Current Global Geo-Political Crises

1. 2022 - Mind Boggling
Questions
1
Presented by Bismarck Rewane
CEO, Financial Derivatives Company Ltd.
March 02, 2022
Ìbéèrè ???

2. 2
As if we didn’t have enough
problems, then comes
Ukraine/Russia

3. 3
“Beware the Ides of March”
- Spurinna
“It seems to me most strange that men should fear,
seeing that death is a necessary end, which will
come when it will come”
- Julius Caesar

4. The 5 Questions
4
I s R u s s i a n - U k r a i n e C r i s i s a 3 r d W o r l d W a r ( N u c l e a r o r
C y b e r ) ?
I s N i g e r i a A p p r o a c h i n g a F i s c a l C l i f f o r I s I t A l l
E x a g g e r a t e d F e a r s ?
I n v e s t i n g i n a P r e - e l e c t i o n C l i m a t e – F i x e d I n c o m e ,
E q u i t i e s , R e a l E s t a t e o r B i t c o i n ?
O i l P r i c e D o w n , N a i r a D o w n ; O i l P r i c e U p , N a i r a
D o w n - I s t h e N a i r a D o o m e d ?
N i g e r i a n I n f l a t i o n S e t t o D e c l i n e – W h y A r e
C o n s u m e r s S t i l l i n T e a r s ?

5. 5
Is the Russian Invasion of
Ukraine a 3rd World War?

6. Russia & Ukraine – Global Importance
6
 3rd largest oil producer
 17% of global gas
 Wheat & sugar behemoth
 Major producer of nickel, copper &
aluminum
Russia… Ukraine…
 Breadbasket of Europe
 Top supplier of rye and barley across
Europe
 9th biggest wheat producer
 5th largest global corn supplier
 Supplies about 50% of global sunoil

7. Russian-Ukraine Crisis – 5 Dimensional Impact
7
Stranded
Nigerian
students
Global debt
and debt
service soar
Energy crisis
Oil, gas and
mineral
shortages
Commodities
market in
turmoil
Financial
markets
roiled by
SWIFT

8. 5,000 Nigerian Students Stranded in Ukraine
Bilateral relationships with foreign educational and scientific
institutions
 National Technical University “Kharkiv
Polytechnic Institute”
 Taras Shevchenko National University of Kyiv
 Ivan Franko National University of Lviv
 Sumy State University
Top Universities
 Medicine
 Engineering
 Aviation
Reputed
 Major setback for Nigerian students - STEM
Setbacks
8

10. Nigeria – Torn Between the Devil & the Deep Blue Sea
Global trade estimated at $5.3trn in 2022
Nigeria’s international trade = $8.15bn
38
34.2
13.8
9.4
8.1
4.7
0
5
10
15
20
25
30
35
40
China India Indonesia US Spain Belgium
Nigeria's major trading partners (%)
Pro-Russia Anti-Russia
• China
• India
• Brazil
• UAE
• US
• EU
• UK
• Others
10

11. Energy Crisis – Brent at an 8-year High
 Brent crossed the $100pb benchmark – currently $118pb
 WTI trading at a record high of $110pb
 Natural gas price up 67% to $5/mmbtu YTD
 An incursion into Kyiv record global energy prices
 Russia exercised its veto power at the UN security meeting
 Vladimir Putin insists on attacking until Ukraine withdraws its intention of
joining the NATO
 Putin’s offense and premeditated approach sowing volatility
11

12. Commodities Market in Turmoil
 The grain markets are also affected by the lingering tensions
 High demand amid subpar supply
 Nigeria – a net importer of food - at the receiving end of the equation
 Domestic price of flour, animal feed, cereals and more to climb again
12
Wheat Corn
14.91% YTD 11.21% YTD

13. Financial Markets Roiled by SWIFT
 Russian Rouble tumbling as war on Ukraine persists
 The UK, US and EU have cut off Russian banks from the financial markets in
the west
 The banks are banned from using the Swift international payment system
 In response, the Bank of Russia increased its benchmark interest rate by
1,050bps to 20% from 9.5%
 “Russia is increasingly becoming an economic pariah, increasingly
isolated from the global financial system“ – Will Walker–Arnott
13

14. Financial Markets Roiled by SWIFT
14
Asset classes weathering an array of headwinds: geopolitical uncertainty,
high inflation, and elevated valuations
Geopolitical uncertainty bolstered investors appetite for safe haven assets
(gold)
NGX remains oblivious to the global crisis
3.8 4.35
-8.76 -8.23
10.4 10.95
-13.4
-6.53
-6.2 -6.8
-15
-10
-5
0
5
10
15
Asset Classes Performance (%) in 2022
Gold S&P 500 NGX Bitcoin DJIA
During Crisis
Pre-Crisis

15. Debt Service Costs to Climb as Interest Rates Rise
 Global monetary policy authorities to embark on monetary policy
tightening spree
 US Fed to increase rates in March
 BoE signalling modest tightening
 Raised its key bank rate by 25bps to 0.5% at its February meeting
 Higher interest rates to push up debt service costs for emerging markets
and developing economies
15

16. Implications for Nigeria
Exports
16
Commodities Share of total
(%)
Oil 74.6
Gas 12.8
Others 12.6
Imports
Major imports
Sugar
Wheat
Rice
Aluminum
Terms of trade
Export
prices
Import
prices
>
 Nigeria will benefit from higher oil prices, but subsidy will be a major problem
 Fiscal gap will be funded through borrowing
 Debt service costs will increase as interest rates rise

18. 18
Oil Price Up, Naira Down –
Is the Naira Doomed?

19. Oil Price , Naira ; Oil Price , Naira – Is the Naira Doomed?
 Answer – No
 Forex markets are volatile by nature
44
75.3 95.63
61
116
125
146
220
388.21
578
0
100
200
300
400
500
600
700
Obasanjo Yar'Adua Goodluck Buhari 2022
Oil Price Vs Exchange Rate
Oil price ($pb) Exchange rate (N/$)
*oil prices increased at the tail end of Buhari’s tenure
19

20. Currency Depreciation is Not Nigeria Specific
 Despite economic reforms, currencies have shown extreme volatility
 Dollar is the most traded convertible currency
 70-75% of all trade is done in dollars
10 years ago 5 years ago Current % Rate of
Depreciation
Nigerian Naira 161 363 578 +259.0
South African
Rand
8.47 12.36 15.36 +81.4
Ghanaian
Cedis
1.90 4.52 6.5 +242.1
Angolan
Kwanza
95.88 165.1 491.07 +412.2
20

21. Against Other Oil Producing Countries
 Some oil producers have stronger currencies
 Oil revenues were optimally, efficiently and prudently utilized
10 years ago 5 years ago Current % Rate of
Depreciation
Nigerian Naira 161 363 578 +259.0
Saudi Riyal 3.75 3.75 3.75 -
Kuwaiti Dinar 0.28 0.30 0.30 -
21

22. 22
What Next for the Naira?

23. Recent Steps taken by the CBN to Defend the Naira
 Rebate – the silver bullet?
Inventory of Policies Level of success
N5 for every dollar scheme Low
Import restrictions Not sure
Scrapping of BDCs Not sure
N65 per dollar ??
Official rate (N/$) 416
Parallel market (N/$) 580
65
Rebate
+ = 481
=
N99/$
 Will exporters be willing to give up N99/$ out of patriotism? - NO
23

24. What Should the CBN Do?
 Will push the market towards equilibrium
Increase forex
supply and force
price down
significantly
Increase price to
its fair value and
boost forex
supply
24

25. Value of Transactions to Maintain Upward Trend in March
25
Total value of transactions up 1.84% to N29.40trn in February 2022
42.24% higher than N20.67trn in February 2021
No seasonality effect among payment channels except cheques and NEFT
We expect the upward trend to continue in March on inventories build-up
ahead of the Easter holiday
Channels Jan’21 (N’bn) Feb’21 (N’bn) Jan’22 (N’bn) Feb’22 (N’bn)
Cheques 248.2 277.45 237.26 259.81
POS 489.24 468.91 573.72 575.06
NIP 18,892.81 18,734.46 26,645.18 27,182.01
NEFT 1,374.06 1,194.08 1,415.74 1,385.89
Total 21,004.31 20,674.90 28,871.90 29,402.77
25

27. 27
Is Nigeria Approaching a
Fiscal Cliff or Is It All
Exaggerated Fears?

28. Is Nigeria Approaching a Fiscal Cliff? Yes, But Not There Yet
 Nigeria’s debt ratios rising but still within the acceptable limit
 But total factor productivity is declining
 Increasing the risk of a debt cliff
12.2 12.8 12.6
16.2 16.5 16.7
-1.9 -1.9 -1.6 -0.9 1.4 0.7
61.5 58.6 62.5
119.8
106.3
90.2
-20
0
20
40
60
80
100
120
140
0
5
10
15
20
'2017 '2018 '2019 '2020 '2021 '2022*
External Debt (%GDP) Total Factor Productivity (%) Debt/Export (%)
28

29. Nigeria’s Precarious Fiscal Position
29
Brent crossed
$100pb
Exchange rate
1.23% (N576/$)
Balance of trade
61.5%
Gross external
reserves 0.5%
Government debt
7.13%
Excess crude
account 98.57%
FAAC
17.8%
Oil production
6.06%
29

30. Delayed Reform –Fiscal Gap Widening
 President Buhari has submitted a N3trn supplementary budget to NASS
 To make additional provision for fuel subsidy (N2.557trn)
 Initial subsidy provision was N500bn
 Compared to an estimated annual subsidy payment of N3trn
 Creating a shortfall of N2.5trn, increasing fiscal deficit to N8.9trn
30
Provision for subsidy
in the 2022 budget
Estimated annual
subsidy payment
Shortfall
N500bn
N3trn
N2.5trn
Subsidy shortfall (N2.5trn)
+
Fiscal Deficit (N6.4trn)
=
39.06% Fiscal Deficit to N8.9trn

31. FG Scouting for Funds
 Government trying to raise revenue by
 Introducing taxes
 Sugar tax - A N10/liter excise duty on all carbonated, non-alcoholic
and sweetened beverages
 Digital tax – A 6% tax on turnover for non-resident e-commerce
businesses
 Removing tax shelter on government T/Bills and securities
 Will mostly affect the banks, pension funds & insurance
 Total tax shelter approximated at N200bn
31

32. Implications on Corporates, Investors and Consumers
Corporates
Implications
Increase effective tax rate on companies’ income
Significant reduction of affected companies profit after tax
Companies affected include banks, insurance firms & PFAs
Investors
Consumers
A lower PAT implies a reduction in dividend payments
Will prompt rotation of portfolios from affected companies
Lower investment and a fall in the national savings rate
MPS MPC
Reduced consumption
32

33. Alternative Funding Options - Borrowing
33
Government
Borrowing
Domestic
Borrowing
Ways &
Means
Advances
Investors
Foreign
Borrowing
Commercial
loans
Multilateral
institutions
33

34. Alternative Funding Options - Borrowing
Domestic Borrowing Foreign Borrowing
 Concessionary debt structure is
more appropriate
Will improve the risk profile
Rating improves
Interest rate hike in advanced
economies to increase debt
service burden
Relevance of timing of borrowing
Ways and Means advances –
how sustainable?
Debt service costs to increase
as interest rates rise
34

36. Oil Price & Oil Revenue Paradox
 Rally in oil prices with no matching increase in government revenue
Pipeline
vandalism
and theft
The counter-
trade
transactions
Oil
production
sharing
contract
36

37. I s t h e D a n g o t e R e f i n ery N i g e ria's
H a i l M a r y P a s s ?
N o t C o m p l e t e l y T r u e !
37

38. Is Dangote Refinery: Nigeria's Hail Mary Pass?
Long petrol queues resurface
A nightmare no one wishes for
MC > MR = Negative Profit
Dangote refinery to the rescue
Pricing plays a major role
38

39. 39
“ U n f o r t u n a t e l y , n o t a n y t i m e s o o n ”
When will the Nigerian
consumer smile?

40. Too Early to be Happy?
 Fall in food prices is sadly temporary
 Living costs are climbing
 Domestic airfares up by 100% - new price floor set at N50,000
 On higher jet fuel prices, spare part imports and forex scarcity
 A Lagos – Abuja return ticket now selling for over N100,000
 Rent payments up by an average of 20% as landlords discount for inflation
 Electricity costs also high
40
“ P e r h a p s i t s s t i l l t o o e a r l y t o b e
h a p p y ”

41. Inflation Biting Deep into People’s Pockets
 Headline inflation still high at 15.6%
 6.6% above the CBN’s target ceiling of 9% and growth retarding
 Disposable income bleeding profusely
 If you’ve been earning N200,000 as a monthly income – here’s what
inflation has done to your money
41
2019 2022
Inflation rate (%) 11.98 15.60
Real income (N) 176,040 168,800
The value of your N200,000 has fallen by 4.1% in the last 3 years, meanwhile costs keep climbing

42. Exchange
rate pass
through effect
Insecurity
Logistics
costs and
supply chain
disruptions
Higher
energy
costs (PMS,
diesel &
electricity)
Money
supply
saturation
Will the Cycle Ever End?
 In the meantime, inflationary pressures will persist
 So the loop continues, till the CBN fully resumes its
primary function of price stability
42
Planting
season

43. Consumer Response
 Consumers to keep rationing income to prioritize necessities
 No incentive to save
 Stalling behaviour from FG in addressing harsh living conditions could:
 Trigger public unrest
 Increase the rate of emigration
 Worsen crime rate/cybercrime
43

45. 45
CBN’s Unorthodox Policy
– How Sustainable?

46. Monetary – CBN Targets $200bn Non-oil Revenue in
3 Years
CBN targets $200bn non-oil revenue in the next 3 to 5 years
To boost forex supply and address currency pressures
This is equivalent to an annual increase of $70bn (17.5% increase in GDP)
Export earnings currently at $50.5bn
Of which crude oil accounts for 74.6% and gas accounts for 12.8%
Non-oil export earnings is currently 12.6% = $6.4bn
Y = C + I + G + NX
$465.1bn $303.0bn $147.1bn $41.3bn -$29.9bn
46

47. The MPC’s Next Move?
 Next MPC meeting scheduled for March 22/23
 Major considerations would be:
 Inflation: 15.6% (Jan’22)
 Growth: 3.98% (Q4’21)
 Exchange rate pressure (Parallel: N576/$, IEFX: N416/$)
Next move:
47
 Status quo 11.5% (probability 55%)
 To keep stimulating growth at the expense
of rising inflation
 A huge disincentive to investment inflows
Rate hike to 13.5% (probability 45%)
To taper inflation
In tandem with the global trend

48. 48
Investing in a Pre-election
Climate – Equities, Real
Estate or Bitcoin?

49. 49
Investment in a Pre-election Year…Equites/Real Estate?
Nigerian Equities Real Estate
Bitcoin
Dollar Investments –
US Equities
10.95%
17.1%
16.9%
8.00%

50. Global Fund Managers In 2022
Global fund managers confronting an array of headwinds: high
inflation, heightened geopolitical uncertainty and elevated valuations
Industry players are mitigating the impact through strategic
diversification, mergers and acquisitions and robust financing
Increasing capital flight from Russian investments to other emerging
markets
Industry players are buying into growth opportunities in private markets
and ESG funds (environmental, social and governance)
50

51. If You Invested N10mn….2021 vs 2022 Returns
Investment Securities 2021 Return Investors’
Return
2022 –YTD
Return
Investors’
Return
US equities (S&P 500) 26.9% N2,690,000 8.00% - N800,000
Nigerian equities 6.07% N607,000 10.95% N 1,095,000
Avg. NTB (364 days) 7% N 700,000 5% N500,000
Real Estate 15% N1,500,000 16.9% N1,690,000
Bitcoin 59.7% N5,970,000 17.1% - N1,710,000
Uncertainty characterized by the geopolitical war coupled with
forthcoming interest rate hikes will dampen the investment climate
Bitcoin – best performing asset class in 2021 but unimpressive in 2022
Investors to remain cautious among risky assets
51

52. NGX Indices in February
 NGX ASI gained 1.65% in February
 All indices in green territory
 Reflecting investors renewed interest for
Nigerian equities market
 Underpinned by impressive corporate
earnings
 Investors rotate their funds as fixed
income yields slide
 Rising oil prices spur gains in the oil and
gas industry
7.76%
2.32%
2.82%
2.76%
2.53%
1.65%
Oil & Gas
Consumer Goods
Industrials
Banking
Insurance
NGX ASI
February
52

54. Invest in Equities or Not?
54
Equities to remain popular amongst investors as yields in the fixed income
space declines and inflation continues its upward trend
 Investors to buy into fundamentally strong stocks with attractive valuations in
a post-election year
Oil & gas sector to continue its gaining streak, which will be bolstered by
soaring oil prices
FX availability to improve cost margins of sensitive sectors
Stock market sensitive to economic and political vulnerabilities
Increased cost of borrowing will further reduce profitability
Banking stocks to gather weak sentiment driven by the elimination of tax
shelter
Reduced profitability likely to hurt dividend pay-outs

55. 55
Corporate Earnings

56. Zenith Bank- FY’2021 Earnings
 Zenith bank resilient despite a wobbly year
 Gross earnings up 10% to N765.6bn
 Underpinned by a 7% growth in net interest income to N320.8bn
 Attributable to loan growth
 Non-interest income increased by 23% to N309bn
 Bottom line grew by 6% to N244.6bn
 Supported by the reduction in interest expense and growth in
non-interest income
56

57. Zenith Bank- FY’2021 Earnings
 Total assets up 11% to N9.45trn
 Total customer deposit up 21% to N6.42trn (increased
customer base)
 Investors set to enjoy mouth-watering final dividends
 Dividend up 3.7% to N2.8 (N2.7 in Dec 2020)
 NPL ratio declined by 2% to 4.19% (4.29% in Dec 2020)
 Liquidity (71.6%) and capital adequacy (21%) ratios remain
above regulatory thresholds
57

58. Elimination of Tax Shelter-Impact on Earnings and Dividend
Banking sector pays an average
effective tax rate of 12% relative to
a nominal tax rate of 30%
But effective tax rate expected to
surge due to tax shelter removal on
FGN securities
Dividend payment and share price
will be negatively impacted as
profitability shrinks
Investors will likely reposition and
hunt after attractive sectors
Zenith Bank 2020 2021
2022*
(based on
new tax
policy)
PBT (N’bn) 255.9 280.4 280.4
Tax Paid
(N’bn)
25.3 35.8 84.12
Effective Tax
Rate
10% 12.8% 30%
PAT (N’bn) 230.6 244.6 196.28
DPS(N) 3 3.1 2.6
Dividend
Yield
12.1% 0.2% to
12.3%
2.7% to
9.6%
58

59. Real Estate Update
 Annual GDP growth positive at 2.26%
 On increased investor confidence despite low consumer purchasing
power
 When inflation climbs, investments in housing and landed properties rise
 In a bid to hedge against inflation and garner reasonable yields
 But housing deficit still high at 22 million as affordable housing stays scarce
 Likely CBN intervention in housing sector to boost growth
 Demand for yield by investors amid short supply of real estate to drive
sector activities in the near term
59

60. In the End…
 Investors should diversify their portfolio – depending on your risk appetite
 Real estate, equities and fixed income securities are more stable
options
 Compared to cryptocurrencies, due to high volatility in the global
markets
60

62. 62
Aviation Update

63. Aviation - Global Update
The aviation industry was already on the mend in Q4’2021
Most carriers were already projecting to reach the pre-pandemic load factors
by 2023
Singapore Airlines, the gold standard of aviation, reported a sharp
improvement in its earnings, load factor and yield in December 2021
Net profit stood at $62.8mn, its first positive earning since the pandemic
The Star Alliance, Lufthansa, Brussels and Swiss, all reported superior
performance in Q4’2021
Lufthansa recorded an EBIT of $19mn, for the first time since the pandemic
63

64. Aviation - Global Update
Heathrow - the world’s 3rd busiest international airport - showing a slight
resurgence with passenger traffic reaching 2.6mn in January
This is 300% higher than January 2021
After 2 years of lower passenger traffic, with decline peaking at over 300%
to 19.39mn in 2021, Heathrow expects to return to profitability in 2022
The UK has stopped all COVID-19 restrictions for visiting passengers
The US is also following suit in dismantling COVID-19 restrictions for
vaccinated and boosted passengers
64

65. Aviation - Global Update
Easing restrictions are expected to support the recovery momentum
of the global aviation industry
In Q3’21, the industry-wide operating loss was 2.6% of revenues
compared to 13.6% over the April-June period.
There continues to be renewed optimism about recovery
However, rebound not likely to be broad-based across all
markets
Meanwhile, several airlines have halted flights to Ukraine amid the
Russian invasion
65

66. Domestic Travel Update
Positive 19.70% growth in 2021 compared to -36.98% contraction in
2020
On high demand mainly driven by sustained insecurity –
kidnappings
Domestic airfares to increased by 100% amid forex scarcity and rising
cost of aviation fuel
New United Nigeria Airlines and Air Peace partnership to advance
capacity of airlines
66

67. Domestic VS International airfares
Domestic airfares rising at a faster pace than international airfares
The price of a flight from Lagos to Abuja has increased more than a Lagos
to London flight
58261
411,562
105500
422,158
Feb'21
Feb'22
VS
LOS to ABJ LOS to LHR
81% 2.6%
 The IATA rate of exchange has been
stable at N444/$, indicating steady
forex supply by the CBN to the airlines
67

68. Domestic Travel Update
Nigerian passengers flying to the UK without a valid Schengen visa not
eligible to travel with European airlines
In the interim, this is likely to spur an uptick in demand for British Airways flights
to the UK
It will also create additional market for key regional players like Kenya and
Ethiopian airways
Emirates airlines has resumed flights to and from Nigeria
7 out of Abuja and 14 out of Lagos
The resumption of Emirates Airlines flights in Nigeria means a disruption to
Qatar Airways’ “monopoly”
68
68

69. Domestic Travel Update
Air Peace is helping bring passengers back from Ukraine
Meanwhile, domestic tickets remain high as airlines continue to record full
board
This is driven mainly by insecurity
69
69

71. 71
The Race Begins!!!

72. Political Update- 350 Days to Go!
President has signed the
Electoral Act
Feb 25th 2023 is the Presidential
Election Day
What are your predictions?
The process is just as important as the outcome
72

73. A 3-Way Horse Race
vs vs
Capacity, Competence, Charisma: the 3 Cs
The 3 Ws: Battle of Wits, Wants & Wallets
73

74. The Political Race Begins- An All Comers Game
Timeline:
Conventions
Elections
Campaigns
Primaries
The race begins February 25, 2022
THE CONTESTANTS
Front
Runners
Dreamers
Political
Mercenaries
Sure
Bankers
Dark Horse
74

75. Players to Watch- many are called but few are chosen
Rotimi
Amaechi
Godswill
Akpabio
Nyesom
Wike
Yemi
Osinbajo
Kayode
Fayemi
Bola
Tinubu
Muhammed
Hayatu-deen
Atiku
Abubakar
Bala
Mohammed
Aminu
Tambuwal
Bukola Saraki
75

76. Political Levers of Control
Security
Agencies
Influencers
and
Celebrities
Social
media
Corporate
Nigeria
International
Financial
Community
Mainstream
Media
Retired
Generals
Crime
Syndicates Incumbent
Administrations
Judges
and
Judiciary
76

77. 77
What Next??
E x p e c t a t i o n , A n t i c i p a t i o n & B r e a t h - H o l d i n g

78. Data Release Calendar
 OPEC meeting – March 2
 US Fed meeting – March 15/16
 February inflation – March 15
 MPC meeting – March 22/23
78

79. What Next?
 GDP growth to remain mildly positive as base effect wanes
 Official headline inflation will fall in February (15.4%) before picking up
more rapidly to 15.6% in March
 Food and energy prices will remain high, further eroding consumer
disposable income
 Fuel scarcity could linger as Russia-Ukraine tensions delay PMS imports
 Exchange rate pressures to persist at both parallel and IEFX markets
 Rising oil prices to mildly support external reserves accretion
 And boost the CBN’s forex intervention efforts
79

80. What Next?
Non-oil exports’ contribution to forex revenue will be flat
N65/$ rebate will be mostly ignored
Force majeures and oil bunkering will increase at the expense of the FGN
Stock market performance could be bullish as yields on fixed income
instruments remain low
Domestic investors will keep their eyes on corporate earnings
International investors will be more focused on the electoral risks
80

81. What Next?
CBN will maintain status quo but will commence mopping up liquidity
After the convention this month, the APC will splinter
The PDP will be embroiled in a zoning squabble
This is the long awaited dance- Azikiwe
81

82. Corporate Humour
Swearing is a compromise between running away and fighting.
– Finley Peter Dunne
82
I would rather have an inferiority complex and be pleasantly surprised
than have a superiority complex and be rudely awakened
– Vanna Bonta
A prisoner of war is a man who tries to kill you and fails, and
then begs you not to kill him.
– Winston Churchill

83. Corporate Humour
One of the penalties for refusing to participate in politics is that you end
up being governed by your inferiors.
– Plato
83
A committee is a group of the unwilling, picked from the unfit to do the
unnecessary
– Richard Harness
Love is like wine; To sip is fine, but to empty the bottle is a
headache.
– Julio Iglesias

84. Corporate Humour
A woman’s mind is cleaner than a man’s. She changes it more often.
– Oliver Herford
84
Men should be like Kleenex soft, strong and disposable.
– Cher
I am a marvellous housekeeper. Every time I leave a man, I keep
his house.
– Zsa Zsa Gabor

85. Corporate Humour
After marriage, husband and wife become two sides of a coin, they
just can’t face each other, but still they stay together
– Hemant Joshi
85
A husband is what is left of the lover after the nerve is extracted.
– Helen Rowland

86. 86

87. Bismarck J. Rewane, MD/CEO
Financial Derivatives Company Ltd.
Lagos, Nigeria
01-6320213
© 2022. “This publication is for private circulation only. Any other use or publication without the prior express consent of Financial Derivatives Company
Limited is prohibited.”