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Boom: Fitch Downgrades Nigeria, Blames CBN Forex Policies

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International Rating Agency, Fitch has downgraded Nigeria’s outlook from stable to negative blaming Nigeria’s tight foreign exchange liquidity position. The rating agency said it has revised the Outlook on Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the IDRs at ‘B+’.

It also said that the issue ratings on Nigeria’s senior unsecured foreign currency bonds have also been affirmed at ‘B+’. The Country Ceiling has been affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs have been affirmed at ‘B’. Last June, it downgraded Nigeria’s long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-’ as well as the country’s long-term local currency IDR to ‘BB-’ from ‘BB’.

Fitch blamed Nigeria’s tight forex liquidity as a major reason for the downgrade blaming it for the reason why Nigeria dropped into its first recession since 1994.

Access to foreign exchange will remain severely restricted until the Central Bank of Nigeria (CBN) can establish the credibility of the Interbank Foreign Exchange Market (IFEM) and bring down the spread between the official rate and the parallel market rates.

The Central Bank of Nigeria’s Governor, Godwin Emefiele on Tuesday called critics of the multiple exchange rates, mischievous, and often flip-flopped from asserting that the Nigerian forex market is either in a “managed float” or “flexible”. The Naira closed at the black market on Wednesday at N497, N3 shy of touching the N500 resistance.

Fitch also threathenend a further downgrade if the following occurs

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  •  Failure to secure an improvement in economic growth, for example caused by continued tight FX liquidity.
  • Failure to narrow the fiscal deficit leading to a marked increase in public debt.
  • A loss of foreign exchange reserves that increases vulnerability to external shocks.
  • Worsening of political and security environment that reduces oil production for a prolonged perio or worsens ethnic or sectarian tensions.

The CBN Governor revealed that Nigeria’s external reserves was now approaching $29 billion but did not provide details about why reserves has been growing since December 2016.

Read the full rating report below

Fitch Ratings-Hong Kong-25 January 2017: Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the IDRs at ‘B+’. The issue ratings on Nigeria’s senior unsecured foreign currency bonds have also been affirmed at ‘B+’. The Country Ceiling has been affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs have been affirmed at ‘B’.

KEY RATING DRIVERS
The revision of the Outlook on Nigeria’s Long-Term IDRs reflects the following key rating drivers:

Tight FX liquidity and low oil production contributed to Nigeria’s first recession since 1994. The economy contracted through the first three quarters of 2016 and Fitch estimates GDP growth of -1.5% in 2016 as a whole. We expect a limited economic recovery in 2017, with growth of 1.5%, well below the 2011-15 annual growth average of 4.8%. The non-oil economy will continue to be constrained by tight foreign exchange liquidity. Inflationary pressures are high with year on year CPI inflation increased to 18.5% in December.

Access to foreign exchange will remain severely restricted until the Central Bank of Nigeria (CBN) can establish the credibility of the Interbank Foreign Exchange Market (IFEM) and bring down the spread between the official rate and the parallel market rates. The spot rate for the naira has settled at a range of NGN305-NGN315 per USD in the official market, while the Bureau de Change (BDC) rate depreciated to as low as NGN490 per USD in November 2016. In an effort to work with the CBN to help the parallel market rates converge with the official, BDC operators subsequently adopted a reference rate of NGN400 per USD. However, dollars continue to sell on the black market at rates of well above NGN400. The authorities have communicated a commitment to the current official exchange rate range, but the availability of hard currency at those rates is severely constrained. Trading volumes in both the spot and derivative markets increased following the June changes to the official FX market, but remain low, at of USD8.4bn in December, compared to USD24bn in December 2014.

Gross general government debt increased to an estimated 17% of GDP at end-2016, from 13% at end-2015, although it remains well below the ‘B’ median of 56% and is a support to the rating. However, the country’s low revenues pose a risk to debt sustainability. Gross general government debt stands at 281% of revenues in 2016, above the ‘B’ median of 230%. Nigeria’s government debt is 77% denominated in local currency, which makes it less susceptible to exchange rate risk, but the share of foreign currency debt is increasing. Additionally, the government faces contingent liabilities from approximately USD5.1bn in debt owed by the Nigeria National Petroleum Corporation to its joint venture partners.

Fitch forecasts that Nigeria’s general government fiscal deficit will remain broadly stable in 2017, at 3.9% of GDP, just below the ‘B’ category median of 4.2%. Nigeria is likely to experience a recovery in oil revenues, but will continue to struggle with raising non-oil revenues. Total revenues will rise to just 7.4% of GDP, up from 6.2% in 2016, but still below the 12.4% of GDP experienced in 2011-15. Import and excise duties have experienced a boost from the depreciation of the naira, but corporate taxes and the VAT will continue to underperform, owing to issues with implementation and compliance. On the expenditure side, growing interest costs will increase current spending. Fitch forecasts the cost of debt servicing in 2017 will reach 1.4% of GDP, up from an average of 1.1% over the previous five years.

The Nigerian banking sector has experienced worsening asset quality as a result of the weakening economy, problems in the oil industry, and exchange rate pressures on borrowers to service their loans. The CBN reported that industry NPLs grew to 11.7% of gross loans at end-June 2016, up from 5.3% at end-December 2015. Tight foreign currency liquidity has also led to some Nigerian banks experiencing difficulty in meeting their trade finance obligations which were either extended or refinanced with international correspondent banks.

Nigeria’s ‘B+’ IDRs also reflect the following key rating drivers:

Nigeria’s fiscal policy has been predicated on finding sources of external funding to finance increases in capital spending. The draft federal budget for 2017 calls for total spending of NGN7.3trn in 2017, up from the NGN6.1tn contained in the 2016 budget. Fitch does not expect the government to fully execute the capital spending envisaged in the 2017 budget, approximately NGN1.8trn, or 1.5% of GDP, but it will have to finance an overall federal government deficit of approximately NGN2.6trn.

The authorities’ financing plan calls for borrowing between USD3bn-USD5bn from external sources to finance the 2017 deficit and parts of the 2016 budget. The bulk of external borrowing will come from multilateral development banks and the government is also likely to go to market with a Eurobond offering of USD1bn in 1Q17. The Nigerian government has negotiated USD10.6bn in export credits for financing infrastructure development; which is currently awaiting parliamentary approval. The government’s financing plans also call for domestic issuance of approximately NGN1.3bn in 2017 and use of its overdraft facility at the CBN, which the government reports is currently at NGN1.5trn.

Nigeria’s oil sector will receive a boost from the improved security situation in the Niger Delta and Fitch expects oil production to average 2.2 million barrels per day (mbpd) in 2017. Oil production fell as low as 1.5 mbpd in August, before recovering to 1.8 as of October 2016. The recovery in oil revenues and increased fiscal spending could boost the economy in 2017, if the government can arrange improve the execution of capital expenditures. However, the present lull in violence and oil infrastructure attacks will only hold if the government can come to a more permanent peace settlement with Niger Delta insurgents.

The government’s policy of import substitution has contributed to significant import compression, which allowed the current account deficit to narrow to an estimated 1% of GDP in 2016, down from 3.1% in 2016. The naira depreciation in June helped to slow the loss of reserves and forward operations by the CBN allowed the authorities to clear a large backlog of dollar demand. Gross international reserves of the CBN stood at USD27.7bn in late January, down from USD29bn at end-2015, but higher than the August 2016 position of USD24.2bn.

The oil sector has shrunk to account for about 10% of Nigeria’s GDP, but the overall economy is still heavily dependent on oil, which accounts for up to 75% of current external receipts and 60% of general government revenues. The Nigerian senate has promised to pass the Petroleum Investment Bill (PIB) in early 2017. The PIB has been under consideration for nearly a decade and could help increase efficiency and transparency in the Nigerian National Petroleum Corporation.

Nigeria’s ratings are constrained by weak governance indicators, as measured by the World Bank, as well as low human development and business environment indicators and per capita income.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch’s proprietary SRM assigns Nigeria a score equivalent to a rating of ‘B+’ on the Long-term FC IDR scale.

Fitch’s sovereign rating committee did not adjust the output from the SRM to arrive at the final LT FC IDR.

Fitch’s SRM is the agency’s proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch’s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES
The main factors that could lead to a downgrade are:
– Failure to secure an improvement in economic growth, for example caused by continued tight FX liquidity.
– Failure to narrow the fiscal deficit leading to a marked increase in public debt.
– A loss of foreign exchange reserves that increases vulnerability to external shocks.
– Worsening of political and security environment that reduces oil production for a prolonged period or worsens ethnic or sectarian tensions.

The current rating Outlook is Negative. Consequently, Fitch does not currently anticipate developments with a material likelihood of leading to an upgrade. However, the following factors could lead to positive rating action:
– A revival of economic growth supported by the sustained implementation of coherent macroeconomic policies.
– A reduction of the fiscal deficit and the maintenance of a manageable debt burden.
– Increase in foreign exchange reserves to a level that reduces vulnerability to external shocks.
– Successful implementation of economic or structural reforms, for instance raising non-oil revenues, increasing the execution of capital expenditures and passing the PIB.

KEY ASSUMPTIONS
Fitch’s forecasts are for Brent crude to average USD45/b in 2017 and USD55/b in 2018, based on the most recent Global Economic Outlook published in November 2016.

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

1 Comment

1 Comment

  1. Anodebenze

    January 27, 2017 at 5:37 pm

    I have already said God have blessed nigeria,but they do not knows it already.Today I wanted to comment about the present system of how the cbn allocate.disburses forex to Nigerian banks.i spent yesterday and today to go through Nigeria media.2 items caught my attention,this foreign input ism intel and this occupying the cbn today and also the previous article 2 days ago on the using of software to transfer forex and deposit forex in Nigeria.
    I doubt this present governor will allow this using of software to record forex,transfer money oversea,deposit forex in Nigeria.
    My main intention to criticizes this present structure of how the cbn control and allocate forex in the Nigeria,i was hoping also the bankers committee will pressurizes the cbn to liberalizes further inter-bank forex,inter-customer forex usuage. which already exist but in limited mean presently in Nigeria,and I was hoping with the growth of business confidence,which may lead to cut of bank interest in Nigeria.
    I thought those who are occupying the building opposite the cbn are not serious and joking as Nigeria is full of nioise making.i chuckled a little bit today on seeing those picture today 27/01/17.a man came with his daughter not more than 10 yrs,and protesters joking and laughind with the police officers.IT LOOKS THE POOR HAVE MORE STAKES IN NIGERIA THAN THOSE WHO GOVERNS US.the police are suffering with the protester..
    Now it looks my supposed comments have been overtaken by new developments as I was also to add Nigerian banks should be able to finance their forex needs, either by deposit or bonds e.t.c.we also see foreign licensed brokers allows their customer to uses naira to trade in forex,.e.g aplari,bforex,instaforex.we read the cbn are penelizing some Nigerian banks for withholding the sum of 32.3 billion due to govt

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Official: Imo State is unemployment capital of Nigeria

According to NBS, 75.1% of the total employable people in Imo State are either underemployed or unemployed.

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Ogun, Imo States give free hand sanitizers

Data from the National Bureau of Statistics reveal Imo State, located in the South-Eastern part of Nigeria has the highest unemployment rate in the country.

In contrast, Anambra State is the state with the least unemployment in the country with 13.1% unemployment rate. The national average for the unemployment rate is 27.1%

Imo State has an unemployment rate of 48.7% as at the second quarter of 2020, by far the highest when compared to any other state in the country.

According to the data, 75.1% of the total employable people in the state are either underemployed or unemployed.

See highlights

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  • Total number of employable people – 2.48 million
  • Fully employed people – 618, 481
  • Unemployed people in the state – 593. 347
  • Underemployed – 656, 394

Imo State is largely a civil service town and has been unlucky with state governors over the last 20 years. Private sector jobs are hard to come by in the serene state with most industries setting up show in nearby cities like Aba, Port Harcourt, and Onitsha.

The city was once notorious for ritual motivated murders and kidnappings but has since overcome these challenges.

States Unemployment Rates – Q2 2020

Other States

Akwa Ibom State is next on the list with an unemployment rate of 1.14 million people. The state’s underemployed population is about 551k people while the unemployment and underemployment rates combined is 66.9%.

The best: The state with the lowest unemployment rate in Nigeria is Anambra State with 13.1% out of the total working population of 2.25 million people. The state was 37 out of 37 states in the ranking of unemployment by state. About 1.9 million people in Anambra State are either fully employed (1.57 million) or under-employed (384k) in the state.

Lagos State, Nigeria’s commercial capital and where most graduates rush to for jobs currently has an unemployment rate of 19.5% and sits at 27 in the state by state unemployment ladder. The data shows about 6.8 million people make up the labour force population in Lagos State out of which 3.99 million people are fully employed and another 1.5 million people are underemployed. About 870k Lagosians who are employable did absolutely nothing.

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Concentration: In terms of the concentration of unemployed people, Rivers State came first with a whopping 1.7 million people out of jobs in the state. The state as a working population of 3.9 million. Rivers State unemployment rate is 43.7 and ranks third as the worst. 21.7 million Nigerians are unemployed.

Lagos State had the most employed persona with about 3.99 million people out of a total of 35.5 million.

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Julius Berger’s rebound contingent on full economic bounce back

Julius Berger’s construction portfolio includes infrastructure, industry, building, and facility services solutions.

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Expatriates

Due to the COVID-19 pandemic as well as the economic impact of the measures put in place to slow the spread of it, many industries have experienced slower growth. The construction industry was not left out. According to reports by GlobalData, the construction output growth forecast for Sub-Saharan Africa (SSA) has been revised to 2.3%, down from the previous projection of 3.3% (as of mid-April) and 6.0% in the pre-COVID-19 case (Q4 2019 update).

The reason for the contraction was noted by GlobalData to be as a result of the global slowdown and the outbreak of COVID-19 in the region. Other factors responsible include economic headwinds such as inflation, spending cuts, widening fiscal slippages, suspension of certain projects and more that could disrupt the construction sector. This contraction is projected to be 4.3% in South and Southeast Asia while France is expected to shrink by 9.4% in 2020.

Leading Construction Company, Julius Berger, had foreseen the contraction in the industry and commenced efforts to mitigate its impact and cushion the blow. One of such efforts was the reduction in dividend pay-out. After initially announcing a dividend pay-out of N2.75K per 50K share for the financial year ended December 31, 2019 and a bonus of 1 (one) new share for every existing 5 (five) shares held, the company eventually recommended a final cash dividend pay-out of N2.00K per 50k share.

It noted that the Group had “carefully considered the emerging social, operational, financial and economic impact of the COVID 19 pandemic, the outlook for Nigeria for the financial year 2020, and the impact on the business and cash flows of the Group.”

The company’s fears have been confirmed by its recent financials which, among other negatives, showed huge foreign exchange losses of N3.102 billion in the first half of 2020.

GTBank 728 x 90

Q2 was the hardest

Julius Berger’s construction portfolio includes infrastructure, industry, building, and facility services solutions. With companies and nations alike revising scheduled capital expenses as a result of the shrinkages in product demand (owing to global quarantine measures), uncertainties around supply logistics as well as supply of materials, the company had gotten hit. Q1 had its own issues, but Q2 birthed a new dimension of challenges for the company.

Revenue was down 33% from N68.9 billion in Q2 2019 to N46.1 billion in 2020. There was also a huge loss in profit after tax of around 200% from a profit of N2.3 billion in Q2 2019 to a loss of N2.3 billion and this can be attributed to lower revenue, and increased losses from the company’s many investments.

Exchange difference on translation of foreign operations for the quarter alone increased by 227% to N1.4 billion in Q2 2020 from N438.5 million in the comparative quarter.

Outlook for the company and for investors

The disruptions the construction industry is currently experiencing is expected to continue for the medium-long term. Reports by Beroe Inc., a procurement intelligence firm, reveal major concerns that companies in the industry will witness profits being hurt and may even incur losses on a number of projects.

Companies having worldwide supply chains could see tier 2 and tier 3 suppliers highly affected by disruptions related to the pandemic. Worse off, it explains that construction materials like “steel, wood, plaster, aluminum, glazed partition systems, cement and cementitious products, paints, HVAC equipment, electrical equipment, and light fixtures from China are expected to be delayed.”

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For the company, cost-cutting has never been more important. While there are a series of strategies it could explore to augment the challenges, its growth right now depends largely on the speed of global economic recovery. This is because both the company’s input needs as well as its output in terms of the recommencement of projects, depends on the speed with which business as usual commences and the amount of time it takes for the industry to find a new balance for its operations.

For investors, however, this presents a long term opportunity. Julius Berger currently trades at N15.05, falling 44.26% just within the last 3 months. The share price is also on the downside of its 52-week range (N14.42 and 22.92) and its price-to-book ratio of 0.6331 shows that the stock is undervalued.

While the company’s EPS is currently low at N2.52, investors who are willing to wait the time could find a gem in the stock particularly with the increased infrastructural needs born out of the population expansion which is taking place in many parts of the world in the years to come.

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List of Dividends announced so far in 2020 (August)

List of Dividends announced so far in 2020 (August)

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Dividends announced on the Nigerian stock exchange

As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved and when it will be paid. Dividend payment also affects share prices.

This page will be updated from time to time.

READ ALSO: Updated: Gender Balance, looking at the board composition of top banks on the NSE

Legend

Date Announced – The date the company announced dividends evidenced by a corporate action published on the website of the NSE.

Qualification date – Shareholders who own shares as of this date will receive dividends. If you buy shares and want to receive dividends make sure it is at least three days before this date. Shares get transferred to you on the basis of the T+3 rule (the date you bought plus 3 working days).

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Payment date – This is when the dividend will be paid to you, either via post (dividend warrants) or direct credit to your bank accounts (e-dividend).

Calculate Dividends

Closure of Register – Only shareholders who own shares listed in their register before this date will be paid dividends.

You can also scroll sideways to view the rest of the columns if using a mobile phone.

READ MORE: How to read stock market tables

2020 Dividends from companies quoted on the Nigerian Stock Exchange

CompanyDPSDate AnnouncedBonusClosure of RegisterAGM DatePayment DateQualification date
Northern Nigeria Flour Milss PLCN0.15k13th August 2020Nil25th - 28th August 20208th September 202010th September 202024th August 2020
Honeywell Flour millsN0.04k5th August 2020Nil17th - 23rd September 202030th September 202030th September 202016th September 2020
Presco Plc (Updated)N2.00k3rd June 2020Nil20th - 22nd July 20202nd September 20204th September 202017th July 2020
Cornerstone InsuranceNil4th August 20207 new shares for every 30 existing shares13th -17th August 2020NANA12th August 2020
Flour Mills of NigeriaN1.429th July 2020Nil17th August - 21st August 202010th September14th September 202014th August 2020
MTN Nigeria PlcN3.50k29th July 2020Nil17th August 2020NA24tb August 202014th August 2020
Cutix PLCN0.12K29th July 2020Nil16th - 20th November 202027th November 202030th November 202013th November 2020
C & I Leasing PLCN0.20k30th June 2020Nil14th - 16th July 202023rd July 202031st July 202013th July 2020
McNichols Consolidated Plc (Revised)N0.03k1st April 2020Nil2nd - 6th July 202030th July 20207th August 20201st July 2020
Dangote Sugar Refinery PlcN1.10k8th June 2020Nil22nd June 20209th July 2020within 48hrs after AGM19th June 2020
Jaiz bankN0.03k9th June 2020Nil29th June - 3rd July 202016th July 202016th July 202026th June 2020
UAC of Nigeria Plc (UPDATED)N0.10k20th April 2020Nil19th - 22nd May 202015th July 202016th July 202018th May 2020
Prestige Assurance PlcNil4th June 20202 New shares for every 11 existing shares22nd - 26th June 202030th June 2020N/A19th June 2020
Trans-Nationwide Express PlcN0.03k1st June 2020Nil6th - 10th July 202016th July 202020th July 20203rd July 2020
Nigeria Aviation Handling Company PLCN0.30k28th May 2020Nil1st - 3rd July 202016th July 202016th July 202030th June 2020
Skyway Aviation Handling Co. PlcN0.16k1st June 2020Nil17th - 23rd June 202030th June 202030th June 202016th June 2020
11 PlcN8.2528th May 2020Nil30th Sept - 5th Oct 2020to be announcedto be announced29th Sept 2020
Glaxo SmithKilne Consumer Nig. PlcN0.55k22nd May 2020Nil23rd June - 2nd July 202023rd July 202024th July 202022nd June 2020
Airtel Africa0.0313th May 2020Nil6th July 2020Not applicable24th July 2020NA
Caverton Offshore Support Group PlcN0.20k22nd May 2020Nil16th June 202025th June 202025th June 202015th June 2020
Nigerian Breweries Plc (Revised)N1.51k20th May 2020Nil5th-11th March 202023rd June 202024th June 20204th March 2020
BUA CementN1.75k19th May 2020Nil28th Sept - 2nd Oct 202022nd October 202023rd October 202025th September 2020
NASCON Allied Industries PlcN0.40k13th May 2020Nil15th - 16th July 202027th July 202029th July 202014th July 2020
Total Nigeria PlcN6.7113th May 2020Nil5th - 11th June 2020to be announced24hrs after meeting4th June 2020
Cadbury Nigeria PlcN0.49k13th May 2020Nil25th - 29th May 202024th June 202025th June 202022nd May 2020
May and Baker PlcN0.25k13th May 2020Nil27th - 29th May 20204th June 20208th June 202026th May 2020
NPF Microfinance Bank PlcN0.20k11th May 2020Nil17th - 22nd June 202030th June 202030th June 202016th June 2020
Okomu Oil Palm PlcN2.0023rd April2020Nil19th - 22nd May 202028th May 202029th May 202018th May 2020
Lafarge Africa PlcN127th April 2020Nil4th - 8th May 20203rd June 20203rd June 202030th April 2020
Wema Bank PlcN0.04k23rd April 2020Nil7th - 12th May 202018th May 202018th May 20206th May 2020
Union bank of NigeriaN0.25k13th April 2020Nil27th - 30th April 20206th May 20206th May 202024th April 2020
FBN HoldingsN0.38k6th April 2020Nil21st - 22nd April 202027th April 202028th April 202020th April 2020
Lafarge Africa PlcN1.00k6th April 2020Nil4th - 8th May 202026th May 202026th May 202030th April 2020
Ikeja Hotel PlcN0.023rd April 2020Nil2nd - 8th July 202030th July 20207th August 20201st July 2020
NEM InsuranceN0.15k1st April 2020Nil4th - 8th May 2020to be announcedto be announced30th April 2020
FCMB Group PlcN0.14k31st March 2020Nil15th - 17th April 202028th April 202028th April 202014th April 2020
Beta Glass Nigeria PlcN1.67k30th March 2020Nil15th - 19th June 20202nd July 20203rd July 202011th June 2020
Capital Hotel PlcN0.05k26th March 2020Nil20th - 24th April 202027th May 20203rd June 202017th April 2020
Sterling bank PlcN0.03k26th March 2020Nil5th - 8th May 202020th May 202020th May 20204th May 2020
Boc GasesN0.30k26th March 2020Nil8th - 10th June 202025th June 202026th June 20205th June 2020
Fidelity Bank PlcN0.20k23rd March 2020Nil20th - 24th April 202030th April 202030th April 202017th April 2020
Seplat Petroleum Dev. Company Plc0.0523rd March 2020Nil13th May 202028th May 20204th June 202012th May 2020
Julius Berger Nig. PlcN2.75k13th March 20200.0021st to 3rd June 202018th June 202019th June 202029th May 2020
Nigeria Energy Sector Fund (NESF)N75.0010th March 2020Nil20th March 20206th April 202019th March 2020
Access Bank PlcN0.40k6th March 2020Nil15th April 202030th April 202030th April 202014th April 2020
Nestle Nig PlcN45.00k28th February 2020Nil18th - 22nd May 20202nd June 20202nd July 202015th May 2020
Stanbic IBTC Holdings PlcN2.005th March 2020Nil19th - 26th March 202030th June 202018th June 202018th March 2020
Guaranty Trust Bank PlcN2.50k2nd March 2020Nil19th March 202030th March 202030th March 202018th March 2020
United Bank of AfricaN0.80k2nd March 2020Nil16th - 20th March 202027th March 202027th March 202013th March 2020
Transcorp PlcN0.01k28th February 2020Nil18th - 23rd March 202025th March 202027th March 202017th March 2020
MTN Nigeria PlcN4.97k28th February 2020NilFebruary 16, 19008th May 202019th May 202017th april 2020
Transcorp Hotels PlcN0.07k28th February 2020Nil13th-17th March 202024th March 202026th March 202012th March 2020
United Capital PLCN0.50k18th February 2020Nil9th-13th March 202024th March 202026th March 20206th March 2020
Infinity Trust Mortgage Bank PLCN0.035K30th January 2020Nil9th-13th March 20207th May 202014th May 20206th March 2020
Zenith bank PlcN2.50k21st February 2020Nil10th March 202016th March 202016th March 20209th March 2020
Africa Prudential PlcN0.70k25th february 2020Nil9th-13th March 202023rd March 202023rd March 20206th March 2020
Dangote Cement PlcN16.0025th february 2020Nil26th May 202015th June 202016th June 202025th May 2020
January 1, 1970

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