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Bad Economy:Foreign investors withdraw N642bn from stock market

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Foreign investors pulled out a total of N642.

65bn from the nation’s stock market last year, compared to the N435.31 withdrawn in 2017, the Nigerian Stock Exchange said in a new report on Thursday.

The NSE said foreign inflows into the market fell to N576.45bn last year from N772.25bn in 2017.

Foreign portfolio investment outflow includes sales transactions or liquidation of portfolio investments through the stock market, while the FPI inflow includes purchase transactions on the NSE (equities only), according to the data.

The concerns over the forthcoming generation elections and rising interest rate in the United States and some other developed economies had resulted to the exit of foreign investors from the NSE in recent months.

The Chief Executive Officer, NSE, Mr Oscar Onyema, at the 2018 Market Recap and Outlook for 2019 on Monday, noted that the rise in foreign outflows “highlights attenuated foreign participation due to a shift to higher-yielding assets with lower risks in developed countries, coupled with the impending political risks in the coming Nigerian elections.”

The NSE Domestic and FPI Report for December showed that total transactions at the nation’s bourse reduced by 15.93 per cent from N149.72bn in November to N125.86bn in December.

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It said the cumulative transactions reduced by 5.44 per cent to N2.404tn in 2018 from N2.542tn in the previous year.

The bourse said, “Domestic investors outperformed foreign investors by 4.54 per cent in December 2018. Total domestic transactions increased marginally by 0.64 per cent from N65.36bn in November to N65.78bn in December 2018.

“In contrast, total foreign transactions reduced by 28.78 per cent from N84.36bn to N60.08bn driven by a reduction in foreign inflows, which reduced by 34.31 per cent from N34.97bn to N22.97bn and foreign outflows, which reduced by 24.86 per cent from N49.39bn to N37.11bn over the same period.

The NSE said between 2011 and 2015, foreign transactions consistently outperformed domestic transactions but domestic transactions marginally outpaced foreign transactions in 2016 and 2017, and remained almost at par in 2018.

It said, “Also, foreign transactions, which were N1.539tn in 2014, declined to N1.219bn in 2018. Over a 12-year period, domestic transactions have decreased by 66.67 per cent from N3.556tn in 2007 to N1.185tn in 2018.

 

“The total foreign transactions accounted for about 51 per cent of the total transactions carried out in the financial year 2018 whilst the domestic transactions accounted for about 49 per cent of the total transactions in the same year.”

The volatility in capital flows, especially FPI, has been described as one of the downside risks to the nation’s macroeconomic outlook.

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At their meeting in November, several members of the Monetary Policy Committee of the Central Bank of Nigeria expressed concerns over the continuous outflow of portfolio investments.

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I Vow Not To Impose Any Candidate In 2023 If You Made Me Your Leader, Akpabio begs

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Minister of Niger Delta Affairs Godswill Akpabio has vowed he would not impose any candidate on Uyo Senatorial District as its choice for the 2023 governorship election in Akwa Ibom State.

Reports say that by the zoning arrangement in the state, the next governor should come from Uyo Senatorial District (officially known as Akwa Ibom Northeast).

Akpabio is from Akwa Ibom northwest (or Ikot Ekpene senatorial District). The former Senator is believed by some to be the All Progressives Congress (APC) leader in Akwa Ibom. He was instrumental in the emergence of incumbent Governor Udom Emmanuel of the Peoples Democratic Party (PDP), in 2015.

Recently, the former governor created a political pressure group known as Akwa Ibom Democratic Forum (ADF) in the state, thus triggering impressions that the group is his special purpose vehicle through which his anointed candidate would emerge.

“My goal is to work with like-minded associates in Uyo Senatorial District and nominate a suitable candidate that would win the election,” Akpabio said. “I have no particular person in mind, and I cannot repeat the mistake I made in 2015.”

Minister of Niger Delta Affairs, Senator Godswill Akpabio
Minister of Niger Delta Affairs, Senator Godswill Akpabio
Akpabio was speaking at the inauguration of executives of Uyo Senatorial District chapter of Akwa Ibom Democratic Forum (ADF).

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It was the first time he would address the issue in such a clear manner in front of a large crowd of Uyo Senatorial District politicians, and it was a direct rebuttal of insinuations spread by critics that the Minister was planning to foist a particular aspirant on the district.

But he has come out to deny and dispel the speculations, saying: “Akwa Ibom people of various political persuasions do agree that we need a dependable leadership in 2023” and that “I will work with all of you to identify and support any candidate that will develop our state”.

He added: “Uyo Senatorial District is capable of bringing up good a good candidate that would be acceptable to the rest of the state. ADF will work with Uyo in this regard.”

Agreeing with him, Group Captain Sam Ewang, a retired military officer who was governor of Ogun and Rivers State during the military era, confirmed that he has had several heart-to-heart discussions with Akpabio on the 2023 politics and he is certain that the minister “will not impose any candidate on Uyo”.

–-With Etim Etim

The views expressed in this article are the writer’s opinion, they do not reflect the views of the Publisher of Ibom Leak News (Legit Work Communications and Business). Please report any fake news , misinformation or defamatory statements to Email: [email protected] , [email protected],

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Fayose Declares Makinde as PDP Leader in S’West

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It was a moment of emotions, surprise and excitement in Oshogbo on Monday, venue of the Southwest PDP zonal congress as the two warring factional leaders of the Peoples Democratic Party in Southwest, Governor Seyi Makinde and former Governor of Ekiti State, Ayodele Fayose sheathe their swords to embrace peace for the progress of the party.

While making their separate remarks, Ayodele Fayose declared Makinde as his leader and leader of the PDP in the region. Fayose’s remarks sparked positive reactions from the delegates across all the six Southwest states. Fayose also apologized to whoever he might have offended.

On his part, Governor Seyi Makinde said today’s congress will go a long way to determine the future of the PDP in the Southwest.

Details later….

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South West Congress: You Are Only Afraid of Free And Fair Congress, PDP National Organising Secretary Blasts Ogun State PDP Chairman Mr Mr. Sikirulai Ogundele

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The Unedited Press Statement.

 


RE: COMPLAINT OF ILLEGAL RELEASE OF OVER 150 BALLOT PAPER TO GOVERNOR MAKINDE FOR BALLOT STUFFING AT SOUTH-WEST CONGRESS

Our attention has been drawn to a spurious and baseless Petition circulating in the Social media purportedly signed by Mr.

Sikirulai Ogundele, the Ogun State Chairman on behalf of Chairmen of Ogun, Lagos, Osun and Ekiti States.

The petition alleged that over 150 (One hundred and fifty) ballot papers for the election of National Vice Chairman and Zonal Secretary have been released to a group illegally by a Staff of the Directorate of Organization and Mobilization intended for ballot stuffing. The petition also claimed that the hatched job of stuffing the ballot boxes with these illegally released ballot papers is to be supervised and achieved by a ‘certain Senator Anyanwu’.

Ordinarily, there would have been no need to comment on the misleading letter since the allegations are false and malicious, but, in this age of Social media, it is important to save the unsuspecting public from falling prey to the antics of the author, in the name of politics.

It is on record that under our watch, our Party has consistently conducted some of the best primary elections.  The last Presidential Primary election of October 2018 was accorded the status of the most transparent and best primary election of any Political Party in the history of our Country.  Ekiti (2018), Osun (2018), Kogi (2019), Bayelsa (2019), Ondo (2020) Governorship Primary Elections were unquestionably free, fair, transparent and credible.

In keeping with the mandate of the National Working Committee (NWC) to ensure free, fair and transparent South West Zonal Congress:

i. The Electoral materials including all sensitive documents were jointly released to the Congress Committee Chairman and Secretary just yesterday afternoon (11/04/2021).

ii. The voting procedures for Zonal Elections have since changed from the previous method of issuing one ballot per position to each delegate at a time.  Under this NWC, we have reformed our voting process by creating a “Ballot Booklet” where all positions are combined into a booklet and one booklet will be given to each delegate for him/her to vote for all the positions at the same time.  So then, the allegations that Ballot Papers for the National Vice Chairman and Zonal Secretary were issued as suggested in the Petition is not only false but irresponsible.

iii. The total number of Delegates on the approved Delegates list which was released yesterday was743 (Seven Hundred and Forty-three) and the total ballot booklets released to the Congress Committee yesterday afternoon was 750.  So, where did the claim that extra 150 ballots were “illegally” released come from?

iv. The National Directorate of Organization and Mobilization runs an independent computerized system (the author(s)) of the petition under reference are aware because when they came to update their Delegates List, they were put in front of the Directorates’ Database to verify their updated lists.  Every unit runs on its own and therefore, each unit knows what needs to be done at every stage.  The unit that calculates the total number of Delegates is separate from the one that issues the Ballot papers which is also different from the unit that releases.  With this in place, it is quite difficult that as many as 150 extra ballots would have been illegally released, as mischievously alleged.

v. For any member of our Party, especially at the level of a State Chairman to refer to a Senator of the Federal Republic of Nigeria as “a certain Senator Anyanwu” is impolite, insulting, reckless and this should be discouraged.  Sen. Anyanwu is a respectable leader of our Party and a very known committed Party member.  These libelous narratives is a grave violation of Section 58(1)(h).

I wish to implore every member of our Party, the Delegates and Stakeholders across the Country to discountenance this unnecessary, irresponsible, reckless and false publication.  The NWC will continue to ensure free, fair, credible and transparent primaries in line with its oath of office.

Col Austin Akobundu (rtd).

National Organizing Secretary

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