible
Thu, 02 Aug 2018
On Tuesday last week, Central Bank of Nigeria called on banks and large corporate organisations to issue new debt at single digit in an investment environment where the risk-free rate is around 13 percent. Specifically, Godwin Emiefele, CBN governor asked banks to provide loans to institutions in employment elastics sectors of the economy looking to…
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Oando shares fall to 5-year low as negative sentiment builds up
Thu, 02 Aug 2018
Negative sentiment has driven the share price of Oando down by 69 percent between 2013 and 2017, even as Average annual earnings growth analysis of companies listed in the oil and gas index of the Nigerian Stock Exchange market (NSE) reveals Oando plc as the best performing company in the index. The NSE oil and…
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Stocks trading down in Q2 as investors weigh elections risks
Thu, 02 Aug 2018
At the Nigerian Bourse in second-quarter (Q2), average daily volume of stocks traded declined by 7.29percent to 384.10million units against a high of 414.29 million units recorded in Q2 of 2017. The NSE Facts Sheet shows total volume of stocks traded in Q2 declined by 5.71percent to 23.05billion, while average daily transactions in Q2 at…
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