A new report by PWC suggest that there are a total of 14 million cars currently plying Nigerian roads. The report titled The report titled Africa’s Next Automotive Hub took an in-depth look at the Nigerian automotive industry from the 1960s to date.


Here are some highlights of the report;

Market Characteristics Nigeria is largely a used car market with a ratio of new to used cars at about 1:134. PwC estimated that In 2014, cars were 410,000 imported into the country, about 74% were used cars.

An analysis of the age of these cars show that 10% are less than three years old with about 63% over 11 years which places Nigeria in the unenviable position of being an attractive disposal site for old cars. Tokunbo cars make up about 70% of used cars sold in Nigeria.

Toyota and Honda dominate the used car market as they satisfy the criteria of price, durability and resale value. Hyundai and Kia are not popular brands in the used market segment because of very low demand for them given a general perception that they lack second-hand value. In terms of models, the most popular used cars are listed below.

Individuals are the main drivers of Nigeria’s used car market, purchasing ~80-90% of all used cars. A few small corporates and companies using vehicles for commercial purposes e.g. transport, may purchase used cars but only account for 10-20% of the market as companies usually prefer to buy new cars.

Among the most popular models of used cars, the Honda Accord (2004-2006) is popular among first time car owners and young professionals most of whom are in the middle income class. Also popular among this group is the Toyota RAV4 (2002) and the Toyota Corrolla (2003-2006). The Toyota Camry (1999-2001) is mostly used for private and fleet cab business by low income earners who also have a remarkable liking for the Volkswagen Golf (1999-2005). The mass affluent are more likely to go for the Honda Accord (2007-2012) as an alternative to buying a new executive car. The Toyota Camry (2007-2012) is also popular among this class for the same reason.

Andrew S. Nevin, a Partner with PwC Nigeria and Co-Author of the automotive report said during the presentation of the report that industry experts believe that Nigeria’s potential annual new-car market could be as high as One million. It currently sits at about 56,000 in a used vehicle dominated market. The National Automotive Design and Development Council (NADDC) estimates annual imports at about 400,000 vehicles (100,000 new and 300,000 used), valued at about US$3.45bn.

He stated that Local production capacity stands at 100,000, noting that utilisation has over the years dropped to less than 15 per cent. The NADDC believes the automotive industry, which currently employs around 2,600 workers, has the potential to generate 70,000 direct jobs and 210,000 indirect ones.

Source: http://www.ebtsconsults.com/2015/11/there-are-14-million-cars-on-nigerian.html

A survey conducted by Nigeria’s online vehicle marketplace, Carmudi.com has shown that Nigeria is the most expensive country to buy a car when compared to its neighbouring West African countries. The study which focused on the used car model manufactured between 2008 and 2013 provided insights into the price difference across some of the surveyed countries in West Africa.


According to the study, Nigeria is the most expensive country to buy a car in Western Africa, with an average price of $19,547 dollars which is about N3.9 million while that of Senegal and Ghana are about $18,923 and $17,654 respectively. From the studies, Nigeria, Senegal and Ghana rank the top three in most expensive countries to buy a car.


The study noted that in 2013, Nigeria imported more than 500, 000 unit of cars, 75 per cent of which were used cars. Although the number of used cars imported in 2014 and 2015 reduced, Nigerians surveyed in the study agreed it was because of the increase in custom tariff rather than availability of locally manufactured cars.


The study however revealed that despite being the most expensive country to buy a used car in West Africa, Nigeria still has a high demand for cars. It noted that even though the middle class has grown three times larger in the last decade and a half, very few brand new cars have been purchased.


Carmudi pointed out that one of the difficulties Nigerians experience in the purchase of brand new cars is the lack of vehicle financing options as finance institutions give car loans with very high interest rates.


Speaking on the findings, Managing Director of Carmudi Nigeria, Amy Muoneke called for affordable loan options to aid people who wish to own locally manufactured cars.


She said: “Aside from car pricing, the actual car purchasing experience can also be improved by new car browsing and sales platforms. Websites and mobile apps like Carmudi enable buyers to access a wider range of vehicles available in their home country and make educated choices on their purchases. With such presence we see not only more activity throughout Africa, but also buyers being able to look for the best deal and easily compare prices.”


Source: http://www.ebtsconsults.com/2015/11/nigeria-is-most-expensive-country-to.html

We know that getting out there and meeting people is one of the most effective ways we can grow our network, and our businesses by extension. But sometimes getting out of the home or office seems downright difficult.

But being at home doesn’t necessarily mean you can’t do anything productive for yourself and your business. In fact, there are plenty of effective networking strategies you can put into play, without ever even needing to stand up.

Here are eight ways you can network, without ever leaving the comfort of your beloved home.

1. Participate In A LinkedIn Discussion Or Twitter Chat:
Just because you are camped down at home, does not prevent you from being social. you can search for a twitter chat about a topic that interests you and join in.Or add your voice to a LinkedIn group discussion. You’ll get to connect and converse with new people.

2.Write A Guest Blog Or LinkedIn Post:
Content marketing is huge right now—so why not use that tactic to market yourself? If you have specific expertise to offer, reach out to an industry blog you follow to find out about contributing a guest post. Or publish your own informative post on LinkedIn.

3. Tackle Unanswered Emails:
We all know it doesn’t take long for your inbox to transform into one giant black hole. So that request for a date from your former mentor can be quickly buried beneath other messages and left without a reply. Sift through the mess of your inbox and take some time to answer any lingering emails from your network. Then, watch in amazement as your schedule fills up with upcoming meet-ups and get-togethers!

4. Reach Out To Someone You Admire
Internet stalking someone you think highly of is one thing. But, it likely won’t get you far in your professional life. So, what’s stopping you from actually reaching out?

Send that person a LinkedIn message and connection request. Leave a thoughtful comment on one of her most recent blog posts. Or, send him a quick introductory tweet. Chances are, you’ll hear back. And, even if you don’t, that effort may just open the door to connecting with that person’s other admirers.

5. Write A LinkedIn Recommendation:
Who doesn’t love receiving recognition for a job well done? Well, LinkedIn recommendations are a great way to do that publicly. But, for some reason, most of us are stingy with writing them.

Visit a few profiles of current or former co-workers and craft an astute and complimentary recommendation. Not only will this increase your presence on LinkedIn, but it will also up your chances of getting a solid recommendation in return.

6. Check In With Your References:
Remember when you asked your very first supervisor to be one of your professional references years ago? Well, when’s the last time you touched base with him or her?

Take the time to send a quick email to your references to check in on how they’re doing. Not only will you engage in a meaningful exchange, but it’ll also refresh your references’ memory about what an amazing employee you were. That positive impression never hurts—especially if you’ll be applying for a new position soon.

7. Search For Volunteer Opportunities:
Volunteering with a local organization is a great way to meet new contacts in a much less formal and rigid environment than a traditional networking event. Plus, volunteering looks great on your resume and makes you sound like an awesome, philanthropic person in interviews. So, do some research to find a cause that you’d like to get involved with. Sure, you’ll need to eventually get off the couch in order to actually volunteer your time, but the reward will be well worth it.

8. Polish Up Your Professional Brand:
Is your LinkedIn profile photo embarrassingly outdated? Does your resume need some sprucing up? Is your professional portfolio looking like it was drunkenly created one night? Now’s the perfect time to give your professional brand a quick tune-up.

While this isn’t exactly networking, it’s a crucial step in making a positive first impression when you’re reaching out to strangers.

While there may be no replacement for the old-fashioned “shaking hands and kissing babies,” not all networking requires you to leave your house. Put some of these tips to work next time you’re settled into your couch and you’re sure to grow your network. Nobody even needs to know that you did it all while wearing your bathrobe.

Source: http://www.ebtsconsults.com/2015/10/8-ways-to-network-without-leaving-your.html

funsho75:
This man keep putting our name on the map. God plz keep him for us, he is a blessing to my country.

A huge blessing to Nigeria, Africa & the black race as a whole.

Samcathe:
Good. I am glad

Yea, everyone is.

Nigeria has been hit hard this year with terrorist group Boko Haram leading a bloody insurgency in the north-east of the country, kidnapping and killing hundreds of people in recent months. So far, more than two million people have been displaced as a result of the conflict.

Recognising the scale of the crisis, GE has donated US$1 million to the United Nations Children’s Fund (UNICEF). This contribution will be used to support UNICEF’s efforts to get urgently needed healthcare to displaced children and their mothers currently living in temporary camps for internally displaced people (IDP camps).

Jay Ireland, President and CEO of GE Africa, called for concerted efforts to end the insurgency during the handover ceremony with Borno Governor Kashim Shettima. “No country can develop properly without adequate security of lives and property,” said Ireland. “This donation will support UNICEF’s work to save the lives of displaced children and families in the region.”

Shettima said, “Government alone cannot meet the growing humanitarian needs in the IDP camps,” urging other corporates to follow GE’s example.

The donation would support emergency and primary health care services for displaced people, said UNICEF representative in Nigeria Jean Gough. “It will also help us improve the health structures in both the IDP camps and host communities, where many of the displaced have sought shelter,” she said.

UNICEF offers safe birthing facilities, antenatal care, and immunisations for children five years and under.

GE’s commitment to peace and prosperity is driven by its sustainability programme, GE Kujenga, meaning “build” in Swahili. By actively contributing to national development priorities, and promoting in-country skills development and supply chains, GE hopes to promote long-term political stability and meaningful work.

Source: http://www.ebtsconsults.com/2015/10/ge-boosts-unicef-in-response-to-boko.html

gtbee:
GOOD DEVELOPMENT.. I AM GOING TO BREAK HIS RECORD

He's such a role model

Daughterzion:
This man is reaping the fruit of his labour. GOD please let me and all who likes this post be the Bill gates of our generation!
Amen

Definitely, hard work pays. Amen

The Nigerian All Share Index declined by 0.87% to close at 29,177.72bpts and mark a negative end. Market breadth (0.89x) skewed in favour of the decliners, as 17 Gainers Vs 19 Losers, YTD stands at -15.77%. Berger (+4.94%) led the advancers, while Oando (-9.62%) led the decliners.

ASI INDEX: 29,177.72

NO OF DEALS: 2,773.00

VOLUME TRADED: 206,018,486.00

MARKET CAP: 10,027,778,108,691.27

For full details, visit: http://www.ebtsconsults.com/2015/10/nigerian-stock-exchange-fridays-result_30.html

The Nigerian All Share Index advanced on Thursday 29th of October by 0.17% to close at 29,446.95bpts and mark a negative end. Market breadth (0.4x) skewed in favour of the decliners, as 12 Gainers Vs 27 Losers, YTD stands at -15.03%. NB (+6.76%) led the advancers, while UACN (-9.59%) led the decliners.

For full details, please visit: http://www.ebtsconsults.com/2015/10/nigerian-stock-exchange-thursdays-result_30.html

The Dangote refinery which is currently under construction in Nigeria is set to be the largest single refinery in the world.


Management of Dangote Petrochemical Company has said the refinery would commence commercial operations at the beginning of 2018.


The refinery’s launch will make Nigeria self-sufficient in petroleum products refining and enable the country to become a major exporter of such products.

The refinery initially designed to handle 450,000 barrels per day has been expanded to refine 600,000 barrels a day which it comes on stream early 2018.

Madhav Kelkar, senior general manager, Civil/Structural of Dangote Oil Refinery Ltd, said that the entire project construction and engineering would be concluded by 2017.

The refinery will produce gasoline, diesel, aviation fuel/ household kerosene, slurry as raw material for carbon black, as well as 650,000 mtpa of polypropylene.

Source: http://www.ebtsconsults.com/2015/10/dangote-set-to-launch-worlds-largest.html

The Federal Government on Thursday again ruled out the possibility of devaluing the nation’s currency, saying it was not an appropriate option in the current economic realities.

Vice President Yemi Osinbajo reiterated the government’s position while receiving the Italian Ambassador in Nigeria, Mr. Fulvio Rustico; and the Canadian High Commissioner in Nigeria, Mr. Perry Calderwood, at the Presidential Villa, Abuja.

According to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, the Vice President told his guests behind closed-doors that devaluation of the naira would offer no solution to any of the country’s economic problems.

Osinbajo was quoted as further saying that the devaluation of thenaira would not help the nation’s economy.

Instead of devaluing the naira, the Vice President said the nation must begin to start spending more on the economy.

He said, “I don’t agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution; we are not exporting significantly. And the way things are, devaluation will not help the local economy.

“What we need to do is to start spending more on the economy and then things will ease up a bit.”

According to him, the issues around the economy are no exact sciences, and that what is important is to be reasonably flexible in dealing with them.

He cited the Federal Government’s plans to set up a $25bn Infrastructural Fund, which would be sourced from local and international sources including the Nigeria Sovereign Wealth Fund and the pension fund.

He said already, other sovereign wealth funds had indicated interest in the fund, which would be used to address the nation’s decaying road, rail and power infrastructures.

That step, he said, was the country’s approach to speeding up the infrastructural development.

He also explained that the current foreign exchange restriction was a temporary measure to avoid depleting the country’s forex substantially at a time when the prices of oil in the international market was dropping.

The restriction, he added, was to bring some stability to the country’s foreign reserves without which Foreign Direct Investment might be affected.

The Vice President said the FDI was more forward-looking than portfolio investments being affected by the decision to manage the foreign exchange resources of the country at this time.

“I am not sure devaluation is the issue, but how to ensure Foreign Direct Investment, which is more useful,” Osinbajo said, adding that he expected more stability and direction in the next few months.

He said the Federal Government would work with the Central Bank of Nigeria to ensure that legitimate businesses were not badly impacted by the current foreign exchange restrictions, especially those with contracts and loan commitments.

He expressed the appreciation of the Federal Government to both envoys on behalf of Buhari and looked forward to closer and deeper ties between Nigeria and their countries.

A delegation of top executives from Citigroup led by Mr. Jim Cowles also paid a courtesy call on the Vice President On Thursday.

It will be recalled that a former CBN Governor, Lamido Sanusi, had on Friday called on the central bank to devalue the naira and loosen monetary policy to stimulate the economy, hit by a plunge in oil prices.

The CBN Governor, Mr. Godwin Emefiele, has however, ruled out another naira devaluation, saying repeatedly that the currency was “approximately” priced despite a sharp fall of oil revenues whacking public funds.

Source: Punch News

Diamond Bank released its Q3’2015 financial results for the year ended 30 September 2015.

The result showed Pre-tax Profits dropped by 21.68% from N23 billion in Q3’2014 to N18 billion in Q3’2015.

For summary of result, visit, http://www.ebtsconsults.com/2015/10/diamond-bank-pat-drops-by-208-to-n15.html

The Kingdom of Morocco is constructing a 160 MW concentrated solar farm known as Noor 1. At the completion of Noor 1,it will be joined by three more similarly-sized power plants which will generate a whopping 500 MW of renewable energy. That’s enough to power 1 million homes, or about half of the country’s residences.

The $9 billion Noor project is located outside the city of Ouarzazate on a stretch of land roughly the same size as Rabat, Morocco’s capital city. “We are not an oil producer. We import 94 percent of our energy as fossil fuels from abroad and that has big consequences for our state budget,” Morocco’s environment minister, Hakima el-Haite, told newsmen.

Additionally, Noor 1 alone is expected to reduce the country’s greenhouse emissions by up to a quarter million tons a year over 25 years. And, when Noor 2 and 3 come online in 2017, both of which can store solar energy for up to 8 hours, the entire Sahara region will have access to uninterrupted solar-generated electricity 24/7.

Source: http://www.ebtsconsults.com/2015/10/morocco-is-building-africas-biggest.html

Oando released its interim financial statements for the third quarter of 2014 and 2015.


The result showed that gross profit fell 36% in the third quarter of 2015 to N41 billion from N64 billion in the third quarter of 2014.


The company declared a loss before tax of N52 billion


See Summary of result http://www.ebtsconsults.com/2015/10/oando-losses-continue-posts-n47-billion.html

commitcrime:
SA is feeling the body odour

From every angle possible

agabaI23:
Hmmmmm
Stanbic?

Yea, stanbic

The Financial Reporting Council of Nigeria (FRCN) has directed Stanbic IBTC Holdings Plc to withdraw what it described as “misleading financial statements” for the years ended December 31, 2013 and 2014, and also suspended the group’s Chairman, Atedo Peterside, and the Chief Executive Officer, Sola David-Borha, among others.

Shares of STANBIC declined almost 5% yesterday to close at N 20.76 per unit at the Nigerian Stock Exchange in Lagos.


Shares of STANBIC are held mostly by institutional investors so we should not expect much of a reaction to the stock price. It is a somewhat managed stock with low volumes.

Source: http://www.ebtsconsults.com/2015/10/frcn-suspends-stanbics-chairman-ceo.html

Nestle Nigeria Plc reported its third quarter yesterday that showed 18.6% increase in top line sales of N 42 billion. Gross profit increased 28% to N 19.34 billion for the three months ended Sep 30 2015. For the first nine months of 2015 NESTLE reported gross profit of 48 billion up by 8.4% year on year.

Profit before tax increased 63% to N10.2 billion.


Profit after tax increased 66.1% to N 8.34 billion for the three month period. For the first nine months of 2015 Profit after Tax increased by 2.2% to N 17.23 billion.


NESTLE has proposed an interim dividend of N 10 per unit similar to what it paid last year. That is a dividend yield of just 1.2% but it will go up when the Company announces a final dividend at the end of its financial year.


These are positive results but we should not expect much action from the stock because it is already trading at a P/E ratio of 29 times at N 829 per unit at the Nigerian Stock Exchange in Lagos.

Source:http://www.ebtsconsults.com/2015/10/nestle-q3-pat-up-66-interim-dividend-n.html

The Nigerian All Share Index declined today, 28th of October, 2015 by 0.60% to close at 29,396.31bpts and mark a negative end. Market breadth (0.33x) skewed in favour of the decliners, as 11 Gainers Vs 31 Losers, YTD stands at -15.18%. Ashakacem (+4.07%) led the advancers, while Oando (-9.59%) led the decliners.

ASI INDEX: 29,396.31

NO OF DEALS: 2,923.00

VOLUME TRADED: 386,280,347.00

MARKET CAP: 10,102,902,394,569.41

For full details, visit: http://www.ebtsconsults.com/2015/10/nigerian-stock-exchange-wednesdays_28.html

JustJosh20:
if it was in February 2015 some people would blame Jonathan..

The crash in oil prices doesn't have anything to do with our political leader (past & present) rather crude oil glut in the world market. However, where i would fault our leaders is why they dint strategize on diversifying the economy during the oil boom. Fmr. Pres Jonathan is partly to be blamed for this. Take a look at the attached graph.

Economic growth in sub-Saharan Africa is slowing sharply, the International Monetary Fund (IMF) has warned.

In its latest African Economic Outlook, the fund forecasts growth in the region of 3.75% this year, the slowest growth in six years.

Next year, the report forecasts growth of 4.25%.

Low oil and commodity prices, together with a slowdown in the Chinese economy, are the main reasons for the overall downturn, the IMF says.

China is the region's largest trading partner and many African countries have benefited hugely from exporting raw materials to the country.

"The strong momentum evident in the region in recent years has dissipated," says the report, titled Dealing with the Gathering Clouds.

"With the possibility that the external environment might turn even less favourable, risks to this outlook remain on the downside."

'Addressing inequalities'

Oil exporters such as Nigeria and Angola are being hit particularly hard by the slump in the oil price, which has fallen by more than 50% since mid-2014 to less than $50 a barrel.

Mineral exporters such as Zambia, Ghana and South Africa are also suffering from lower commodity prices, the report says.

The IMF calls on African governments to adopt policies to lessen the impact of this economic slowdown, such as allowing currency depreciation to help boost exports.

It also urges governments to address income inequalities that are particularly high in the region, as well as gender inequality.

Source: http://www.ebtsconsults.com/2015/10/imf-warns-of-african-economic-slowdown.html

The Nigerian All Share Index declined by 0.86% to close at 29,572.90bpts and mark a 5 day losing streak. Market breadth (0.41x) skewed in favour of decliners, as 14 Gainers Vs 34 Losers, YTD stands at -14.67%. Maybaker (+4.92%) led the advancers, while Oando (-9.67%) led the decliners.

ASI INDEX: 29,572.90

NO OF DEALS: 3,218.00

VOLUME TRADED: 141,270,343.00

MARKET CAP: 10,163,592,575,576.44


For full details, please visit: http://www.ebtsconsults.com/2015/10/nigerian-stock-exchange-tuesdays-result_27.html

The Nigerian All Share Index declined by 0.61% to close at 29, 828.95bpts and mark a negative end. Market breadth (0.36x) skewed in favour of the decliners, as 10 Gainers Vs 28 Losers, YTD stands at -13.93%. Wemabank (+5.26%) led the advancers, while Oando (-9.64%) led the decliners.

ASI INDEX: 29,828.95

NO OF DEALS: 2,976.00

VOLUME TRADED: 366,919,059.00

MARKET CAP: 10,251,590,556,332.30

For full details, visit: http://www.ebtsconsults.com/2015/10/nigerian-stock-exchange-mondays-result_82.html

Zenith Bank Plc reported its third quarter results that showed 10% year on year growth in Profit before tax of N 31.9 billion. Other Comprehensive income rose by N 3 billion which led to Profit after tax of N 32.9 billion for the third quarter.

Non interest income grew 16% year on year while Operating expenses rose by 12% year on year. Loan loss provisions rose 31% to N 2.5 billion.

Analysts at FBN Capital said "Compared with our estimates, PBT was slightly behind, by 6.5%. However, PAT beat by 13%, thanks to a combination of lower-than-expected taxes (-62%) and the OCI (we had forecasted zero on this line). Returning to the PBT, the slight weakness relative to our forecast was driven by funding income, similar to what we saw for the q/q trends. Non-interest income, loan loss provisions and opex all surprised positively. The trend in funding income represents a reversal of what we saw in Q2. At the time management indicated that margin expansion drove the better-than-expected result in funding income as the bank did not renew expensive deposits which it had taken in around year-end once they matured. We would be looking for explanations from management as to why the trend reversed in Q3 (we do not believe that a -3% q/q decline in the loan book fully explains the funding income development given that a swap of state government loans for FGN bonds would have contributed to that decline in the loan book)."

Shares of ZENITHBANK declined by 0.45% to settle at N 17.7 per unit at the Nigerian Stock Exchange in Lagos.

Source: http://www.ebtsconsults.com/2015/10/zenith-bank-posts-n-319-billion-pbt-for.html

Guaranty Trust Bank Plc reported its third quarter results which showed 21.9% growth in interest income of N 59 billion. Interest expense grew faster by almost 30% to N 19 billion. Other income declined almost 6% to N 16.2 billion. Operating expenses rose more than 8% to N 24.7 billion.

Profit before tax rose 6% to N 28.9 billion for the third quarter. For the first 9 months of 2015 Profit before tax is up 14% to N 92 billion.

Analysts at FBN Capital expected better results and commented "Relative to our estimates, the results were weaker than expected, with PBT and PAT coming 13% and 15% below our expectations. The shortfall stemmed from a weaker-than-expected recovery in non-interest income. Having reported N23.2bn in non-interest income in Q1, GT Bank reported N14.8bn in Q2. Guidance for Q3 was vague, but a recovery was expected. The N16.3bn reported in Q3 is still some way below the Q1 result. As a result, profit before provisions came in 8% lower than our forecast. Although loan loss provisions surprised positively, coming in 21% lower than our forecast, this was not significant relative to the weakness on the non-interest income line."

Shares of GUARANTY increased by 2.08% to N 24.5 per unit at the Nigerian Stock Exchange at the time of writing this article.

Source: http://www.ebtsconsults.com/2015/10/gt-bank-posts-n-289-billion-pbt-for-q3.html

Dangote Cement Plc reported its third quarter financial results which showed top line sales increased by 21.6% to N 123.23 billion in the three month period.

Gross profit rose 7.3% to N 69 billion.

Operating expenses rose 35% to N 19.77 billion.

Profit before tax declined 18.7% to N 38.18 billion for the third quarter of 2015.

DANGCEM suffered some big charges in form of other comprehensive income to N 21.98 billion.

Profit after tax declined 35.7% to N 27.61 billion. For the first 9 months of 2015 PAT rose 8.8% to N 151.67 billion.

Shares of DANGCEM were unchanged today at the Nigerian Stock Exchange in Lagos.

Source: http://www.ebtsconsults.com/2015/10/dangcem-reported-73-rise-in-q3-gross.html

Seplat Petroleum Development Company Plc reported its third quarter earnings for 2015. Sales declined 15.7% to $ 172 million.

Gross profit declined 20% to USD 83 million for the three month period. Gross profit for the first nine months of 2015 declined 45% to $ 192 million.

Profit before tax declined 62.2% for the third quarter to $ 27 million.

Profit after tax declined 60.4% to $ 28 million. For the first nine months of 2015 PAT declined 72.8% to $ 62 million.

"Last week, the Supreme Court adjourned further hearing on the controversy surrounding the sale of the oil mining lease on three disputed oil blocks, OMLs 52, 53 and 55, sine-die, though the hearing was originally slated to commence last week. Analysts at FBN Capital say, the continued delay in the resolution of the legal dispute around Seplat’s acquisition of participating interests in OMLs 53 & 55 continues to present operational and valuation risks to the firm. Having put in an application for the extension of its pioneer tax status, management reiterated a confident position, given that it has either met or exceeded all conditions. "

The financial results following the Company's IPO last year have been disasterous for people who bought the IPO. All lofty projections that the Company showed in the IPO prospectus have gone for a toss following a 55% decline in crude oil price in the last one year.

Shares of SEPLAT are down more than 50% since the IPO and now the shareholders can begin the wonder what went wrong.

Source: http://www.ebtsconsults.com/2015/10/seplat-q3-gross-profit-down-20.html

@ihedioramma:The interest coverage ratio reveals if a company is having difficulty paying its debt. If a company’s ratio is below 1, can’t meet its debt what is stock all about?

The stock is doomed(loss of investor confidence which would lead to massive sell off).

Dynamitechick:
Don't really know much about this looking to invest in stocks soon op might need your help

Would be willing to help. However, for a start you can check out the investment section of Nairaland, there are quite some intuitive, informative and educative stock threads.