“The Minister of Power, Works and Housing, Babatunde Fashola, on Monday; 14th August 2017 at the 18th power sector stakeholders meeting, declared among other that there has been an improvement in the generation of power, and attributed the development to the increase in gas to power due to relative peace in the Niger Delta region and the increase in rainfall, adding that over 6,000 megawatts of electricity was available but the Discos could not take it because of their aging assets, limit to credit facilities and foreign exchange.

According to Him, “From August 10, 2017, our peak availability of power which can be put on the grid was 6,863MW, while the transmission capacity has risen to 6,700MW. Unfortunately, we cannot put all of that power on the grid because the Discos cannot take it all.”

From above excerpt, if the DISCO cannot accept the power so generated from fossil source, then what happens to the REGULATION OF THE FEED-IN-TARIFF RENEWABLE ENERGY SOURCED ELECTRICITY signed on 8th December 2015, by Chairman of Nigeria Electricity Regulatory Commission (NERC)?  Is the target being met? Is the Commission monitoring compliance and meting out appropriate penalties as enshrined in the Regulation framework, being that the Regulation amongst other things is to encourage greater private sector participation in power generation from renewable energy technologies, by providing investment security and market stability for investors; boost power supply in Nigeria; etc.?


The table (1) below shows the Bench Mark Capacities for Qualifying Technology, Target Grid-Connected Renewable Generation Capacity by the year 2018 and Allocation of Renewable Energy Capacity by Buyers up to 2018

    Solar Small Hydro Biomass Wind Total
Abuja MW 17.3 17.3 8.6 14.4 57.6
Benin MW 9.0 13.5 15.8 6.8 45.1
Enugu MW 9.0 13.5 15.8 6.8 45.1
Ibadan MW 13.0 19.5 22.8 9.8 65.1
Jos MW 8.3 8.3 4.1 6.9 27.6
Kaduna MW 12.0 12.0 6.0 10.0 40.0
Kano MW 12.0 12.0 6.0 10.0 40.0
Eko MW 11.0 16.5 19.3 8.3 55.1
Ikeja MW 15.0 22.0 26.3 11.3 74.6
Port Harcourt MW 6.5 9.8 11.4 4.9 32.6
Yola MW 5.3 5.3 2.6 4.4 17.6
Total (Disco) MW 118.3 150.0 138.5 93.3 500.1
NBET MW 75.0 187.5 125.0 112.5 500.0
System Total MW 193.3 337.5 263.5 205.8 1,000.1
Minimum Capacity MW 1.0 1.0 1.0 1.0 4.0
Maximum Capacity MW 5.0 10.0 10.0 10.0 35.0
Target Grid-connected  by 2018   380.0 370.0 150.0 100.0 1,000.0

According to 5(f) of the Regulation, “The NBET or its successor shall as a matter of priority, purchase 50% of the renewable energy electricity capacity limit established by this regulation, while the Distribution licensees shall take up the remaining 50% of the capacity”

Also, 21(a) states that “(a) It is the responsibility of the various distribution companies enumerated in Schedule 1, 2 and 4 and the Nigerian Electricity Bulk trading company to meet their assigned targets.”

Penalty for Non Compliance or partial non-compliance for the first six months is $15/MWh Naira equivalent or difference between cost of renewable energy and of average cost of the non-renewable sourced electricity whichever is lower.  Following period for non-compliance or partial compliance is $30/MWh Naira equivalent or difference partial between cost of renewable energy and average cost of the non-renewable sourced electricity whichever is lower.




Goldman Sachs Warns Investors Not to Ignore Bitcoin any Longer

Goldman Sachs has done a complete 180 turn as far as Bitcoin and cryptocurrency are concerned. That is not entirely surprising, as Bitcoin shouldn’t be ignored by anyone. However, the institution is now actively telling their investors not to dismiss Bitcoin any longer. Given the recent price surge, that outcome isn’t surprising by any means. It will be interesting to see if their words have any major impact, though. Read more….


In real terms, are there really risk-free assets? It is common practice to view treasury bills as risk-free asset, because by virtue of its power to tax and control the money supply, only the government can issue default-free bonds. Even the default-free guarantee by itself is not sufficient to make the bonds risk-free in real terms. The only risk-free asset in real terms would be a perfectly price-indexed bond. Moreover, a default-free perfectly indexed bond offers a guaranteed real rate to an investor only if the maturity of the bond is identical to the investor’s desired holding period. Even indexed bonds are subject to interest rate risk, because real interest rates change unpredictably through time. When future real rates are uncertain, so is the future
price of indexed bonds.


Dear Investor,

Please be informed that Unilever Nigeria Plc rights issue of 1,961,709,167 ordinary shares of 50 kobo each at NGN30 per share opened on Monday the 31st of July 2017 in the ratio of 14 new shares for every 29 shares held by shareholders whose name appeared in the register of members of the company as at 28 June 2017.

Acceptance list opens: Monday, 31 July 2017

Acceptance list closes: Friday, 08 September 2017

The company plans to raise NGN58.85 billion at NGN30 which is a 25.00% discount from the NGN40.00 it closed on Wednesday the 2nd of August 2017.

FOREX NEWS – Euro Rises Against Most Majors – 25 July 2017, 11:44

* Euro Rises Against Most Majors – 25 July 2017, 11:44
The euro strengthened against most major currencies in the Asian session on Tuesday. The euro rose to 1.1663 against the U.S. dollar and 0.8952 against the pound, from yesterday’s closing quotes of 1.1639 and 0.8935, respectively. Against the Swiss franc, the euro edged up to 1.1039 against the Swiss franc, from an early 5-day low of 1.1007. If the euro extends its uptrend, it is likely to find resistance around 1.17 against the greenback, 0.90 against the pound and 1.11 against the franc

*U.S. Dollar Edges Down To 1.2491 Against Canadian Dollar – 25 July 2017, 10:55

The euro dropped against its most major counterparts in European deals on Monday ahead of the European Central Bank policy meeting later this week, with economists expecting it to keep its interest rates and asset purchase program unchanged. The ECB Governing Council will meet in Frankfurt on July 19-20, with investors awaiting the policy statement for any changes in language towards tighter monetary policy. The bank is expected to keep its refi rate at zero percent, marginal lending facility at 0.25 percent and the deposit rate at -0.4 percent. The central bank is expected to continue the monthly bond-buying program of ?60 billion. Analysts expect an announcement on winding down asset purchases to come as soon as September, as Draghi’s remarks at the ECB forum in Sintra appeared to have hinted at possible tweaks to ECB policy in the coming months. Final data from Eurostat showed that Eurozone inflation slowed to a 6-month low in June as estimated. Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30. This was the weakest rate seen so far this year. The European Central Bank targets inflation ‘below, but close to 2 percent’. Meanwhile, European stocks fell slightly despite another record close on Wall Street Friday and positive cues from Asia after Chinese GDP data beat estimates. The euro held steady against its major counterparts in the Asian session. Reversing from an early high of 1.1055 against the Swiss franc, the euro edged down to 1.1025. Continuation of the euro’s downtrend may see it challenging support around the 1.08 zone. The single currency weakened to 1.1435 against the greenback, off its early 5-day high of 1.1475. The next possible support for the euro-greenback pair is seen around the 1.13 mark. The euro edged down to 128.74 against the yen, from a high of 129.15 hit at 6:30 pm ET. If the euro-yen pair extends decline, 126.00 is likely seen as its next support level. The euro hit a 4-day low of 1.4484 against the loonie, off its early high of 1.4515. The euro may challenge support around the 1.43 area. On the flip side, the euro rose to 0.8769 against the pound, from an early low of 0.8745. The euro is seen finding resistance around the 0.885 area. Survey by the Confederation of British Industry showed that British firms said ‘Brexit’ has affected their investment decisions. Over 40 percent of respondents said ‘Brexit’ influenced their decision and 98 percent of them said that the impact has been negative. Looking ahead, Canada existing home sales data for June and New York Fed’s Empire manufacturing index for July are slated for release in the New York session.


Eurozone Growth Likely To Accelerate In Q2 On Wider Trade Surplus – 17 July 2017, 18:13
The rise in the euro-zone’s trade surplus in May indicates that GDP growth likely accelerated in the three months to June and trade is set to continue boosting growth in the coming quarters, Jennifer McKeown, an economist at Capital Economics, said. Official data released on July 14 showed that the seasonally adjusted trade surplus grew to EUR 19.7 billion in May from EUR 18.6 billion in April. The increase in May was mainly driven by a 2.1 percent monthly rise in exports, which outpaced the 1.6 percent increase in imports and left the annual growth of export values at a healthy 9.4 percent, the economist observed. Among countries, the German trade surplus climbed to EUR 20.3 billion in May from EUR 19.8 billion in April, while the French deficit narrowed from EUR 5.6 billion to EUR 4.9 billion – its smallest this year. McKeown noted that the Eurozone trade surplus in June was still smaller than it was this time last year, partly reflecting the rise in oil prices. “Monthly trade volumes data, which are less timely than values data, have shown annual export growth outpacing that of imports this year, in stark contrast to the situation in 2016,” the economist pointed out. Though the monthly goods trade values data are not a great guide to the goods and services trade volumes data used to construct GDP, the latest monthly industrial production and retail sales data suggests that GDP growth may have exceeded Q1’s 0.6 percent rise in the second quarter, the economist said. McKeown expects export growth to rise further in the coming months, with global demand in good health and the euro exchange rate still at a fairly low level by past standards. “Net trade should therefore boost euro-zone GDP growth over the next year or so, although that support is likely to fade by 2019 as the euro appreciates and growth slows elsewhere,” McKeown predicted.
New York Manufacturing Index Falls More Than Expected 17 July 2017, 18:42 – Activity in the New York manufacturing sector grew at a notably slower pace in the month of July, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index dropped to 9.8 in July from ‘19.8 in June, although a positive reading still indicates growth. Economists had expected the index to fall to 15.0

Crude Oil Holds $46 After Rig Count 17 July 2017, 18:16 – Crude oil futures continued to inch higher Monday morning amid signs of strong demand from China. China’s economy expanded at a steady pace in the second quarter on domestic spending and exports despite measures taken to rein in financial risks. Gross domestic product grew 6.9 percent year-on-year, the same pace of expansion as seen in the first quarter, the National Bureau of Statistics said Monday. The annual growth was forecast to slow to 6.8 percent. Crude oil extended recent gains despite Friday’s report from Baker Hughes data showing the number of active U.S. rigs drilling for oil edged higher by two to 765 rigs this week. WTI light sweet oil was up 8 cents at $46.55 a barrel, staying well away from June’s yearly lows near $42. Among the few economic reports on tap, the New York Federal Reserve’s Empire State Manufacturing Survey for July will be released at 8:30 a.m. Eastern Time today.

Treasury Bills Auction for 19/7/2017 (Enjoy Upfront Interest)

Please be informed that there will be a primary auction of Nigerian Treasury bills on Wednesday, 19th July, 2017 for the following maturities:

91 DAYS 19-OCT-17 36,786,994,000 36,786,994,000
182 DAYS 18-JAN-18 39,175,905,000 39,175,905,000
364 DAYS 19-JUL-18 129,000,000,000 129,000,000,000

Below are the rates in the secondary market obtained from the FMDQ OTC Securities Exchange as at 13th of July, 2017:

Rates in the secondary market in the last one week have remained slightly stable from previous weeks. Due to current market conditions, rates at the primary auction may close around what we have in the secondary market.
Following the table above, the rates at which Capital Bancorp Plc (CBP) will bid at this auction through a licenced Primary Dealer and Market Maker (PDMM) are as follows:

91 days – 13.00%
182 days – 16.50%
364 days – 17.50%

NOTE: Settlement for this auction will be on Thursday, 20th
Contact your Primary Dealer and Market Makers (PDMMs).

Happy to share this: “The ‘Deity’ and ‘Humanity’ of Christ….. “If we diminish either His deity or his humanity, we damage the gospel”.

Romans 1.3

“Concerning His Son Jesus Christ our Lord, who was born of the seed of David according to the flesh,”

“concerning His Son Jesus Christ our Lord,”

The Scriptures are about Jesus Christ our Lord. They are Christ-centered. The gospel is about the person and work of Jesus. The word “concerning” means around. This is the Greek word peri (around) from where we find part of the English words “perimeter” and “periphery.” The gospel not only concerns Jesus Christ but it surrounds Him. It’s all about Him; He is the very substance of the gospel.

Jesus was both God (Lord) and man. The title “Son” shows the unique relationship between the Father and Christ as the Son. This title places Him within the Trinity. This passage reflects God’s estimate of His Son.

“who was born of the seed of David according to the flesh,”

Christ was not only God but also genuine humanity. This phrase demonstrates the weakness of Jesus’ earthly life. Jesus entered into time and space by human birth. We call this His humiliation. He was born in the lineage of David. He was a true human being. This verse declares the humanity of Christ. He was more than human, as we will see in the next verse.

Jesus was born into the royal family of David. This was affirmation of Jesus as Messiah. The words “was born” come from a term meaning to come into being. The idea is that He became something He was not previously. These words imply prior existence. They imply transition from one state to another. The Son of God became the Son of Man without divesting Himself of His deity. Jesus at His birth came into a new condition—membership in the human race. He was eternal God trillions of years previously ad infinitum, but at His birth He became a human being. John used this term in the important verse 1:14
“14 And the Word became flesh and dwelt among us, and we beheld His glory, the glory as of the only begotten of the Father, full of grace and truth.”

“Of the seed of David” means that Jesus had a legal mother and father. He had a real mother but not a real earthly father. Mary was a descendant of David through Solomon’s younger brother Nathan.

“Flesh” refers to the physical body of Christ. “Seed” refers to the genealogy of Jesus. His genealogy harks back to David in ancestry.

God portrays the gospel by both a Person and His work. This Person from eternity was born of a Jewish family of royal lineage. He was also God almighty. If we diminish either His deity or his humanity, we damage the gospel. We value Jesus’ work by His person. If I were to expound on physics, it would be of little value, for I know very little about physics. Jesus’ credentials as Savior rest on His person.

PRINCIPLE: We should not confuse the deity with the humanity of Christ.

We must be careful not to confuse the humanity with the deity of Christ. We cannot mix the two. They stand as genuinely separate categories. Deity is not humanity nor is humanity deity. However, the same Person exists in both the humanity of Christ and the deity of Christ. Christ is one in person.

The reason Jesus came as man was to die in his body for our sins. He became the true mediator between God and man. As man he represents man and as God he represents God in the mediating process.

1 Tim 2: 5 For there is one God and one Mediator between God and men, the Man Christ Jesus . . .