Foreign Investors Now Reinvesting Trapped Funds in Equities Market Yemi Adebowale with Agency Report Still smarting from inability to convert their Naira funds into United States Dollars and repatriate same home, some foreign investors are now reinvesting their trapped Naira in
the Nigerian equities market, reports the world’s leading investment firm for frontier and illiquid markets, Exotix Partners LLP of London. “A lot of our clients have trapped naira sitting in Nigeria; so, now, we see recycling of that Naira back into the equities market.
There is no point sitting in a foreign-currency line not knowing when you are going to get your FX. You may as well buy the stock that you like over the long-term and hold it,” Ali Khalpey, head of equities at Exotix said yesterday. “While the amount of
investor funds trapped in the country is unknown, it’s increasing. People aren’t allowed to take their dividends out. Clearly, that number is growing on a daily basis,” Khalpey added. Nigeria risks being kicked out of the Morgan Stanley Capital International (MSCI)
Frontier Markets Index by the end of the month because of the currency controls. If the New York-based organisation decides to exclude Nigerian stocks, the country could see about $480 million of equity investments exit, Oscar Onyema, the chief executive officer of the
Nigerian Stock Exchange, said in an interview on Tuesday. With the backing of President Muhammadu Buhari, the Central Bank of Nigeria has rebuffed demands that it devalues the naira, a sore point for many in the market. Continued on page 6
Adeosun: 363,000 Companies Never Paid Any Tax ...Page 6 Saturday 16 April, 2016 Vol 21. No 7654 Price: N250
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Navy Launches Massive Operation to Secure N/Delta
Action coming 48 hours after Buhari’s warning to vandals Accuses Tompolo of being behind resurgence of N’Delta militancy Osinbajo: Vandals as bad as terrorists
Senator Iroegbu in Abuja In response to the upsurge in piracy and other criminal activities in the Niger Delta region of the country, the Navy yesterday launched a massive operation to ensure effective
security of the maritime sector of the nation. The operation, which is code-named 'Operation Tsare Teku', is coming barely 48 hours after President Muhammadu Buhari issued a strong warning to deal decisively with the
trouble makers in the region in the same manner the federal government is tackling the Boko Haram terrorists. The Navy also indirectly accused former Niger Delta war-lord, Government Ekpemupolo a.k.a Tompolo of
masterminding the resurgence in militancy in the Niger Delta. The Chief of Naval Staff (CNS), Vice Admiral IbokEte Ibas who spoke at a press briefing in Abuja, said that he had set up the Task Force Committee (headed by
a Commodore) to handle the operation aimed at clearing the nation's territorial waters of criminals. Ibas who was represented by the Chief of Training and Operations (CTOP), Nigerian Navy (NN), Rear Adm. Henry
Proofof-Life Video Credible, Says Shehu Sani
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Yemi Adebowale with agency report
Senator Shehu Sani has thrown his weight behind the CNN proof-of-life video, which showed 15 of the schoolgirls abducted from Chibok town two years ago, saying that the video is credible. Sani and his colleagues in the Senate had on Thursday
Babalola, disclosed that seven Nigerian Naval Ships (NNS) would be involved in the operations. He said that four had been deployed and they are: NNS
Being a Pastor Doesn’t Mean I Should Dress Ugly, Ugliness Isn’t Holiness
SuperSaturday pg. 8-9
GLOBAL ECONOMY ON THEIR MINDS
L-R: President, Center for Global Development, Nancy Birdsal; Minister for Finance and Economic Planning, Rwanda, Clover Gatete; Minister of Finance, Nigeria, Kemi Adeosun and Deputy Managing Director, lnternational Monetary Fund (IMF), Mitsuhiro Furusawa during the Sub-Saharan Africa Seminar, themed; Just a Rough Patch at the World Bank/lMF Board of Governors Springs Meeting in Washington DC ...yesterday Abiodun Ajala
Saraki Fails in Another Bid to Stop His Trial at CCT ...Page 10