Buhari Has a History of Smuggling in Looted Funds – Atiku INNOCENT ODOH, Abuja Muhammadu Buhari That He Is History Shows That Rather Than the Country
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businessday market monitor NSE Bitcoin Everdon Bureau De Change FMDQ Close FOREIGN EXCHANGE TREASURY BILLS FGN BONDS - $43.19bn Foreign Reserve Market Spot ($/N) 3M 6M 5 Y 10 Y 20 Y Biggest Gainer Biggest Loser BUY SELL Cross Rates - GBP-$:1.28 YUANY-N53.06 ₦1,297,150.35 -3.18 pc 0.29 0.00 Dangcem Stanbic $-N 359.00 362.00 I&E FX Window 364.00 -0.02 -0.01 0.15 N184.8 0.98 pc N47.95 -9.95 pc Commodities Powered by £-N 456.00 464.00 CBN Official Rate 307.00 14.27 13.41 14.57 15.57 15.54 Cocoa Gold Crude Oil 30,962.26 €-N 405.00 413.00 Currency Futures NGUS MAR 27 2019 NGUS JUN 26 2019 NGUS DEC 24 2019 US$2,415.00 $1,283.90 $53.33 ($/N) 364.89 365.34 366.24 NEWS YOU CAN TRUST I **TUESDAY 01 JANUARY 2019 I VOL. 15, NO 214 I N300 g www. g @ g Five things businesses must prepare for in 2019 CCNN tops market gainers in 2018 LOLADE AKINMURELE he New Year is upon us and there are five things Tcorporate boardrooms in Nigeria must critically examine ahead expanded listing from merger in preparing for the year. Naira downside LOLADE AKINMURELE change in 2018, after advancing Approvals came from the Monday. 104 percent. Securities and Exchange Com- With this, the shares of the The first thing and probably ement Company the most important is what the There is optimism going into mission, the Nigerian Stock expanded entity are expected to of Northern Nigeria the New Year for the cement Exchange (NSE), a Federal High be listed on the Nigerian Stock New Year holds for the naira. (CCNN) emerged With the naira set to buckle maker after regulators, share- Court sitting in Lagos, and the Exchange, they said. the top gainer holders and a court gave approv- shareholders, the companies The merger raises the total under the weight of lower oil among listed equi- prices and an OPEC-induced al to a planned merger between said in an emailed statement Cties on the Nigerian Stock Ex- the company and BUA Cement. made available to BusinessDay Continues on page 34 production cut, businesses must put foreign exchange hedging strategies in place. That simply means converting a good chunk of cash currently denominated in naira to dollars. That way, in the event of a naira devaluation or deprecia- tion due to a drop in the supply of foreign exchange into Nigeria on the back of lower oil prices and production, businesses are sufficiently shielded from revalu- ation losses. Brent crude, the benchmark grade for Nigerian oil, ended the year at $53.8 per barrel, the low- est since July 2017. That’s lower than the $60 benchmark price in the 2019 budget. This year has only begun, but this could be an early sign of a bumpy ride for oil Continues on page 34 Inside Nigerian students, business people stranded after US Embassy’s R-L: Akinwunmi Ambode, governor, Lagos State; Hakeem Muri-Okunola, new Head of Service, and Bola Tinubu, national leader, APC, during the indefinite shutdown P. 2 swearing-in ceremony of the new Head of Service, at the Lagos House, Alausa, Ikeja, yesterday. Buhari has a history of smuggling in looted funds – Atiku INNOCENT ODOH, Abuja Muhammadu Buhari that he is history shows that rather than the country. Congress, as saying on October planning to smuggle in looted smuggle in looted cash, the Wa- “Young Nigerians and Mil- 4, 2010, that “in 1984, Buhari al- ormer Vice President and funds into the country just be- ziri Atiku Abubakar has a record lennials who may not be aware lowed 53 suitcases belonging to Presidential candidate fore the February 2019 election. of preventing looted funds from of this incident will do well to his ADC’s father to enter Nigeria of the People’s Demo- Atiku in a statement he per- being smuggled into Nigeria. Google it. Only the guilty are unchecked at a time the country cratic Party (PDP), Atiku sonally signed and made avail- “In 1984, it was Atiku Abuba- afraid. It is President Muham- was exchanging old currency FAbubakar, has said that Presi- able to BusinessDay on Sunday, kar, as head of the Murtala Mo- madu Buhari who has a history for new.” dent Muhammadu Buhari has said this new accusation against hammed International Airport of smuggling in looted funds and The PDP flag bearer noted a history of smuggling in looted him like their previous allega- Command of the Nigerian Cus- not Waziri Atiku Abubakar,” the that only recently, his plane was funds into the country to serve tions, is another infantile out- toms and Excise Department, statement said. searched, his accounts have his nefarious interests. burst that tells more about the that stopped the ADC of the then Atiku quoted Kaduna State been perused and his businesses The former Vice President accuser than Atiku Abubakar. Military Head of State, Muham- governor, Nasir el-Rufai, a fa- have been thoroughly investigat- said this in reaction to the accu- The statement said further madu Buhari, from smuggling in vourite of the President and a ed with a fine tooth and nothing sation against him by President that for the avoidance of doubt, 53 suitcases of looted money into chieftain of the All Progressives Continues on page 34 2 BUSINESS DAY g www. g @ g Tuesday 01 January 2019 NEWS Muster emerges winner of BusinessDay’s Business Idea of the Year Award uster, which de- properties and want to sublet part scribes itself as Af- of it, agents with properties that rica’s first shared can be shared by two or more housing market people, and co-working locations. Mplace, has emerged as Business- With Muster.ng, we are hoping to Day Business Idea of the Year create an ecosystem where shar- 2018. Muster beat two other nomi- ing is enabled and encouraged by nees, Go Kada and Kobo360 in a disrupting the traditional property twitter poll to emerge winner with lettings space”. 50% of more than 2000 votes cast. Muster is a glimmer hope for Muster tackles a unique prob- cities that are being saturated with lem in a fast growing mega city like rising population. In crowded Lagos, especially for millennials African cities it is not unusual to who are faced with rising rent find rent prices to be more than prices, and scarcity of affordable salaries made by young people. accommodation. As a result of this, young people Millennials struggling to find find it very difficult to get afford- their feet in fast growing urban able housing. This is one of the L-R: Abiodun Oshode, zonal head, Zenith Bank plc; Kayode Fayemi, governor, Ekiti State, and Tope Fasoranti, cities, usually do not have the problems that Muster.ng aims to executive director, Zenith Bank, during a courtesy visit by the bank’s management to the governor in Ado-Ekiti. income to rent accommodation in check. It offers a digital platform preferred areas. Besides, increas- that houses a peer-peer shared ingly, because of the instability in housing marketplace that unlocks their incomes, millennials have an available rooms in crowded cities. increasing preference for flexible Muster basically breaks down high NNPC, Total fail to deliver on 200,000 nomadic lifestyles. exorbitant rent prices. As Africa’s first shared hous- With Muster.ng you find verified ing market place, Muster enables people to share rent with so that young people in African megaci- clean, exclusive neighbourhood barrels first target date from Egina field ties to access affordable housing wouldn’t be years down the line. OLUSOLA BELLO budget for 2019 is premised on daily for the training and development of by unlocking available rooms in Muster adds a new flare to the tradi- production of 2.3 million barrels at Nigerians in various domains. these cities through a peer-to-peer tional housing market that is valued otal Upstream has failed an average price of $60 per barrel. The project is being operated shared housing marketplace. at $137b, it makes this market more to deliver on the much- Some industry operators how- by Total Upstream Nigeria Limited Muster is democratising the accessible to young people. expected 200,000 barrels ever told BusinessDay that the first (TUPNI) on behalf of it partners, Ni- housing market by removing fric- It guarantees control, wealth first oil from the $16-bil- production could not have been gerian National Petroleum Corpora- tion, injecting trust and increasing creation, affordability, flexibil- lion Egina, a deep-water achieved because of what they tion (NNPC), Total Upstream Nigeria affordability. By renting rooms ity, bill management and fraud Tfield, which was expected to happen described as some “slight technical Limited, Sapetro and Petrobras. through Muster, verified people prevention within the housing in December 2018. issues” encountered on the field The Egina FPSO is the first of such are able to pay for just the space market. It also opens the market There are possibilities that the shortly after the Floating, Production, projects ever installed in Nigeria and they occupy, thereby saving on to endless possibilities that are first oil would be pumped soon, but Storage and Offloading unit (FPSO) is about 330 metres long. It was an- rent and bills whilst people with beyond its financial value. Muster this could not be confirmed, as there was moved to site from Lagos. chored at the newly built 500-metre They explained there was not FPSO integration quayside at the spare rooms are able to make extra offers social interaction possibili- has been no official explanation from Total Upstream Nigeria the enough pressure to pump crude oil SHI-MCI Yard, LADOL Island, Lagos, income.