NEWS YOU CAN TRUST I **MONDAY 31 DECEMBER 2018 I VOL. 15, NO 213 I N300
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Five issues that shaped Nigeria’s economy in 2018
IHEANYI NWACHUKWU
or investors in the Nigerian stock market, it is a gloomy end to 2018 today as a late market rally failed to save them a nightmarish ending to their investments in stocks. At least 23 stocks have seen more than 50 percent of their market value wiped out by the stock rout, according to BusinessDay analysis. The losses have made Nigerian companies one of the cheapest priced in emerging markets but also investors have seen a significant part of their wealth wiped out leaving them exposed if the economy fails to pick up in 2019. Companies that have seen their values halved could also face difficulties raising new finance or attracting Continues on page 42
Market down N2.3trn All-share index falls 18.84%
Adeyeye Enitan Ogunwusi, Ooni of Ife (l); Ernest Azudialu-Obiejesi, founder, Obijackson Foundation (2nd r); Achukwu Promise Chidi, face of Okija (male) (2nd l), and Oluchi Blessing Nwizugbo, new Queen, at the Face of Okija Cultural Festival held in Okija, Anambra State.
LOLADE AKINMURELE hether it is the implosion of small lender, Skye Bank, or the naira’s surprise resilience amid an emerging market currency rout, there are five reasons, as subjective as they are, why 2018 will not be forgotten in a hurry in Africa’s largest economy. Goodbye Skye Bank, hello Polaris How Nigeria’s eight largest lender, Skye bank, went from acquirer to acquiree in the space of three years left many scratching their heads after the bank was handed over to a new suitor in Polaris Bank, by the Central bank in September. Skye’s collapse marked a dramatic turnaround for a Bank that Continues on page 42
Inside Why Nigeria should be careful about compromising business with political affiliations P. 2