Yield on Nigerian bond to decline on strong demand

Yields on Nigerian bonds are expected to decline next week as falling Treasury bill returns increase the appeal of longer-dated instruments.
 Nigeria sold 124.69 billion naira in Treasury bills on Wednesday, with yields lower across all tenors
  Traders said bond yields have inched up slightly this week on profit-taking by investors in the wake of the U.S. Federal Reserve postponing the tapering of its stimulus programme.
 "With the decline in yields on Treasury bills at this week's auction, bonds will be attractive to many local fund managers, especially pension funds," a trader at United Bank for Africa said.
 On Friday, the June 2019 bond was trading around 13.44 percent, up more than 40 basis points since the start of the week, the January 2022 paper was 21 basis points higher at 13.22 percent, and the April 2017 paper was yielding 13.19 percent, from 13 percent on Monday.

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Nigerian naira firms vs dlr after cenbank measures to curb money laundery

Nigerian naira currency gained about 1 percent on Friday against the US dollar as the foreign exchange market reacted to central bank measures to tackle money laundering.

Naira and Dollar in exchange

   The local currency closed at 159.9 to the dollar on the interbank market, compared with 161.6 at the previous day's close.
   Nigeria's central bank reintroduced the retail selling of dollars to banks' customers, in place of the previous wholesale system in operation since 2009.
   Traders said the measure will ensure substantial reduction in dollar demand at the official window, and help the regulator to track flows of dollar in the Africa's second biggest economy.
   "The reaction to the central bank circular on new foreign exchange transactions was enormous as many banks decided to be short on their dollar position, and this helped the naira to appreciate," one dealer said.
   Dollar sales by three major energy companies -- Chevron $7.1 million, Eni $15 million and undisclosed amount of dollars by Royal Dutch Shell -- also boosted the local currency.
   Dealers said the naira should strengthen further in the near term as the new central bank measure would curb speculative attack on the naira as banks trade cautiously in the market to avoid being sanction by the regulator.
   The naira has been under pressure from strong demand from importers and offshore investors exiting the local bond market, but it recovered somewhat since last week when the U.S. Federal Reserve suggested it may wait before scaling back bond buying.
  During a bi-monthly committee meeting on interest rates on Tuesday, Central bank Governor Lamido Sanusi pledged to use foreign exchange reserves to defend the naira, reiterating that there would be no devaluation of the local unit.
  He also raised the alarm about a surge in dollar demand linked to political activities ahead of 2015 elections, which he suggested carry a high risk of money laundering.

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Nigerian lending rates fall on ample naira cash

Nigerian interbank lending rates eased this week to an average of 14.25 percent, compared with 15 percent last week, supported by ample naira liquidity from matured Open Market Operations (OMO) notes and cash calls from joint oil ventures.

First Bank CEO, Onasanya

   Traders said about 85 billion naira ($525.99 million) in matured treasury bills was repaid by the central bank on Thursday, while an unspecified amount of cash call payments hit the financial system, boosting liquidity.
   "The market was up by about 161 billion naira at the open of the market today," one trader said.
   This compares with a 50 billion deficit last week.
   Traders said the central bank sold about 64 billion naira in fresh OMO debt notes on Friday in a bid to soak excess cash from the system, but the market remained sufficiently liquid to support transactions.
   The secured Open Buy Back (OBB) closed at 14 percent, compared with 15 percent last week, and 200 basis points above the central bank's benchmark interest rate.
   Overnight placement eased to 14.25 percent, against 15 percent, while call money closed at 14.5 percent, compared with 15 percent last week.
   Dealers said lending rates should edge lower next week in anticipation of the disbursal of August budgetary allocations to government agencies.
   "We see rates falling to around 11.5 percent across the board next with on the impact of sufficient liquidity in the system," another dealer said.

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Nigeria central bank cracks down on money laundering

Nigeria's central bank has announced new measures to tackle money laundering it says is weakening the naira currency and risks pushing up inflation, and which it suspects is linked to early political campaigning for 2015 elections.

CBN Gov, Sanusi

   "Available statistics indicate that Nigeria has become the largest importer of U.S. dollars," the regulator said in Friday's notice explaining that its twice-weekly wholesale foreign exchange auction will be replaced with a retail version requiring dealers to reveal the identity of their buyers.
   Corruption in the build-up to Nigeria's 2015 election is partly responsible for the increase, Governor Lamido Sanusi said at the central bank's Monetary Policy Committee meeting on Tuesday, adding that it is "absolutely wrong" for bureaux de changes to buy hundreds of millions of dollars without accountability.
   Politicians in Africa's top oil exporter often spend heavily on patronage to secure seats or pay off rivals, with at least some of this money acquired through corruption or links to crimes such as oil theft or kidnapping. Transparency International ranks Nigeria 139th out of 174 countries on its corruption perception index.
   The central bank's new measures do not affect the $250,000 weekly limit for foreign exchange dealers' sales to bureaux de changes.
   However, dealers will now have to obtain prior approval to import foreign exchange banknotes, and recipients of proceeds from international money transfer firms such as Western Union  and MoneyGram will be paid only in naira.
   The limit on MasterCard and Visa naira debit and credit card spending abroad has been increased to $150,000 a year, from $40,000 a year, in an effort to increase transparency and reduce black market forex trading.

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Kenya sees no big economic impact from attack, Eurobond "on course"

Kenya does not see a significant impact on its economic growth from the attack by Islamist militants on a shopping mall, and it plans to go ahead with a debut Eurobond issue this financial year, the finance minister said on Friday.

Westgate in Kenya

   The east African nation's growth target for 2013 remained at 5.5-6 percent, Henry Rotich said in a statement, adding that tourism was stable and would not suffer "long lasting effects" from the attack.
   His assessment was at odds with the views of some analysts who predicted that while the weekend attack that killed at least 72 people would not hurt long-term investment, growth and fiscal revenues, especially from tourism, would be hit.
   "We do not see any significant effect on the overall economic performance arising from the recent tragedy, and our growth objective for 2013 remains unchanged at around 5.5-6 percent," Rotich said.
   Citing "buoyant" investor confidence, the minister said "our plan to issue a debut Sovereign Bond in the international market during this financial year remains on course".
   Kenya's financial year ends in June.
   Officials had said Kenya would sell the bond, worth up to $2 billion, before the end of this calendar year. But even before the attack claimed by Somali Islamist militant group al Shabaab, bankers had expected the issue to slip to early 2014.
   They argued that as Kenya was a first-time borrower, the process would take longer than for more experienced issuers.
   Plans for the country to sell an international bond have been delayed several times in the past since 2007, mainly due to political turmoil at home and financial crises abroad.
   September has been an active month for emerging sovereign debt issuance as borrowers rushed to launch ahead of an expected withdrawal of U.S. monetary stimulus that did not materialise.
   Debutante Armenia was among sovereign borrowers this month, along with Russia and Romania, while African sovereigns Rwanda, Nigeria and Tanzania launched dollar bonds earlier this year.
   Analysts said that B1 rated Kenya, which borrowed $600 million via a syndicated loan last year, will press ahead with the Eurobond, as it seeks a pricing benchmark for future issues.
   "There's every expectation that Kenya will now try to do a Eurobond simply because regular external issuance would make sense for an economy like Kenya and the syndicated loan would need to be refinanced," said Razia Khan, Africa analyst at Standard Chartered in London.
   Apart from refinancing the syndicated loan, proceeds of Kenya's debut sovereign bond will also be used to fund construction of infrastructure projects, given new urgency by the discovery of oil in the northern part of the country.
   
   STILL POSITIVE SENTIMENT
   Although the bloody mall raised fears of further attacks by Islamist militants in the region, there were signs that investors remained positive about the economic prospects of east Africa's biggest economy.        
   The shilling <KES=> gained 0.3 percent against the dollar this week to reach a nine-week high, reflecting generally sustained positive sentiment. This was boosted by the government sale of a 20 billion shillings ($229 million) infrastructure bond which attracted bids of 37.6 billion shillings.
   Yields on government securities have been stable.
   Rotich said Kenya's wholesale and retail businesses would feel some effect from the attack on the country's most modern shopping mall, Israeli-built Westgate, but this would not be enough to slow the wider economy.
   However, in a briefing note issued on Thursday, ratings agency Moody's assessed the mall raid as "credit negative".
   "We expect this high profile attack ... will adversely (affect) Kenya's growth and fiscal revenues, most directly through its effect on tourism, which accounts for 12.5 percent of GDP, 7.4 percent of investment and 11 percent of total employment," Moody's said.
   But it added it saw no effect on foreign direct investment, the country's planned debut international bond, or multilateral donor financing for infrastructure projects.
   Hotel operators said it was too early to tell just how badly future bookings might be affected in an industry which raked in $1 billion during the year ended June.
   "In the leisure market we have received many more cancellations. Some meetings and conferences have been pushed forward," said Mahmud JanMohamed, the head of TPS Eastern Africa <TPSE.NR>, which operates a chain of luxury hotels and lodges.
   The number of cancellations, postponements and no-shows in his business amounted to 5 percent since the attack, he said, adding, "We are not in panic mode at the moment."

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Fitch Affirms Nigeria's Rivers State at 'BB-'; Outlook Stable

Fitch Ratings has affirmed Rivers State's Long-term foreign and local currency ratings at 'BB-' and National Long-term rating at 'AA-(nga)'. The Outlooks are Stable.

KEY RATING DRIVERS

Rivers Gov, Ameachi

The affirmation reflects Fitch's expectations of the state's continuing stable performance, improving transparency, high capital spending as well as rising financial debt in in light of weak socio-economic indicators by international standards.
Under Fitch's base case scenario, the operating margin stabilises around 65 percent in 2013-2015 due to growing revenues and cost moderation. Disruptions in oil production may be partially offset by a higher budgeted benchmark oil price of  $79 per barrel (pb) in 2013 from $70 in 2012 and market oil prices around $100 pb. The eventual full removal of the fuel subsidy and/or the likely replacement of the excess crude with revenues from the Sovereign Wealth Fund could push oil proceeds to N280 billion by 2015 from N223 billion in 2012.
Fitch expects internally generated revenues to gradually grow to N100 billion by 2015 from N65 billion in 2012, eventually representing about 30 percent of annual income, up from 20 percent in 2010-2012 due to the introduction of biometrics and tax harmonisation bills. Although increasing social services such as education could potentially add pressure to the state's budget, Fitch expects the administration's commitment to moderate costs to limit their growth to N140 billion by 2015 from N100 billion in 2012, or 10 percent a year, roughly in line with inflation.
Fitch expects the state to continue investing in building hospitals and schools, power generation and rural electrification. Therefore the base case scenario envisages capital spending above N200 billion a year in 2013-2015 with debt funding about 10 percent. Financial debt may therefore grow to about N150 billion by 2015 from N82.5 billion in 2012, while the debt and debt service coverage ratios remain strong below one year of the current balance, and above 2.5x the operating balance, respectively, when both interest and principal repayment/provisions are considered.

RATING SENSITIVITIES
The ratings could be downgraded if the operating margin declines below 50 percent amid a resurgence of restiveness in the Niger Delta region while financial debt rises beyond Fitch's expectations. Conversely, local taxes developing beyond Fitch's expectations and improvements in governance could lead to an upgrade.

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Nigeria sells 124.7 bln naira T-bills, yields drop

Nigeria sold 124.69 billion naira ($771.60 million) in treasury bills on Wednesday, with maturities ranging between three months and one year with yields lower across the board, central bank data showed on Friday.

CBN Gov, Sanusi

  The bank sold 31.83 billion naira worth of 91 day paper at 10.85 percent, compared with 11 percent at the previous auction on Sept. 19.
   The regulator sold 33.78 billion naira in the 182-day note at 11.69 percent, 61 basis points lower than the 12.3 percent at the last auction, while a total of 59.08 billion naira of the 364-day debt was sold at 11.74 percent, against 12.59 percent at the Sept. 4 auction.
   Subscription stood at 315.48 billion naira, compared with 119 billion naira at the previous auction.
   Yields on Nigeria's local debt have fallen in the last two weeks as offshore investors renew interest in the market over signs the US Federal reserve will continue its monetary stimulus.

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Nigeria earns $20 bln from crude export in 7-month - NNPC

Nigerian National Petroleum Corporation (NNPC) has produced an average 2.19 million b/d of crude oil over January-July, and earned $20.9 billion from crude exports over the same period, according to the corporation's chief executive, Andrew Yakubu.

NNPC MD, Yakubu

Output and revenue however, could have been higher if not for large-scale oil theft, pipeline vandalism and illegal bunkering in the Niger Delta region, which severely disrupted production and exports, he told lawmakers in Abuja, according to a statement by the company.

"The projected budget revenues have not been realized due to significant production shortfall. The 2013 planned production was 2.45 million b/d [but] year-to-date July 2013 production has averaged 2.19 million b/d," Yakubu said.

"Although oil prices have averaged $108/barrel, which is about $38/b above the budget benchmark, this has not led to improvement in government revenues due to production shortfall occasioned by crude theft and pipeline vandalism," he added.

Yakubu went on to say that oil theft and illegal bunkering were rampant in onshore operations especially in the swamps and shallow waters of the Niger Delta.

"For instance we recorded over 170 vandalized points in the Escravos-Warri crude oil pipeline... a distance of 60 km," he added.

Members of the House of Representatives had met with NNPC on Thursday over the continued decline in

government revenue so far this year.

Oil is Nigeria's economic mainstay, accounting for more than 80 percent of government

revenue. 

NNPC manages the government's average 57 percent equity interest in upstream joint ventures with foreign firms including Shell, ExxonMobil, Chevron and Total, which together accounts for 90% of Nigeria's more than 2 million b/d of oil output.

Government data released last week showed Nigeria's gross revenue tumbled 42 percent month on month to $3.1 billion in July due to disruptions to production and exports.

Shell -- Nigeria's biggest oil producer -- on Monday declared force majeure on exports of Nigeria's major export crude grade, Bonny Light, as well as on gas supply to Nigeria's 22 million mt/year Bonny LNG plant, after shutting its 150,000 b/d Trans Niger Pipeline for repairs to damage from the latest oil theft.

A report released last week by London-based Chatham House said Nigeria lost an estimated 100,000 b/d of oil to oil theft in the Niger Delta in the first quarter of this year, Platts reported previously.

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Nigerian naira seen trading within narrow range next week

   The Kenyan shilling is expected to strengthen next week due to dollar inflows from offshore investors who took part in a bond auction on Wednesday. Tanzania's shilling is likely to rise further amid a slowdown in importer demand for hard currency.  

NIGERIA
   The naira is seen trading within a narrow range next week and should receive support from dollar sales by oil companies and direct sales to banks by the central bank.
   The local unit was trading around 161.1 to the dollar at 1112 GMT, little changed from a week ago.

Nigerian naira and US dollar

   The naira had traded around its strongest level in three months early this week on dollar sales by state-owned energy company NNPC. Last week's statement by the U.S. Federal Reserve suggesting it was in no rush to scale back its monetary stimulus also helped the unit.
   
   KENYA
   Kenya's shilling  is expected to firm in the days ahead, helped by dollar inflows from foreign investors who participated in a 12-year infrastructure bond sale this week.
   Payments for the bond, which was oversubscribed, are due on Monday.
   The shilling was posted at 86.90/87.00 per dollar by 1305 GMT, stronger than last Thursday's close of 87.35/45.
   John Muli, a trader at African Banking Corporation, said the shilling could move below 87.00 due to tight liquidity, which is making it difficult for banks to hold long dollar positions.
   Tighter shilling supply due to companies paying taxes helped the currency bounce back swiftly from some weakness seen during a four-day siege of a Nairobi shopping mall which killed at least 67 people. Somali militant group al Shabaab claimed responsibility for the attack.
   
   TANZANIA
   Tanzania's shilling is expected to extend its rally against the dollar next week.
   Traders in Tanzania's commercial capital Dar es Salaam quoted the shilling at 1,607/1,617 to the dollar on Thursday, stronger than 1,609/1,620 a week ago.
   "The shilling has continued to strengthen this week and will gain further ground next week due to increased inflows from corporate customers and a slowdown in demand from oil importers," said Emmanuel Mwasanguti, a dealer at CRDB Bank.
   "Most corporate clients are now converting their dollars into shillings due to month-end commitments in local currency for salary and tax payments."
   Market participants said the shilling was expected to trade in a tight 1,600-1,610 range over the coming days.
   "The shilling could breach a new level and trade below 1,600 levels if its current rally against the dollar is extended for the next two to three weeks," said another trader.
   UGANDA
   Uganda's shilling <UGX=> is expected to be on the back foot in the days ahead, undermined by strong appetite for hard currency from commercial banks building long dollar positions in anticipation of a surge in importer demand.
   At 1115 GMT commercial banks in Kampala quoted the currency of Africa's largest coffee exporter at 2,568/2,573, weaker than last Thursday's close of 2,557/2,562.
   "Banks are anticipating strong demand from importers in the coming weeks so they're building long dollar positions and I expect this to keep the local unit under pressure," said Brenda Akumu, a trader at KCB Uganda.  
   She said the currency would likely trade between a support level of 2,560 and a resistance level of 2,590 over the next week. Much of the demand pressure is seen coming from importers looking to pay for goods shipments for year-end holiday shoppers.
   
 

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Real estate investors shun Egypt as foreign firms retreat

 A flight by foreign companies from violent unrest in Egypt threatens to drive up vacancy rates at offices and malls and prompt international investors to shift funds to sub-Saharan real estate.

Protesters in Egypt

   The army overthrew and imprisoned President Mohamed Mursi in July and the ensuing crackdown on his Muslim Brotherhood movement has killed about 900 people. This has prompted many multinational companies to scale down their operations or pull out staff, particularly from central areas of the capital Cairo.
   Weaker demand means property investors, who had been lured by Cairo's established business district, could swap what was north Africa's only viable property investment market for comparatively stable cities in sub-Saharan Africa, property experts said.
   "The demand for Class A office space has almost disappeared overnight," said Ahmed Badrawi, managing director of SODIC, one of Egypt's biggest developers and behind the Eastown scheme in New Cairo, a development of offices, shops and homes twice the size of London's 97-acre Canary Wharf district.
   The list of firms that have cut or suspended operations in Egypt, sold off businesses or pulled out staff in recent months includes Apache Corp, Chevron , General Motors, Electrolux, BASF, BG Group  and BP.
   A series of developments that tried to capitalise on a shortage of high-quality offices in Cairo have recently been completed while others are under construction, but there are doubts over whether they will fill up.
   About 25 percent of the best office space in Cairo is vacant, property consultant Jones Lang LaSalle said in June, a figure that it said would grow by an unspecified amount. It compares with 7 or 8 percent in central Paris or London.
       
   RENTS FALL
   Rents for the best Cairo offices have fallen to $40 per square metre per month from $50 since 2009 while retail rents have plunged to $100 per square metre per month from $150, data from real estate consultant Knight Frank shows.
   "If office leases in Cairo expire and tenants are looking to renew there are going to be some pretty frank discussions with the landlord and I'd expect a major impact on new deals," said Peter Welborn, Knight Frank's managing director of Africa, saying tenants may seek cuts of a third to a half.
   There is no data for overseas investment into Egyptian property but the flow of recent years has ground to a halt since the military crackdown, property experts said.
   South African funds led the charge buying existing buildings in Egypt, attracted by yields, or rent as a percentage of the property's value, of about 7 percent versus about 5 percent in the United Arab Emirates. Buyers included funds linked to Rand Merchant Bank and Stanbic Bank, a division of Standard Bank
   Meanwhile, Gulf developers sought to capitalise on a lack of high-quality offices and malls and now risk getting their fingers burned by an excess of supply, said Habiba Hegab, an analyst at Cairo-based Beltone Financial.
   They include Dubai's largest developer Emaar Properties, which is building the Uptown Cairo scheme, a luxury development of homes, hotels and golf courses in Mukkattam Hills, overlooking the sprawling capital.
   Others include Dubai mall developer Majid Al Futtaim, privately-held Dubai firm DAMAC and state-owned Qatari Diar.
   Emaar said Egypt remained a core market and its operations were "ongoing as scheduled". Al Futtaim and DAMAC declined to comment, and Qatari Diar was not available for comment.
   
   SWITCH TO RESIDENTIAL MARKET
   It is a far cry from several years ago when retailers and mall developers were eager to tap into Egypt's 85 million-plus predominantly-young population, many of who aspire to Western shopping habits, by building Dubai-style mega-malls.
   Military curfews in a city that revels in late-night shopping means many retailers are revising plans and JLL estimates the current mall vacancy rate of 25 percent will rise as more developments complete.
   Talks to bring luxury brands like Harrods, Gucci and Prada to Egypt, are also on hold, real estate sources said.
   Egypt's loss could be sub Saharan Africa's gain, Knight Franks' Welborn said, citing cities like Lusaka in Zambia, Accra in Ghana, Lagos in Nigeria and Nairobi in Kenya.
   "There is a lot of Gulf money looking for a home in North Africa and sub-Saharan Africa. I'll suggest you'll now see more going into sub-Saharan Africa," he said.
   Egypt's housing sector has proved more resilient and could soften the blow for developers able to convert schemes.
   Helped by a weak currency and a volatile stock market , people are investing in housing to preserve wealth, a note by bank HSBC said earlier this year. Residential sale prices and rentals increased by 8 percent in the second quarter versus 2012, JLL said.
   Developers hastily redesigning projects include SODIC, which has cut the office and retail space at its Eastown scheme. "That (residential) will be our bread and butter for a little while," Badrawi said.
   It will not be enough on its own to lure back foreign money, Welborn said.
   "The Arab Spring was supposed to bring a higher level of interface between the man in the street and the politicians but has effectively chased away overseas investors."

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Nigeria to raise 135-235 bln naira debt in Q4

 Nigeria plans to issue between 135-235 billion naira ($843.49 mln-$1.47 bln) in sovereign bonds maturing in August 2016 and July 2030 in the fourth quarter of the year, the Debt Management Office (DMO) said on Thursday. 

DMO DG, Nwankwo

   The amount being proposed is within the volume of actual debt issuance in the third quarter, totalling 203.78 billion naira. 
   Latest date released by the DMO showed that it plans to auction between 45-80 billion naira each in 3-year and 20-year paper on October 16 and November 13, respectively, while the debt office will issue 45-75 billion naira of the same maturities on December 11. 
   All the bonds were re-openings of previous issues.
FBN Capital in a research note stated that  the DMO has raised N704bn (gross) from the auction of bonds in the first nine months. Domestic financing (net) for the full year is projected at N577bn in the 2013 budget, and the deficit at N887bn.
" Once we exclude domestic borrowing per the budget and the issue of Eurobonds in July to raise US$1bn, there remains a financing gap of about N150bn. Proceeds from the unbundling of the Power Holding Company of Nigeria (PHCN) amount to about N300bn. However, they have already been allocated to severance payments for PHCN employees, for which full provision was not made in the 2013 budget. It is unclear, therefore, whether they will be treated as asset sales for deficit financing."
The investment arm of First Bank also noted that:

·         Figures from the CBN indicate that the FGN deficit for H1 2013, at N627bn, was running well ahead of budget.

·         The DMO consults domestic stakeholders on its calendar. The menu for Q4 is divided between the reopening of two issues, the 13.05% Aug ‘16s and the 10.00% Jul ‘30s (Nigeria’s long bond). These are not the favoured instruments of the offshore community.

·         The total bid has averaged N160bn over the past year. The one problematic auction came in June when the DMO offered N85bn and raised just N21bn. Tapering concerns had pushed up a majority of bids.

The DMO should therefore be able to achieve its programme in comfort. We do not see a clear direction for yields, which may well continue to move within their range of 13% to 14% of the past three months. A correlation with inflation is for another day.

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Nigeria SEC suspends Cashcraft Management Ltd, directors from market

Nigerian Securities and Exchange Commission (SEC) has suspended Cashcraft Asset Management Limited, its Directors and Sponsored Individuals from all capital market activities.

SEC DG, Oteh

In a statement published on its website, the apex regulator of the capital market said the company and its promoters are suspended “as a result of the company’s violation of Section 155 of the ISA 2007 in its management of Anchor and Bedrock Unit Trust Scheme.”

According to SEC, Cashcraft Management Limited contravened the provisions of the ISA as follows:

1.    Co-mingling of Funds’ assets with its own

2.    Violation of the Funds’ Trust Deed and Asset Allocation Policy

3.    Failure to file the requisite returns to the Commission

4.    Failure to maintain the relevant records/books for the Funds

5.    Failure to facilitate the auditing of the Funds’ accounts and consequently hold an AGM

“The Operator failed/refused to comply with the Commission’s directive to transfer the management of the Fund to another Fund Manager.

“The company, its Directors and Sponsored Individuals shall remain suspended until they are cleared by the Commission.”

Promoters of the company include Otunba J.A Ogunfunwa, who is the chairman of the board, Deola Ireyemi, excutive vice chairman, Anthony Ikpea, Managing director and Alhaji Idris Muhammed Idris, director.

Cashcraft is a dealing member of the Nigerian Stock Exchange and the company was incorporated in 1991 as broker, dealer, issuing house and fund managers.

The company operates from 22 locations across the country, with an authorized capital of N3 billion and shareholders’ funds of about N1.5 billion. 

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