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NEWS YOU CAN TRUST I **THURSDAY 17 JANUARY 2019 I VOL. 15, NO 226 I N300
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BUY
SELL
$-N 358.00 362.50 £-N 455.00 464.00 €-N 404.00 414.00
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Market I&E FX Window CBN Official Rate Currency Futures
($/N)
FGN BONDS
TREASURY BILLS
Spot ($/N)
3M
6M
5Y
363.05 306.35
0.23 11.81
-0.20 14.72
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NGUS MAR 27 2019 364.89
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10 Y 20 Y 0.08 -0.03
NGUS JUN 26 2019 365.34
15.15
15.45
15.09
NGUS DEC 24 2019 366.24
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Buhari’s support thins as business leaders fear worst from re-election Atiku to privatise NNPC, replace CBN governor if elected LOLADE AKINMURELE
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t’s with the same vengeance that 45-year-old small business owner James Kenneth (not real name) voted out Goodluck Jonathan in 2015 that he plans to
boot out President Muhammadu Buhari at next month’s elections. Kenneth voted for Buhari in 2015 with a lot of optimism that the 75-year-old would rid the country of the widespread corruption that festered under
the then President Jonathan and create enough jobs for a teeming youth population. But four years in, a receding economy, heightened poverty levels and Continues on page 33
Otedola’s move to buy Forte upstream assets raises questions on valuation
…possible conflict of interest …proposed EGM seen as litmus test for shareholders IHEANYI NWACHUKWU & DIPO OLADEHINDE
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Herbert Wigwe, GMD/CEO, Access Bank Plc (l), and Uzoma Dozie, GMD/CEO, Diamond Bank, at the knowledge sharing session ‘Let’s talk about merger and collaborations, financial inclusion, and empowerment’ organised by Spark by Businessday in Lagos, yesterday. Pic by Olawale Amoo
i g e r i a’s b i l lionaire businessman Femi O t e d o l a ha s shown interest in acquiring the upstream assets and power business of Forte Oil Plc. However, letting the juicy part of the entire Group go at anything less than a premium will be another litmus test for shareholders. This comes as issues bordering on proper valuations for the Forte Upstream, Forte Ghana, and its power units become topical at various gatherings where informed investors discuss the notice of the proposed Extra Ordinary General Meet-
ing (EGM) of the company holding on February 7. The issue on valuation for the Forte Oil asset sale to its majority shareholder comes barely three day after Oscar Onyema, CEO of Nigerian Stock Exchange (NSE), advised shareholders to properly examine issues that are brought to them for approvals at eiContinues on page 33
Inside
Local, foreign investors show interest in Arik Air 2 years after
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